Topic: Will bitcoin ever stop depending on fiat currency? (Read 1206 times)
People can refuse from fiat money in the event that the Internet on the planet will be available even in the most distant forest in Siberia, for example. And if everyone can access this Internet. Otherwise - cryptocurrencies will exist together with fiat.
Well, if this happens, of course bitcoin will become independent and will create a price for himself, but for this the cryptocurrency market should grow in many times and governments must legalize bitcoin and cryptocurrency, then fiat will can not do anything and the bitcoin will have a completely different development.
At this early stage, bitcoin won't stop depending on fiat. Not everyone understands it nor uses it as a means of payment. Besides most countries have fiat money that is a generally recognized and accepted legal tender. To transact you need first to recognize Bitcoin isn't understood by everyone and hence must convert to what they understand and accept before you can both have an understanding! Bitcoin is tech, and like cars when they first came into being not everyone understood them. It took so long to have them become an everyday companion. This is how Bitcoin will gradually receive attention and become used.
If bitcoin has been adopted globally and has had accreditation by all entities, then bitcoin will no longer depend on fiat money, but this stage will take time.
I don't think. It wont stop because we need money to buy more bitcoins. Also what should we do when we try to withdraw our money and want to convert it into fiat. Both need each other and both are depended
you have a point but we can still use other things as long as it has a value if ever fiat currency didnt ever existed but that method is a bit old . nowadays banks and governments are now already issuing fiats so that they can monitor the ins and outs of it . i guess they will use fiat money in order to measure if how rich or poor a country was . thats why i dont think fiats will be extinct even if cryptos were widely accepted all over the world .
I don't think. It wont stop because we need money to buy more bitcoins. Also what should we do when we try to withdraw our money and want to convert it into fiat. Both need each other and both are depended
Not only bitcoin that is needed by many, butz fiz currency is also essential in everyday life. Until now it takes time to achieve so, so dependence on fiat will continue. If we want to make payments in real-world situations, we will use bitcoin. I think it will definitely take the fiat currency position.
If everyone in the world gets into crypto and cryptocurrency will become an official global currency, do you think bitcoin then will stop depending on fiat currency? Or will it just co-exist with fiat?
This is an interesting and it's hard to say, depends on really what happens in the future.
It can of course coexist, there is place for every preference in this world now and each one of them who become popular have their millions of users - It can also be inside the stock market along with all the other investment coexisting with them.
However, unless a new law comes into place there is no reason why fiat would disappear for good.
it seems that crypto dominance will not be able to replace the power of fiat money, fiat money continues to be used because it is considered safer and stable when compared to crypto. In addition, the government will not easily give up the national financial system to a decentralized system because it is very risky.
I don't see that happening now, unless there will be a physical coins of bitcoin. Most bitcoin transactions are done hand with hand with fiat currency. If I sell my bitcoin am expecting a payment in fiat currency as bitcoin is not yet world wide acceptable unless this happen, bitcoin will still depends on fiat currencies.
There are already physical coins of bitcoins, but not sure why we would need them to stop bitcoin being dependent on fiat. Bitcoin to me is the evolution of currency and going back to paper or physical coins is a step back because they're antiquated technology in terms of a monetary system. Even fiat currencies will almost certainly ditch paper and metal eventually and go fully digital. Physical cash is already used less and less and plastic is becoming the norm but even that will likely be replaced by people just using their phone to pay with things.
I don't see that happening now, unless there will be a physical coins of bitcoin. Most bitcoin transactions are done hand with hand with fiat currency. If I sell my bitcoin am expecting a payment in fiat currency as bitcoin is not yet world wide acceptable unless this happen, bitcoin will still depends on fiat currencies.
If everyone in the world gets into crypto and cryptocurrency will become an official global currency, do you think bitcoin then will stop depending on fiat currency? Or will it just co-exist with fiat?
I think bitcoin is never depending on fiat money but bitcoin comparing with fiat is just to know how strong is bitcoin pair with fiat money. Bitcoin strong or not is not depending on fiat but depending on supply and demand. Of course all peopl know about supply and demand.As soon as Bitcoin and fiat will coexist, BTC will always depend on the traditional money. Unfortunately, this is the reality you should better take - fiat will live all the time when the mankind exists.
If everyone in the world gets into crypto and cryptocurrency will become an official global currency, do you think bitcoin then will stop depending on fiat currency? Or will it just co-exist with fiat?
In my view, it is clear that when all of people in the world accept bitcoin as a currency, then we don't need fiat anymore, also the prices will be stay steady and there is no bull or bear anymore.
Predictions of future investors when the cryptocurrency market proves itself independent. Bitcoin will probably be limited.
What’s wrong with bitcoin depending on fiat currency? What’s wrong with banks and governments? Nothing. These things can get along pretty well.
I think that when capitalization of bitcoin will be equal to at least half of the daily turnover of money in the world, then it will cease to be dependent on fiat money.
If everyone in the world gets into crypto and cryptocurrency will become an official global currency, do you think bitcoin then will stop depending on fiat currency? Or will it just co-exist with fiat?
Bitcoin doesn't depend on fiat currency, period. It can be exchanged to fiat and could be used for similar purposes overall, but they are nowhere near interdependent, at least in theory. Bitcoin as a cryptoCURRENCY and fiat are competitors in the financial market for the spot of exchange value measurement tool. If all workers were paid in bitcoin instead there would be too many complaints by the people in countries with a strong currency. It would be great in venezuela where money is worthless anyway, but not everywhere in the world. That means they will always need fiat to bitcoin conversions
But what if bitcoin becomes a 'strong' currency? There's no reason why bitcoin couldn't stabilize at some point in the future.
BTC and fiats are always interrelated to one another. There will be countries that will not be in favour of crypto and there will be people who will be deprived of having the privilege of using this currency doesn't matter how bitter it sounds. So, fiat will stick around in the market.
Not necessarily. What it bitcoin becomes the 'new normal' and the dominant currency? Fiat currencies can and do fail as well. Sure, less likely for very strong currencies but when you print more constantly it can have a knock on effect very quickly and that's when hyperinflation starts and currencies lose value very fast.
If all workers were paid in bitcoin instead there would be too many complaints by the people in countries with a strong currency. It would be great in venezuela where money is worthless anyway, but not everywhere in the world. That means they will always need fiat to bitcoin conversions
Bitcoin basically doesn’t depend on fiat money rather than just the price and value is measured in the fiat money. But that doesn’t mean that BTC is depended on those currencies. As most people use credit/debit cards for the first time, so BTC depends on the financial system and banks.
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