Bitcoin Forum

Bitcoin was created to provide independence from Government control to the users.  But I think it is not so independent. 

It depends on fiat currency especially the Dollar for it's valuation.   

My question is ; we are measuring it's value in dollars.  So is not it true that Bitcoin is dependent on fiat currency for it's existence?

Please share whatever views you are having. 

Kindly correct me if I am wrong.

and what would you suggest we use to measure its value? it is the 21st century, we measure value of literary everything in fiat, those in US measure it in USD, those in Europe measure it in EUR, those in China measure it in CNY and ....

that doesn't mean it relies on fiat. would you like us to go back a thousand years and measure value of things like bitcoin in goods? like saying 50000 satoshi is equal to 1 chicken?

Exactly. If bitcoins are decentralized and a currency itself then how can it depend on any other type of currency and why should it?

Yes it is dependant as per my understanding, although I am not very experienced. The value of BTC increases when there is more investment and more people are buying BTC. Usually it is measured in Dollar because it is one of the famous and powerful currency in the world, but you can select your own currency if dollar is not your currency. There are a lot of options in coinmarketcap.com   

Yes good answer I think! every nations have their own fiat currency and always products considering by fiat currency.

It is independent but we value it in fiat at the moment. Everything is valued with something else. Otherwise you could not exchange it for anything.

This is true. Bitcoin is dependent in which dollar does not really matter on its market. People do not depend on the dollars in wjen to invest in bitcoin. The both of this has differences. If the time comes in which bitcoin became really a currency all over the world them probably the two will have a connection.

Bitcion is really an independent currency which is in digital form ,it does not depends on fiat money because they are of different worlds ,the cryptos is in the digital world circulating ,while fiat money is circulating in resl physical world.

bitcoin is an independent currency, but every state wants to measure it in its usual currency,it is clearer to many.In fact, Bitcoin is a completely different concept than the usual physical money.

I don't think that the full price of bitcoin is determined by fiat money, as far as I know the price of bitcoin is determined by the investment and the bitcoin holder itself.

bitcoin is independent when it comes to performing its task. The price however is dependent on fiat since bitcoin can also be thought of as a barter good. The only time it would be independent is when people say: "one bitcoin is one bitcoin" not "one bitcoin is $6000."

Dollar is just the measure of unit for calculating the value of bitcoin and other crypto currencies. Just imagine if this would have been start of the new era and where bitcoin itself was the currency then what would you measure it with? May be with something that we understand more as valuable. Like give me two ounce of bitcoins? and I would have understood ounce because I already know its weightage. So this was all about the value measurement.

When it comes to the actual value that it gets, then its because of the dollar investment in it but the really price is because of the market cap, supply and demand and more technical stuff related to the crypto.

As what i understand..Yes i agree on your statement that BC is independent in a sense that it is decentralized by any authority it has its own transaction. If we say dependent maybe when it comes money conversion because we have different money currency.

As I know the price of bitcoin is determined by bitcoin holders, the more that buy bitcoin is more expensive and vice versa. so the influence of fiat money is not too large.

There are many attempts to hope Bitcoin in the future will be monopolized, but that is only predictable. Being converted to currency rather than relying too much on currency.

This does not make sense, your house and car are valued in dollars, but they are not dependent on fiat.

Yes bitcoin is not dependent on the flat currency but its depending on the value of flat currency as people can not calculate so fast to calculate each and every transaction in bitcoins...So without flat bitcoins value cant be understood.

Bitcoin relys on decentralized system and it's not depending on fiat currency in any way.
But Bitcoin needs some referal value to be compared with and to determine the framework of its value. But this is the only way that Bitcoin and other cryptocurrencies are tied to fiat currency economic system.

concerning. I think if it does not become a fiat, then we will measure bitcoin in something else

There has to be a benchmark to measure the value of goods or any currency. Many other Fiat currencies are measured against the USD which, in my opinion, is good. If there was nothing to measure the Bitcoin against, then the value won't be there. The measure of commodities or stocks against the USD is a current practice and I do not see anything wrong with it. As a matter of fact, it doesn't take anything off the Bitcoin nor its independence. I hope this helps.

Everything has to be measured against something and the USD is a universally comprehended value.

The more pertinent question is how many people are interested in Bitcoin solely as a means to obtain more fiat currency? The proportion is probably incredibly high. Even people who've been at it for years might only be out for more dollars.

That might turn around and bite them in the years to come if they're all out.

In our current financial system, the market value of any product is measured against the government legalized paper money or fiat. This is why the bitcoin value is measured against the financial system valuation otherwise, we might never know the worth.

Though it seems that to be visible Bitcoin is kindly related and dependent to the fiat, and it happens when investors were pushing their money through this community and investing is a way for this forum to work, when more money is being inserted to this forum the more that Bitcoin price will fluctuate and if investors hoard and keep their money the more, the lesser the Bitcoin may be, although it may not be the only reason to fluctuate always.

The dollar is the most popular currency on the planet. Therefore, it is convenient to measure bitcoins in dollars. But this does not mean that bitcoin depends on the dollar. If the dollar collapsed, bitcoins will be measured in another fiat currency.

Yes of course because it was intended to be as an independent digital money and that is the main purpose why Satoshi Nakamoto introduced Bitcoin for us all regardless of social status. Blockchain technology itself is independent as it is decentralized so for me Bitcoin is independent it only needs adoption. People invested huge amount of fiat money to Bitcoin just to have this what we called financial freedom which fiat money had failed to gave us.

Bitcoin and other crypto currencies are mutually beneficial with fiat currencies. Bitcoin has its own market, fiat cant influence it. Bitcoin and fiat support for each other in the economic system. Bitcoin as an asset, fiat as a known exchange medium

I think Bitcoin does not depend on fiat currency, but on the interest of investors who are willing to invest in it.

I think it is totally independent, you only convert to fiat if you want.

Bitcoin is a dependent currency. You are generalizing it as bitcoin is only for USD but the fact is not. BTC is convertible to all fiat currency around the world. It is a standalone coin, it does not depend on any value of fiat currency. The opposite statement was, the value of USD>BTC will depend of the current value and demand of BTC in the market. Because that is the fact. ;) ;D

You can research it for more informations which may enlighten you.

I agree with your opinion, because in particular in my country bitcoin cannot be used for the real world like shopping at a store. bitcoin really depends on fiat currency, if bitcoin doesn't have dollar value, then cryptocurrency will die.

I agree with your opinion, but I also want to know the opinion of everyone here.
so I will read all the answers from members here.

No it's not at all dependent on fiat, also bitcoins is valued in all currencies not only dollars, this has been done so people know the exact value of their trade. While it's pertinent to point that dollars are a universally accepted to value goods and services, and hence bitcoins is measured in value of dollars.

 It seems to me you're mistaken that we live in the Stone Age times, where we could have exchanged bitcoins directly and value it in satoshis, do you have any idea how much time that would consume, plus how would you value your earnings?

Bitcoins is independent of fiat and same goes for fiat, they're only used to ease the transaction and save time for all, and most importantly make people realise the value of their trade.

It is not really the most popular currency but it is the most traded fiat currency that is why Bitcoin's common value of fiat currency is US Dollar, also not because it is convenient. Fiat are also the common currencies we use so there is no other things we can use to represent the value of Bitcoin expect using a fiat currency. If Dollar collapsed, dollar will still be used and with that Bitcoin will be having a great price in terms of USD.

Yes, Bitcoin is a virtual currency, it does not completely depend on the flat. However, its appearance on the market must depend on the most commonly used currency in the world, the dollar. Today, Bitcoin prices determine the price of Altcoins, in other words, Altcoins depend on Bitcoin. For Bitcoin-dependent flats we need to wait a bit longer for Bitcoin to complete.

Bitcoin does not depends on fiat currency, it stand independent as crypto digital currency ,circulating on its own , running on its own business and does not depend on any currency in outside world or in the digital world.

Bitcoin doesn't depend on fiat, but we are using fiat to measure the value because not all things can be bought using bitcoin yet, and we are using dollar because its the global currency that usually people used when they do international transactions, and both of them got their own market and factors that make their price up and down, they don't relate at all

When there is a demand, it will link into money indirectly.
Of course the more demand , the more expensive something will be. IMO , dollar is the most powerful currency around the world so it always being use for any commodity include btc.

BTC is independent investment tool but it's optional for the government whenever they want to legalize or not

Yes it can be said that bitcoin is not an independent or decentralized currency. In different way it can be said that it is the digital  way of carrying the fiat currency, it may be usd, yen, euros, inr etc. And exchange rates can be seen on the internet.

Not as you say, the price bitcoin not at all depends to dollar value or currency Fiat other. Bitcoin independent and its value, the users bitcoin own determine.

Everything that has value must be measured in value to what that is relatable that's why dollar is used, any other currency could be used as well but it doesn't mean that Bitcoin depends on Fiat in anyway

If we compare the bitcoin rate to one of the fiat currencies, this does not mean that bitcoin has already become dependent in any way on this currency. To determine the value of something, we must determine a certain object or phenomenon with something to compare. If we say that the house is big, this does not give us a concrete idea of ​​its height. If we say: the house is 20 meters high, we compare it with the unit of measurement, which is the meter. This does not mean that if we compared the height of a house with the number of meters, then the house began to depend on this measure of length. If we say that bitcoin is very valuable, we speak in general and do not give a concrete idea of ​​its value. If we say that the bitcoin cost $ 8,000, we are already giving a concrete idea of ​​its value, because comparing it with another measure of value - the dollar. There can also be a reverse comparison and we can say how much the dollar costs in the amount of bitcoin. This is acceptable, because both the dollar and bitcoin have a cost function. However, they will not at the same time depend or influence each other in any way. These are just different cost measures.

I think that Bitcoin now operates independently of cash. The cash flow is the official money market, while Bitcoin's circulation is the Cryptocurrency market. However, there is a synergy between Bitcoin and cash. When you want to use Bitcoin, especially in countries where Bitcoin is not accepted as a legal currency, you must change Bitcoin to cash.

USD is only a barometer, this is like another fiat currency exchange. USD cannot control crypto values.

if USD controls crypto, crypto will be affected by global crisis and geopolitical factors.

besides, the exchange of USD against cryptocurrencies will make it expensive, but if the exchange of USD is to another fiat, it will create inflation.

well, the truth is that we need something to compare it with, in case you are not aware the USD is compared against things like gold or crude oil in some case without those comparisons we can't make sense of bitcoin. so without gold or crude oil did you honestly think other nations will gladly accept the dollar for international trade

Your judgment is wrong about this, bitcoin does not depend on fiat currencies and vice versa.
they are different.

Actually I've made that argument before. I'd buy that chicken for 50k sats! As long as it's cooked rotisserie chicken. It's a really good deal. I'd personally sell chicken for 125k sats.



Bitcoin doesn't depend on the dollar. I think the relationship is inverse. Just like any currency exchange. When you buy bitcoin the dollar's value against bitcoin falls and bitcoin's value against the dollar rises.

And here comes a good debate. Allow me to stand my contradiction.

Bitcoin is not valuated on dollars. USD is merely a marker for us to easily understand bitcoin's worth.

You see, bitcoin is the one who dictates how much it is worth in US Dollars and not the opposite where USD dictates how much bitcoin it is. The USD can never dictate the ratio.

Last year's all time high of bitcoin even proves how independent it is. While the buying power of USD declines over the same season, the buying power of bitcoin grew tremendously in size. If bitcoin was actually dependent on fiat currency (and in this case the USD), bitcoin can never grow strength while USD is weakening. Would you not agree?

There are many things which causes to bitcoin. Fiat currencies are the one thing. Other things are mining trading. Markets capacities etc. Mining is most important. All the transaction on bitcoin are Going through this. people are mining bitcoin because it is profitable. If the cost of mining is higher people won't be mining bitcoin. In simply we can say mining is depend on fiat currencies. Therefor bitcoin is depend on fiat currency.

Yes Bitcoin depends on fiat currency, if no one spend his fiat money on buying bitcoin then bitcoin price would
be nothing.

Bitcoin is already a common asset for payments between its users and that acceptance is rapidly spreading.
The bitcoin price is determined by the user so bitcoin and fiat interact, bitcoin and fiat depend both

IF the people would shun the fiat system we would trade Bitcoin for gold/silver and goods and services.  The economy would simply replace the paper trash.  All we need to do is convince the people to make the switch. 

Bitcoin is not dependent on flat currency but it is depending on the value of the flat as normal people are calculating bitcoins by the value of their national currency and not by the decimals of bitcoins.

Aint it better to be valued with the stronget currency?

And what else do you prefer to measure the value of it?
Whis world is all about the money and sure they want to know how much it is per USD. Why? That is the easiest method instead of saying bitcoin is worth 4 golds or 2 diamonds or a pile of metal.

Better look at it as a positive traditional way.

For me it is independent and not depending on fiat currency because it have a market. Market is the one who decide for it not the fiat currency so I can say that bitcoin is dependent.

i think Bitcoin is no dependent on fiat, because there will always be a certain percentage of people who do not want to use bitcoin for whatever reason. It is clearly extremely important that people should have the freedom to choose and not be forced to use any currency against their will.

Okay, what else can we measuring bitcoin? Gold is also priced in dollars, but this also means that it depends on the dollar! Right?

I think you have to find more knowledge about bitcoin and its functions, trade and investment.
I just want to comment on this post being mistaken in other words, your logic is very limited. so try to explore again

of course bitcoin has an independent nature that cannot be set by anyone, including companies or countries, which is why bitcoin has a volatile nature. because this is bitcoin doesn't depend on fiat currency, of course you don't understand about this because that's why you really need a broader insight.

With all the respect to your words.  You said house is measured in meters.  So to measure the height of a house require meter; centimers; mili meters. 
Whether meter also requires to be measured in some other thing?  I say no.  When we say meter ; we understand how much long or high it is, but when we say house ; we need to measure it.

When we say one dollar , that is just one dollar, nothing else.  But when it comes to crypto currency or bitcoin; when we say one bitcoin; everybody just wants to know how much dollars he can have for it. 
That is just I want to say friend.  :)

Any currency or asset value is directly or indirectly related through the exchange rate. Bitcoin also can not stay out of that real rule!
Bitcoin is a successful property on Blockchain technology! Can be replaced by any altcoin!

bitcoin still depends on fiat. look only at the recent leap course and what happened to bitcoin and everything will become clear to you

I suggest you read this, Tim Swanson wrote the! Why Bitcoin Needs Fiat (And This Won't Change in 2018)

https://pbs.twimg.com/profile_images/585162445611606019/F5o0cnwx_400x400.jpg

Tim Swanson is the director of research at Post Oak Labs, a U.S.-based technology advisory firm, and the former director of research at distributed ledger technology consortium R3.
Imagine a parallel universe in which the U.S. economy could only grow at $50 every 10 minutes generating a mere $2.6 million of output per annum. That due to a hard-coded economic planning computer program, every four years the income its inhabitants collectively generated divided in half. Such that in year nine, its output shrank and was $12.50 every 10 minutes or $657,000 a year.

That is to say, irrespective of how productive and skilled the labor force became or how large the labor force grew, the productive output in the U.S remained fixed and static with the only change (downward in this case) occurring just once every four years.

How many people would volunteer to live and work in that "Upside Down" world?

This situation effectively mirrors the static, internal economy of bitcoin and many other cryptocurrencies.

For instance, with proof-of-work networks like bitcoin, the marginal productivity of labor is zero. It does not matter how many more units of labor are added to the income generation (mining) process as the network will always produce the same amount of economic output.

Today, after nearly nine years of operation, the bitcoin network – better referred to as Bitcoinland – generates 12.5 bitcoins roughly every 10 minutes. Irrespective of external economic conditions, of demand, the Bitcoinland economy will generate about 657,000 bitcoins per year in its third epoch.

While comparisons with aggregate measurements like GDP and money supplies may be an imperfect analogy, the fact that economic expansion as measured in output can – with the exception of a fork and rule change – never change in bitcoin due to its inelastic coin supply is arguably detrimental to its unit of account.

The purposefully planned sameness is often extolled as a "feature not a bug," and many cryptocurrency enthusiasts like to daydream for when regulators and financial institutions of our own world disappear, eaten up by grey goo nanites funded by bitcoins.

But before bitcoiners can reach their Upside Down nirvana state, they need to resolve the underlying omnipresent economic calculation challenge facing their security system and labor force.

The phenomenon is simple to describe: virtually no participant in Bitcoinland conducts economic calculations (such as pricing) for any goods or services in cryptocurrencies such as bitcoin.  There are many reasons for this, including chronic volatility.

https://media.coindesk.com/uploads/2018/01/image.png
ncreasingly high ($10+) transaction fees that result in hemorrhaging of merchants (even their very own Cobra Commander acknowledges this issue).


Labor force
If Bitcoinland is viewed as its own sovereign (virtual) nation-state, the only wages any native participant receives in return for any kind of service rendered is what miners are paid to solve and "vote" on a benign problem about once every 10 minutes.

From the perspective of the network: developers, maintainers, administrators, enthusiasts, Twitter sock puppets, meme artisans, flame war veterans, self-appointed thought leaders, pumpers, hat wearers, etc., are all viewed as foreign third parties and can only receive bitcoins after they are first minted by the miners.

Much like multinational corporations (MNC) with large overseas operations, miners of cryptocurrency networks as a whole do not measure the income they receive in terms of bitcoins (or other discrete cryptocurrencies), but instead they measure their income in terms of "fiat" from foreign financial markets, specifically converting bitcoins into the local fiat currency where their mining operation physically resides.

However, unlike MNCs that eventually repatriate some or all of their capital back to their headquarters, aside from a recycling of coins into ICOs, most cryptocurrency-focused companies are still dependent on what amounts to foreign domestic income (FDI), regular injections of foreign capital from venture firms in order to grow or even measure enterprise valuations.

Miners do this because the unit of account for fiat currency is typically stable and liquid, such that they can pay wages to their employees, pay rent, electrical costs, property taxes, etc. There are exceptions to stability, such as planned economies of Venezuela and Zimbabwe which have suffered from years of political chaos, but in general, most developed countries and even developing countries have relatively stable domestic currencies relative to Bitcoinland.

And because bitcoin is still not used as a unit of account, its labor force (miners), rely on a third-party reference data in order to conduct all economic calculations.  That is to say, in order for Bob the miner to accurately calculate if he should increase or decrease consumption (and investment) of capital, or to measure whether his mining operation is profitable, Bob projects future revenue based on a unit of account that is stable, in this case, currency from foreign capital markets.

During the Cold War there was a joke in academia: that the Soviet Union would conquer the world with the exception of New Zealand (other versions used Switzerland as the cut-out). New Zealand would be left alone because the Politburo needed a functioning market so that the Soviets could know what the market prices were for goods and services.

While Bitcoinland may be attracting large sums of foreign capital, miners continually still need very liquid over-the-counter (OTC) and spot exchanges denominated in foreign currencies because it is with these foreign currencies that they pay their bills.

In this case, despite their own defects and problems, the U.S., eurozone, Japan, South Korea, China and several other countries effectively stand in for "New Zealand," such that the national currencies and prices in these countries reflect dynamic economic conditions that bitcoin miners can use as reference rates in their capital consumption projections.

Final remarks
In 2018, just as the past nine years, miners will still depend on foreign financial markets for both stable pricing and liquidity. If the existing traditional financial markets became chaotic and unstable, miners would be unable to rationally plan and allocate for future investments.

For instance, the unseen costs of hash generation for a hypothetically stable $20,000 bitcoin would be about $13 billion in capital consumed by miners in their rent-seeking race.

And that is just one proof-of-work coin. If there were dramatic bouts of volatility, or even an extended bear market, this could result in bankruptcies like CoinTerra, HashFast or KnC previously went through, though that is beyond the speculation of this article.

Ironically, despite all the bluster, because cryptocurrency ecosystems lack a circular flow of income, they will still be dependent on the very financial system they vilify for daily support and stability.

And while there have been many "stablecoin" projects announced and launched over the past year, nearly all of them are not only dependent on commercial bank accounts, but also on the economic stability of a specific economic region they aim to serve. Guess what set of entities provides that type of relative stability?

Ideological enthusiasts will likely resort to whataboutisms and respond by bitcoinsplaining: how dirty filthy statists will censor your virtuous darknet market transactions and that maintaining proof-of-work networks is worth any cost to the environment! But again, that is for a snarky article on a different day.

Empirically with proof-of-work-based blockchains, the labor force and the liquidity providers all still depend on functional, mature foreign capital markets in order to convert their coins into real money. Perhaps this will change as more hedging products, courtesy again of foreign financial markets, are brought online.

While the traditional financial markets will continue to exist and grow without having to rely on cryptocurrencies for rationally pricing domestic economic activity, in 2018, as in years prior, Bitcoinland is still fully dependent on the stability of foreign economies providing liquidity and pricing data to the endogenous labor force of bitcoin.

Source: https://www.coindesk.com/bitcoin-still-needs-fiat-currency-wont-change-2018/

You shouldn't be misunderstanding the relationship between fiat and cryptocurrency. The Bitcoin's value is interpreted via fiat so that anyone regardless of their country's currency has a reference value to convert from. Also when you buy Bitcoin you use fiat that is the main relationship of the two. In terms of system Bitcoin is not dependent on fiat. They are both currencies but doesn't have the same purposes. After all, Bitcoin is decentralized and independent.

You are wrong.Bitcoin is valued in different currencies in the corresponding countries.Its mostly mentioned in dollars asvit could be easily understood all over the world and that doesn't mean that bitcoin value depends on fiat currency.

In my opinion it's independent because i'm sure one day bitcoin will replace any fiats and be a global currency.
If not bitcoin, i bet it still around blockchain or cryptocurrency

Bitcoin in my opinion does not depend on fiat currencies. The fact that it's the easiest way for people to measure it for instance in USD deosn't mean something bad will happen with bitcoin if there was no USD.

bitcoin has a fluctuating nature which in other words will not be regulated by the state, so because this is why bitcoin is not based on the money stock exchange and has no effect with fiat money as you conclude. bitcoin growth is due to limited supply and market needs between buyers and sellers.

To me I could say bitcoin is independent to any currency particularly the most currency tradable in the world market which is dollar($). Sometimes there could be a fall or decline in dollar rate and doesn't have a effect on our bitcoin dito to other fiat currency like €,£ etc. This fiats doesn't affect bitcoin for whatsoever reason.

I believe that everything is made for a certain or specific purpose just like how bitcoin is made. It is made for a certain purpose different to fiat. I do not think bitcoin is made to create a thing against fiat. It is not always the negativity that runs over something.

Bitcoin is independent because it was run in the digital world. The value of Bitcoin is moving up and down because of it supply and demand in the market. Infact the money exchange between Bitcoin and dollars will always be like that as dollars is seen as a higher value currency in the world.

I think what you say is that bitcoin does not depend on fiat, bitcoin prices are never influenced by the rise or fall of any fiat currency, fiat and bitcoin are only things that are exchanged in transactions.

Between bitcoin and altcoin, there is a synergistic effect if one of them has a price change that will cause the market to fluctuate.

Right now I am thinking that one is dependent from local currencies because the only way how you can buy your bitcoin for real it is by using a local money as USD/EUR/GBP and etc.

Many other Fiat currencies are in dollars, in my opinion, as well. If there is nothing to measure Bitcoin, then the value will not be there. The appearance of it in the market must depend on the most commonly used currency in the world, the dollar. Today, Bitcoin prices determine the price of Altcoins, in other words, Altcoins depend on Bitcoin.

A currency unit acts as an intermediary used to dominate cash flows, and is also a means of storing values in case you do not want to invest. When viewed independently, currencies do not have the cash flow nor can they be measured, but they can be priced based on other currencies. In the long run, currencies are widely accepted as intermediaries, and for them to store better value over time will increase their prices relative to other currencies. have these characteristics. In the short run, other forces include the government trying to manipulate exchange rates that can stand up.

at least so far bitcoin has done a positive thing with fiat, can coordinate with each other when they need each other.  8)

I do not think the BTC price is tied to any fiat currency in the world. Still, I think that BTC is not as independent of the governments of the big countries as we want it to be.

Bitcoin, unfortunately, has long lost its originality, for which it was created. Now it's a completely dependent tool in the hands of big players.

Tell me. What are USD(or any fiat currencies) do when we got a major rise of btc valuation at october last year? Or at least what news/events that significantly  related to the major rise?
I disagree with it. Btc valuation has nothing to do with fiat. Simply because the key factor of valuating BTC is supply and demand chain. Nothing fundamental aspect has do significantly into btc  valuation

Bitcoin is an independent currency and it is very pleasing. Its independence is proved by the fact that its price does not react to economic events on which Fiat money depends so much. This is very good and very happy. Soon I hope the dollar will collapse and maybe cryptocurrencies will go to a new level of turnover.

Bitcoin depends on the manipulation of people who have a large amount of crypto currency in their hands.

Bitcoin also depends on USDT. After the release of new coins, bitcoin grows

Why should bitcoin depend on fiat currencies when the idealogy behind bitcoin's innovation is meant to scuttle the cooperate financial organizational fraud, and deep state manipulative tendencies sometimes carried out by huge financial bodies and some really powerful economies, which are themselves centralised. Bitcoin is meant to be decentralised, opposing the current financial structure which is centralised and thus give immense power of wealth control to a few over many. Because now you use fiat currency to purchase bitcoins doesn't make it dependent on that fiat currency. If I use a dollar to by groceries, does it make the biological function of groceries - which is feeding - dependent on the dollar?

I agree with you on this. It surely is still dependent on fiat currency in a way and it might continue to do so. For now there is little to no other way to exchange bitcoin other than fiat.

bitcoin measuring its value in dollar because dollar is one of the leading fiat currency in the world, and because crypto currency is a digital currency that be converted to fiat that has a good value in price. and not just bitcoin but all crypto currency are measuring in dollar. how could it be change if you measure this bitcoin in a low value fiat money? do you think it will be change/swap?

Dollar is not the "leading Fiat currency" in the world, USD is just a fiat that is mostly used on trading the reason most of the values and prices of crypto currencies are based on USD. Also, it does not mean that Dollar are the best converted fiat since you can convert your crypto currency in any fiat and it will be staying the same.

As you can see, the established fiat system is almoat irreplacable. Technology still got a long way to go before it can achieve the maximum usability for the mankind. Also, the complement of the scale of dependence that you are talking about is Bitcoinization. It is which an era that extinguishes the whole fiat system. To that end, I think that bitcoin will stay in its current state for a few more years.

Yes you’re right the main purpose of btc was freedom or tax heaven or to use it for exvhange of money for illegal activites for which government can not allow anybody to use currency .. darkweb is one of those

In our world, much depends on ordinary money, in particular, from the dollar. And this definitely will not change in the near future.

Bitcoin is independent and not a thread to USD, pound sterling or to any other fiat currencies all around the globe. Cryptocurrencies were not made to destroy fiat currency but this is made to complement the fiat currencies to overcome its weakness which is the monetary deflation due to economic collapse or ultra-inflation of fiat.

Bitcoin was created to be a currency revolution, a currency capable of eliminating the problems of the flat currency encountered. However, flat currencies are still the number one in transactions, as there are many places in the world of economics and online trading facilities are backward, so leaving Bitcoin to replace flat currencies takes a lot of time. . In addition, the problem that needs to be resolved now, is the Bitcoin price is too low, which is what we are concerned. And replacing the flat I see is not possible.

Hello. I think that bitcoin will not become completely independent, simply because elementary technical devices are needed to use it. these devices above primarily buy. and they will be bought for Fiat. The process of providing the population with such adaptations can be delayed. most of all I believe in the symbiosis of fiat and crypto currency. A huge amount of news and events makes me think that way. For example, Union Bank AG from Liechtenstein plans to issue a digital currency, the value of which will be tied to the Swiss franc. According to the representatives of the bank, this is the first such case in history.

Agreed but not only fiat it also measurable in other cryptocurrency or even tokens. We can still use bitcoin to trade for other stuff we wanted depending on the demand and how smart we use it. The best example is the first usage of bitcoin, in exchange for a pizza.

Bitcoin isn't directly tied to fiat money, so it's a totally separated asset.

independent. and bitcoin will not be related to anything, including fiat. in fact every time fiat is in inflation or deflation, it has no effect on bitcoin. and every bitcoin has fluctuations, it also doesn't affect fiat.

For the fact that it is valued in dollar does not make it dependent on it. A universal currency is needed for adequate valuation, thus dollar was chosen. Just like gold and world trade market is valued in dollars.

Bitcoin is independent and it is not affected by whatever issues/challenges that might affects dollar in the world trade market.

From what I know, Bitcoin is an independent currency, it was created to be decentralized, not controlled and manipulated by any government or any institution. But for the mean time, we are seeing that the value of Bitcoin is always converted into fiat currency for people to earn from it.

Well i won't say it's not related to anything though. What you said may be effective years from now when btc is used as it is for transactions. Right now, for a lot of investors, it's about btc's dollar equivalent that they're looking at. It would probably take a few years before we real independence from fiat.

i think bitcoin depends on fiat currency,but it depend not much.

We all know that bitcoin is a decentralised crypto currency and thus there is no such proper authentic regulating body who could keep eye over all the bitcoin activities so bitcoin is completely a independent currency in itself and as there is no such governing body over bitcoin therefore sometimes it is being use for many illegal activities but still bitcoin is many times better than Fiat currencies and instead of depending on Fiat, bitcoin is threat to these Fiat currencies.

The future is still hoped to be the exclusive Bitcoin, the current situation bitcoin can be independent because the principle of exchange keep the cryptocurrency is horizontal and not through the middleman does. That may be a new step in the process of economic exchange.

Yes I agree on that, I believe that bitcoin is really independent anyone can use bitcoin any country can use it and any individual can also use it. I believe that there is no company that holds bitcoin it depends upon the volume of investors it is not depends on country or anything. So totally agree that it is an independent currency.

International currencies are mainly denominated in $, thus making them quite reliable. For the most part, foreign currency does not represent any significant value to one another, but exchange is essential for open trade. And that is why important news is reflected immediately on the quote. A lively example is the Brexit result.

Bitcoin does not depend on flat currency but it depends on the value of the flat currency so that normal people can understand the current value of Bitcoin... and it is not possible for anyone to count every time everything in decimals so we can say that indirectly cryptocurrency depends on flat currency.

I think bitcoin does not depend on flat currency but it depends on the value of the flat currency but it depend not much. Bitcoin measuring its value in dollar because dollar is one of the leading fiat currency in the world, and because crypto currency is a digital currency that be converted to fiat that has a good value in price.

I'm different, I think BTC is a product of fiat currency, They exist in parallel. Bitcoin is independent and independent of any country or organization. This proves Bitcoin is independent but it also operates on the currencies of many countries. And I think its price is not possible because BTC is constantly changing. If the BTC has a certain value, I think Bitcoin is accepted as a legitimate currency.

For me bitcoin is independent and not depending on fiat currency. Bitcoin have a market so for me it is the reason why bitcoin is independent. Fiat currency is not the reason of bitcoin price increasing and decreasing.

Bitcoin will always depend on FIAT just like any other cryptocurrency in some manner or another since FIAT will never get replaced by crypto in my opinion and I am expecting cryptocurrencies to behave as alternate sources of payment. Both FIAT and cryptocurrencies will provide multiple options to users online and offline which is why crypto will always depend on FIAT in some way or another.

As technology, bitcoin does not depend on the dollar. But it is measured, bought and sold for dollars

no, it depends on which country you are from, the point is that bitcoin does not depend on fiat currency at all.

the more expensive bitcoin the more money you will get.

Both those statements are true in some way. It is independant from fiat and unable to control, but it is dependant because it is the only way, that you can purchase Bitcoin. Is for Fiat.

Fiat is the major currency that can't be left out in the crypto space , Bitcoin can't deal without fiat and the world is known to be fiat world of currency Bitcoin only came to neutralize the capitalism and centralized world we are but Bitcoin can't still do with out it.

Turkey's currency is experiencing a significant ups and downs lately, the Turkish lira exchange rate to us dollars also affected. Then the Chinese yuan is experiencing a similar thing, the exchange rate to US dollars is dip down because of the trade war with the US. Then the question is, do the two currencies of the big country have no value and only depend on US dollars? You should learn basic economics first before making an random argument like this.

Bitcoin is trying to make it popular all over the world. The dollar is accepted by many countries. You see, Bitcoin is converted to currency. Only use the dollar. And it only depends on the currency when exchanging.

Bitcoin initially entered the market and was purchased via fiat..... the dollar, the euro, the pound.....etc. Afterwards, many now trade with the bitcoin in exchange for fiat like dollars.... The truth is until, we have more outlets that deal with every day life activities and services accepting the bitcoin, we'll continue to depend largely on fiat for purchases and payment of goods and services.

That's right, it depends on fiat. As soon as bitcoin is bought, its price rises, and also occurs when it is sold. If the price of bitcoin was constant, that is, nothing would affect it, then the fiat could be evaluated in bitcoin, but it is not.

The mode of purchase of bitcoin is currently based on three:
1. Fiat
2. Altcoins of which mainly is Ethereum.

Now considering the money coming in from these two sources, every market price of bitcoin will be based on the currency used to purchase the coins. Thats how the market cap and the market prices are obtained. Now we are long away from a position that bitcoin takes over fiat. Its practically not possible at this time nor is it feasible. Still we are bullish on the price and people of this forum believe in bitcoins and its properties that make it better in every sense than fiat.

Basically, btc is a currency and hence will always be measurer against currencies. I don't think this means btc depends on fiat but it is just a means of measuring its value.

What do you mean depends on the country "we" are from? Where ever you go, the price of Bitcoin is the same. I think you are just saying that since every country has their own currency.

Yes, every country has their own currency and that is the reason why the price of Bitcoin is different but if you will be just basing the price of it in the usual or common currency which is USD, it is just the same.

Bitcoin is being accepted by more people precisely because of its independence. In my opinion, bitcoin is a symbol of free trade!

Bitcoin is an independent currency, but every state wants to measure it in its usual currency,it is clearer to many.In fact, Bitcoin is a completely different concept than the usual physical money.

Bitcoin is totally Independent and doesn't depend on anything except internet. now we can say that Bitcoin depends on flat currency but just because of the value as normal people doesn't understand directly the value of Bitcoins and it's impossible to count in the Bitcoin in decimals every time and it will be in case of small transactions. No one is going to make transactions of one or two Bitcoins every time. So I can say that indirectly Bitcoin is dependent on the value of currency

Bitcoin is independent currency because they have own system, transactions and values. Bitcoin can rise by itself and not by the economic. Bitcoin are not using by the country as main currency and these are the factors that bitcoin is independent.

Because we cannot use it as a payment method. Accordingly, we have to exchange it to paper money we can use. We can not use the crypto only like the method of payment, but in other things crypto is protecting itself.

Precisely. We just use to measure bitcoin value into dollar as it's the most acquire and established currency. Noticeably, if we won't use any currency to measure bitcoin we won't greatly appreciate its value.

Don't take it literally.

No its not tru bitcoinw as decentralized and its price value depends on the market those who are investing in btc.It is independdent and cannot depends on fiat currency it has its own transactions that cannot be tract by anybody else.

Bitcoin is independent based on the decentralized system, independent of any fiat currency but we can use $ to buy Bitcoin and Bitcoin can also generate $. It is a circulating principle.

Bitcoin is an digital asset. And Dollar is a currency. One standard of currency is to be a unit of account meaning that money is used to measure value of asset. Bitcoin is an asset and its value needs measuring. Fiat money like dollar is just that measurement, not impacts the value or price of Bitcoin. Accordingly, we can't say Bitcoin depends on fiat. Fiat is actually just a measurement.

If Bitcoin doesn't use fiat money to measure its value, how could you buy it, when everything in the world is measured by money? Bitcoin wasn't created to make fiat money vanish from this world, so it's nothing bad that Bitcoin depends on fiat money like that way. Actually, "depend" is not a precise word, because Bitcoin price won't change if fiat money has any changes. 

Though bitcoin is totally an independent subject and ruling in a virtual world but still its depend on the fiat currency because people still deal with fiat.

I think that Bitcoin is independent, but there's a small part that they don't want use their Bitcoins and use their fiat. Whatever Bitcoin now is so top and we can pay in viral websites, and another's.

I think all currencies are independent of themselves. Currencies having their equivalent value in another currency does not mean their depend on each other. it only indicate the value of one currency again the other.

It depends on the demand of buying and selling on the market, and all of that will be related to fiat

Does increase in Bitcoin price affect the value of USD? or any other curreny? or
Does increase in USD? affect the price the price of Bitcoin or any other cryptocurrency?
That is certainly a BIG NO. !
I do not think Digital currencies are dependent on Fiat currency. I think they are just there to serve as a yardstick for effective measurement of actual value.

Bitcoin is just being converted into $ since this is the most popular fiat money but of course its really independent since its function is to provide faster transactions without using any fiat money. Bitcoin will not depend on fiat money because for sure if Dollars weaken in value, bitcoin will still remain valuable.

I think the price of all cryptocurrencies are largely affected by fiat currency. For example if the price of US dollar depreciates it affects the price of all cryptocurrencies. Like, if the price appreciate the prices of cryptocurrencies also appreciate. Therefore, in simple sense i think the price of Bitcoin and all other crypto currencies affected by the price of fiat currencies on international trade.

Bitcoin will not depend to any fiat currency only because people trade it with fiat. It's created to become a mediun of exchange so bitcoin should can be traded with goods directly. I think bitcoin is independent

i think bitcoin itself is independent, value only thing that created by market. Market work by users, but for bitcoin naturally itself is not get affected by anything especially fiat and  Government.

Yes, we measure Btc value with US dollar but does that mean it is under the control of the government?? I don't know what else  you would want us to measure btc value with. It is true Btc depend on fiat even for a rise or fall in value because the more investors come into btc the more its value rise and so it is not independent just like any other thing.

As I think, it’s not really exact to say that bitcoin depends on fiat. First up, we should mention to the means of cryptocurrency and fiat, both of them are quite different. Bitcoin is developed by advanced technology. Probably, because fiat money appear sooner than digital currency, thus fiat is considered as an basic unit so that cryptocurrency or bitcoin can be realized about the value. In conclusion,both currencies have a slight relation in some cases. Two kinds of currencies are quite independent. Because bitcoin can develop without fiat and so does fiat.

in my opinion, it is conceptually that bitcoin is an independent digital currency and does not depend on fiat currency in development but depends on investors, and for now bitcoin still needs fiat currency because not all countries legalize bitcoin currencies

We can't say because the value of Bitcoin is measured in USD that means its not independent of fiat. We still have to pegged it to a currency to know the worth. Fortunately or unfortunately what the world uses is USD. There is actually no harm in pegging it to USD. Bitcoin growth has not been hampered in anyway because it's pegged to USD. It has grown in leaps and bonds since 2009. Whether we like it or not our fiat currency is not going anywhere in a long time.

Fiat is very important to Bitcoin , I don't see Bitcoin exist without fiat , we use fiat to measure it's value and buy to sell it, so with out fiat I don't know what could be use to measure the value of bitcoin , so in other words Bitcoin depend on fiat .

i dont think it depends on any other currency.. if it depends then it does not depend on only dollar .. it will depends on other nations currencies too

bitcoin can exist even without fiats because the developer only uses a code in order for them to create bitcoin and blockchain technology . thats why i can say that bitcoin is independent .  it is also independent because it is decentralize in which no one holds or controll it not even banks or governments . but the value of bitcoin is surely depend on the demand and supply caused by people and those people uses a fiat to be able to purchase bitcoin , so fiats is somehow invovled in this cycle .

While we appraise bitcoins price in usd they can not be independed.
We need something other to measure bitcoin price

bitcoin is totally independent.People rely on fiat currencies. Bitcoin does not. And when Bitcoin goes mainstream, people will rely less and less on fiat currencies.

Yes, it is still very early to talk about the independence of bitcoin from Fiat money.We are at the very beginning of the development of these technologies.And free themselves fully from Fiat, I think manages only our children) And we now must do everything possible to to bring this time.The exchange rate has no direct impact on the price,only when cashed.A complete rejection of the Fiat is only possible when switching on the blockchain.

I also agree with this. Bitcoin has its own sovereignty but it is shown with dollar. It is like a company having the company's face rather than its CEO. With this kind the bitcoin will be more known and understand well. It does not depend because dependence deals with cannot stand alone with it. Fiat is just the representation for bitcoin.

Bitcoin is independent of fiat money. It is on its own. I think that those people who own it can manipulate its price.

For now Bitcoin is not the main currency, according to that we can say it depend on USD. You should see it as a currency. Imagine, you say EUR depend on USD and it isn't free. The shape of your view should be change.

Actually bitcoin is independent, comparing or standardizing bitcoin with other currency does not mean it's dependent. The reason being that you can't use BTC physically as we expect and therefore you have to convert into an acceptable medium, for me I see dollar as been lucky to be chosen.

Economy in the physical world is dependent on the interventions of every country. Countries trades with the other country, Bitcoins value also depends on the value of fiat because we are converting it, but as an actual value of bitcoin it is not. It is independent in terms of transaction features.

The dollar is popular, so bitcoin is compared to the dollar. But bitcoin does not depend on the dollar. That is, the dollar rate does not affect the bitcoin rate. But at the same time, bitcoin depends on the mood of the global financial market.

I can say with certainty that the instability of national currencies affects the rate of bitcoin.

The course of the crypto currency is influenced by economic factors that reduce confidence in traditional currencies, as well as numerous sanctions and strict economic control by the authorities.

Crypto currency is still a very risky and volatile asset, which has an extremely uncertain future. But today tokens make up a strong competition with depreciating fiat money due to the incompetence and corruption of central banks and governments.

Bitcoin is not dependent on flat currency but indirectly it's dependent because many people don't know the value of Bitcoins so we need to make them understand the value of Bitcoins by comparing it with the value of the flat currency so you can say indirectly that Bitcoin is dependent on the value of flat currency and not the fact currency.

Although not too independent, but the use is independent. Because bitcoin users are free to control their money and are free to send anywhere without limits without having to have authority in it

Well, that is a smart answer! Great answer!

At present, all valuables are valued and measured with fiat money, in other words, all depend on fiat currency. Obviously, that is the way we determine everything right now.

I think, what is meant by the independent nature of Bitcoin is the fact that bitcoin does not depend on the government, Bitcoin runs without the central authority or third parties.

Both bitcoin and fiat depend on each other. When bitcoin is bought for fiat, its price grows, capitalization increases. At this time fiat loses its value in relation to bitcoin. The same circuit works in the opposite direction, so they both depend.

I don't think that fiat money can affect Bitcoin's price somehow. Maybe Bitcoin will affect the price of fiat money in future :D

bitcoin includes a fluctuating character that quite simply won't be controlled through the condition, therefore simply because for this reason bitcoin isn't in line with the cash stock market and it has absolutely no impact along with fiat cash while you determine. bitcoin development is a result of restricted provide as well as marketplace requirements in between purchasers as well as retailers.

Bitcoin is definitely the independent currency but when it comes to the valuation we must give or mention the value in something that is already valuable for us. Since US dollar is widely used and popular, we usually denote the price of Bitcoin in US dollar but technically no one is stopping you from denoting the price of Bitcoin in gold. However, that is something more complicated to calculate and hence we use the denomination witches simple to calculate.

Usually Bitcoin is measured in dollars to increase the value of its investment because the dollar is one of the most popular and powerful currencies in the world, but you can choose your own currency if the dollar is not your currency. There are many choices on coinmarketcap.com.

Bitcion is really an independent currency which is in digital form ,it does not depends on fiat money because they are of different worlds ,the cryptos is in the digital world circulating ,while fiat money is circulating in resl physical world. We have transaction btc to fiat then vice versa so in some ways i think fiat rely to btc in buying still the price are base in users,traders and investors so we are the price of different digital currency and it really depends on us if we already have bitcoin or altcoins,Moreover better to save both fiat and bitcoin because they are good to secure of our financial in life!!!!

Most people can only acquire Bitcoin with fiat. i.e. People rely on fiat currencies. Bitcoin does not. And when Bitcoin goes mainstream, people will rely less and less on fiat currencies. But currently, for bitcoin to achieve mainstream success, or much success in general as a currency, it relies heavily on the USD and other fiat currencies.

That is just the price of bitcoin as per the fiat vs bitcoin trades happening in the market. It does not give any sort of inference that so much bitcoin is backed by so much fiat. Because that is not the case. Bitcoin itself is independent but for monetary and trading purposes we need to set a market capitalization and a price for common people to buy/sell it as an asset.

Think of bitcoin as something like a currency but not directly linked to fiat. Its independent but need fiat to be transacted. That is for the time being till bitcoin takes over fiat.

Bitcoin does not depend on Fiat money and I will say more, it is independent of everything that happens in the real world ! It depends only it is the domestic market news background and I think that even the SEC does not can affect it ! It falls because there is a correction and not because the government said so !

I think that Bitcoin its independ... Why? it dont need fiat currencyes to be big, only need INTERNET  and users  8)

Exactly Dudeperfect. Bitcoin can be denoted using any valuable assets but complicated computations might not work out easily.

Moreover, the dependence of valuation will perhaps remain till the day we see bitcoin to be as liquid as fiat. That said dependence will only diminish as bitcoin becomes widely accepted as payment for virtually everything and anything. When we are able to use bitcoin itself to pay for electricity, water and other utility bills. When you can go pick up your grocery and pay with your bitcoin wallet alone. When school canteens will accept our children's daily school allowance in bitcoin. Perhaps then, and only then, the fiat dependency will go away.

It's difficult for normal people or new people about the price of bitcoins..So we can say that indirectly crypto can be depending on the value of flat for local people's understanding.

It is simply paired/measured against popular stable currencies like the fiat currency(esp USD). It doesn't really depend on dollar for its valuation.


Would Bitcoin survive without fiat currency? Ofcourse! So what stop people from using Bitcoin without exchanging to fiat? Because there are convenient alternatives.
The absence of fiat would most likely force people to use Bitcoin peer-to-peer.

If we look at the system and structure of bitcoin then we must say it is totally an independent currency but still it depends on fiat because without fiat who people get involve in crypto.

Depends on the investment, not the money. Where it is possible to make money, there the man goes.

The reason behind measuring Bitcoin in US Dollar is because it is the internationally recognised currency for all sort of international trade. Bitcoin is used on a large scale irrespective of the borders of any country around the world. Therefore, we need to express it's exchange value initially in dollar to all the users around the globe.

In this world everything depends on each other as currencies and cryptocurrencies. No doubt that if index of USD will increase, it will negatively affect on not only another fiat currencies, but also on Bitcoin.

It doesnt directly depends on fiat currency but its like a way to measure the value of bitcoin.

people will rely less and less on fiat currencies.We have transaction btc to fiat then vice versa so in some ways i think fiat rely to btc in buying still the price are base in users,traders and investors.

Bitcoin is clearly independent, because not relying on paper money, wherever it is used, will be converted to the price of the country's currency. For example, bitcoin is used in the UK, this will convert 1 bitcoin worth how much poundsterling. In other countries it is also the same in national currency. Why should it be assessed with fiat currency, because bitcoin is not valued by goods. When assessed by goods, the value is ambiguous.

Bitcoins are heavily dependent on the supply and demand of bitcoin and depend heavily on the cryptocurrency market between them relative to each other in terms of price and investment demand.

Bitcoin in my opinion does not depend on fiat currencies. The fact that it's the easiest way for people to measure it for instance in USD deosn't mean something bad will happen with bitcoin if there was no USD.

I think the relationship is inverse. Just like any currency exchange. When you buy bitcoin the dollar's value against bitcoin falls and bitcoin's value against the dollar rises.

I do see exponential growth for the Bitcoin in the coming decade but I believe that in any case, it won't vanish the traditional fiat currency. Since cryptocurrencies are based on the internet and the basic knowledge of using technology is required, it is not possible for everyone at this stage to adopt cryptocurrencies. We don't have impressive literacy rate especially when it comes to the technology, and hence shifting the focus from traditional fiat to modern decentralized payment system is always the ongoing process.

Just imagine if this would have been start of the new era and where bitcoin itself was the currency then what would you measure it with?

May be with something that we understand more as valuable. Like give me two ounce of bitcoins? and I would have understood ounce because

I already know its weightage. So this was all about the value measurement.

When it comes to the actual value that it gets, then its because of the dollar investment in it but the really price is because 

The market cap, supply and demand and more technical stuff related to the crypto.

What does that even mean my friend? If you have some good idea in mind do share with us so we can all discuss about it. Dont make such comments about things that you have wild fantasies about but are far from reality. ;D

That is a problem. It has always been measured against fiat because it is maximally traded against it. But there is no inherent value of bitcoin but the trust among the users of the network in the technology. Neither do the miners control the chain. The people who use it, trust it more than the traditional banking systems and hence its popularity in solving many economic problems.

Bitcoin is still Dependant on fiat for now it is just not accepted enough by enough people.
In the future when it is more independent people wont need to relay on fiat as much.

It still can not be called dependent, but probably the currency and the moment depends on something, but bitcoin is a special case, bitcoin is a strong currency, and she can move on.

bitcoin is an independent currency but if the value of fiat currency rises bitcoin also experiences the same thing, I think they are interrelated because the value of bitcoin will rise if the value of the dollar is also high and that is because most of it is disbursed in dollars.

Bitcoin does not depend on anything except the internet through which the transactions will go on but we can say it indirectly depends on flat currency because many people do not know the value of Bitcoins so just to make them understand the value of Bitcoins we need to compare the value of Bitcoins with the value of flat currency so we can say that Bitcoin depends in directly on the flat currencies

In my opinion, you misperceived. Bitcoin does not depend on any currency at all, the value of pure bitcoin depends on supply and demand. Fiat is just for value equality, not because bitcoin depends on fiat. Crypto exchanges in my country, every crypto traded, paired with IDR. Not that crypto depends on IDR currency

It is true that bitcoin is independent because it has a decentralized nature and it does not rely heavily in paper money. Bitcoin relies in investments made by people, and because of this, it also heavily relies in people. We users are the barometer of how the market will fluctuate because we are what makes the market. Bitcoin is independent and that is why people love this, because the government do not control any of the transactions that were being made.

In my opinion Bitcoin is fully independent from any type of the another things in digital world but still here we can see that price of the Bitcoin depend upon the another factors like Fiat currency and another some demands in the international market .
so here we can see that Bitcoin is not dependent to anything but its price is dependent at many factors .
when the demand of the Bitcoin get down in the cryptocurrency market then the value of Bitcoin get also down and in the opposite when the demand of the Bitcoin increases then its price also increases which is usual in everything type of assets ( whether you are in share market , cryptocurrency or any practical life thing ) .
But hair dependency of Bitcoin with the Fiat currency is totally independent but if we will analyse the price of Bitcoin with the fluctuation of Fiat currency then we will find that only about 0.1% to 1% chances are there that can impact over the price of Bitcoin , indirectly we can say that there is no connection between the Fiat currency value with Bitcoin price .
Sometimes when a negative news runs in cryptocurrency market then that results into down in the demand of Bitcoin and that results into dump in the price of Bitcoin and vice versa with positive news .

It depends on us. Using bitcoin as an investment vehicle to make profit in fiat currency then yes. If we use it in our economical circulation then we won rely on it so much.
E.g. -Pay for bitcoin. Make profit due to bitcoin rise. Sell bitcoin. Here we rely on fiat currency
-Pay for bitcoin. Make profit due to bitcoin. Pay for rent, groceries, transport. Here we keep the bitcoin alive

No, because there will always be a certain percentage of people who do not want to use bitcoin for whatever reason. It is clearly extremely important that people should have the freedom to choose and not be forced to use any currency against their will. The ideals of freedom and liberty are embedded in bitcoin's history and it would be massively self-contradictory to deny anyone the freedom to choose an alternative crypto, or fiat , or some combination if they so prefer rather than bitcoin.

That is how we find bitcoin as expensive because we measure it on fiat of every country. We cannot say it is expensive without a comparison to any currency. Bitcoin depends on the value of currency and depends on every currency around the world because even fiat has different value into another country.

Well, this is a extensible concept because in fact bitcoin does not depend on Fiat money, it is a new kind of digital economy, calculation ! But the most simple and interesting thing is that you can buy it only on the established currency and sell as well)

Since Bitcoin is not backed by any country or government so it is not a fiat currency. Bitcoin and its value is simply backed by its competitive race in the market by people. It is not a promise of pay by any authority and its rules and regulations too are independent of any law and hence it does not depend on any fiat currency.

Now we can not use bitcoin as a currency, so we have to transfer it to Fiat. This is logical, since bitcoin is still too young. Its implementation as a currency is yet to come, so long as Fiat is helping him.

Bitcoin is definitely an independent investment tool. Because there is never any loss or rise in the currencies of governments. They are not affected by them. On the contrary, I think that the currencies of the governments will be affected by bitcoin.

It is not necessary to use Fiat to work with bitcoin, but we have no other choice if we want to sell a coin, for example, or understand how much the cryptocurrency costs at the moment. But all this is temporary, and if bitcoin continues to develop actively, the need for Fiat will disappear.

Everything in this world depends on something. And bitcoin is no exception. Why he reached the level of 20 thousand dollars. Why did he fall back to 6 thousand dollars. Of course he is addicted. Whether we want it or not, politics has always influenced and will influence the exchange rates in the world.

Now all calculations are conducted in dollars.Because it is a world currency and is used everywhere.It is illogical and stupid to link the dependence of cryptocurrencies to the dollar.

Bitcoin and fiat currencies do not affect each other. Bitcoin stands alone does not depend on fiat currency. This is evident from the fluctuations in bitcoin prices that are not affected by fiat currency fluctuations. Bitcoin prices are also not affected by the price of other crypto currencies. Precisely bitcoin is the guideline for the price of other crypto currencies. Bitcoin as the king of crypto currency influences other crypto currencies and has nothing to do with fiat currencies. Although it is not related but its presence is complementary. Both bitcoin and fiat currencies have advantages and disadvantages in different ways.

Bitcoin is dependent on Fiat. It's value is determined by Fiat. You do not have any other way to measure the value of any commodity.

It is a cryptocurrency which means it only works on the internet. But in actual world it is still dependent on Fialt.

It is decentralized which means it cannot be controlled by the goverment nor any individual entity. This is the reason why Goverments of many countries have Banned Bitcoin trading. This proves that Bitcoin is providing independence from Government control to the users

bitcoin is not dependent on fiat USD or EUR, fiat money just to measure the value of bitcoin does not mean bitcoin depends on USD. bitcoin is independent not dependent on government or national currency

According to me Bitcoin is somehow indirectly depended on the fiat money.I am not saying that value of Bitcoin is affected by any of the fiat currencies but in many countries Bitcoin is still not legal.So the people working with Bitcoin have to convert their BTC's into the fiat of their country.In this way Bitcoin is depended upon fiat.

No, Bitcoin is clearly independent. As it was earlier stated by user BitcoinPanther, when the bitcoin price was soaring, the purchase power of the dollar was falling. So the value of bitcoin is independent of the value of the dollar.

Also the value of commodities is independent of the value of the dollar. A hamburger is going to be valuable regardless of the value of the dollar because of consumers wanting it. Dollars are just pieces of paper, there is no scarcity to them. Bitcoins are nothing but ledger entries but those ledger entries represent a whole lot of work so bitcoin stores value.

Dollars don't really store value but are forced into acceptance by the government.

Bitcoin is clearly superior, we don't have a government forcing it into usage and it's still used to capacity. Just wait till layer 2 solutions spring up and watch the bitcoin soar while the dollar stagnates.

Actually you can not compare it with dollar. Every thing you have to measure with a currency that we can understand loss or profit. As dollar is an international standard to understand anything internationally so we measure BTC with dollar. But BTC is unique digital currency and we should not compare it with fiat currency.

Bitcoin has its own stage, its value cannot be compared to fiat like Dollar, Euro, even Yuan but to measure value. easier to use fiat than gold or gems. bitcoin can be influenced by the value of a country when the country has 50% or more of bitcoin stock but when people want to use bitcoin to trade between countries, anyone can buy bitcoin. so, pure bitcoin is affected by supply and demand not regulated by fiat or the state.

It can not be asserted that bitcoin depends on fiat. It simply compares to conventional currency so that people understand its price. To say a certain number of bitcoins, or even more satosh, it means nothing to people. To determine the value, you need to translate it into the usual cost measures for us. However, this does not mean that bitcoin will depend on this measure of value, which is the dollar or the euro.

Maybe you are not wrong that bitcoin is depending on fiat currency, but it is for now. When all of people already accept bitcoin as a currency, then we don't need fiat currency anymore, so fiat currency will be dissapear from the world. i strongly believe that it would be happened in the future.

Yes, Bitcoin is a independent currency. Bitcoin is world first decentralised digital currency which means it doesn't under control of any kind of authority or government terms and conditions. It is totally different from fiat currency. In some countries bitcoin is independent of fiat currency. In those countries bitcoin use directly for shopping, tickets booking or for various other things. But in some countries like India, Bangladesh etc bitcoin does not used widely or many people doesn't use it so in those place bitcoin first convert to the fiat currency then it use.

Bitcoin can exist without dollar and any other fiat since it's independently generated in blockchain and posesses its own value as an almost perfect means of payment.
We compare BTC to USD just because we need to have an idea of how important btc is in a particular moment of time, but that relationship doesn't mean that bitcoin somehow depends on dollar.

I think that everything is quite the opposite - bitcoin was created in order to make this control more easier. I hope you know that bitcoin is not anonymous.

Indirectly Bitcoin is dependent over fiat currency at some extent but not directly because here volatility due to price and economic changes in the fiat value can give change in small percentage .
But if we will analyse it fully then we will found that there in no direct relationship of Bitcoin dependency with Fiat currency .

Bitcoin is a decentralised currency so it is independent currency. It does under control of any kind of authority or government or person. And it users also doesn't under control of any kind of authority. But it is depend upon fiat currency. With out fiat currency it is nothing. Many people use it transaction facility to transfer for their fiat currency in the form of bitcoin and bitcoin also use as a medium for fiat currency exchange. In many place bitcoin is not use directly, in order to use it, it first have to convert into fiat currency.

So when you want to sell your Bitcoin, what kind things you want to get equally to your one Bitcoin ?
It's like changing your currency to Fiat currency, or changing Fiat currency to gold with same values or trade it to get thing you want.
I don't know why you thinking this in first place.

You can say it is dependent today in fiat currency because majority of retail stores are still relying in fiat currency. Fiat value is only use to identify the value of Bitcoin today but it is totally dependent in terms of appreciation and depreciation of its value.

maybe your perspective says about how to invest in bitcoin. and you are acting it can only be done with fiat currency like in Dollar, if you think so it might be included in logic. but you need to know that in a coin market there are certainly many other types of crypto and you can buy bitcoin from other coins.

We can buy crypto through fiat and if fiat is fully eliminated from the world then those who have not yet crypto who will give them the crypto so i think that crypto is dependent upon fiat up to some extent and now the big investors are also using fiat to buy crypto and ICO investors are also investing through Dollars and other currencies.

It's not necessarily dependent of fiat. Fiat is a scale, a unit of measure for bitcoin. As long as fiat is the main unit of measure, everything will be scaled to that.

Bitcoin is a decentralized automated program that means no one can control it. This marks the beginning of the end for fiat currencies. This contrasts with the fiat currencies that can be printed as desired by their central banks. This makes Bitcoin a deflationary currency, while fiat currencies are inflationary. The fact that Bitcoin is a real alternative to fiat currencies could accelerate the collapse of fiat currencies around the world that some economists had predicted, including the US dollar.

That is how we measure the value. Just that simple. Dollar is chosen as one of the most stable currencies.
If you want, you can measure it gold ;) 

In the beginning the ways of becoming bitcoin. when he very quickly rose in price, many considered that this is an independent currency. But some time passes and many experts say that it depends on the dollar exchange rate. I noticed a couple of times. as the dollar rises, the market drops. Therefore, everyone sees how they can, what influences and what does not.

I think that bitcoin does not depend on the fiat currency . You mean dollars? Does bitcoin depend on the dollar exchange rate? Obviously not

Bitcoin from the very beginning was depended from fiat and I think at the moment nothing has changed, because it's hard to imagine what motivates bitcoin growth and decline except for the influence of a huge amount of fiat from big players. I think even the course of different fiats influences the bitcoin price.

i think bitcoin is independent, the price of bitcoin is not affected by the fiat currency, but for cryptocurrencies its depend on bitcoin i think, because every bitcoin price drop, the price of cryptocurrencies is always drop too, i dont know why but it is a reality of cryptocurrencies

Bitcoin is a virtual currency that is the guideline of many other types of coins because if the price of Bitcoin decreases then all other types of coins will feel the same.

i think bitcoin is not depending on the fiat currency, but we only valued it with dollars. In fact bitcoin is virtual currencies that independently standing alone and only move regarding to the market's demand and offer.

Bitcoin is completely independent of fiat. The usual currency, such as the dollar, euro and others simply perform in this case the function. measures of value. In order to understand how valuable bitcoin is, we compare it with the value of conventional currency. This does not mean that the batkoin depends on it. That is, if the dollar or the euro falls in price, then bitcoin does not go from it, in its value.

bitcoin will be independent from fiat but right now its value is measured by fiat as the adoption is low, but I believe some years later when bitcoin is far more popular and become the main currency then it will be completely independent, but that's still far in the future though. We only use fiat to measure its value, but bitcoin itself grows on supply and demand of the market.

Well, i think bitcoins are not dependent on any of the fiat currencies and are totally independent. Being independent makes them bear good price according to the demand. None of the government compares thier national fiat currency with any of the cryptocurrencies including bitcoins so i think that it is not really related.

Yes, bitcoins were truely been made to make the transactions without involving the government which can also be called as anonymous transactions. But mostly bitcoins were than been used for some major illegal uses and also some of the terrorists have been used bitcoins to get arms and amunations from the dark net.

Thats why governments have not yet made bitcoins legal and they are been facing the issue for legalisation. Also the governments themselves will never allow bitcoins to be compared with their national currencies and also they won't actually accept bitcoins that fastly.

No it doesn't depend on the fiat currency as it is different topic
It does not since with each other.. Only one thing is that you can convert Bitcoin into Fiat

Nothing is really independent in this world. Currencies, stock markets, interest rates, they all have effect on each other. When investors want to take risk, then unregulated and risky assets like Btc will appreciate. And vice versa.

Blockchain technology itself is independent because it is decentralized so for me Bitcoin is independent only requires adoption. People invest large amounts of fiat money into Bitcoin just to have what we call financial freedom that fiat never gives us.

I think bitcoin still depends on fiat, when bitcoin increases a lot of people are excited because they get profit and when it comes down many of them are frustrated because they think they have fallen in losses, and from that fiat can be a measure of bitcoin.

You are  partly correct and partly wrong. Bitcoin is decentralized and out of government control but bitcoin is not measured by fiat currency like dollar or euro but if you do not want to hold your coin you can through the exchanges convert your coins to fiat money for exigencies. Bitcoin never depends on fiat for any reason. If you wants to own some bitcoins you have to use  fiat to exchange for it.

Bitcoin does not explicitly depend on the dollar, but at the moment the dollar is the standardized measure of value in the world as the most popular and well-known currency. Their dependence can be manifested with the general market fluctuations, but usually they affect the entire financial market.

Bitcoin is actually independent. Just measuring its value using the USD or any other equivalent fiat currency does not mean that bitcoin started to dependent on fiat. We are just using the fiat as a reference frame in order to evaluate its value, just so that we can make things more simple.   This is just the same as evaluating the value of Euro with the help of USD.

Bitcoin is independent regardless of any economic standing of every nation being decentralized makes it more sustainable than a country's fiat it's value does not depend on dollar or pound or other currencies. Its values depends on supply and demand.

   Bitcoin from the beginning until now is a Decentralized digital currency. The value of bitcoin is not depends on fiat currency because it always depends on the market,the supply and demand.

see now, when America makes a new policy, almost all currencies in the world feel the consequences and also has an impact on Bitcoin, the impact is not directly but it has more impact on investors, when the new policy arises, investors will be afraid of buying and selling, they are waiting for market predictions, and if there is no transaction, it will greatly affect the price of Bitcoin, CMIIW

I'm sure that bitcoin does not depend on fiat currency in any way. It depends on people who are interested in it. Or rather, who are interested in its price, it is they that influence the growth or fall of bitcoin

Bitcoin is independent based on the decentralized system, independent of any fiat currency but we can use $ to buy Bitcoin and Bitcoin can also generate $. It is a circulating principle.

You first need to understand what currency is, you can take help from google about that. When you really understand Currency, the same currency you are using everyday, is actually a medium only, to measure & store value - you will understand why people compare almost anything with some currency, not only BTC.

the latest bitcoin prices will still be adjusted to USD fluctuations, not entirely relying on fiat because bitcoin has its own dynamics, but the circulating volume indicates that bitcoin is not independent, they are still driven by USD fluctuations, and many traders also use Tether which is more stable using price conversion per 1$.

For now bitcoin may not replace fiat money but I think the use of bitcion is now distributed evenly even many people in developing countries will receive bitcoin as a means of payment.
And the minds of people who continue to benefit from the bitcon will destroy satellite hopes to make bitcoin into global currency.

According to me Bitcoin is somehow indirectly depended on the fiat money.I am not saying that value of Bitcoin is affected by any of the fiat currencies but in many countries Bitcoin is still not legal.So the people working with Bitcoin have to convert their BTC's into the fiat of their country.In this way Bitcoin is depended upon fiat.

Bitcoin is an independent currency, but every state wants to measure it in its usual currency,it is clearer to many.The price however is dependent on fiat since bitcoin can also be thought of as a barter good. The only time it would be independent is when people say: "one bitcoin is one bitcoin" not "one bitcoin is $6000.When it comes to the actual value that it gets, then its because of the dollar investment in it but the really price is because of the market cap, supply and demand and more technical stuff related to the crypto.

People invest large amounts of fiat money into Bitcoin just to have what we call financial freedom that is never provided by us.
Blockchain technology itself is independent because it is decentralized so that for me Bitcoin is independent only requires adoption.

bitcoin is dependent on fiat and is obviously will always be. though bitcoin can reach worldwide  but it will never and I say never will replace fiat money.

While we do not use bitcoin as a currency, we are forced to use Fiat. In my country, they don't take bitcoin anywhere, then I have to sell it if I have to spend it.

Fiat money is currency that a government has declared to be legal tender,
but it is not backed by a physical commodity.
The value of fiat money is derived from the relationship between supply and demand rather than
the value of the material from which the money is made.

well thats because everyone else depends on fiat currency and thats make bitcoin price are moving follow fiat currency, if bitcoin are very useable for people to trade with it in daily economic and major transaction are using bitcoin, all the valuable thing will following bitcoin price

I support your claim. Currencies are used as a medium of exchange, I hope I'm not wrong. Hence normal currencies adopted by countries are exchanged with each other for example dollar/euro, dollar/GHS and so on. Since bitcoin is a crypto
currency, it also follows the trend making it dependent on fiat currency. 

It's not depending on some fiat currencies, bitcoin is making itself a independence kind of currency where all of the the country can used it and benefit from it on their way. it is the same whether the dollar is there or not. but most of the time it will bloom without the dollar's success.

In my opinion, I think bitcoin is very independent, and does not need any other currency to determine its value. I believe there is the need for all cryptocurrency enthusiasts to uphold and project bitcoin's value. We should all desist from activities such as panic selling, this is the best way to make bitcoin great and independent.

Bitcoin price value as far as my concern is dependent if there are lot people buying it. Not on depends on fiat currency. The more users increases or the demands getting higher is also the price value are possible to increase.

in the assessment, I agree that bitcoin depends on fiat currencies in all countries. I think that most people value it with dollars, but in my opinion the rise and fall of bitcoin prices is not dependent on fiat currency. so I'm not saying that the existence of bitcoin depends on fiat. the existence of bitcoin can actually compete with fiat, because bitcoin can also be used as a transaction tool. no one knows what will happen with fiat currency in the future, for example everyone has used crypto. so in my opinion bitcoin is independent which will not be affected by all existing fiat currencies.

Bitcoin is a decentralized crypto currency. If you say that it is dependent on the fiat currency, that is like saying that BTC is dependent also to what the government will be doing with the fiat, well since it is dependent on the it. Bitcoin and cryptos are independent, they are decentralized and if you will be asked why the price is moving, well, they are volatile and they mostly depend their price on the law of demand and supply.

Bitcoin is an independent currency, it does not depend on Fiat! In my country, people call 1 Bitcoin equal our country's currency! If I search on google "1 Bitcoin", Google shows the value worth of our country's currency! USD is like an international word, as English is the international language. Everybody knows the USD term, but most of the people do not know what is the Zimbabwean currency name! This is just an example and I hope you get your answer.

Valuing the bitcoin in USD does not mean the bitcoin is dependent on USD. The bitcoin is the first independent currency of our time.
Bitcoin is independent because it is fully decentralized and acceptable worldwide, no borders no boundaries or regulations whatsoever.  

It's independent in the case that it's a whole new concept, but it doesn't mean that it is not independent due to its valuation in fiat and esp. $ as you said, because if not fiat something is needed to evaluate it else how will you decide that what's the value of something for which miners are burning both their electricity and computing power. And about keeping us independent from Government, it's us who are supporting them by showing them every single transaction as needed in a regulated economy - this is not Bitcoin was derived for - the main property of it is to keep our finances and especially us - anonymous, but I can't really find any place where we may be said as anonymous except decentralized exchanges only, even in P2P, a person poses risks of either getting scammed or their data leaked in case the other party is fraud or suspects you for something.

I think Bitcoin does not depend on fiat, but humans are totally dependent on fiat. So, we always convert Bitcoin to fiat. In different countries, we convert them to the currency of that country. Instead, Bitcoin still has its own unit, which is satoshi

Of course bitcoin is an independent currency as evidenced by the decentralization that exists and no one can control bitcoin including the government. that's my definition. if the price of bitcoin changes because of the effect of fiat rate. it is not dependent but influence

bitcoin is an independent digital currency in the sense that it is not affected by fiat currencies, in contrast to most world currencies, their selling value can rise and fall depending on how strong the currencies of other countries (dollars). why is bitcoin still based on dollars or fiat currencies in other countries? because in reality for now bitcoin does not have a clear function value in the society, so for a while we have to exchange it to fiat to be used, for example to shop in the market etc.

In my opinion, I don't think  that bitcoin depend on fiat money as they only depend on the feeling and emotion of the users, policy of government, technology,.....not fiat currency

Bitcoin is dependent on fiat or not, depending on the user. Currently bitcoin is not independent because it is based on fiat. With bitcoin independent, we can buy anything without having to convert bitcoin to fiat. And that means bitcoin will completely replace fiat.

Talking about bitcoin's dependency on fiat, it may make sense because people use fiat to buy cryptocurrencies and bitcoin in particular. We know that the demand of the people on bitcoin can elevate bitcoin's market cap and price but to do that, people must have money to satisfy their demands.

Bitcoin is not yet an independent digital currency. Physical fiat or currency is the backbone of bitcoin now and it depends on it. Bitcoin will only be seen as independent when the world accept and regard it as a currency on it own. But for now, it depends on fiat currency 

Bitcoin looks independent, but when transactions in real form must be exchanged with fiat because there are still many who apply fiat. For new digital transactions, you can use bitcoin with the same level of value, both buyers and sellers.

It depends on the person who owns it. Today there are ways to pay with bitcoin, one is to pass it to fiat, and another is to wait for that store to enable payment with Bitcoin.

Bitcoin or any altcoin will still depend on cash! Bitcoin and altcoin have payment support functions for money and banking tools! I think that the time Bitcoin does not rely on cash is far away!

Only if you're buying online with it

Gold is one of the main reasons behind the idea of ​the creation of bitcoin, this shows that every currency value depends on a third party.  And this too is one of its weaknesses especially its fluctuations, which may be unstoppable. In addition to being limited, bitcoin's also more independent, not much depending on third parties who must be trusted. This thing is very different from fiat currency which the process of its creation always through a third party or a particular institution which is legitimized, as an official publisher. Because money's the only media which's easy to be used as a benchmark, both when determining prices and when assessing assets.  And the value of money's easy to calculate and easily understood by anyone, even though by people who aren't educated.

Let's say there are trades on bitcoin. In the year in Russian rubles bitcoin should grow by, as I noted earlier, 15% - 20% up from its current value. For example, he grew up in.

Bitcoin is an independent digital currency, and it is not dependent on any other crypto currencies.
Bitcoin' transaction is quite easy and its craze is increasing every day. So the price of bitcoin is not determined by any fiat money.
Although, its price is decided by bitcoin holders, investors and rules, which is applied on it by governments.

Compared to conventional government currencies, cryptocurrencies are not provided with anything. Consequently, no administrative services affect their nominal value. The rate of virtual coins of the new generation depends solely on the proposals and financial capabilities of the users themselves. Cryptocurrencies are not printed anywhere, they are created by the participants of the system

Bitcoin is an independent currency, meaning that it does not depend on other currencies. If bitcoin is converted to US Dollars, it is because of the US Dollar factor as a world-famous fiat currency, but bitcoin remains in conversion with the currency of each country. From there it can be concluded that bitcoin is independent, because of rising prices, depending on supply and demand. It does not depend on other fiat currencies.

well you right, bitcoin is measured in dollars in respect of its value. I would say it is dependent on the dollar to an extent and also not dependent. You can not spend bitcoin physically because it is online and since the world has not fully accepted and adopted the use of bitcoin, only very few organizations across the globe accept it for payment. most traders especialy small traders prefer fiat currency. so you have to convert whatever bitcoin you have to fiat. so it is somehow dependent on fiat currency

If you think bitcoin is an independent currency it's a good opinion but I think bitcoin depends on fiat currency dispate the measures done by governments to restrict it.

Bitcoin is very independent and does not depend on fiat currencies, because that is actually the nature of bitcoin  make it liked by many people. But indeed because of the existence of bitcoin yet being the official currency that applies throughout the world, then in practice bitcoin must be used as fiat money in accordance with their respective countries, to be able to be used to buy goods and so on. For this reason, I hope and it is certainly our hope that someday bitcoin will become a national currency that applies throughout the world.

That is the only way we can track It's value in our local currency, until bitcoin becomes the only currency this is the way it will always be or until fiat dies and then we will probably use gold.

Limitation doesn't mean that Bitcoin is dependent on the government, even if that limitation is applied, it will not fully limit users, and not necessarily be followed by all users of Bitcoin, once again decentralization cannot be changed by the government, and I still think that bitcoin is an independent currency

Bitcoin is completely separation from fiat currency, it's not dependent on anything, it's just itself and the raise of price of decrease of price is depending all on the trust of investors on it.
It means if investors don't invest their money in it , the price will be decreased.

It is not as if bitcoin is dependent on fiat currencies. The value has to be stated as such so that the fiat currency equivalent can be ascertained. That is why it is possible to purchase bitcoin with fiat currencies and on the other hand use bitcoin to purchase goods quoted in dollars or any other fiat currencies.

Bitcoin is completely independent of fiat money and we can observe it now while starting the global financial crisis, but Bitcoin stands still and does not fall

Bitcoin is independent and that is why it has a lot of anvantages if compare with others currencies

Bitcoin is a crypto currency. And crypto currency is an independent system. To date, the government of any country can not control the crypto currency. Because of which many countries are against crypto currency. This independence separates the crypto currency from all the currencies.

in my opinion bitcoin is independent and does not depend on fiat currencies. when you say that bitcoin depends on the dollar, maybe because the dollar is better known by the majority of countries. indeed the value of bitcoin is calculated with fiat currency, but I don't think it's just a dollar. every country must have its own fiat currency. and users in that country must see the value of bitcoin with their own currency. thus the value of bitcoin can be known by all countries in the world.

Bitcoin still depend on fiat currency may it be dollars, Yen, Euro, Peso, or any currency that could be exchange with bitcoins. Without the fiat currency bitcoin will not going to raise its market price for buying and holding bitcoin will relatively creates lesser supply of bitcoin especially if all will hold after buying bitcoin.

So far, bitcoin and other establish crypto now has slowly getting a good market price increase. Hope it will bring more as the year end for 2018.

Yes Bitcoin is independent. It does not depend on fiat money. it is decentralized.

yes bitcoin is independent and its decentralized.no one can control it.
it does not depends on fiat currency and thats why it is unique :)

The mere fact that you see bitcoin priced in the fiat currencies of various nations does not mean  that bitcoin depends on those currencies. The price simply gives you what it is worth and enables you to transact from bitcoin to fiat currency and vise versa.

Well, because there are many peoples who still not accept btc as a payment. If there is someone who want to buy a car with btc but doesn't find a seller who accept btc, they will need to sell their btc to fiat money first. That is why the btc value still depends on the fiat value.

To my understanding, it is not dependency but rather just a reference so that the value of bitcoin can be measured. USD is the universal currency of the world. Is it not all other currencies use as reference of their own value? It does not mean that they are dependent to USD, does it?

Bitcoin is dependent on Insane amounts of Electricity to run it's network,

Electricity that has to be Purchased with the Local FIAT

So your statement is correct:
"Bitcoin is dependent on fiat currency for it's existence"


No Fiat, No Electricity, No Bitcoin.

Yes bitcoin is independent because it is decentralized but in the price of bitcoin are also dependent on fiat currency .


Bitcoin doesnt consume any energy because its online and totally passive  , it only uses electricity if you have a mining hardware and you are mining a bitcoin .

Also , we can still have an electricity even without fiats because we can use natural energy such as solar , water and wind .

In conclusion , it does not really matter at all if bitcoin is independent or not because what matter the most is the usability and purpose on why it was built .

Bitcoin is independent because prices are determined by bitcoin users through supply and demand, but as a standard it is converted to USD. So, there is no dependence on bitcoin on fiat currencies, in the whole world the value is the same. The difference is the price determined by the bitcoin exchange regarding the selling value and buying value, because it involves the profit of the bitcoin exchange.

LOFL  :D :D :D

I argue with you , but you are seriously delusional , so there is no point.

Have a Great Day and thanks for the laugh.  :)

Bitcoin is completely independent. It doesn't rely on anyone or anything.

oh thank you

that's right, if we have a lot of money we can also control the market easily but must be with a lot of groups to be able to influence the market, and for some reason the news media sources can influence market movements as well.

In my opinion, it is only a measure. Because, fiat is still a popular currency. However, that doesn't mean that bitcoin depends on fiat currencies. Because of the decentralized nature of bitcoin, there is no dependence on fiat currencies

It is independent by itself. That's why it can be distinguished as a digital money, thus it is different from it making it an independent tool to make payments and such. It isn't about the exchange between fiat to bitcoin that would make it look like dependent. It might seem like it is dependent because you need your fiat first before you get Bitcoin.

It is independent because you can buy anything without using fiat but some category is allowed we can only see the dependent it when we convert it in to a paper money. But the usage is of it is only for online transaction.

You have a point, but an a certain part even though we dont actually see it, Bitcoin is sort of related to fiat. Local currency or fiat is a reflection of a country's economic state, and if it was not good as what it should be will affect the current state of fiat,which will tend to the investors to lessen the amount of the investments that they should commit which will definitely the cryprocurrency.

Btc is really dependent on stablecoins like USDT, TrueUSD and to so on. If these coins are liquidated, btc will have a harsh time, as major trades happen on stable coins/btc pairs.

I don't know for sure, but in my opinion, fiat has an influence on Bitcoin because Bitcoin is a currency that is directly related to the value of fiat so I think there is little effect though.
but it could be if Bitcoin is independent because Bitcoin has a different market than Fiat.

For sure Bitcoin is independent. It has not depended on fiat money. Remember it is decentralized.

yes you are right, fiat currency has nothing to do with bitcoin at all. bitcoin is unstable and can go up and down at any time due to bad news and an investor's request or offer. so I think bitcoin is independent and decentralized.

in my opinion bitcoin is independent, not dependent on fiat money. Indeed
bitcoin and all coin values depend on fiat, and I don't think it's only dollars that can measure the value of bitcoin. but the fiat currency of all countries can be a measure of the value of a coin. I say bitcoin is independent because bitcoin cannot be controlled by anyone, because bitcoin is decentralized. Bitcoin is the world's digital currency that can be used for everyone. and there is no particular country that can control bitcoin.

In my opinion, bitcoin does not depend on fiat currency (USD).To be dependent means that the price / value of bitcoin is influenced by the value of fiat currency (USD). If bitcoin is dependent on USD for example, that means, USD is volatile just as bitcoin, but fiat currency are not usually volatile the way cryptocurrencies are.  Bitcoin has a fixed quantity that will be in circulation, but fiat currency does not- government regulates fiat currency and I am not aware of a fixed quantity that will be in circulation. Fiat currency operates in a different principle, therefore, one cannot govern the other.