Will Bitcoin always be dependent on fiat? Is it? - page 7.

Pitchblackroom

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Quote from: craked5 on February 29, 2016, 10:22:24 AM

Btc depends on fiat, but that has NOTHING to do with the price of btc.

Btc could perfectly be worth 10k$ and still depends on fiat.
It could be worth 10$ and no longer rely on fiat.

Problem is the small number of companies accepting btc and the non existent number of companies paying in btc.

Adoption is the true determinate of the price of bitcoin on the current supply of it.

CryingMidget

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Quote from: craked5 on February 29, 2016, 10:22:24 AM

Btc depends on fiat, but that has NOTHING to do with the price of btc.

Btc could perfectly be worth 10k$ and still depends on fiat.
It could be worth 10$ and no longer rely on fiat.

Problem is the small number of companies accepting btc and the non existent number of companies paying in btc.

Big companies like apple, Dell, Amazon, eBay and many more are accepting bitcoin.
Still bitcoin is lacking in awareness Once people comes to about bitcoin well. It makes more money.

craked5

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Btc depends on fiat, but that has NOTHING to do with the price of btc.

Btc could perfectly be worth 10k$ and still depends on fiat.
It could be worth 10$ and no longer rely on fiat.

Problem is the small number of companies accepting btc and the non existent number of companies paying in btc.

Alvin Fahriza

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Quote from: jokerrj on February 26, 2016, 03:24:20 PM

Bitcoin will always be dependent on fiat for sure as I don't see it replacing as we can't use our bitcoins physically to buy any product from physical shop.

nope. in my county you can pay for food and drinks with bitcoin. simply scan the QR and you pay via mobile phone
does not necessarily depend on fiat

n0ne

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Quote from: davinchi on February 26, 2016, 03:21:15 PM

If bitcoin becomes an independent currency, it would not be worth much as currently the only good thing is that it is volatile and can be traded. With currencies like USD, EUR and others, the price would be too low and we would never
reach $400-$450 like its now. Also, if prices are fixed in BTC, users would need to earn as well in bitcoins which would take years as currently people receive everything in their own local currency.

Yeah thats right if it gets centralized and go into use, soon the value of the bitcoin
will reduce constantly and finally a fixed value might be reached. This should not
take place, It may result in the decrease of bitcoin users.

diegz

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Quote from: jokerrj on February 26, 2016, 03:24:20 PM

Bitcoin will always be dependent on fiat for sure as I don't see it replacing as we can't use our bitcoins physically to buy any product from physical shop.

well, unless more and more would start putting up a business that accepts bitcoin as payment for a physical goods..that way we won't be dependent on fiat, and make use of our coins without converting it...

goinmerry

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Quote from: jokerrj on February 26, 2016, 03:24:20 PM

Bitcoin will always be dependent on fiat for sure as I don't see it replacing as we can't use our bitcoins physically to buy any product from physical shop.

That is right. I have said that a lot of times from different thread. We as humans wants something that we can touch. It is not easy for us to believe if we cant see it or touch it. That is how we are made.

jokerrj

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Bitcoin will always be dependent on fiat for sure as I don't see it replacing as we can't use our bitcoins physically to buy any product from physical shop.

davinchi

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If bitcoin becomes an independent currency, it would not be worth much as currently the only good thing is that it is volatile and can be traded. With currencies like USD, EUR and others, the price would be too low and we would never
reach $400-$450 like its now. Also, if prices are fixed in BTC, users would need to earn as well in bitcoins which would take years as currently people receive everything in their own local currency.

goinmerry

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Quote from: Anddos on February 25, 2016, 06:41:24 PM

Bitcoin will always be dependent on fiat. Only if people were to completely accept bitcoin would fiat be rendered useless.

That would really be impossible. Something is needed to be used to determine the price of something. Just look at this way. Someone ask you where is your money. You will take your phone out of your pocket and show him this is my money. Then what if you broke your phone or electricity is down. Those are the questions that will be asked once they want to start bitcoin as a means of money "like a fiat"

n0ne

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Quote from: eon89 on February 25, 2016, 11:26:11 AM

Quote from: doctor877 on February 25, 2016, 11:12:38 AM

Quote from: iamthesky on February 25, 2016, 10:31:28 AM

Quote from: kacak41 on February 25, 2016, 09:51:57 AM

Quote from: goinmerry on February 25, 2016, 03:12:56 AM

There is one that I know that always converts it to fiat. He always says "I will just get 9 dollars from here" Instead of "I will get 2 milliom satoshis from this" that is one real story that tells us we are really fiat dependent.

Yeah and even bitcoin gets on mainstream there are certain percentage of people that would be still using fiat, so I don't think that bitcoin can ever replace fiat in future.

Exactly, fiat is popular at a moment and will be popular in future as the market cap of fiat is more in compare to bitcoins, so I think bitcoin will always be dependent on it.

Yes, I don't see bitcoin replacing fiat and it will be only possible if in future we find all shops that accpets bitcoin as a mode of payment, than it can replace fiat upto a certain extent.

Precisely. If all establishments were to accept bitcoin, only then would it be a serious contender in the replacement of fiat.

Yeah exactly what needs to take place, but the factor behind it is the difficulty in establishments in most of the fields.
This can be done by regular promotion of bitcoin. Only then a dependence on fiat gets reduced to some extent.

reputedchain

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Quote from: JAyThaRevo on February 25, 2016, 10:01:36 PM

Quote from: angryrob on February 25, 2016, 09:14:51 PM

Quote from: Mitchow on February 25, 2016, 08:31:40 PM

Quote from: fruitcommander on February 25, 2016, 07:53:08 PM

Quote from: pneumatic5 on February 25, 2016, 07:04:38 PM

Quote from: Anddos on February 25, 2016, 06:41:24 PM

Bitcoin will always be dependent on fiat. Only if people were to completely accept bitcoin would fiat be rendered useless.

Yeah, and I don't see it happening in near future as the market cap of fiat is huge as compared bitcoin, so bitcoin would be surely dependent on fiat in future too.

There are chances if everything goes digital then we can expect that people would use more bitcoins as a payment method in compare to fiat, but that doesn't mean fiat will simply disappear.

That's true even if everything goes digital we would still find many users that would be dependent on fiat and they would continue to use fiat as they are using it since a long period of time.

That's the problem with traditional people as they don't want to experiment with new things, they would stick to the same thing they are used and never entertain the innovative things.

That's not true even the older generation wants something new, and if they don't some new things then they would never accept internet too, but now they are used to it, only thing they want is good return on their investments and its difficult for them to trust bitcoins at a moment.

Yeah and the reason is they hesitate in investing their money in something that they really don't know, they have a fear of loosing their money by investing into digital currency.

JAyThaRevo

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Quote from: angryrob on February 25, 2016, 09:14:51 PM

Quote from: Mitchow on February 25, 2016, 08:31:40 PM

Quote from: fruitcommander on February 25, 2016, 07:53:08 PM

Quote from: pneumatic5 on February 25, 2016, 07:04:38 PM

Quote from: Anddos on February 25, 2016, 06:41:24 PM

Bitcoin will always be dependent on fiat. Only if people were to completely accept bitcoin would fiat be rendered useless.

Yeah, and I don't see it happening in near future as the market cap of fiat is huge as compared bitcoin, so bitcoin would be surely dependent on fiat in future too.

There are chances if everything goes digital then we can expect that people would use more bitcoins as a payment method in compare to fiat, but that doesn't mean fiat will simply disappear.

That's true even if everything goes digital we would still find many users that would be dependent on fiat and they would continue to use fiat as they are using it since a long period of time.

That's the problem with traditional people as they don't want to experiment with new things, they would stick to the same thing they are used and never entertain the innovative things.

That's not true even the older generation wants something new, and if they don't some new things then they would never accept internet too, but now they are used to it, only thing they want is good return on their investments and its difficult for them to trust bitcoins at a moment.

Pattart

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Quote from: Anddos on February 25, 2016, 06:41:24 PM

Bitcoin will always be dependent on fiat. Only if people were to completely accept bitcoin would fiat be rendered useless.

yeah agree. unless all merchants accept bitcoin. because basically money just to buy. if they accepted.of course we do not need. relies on fiat

angryrob

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Quote from: Mitchow on February 25, 2016, 08:31:40 PM

Quote from: fruitcommander on February 25, 2016, 07:53:08 PM

Quote from: pneumatic5 on February 25, 2016, 07:04:38 PM

Quote from: Anddos on February 25, 2016, 06:41:24 PM

Bitcoin will always be dependent on fiat. Only if people were to completely accept bitcoin would fiat be rendered useless.

Yeah, and I don't see it happening in near future as the market cap of fiat is huge as compared bitcoin, so bitcoin would be surely dependent on fiat in future too.

There are chances if everything goes digital then we can expect that people would use more bitcoins as a payment method in compare to fiat, but that doesn't mean fiat will simply disappear.

That's true even if everything goes digital we would still find many users that would be dependent on fiat and they would continue to use fiat as they are using it since a long period of time.

That's the problem with traditional people as they don't want to experiment with new things, they would stick to the same thing they are used and never entertain the innovative things.

Mitchow

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Quote from: fruitcommander on February 25, 2016, 07:53:08 PM

Quote from: pneumatic5 on February 25, 2016, 07:04:38 PM

Quote from: Anddos on February 25, 2016, 06:41:24 PM

Bitcoin will always be dependent on fiat. Only if people were to completely accept bitcoin would fiat be rendered useless.

Yeah, and I don't see it happening in near future as the market cap of fiat is huge as compared bitcoin, so bitcoin would be surely dependent on fiat in future too.

There are chances if everything goes digital then we can expect that people would use more bitcoins as a payment method in compare to fiat, but that doesn't mean fiat will simply disappear.

That's true even if everything goes digital we would still find many users that would be dependent on fiat and they would continue to use fiat as they are using it since a long period of time.

fruitcommander

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Quote from: pneumatic5 on February 25, 2016, 07:04:38 PM

Quote from: Anddos on February 25, 2016, 06:41:24 PM

Bitcoin will always be dependent on fiat. Only if people were to completely accept bitcoin would fiat be rendered useless.

Yeah, and I don't see it happening in near future as the market cap of fiat is huge as compared bitcoin, so bitcoin would be surely dependent on fiat in future too.

There are chances if everything goes digital then we can expect that people would use more bitcoins as a payment method in compare to fiat, but that doesn't mean fiat will simply disappear.

pneumatic5

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Quote from: Anddos on February 25, 2016, 06:41:24 PM

Bitcoin will always be dependent on fiat. Only if people were to completely accept bitcoin would fiat be rendered useless.

Yeah, and I don't see it happening in near future as the market cap of fiat is huge as compared bitcoin, so bitcoin would be surely dependent on fiat in future too.

cooldgamer

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I see Bitcoin as a tool that can be used to transfer fiat without boundaries, but not as a stable currency of it's own. It's very rare outside of places like this forum that even pro-bitcoin business will set a price in BTC, it's just used as a way to get the money there. Not that this is a bad thing, the stability just isn't there for it to stand on it's own... whether this will always be the case, nobody knows.

Anddos

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Bitcoin will always be dependent on fiat. Only if people were to completely accept bitcoin would fiat be rendered useless.

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