Topic: Will Bitcoin always be dependent on fiat? Is it? - page 13. (Read 12524 times)
Well, fiat is the current most usual mean to exchange products and services, and always will be needed the exchange of different currencies or commodities to find a common value. When bitcoin become the most usual currency there will be also needs to exchange it for other currencies, products or services.
Presently, it's obviously strongly tied to fiat. Maybe in a few decades, this will change, but not soon.
The current adoption of bitcoin to gold is pretty much 10000:1. Not very encouraging, is it?
Bitcoin has the potential to become fiat, but I think governments are just too greedy to make this happen. Only time will tell.
The current adoption of bitcoin to gold is pretty much 10000:1. Not very encouraging, is it?
Bitcoin has the potential to become fiat, but I think governments are just too greedy to make this happen. Only time will tell.
As long as there are countries there will be taxes and they'll be paid in currencies they have control over. Anyone who thinks otherwise isn't living in the real world. I can see whole economies that don't have much to do with fiat but there will always be traffic between the two different types of currency.
As the title says, will it always be dependent on fiat currencies like €, $, ...? Because right now, you always convert before paying. So when you buy a TV, it costs 800$ so that means 1.8 BTC. And by that i dont see how can it become independant? It is just like gold, which cannot be used by itself.
So is my thinking true, or can the prices in the future be projected just through BTC; like you buy a TV and the price is 1.8 BTC. You buy bread, price 0.003 BTC .
I really dont know about these things so thats why i want to hear your knowledge on this.
So is my thinking true, or can the prices in the future be projected just through BTC; like you buy a TV and the price is 1.8 BTC. You buy bread, price 0.003 BTC .
I really dont know about these things so thats why i want to hear your knowledge on this.
IMO at this moment it's not pegged to fiat as pegging measn a fixed rate. Of course as we do not have a real bitcoin economy where all sorts of goods and services are available we need to use fiat therefore we need exchange rates, but those rates are not fix at all and not defining the purchasing power of BTC, so I wouldn't call this pegging.
Always I don't think so, but for now it will because with out fiat we don't know the price.
And I don't know what the government will react about it if fiat wasn't depending.
And I don't know what the government will react about it if fiat wasn't depending.
As the title says, will it always be dependent on fiat currencies like €, $, ...? Because right now, you always convert before paying. So when you buy a TV, it costs 800$ so that means 1.8 BTC. And by that i dont see how can it become independant? It is just like gold, which cannot be used by itself.
So is my thinking true, or can the prices in the future be projected just through BTC; like you buy a TV and the price is 1.8 BTC. You buy bread, price 0.003 BTC .
I really dont know about these things so thats why i want to hear your knowledge on this.
Yes it is and always be.So is my thinking true, or can the prices in the future be projected just through BTC; like you buy a TV and the price is 1.8 BTC. You buy bread, price 0.003 BTC .
I really dont know about these things so thats why i want to hear your knowledge on this.
For now there is no 'something' similar with fiat for convert bitcoin value.
as long as it does not be viral, bitcoin value will be calculated with fiat of course
I think it will always be this way until it can be universally accepted as a currency, at that point then it can stand on it's own two legs and not have to be concerned with Fiat, we are a good few years away from this.
It has the potential to become fiat, but I have a feeling it will never be that way. I don't think the world is ready for an online currency just yet, maybe bitcoin will die out before the world is ready.
You are right about that. Bitcoin has the potential to become it's own fiat but until then we're still going to need the fiat we have right now.
It's not too bad if you're income doesn't depend on bitcoin.
Yeah and I don't think that bitcoins can replace fiat any day as you would always need fiat to purchase as everyone is not accepting bitcoins as a mode of payment and you need fiat to take care of all those needs and expenses So bitcoins is a digital currency and it would be always a digital currency as still many people are not aware about the bitcoins So bitcoins will always dependent on fiat and that is very sad.
As the title says, will it always be dependent on fiat currencies like €, $, ...? Because right now, you always convert before paying. So when you buy a TV, it costs 800$ so that means 1.8 BTC. And by that i dont see how can it become independant? It is just like gold, which cannot be used by itself.
So is my thinking true, or can the prices in the future be projected just through BTC; like you buy a TV and the price is 1.8 BTC. You buy bread, price 0.003 BTC .
I really dont know about these things so thats why i want to hear your knowledge on this.
So is my thinking true, or can the prices in the future be projected just through BTC; like you buy a TV and the price is 1.8 BTC. You buy bread, price 0.003 BTC .
I really dont know about these things so thats why i want to hear your knowledge on this.
Bitcoin was not never, it is not already never and will be not never dependent of any kind of fiat money. Being dependent of those mean that its existence or its value be, in some way (whatever can be), dependent from some or one (whatever can be) fiat money. This has never happen, it is not happen now and will not be happen never (so even in the future). You cannot confuse our incapability to understand immediately the value of something in bitcoin with its supposed dependence (according to your post), from one or more fiat money. This is our problem not the problem of bitcoin. Bitcoin is the ONLY currency (except the other decentralized cryptos but that no one of those cannot compared with it in any way) which depends only by itself and the market. Every kind of fiat money is connected with the other similar ones. Controlled almost totally by at least one Authority (which own it). Bitcoin not. The only factor which can affect bitcoin is the demand (because the supply is well known and well defined). Increase of the demand bring increase of its value. Decrease of the demand decrease its value. That's all that can be told about its dependence. Simple and easy. Much, much more such than any other kind of currency (whatever can be).
I think for bitcoin become independent fiat still a long long way, but i can see the progress of bitcoin becoming one independent fiat
It has the potential to become fiat, but I have a feeling it will never be that way. I don't think the world is ready for an online currency just yet, maybe bitcoin will die out before the world is ready.
You are right about that. Bitcoin has the potential to become it's own fiat but until then we're still going to need the fiat we have right now.
It's not too bad if you're income doesn't depend on bitcoin.
Bitcoin has every potential as to becoming it's own currency without depending on fiat. It will take years for bitcoin to achieve this.
We probably won't live to see this day though.
We probably won't live to see this day though.
In 100 years, people will not know about US dollar or other fiats as they are not used in daily life any more. So bitcoin is independent of fiats.
I think it will be dependent on fiat till end because bitcoin price can't be fixed as it is decentralized and price fluctuate with the demand and supply just like gold. So you can take bitcoin as gold and silver whose value should , will always be compared with fiat.
I was thinking the same thing. If not a lot of shops and merchants are going to start to accept bitcoin, we are still going to need fiat in order to buy something from them.
In that case we are still depending on fiat.
Right now bitcoin is depending on fiat for now. It take centuries for bitcoin to become it's own currency. I know one thing that has to happen for sure and that is mass adoption, which can only be done by people. If there is no demand for bitcoin, it will slowly die out or it will stay the way it is right now, with only us as bitcoin users.
Bitcoin has every potential as to becoming it's own currency without depending on fiat. It will take years for bitcoin to achieve this.
We probably won't live to see this day though.
We probably won't live to see this day though.
It has the potential to become fiat, but I have a feeling it will never be that way. I don't think the world is ready for an online currency just yet, maybe bitcoin will die out before the world is ready.
Hopefully It will become in fiat currency also dude. Upcoming year we can see many adoption in bitcoin through bussiness pioneers and It will to the all common people day by day. Even in my surrounded area also I am seeing So many people are aware of bitcoin but not completely.I'm hoping for this to happen as well. What bitcoin needs is more awareness about it and for people to adapt to bitcoin.
More people adapting to bitcoin means more demand for bitcoin meaning the price of bitcoin will rise as well.
I really want this to happen before I die at least. Which will not be soon but still, sometimes when I'm thinking about bitcoin I feel like everything moves in slow motion and this reminds me that I have to be patient to see good things happen and look at a bigger perspective.
Nothing always will stay at their current position so everything is relative
As much as i know for many many years bitcoin's value should be dependent on fiat.
Because most of the things are compared on "what value does this have in usd"
As much as i know for many many years bitcoin's value should be dependent on fiat.
Because most of the things are compared on "what value does this have in usd"
There is always going to be Bitcoin and fiat in the world. There was topics on this forum before about Bitcoin ATM's and how they build a bridge from fiat to Bitcoin, which is definitely true. Not everything you can buy with Bitcoin and vise versa with fiat.
Yeah. I think so as well. There are always going to be fiat and Bitcoin in the world. I just never see Bitcoin overtaking fiat. Fiat will always be in the world.
Now its depends on fiat. May be this might change later. Also read this thread ► https://bitcointalksearch.org/topic/if-bitcoin-price-is-10000-will-fiat-be-worthless-1287560
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