Yes because we need something to compare to what the value of funbuck is. What if funbuck wasn't depending on bitcoin, how would you know that 1 funbuck was worth ~2.3 mBTC?
ftfy
Topic: Will Bitcoin always be dependent on fiat? Is it? - page 15. (Read 12551 times)
ftfy
I think that if fiat was somehow to fail as a means of payment bitcoin would skyrocket. So the dependance exist but that's because these two payment options are fighting for supremacy.
Yes because we need something to compare to what the value of bitcoin is. What if bitcoin wasn't depending on fiat, how would you know that 1 bitcoin was worth $450~?
I do think that this can change in the future once more people get into bitcoin. But for now we need it and it's depending on it.
I do think that this can change in the future once more people get into bitcoin. But for now we need it and it's depending on it.
For now bitcoin is depending on fiat, value wise. I think that if more merchants adapt to bitcoin, fiat won't be needed anymore.
But until then we still need to convert and exchange to fiat if we want to buy something in stores.
But until then we still need to convert and exchange to fiat if we want to buy something in stores.
The intrinsic value of bitcoin is nothing to do with other fiats. That is similar to US dollar. The bitcoin has a price, which depends on the value of other currencies.
Will Bitcoin always be dependent on fiat? Is it?
No and no.
Right now you can trade bitcoins for products and services without any conversion to or from fiat.
yeah but they now how much you cna buy with one bitcoin, because of the value of one bitcoin in fiat
if there were no connection between fiat and bitcoin, how do you know how much one bitcoin could buy?
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.
As soon as more people adopt BTC as their native currency fiat will be dependent on Bitcoin. You'll soon be calculating fiat in terms of BTC in my opinion
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.
Will Bitcoin always be dependent on fiat? Is it?
No and no.
Right now you can trade bitcoins for products and services without any conversion to or from fiat.
Most of these changes when the bitcoin price/value changes which is not rare.
Irrelevant.
That's a personal choice of yours.
You choosing to use fiat instead is not any dependence by Bitcoin on fiat.
It's your dependence on fiat to get what you perceive to be a better deal.
Perhaps you should shop around. Many that accept Bitcoins give some pretty good discounts off the credit/fiat prices.
i think yes. it will always need a fiat currency alongside it, unless we are going to massively use bitcoin as being worth 1 btc = 1 btc. if that doesn't happen, then nothing will change.
Always maybe bot, but for now yes we need fiat money to see what the value is from bitcoin.
We can just say that bitcoins is that much with out those fiat money.
We can just say that bitcoins is that much with out those fiat money.
For as long as you can't spend bitcoin on a daily basis or pay for it in the stores, bitcoin will be depending on fiat. Until then, we're going to need fiat to exchange bitcoins so you can pay with it.
no one can answer perfectly because their no conclusion on this subject. no one is dependent on other, why even so many fiat currency are valued against another fiat currency that does not mean that any fiat currency is not independent, every thing is valued against each other,
today we can do purchase of goods , playing gambling, and so many things which can be done directly through bitcoins but in that also obviously the bitcoin price will be calculated through fiat currency. their is no single answer for this debate.
today we can do purchase of goods , playing gambling, and so many things which can be done directly through bitcoins but in that also obviously the bitcoin price will be calculated through fiat currency. their is no single answer for this debate.
Fiat was tied to gold in the past. Coins were made from gold and people scrapped them to get an advantage before paying with them (that is the origin of the marks in the edge of coins, which were made to prevent that). When people got accostumed to exchanging fiat and somewhat "trusted" it, the gold dependance could be removed.
I guess it can happen to Bitcoin in the same vein. Once many merchants accept it and people use it to pay, it will be more "independent" from fiat (although it technically is already)
I guess it can happen to Bitcoin in the same vein. Once many merchants accept it and people use it to pay, it will be more "independent" from fiat (although it technically is already)
Now itself bitcoin is independent from any fiat, but only for value reference. For fixing a value, we need some references which must be most common and widely used. That's the reason we are using USD or EURO.
If we prefer we can value bitcoin in terms of gold, like 1 BTC = 0.42463 Ounce of gold or 1 Ounce of gold = 2.356 BTC.
If we prefer we can value bitcoin in terms of gold, like 1 BTC = 0.42463 Ounce of gold or 1 Ounce of gold = 2.356 BTC.
As long as bitcoin is not adapted as the Euro or the Dollar, it will be depending on those currencies.
Bitcoin is indeed a currency but it's not big enough, seeing as it's not being accepted as much.
Bitcoin is indeed a currency but it's not big enough, seeing as it's not being accepted as much.
Only way that we don't rely on dollar or other currencies to use bitcoin is that Bitcoin should be the currency it self used by the governments but government won't be okay with this so yeah ... chances that Bitcoin will replace fiat are 0% and probably never going to happen .
Will Bitcoin always be dependent on fiat? Is it?
No and no.
Right now you can trade bitcoins for products and services without any conversion to or from fiat.
Most of these changes when the bitcoin price/value changes which is not rare.
Will Bitcoin always be dependent on fiat? Is it?
No and no.
Right now you can trade bitcoins for products and services without any conversion to or from fiat.
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