Will bitcoin ever stop depending on fiat currency? - page 4.

Gontxi

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Quote from: davis196 on August 22, 2018, 06:39:15 AM

Bitcoin doesn't actually "depend" on fiat money.It's price and value is measured in fiat money (USD and euro),but that doesn't mean that btc depends on those currencies.Bitcoin depends on the banks and the financial system,because most people ,who buy btc for the first time use credit/debit cards.

this is true, I agree what you say. I think this is good for the knowledge and insight of OP for assessment on bitcoin.
and I think, crypto will not be the world currency, because after all each country has fiat currency that has been protected by law.

131tc01n

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I think bitcoin will never coexist with fiat, because some countries still banned bitcoin, even claiming to be illegal currency and plus bitcoin not yet officially recognized in the world may be just recognized by the general public

Andrea43Turner

newbie

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When Bitcoin becomes exclusive and accepted by every nation, it will no longer depend on currency.

goldexp83

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quarkchain.io

Considering that many old tech are still relevant today (like radio, fax, television..) it's hard to think that we will stop depending on fiats: think about it, how much more would be complex to price everything with not so friendly numbers like 0.000034 vs 0.000023, people would get crazy lol!

So I think we will still have to rely on fiat for a while

bitfocus

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I don't see such possibility in near future as most of the countries need time to embrace crypto.

TahuDiniHari

full member

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I am sure if Fiat and Crypto will co-exist in the future, because that is a natural thing, if Crypto is able to take on the role of Fiat in the world. surely at that time technology had gone 'crazy'. crazy here means extraordinary!

CryptoCClendon

newbie

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Yes when fiat finally fade away then it will be just cryptocurrency

Isiaka208

copper member

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Bitcoin was born on its own however, most people holding bitcoin now got it using Fiat. Like it or not, bitcoin will somehow be dependent on Fiat as you cannot eliminate paper to go digital because of the literacy level of computer or smarphones for a particular group of people.

liseff3

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Quote from: Impulseboy on August 22, 2018, 06:10:21 AM

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?

If cryptocurrency will officially become a global currency, of course bitcoin will no longer depend on fiat currency. However both of them will continue to run side by side because fiat currency's the product of the pride of each country which's impossible it can be eliminated just like that.

Getmon

sr. member

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Why do you consider Bitcoin as dependent on fiat currency? For now, Bitcoin is closely connected with fiat because it is still on its way to become fully independent. But if you try to look carefully at it, it could very well function without fiat. The fact is that the world is still ran by fiat money. Fiat money is still the primary currency of the world and in all of its countries. Thus, Bitcoin cannot easily get away from fiat relationship for now. But by the time Bitcoin will rise as the main currency, fiat will no longer hold any value to its function and adoption.

Kotone

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Quote from: Kusnechik on August 25, 2018, 01:43:10 AM

In the end, this will happen when Bitcoin ceases to be dependent on fiat currency. Too many people work in this direction.

as of now, bitcoin still spreading it's popularity all ober the world. we know that some countries still not accept it as n currency in their country. thy think only megative amd not in the positive way. also there are some country are still not modernize to know the bitcoin. but we can't deny thw fact that it can't be a number one currency all over the world. we know that.

Kusnechik

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In the end, this will happen when Bitcoin ceases to be dependent on fiat currency. Too many people work in this direction.

Ozero

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Quote from: Impulseboy on August 22, 2018, 06:10:21 AM

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?

The concept - the official global currency is rather vague. Under it everyone can understand the situation in their own way. The states will allow the circulation of the decentralized crypto currency, but they will not actively support it. I also do not think that they will use it in international calculations. For states and their structures it will not be profitable. Decentralized crypto currency is very suitable only for ordinary citizens, they will be its main users. Crypto currency will only go in parallel with the national types of currencies, they will complement each other with their own merits.

Brandon Thompson

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Without the ability to convert into money, Bitcoin will be on the edge of disappear, I think. Holding Bitcoin is always risky because of its volatility. Your Bitcoins can be suddenly down to near zero or upsurge out of the blue. So Bitcoin has to resort to fiat money to lower the risks. No one will invest in Bitcoin or buy Bitcoin if it can't be converted into cash.

Pamela Andrade

newbie

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Digitalization is trendy, and Bitcoin is a digital asset, so Bitcoin is trendy. But that doesn't mean Bitcoin is able to get rid of fiat money. Bitcoin will lose it dependence on fiat money only when it replaces all existing currency, since using Bitcoin is somewhat risky and users always want to secure their asset and money is the most secure asset. However. is there any chance Bitcoin will beat fiat money to become the best method of payment and the best store of value? I don't think so.

Justin Jones

newbie

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I don't think Bitcoin can exist without the ability to convert into fiat money. As long as people still like cash and national currency, fiat money still has the highest liquidity and Bitcoin's liquidity can't be as high. So fiat money still is the safest and most secure asset. For that reason, Bitcoin has to be converted into fiat money in case risks happen.

kemonojim

member

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In a few years it will definitely happen. Now that we cannot use Bitcoin, we must turn it into our country's fiat currency to use it. Because getting popularity so much time will come when we will be able to make our transactions using Bitcoin directly.

cizatext

member

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If you say bitcoin will ever stop depending on faint then you are a liar because even thou bitcoin become the world universal currency we will still need faint to own bitcoin since it a store of value it must be acquire by faint no matter what and even the government own faint which will for ever remains the dominant currency. So at that bitcoin will depends on faint to survive in the exchange market.

mensahkkofie

jr. member

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[It is very possible for bitcoin to be fully independent of any other currency, the world of crypto is still growing, the time will surely come when bitcoin will be even popular than fiat currency.

BIOX

newbie

Activity: 72

Merit: 0

I think that it is real in the near future. Btc can become an independent global currency that will be an alternative for FIAT currency. But there is long way to achieve this

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