Topic: Will bitcoin ever stop depending on fiat currency? - page 2. (Read 1206 times)

It doesn't depend on fiat at all. In fact it operates independently and completely separate from any fiat currency on its own bespoke network system. We can't help what others exchange it for though, but if fiat ceased to exist then bitcoin would continue on just fine.

I think it will definitely take fiat currency position. This currency is easy to use people adope it very quickly so I believe this day is not that much far away.

Bitcoin is not really dependent on fiats, the dollar or euro value of bitcoin is just the simplest way we can relate to value goods and services which often are outside the crypto world

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.

Till now Bitcoin still rely on fiat currency but bitcoin will be an alternative for payment using fiat currency. If we wish for to make payments in realistic situations, we will use bitcoin.

The dependence over fiat will come to an end only when the direct usage of bitcoin as well other cryptocurrencies keeps increasing with the mass adoption as well with the increased acceptance of bitcoin all around same as that of traditional fiat. As of now it needs time to achieve the same, so dependence over fiat will continue.

I think bitcoin will still depend on fiat money. Because to buy or invest in bitcoin we need fiat money, maybe just that. I think bitcoin will coexist with fiat currency, because not only  bitcoin which is needed by many people, butz fiat currency is also needed in everyday life.

I strongly disagree with your thoughts. Bitcoin will not be a means of payment in all countries, it is theoretically impossible. I am sure that other coins will be the means of payment. And bitcoin will become an asset that people will keep.

If you are asking for personal opinions then I think it will coexist with fiat currencies rather than totally replacing it. Just like how credit cards and debit cards work right now. So, ultimately it will have to rely on fiat no matter what happens. The reason behind this is because we have been accustomed to fiat so much that we find it difficult to replace it with any other currency.

Both of them will walk side by side, and everyone in the world can use both or one of them, it all depends on the situation which one is more profitable. In many ways everyone in general will definitely choose something easier which's judged to be practical, especially those that benefit him. Well, bitcoin's right for it all because in my opinion bitcoin's more efficient than fiat currency.

Cryptocurrencies will certainly replace fiat money sooner than you think
Cryptocurrency is disrupting the financial system because it has quite a number of advantages over the conventional currency such as the dollar. By eliminating intermediaries, digital currency gives you more control of your finances. Besides, it can be used as a hedge against the inflation of the dollar. Most cryptocurrencies are also extremely secure due to the use of dual-sided cryptography for every transaction. Bill Davis, a public sector Digital Strategist & Design consultant, says cryptocurrencies use hashing to effectively verify the integrity of data by systemically representing large amount of data as short numbers that cannot be replicated.

Unlike fiat currency, cryptocurrency cannot be debased by any government because it’s not tied to it. Even the governments cracking down on it are actually making it more valuable. Fiat currency can become worthless when a government gets replaced or falls apart. And it goes without saying that no government is immortal.
 Blockchain may still be in its infancy but the best case scenario is a global financial revolution. Fiat currency is a system that heavily relies on debt, and that system is failing everyone who isn't a bank. Most crypto projects are still in their early stages of development and still have years before they can prove their uses, but when they do we really could see the largest transfer of wealth in history.”

It seems we’re hesitant to accept that cryptocurrency is quickly becoming a new kind of money. In essence, Bitcoin is already miles ahead of the dollar. Right now it’s worth thousands of times more, yet this is just the beginning. What’s even interesting is the colossal number of people who have never heard of it or those that just chose to ignore it. However, it’s a matter of time before more people jump on the bandwagon.

User-adoption is a legitimate challenge facing cryptos today; nonetheless, all cryptocurrencies are still in their infancy. It’s pretty much like the internet in the 1990’s. During its early days, the internet was only used by nerds. A few years later, it saw rapid acceptance and adoption. Now, we all live on the internet. This is exactly what will happen with cryptocurrencies. So, it’s just a matter of time before the rest of the world catches up with this technology. cryptocurrency holds a long-term promise owing to their fast, secure and efficient payment system. Ramson says cryptocurrencies’ innovative ideology for a more secure monetary future will be the key driving force behind their adoption as a payment method. so ofcource in no distant time bitcoin will definately be indepenend of fiat. Regardless of how governments or investors feel about the impending switch from conventional currency to digital forms of currency, the wave of change is unrelenting.

If Bitcoin is declared as legal commodities for paying good and service and a law is sustaining it BTC will not really too much on fiat now, but as of today bear the truth that crypto depend on fiat...

But continue to advertise and encourage people to use it this way we help the progress of crypto faster...

Yes, if bitcoin will develop it would be possible. This requires that bitcoin has a much larger capitalization than now. Then what happens is what you write about

I would say no.
We are still buying and exchanging cryptos using currencies. Americans use US Dollars; Europeans use Euros to buy bitcoin, ETH, etc.
They are always together and depending on each other.
Also the stock market could also affect the crypto market in some ways if you pay attention.

Decentralized crypto currency is not related to conventional currency and therefore will not depend on it in the future. At the same time, it can not replace the existing national money and can exist only in parallel with them. In this case fiat and crypto currency can complement each other. States will not take decisions on the transition to a decentralized crypto currency, since this will have a very negative impact on the economy of any state.

First, hardly ever all people will use crypto currency, at any rate, it can happen not earlier than in several decades. Secondly, the official global currency of the crypto currency can only become for ordinary people, I do not think that the states and state structures will make wide use of the decentralized crypto currency. If this happens, the decentralized crypto currency is not dependent on fiat, and will not depend on it. The Crypto-currency can only go in parallel with the national paper money of various states and can not replace them. Therefore, it will coexist with the fiat.

Now a day’s digital currency are growing so fast. So I think there is possibility that btc can be the money of future and stop depending on fiat money because People can use it securely without any permission.

Bitcoin will always depend on your regional fiat as long as that is the dominant currency that you use. It's like asking will oil or gold or stocks and shares ever stop 'depending' on dollars or whatnot. Well we use the dollar amount because that's what we're familiar with and use every day. If more people start using bitcoin than fiat then that will likely change to where we don't even think about the value in anything else and people actually even ask things like "how many dollars can you get for a bitcoin these days?". That really would be success. I'm not sure if that will ever happen though, but 'depending' on fiat isn't really a bad thing.

BTC is there for the transaction of money over the internet, and to some extent, fiat cannot be replaced. Does not matter how much we want to revolutionize the world with cryto, some parts will always be underprivileged.

fiat is something that will not go away from the market. There will be countries where the people will not be able to enjoy the crypto and will be left with the usage of fiat. Plus BTC and fiat are two different tangents.