Will Bitcoin always be dependent on fiat? Is it? - page 14.

asa.convex

full member

Activity: 134

Merit: 100

Quote from: bearex on December 16, 2015, 01:47:47 PM

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.

That's not true. As more people know about BTC and start to use it the prices of things will be denominated in BTC instead of BTC in relation to USD.

AndySt

legendary

Activity: 2142

Merit: 1012

I would not risk that this will go on forever but at the moment the situation is such that the dependency on Fiat currencies is the place to be. The situation may change as a result of world financial cataclysms people will cease to trust the authorities but I don't think it will come urgently.

LarryHocks

sr. member

Activity: 350

Merit: 250

Quote from: Decoded on December 21, 2015, 12:20:08 AM

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.

I agree with your statement. It has so much more potential than what it's worth right now. There are many possibilities with bitcoin.
Only thing we need is mass adoption of bitcoin. I'm hoping for bitcoin not to die before that time comes though.

avw1982

hero member

Activity: 644

Merit: 500

Quote from: LuckyYOU on December 21, 2015, 04:39:29 AM

Quote from: avw1982 on December 21, 2015, 02:52:34 AM

Quote from: Decoded on December 21, 2015, 12:20:08 AM

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.

Yeah exactly you are right. for example Onion not that importing to the city then automatically demand will araise on that onion and price will increase. thats the case. Same on bitcoin as well.

Bitcoinbro

sr. member

Activity: 420

Merit: 250

Quote from: Decoded on December 21, 2015, 12:20:08 AM

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.

We don't know that people makes baby those baby are going to grow. So I think the new generations will use bitcoin if we tell them what it is.
Maybe bitcoin won't be the most populair currency but is something to be the second one.

LuckyYOU

sr. member

Activity: 280

Merit: 250

Quote from: avw1982 on December 21, 2015, 02:52:34 AM

Quote from: Decoded on December 21, 2015, 12:20:08 AM

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.

avw1982

hero member

Activity: 644

Merit: 500

Quote from: Decoded on December 21, 2015, 12:20:08 AM

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.

Yakamoto

legendary

Activity: 1218

Merit: 1007

Well, I would not say that Bitcoin is dependent on fiat because fiat is just the medium of exchange used for other people to be able to use Bitcoin in the "real world", per say, and is not directly linked to it.

Example, if we all came on this board tomorrow, collectively agreed that 1 mBTC is worth $1, and would exchange mBTC for the equivalent of $1, then we would change the value of 1 mBTC to be approximately $1.

However other people might not be interested in paying such a large amount, and they would sell their coins for different amounts to people wanting to get more Bitcoin or those looking to get into the Bitcoin economy. The sellers might also have to pay for various other substances they cannot buy with Bitcoin, thus they have to sell their coins for $0.9, in order to get fiat to pay their bills. This may end up decreasing the value over time, as more people try to sell their Bitcoin first so they can pay their bills.

Bitcoin is linked to fiat only as long as we have to purchase some services or goods with fiat. Once you can buy anything with Bitcoin, the idea of Bitcoin having value changes to whatever is collectively agreed on, technically.

Decoded

legendary

Activity: 1232

Merit: 1030

give me your cryptos

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.

Pab

legendary

Activity: 1862

Merit: 1012

Btc is same way dependent on fiat,like fiat is dependent on fiat.I cant buy bread with dollar in Europe i have to exchange,with btc is the same

orryde

sr. member

Activity: 476

Merit: 500

Re-Evolution

The thing about Bitcoin is that people can value it at whatever price they want to value it at. The market is entirely driven by supply and demand. In a market like that you definitely have to tie it with something that retains its value better and is not AS volatile. We need to get everyone to agree on one price. This will certainly never happen because of hoarding and market minipulation causeed by the Chinese dumps.

Mometaskers

hero member

Activity: 1764

Merit: 584

At present, the price of goods are rated in local currencies. So when you buy things with bitcoin, you need to convert to bitcoin. In the future, it is not necessary.

Rizky Aditya

hero member

Activity: 700

Merit: 500

I think the fact is, there is always going to be both currencies in the world. I don't think we will be able to fully adopt Bitcoin.

Denker

legendary

Activity: 1442

Merit: 1014

Depends.But as long as fiat exists and is used by the majority of the people we will see Bitcoin being connected to it.
In a few decades this may change a bit and the new fiat currencies, again created by the governments after the big crash, might be pegged to Bitcoin.
Yeah I know for many of you kind of unlikely to happen, but damn it allow me my dreams please! Grin

helloeverybody

legendary

Activity: 1008

Merit: 1000

★YoBit.Net★ 350+ Coins Exchange & Dice

Once more user adoption happens it wont need to be tied to flat atall, in fact you wont even need flat. Everything you would want to buy online u would do so with btc. Obviously prices you would have to compare to flat but thats the same with any currency i suppose.

ThunderThomas

full member

Activity: 210

Merit: 100

fastdice.com The Worlds Fastest Bitcoin Dice

I think so yes because for as long as we are using fiat or at least need to use fiat on a daily basis, bitcoin will depend on it. Bitcoin can become independent if one day it will be accepted everywhere around the world.

RealBitcoin

hero member

Activity: 854

Merit: 1009

JAYCE DESIGNS - http://bit.ly/1tmgIwK

NO, it's fiat that will be dependent on bitcoin. So when this fiat system collapses, the new paper currencies will be denominated and backed in bitcoin.

zodiac3011

hero member

Activity: 770

Merit: 500

I think the answer is yes! Bitcoin is just a currency just like USD or Yuan. We exchange bitcoin to USD because there's not enough adoption for bitcoin! If it has more, bitcoin will be bitcoin without depending on fiat

thejaytiesto

legendary

Activity: 1358

Merit: 1014

Do you really think states are going to let an alternative economy develop, and an economy they can't control? im not sure about this, so Im pretty sure we will see further regulations in the future, because they will do everything possible to stop Bitcoin disrupting the status quo of fiat supremacy as the ruling currency.

neochiny

hero member

Activity: 756

Merit: 503

Crypto.games

will bitcoin always be dependent on fiat?is it?

of course not... as you can see already.
a lot of stores in my country or in any other country is already,
accepting bitcoin without converting it to fiat.
and also in some merchandise they are also accepting bitcoin already as is.
and in some countries i saw some in the news that they are accepting bitcoin for payment
in transportation. For now maybe now almost all country. but in the future it will be seen.

Topic: Will Bitcoin always be dependent on fiat? Is it? - page 14. (Read 12524 times)