Will Bitcoin always be dependent on fiat? Is it? - page 16.

AtheistAKASaneBrain

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Quote from: pedrog on December 16, 2015, 12:58:45 PM

And it shouldn't be other way than that.

Merchants are not speculators, if you price something in bitcoin and you hold bitcoin at the end the day you may have less value than you should, or you can have more and you have to pay capital gains and it complicates your accounting when the only thing you want to do is to sell oranges...

Not really, the ultimate dream is to have Bitcoin completely unpegged from any other currencies, and people using it directly to buy and get paid, that's how the Bitcoine conomy would fully flourish. Of course, as long as governments exist which issue their own currencies, this is just a fantasy.

eXpl0sive

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Quote from: bearex on December 16, 2015, 12:47:47 PM

[....] right now, you always convert before paying. [....]

Not if you mine them yourself. Mining is the only way to completely detach Bitcoin transaction from other form of currency. (Or you exchange it for goods rather than some currency)

SmartIphone

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It is already independent but in which case do you mean.
Bitcoin itself without fiat money has no value at all but with fiat the bitcoin value changes.

Beliathon

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https://youtu.be/PZm8TTLR2NU

Quote from: bearex on December 16, 2015, 12:47:47 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.

https://www.youtube.com/watch?v=ak1iojpiHpM&t=22m33s

We haven't had money with intrinsic value since bananas were money.

mtnsaa

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We are tied to fiat, as society and until then it will always be our point of comparison because that's what we earn and spend our money. We know the value of a flat screen, milk, a car, etc so we do that conversion. I think that's one of the main barriers of Bitcoin for being adopted massively, plus the decimals are rather complicated for common folks. It would be awesome for us all and very simple if 1 bit = $1 hehe...

pedrog

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And it shouldn't be other way than that.

Merchants are not speculators, if you price something in bitcoin and you hold bitcoin at the end the day you may have less value than you should, or you can have more and you have to pay capital gains and it complicates your accounting when the only thing you want to do is to sell oranges...

The Sceptical Chymist

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Well at present it's definitely tied to fiat, whichever one you want to use. Pretty much every currency is more stable than bitcoin, so it doesn't make sense to price things in btc (the price would constantly be changing, often dramatically). So until it finds a stable value, yeah, it's tied to fiat.

bearex

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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.

Topic: Will Bitcoin always be dependent on fiat? Is it? - page 16. (Read 12551 times)