Bitcoin Forum

There are some believes that we might not necessary need fiat currency in trading cryptocurrencies.
My question now is If Fiat is completely irrelevant in the world, and gold do not back crypto, where will cryptocurrency derive it value from?

actually, no, fiat currency is already a tendentious word cryptocurrencies also behave like fiat currency, ever heard of bitcoin gold bitcoin diamond etc.

main issue with cryptocurrencies is that they are not controlled by a trusted body, they are purely marketed and issued for greed.

From its utility, just like everything else. Where does gold derive its value from?

it is a unquie useable material, commonly used as money, along with other metals besides having a use in crafting it is culturally and historic a popular money and jewelry materials.

encripted information are not.

Fiat will always be relevant in the world and even in the Cryptoworld. At least I will always need fiat for day-to-day runnings after pulling out profits from trade made. So fiat is and will always be needed.

bitcoin and banknotes are irrelevant and both have no significant relationship, bitcoin is the digital currency whereas paper money is not digital money is not only that the total supply of bitcoin is also very limited different from fiat currency.

Gold gets it value from the people that is the investors the same as Bitcoins.

Fiat is very relevant to cryptocurrency. Coz first of all, it is the measurement of the value of each coin.
I think nobody here invested in cryptocurrecny to increase their coin but to grow their money (fiat). All of the coin you possess were useless if you couldn't use it.
You can pay online using BTC directly but it is still depends on its equivalent value in your local currency or in US dollars.

I used Bitcoin to buy plane tickets and a hotel room last week. Bitcoin, like gold, has utility, and it has value as a result.

BTW, Bitcoin is not encrypted.

Who are that believers?you?

Who told you that fiats is not necessarily needed to trade cryptocurrency?

Now tell me what materials you will use to have the coins that would be use for trading?next time before posting use our heads with brains because you're becoming a noob with this one

No, fiat is not irrelevant to the world. A major proportion of the world are using fiat only for their purchases. Fiat is the easiest medium for exchanging goods and services. For people who don’t have access to smart phones or internet cannot use cryptos. They can’t even understand this technology. How can you think that fiat is irrelevant in the world?

I wouldn't think so!! The Fiat currency will be in the world for a couple of years. Need to be alternated to enter into crypto, withdraw in Fiat and then buy bitcoins etc. Fiat need for to lock in profits.

First, let me ask you a question. Where do you think fiat value came from?

Fiat might be still relevant decades from now. Maybe it will be irrelevant, but who knows. Let's assume cryptocurrency will be the main currency used by people for everyday purchase, hence completely replacing fiat. The value will come from its use.

Most of the people are still using fiat currency till date.  So fiat is not irrellevant.  In third world countries many of the people do not know about crypto.  It will take time for them to know about crypto and then start using it. 
Without fiat how can we purchase crypto so without fiat we will not be able to buy crypto.

cryptocurrency is born from crisis and takes value from belief. When people lose faith in Fiat they will turn to crypto

Obviously all the crypto has been derived from all the Fiat currency, because all these currencies have one thing in common that they all have derived from the common origin , though no doubt all the crypto currencies are much superior than all the Fiat currencies around and moreover there are many reasons that definitely prove that bitcoin and all other crypto are much better than all Fiat currency around and no doubt all the Fiat currency has much relevance in crypto development.

Where did you get that fiat is supported by gold. This has long been wrong.
So we have Integrated enterprise eCommerce solution for processing cryptocurrency into fiat money with cashback for buyers.

Oh please guys can we stop getting the exact same threads every single day... It has been said a million times already that supply and demand controls the price of Bitcoin and that Bitcoin is pegged to fiat. How else are you going to determine the value of your coins and exchange them according to the price they go for? Fiat is going nowhere. Or do you want to go back to the old ways of bartering goods?
I am not a financial expert and don't pretend to be such, but I think Bitcoin is not primed for being the only local currency yet.
Of course if some country goes forward with this I will be extremely surprised, but as far as I know no one has made the jump yet.

How can you say fiat is irrelevant to cryptocurrency. First of all we need fiat to buy crypto. Also we need fiat to measure the value of bitcoin.

Most stores do not accept crypto currencies. At some point you need to convert crypto into fiat in order to buy the stuff you need from such a place.
And mostly fiat is the currency you need when you buy crypto in the first place.

fiat is not needed in crypto trading, and I think that gold will also be used for future life.

and crypto will get value from the public volume and legality of the world. I think that the crypto transaction activity will have a major effect on the market value of crypto.

This is probably one of the most common criticisms that I hear about bitcoin. I think this is because many hardcore bitcoin believers at one point wanted this to happen, now its just a far-fetched expectation. More seasoned investors all agree that fiat and cryptocurrencies need to co-exist, which is currently happening. As for your hypothetical situation, we can only assume that Bitcoins would derive their value from the trust people have in them. But then again, its very unlikely to happen.

Fiat will always be relevant. The currency was not created to replace the fiat. It will be an addition. The type of plastic cards is now

Fiat is only relevant because it is something imposed by governments, most people want some kind of security, not the freedom that the cryptos offer, and that makes them comfortable, and even complaining about the system they do not know that they are themselves has the power to change. It's still a long time before the cryptos have due recognition from the mainstream.

I think that fiat has nothing to do with bitcoin like bitcoin to fiat, since bitcoin is a digital currency, and fiat is paper. And still the volume of bitcoin is limited, and there is no Fiat.

Sad to say but Fiat is still very much relevant, at least for now. Bitcoin and cryptos haven't gained enough widespread acceptance as expected. So most of the things we do are still in Fiat. Till the time comes when we can comfortably pay for stuff offline with BTC,  Fiat is still very much relevant.

For me fiat money is relevant to crypto because you cannot buy some altcoins if you not use your fiat money and in order to use the crypto you have to exchange it to fiat currency. Some do not accept the crypto cause they do not believe on it and they also think that it is illegal for me it is not true that crypto is illegal they say that they cannot see the crypto cause it is a digital form of money that is why they do not believe on it. They do not see the positive side of it. They are also afraid of using it. If they just see and understand the crypto then they will start to believe on it.

Nothing should back cryptos for it to have value, Fiats (acceptance by decree) are not backed by anything and yet we accept it.Bitcoin derives its power from those who use it, peer-to-peer

We are using Fiat currency just because we don't have another feasible option to pay the value of cryptocurrency. Technically, the value of cryptocurrency is derived from the trust of the community and it is denoted in the form of fiat units. Bitcoin or any other cryptocurrency has nothing to do with fiat currency directly. As we all know that, the price is determined by the law of demand and supply and that's how it should be.

A lot of persons will always get it wrong that crypto was meant to destroy fiats, i believe there will be less tensions if can all see it as an alternative/addition rather than a substitute

Fiat will always be significant for crypto currency. Fiat will always exist. In fact, the value of bitcoin and other crypto currency can only be measured in fiat. Because of the large volatility of the decentralized crypto currency, it can walk in any state only in parallel with the national paper money.

The majority of the issuance of crypto currency is limited and it is because of this that the value of the crypto currencies will be secured by demand for them. This system is much more perfect than fiat money.

Fiat is juts fiat, there is nothing related between it and crypto currency like bitcoin or ethereum  ;)

Not yet.

The moment we can easily pay for everything with Bitcoin or other crypto is when my national currency becomes obsolete for my own uses.

The fiat is still relevant as at today as it gives you the equivalent value/worth of your cryptocurrency assets. And as a matter if fact and urgency to have it spent as it applies in your relevant areas of spendings and utilization.

Cryptocurrency gets the value of every project they run. For example, ETH with the Ethereum Network and BNB projects with an Exchanger project. When crypto coins have their uses and demands, they will have value.

if you have other coins and your value does not require fiat if trading on cryptocurrency is enough with your coin exchanger and then buy the coins you want for now BTC and ETH are worthy of investment because they have market power.

Fiat currency is very relevant to cryptocurrency for now. Most people buy cryptocurrencies with fiat currency, although cryptocurrencies are meant to replace fiat currency. For now, we can say fiat currency is backing cryptocurrencies....

in principle, not all of us need fiat money, in cryptocurrency trading we buy or sell our assets by exchanging them for the coins we want through transactions like this we can get the coins we want without using fiat money as we also have assets that we want to trade

I still believe the fiat is very much relevant as it creates a bridge between the two worlds. As a matter of fact, the fiats is what is majorly still being accepted everywhere now so it still makes the cryptocurrency relevant too.

Fiat is very important and relevant to cryptocurrency as far as investment, and transactions are concern. Fiat is the original currency we used before the inception and invention of cryptocurrency. I think some things fiat can do cryptocurrency may not be able to be used for that purpose and all of this help strengthen the crypto market.

All currencies derive their value from supply and demand -- some economists believe there is no intrinsic value to any currency. I believe fiat currencies and cryptocurrencies can coexist, and central banks will likely issue their own cryptocurrencies in the future. While gold is tangible and bitcoin is not, they both share many traits, such as scarcity and divisibility.

I think its relevant. Do you know stock market? Do those stock market trader buy stock using other stock(barter)? Or they buy stock using fiat? Yes they use fiat to buy stock. The advantage of cryptocurrency is it can be bought not only using fiat but also other cryptocurrency.

Fiat still holds its position in our society as it is strongly backed by the governments. Even with cryptocurrency, the final stage of withdrawal is through Fiat after trading our numerous cryptocurrencies on the market. Fiat will become irrelevant if cryptocurrencies hit a global patronage where everyone understands its concept and accept it as the primary means of purchasing goods and services.

I think your reasoning is not very true. How can fiat not be the world's top currency? Firstly, to use crypto currency, you need an understanding of the process, and the internet. In the second, fiat is the simplest and fastest method of payment on the planet.

There's no irrelevant issues for both currencies, because they're now having compatibility with each aspects on trading. When investing cryptocurrency you'll be using your fiat to trade cryptocurrency and exchange it to earn your profit. It's completely a convenient way to handle your funds, with a definite purpose of an asset holding. The relevance really brought an assurance for every person to value their future finances between digital and fiat currency.

We are still hostages of fiat and I do not see this change, even in the long run, because governments will not surrender to crypto as means of payment.

Fiat money and cryptocurrency are unique. I think both are quite relevant and related because their functions are the same, but with many advantages that exist in cryptocurrency. The problem here is that there are still many people who have not used cryptocurrency and the public also believes in fiat money because crypto is considered quite complicated.

for the now, it is highly relevant and important to the cryptocurrency as loads of people seek for a means through which they can directly wire their money to their local accounts without going through unnecessary processes and procedures. but after the world has accepted the crypto currency, it will be almost irrelevant to it

Fiat is connected to cryptos as it is only the physical money and cryptos are implied onto technologies. And, cryptos cannot be used in physical world as of now without the means of fiat exchanges

Fiat is completely relevant to cryptocurrency - certainly for the foreseeable future (IMO).

99.9% of those involved with any form of cryptocurrency measure their holdings in fiat currency - everything comes back to the US Dollar. I don't have the foresight to imagine a world within centralised fiat currencies.

It is relevant to cryptocurrency.The only difference is that crypto is digital money, you may send payment or money through coins.ph or gash, no hassle.Fiat is the one thats is tangible.

No, fiat isn't superfluous to the world. A noteworthy extent of the world are utilizing fiat just for their buys. Fiat is the most effortless medium for trading merchandise and enterprises. For individuals who don't approach advanced mobile phones or web can't utilize cryptos. They can't comprehend this innovation. How might you imagine that fiat is unimportant on the planet.

Fiat Currency is very closely reliant to crypto currency and the prove is if you have fiat but no crypto and you want to enter in crypto world then how would you do you must need fiat.

It is true that cryptocurrency is getting popular day by day, but it is still a long way to go. In many parts of the world, a lot of people still haven't heard of it, so fiat currency wouldn't be irrelevant so soon.

Crypto currency is a currency that has value for its investors, so at this time it cannot be equated with the relevant fiat currency if indeed all crypto currencies can be accepted by all countries as the applicable currency to carry out the transaction. The crypto currency can be said to be relevant.

It's about demand and usage. When cryot can be used as a form of salary and paying for essential items like rent, bills, food, taxes, then fiat can become a secondary form of currency

There is a close relationship between Fiat and encrypted currency. We all know that Bitcoin is becoming more and more valuable, and the value of Fiat has been verified by the development of the whole society. I think Fiat can be a good reference for encrypted currency.

Fiat and crypto currencies are two different thing because fiat is a paper money and crypto currencies are digital currecy. Both are relevant because we use them both and fiat is the most acceptable worlwide while bitcoin is a great investment.

It is impossible for fiat money to be eliminated because of cryptocurrency. During this life there is paper money will always be there as the most ideal means of payment, because there is real physical. For crypto money because digitally it is not ideal when used for small transactions. Cryptocurrency can be traded with a value calculated with banknotes. So, paper money is very relevant plus cryptocurrency and even complement each other.

Though there are a big difference between this two one is visible and another in invisible but they are closely relevant because we need them both and also this two need each other.

I'm not a financial expert and don't pretend like that, but I think Bitcoin isn't ready to be the only local currency.
Of course if some developed countries with this I would be very surprised, but I know that someone made a jump.

Even if some people think that in the future we will be able to do without the usual paper national money, this does not mean that it will be so. Crypto currency will never exist without national money, it can only walk in parallel with them and never replace them.

Actually, there is a big difference between Fiat ( Euro, Dollars, Yen.. ) and cryptocurrencies , and I think the are of Fiat will disappear in the future ( maybe few years ) especially if the big governments cannot destroy Bitcoin, and I do not think that they can, because the digital currencies are very secure, despite many attempts , but fortunately Bitcoin is still existing in the market.
As a matter of fact, I think we do need FIAT in the future, and in this era the digital currency is something who has a big advantages ( especially no taxes, and  no exploitation like the banks )  .

Both are useful in their own ways. I think this topic is getting exhausting. It is as though someone is mandated to talk about Fiat and digital currency daily. In the real world, I don't think this argument exists. Neither is in the way of the other. I also don't see Fiat currency going away. Not even in the future. We can always keep using both.

we need fiats, it makes for better valuation of crypto-currencies and better adoption.

In actual senses and as far as crypto currency is concerned, fiat can not be over emphasized. Reason being that to secure bitcoin or any other crypto currency, we need fiat for valuation especially inter country transaction.

Fiat currency is not completely irrelevant in crypto currency because it is what we will still used to know the worth of our holding.

I agree with you, although fiat and crypto currencies are two separate currency states crypto relies on fiat at the moment because this is what we trade in for and we also use fiat especially for first time buying in of coins. This will be the case until a crypto world dominance becomes popular.

It is a reasonable question because I think not all of the guys would have an opinion on that and we'll be having an ability to answer that as well, fiat currencies are still important and needed in order to exchange cryptos.

You can't say that Fiat currency is irrelevant.with respect to cryptocurrency. Cryptocurrency has a lot of advantages but you can't discard Fiat currency. I hope to see cryptocurrency like Bitcoin become a mainstream currency but there are a lot of hurdles that need to be crossed.

In blockchains numbers of people are connected in a chain. Every new user is connected with old member. Every 1st user have some profit from 2nd member's work which is attached to him. So blockchain is a power, It is profitable. You can divide your work as per requirments.

I agree with your opinion that fiat is very influential on the price of the crypto. and there may be some seniors who can help answer your question above.
and I want to know it. 8) ???

Fiat is still needed for now

Fiat is actually the backbone of the crypto world. The value of any cryptocurrency can be obtained by comparing it with fiat money. You cannot rule out the importance of fiat currencies in the crypto market. In fact, it is practically impossible for bitcoin to exit without fiat

For now,fiat currency is still very relevant to cryptocurrency.Majority of the people nowadays are still into using fiat currencies to buy their own wants and needs.I think it will not really lost its essence even in the years to come because if cryptocurrency will be hopefully legalized in most countries,fiat currency would still be another option as a payment system.

Fiat is still needed to make every crytpocurrency completes.All purchases and transactions can't happen in the crypto market without taken into account the equivalent in fiat.

During this time fiat currency has become a benchmark for every increase that occurs in crypto currencies. Fiat currencies are still needed especially for transactions in buying and selling cryptocurrency, especially for those in countries where the government prohibits the use of cryptocurrency.
Cryptocurrency gets value after a deal from both parties, namely between the seller and the buyer.

          Fiat currency is centralized one that is controlled by the government and it is a legal currency . Cryptocurrency is a decentralized currency and is not controlled by a third party influence or any government and it is not accepted as a legal currency . In fiat currency the government decides how much currencies to be circulated and in cryptocurrency  everyone has the same right and this is done in internet . Today there is no currencies backing with gold only ink printed papers Cryptocurrency is a global free system using blockchain technology .

Fiat currencies cannot be completely irrelevant to cryptocurrency because crypto is decentralized and it can only be useful with the help of fiat currencies when it comes to offline. Fiat currencies are needed especially for transactions to covert cryptocurrencies to any fiat currencies. So without fiat crypto will be used only online and become useless offline.

Till date, fiat currencies are still relevant to cryptocurrency. In most of the countries, you can't yet spend your cryptocurrency directly at the mall or with any merchants. People therfore have to first convert cryptocurrency to fiat currencies before they are able to do successful shopping.

Maybe until such a time that crypto will act just like fiat (by so saying I mean, will be adopted as a medium of exchange), we cannot say fiat is irrelevant to crypto. We convert our coins to fiat in most cases before we can use them and that alone should tell you how we can't do without fiat now.

   Fiat money,digital currency,gold,silver,diamond,etc...they are different to each other but they are both important to us. They are created for different reason,purpose and value. That's why  we still need fiat money and it is not irrelevant to cryptocurrency.

The value comes from the community and people who choose to use it and see it as that. It has nothing to do with being backed by something.. It has a finite amount that will be distributed and from there this is where the value grows. Fiat might one day become obsolete as it really has no value and is not really backed by gold anymore. Oh the USA is in debt... let's just print more money backed by nothing.. The whole fiat backed by gold was lost along time ago, and this is what is creating the issues in the world and I can see this being one of the reason's why crypto was made in the first place. Good riddance.. the creation of crypto is a fucking blessing, and that's why if you have it hodl on to it and actually use it if you choose to. Ohh gold is shiny must be worth alot, who the fuck cares. It's a belief that's all.

Back bitcoin with gold it doesn't really matter. Those who control all this shit are playing the fucking game anyways.

Fiat currency will always be relevant,even to the crypto currency users,as cryptocurrency derives it's value from ones local currency,it is highly impossible for Bitcoin to exist without fiat currency...none of the two is ever going away though as both are highly useful.

I think for now, Fiat still got relevance when it comes to crypto currencies because it is interchangeable and that is one reason why newbies keep coming on board because  they know they can spend it and it is merely digitised and can be converted to fiat when need be

Right now it is totally relevant because people are still depend on fiat not on the crypto and in order to enter in crypto they need to use their feat.