Topic: Will bitcoin ever stop depending on fiat currency? - page 3. (Read 1141 times)

Bitcoin is actually type of payment. It is totally decentralized currency. The value of bitcoin is measure by USD. If bitcoin is not depends on fiat currency then how can we predict the value of bitcoin. And secondly government allow only that currency which is regulate and control by them. So I think it is hard. But in future market can turn to any way.

And who told you that bitcoin depends on Fiat money? He is completely independent of them. Bitcoin is influenced by many other factors, such as the media, which are always screaming that bitcoin is a soap bubble and will soon burst. It has nothing to do with Fiat money.

In practice, some persons will always use the fiat. Not everyone will be able to use Cryptocurrency, as we have different classes of humans world all over and some areas and places have technological limitations needed to fast track the transactions of bitcoin.

What will be the means of exchange for bitcoin if there's no fiat for those people that doesn't really like bitcoin.

We have to accept the fact that bitcoin and fiat will continue existing at the same prime but who knows, we can't see the future. 

Bitcoin can never stop depending on fiat and that is why I always believe that fiat will continue to exist even with Bitcoin.

It is impossible because it is the main currency and everyone still depends on it and if possible then also it will take several years.

It's not in the hands of government. It's in the hands of the people. If people just started using it instead of fiat it would achieve dominance naturally and maybe people would stop using fiat or use it less and less and then there would be nothing that they could really do about that, unless they try ban it, but under what grounds? They can't ban gift vouchers or people from accepting foreign currency so this would be no different. This could certainly happen in the future, but I see bitcoin working alongside fiat as option rather than taking over completely.

Fiat will remain, and will still be used because it is a national currency. Bitcoin will not replace fiat and I think fiat and bitcoin will still be there according to their respective paths.

If the world only using bitcoin, i think it will be not safe because bitcoin price is often to fluctuates in the market.
But later in the future, maybe everyone start to using cryptocurrency only, fiat currency is not usable.
Cryptocurrency has been created in 2009, it is just only almost 10 years. Need more time i think.

Well I don't know for sure if it will stop depending on fiat currencies.  If bitcoin is given the opportunity to be independent of its self then it will be globalized and popular than the way it was.  The operates of the fiat currency will have no other option than to embrace it.

But the question will be "Will that ever happen?" One currency ruling the world will have its disadvantages.

One, some countries already have a lot of bitcoins users or some countries have big bitcoin users while there are countries that don't have much bitcoin users. Basically some people already have tons of this currency while some have very little or none at all. This is an abnormal distribution of wealth. A regular country might suddenly become a dominant country only because they were the first to adopt bitcoin and the nation was able to accumulate the most bitcoins. And one country might start failing just because they were late to the bitcoin party.

Two, there's the digital divide problem. Some countries simply don't have a decent Internet connection. You might be living in a country or in a city where you can get a signal reception everywhere. But there are places in this world that's not uncivilized but the Internet service providers are just so shitty. This limits us from doing transaction. Some people also do not know how to use the computer. Some don't even have a Smartphone. Digital divide has to be solved first before bitcoin can stop depending on fiat currency. Otherwise, fiat will always be there and will always be dominant in some places of the world.

The best case scenario will be that bitcoin and fiat are coexisting and will stay the same until digital divide is solved.

It is possible if the crypto trading stops and bitcoin payments accepted world wide but for now it looks too early many people don't acknowledge the existence of crypto currency and the people who knows it using for making money with its volatility so too early to say that we are independent of fiat money but the time will come and we will use our money with full freedom.

if it's used globally, volatility should decrease and there is not the reason anymore to be tied to fiat currencies in trading. Perhaps it will be more exchanges for other altcoins

I would not call bitcoin paired with fiat as a dependency but rather a manifestation of the value of bitcoin in fiat. As gold and oil have their value in fiat, I see that is the same as bitcoin. You cannot say that bitcoin is fiat-dependent because it continues to produce its own coins without fiat interference. However, the whole economy, along with traders and miners are people who depend on fiat, not bitcoin directly.

Bitcoin does not depend on fiat. We use it to measure the value of the coin. Here valuation using fiat does not mean it is dependent on fiat. It is totally independent of fiat influence. We just use it as a reference frame to measure the value of the coins. We can also measure it using some other coins too, but does that mean it is dependent on that coin? Nope. And yes, the chances of them co-existing is very high.

Would you exchange Bitcoin with something other than fiat mate? I bet the answer is a no, fiat is widely accepted and is

The best thing to get in exchange for your Bitcoins, even if you buy services with Bitcoin, the one selling you the service

Is going to sell the coins and get fiat for them to spend for something else.
Bitcoin is not supposed to replace the paper money, Bitcoin is here to compete with fiat and banks eventually.
Who says that the ability to use Bitcoin is in the hands of governments? you can send and receive Bitcoin without the

Middle man, the governments have no hands in transactions.

Now the price of BTC can be bottomed out.

I agree. Of course there is a possibility but I bet, it will not happen. The ability to use bitcoin is still on the hands of the government though I don’t think bitcoin depends on fiat in the first place.

I don't think bitcoin depends on fiat or dollar. this is different from the real stock exchange. You have to know that, I think your logic must be slightly changed to better understand the crypto market.

it will be very difficult to replace banknotes in everyday life, what has happened for so long will be difficult to replace, but Bitcoin will compete with paper money, it may take a long time for bitcoin to replace paper money, for now it will probably be together until someone relents..