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Title: Which is more important bitcoin or fiat? Post by: KingsGambet19 on October 25, 2020, 03:55:31 AM I am literally good in with no doubt about it and if someones says he will donate a bitcoin to me I will going to accept it wholeheartedly for it can be used like a fiat currency could do or more than fiat currency could do. Bitcoin is all in one coin that involve also some sort of investment.
Most of the members here are over rating bitcoin compared to fiat currency. Others had degrading fiat currency because it can get easily influence by inflation rate and its value keep going down except for those rich countries that has maintain or stablize their economic growth. As we all know the value of fiat currency will depend on the economy of that country like those assets, resources and how it was being assessed. But I do not know how they made the assessment. In my point of view, I more like fiat currency than bitcoin. I like to use more fiat currency and use the bank service as well that can be access digital through atm machine. However, I may not feel better with their service because any time they can steal your identity or their database that can be use in illegal activity but this is only a slight chance to happen but it is possible. The fiat currency has largely being used and applied in our daily life compared to bitcoin but I do believe that bitcoin will going to play this role too. In my opinion, bitcoin has no real value. Why? Correct me if I am wrong, * You can have bitcoin but if it is not being tradable to fiat currency then your bitcoin has no value at all. * You need to buy bitcoin with fiat currency without fiat currency you can't have bitcoin * when you buy bitcoin you have to pay services like in those banks and when you like to convert bitcoin to fiat and withdraw it to a banks then you will then again to pay the service of the bank. You need also to pay the bitcoin transaction fee. So fees are everywhere from those banks to bitcoin network deducted by the miners. * bitcoin could stand alone without being paired by fiat currency but we should make it paired with fiat to get the bitcoin with value depending on the demand of the community. * You can earn bitcoin investing in it but can take losses too depending on you. And this is why i think that many had said that they like bitcoin because they are earning but some that aren't. I feel sometimes bad about it you had your earnings coming from other people knowing that you had bought bitcoin cheaper price compared to the new comers with higher price of bitcoin However, there are some of my points though of having bitcoin like the following, * being anonymous in making a transaction or in a decentralized manner if bitcoin to bitcoin no third party services being used. * p2p transactions and you do not need to worry the process of transaction for whenever there will be a new teansaction going to take place it will be broadcast to bitcoin network and will be confirm by a miner so no need for a third party service to take care of your transactions. * bitcoin could be use to transfer money outside the country for a lesser expenses than bank or money transfer services. * less hassle in bringing money to pocket but banks also offer digital money saving it or ready available through atm. My conclusion I agree that bitcoin is sort like a form of money but no way it could be the same as fiat currency because people trade their fiat to bitcoin which will then the price of bitcoin decided depending on the demand of the people wanting to have bitcoin. Again, this is just my opinion because for me it seems that cryptocurrency has been exaggerated, over rated and fiat currency is being overkilled. Bitcoin and fiat currency must not get overlap to each other. Both currencies are important especially for bitcoin lovers but if you are not a bitcoin lover then I know you will going to prefer fiat currency of course for its widely use if we will going to analyze its current function compared to bitcoin. However, I still want to know your opinion regarding on the bitcoin vs. fiat currency. Could it be possible to get bitcoin a value if not because of Fiat currency? Could fiat currency will have no value without bitcoin? (Honestly fiat currency has value with or without bitcoin) Note: The poll will expire in 30 days and the result will be shown after the poll expire. Please respect post! Edit: Sorry for being a bad guy here. But this is what the forum is all about to discuss matters that help us enlightenin every way. Special thanks to @mk4 towards professionalism Title: Re: Which is more important bitcoin or fiat? Post by: Lorence.xD on October 25, 2020, 04:04:28 AM With the current climate of bitcoin when it comes to mass adoption, I will side with Fiat for now. Bitcoin prices has risen yes, but remember that this is not it's all time high. It is still volatile and in practicality terms, you will not use it that much. What I mean by that is that there are few businesses in my country that uses bitcoin as a purchasing agent. I am leaning more on its potential as an investment rather than as a mode of payment. The reason that I chose fiat is that it correlates its value with the growth of the country, and my country is in balance so purchasing power is a good thing for fiat.
Title: Re: Which is more important bitcoin or fiat? Post by: mk4 on October 25, 2020, 04:05:32 AM My conclusion Why is this a problem though? People trade fiat for other valuable assets like gold as well. It's their choice, and there's zero problems with it.Could it be possible to get bitcoin a value if not because of Fiat currency? Yes. Gold was valuable back then even without fiat currencies. It's just a lot easier to accurately trace asset values in general with fiat currency, but not necessarily needed.Could fiat currency will have no value without bitcoin? (Honestly fiat currency has value with or without bitcoin) As for your arguments: * "You can have bitcoin but if it is not being tradable to fiat currency then your bitcoin has no value at all." - Without fiat assets like bitcoin and gold will still have value. It's just going to be more difficult to find out their market prices. * "You need to buy bitcoin with fiat currency without fiat currency you can't have bitcoin" - You can earn bitcoin without fiat, and a lot of us here are doing it, along with some people worldwide. It's simply not just a lot of people because bitcoin is freakin 11 years old. We need time for it to grow. * when you buy bitcoin you have to pay services like in those banks and when you like to convert bitcoin to fiat and withdraw it to a banks then you will then again to pay the service of the bank. You need also to pay the bitcoin transaction fee. So fees are everywhere from those banks to bitcoin network deducted by the miners. - Same answer to previous question. As for fees, developers are working hard to make fees lower and to make retail transactions near fee-less(lookup Lightning Network). And to answer your poll, both assets are important and needed in today's society in their own ways. I like meat, but veggies and fruits are also important. Title: Re: Which is more important bitcoin or fiat? Post by: KingsGambet19 on October 25, 2020, 04:13:22 AM <snip> Does bitcoin has economic value of that certain country like being acknowledge as part of their asset that can determine the value of their econmy?I know I will be sound awful but if it rains fiat and bitcoin assuming that bitcoin could not be traded to fiat currency, what will you pick? Title: Re: Which is more important bitcoin or fiat? Post by: sujon5 on October 25, 2020, 04:15:18 AM It isn't the correct question. Even if you don't like fiat you still have to use it.
Title: Re: Which is more important bitcoin or fiat? Post by: acener on October 25, 2020, 04:16:46 AM Actually it depends on us on which we would value more and where we are currently live.
There are countries that doesn't support or accept Bitcoin so for the people living among those country they would prefer Fiat. And there are some who are earning huge in crypto so for those kind of people they would vote in Bitcoin or crypto. Title: Re: Which is more important bitcoin or fiat? Post by: GreatArkansas on October 25, 2020, 04:22:38 AM Actually it depends on us on which we would value more and where we are currently live. Bitcoin is available to everyone for me, as long as you have an internet connection, even there are some countries that ban using Bitcoin or any cryptocurrencies, there will be always ways for them to use Bitcoin.There are countries that doesn't support or accept Bitcoin so for the people living among those country they would prefer Fiat. And there are some who are earning huge in crypto so for those kind of people they would vote in Bitcoin or crypto. But you are also got a point that some people may much prefer using Fiat than Bitcoin, which is also I agree. We can not force people to use Bitcoin nor fiat. For me, even Bitcoin in the future will really be expensive or more people are using it, fiat will stay. Title: Re: Which is more important bitcoin or fiat? Post by: mk4 on October 25, 2020, 04:26:21 AM Does bitcoin has economic value of that certain country like being acknowledge as part of their asset that can determine the value of their econmy? Not sure what you mean with this question. But bitconi doesn't need to be "acknowledged" by countries governments to be worth something.I know I will be sound awful but if it rains fiat and bitcoin assuming that bitcoin could not be traded to fiat currency, what will you pick? It wouldn't "rain" bitcoin because that's one of the main reasons why bitcoin is valuable: nobody can just create bitcoin out of thin air because they want to.If bitcoin wouldn't be able to be traded for fiat, then it means that bitcoin still has little to no value(e.g. bitcoin's early years). But the fact is, bitcoin will ALWAYS be available to be traded, simply because bitcoin actually already has value. The day bitcoin was being bought and sold for cents or fractions of a dollar, was the day it already had value. Title: Re: Which is more important bitcoin or fiat? Post by: pooya87 on October 25, 2020, 04:26:51 AM Correct me if I am wrong, you are wrong because value of something is not defined as its tradability but with its utilities. otherwise how would you explain fiat itself having value since there is nothing you can trade fiat with?* You can have bitcoin but if it is not being tradable to fiat currency then your bitcoin has no value at all. the value of bitcoin is in the fact that you can use it to purchase goods. that means even if you couldn't exchange it with fiat or fiat didn't even exist, you could still exchange it with goods. and that is how value of a currency is defined. Quote * You need to buy bitcoin with fiat currency without fiat currency you can't have bitcoin wrong.you don't "need to" buy bitcoin with fiat, you "choose to" buy it with fiat. it is like saying you "need to buy US dollar"!!! the real way of gaining bitcoin is to getting paid for the work you do just like the way you are getting paid in US dollar (or any other fiat you get paid in if you are in another country). Quote * when you buy bitcoin you have to pay services like in those banks and when you like to convert bitcoin to fiat and withdraw it to a banks then you will then again to pay the service of the bank. You need also to pay the bitcoin transaction fee. So fees are everywhere from those banks to bitcoin network deducted by the miners. that is the same if you had one fiat currency and wanted to convert it to another fiat currency. eg. converting CNY to JPY.Quote * bitcoin could stand alone without being paired by fiat currency but we should make it paired with fiat to get the bitcoin with value depending on the demand of the community. repetition of the same argument.Title: Re: Which is more important bitcoin or fiat? Post by: kotajikikox on October 25, 2020, 05:22:39 AM It isn't the correct question. Even if you don't like fiat you still have to use it. Actually he was asking about which is more important meaning we will still using both but one must be prioritized .I voted for Bitcoin or better say Cryptocurrecy because it is not only Bitcoin that is circulating now in fiats place. There are some things i consider using crypto instead of Fiat and first in line is gambling that i don't have to deposit my Money since i have crypto in my wallets. next is paying my Bills and even Mobile phone data loads. Title: Re: Which is more important bitcoin or fiat? Post by: hatshepsut93 on October 25, 2020, 05:28:28 AM Are all of the worlds fiat currencies worthless just because they are traded against US dollar? Would they have no value if there wasn't US dollar or if US dollar suffered a big dive tomorrow? Just because Bitcoin is traded for fiat, doesn't mean it depends on it. But Bitcoin network is not away of all the trading, it does not affect your ability to send and receive coins, and if it wasn't traded for fiat, you could still use it as money. Yes, adoption of direct Bitcoin use is low right now, but it's not impossible to use Bitcoin without fiat.
Title: Re: Which is more important bitcoin or fiat? Post by: samputin on October 25, 2020, 05:30:05 AM I don't really like to compare these two (fiat and crypto) because they both have their own usage on my end. But to answer your question, based on my experience and on how I use it, I'd pick fiat. It's the money that I use mostly in my daily transactions. As of now, I'm just holding my BTCs and if I have to use them, I still convert it into fiat before conducting a transaction. Besides, the merchants I come across with are not that familiar with crypto. If they are, they're not accepting it. Not yet. So yeah, for the poll, I pick fiat (based on my experience).
Title: Re: Which is more important bitcoin or fiat? Post by: KingsGambet19 on October 25, 2020, 06:01:07 AM It was so funny to ask question regarding which is more important bitcoin or fiat here for the answer is very clear to bitcoin enthusiasts.
I do not know how they made up the principle but I think it is also important to consider here (everyone's ideology). However I know that all of us here need money. Bitcoin is money, fiat is money but which is more important? That is all I want to know and this is why I made the poll. It is just so hypocrite to say that you do not need fiat because you have bitcoin. But they know that bitcoin will be traded soon with fiat currency when ATH happen. Am I wrong? If not then hold your bitcoin and use it whatever you wanted like paying hospitalization bills and etc. 😂 but for ordinary people will definitely going to sell their bitcoin once ath happen and that is a real talk./b] Anyway, we have a poll to answer and 30 days will be over and we will see the result. <snip> But you do not answer my question about which will you going to pick? It will not going to happen yes we know of that but it is just a scenario that I would like you to decide whichever you like to pick.Title: Re: Which is more important bitcoin or fiat? Post by: Upgrade00 on October 25, 2020, 06:13:36 AM Bitcoin is money, fiat is money but which is more important? That is all I want to know and this is why I made the poll. Saying Bitcoin is money is limiting and adding 'fiat is money' in the same sentence created a sort of comparison between both which does not really exist. If I was looking for a dis-inflationary asset to invest in, I would definitely prefer Bitcoin as fiat is influenced by supply shocks and economic situations. For a more liquid asset with which to make daily purchases, I'll use fiat, as Bitcoin is not mainstream yet. I cannot see any, one or the other situation. It is just so hypocrite to say that you do not need fiat because you have bitcoin. But they know that bitcoin will be traded soon with fiat currency when ATH happen. Am I wrong? If not then hold your bitcoin and use it whatever you wanted like paying hospitalization bills and etc. 😂 but for ordinary people will definitely going to sell their bitcoin once ath happen and that is real talk./b] No one is being hypocritical about the utilities of Bitcoin and fiat, Bitcoin is barely 11 years old, and should not be compared with currencies that have lasted for several decades, the fact that it is shows the growth of the Bitcoin network.Also, If someone is selling their bitcoins, it means someone else is buying them up, so people would always hold them. But you do not answer my question about which will you going to pick? As I said earlier, there does not have to be a one or the other situation, both are quite different and serve different purposes at this point.Edit I did not see you mention it earlier. Sorry but I am confused. I just boldened where I mentioned it earlier in the same reply.Title: Re: Which is more important bitcoin or fiat? Post by: KingsGambet19 on October 25, 2020, 06:21:48 AM As I said earlier, there does not have to be a one or the other situation, both are quite different and serve different purposes at this point. I did not see you mention it earlier. Sorry but I am confused.Title: Re: Which is more important bitcoin or fiat? Post by: hugeblack on October 25, 2020, 06:23:24 AM An attempt to compare Bitcoin to the dollar, gold, or stocks is an attempt to classify it according to the classification rules followed in precious metals, financial markets, and monetary currencies, which is a wrong classification, so it is better to consider Bitcoin as Bitcoin and include a new classification that includes cryptocurrencies due to its difference in essence from gold, stocks, and cash.
Thus, the answer to your question is that both are important. Just as you need paper money, stocks, real estate and investment portfolios, you need to acquire some cryptocurrencies. Title: Re: Which is more important bitcoin or fiat? Post by: davis196 on October 25, 2020, 06:30:22 AM Fiat money are better for spending and investing(because of inflation,you have to get rid of your fiat money,because they are losing value),Bitcoin is better for HODLing.
I have always thought that comparing Bitcoin to fiat money is wrong,because Bitcoin is a scarce asset with a very volatile price,while fiat money aren't scarce at all and their value goes down slowly.There's no room for comparison. Anyway,you are kinda wrong about fiat money being the only way to buy Bitcoin.You can buy Bitcoin with your labor.You can offer digital products and services for Bitcoin. Bitcoin has value without fiat currencies.The fact that Bitcoin value is being measured in USD or euro doesn't mean that Bitcoin doesn't have any value without fiat. Title: Re: Which is more important bitcoin or fiat? Post by: starseeker on October 25, 2020, 06:42:09 AM BTC - proven record of value appreciation over a decade
Fiat - Also proven record of value depreciation over a few centuries Choose your poison wisely! Title: Re: Which is more important bitcoin or fiat? Post by: kentrolla on October 25, 2020, 07:01:55 AM Fiat is something which has been declared legal currency in the entire country, crypto currencies are digital asset which are medium of exchange between the two parties. Fiat money is issued and controlled by central banks and government but crypto currency don't have any control on it they can be spent and received by anyone, anywhere, anything time well this makes them so revolutionary. But it is extremely risky that's the reason in many countries governments are not allowing to use it.
Title: Re: Which is more important bitcoin or fiat? Post by: bitzizzix on October 25, 2020, 07:08:01 AM It all depends on which country you live in, whether bitcoin is legal as a means of buying and selling transactions available in all stores and others as a means of payment and 100% I would choose bitcoin.
the problem is in the country where I live, bitcoin is still illegal and I have to convert bitcoin to fiat to use any transaction or purchase, and but I prefer bitcoin as an investment or asset that promises big profits that can change my life better especially in the field finance. and even though in the country where i live bitcoin is still illegal but i can still use it and that is the luckiest thing for me. Title: Re: Which is more important bitcoin or fiat? Post by: Casdinyard on October 25, 2020, 07:14:30 AM Important in what aspect? Is there a currency which is more important than the others? Fiat is the means of transactions for decades while Bitcoin can be considered as the new generation of currencies. There are differences between these two types of currencies ;fiat is centralized while Bitcoin is decentralized; fiat has a less volatile market value while Bitcoin has a volatile one; fiat has a physical form, and the likes. But none of these characteristics can determine which one is more important, because there's no need to determine such thing in the first place. Currencies are used in order to puchase goods and services, nothing more, nothing less. It is just that Bitcoin can be used as an investment due to the volatility in its market price. But still, it is not a characteristic making it more important than fiat. Both are important.
Title: Re: Which is more important bitcoin or fiat? Post by: Alucard1 on October 25, 2020, 07:19:32 AM Both currencies have their purpose and both are important in different ways,
The stability of fiat currency allows the government to steer the recession and inflation of the economy, that is why it stays as the standard currency for all time, it also has greater control liquidity that is good for the economy. cryptocurrency becomes popular as well because of such reasons: +fast transaction compared to fiat currency +lower transaction fees +privacy +good for investment Quote Again, this is just my opinion because for me it seems that cryptocurrency has been exaggerated, over rated and fiat currency is being overkilled It is not that fiat currency becomes being overkilled it is just some people see what they want and need on cryptocurrency, there are many opportunities we can have in crypto so we cannot blame those who prefer this one. Title: Re: Which is more important bitcoin or fiat? Post by: Beyerd17 on October 25, 2020, 07:20:10 AM You basically can not live without fiat in 2020, at least not in a modern city, or for that matter in a rural village. So the long and short of it, it is way to soon to think Bitcoin will fully replace fiat in the near future.
That being said, at some point in the next ten to 20 years this might change in favour of Bitcoin or other cryptocurrencies. Title: Re: Which is more important bitcoin or fiat? Post by: Shasha80 on October 25, 2020, 07:23:53 AM If you ask me which do you like Bitcoin or Fiat ?, I will answer Bitcoin because it fulfills my wish to be free to manage my own finances.
Even though I really like Bitcoin, but I also have to admit that Fiat is much more important these days. Because my country prohibits using Bitcoin as payment, I inevitably still need Fiat to buy daily necessities. Title: Re: Which is more important bitcoin or fiat? Post by: lovesmayfamilis on October 25, 2020, 07:26:28 AM It's hard for me to compare bitcoin to fiat. Each of them can be significant. Both assets can be used as a medium of exchange. For loans, transfers of funds, as well as for the purchase of goods and services.
But for many, preferences are inclined towards fiat, because cryptocurrencies are not yet very popular. But over time, as people learn to interact with them, cryptocurrencies will become more and more commonplace. Today bitcoin is more of an investment for me. The future of Bitcoin is exciting. I think that in the future, to the question of what is more important, we will receive more answers in the direction of bitcoin and cryptocurrencies. Title: Re: Which is more important bitcoin or fiat? Post by: michellee on October 25, 2020, 07:33:01 AM I don't want to compare bitcoin and fiat because bitcoin and fiat will have different functions, although bitcoin can be used for the payment system. Many people still select fiat over bitcoin because they don't have much knowledge about bitcoin, and bitcoin is not too popular as fiat in their countries. But soon after bitcoin can become popular and grows in their countries, I am sure that people will start to learn about bitcoin, and they will try to use bitcoin.
Maybe that will need more time before bitcoin becomes globally, but we can still bitcoin for investment while still using fiat in our daily lives. If you can use bitcoin and fiat properly, you will get benefits from both bitcoin and fiat. But I am sure you will have your own decision about bitcoin and fiat because we are free to choose what we think is important to us. Title: Re: Which is more important bitcoin or fiat? Post by: ChrisPop on October 25, 2020, 09:17:14 AM Quote * You can have bitcoin but if it is not being tradable to fiat currency then your bitcoin has no value at all. "You can have fiat but if it is not being tradable for goods/services then your fiat has no value at all." - Fiat is worthless, but we gave it value because we trust the governments who "manages" the money supply and accepted it as a means of payment. Bitcoin is an upgrade to the our current means of payment and exchange standard. Why should we trust an entity when we can trust the society aka the nodes running the Bitcoin network? There is a decent amount of stores in the world both online and offline that currently accept Bitcoin payments. I don't know if they would still accept it if Bitcoin would not be tradable for fiat, but let's not forget that we are in a free market. I don't think someone is able to ban trading BTC for fiat. Quote * You need to buy bitcoin with fiat currency without fiat currency you can't have bitcoin Again.. wrong. You can earn Bitcoin with other resources like your time (getting paid in BTC) or your hardware (mining). OR.. exchange other cryptocurrencies. Quote * when you buy bitcoin you have to pay services like in those banks and when you like to convert bitcoin to fiat and withdraw it to a banks then you will then again to pay the service of the bank. You need also to pay the bitcoin transaction fee. So fees are everywhere from those banks to bitcoin network deducted by the miners. You can buy Bitcoin from another person with zero commissions. ;) Quote * bitcoin could stand alone without being paired by fiat currency but we should make it paired with fiat to get the bitcoin with value depending on the demand of the community. Until we reach a higher adoption rate, why not? Here's some food for thought. I have modified your conclusion in the OP post. Kindly reflect upon it. I agree that gold is sort like a form of money but no way it could be the same as fiat currency because people trade their fiat to gold which will then the price of gold decided depending on the demand of the people wanting to have gold. Title: Re: Which is more important bitcoin or fiat? Post by: Altryist on October 25, 2020, 09:26:53 AM In everyday life, every person now uses fiat more than cryptocurrency. Cryptocurrency is most likely either an investment or a subject of speculation, they buy cryptocurrency cheaper and then try to sell it at a higher price. But I think that in the future everything will change and cryptocurrency will be the most popular means of payment.
Title: Re: Which is more important bitcoin or fiat? Post by: GrosWesh on October 25, 2020, 09:33:53 AM The question posed by op is rather poorly worded in my opinion: in what sense would bitcoin or fiat be more important? More important to us? More important in the world economy? More intrinsically solid? etc ...
Even as a crypto enthusiast, it seems obvious to me that fiat won't disappear for a long time. But the qualities of Bitcoin are undeniable and I like to refer to the following table picked from an interesting article released in 2018. (The comparison does not stop at Btc vs Fiat but also includes Gold). https://nsa40.casimages.com/img/2020/10/25/mini_20102510332977785.jpg (https://www.casimages.com/i/20102510332977785.jpg.html) Source : https://medium.com/@vijayboyapati/the-bullish-case-for-bitcoin-6ecc8bdecc1 Title: Re: Which is more important bitcoin or fiat? Post by: molsewid on October 25, 2020, 09:46:34 AM In everyday life, every person now uses fiat more than cryptocurrency. Cryptocurrency is most likely either an investment or a subject of speculation, they buy cryptocurrency cheaper and then try to sell it at a higher price. But I think that in the future everything will change and cryptocurrency will be the most popular means of payment. Of course, because bitcoin is not yet known globally. But if many countries already accept this and every part of the country has access to it, it could be possible. The only problem is there's a large percentage of people who can't use crypto-currency. For example, in our country, even if bitcoin was already known or accepted in every area, some people can't still use it because not all people can afford to buy gadgets. So I think it's impossible in the future that crypto-currency will be the most popular means of payment compare to fiat. Title: Re: Which is more important bitcoin or fiat? Post by: romero121 on October 25, 2020, 09:54:21 AM It is upto the user. An user has made himself attached to bitcoin buying/selling anything everything for bitcoin. Even for the unavailable services he used to search explore and use it with bitcoin. If you ask him he'll say bitcoin is better, and if you ask the same with a millionaire out of fiat what you get as a response is different.
Both are good by its form, and the goodness factor is upto the users. Right now we haven't got legal access for in every country, but people just try to use it. This shows how interested people to use bitcoin. Title: Re: Which is more important bitcoin or fiat? Post by: cheezcarls on October 25, 2020, 09:59:54 AM Although I liked Bitcoin more than fiat currency, it’s just that I don’t wanna compare them because they have their own use cases. Fiat isn’t going anywhere as long banks are here to stay, and I don’t see them getting vanished in the near future. While Bitcoin is deflationary, most of us here around the world still prefer fiat to spend buying some stuff, or buying stocks, gold and cryptocurrencies.
I can only say that both of them are important to me. Title: Re: Which is more important bitcoin or fiat? Post by: AniviaBtc on October 25, 2020, 10:08:09 AM We need to accept that fact that most of the businesses are regulated by fiat currency and not bitcoin.
Bitcoin is an option if you want to invest on a digital currency, it can somehow impact your businesses and investment depending on your manipulation. I suggest you to try to invest in both because there's a lot of opportunity in there that you might get. The importance of this two will be determined by experience. Title: Re: Which is more important bitcoin or fiat? Post by: KingsGambet19 on October 25, 2020, 10:16:51 AM Just keep on voting so that at the end of the day of votin poll we will know the result.
Title: Re: Which is more important bitcoin or fiat? Post by: rodskee on October 25, 2020, 10:21:39 AM It is Fiat for me because obviously in our days now it is what we really need not until the adoption happens for Bitcoin.
But as long as we are dependent in Fiat then there is nothing to choose. But both are important in their own way,Bitcoin is important for me since i use this as investment thing while Fiat is for payment method. Since our country don't really support crypto that big so only fiat is what we can use in our daily living. Title: Re: Which is more important bitcoin or fiat? Post by: kevoh on October 25, 2020, 11:00:12 AM I believe both Fiat and Bitcoin serve different purposes and follow different rules, which makes it hard to say one is better than the other.
While Fiat has been depreciating, Bitcoin on the other keeps appreciating in value since inception, however, the lack of popularity (and sometimes associating it with Ponzi schemes) and government's interference makes it difficult for people who do not understand what Bitcoin( cryptocurrency) is about to not readily use it. This is one of the major reasons while Fiat still has an upper hand, despite its depreciating value, over bitcoin. Title: Re: Which is more important bitcoin or fiat? Post by: Ryker1 on October 25, 2020, 11:01:17 AM Well, there are too many factors to consider before we will choose which is very important, each of them has different pros and cons to us.
Both of them are useful and important, -- for example in bitcoin, we will convert it to fiat because there is some countries not fully supported bitcoin. So, therefore, bitcoin only an alternative way in fiat as a currency. We have been a lot of discussions about this, choosing and comparing which is the best currency among them. But for me, if you are crypto enthusiasts I rather use bitcoin than fiat, -- but if you are offshore, fiat is much better. Title: Re: Which is more important bitcoin or fiat? Post by: Xinarae* on October 25, 2020, 11:40:17 AM We both need work bitcoin is more important to those who like to trade in Bitcoin but Bitcoin is not supported everywhere and is illegal in many countries in that case Fiat is more important. Fiat currency is legal everywhere and Fiat is required for every job bitcoin is decentralized and more important in the online world. Fiat currency is a currency that is accepted as a legal tender by government regulation. which have value savings and are used as a medium of exchange to buy goods and services. The performance of the country’s economy and the country is governed by the demand and supply of money.
Title: Re: Which is more important bitcoin or fiat? Post by: coolcoinz on October 25, 2020, 11:40:34 AM Quote * You can have bitcoin but if it is not being tradable to fiat currency then your bitcoin has no value at all. "You can have fiat but if it is not being tradable for goods/services then your fiat has no value at all." I like this response, but I'd also like to add that it has remained tradable for 10 years so what's the problem here? It's like OP was saying that if apples were poisonous they'd have no valye because nobody would want to buy them. Bitcoin was made to be tradeable so if it wasn't it would not be the same asset. It would most likely cease to exist or at least lose so much value that mowt people would no longer want to own it. Title: Re: Which is more important bitcoin or fiat? Post by: kryptqnick on October 25, 2020, 11:52:41 AM Correct me if I am wrong, Not necessarily. Bitcoin can be used to purchase things (even though the variety of places and things is limited), so if Bitcoin is not traded for fiat, it would still have some purchasing power. Moreover, fiat currencies are also very dependent on trading them for other currencies, and their purchasing power would also suffer huge losses if owners of other currencies would not be willing to exchange.* You can have bitcoin but if it is not being tradable to fiat currency then your bitcoin has no value at all. * You need to buy bitcoin with fiat currency without fiat currency you can't have bitcoin Nope, you can earn Bitcoin. I have BTC, but I've never bought it. I also have a friend who is in the same situation.* bitcoin could stand alone without being paired by fiat currency but we should make it paired with fiat to get the bitcoin with value depending on the demand of the community. A currency is defined by its purchasing power. We don't need (or, rather, won't need) to pair Bitcoin with fiat if it's widely accepted as payment for goods and the price is formed in BTC rather than in fiat. This could totally work.Title: Re: Which is more important bitcoin or fiat? Post by: KingsGambet19 on October 25, 2020, 11:54:41 AM <snip> Yes, I agree that fiat has really no value. It is just a piece if material that has represented the value of the economy of country where you live. Meaning that value of Fiat currency is not about the physical attribute to it like gold but rather it is the representation of the value of the economy of your country. This is why I am not convince that people are really prioritizing the bitcoin but the money behind bitcoin. Bitcoin is a big business and that is why it became important to us because it could be monetize.If bitcoin could not be monetize then there is no point in applying signature campaign that pays $ in btc. All claims could be useless that bitcoin is important if you are earning bitcoin and will going to monetize it later to spend it in your daily needs. Title: Re: Which is more important bitcoin or fiat? Post by: Charles-Tim on October 25, 2020, 12:07:30 PM I created an article day before yesterday how bitcoin has fulfilled what fiats are unable to fulfill, you can check the article below about how fiats are subjected to governmental manipulations in a way fiats are being well devalued and depreciating over time. Unlike bitcoin which is not a depreciative asset like fiats, bitcoin is a deflationary currency and I prefer it over fiat.
https://i.imgur.com/cvzckPF.jpg https://www.shutterstock.com/image-photo/bitcoin-laptop-wallet-virtual-currency-gold-1043355598 Introduction Bitcoin, being the first and the most successful cryptocurrency, has being well adopted in many countries of the world which has reflected through its increasing marketcap and price that also proved it to be a well known deflationary currency. Bitcoin has been increasingly and successfully adopted and proven to not be a ponzi or regulated in any way by any centralized authority, everything about bitcoin is open source and available to the public to the extent bitcoin community are even regarded as the founder of bitcoin, Satoshi Nakamoto. Although, officially, Satoshi Nakamoto is the creator of bitcoin in 2009. What money is Many people do not know what money is, like I ones thought money is the first which are acceptable as a means of payment in individual countries, but this is a misconception. Money is anything that has intrinsic value and that can be spent. Good examples of money are bitcoin, other cryptocurrencies (altcoins), gold and fiats. Among them all, is a money called bitcoin, created in 2009 and has now being greatly accepted and adopted in the world due to its decentralized nature. Money vulnerable to theft and depreciation until the onset of bitcoin Before the onset of bitcoin, all types of money were either vulnerable to theft or depreciation, there was a time in the past when there was money but no bank, people will still think of a way to protect their money, but at the time, money were vulnerable to theft. So, later comes bank, to help individual to keep their money, fiats was adopted and was accepted by all countries of the world, and money centralized regulation evolved. Now, fiats are manipulated, the manipulations are from governments because fiats are centrally regulated and due to this, money owned by individuals are manipulated and making fiats to be a depreciative asset. Money like gold that are physical are more vulnerable to theft while fiats kept in banks are more vulnerable to governmental manipulations. All these do not make money characteristics to be completely fulfilled until the onset of bitcoin that created indirect bridge known as blockchain between fiats and cryptocurrencies. Now, people can hold bitcoin in a way to do away with theft and central (governmental) manipulations. Fiat inflation vulnerability Although, the central bodies (governments) may not be blamed at times for the reason they are manipulating the fiats, especially while devaluating it during inflation, and can be blamed when their is excess fiat creation and introduced into circulation. Fiats are manipulated/devalued for the benefit of the country but making citizens of the country to lose and make their worth depreciating. That is why fiats needs alternative, a kind of money that will be easy to spend like fiats and yet not vulnerable to governmental manipulations, bitcoin created the bridge to that part. There are many strong fiats, while some are weak and more volatile, a good example of strong fiat currency is dollar, and can be used as a good example of bitcoin-to-fiat price trend comparison. For the past decade, bitcoin hodlers have more increase of 20% in bitcoin price not actually as a result of bitcoin instrinsic price increase, but due to dollar that is not immune to devaluation and gradaully depreciating over the past years. This was taken when bitcoin was at a price slightly above $10800 in accordance to a crypto news. A decade ago bitcoin price gain Limited supply + marketcap = 80% in bitcoin price USD deprecuation = 20% (Limited supply + marketcap) + USD deprecuation = 100% butcoin price trend. https://i.imgur.com/bUIKUWL.png https://cointelegraph.com/news/fiat-inflation-has-cost-bitcoin-hodlers-20-over-the-past-decade/amp If you check some other countries like African, where fiats are more vulnerable to depreciation, these would be the worst cases. This is one of the major reasons the need for bitcoin especially. Normally, fiats are depreciating assets by design, while physical money can still be vulnerable to theft, but with expert knowledge about bitcoin, bitcoin is not vulnerable to theft, and also not vulnerable to governmental regulations. Bitcoin has limited supply of 21 million, and this makes it a deflationary currency, the more people adopt it, the more people make use of it and the more it is getting stronger, and also increasing in marketcap and price. Although, the price of bitcoin may seem decreasing at times, but later, the price will increase unlike fiats that are constantly depreciating. Centralized (governmental) bodies compromising bitcoin and crypto in general. Nowadays, governments have now being trying to make bitcoin so centralized, many people are now using bitcoin do not even know what private key or seed phrase is and depending on third party while not knowing the third party are actually third party due to how fiats are working, they thought bitcoin and other crypto works that way, therefore not even knowing about privacy. These are all wrong because bitcoin is a privacy currency, people can hold it without depending on any third party which is the best way to go while dealing with bitcoin with the current settings, some people even knowing about this but because of trading flexibility, they still keep their bitcoin and other crypto using centralized party services, which makes them not to be the owner of the coin on blockchian while the third party are not safe and secure. People do not need to keep bitcoin with third party, you can keep it yourself without anyone knowing, all you need to do it to make use of noncustodial wallets, generate your seed phrase and/or private key. Storing the seedphrase and/or the private key in a safe place that is safe from thieves and damages. If the seed phrase and/or private key is compromised, that means all your funds are lost. Some approaches towards seed phrase/private keys protection Bitcoin is digitally created, users should be digitally conscious, while privacy, security and safety should be maintained. Malicious actors are also trying their best to steal bitcoin from people having it. But, there are many approches to avoid hackers from stealing bitcoin, few of this is discussed below. 1. Avoiding custodial services There are different custodial services, although they have helped in bitcoin adoption, but still must be avoided, they make use of hot wallets to hold customers assets, while hot wallets are prone to hackers activities, and they are targeted by hackers because the custodial party keeps thousands to millions of customers assets. Most custodial services are often hacked and many have resulted to lost of users funds and never recovered. 2. Avoid using hot wallets for high savings Although, hot wallet can be good for saving low amount of bitcoin, while experienced users can still avoid hackers by avoiding malware on the device used, but for saving high amount of bitcoin, cold wallets are best, and for ease of use and for frequent transactions, hardware wallet is good as a type of cold wallet. 3. Use of Shamir's secret sharing to protect seedphrase/private key Seedphrase or any other sensitive information like private key can be protected by the use of shamir's secret sharing, in a way the the seed phrase is converted into secrets, and the secrets are divided into parts for high protection. 4. The use of multisignature wallet Multisig wallets are wallets that can be regarded as M of N wallet, in which the wallet can be generated for N users having their own private keys while M users among the N users will be able to sign transactions. This makes it difficult for hackers to penetrate, even if one private key is compromised. It can also help in a way another wallet can be created and the bitcoin in the previous wallet is sent to new wallet if any of the M or N users lost his/her private key, or if anything like malicious activity is suspected. There are still many other approaches, like having more than one wallet. But the approaches to be used should not be too tedious in a way wallet owner will not be able to recover back his/her wallet during wallet lost. Conclusion Bitcoin is money, the first successful decentralized currency, which was created as an alternative to centralized fiats and also altenative to money that are vulnerable to physical thefts like thereby fulfilling what early days money can not fulfill. But, that said, we should also know how fiat is the currency we spend often, normally, I keep bitcoin, but if I want to spend, I convert it to fiat and use it for spending purpose, fiat is only useful for me during spending. I do not have more than $10 of fiat in bank but I have more bitcoin which is the best way for me. Title: Re: Which is more important bitcoin or fiat? Post by: GDragon on October 25, 2020, 12:29:07 PM Both are valuable to me anyway. It may be convenient to use fiat as of now because you can use it everywhere compared to bitcoin but there are things I love about bitcoin. And you are wrong about saying that you can't earn bitcoin without buying it in fiat. It's a currency just like fiat, you can pay with it and you can be payed with it if you want to. Try checking the service other members posts here. You can try too if you have a skills to offer. Maybe the real answer to your question will depend on how a person lives, I've known someone who is already living with all his money in bitcoin, if he have to spend, then he'll convert a few coins. But sometimes he spends btc for other services he can pay with it. Some just owns a few coins and all of his money in fiat bank accounts. Nothing's wrong with the two of them, btc is as important as fiat cause it has value.
Title: Re: Which is more important bitcoin or fiat? Post by: mk4 on October 25, 2020, 01:09:01 PM This is why I am not convince that people are really prioritizing the bitcoin but the money behind bitcoin. We're literally focusing on bitcoin. I mean, you're in Bitcointalk, where majority of people are bitcoin holders. Not because bitcoin is priced in USD doesn't mean that were focusing on the USD. I mean, even gold is priced in USD.Bitcoin is a big business and that is why it became important to us because it could be monetize. What business? Bitcoin is a protocol. Bitcointalk is just a forum that like-minded people hang out in; it's not like Bitcointalk is sort of like "sponsored" by "The Bitcoin company" or something. There's something you're missing here. Don't hesitate to ask questions if there's something you're not sure of. We'll gladly respond. No hate or anything, we're all just here to educate ourselves.If bitcoin could not be monetize then there is no point in applying signature campaign that pays $ in btc. All claims could be useless that bitcoin is important if you are earning bitcoin and will going to monetize it later to spend it in your daily needs. Title: Re: Which is more important bitcoin or fiat? Post by: bitbunnny on October 25, 2020, 02:00:01 PM We still live in world that is fully depending on fiat money. There are only few who can maybe live relying only on Bitcoin or crypto in general.
Bitcoin is very important because is alternative to traditional financial system but it can't replace it and that is not even its role. Anyway, for a longer period of time fiat money will play more important role in our lives than Bitcoin and that is something we need to face. Mass adoption and acceptance are still far away. Title: Re: Which is more important bitcoin or fiat? Post by: dificanovi on October 25, 2020, 02:35:59 PM Fiat money is more important than bitcoin because I often use fiat money as a means of payment. other than that bitkoin is only as additional income. Bitcoin has not been widely used by people as a means of payment, if bitcoin can be used as a means of payment in all countries then I will often use bitcoin so that bitcoin looks more important than fiat money.
Title: Re: Which is more important bitcoin or fiat? Post by: Assface16678 on October 25, 2020, 03:09:46 PM bitcoin is unstable in price and can go up in price quickly and on the contrary. saving money will not add up. But in fiat, there's a lower risk of devaluation since the market value is less volatile compared to cryptos. So it is a two-way situation. If you are into profit, then go for cryptos because its volatility can be taken advantage but if you are into assurance, choose to hold fiat. Both are important, that's the bottomline. It primarily depends on the individual to whether which one will be more benecial to them. If cryptos are not widely accepted in his/her area, fiat will be a better option but if it is, crypto would be a good choice but for sure fiat will always have its existence to any country. Cryptos including Bitcoin are more often used in investment purposes btw, one is free to choose but both are important. Title: Re: Which is more important bitcoin or fiat? Post by: Broke@$$Joe on October 25, 2020, 03:31:02 PM BITCOIN of course!!!
How would U be feeling more comfortable with!!! Having 100.000.000$ in cash means, sitting in a bank, money of yours which is lended with interest to others and make their life miserable from interest OR Having 100.00.000$ in Bitcoin, stored in one or multiple Cold Storages ? Having full control over your money, no withdrawal limits within 24hrs, no worrying for nothing as long Internet exists and Bitcoin runs as an fortificated network due to miners activity. Overall, having 100.000.000$ in Bitcoin means to own one of the scarcest asset that is out there.. even scarcer than mf gold itself. It's all matter of perspective from an individual to another. Had I owned 100.000.000$ this is how would I go for protecting my wealth. 45% of it in Bitcoin 45% of it in Physical Gold 10% to go through the life! So, all I can suggest to you, is measure what U protect a store of value, an hedge agains cash inflation which raises almost 2% every year. Title: Re: Which is more important bitcoin or fiat? Post by: pixie85 on October 25, 2020, 04:10:42 PM It's a difficult question because it depends on the investor. I'd say they are both important.
Bitcoin is important for investment purposes and as a hedge. It appreciates in value due to its deflationary nature and works as an alternative, a hedge investment. Fiat money is important for daily use and we cvan't really live without it. We need to pay our bills and buy food and you can't expect everybody to order everything online for Bitcoin. Sometimes you have to pay fora meal in a restaurant or someone to drive you home and usually they won't have a bitcoin wallet set up ;) Title: Re: Which is more important bitcoin or fiat? Post by: 3meek on October 25, 2020, 04:31:37 PM More important is real life, my friends! ;)
In fact, I want to note that if you have bitcoins, and you do not need to sell them for some reason, it is very good! But when you have bitcoins, and you need to sell them, that's where the answer to the question appears - what's better? Probably in the second case you will not hesitate to answer that fiat is better! Especially if you sold bitcoin because of the pandemic three times cheaper than it is now! Title: Re: Which is more important bitcoin or fiat? Post by: Chris Barth on October 25, 2020, 04:49:43 PM Did you really mean it when you said that bitcoin has no real value? Firstly, I think you used the wrong word because that statement doesn't seem to be correct in any means (no offense). However, I get your point. Bitcoin must be changed to fiat. But you should understand that bitcoin is getting adopted on a daily basis. Presently, in some countries, you can buy coffee with bitcoin. It's only a matter of time before it'll extend to other bigger goods.
Title: Re: Which is more important bitcoin or fiat? Post by: verita1 on October 25, 2020, 08:51:38 PM I have chosen Bitcoin because I live in a country with hyperinflation and Bitcoin helps me to save some money. Although it is a risky investment, I prefer to exchange it for fiat for my daily needs and the rest of my capital in Bitcoin.
Times have changed now more than ever Bitcoin will be an important asset for nations. Title: Re: Which is more important bitcoin or fiat? Post by: Viscore on October 25, 2020, 10:35:21 PM * You can have bitcoin but if it is not being tradable to fiat currency then your bitcoin has no value at all. * You need to buy bitcoin with fiat currency without fiat currency you can't have bitcoin * when you buy bitcoin you have to pay services like in those banks and when you like to convert bitcoin to fiat and withdraw it to a banks then you will then again to pay the service of the bank. You need also to pay the bitcoin transaction fee. So fees are everywhere from those banks to bitcoin network deducted by the miners. * bitcoin could stand alone without being paired by fiat currency but we should make it paired with fiat to get the bitcoin with value depending on the demand of the community. I believe that you have knowledge in Bitcoin and in crypto, just try to capture it the whole information you've to get coz for sure it helps you to fully understand it and how the system works. Digital transformation is closely coming by. Title: Re: Which is more important bitcoin or fiat? Post by: CarnagexD on October 25, 2020, 10:37:41 PM It all depends on which country you live in, whether bitcoin is legal as a means of buying and selling transactions available in all stores and others as a means of payment and 100% I would choose bitcoin. They both work in harmony on most countries. Especially those that are technologically capable. That's not to say that third world countries don't benefit from them. As of now, fiat seems to be the most valuable over the two, but in the near future, I expect this to shift in full 360 especially with the continuous drop in fiat value. the problem is in the country where I live, bitcoin is still illegal and I have to convert bitcoin to fiat to use any transaction or purchase, and but I prefer bitcoin as an investment or asset that promises big profits that can change my life better especially in the field finance. and even though in the country where i live bitcoin is still illegal but i can still use it and that is the luckiest thing for me. Title: Re: Which is more important bitcoin or fiat? Post by: MCobian on October 25, 2020, 10:45:25 PM I think everyone has a different opinion, depending on the situation they are in. For me fiat is more important, because in my country only
fiat is allowed as a means of payment. Because without fiat I might not be able to live in my country, but that doesn't mean Bitcoin is worse than fiat. I chose fiat because of the pressure. Even though I consider fiat more important than Bitcoin, I still often use Bitcoin for trading and gambling. Title: Re: Which is more important bitcoin or fiat? Post by: Sapphire915 on October 26, 2020, 05:55:04 AM I love Bitcoin but I realized that Fiat is more important here in my Country. We often used fiat/physical money for our daily living. However, my trust in Bitcoin will never be change, it really has a lot of great features and benefits to offer to all individuals that keeps on believing it. The only problem here, is that our Government are so hesitant to legalized bitcoin in our Country. Despite that, no one can stop me in using bitcoin in all ways possible online especially as a means of investment.
Title: Re: Which is more important bitcoin or fiat? Post by: tsaroz on October 26, 2020, 06:05:17 AM Though we often compare bitcoin to fiat, bitcoin is still not the alternative of fiat. We compare them to show in what sectors is bitcoin superior to fiat but fiat too is superior on some sectors. I don't think bitcoin itself would ever be replace fiat but with other cryptocurrency around, fiat surely would have a difficult day ahead.
Fiat has been here since ancient times while bitcoin is just a decade old. Bitcoin is a promising future while fiat is still the integral part of our society. Title: Re: Which is more important bitcoin or fiat? Post by: Crypto_lion on October 26, 2020, 08:30:49 AM Right now I would say Fiat is more important for daily usage as Bitcoin hasn't been widely adopted yet and cannot be used as a medium of transfer in all place but that may change in the future.
Title: Re: Which is more important bitcoin or fiat? Post by: AjithBtc on October 26, 2020, 08:38:30 AM Though we often compare bitcoin to fiat, bitcoin is still not the alternative of fiat. We compare them to show in what sectors is bitcoin superior to fiat but fiat too is superior on some sectors. I don't think bitcoin itself would ever be replace fiat but with other cryptocurrency around, fiat surely would have a difficult day ahead. Yes, right now bitcoin is very young to take over the entire functionalities of fiat. Also people aren't ready to accept bitcoin with the same mentality of fiat for various reasons. Maybe the upcoming generation go completely with bitcoin, because these days we've got each and everything connected with internet and available within our hands.Fiat has been here since ancient times while bitcoin is just a decade old. Bitcoin is a promising future while fiat is still the integral part of our society. Title: Re: Which is more important bitcoin or fiat? Post by: DarkDays on October 26, 2020, 08:45:44 AM In my opinion which one you choose as being more important to you depends on the type of mindset you have. For example, my thoughts have started to recently reflect more about the long-term benefits and in my situation I believe that BTC is more important than fiat.
Fiat is not pegged to anything, in other words it is not hard money (i.e. money pegged to gold) it is materialised instead by banks printing more paper and people looking at it and giving it value. In that sense it is not different from BTC which is 'money' that is created, and once in circulation people agree that it is valuable. So here, you can see how the two are very similar but the main distinction is the production method; fiat is centralised while BTC is decentralised. The way society is going, decentralisation would be come the bigger part and in that sense my opinion is that BTC is more important. BTC also means that unlike fiat would not suffer greatly should the bank system collapse as some people already predict. Title: Re: Which is more important bitcoin or fiat? Post by: Fredomago on October 26, 2020, 08:56:50 AM Though we often compare bitcoin to fiat, bitcoin is still not the alternative of fiat. We compare them to show in what sectors is bitcoin superior to fiat but fiat too is superior on some sectors. I don't think bitcoin itself would ever be replace fiat but with other cryptocurrency around, fiat surely would have a difficult day ahead. Yes, right now bitcoin is very young to take over the entire functionalities of fiat. Also people aren't ready to accept bitcoin with the same mentality of fiat for various reasons. Maybe the upcoming generation go completely with bitcoin, because these days we've got each and everything connected with internet and available within our hands.Fiat has been here since ancient times while bitcoin is just a decade old. Bitcoin is a promising future while fiat is still the integral part of our society. The upcoming generations are very capable in adopting this system, with how bitcoin is now being noticed from the business and financial side of industry. It's not impossible that the incoming generation will surely embraced this system, for now more people still engaged with fiat system and that's mindsets are hard to break. The continuous success of bitcoin being recognized worldwide will open the door of many people to start using and adopting this system. Title: Re: Which is more important bitcoin or fiat? Post by: Serious475 on October 26, 2020, 09:19:15 AM Though we often compare bitcoin to fiat, bitcoin is still not the alternative of fiat. We compare them to show in what sectors is bitcoin superior to fiat but fiat too is superior on some sectors. I don't think bitcoin itself would ever be replace fiat but with other cryptocurrency around, fiat surely would have a difficult day ahead. Yes, right now bitcoin is very young to take over the entire functionalities of fiat. Also people aren't ready to accept bitcoin with the same mentality of fiat for various reasons. Maybe the upcoming generation go completely with bitcoin, because these days we've got each and everything connected with internet and available within our hands.Fiat has been here since ancient times while bitcoin is just a decade old. Bitcoin is a promising future while fiat is still the integral part of our society. The upcoming generations are very capable in adopting this system, with how bitcoin is now being noticed from the business and financial side of industry. It's not impossible that the incoming generation will surely embraced this system, for now more people still engaged with fiat system and that's mindsets are hard to break. The continuous success of bitcoin being recognized worldwide will open the door of many people to start using and adopting this system. Title: Re: Which is more important bitcoin or fiat? Post by: celot on October 26, 2020, 10:37:54 AM Though we often compare bitcoin to fiat, bitcoin is still not the alternative of fiat. We compare them to show in what sectors is bitcoin superior to fiat but fiat too is superior on some sectors. I don't think bitcoin itself would ever be replace fiat but with other cryptocurrency around, fiat surely would have a difficult day ahead. Yes, right now bitcoin is very young to take over the entire functionalities of fiat. Also people aren't ready to accept bitcoin with the same mentality of fiat for various reasons. Maybe the upcoming generation go completely with bitcoin, because these days we've got each and everything connected with internet and available within our hands.Fiat has been here since ancient times while bitcoin is just a decade old. Bitcoin is a promising future while fiat is still the integral part of our society. The upcoming generations are very capable in adopting this system, with how bitcoin is now being noticed from the business and financial side of industry. It's not impossible that the incoming generation will surely embraced this system, for now more people still engaged with fiat system and that's mindsets are hard to break. The continuous success of bitcoin being recognized worldwide will open the door of many people to start using and adopting this system. Title: Re: Which is more important bitcoin or fiat? Post by: CODE200 on October 26, 2020, 11:18:15 AM Right now I would say Fiat is more important for daily usage as Bitcoin hasn't been widely adopted yet and cannot be used as a medium of transfer in all place but that may change in the future. But acquiring crypto will generate profit right? That is a benefit. While it is indeed true that fiat is more usable at this moment.I'd say this won't measure which is more important giving each of these currencies are having their own advantages. One thing is for sure, both currencies are important because these can be used in our daily living It is just that these two are having different support from different governments which makes a Gap. One day, once cryptos are widely used in daily transactions, there will be equality in terms of its usage which will make it more valid that both currencies are important. Title: Re: Which is more important bitcoin or fiat? Post by: bitbollo on October 26, 2020, 12:37:57 PM it's not just what has value and what has not value. Everything could be very valuable or just some pixel in a screen.
During a war what will be more valuable? one Picasso painting or a refugee with possibility to grow food/ get fresh water? The same applies to bitcoin and fiat cash, both are two medium of payment without intrinsic value. You are accepting FIAT as a convention (like the government has issues this FIAT and you can legally spent in your shop), and the same could always happens even with bitcoin.But even with a worthless (value in FIAT) bitcoin has an advantage and this is the big revolution that can leverage the trust of people in this type of technology. Title: Re: Which is more important bitcoin or fiat? Post by: Light onuoha on October 26, 2020, 12:49:09 PM As for me bitcoin is more preferably, but different people have different taste, some people prefer fiat currency because it can be easily traded to gold or any of their choice. But bitcoin is the best for me.
Title: Re: Which is more important bitcoin or fiat? Post by: goldade on October 26, 2020, 12:57:23 PM I am literally good in with no doubt about it and if someones says he will donate a bitcoin to me I will going to accept it wholeheartedly for it can be used like a fiat currency could do or more than fiat currency could do. Bitcoin is all in one coin that involve also some sort of investment. Most of the members here are over rating bitcoin compared to fiat currency. Others had degrading fiat currency because it can get easily influence by inflation rate and its value keep going down except for those rich countries that has maintain or stablize their economic growth. As we all know the value of fiat currency will depend on the economy of that country like those assets, resources and how it was being assessed. But I do not know how they made the assessment. In my point of view, I more like fiat currency than bitcoin. I like to use more fiat currency and use the bank service as well that can be access digital through atm machine. However, I may not feel better with their service because any time they can steal your identity or their database that can be use in illegal activity but this is only a slight chance to happen but it is possible. The fiat currency has largely being used and applied in our daily life compared to bitcoin but I do believe that bitcoin will going to play this role too. In my opinion, bitcoin has no real value. Why? Correct me if I am wrong, * You can have bitcoin but if it is not being tradable to fiat currency then your bitcoin has no value at all. * You need to buy bitcoin with fiat currency without fiat currency you can't have bitcoin * when you buy bitcoin you have to pay services like in those banks and when you like to convert bitcoin to fiat and withdraw it to a banks then you will then again to pay the service of the bank. You need also to pay the bitcoin transaction fee. So fees are everywhere from those banks to bitcoin network deducted by the miners. * bitcoin could stand alone without being paired by fiat currency but we should make it paired with fiat to get the bitcoin with value depending on the demand of the community. * You can earn bitcoin investing in it but can take losses too depending on you. And this is why i think that many had said that they like bitcoin because they are earning but some that aren't. I feel sometimes bad about it you had your earnings coming from other people knowing that you had bought bitcoin cheaper price compared to the new comers with higher price of bitcoin However, there are some of my points though of having bitcoin like the following, * being anonymous in making a transaction or in a decentralized manner if bitcoin to bitcoin no third party services being used. * p2p transactions and you do not need to worry the process of transaction for whenever there will be a new teansaction going to take place it will be broadcast to bitcoin network and will be confirm by a miner so no need for a third party service to take care of your transactions. * bitcoin could be use to transfer money outside the country for a lesser expenses than bank or money transfer services. * less hassle in bringing money to pocket but banks also offer digital money saving it or ready available through atm. My conclusion I agree that bitcoin is sort like a form of money but no way it could be the same as fiat currency because people trade their fiat to bitcoin which will then the price of bitcoin decided depending on the demand of the people wanting to have bitcoin. Again, this is just my opinion because for me it seems that cryptocurrency has been exaggerated, over rated and fiat currency is being overkilled. Bitcoin and fiat currency must not get overlap to each other. Both currencies are important especially for bitcoin lovers but if you are not a bitcoin lover then I know you will going to prefer fiat currency of course for its widely use if we will going to analyze its current function compared to bitcoin. However, I still want to know your opinion regarding on the bitcoin vs. fiat currency. Could it be possible to get bitcoin a value if not because of Fiat currency? Could fiat currency will have no value without bitcoin? (Honestly fiat currency has value with or without bitcoin) Note: The poll will expire in 30 days and the result will be shown after the poll expire. Please respect post! Edit: Sorry for being a bad guy here. But this is what the forum is all about to discuss matters that help us enlightenin every way. Special thanks to @mk4 towards professionalism Presently, as it stands, you're probably right that bitcoin has no value and fiat is more important than bitcoin is but pardon me if I say you only say this because you're short-sighted. Bitcoin has only been for a little over a decade and has risen tremendously over the years in terms of relevance and uses. True, bitcoin is not fulfilling its potential as a currency now, trust me, it is only a matter of time. You should know that very soon, at this rate, bitcoin will be adopted massively in the mainstream world and will become the legal tender just like any fiat you can think of. Title: Re: Which is more important bitcoin or fiat? Post by: Mr.sprin on October 26, 2020, 02:00:21 PM do you understand the use of bitcoin, bitcoin can be exchanged directly for dollars and do you still say that you are more concerned with fiat, for me it is as important as bitcoin and fiat as important and I can buy what I want.
Title: Re: Which is more important bitcoin or fiat? Post by: qwertyup23 on October 26, 2020, 02:21:06 PM Both are important I do not think you should qualify on whether which one is more important. Fiat is the conventional way of payment and it has been used by all the people around the world since time immemorial. Bitcoin, on the otherhand, is a decentralized currency which is revolutionary in its own way. Both are important as they have their own usage on different platforms.
There are countries which accept both as a medium of payment but bitcoin is only limited to some countries as they prohibit the usage of such due to its anonymity factor. Title: Re: Which is more important bitcoin or fiat? Post by: jademaxsuy on October 26, 2020, 02:49:04 PM I agree with you OP that fiat is important than bitcoin at current time because bitcoin could have no value if it is not being traded by fiat currency. But when the time comes that when the government will going to decide to. eradicate fiat currency and to change it to digital fom which could happen possibly in the future.
However, the use of fiat nowadays in spending for daily needs is very crucial and needed. If not with fiat then exchange like barter system would not be accurate or could be reliable as what fiat could do. Title: Re: Which is more important bitcoin or fiat? Post by: 1kodumtek7 on October 26, 2020, 02:50:07 PM Fiat money is more important than bitcoin to me. Right now, I only regard bitcoin as a means of making money and I think most people would agree with me. However, the answer to this question may change depending on whether the usage area of Bitcoin expands in the future.
Title: Re: Which is more important bitcoin or fiat? Post by: proTECH77 on October 26, 2020, 03:12:07 PM Bitcoin is not too popular like fiat money which has been existing over hundred years compared to bitcoin which is not up to twenty years. Many people are use to fiat money in any kind of business you think of, once fiat money involved people will surely involved too. Educated and uneducated can make use of fiat money which is centralized to the country. But it will hard for uneducated to use bitcoin to invest and make a good profit.
I guess fiat money is more important than bitcoin. In fiat money educated and uneducated can use it to invest and make a good reward. But bitcoin it will hard for uneducated to make use of it in any business because it is a digital currency. Title: Re: Which is more important bitcoin or fiat? Post by: yhiaali3 on October 26, 2020, 04:04:12 PM So what gives Fiat currency its value? It is the country's economy without a doubt. Fiat currency has no value in itself, it is just a piece of paper and the government can pump it as much as it wants, while Bitcoin has a value in itself and also has a limited amount, and this amount decreases continuously, which increases the value of Bitcoin.
By comparison, we find that Bitcoin is better in terms of intrinsic value than Fiat currency, it is similar to gold. Title: Re: Which is more important bitcoin or fiat? Post by: Dsdaq on October 26, 2020, 04:22:28 PM Both are important, because with out fiat we can accurately now the true value or worth of bitcoin.
Title: Re: Which is more important bitcoin or fiat? Post by: Emitdama on October 26, 2020, 04:42:31 PM The reason why you see people here overrating Bitcoin is because this is a Bitcoin forum, so they are doing what they are supposed to be doing; which is mostly to be supporting Bitcoin. Before you get to this forum you're likely to have reached a level where you like Bitcoin a lot, so you will be doing things that push BTC ahead.
As for between fiat and Bitcoin, there are more things you will get done with fiat than Bitcoin, because fiat is the real currency and is widely accepted. Cryptocurrencies shouldn't be seen as the same level with the main currencies we are using, rather they are like other means that we can transact money and nothing more. Soon they will be added to PayPal, and we will be able to use our cryptocurrencies to buy from any online stores that are accepting PayPal. Title: Re: Which is more important bitcoin or fiat? Post by: Latviand on October 26, 2020, 04:50:44 PM Right now I would say Fiat is more important for daily usage as Bitcoin hasn't been widely adopted yet and cannot be used as a medium of transfer in all place but that may change in the future. Fiat is really much more important to use during this time as we pay our bills and goods, but in terms of investment, bitcoin can be much more effective as we engaged in a technological aspect during this pandemic. People are spending so much time in the internet everyday because we are not allowed to go outside without a purpose. That's the reason why most of the people are looking for something profitable in the internet and I think bitcoin is the best thing for that, bitcoin is the answer to their question. They really have different importance to a people especially that they have different platform and value in the society. Title: Re: Which is more important bitcoin or fiat? Post by: royalfestus on October 26, 2020, 04:57:50 PM I want to accept a belief that; as bitcoin use increases so will the use of bank/fiat decrease( reducing it for only local use), what matter is the acceptance of bitcoin as means of exchange which increases by the day. More also is the reaction of some governments to restrict the use of fiat against the corrupt leaders, which is encouraging the adoption of certain percentage bitcoin as storage for likely unforeseeable circumstance. Nigerian government tried to control the funding of the recent protest by fiat until bitcoin was adopted.
Title: Re: Which is more important bitcoin or fiat? Post by: Xembin on October 26, 2020, 07:19:20 PM I think the two is very important to me but I prefer bitcoin than fiat money because it hard for any one to scam your coins from you without your concept. Many investors are use to bitcoin in the exchange market than fiat money.
Bitcoin is decentralized currency which is not control by the federal government or manage by any country of the world. There many secure wallet where you can save your money for future use. Title: Re: Which is more important bitcoin or fiat? Post by: dunfida on October 26, 2020, 07:25:00 PM Right now I would say Fiat is more important for daily usage as Bitcoin hasn't been widely adopted yet and cannot be used as a medium of transfer in all place but that may change in the future. But acquiring crypto will generate profit right? That is a benefit. While it is indeed true that fiat is more usable at this moment.I'd say this won't measure which is more important giving each of these currencies are having their own advantages. One thing is for sure, both currencies are important because these can be used in our daily living It is just that these two are having different support from different governments which makes a Gap. One day, once cryptos are widely used in daily transactions, there will be equality in terms of its usage which will make it more valid that both currencies are important. To think that on where do crypto gets its value? Of course this do talks about fiat and im not really a fan on answering up such question on which is important yet we cant really deny that Fiat would be always the main priority at the moment.They do really have their own cons and pros but one thing is for sure that fiat would remain out as long do government exist and to say that crypto wont really be just having no fiat independent value.Its hard to believe that it can stand on its own. Value will always tied up to fiat. Title: Re: Which is more important bitcoin or fiat? Post by: Asuspawer09 on October 26, 2020, 07:57:50 PM - Bitcoin is tradable to fiat currency and that kinda gives its value since it will never have its value if we don't have fiat money. Most of the store or people are accepting bitcoin because you could just convert it to fiat if it is not convertible to fiat money it's kinda useless.
-You don't need fiat money technically to get bitcoin, but converting fiat to bitcoin is one of the ways to get bitcoin. *At this time bitcoin could be used more because of the pandemic, cashless transactions are kinda trendy or could be a normal way in making transactions. But most of the countries or governments just cannot fully implement or just used one currency like bitcoin because it is a decentralized currency, fiat currency that is controlled or regulates by the government is still more important because that is what you could use or it is the currency that is accepted in your country. Title: Re: Which is more important bitcoin or fiat? Post by: harizen on October 26, 2020, 08:00:28 PM Define "important"? If that question just raised because OP thinks that fiat is overkilled in the crypto-community then the discussion doesn't make sense. Clearly, there is a misunderstanding on OP's part wherein he thinks that most people are putting too much hype on bitcoin while at the end of the day, they will convert it to fiat. First of all, try to research why the crypto-community grows over time. What's the reason? Why they don't like to be involved in banks? Why they are putting money on crypto? Why crypto-trading grows? No need to go technical deeply about the advantage of using bitcoin and fiat. People have different preferences. Title: Re: Which is more important bitcoin or fiat? Post by: ReiMomo on October 26, 2020, 08:20:58 PM Define "important"? If that question just raised because OP thinks that fiat is overkilled in the crypto-community then the discussion doesn't make sense. When we talk important, it should be always be used in any aspect in terms of currency but as I see here, people love to have an alternate currency that to maintain and focus the real one. Fiat is much better than others, digital cryptocurrency and bitcoin are the most important when the value has been a rise. Most people think that bitcoin isn't a currency, it's a form of investment. Title: Re: Which is more important bitcoin or fiat? Post by: Yatsan on October 26, 2020, 09:18:10 PM When it comes to importance, that is clearly dependent on the perspective of the people himself on what he values the most between fiat and Bitcoin. Both have their own importance on mankind, it is just that there is a distinct level of giving importance that people are giving Bitcoin and fiat depending on the availability of resources they have to state whether they needed fiat or Bitcoin the most. For those countries where there is mass adaption of Bitcoin usage, there is a dependency on the individual whether he will treat Bitcoin to be more important than fiat or fiat than Bitcoin. For those that resides on places where Bitcoin is still not massively adapted, for sure they will value fiat more than Bitcoin although they still value both. Actually it is really depending upon the situation and perspective of the individual himself.
Title: Re: Which is more important bitcoin or fiat? Post by: Yamifoud on October 26, 2020, 09:18:54 PM Define "important"? If that question just raised because OP thinks that fiat is overkilled in the crypto-community then the discussion doesn't make sense. Clearly, there is a misunderstanding on OP's part wherein he thinks that most people are putting too much hype on bitcoin while at the end of the day, they will convert it to fiat. First of all, try to research why the crypto-community grows over time. What's the reason? Why they don't like to be involved in banks? Why they are putting money on crypto? Why crypto-trading grows? No need to go technical deeply about the advantage of using bitcoin and fiat. People have different preferences. Title: Re: Which is more important bitcoin or fiat? Post by: tanjiran on October 26, 2020, 11:50:47 PM snip-- Bitcoin is effective as a potential investment product and trading commodity, while fiat is very effective for day-to-day financial transactions, especially for micropayments and instant payments. If we combine the two, without choosing either one, I think it would be wiser.It is just people (most) are considering Bitcoin and crypto as a milking asset not as a currency to use to buy stuff, for bills just like what they do with FIAT money. And why they were converting it into FIAt is because of its higher value. People consider both Bitcoin and FIAT to have an important role in different aspects, as an investment and as a currency, respectively. Although bitcoin has many advantages, fiat is still more effective for day-to-day transactions. We know that bitcoin adoption is still limited, and the price is volatile. I personally would prefer fiat for transactions. Title: Re: Which is more important bitcoin or fiat? Post by: pankowri on October 28, 2020, 11:09:09 AM I don't make any one-sided judgments. Both Bitcoin and Fiat have satisfactory stances here. Somewhere Bitcoin is better and somewhere fiat is. Although Bitcoin is not finally accessible or legitimate in all countries and everywhere. But Fiat is accessible in all countries and everywhere. I have different necessities for both. In the widespread pandemic, Fiat is required more because many businesses are closing down and losing jobs. If this pandemic circumstance becomes extra frightening in the future, then it will be miserable to consume the day. Then the necessity for bitcoin will heighten. In a word, nothing is unimportant to anyone. Shortly, the demand for Bitcoin will probably increase more than Fiat.
Title: Re: Which is more important bitcoin or fiat? Post by: yazher on October 28, 2020, 11:50:41 AM Until you buy everything with Bitcoin, you still need fiat to survive. therefore, fiat is more important for now and it will become less important until at the supermarket you can buy everything with BTC. Nowadays, people failed to think of these reasons they thought bitcoin is everything right now. without counting of some places that have some fewer technologies where you can't even pay with your credit card only cash in your pocket.
Title: Re: Which is more important bitcoin or fiat? Post by: xSkylarx on October 28, 2020, 02:44:58 PM How can bitcoin have it's value without fiat. How can we know that each bitcoin cost a lot if fiat doesn't exist. If bitcoin will be the only form of curremcy or let's say crytocurrencies, how can we define each items or things their price or value.
Title: Re: Which is more important bitcoin or fiat? Post by: Debonaire217 on October 28, 2020, 03:34:53 PM Let's just clear the misconception about Bitcoin cannot run without fiat, imagine, the demand of the people is what giving value to anything. If people demand bitcoin, regardless of the existence of fiat, it will be tradable. People can still transact using bitcoin in exchange for a house, an item, or a pizza for example.
The way I see bitcoin being compared to fiat is because it is quite easy to trade fiat because it has a value already, fiat money is also widely used and can be easily exchanged. Though bitcoin can stand on its own even without fiats. Title: Re: Which is more important bitcoin or fiat? Post by: ampu on October 28, 2020, 03:54:35 PM I think they are both money and convertible in the same way. If we look at the long term when we keep the original $ 10,000 in FIAT and Bitcoin split into two equal parts, we will see that the price slide of FIAT money is certain. They lose value over time as more fiat money enters the market and the value of the commodity increases over time. As for Bitcoin, I would say that they increase in price over time because of the scarcity of how they have mined and people's demand increases.
Title: Re: Which is more important bitcoin or fiat? Post by: Gotumoot on October 28, 2020, 03:55:05 PM For me both of them are important but since the pandemic I have been relying too much on crypto since it has been giving us more money than Fiat.
I have been earning more in crypto than in Fiat so I would vote on crypto right now, But we couldn't live our daily life without Fiat since crypto isn't being accepted by everyone so we couldn't use it to pay for everything right now. So both of them still play a huge part on our life and I could assume that it isn't just me but also most of the member of this forum or most of the crypto holder/earner. Title: Re: Which is more important bitcoin or fiat? Post by: Reosta_ on October 28, 2020, 03:58:00 PM For now, it is clear that fiat is preferred to be used over Bitcoin by the most of the people in the world. Because there are so many people who don't even know what cryptocurrencies are or don't want to use it. But I believe this will change in progress of time. More people will start learning about Bitcoin. Because the cryptocurrencies are our future. Maybe these volatile and decentralized cryptos won't be preferred to be used as the main currency of many countries. But governments will make their own digital currencies. So, I think there is no future for fiat in the long run.
Title: Re: Which is more important bitcoin or fiat? Post by: semobo on October 28, 2020, 04:07:44 PM Fiat money also doesn't have any real value, assets like gold can be considered as better currency but due to the convenience we made fiat and now fiat is getting more depreciated in their purchasing power that is why crypto currencies like bitcoin is getting popular and got its value from the demand created in the market.
Title: Re: Which is more important bitcoin or fiat? Post by: Harrison chinoye on October 28, 2020, 04:12:45 PM yes for me i think Bitcoin has always been transparent regarding coin supply, as well as keeping a public ledger of all transactions since day one, virtual currency is a far superior solution to fiat currency. It will take time until everyday consumers start flocking to Bitcoin. so i believe bitcoin is more important.
Title: Re: Which is more important bitcoin or fiat? Post by: Inkdatar on October 28, 2020, 10:53:08 PM yes for me i think Bitcoin has always been transparent regarding coin supply, as well as keeping a public ledger of all transactions since day one, virtual currency is a far superior solution to fiat currency. It will take time until everyday consumers start flocking to Bitcoin. so i believe bitcoin is more important. Fiat and bitcoin have different usage and in my opinion, both are important to me. It is indeed that bitcoin is transparent with regards to supply and we all know it's usage and it's benefit to the users. I think bitcoin will have more improvement in the future which is we can't compare to fiat currency.Title: Re: Which is more important bitcoin or fiat? Post by: 24Kt on October 28, 2020, 10:57:37 PM yes for me i think Bitcoin has always been transparent regarding coin supply, as well as keeping a public ledger of all transactions since day one, virtual currency is a far superior solution to fiat currency. It will take time until everyday consumers start flocking to Bitcoin. so i believe bitcoin is more important. Fiat and bitcoin have different usage and in my opinion, both are important to me. It is indeed that bitcoin is transparent with regards to supply and we all know it's usage and it's benefit to the users. I think bitcoin will have more improvement in the future which is we can't compare to fiat currency.There's no doubt, even right now, we still need fiat in our everyday life. Only small percentage of global population are using crypto. And most of them are still using fiat as not many merchants are accepting crypto right now. So basically, we still need to convert our crypto to fiat to spend it. There are benefits of using bitcoin but there are limitations as well. So for me, it is not a question of benefits of bitcoin over fiat but right now, we still need fiat to go on our daily lives. Title: Re: Which is more important bitcoin or fiat? Post by: oprahwindfury on October 29, 2020, 05:24:48 PM Always bitcoin is important,for people it totally depends where they live.because to many countries that doesn't accept Bitcoin.if your country accept bitcoin then bitcoin is better then fiat,Because Fiat is important for daily earning routine and bitcoin for hold.everyone know about bitcoin, we need both for earning.So bitcoin frist then fiat.
Title: Re: Which is more important bitcoin or fiat? Post by: mezzaluna on October 29, 2020, 06:31:28 PM It should also come across your mind that both of them can coexist without creating necessary problems. Currently, it is somehow a benefit to have access to digital money since everybody is scared to have physical items that might have a trace of a virus or even the Corona Virus so Bitcoin might come out on the polls. Both of them have the capability to do things well and since not all people have access to Bitcoin, they have no knowledge regarding about it so people may have their own ideals on where to use them.
Title: Re: Which is more important bitcoin or fiat? Post by: Genemind on October 29, 2020, 07:48:40 PM It still depends on your location. In our country, we're able to use Bitcoin in purchasing goods and buying our necessities as well as paying bills but that doesn't mean that fiat isn't important anymore or Bitcoin is better than this. No currency could replace physical money and Bitcoin still has a lot to prove and improve since there are still people who are doubting it. We still need a massive adoption and I believe that it still takes time. Fiat will always be fiat no matter how many digital currencies may exist.
Title: Re: Which is more important bitcoin or fiat? Post by: serjent05 on October 29, 2020, 08:01:36 PM you don't "need to" buy bitcoin with fiat, you "choose to" buy it with fiat. it is like saying you "need to buy US dollar"!!! the real way of gaining bitcoin is to getting paid for the work you do just like the way you are getting paid in US dollar (or any other fiat you get paid in if you are in another country). Correct me I'm wrong, the way I understand Bitcoin, the real way of gaining Bitcoin is thru mining. I think trading, and getting paid with Bitcoin is secondary to it. Besides, if the one paying BTC is not mining or buying it with fiat, they won't be able to pay us with BTC. In the current situation, I still believe that fiat is more important than BTC in a day to day transactions of a normal citizen. Title: Re: Which is more important bitcoin or fiat? Post by: jemimah_f3 on October 30, 2020, 09:38:17 AM In my opinion the question isn't quite correct, if mean an average person than yes, fiat is more important at the moment in everyday life. If you ask CEO of some big crypto fund he/she may say that bitcoin is more important. With growing adoption bitcoin will be more important as store of value.
Title: Re: Which is more important bitcoin or fiat? Post by: LimLims on October 30, 2020, 09:50:49 AM Right now I would say Fiat is more important for daily usage as Bitcoin hasn't been widely adopted yet and cannot be used as a medium of transfer in all place but that may change in the future. Everyone's opinion will be to choose FIAT over Bitcoins. The main reason for this is the high volatility of Bitcoins. As Bitcoins Don't have a fix price so many people won't like to use it for daily to daily use. Moreover Bitcoins can be treated as assets which can be stored and profits can be yield from it. Hope you get this Op. Title: Re: Which is more important bitcoin or fiat? Post by: Boov on October 30, 2020, 09:51:41 AM It still depends on your location. In our country, we're able to use Bitcoin in purchasing goods and buying our necessities as well as paying bills but that doesn't mean that fiat isn't important anymore or Bitcoin is better than this. No currency could replace physical money and Bitcoin still has a lot to prove and improve since there are still people who are doubting it. We still need a massive adoption and I believe that it still takes time. Fiat will always be fiat no matter how many digital currencies may exist. It was definitely true, the used of bitcoin were depend upon where country are we belong, does our country received bitcoin or not. If the answer was yes, then it is better to used bitcoin instead since were in a pandemic crises where health issues were timely it is more safe to transact via bitcoin or online payment than fiat. But like me here in our country where digital currency were not legally adopted i would need to undergo my bitcoin into exchange to have it as fiat.Title: Re: Which is more important bitcoin or fiat? Post by: Oshosondy on October 30, 2020, 10:01:53 AM Always bitcoin is important,for people it totally depends where they live.because to many countries that doesn't accept Bitcoin.if your country accept bitcoin then bitcoin is better then fiat,Because Fiat is important for daily earning routine and bitcoin for hold.everyone know about bitcoin, we need both for earning.So bitcoin frist then fiat. Is bitcoin accepted in China? No. Why China generating the highest bitcoin hash rates? You know that means the highest numbers of miners are in China, while China ban cryptocurrencies in general. Banning bitcoin is not an excuse, bitcoin has power beyond that, there is no a single country that will say they are not trading bitcoin. Why are people that their country ban bitcoin joining campaign on this forum, if they can not sell bitcoin, they will not join any campaign. Title: Re: Which is more important bitcoin or fiat? Post by: FlightyPouch on October 30, 2020, 10:58:54 AM In the current situation, I still believe that fiat is more important than BTC in a day to day transactions of a normal citizen. Well, this is also my opinion. Since we can't actually use bitcoin in our daily basis, our daily transactions, I don't think people would choose bitcoin over fiat. But in the case of an investment, I don't think people would choose fiat over bitcoin or other crypto currencies since we all know, it is better to save or hold crypto currencies than fiats. Title: Re: Which is more important bitcoin or fiat? Post by: tippytoes on October 30, 2020, 11:14:14 AM Why is there no stats with the OP's poll, if you try to vote on his options?
In the current situation, I still believe that fiat is more important than BTC in a day to day transactions of a normal citizen. Well, this is also my opinion. Since we can't actually use bitcoin in our daily basis, our daily transactions, I don't think people would choose bitcoin over fiat. But in the case of an investment, I don't think people would choose fiat over bitcoin or other crypto currencies since we all know, it is better to save or hold crypto currencies than fiats. Fiat is still the main currency of global population. Only small percentage up until now are crypto users. And those crypto users are also fiat users. Mainly, we still need to convert our crypto to fiat in order to spend it. Not many merchants are also accepting crypto. But I believe, adoption will grow, one contributor may be PayPal in the very near future. Since it is already available on this platform, merchants may think of adding crypto also in their shops. And so with the users also, at one point, they will think of trying to get involved with crypto as it is already on their reach. Title: Re: Which is more important bitcoin or fiat? Post by: XCANA on October 30, 2020, 11:26:18 AM Always bitcoin is important,for people it totally depends where they live.because to many countries that doesn't accept Bitcoin.if your country accept bitcoin then bitcoin is better then fiat,Because Fiat is important for daily earning routine and bitcoin for hold.everyone know about bitcoin, we need both for earning.So bitcoin frist then fiat. Absolutely, these two are twins IMO, just that one is centralize and other decentralized, there will be no use of Bitcoin if it can't be transfer to fiats. Bitcoin is a digital payment method which came to revolutionize the way fiats should be use, bitcoin investment on a long term will yield more than just make investment with fiats. Though i usually ensure that after purchase of Bitcoin, i hold the same for some period till profits are be made and taken, so, the two are just twins.Title: Re: Which is more important bitcoin or fiat? Post by: Dsdaq on October 30, 2020, 04:22:11 PM Those who know about cryptocurrency can claim that it is much better than fiat currency. Cryptocurrencies have a huge set of benefits as compared to fiat currency. Cryptocurrency has been the center of attention ever since it became known in 2009.
The transaction of cryptocurrency is a more secure one compared to fiat currency. The system of blockchain is quite strong and complex, so the hacker needs to attack multiple times at once, which is not possible. So, blockchain technology makes cryptocurrency more secure despite being a digital form of currency. Cryptocurrency is an independent and decentralised currency. It is free from any third party controls like banks or government. No change in government policies have any kind of effect on this cryptocurrency. The transaction fee for transferring of cryptocurrency is much less, irrespective of how much has to be transferred and where it has to be transferred. Title: Re: Which is more important bitcoin or fiat? Post by: bitzizzix on October 30, 2020, 05:40:52 PM Everything will depend on the country they live in and if bitcoin is legal and functions like fiat it will definitely choose bitcoin for any transactions every day and it will be safer and more convenient to use it.
but if bitcoin is still illegal it looks like fiat will still be everyone's first choice because it is legalized by the state as a state currency symbol, like in the country where i live bitcoin is still illegal and i have to exchange it for fiat to be able to use it as any transaction and for now bitcoin still good for a promising asset or investment. Title: Re: Which is more important bitcoin or fiat? Post by: marissa23 on October 30, 2020, 05:45:58 PM <snip> Cryptocurrency support from Paypal will expand bitcoin users from all over the world, all OP questions will be answered by themselves when they use bitcoin. In the future, the use of bitcoin is not only limited to investment but will expand as a means of payment for buying and selling products, many online payment companies will follow Paypal steps to support the use of cryptocurrency.But I believe, adoption will grow, one contributor may be PayPal in the very near future. Since it is already available on this platform, merchants may think of adding crypto also in their shops. And so with the users also, at one point, they will think of trying to get involved with crypto as it is already on their reach. Title: Re: Which is more important bitcoin or fiat? Post by: 3meek on October 30, 2020, 05:56:44 PM The most important reason for the importance of Bitcoin is that it is only 21M coins! And it is not subject to inflation...
But the situation with fiat is exactly the opposite! Everybody sees how a printing press makes brrrrrr, printing an unlimited amount of money! And such printing does not lead to anything good! Title: Re: Which is more important bitcoin or fiat? Post by: Kez1817 on October 30, 2020, 06:04:52 PM Bitcoin and fiat are both important for me. I need them both. I earned through bitcoin and I can also use it for paying my bills. I used fiat everyday to buy foods and other necessities which I can't buy with bitcoin. This two always played an important role in my life in terms of financial matter.
Title: Re: Which is more important bitcoin or fiat? Post by: FlightyPouch on October 30, 2020, 11:09:32 PM In the current situation, I still believe that fiat is more important than BTC in a day to day transactions of a normal citizen. Well, this is also my opinion. Since we can't actually use bitcoin in our daily basis, our daily transactions, I don't think people would choose bitcoin over fiat. But in the case of an investment, I don't think people would choose fiat over bitcoin or other crypto currencies since we all know, it is better to save or hold crypto currencies than fiats. Fiat is still the main currency of global population. Only small percentage up until now are crypto users. And those crypto users are also fiat users. Mainly, we still need to convert our crypto to fiat in order to spend it. Not many merchants are also accepting crypto. But I believe, adoption will grow, one contributor may be PayPal in the very near future. Since it is already available on this platform, merchants may think of adding crypto also in their shops. And so with the users also, at one point, they will think of trying to get involved with crypto as it is already on their reach. I just hope that Paypal accepting crypto currency, mainly bitcoin would also make other platforms especially here in our country to do the same. If a lot of trusted platforms would accept bitcoin, the adoption of it would be larger and that would start what we've all been waiting for. The fact that the price is $13K makes me think that Paypal has somehow affected this growth. Title: Re: Which is more important bitcoin or fiat? Post by: abyan@83 on October 31, 2020, 12:09:46 AM I think in quantity people will still choose fiat because fiat is longer than bitcoin and more trustworthy. However, in terms of excellence of course bitcoin is much superior. The downside of bitcoin is its price instability so that it can make a person's assets rise or fall briefly. The solution is to store assets in stable Coins like USDT.
Title: Re: Which is more important bitcoin or fiat? Post by: LogitechMouse on October 31, 2020, 06:48:15 AM Correct me if I am wrong, I'm not that good in financial thingies but I know that Bitcoin already have value even without fiat on it.* You can have bitcoin but if it is not being tradable to fiat currency then your bitcoin has no value at all. If you will dive back in the history, merchants are just writing on a paper and making an agreement that the paper is worth X amount of dollars. That is how money works in the past until there are developments. To answer that, Bitcoin still has a value as long as the 2 parties agree that it has value and the other party wants to accept the Bitcoin. Both of them are important but in terms of usage, its obvious that fiat is the one being used by people still. Yes probably there are some who are accepting Bitcoin but if you will make a survey with this question to some random people, they will choose Fiat since it is the well-known and most used currency we are using right now. Title: Re: Which is more important bitcoin or fiat? Post by: lifeOK on October 31, 2020, 08:37:43 AM Bitcoin and fiat aren't comparable. One can't be better than the other. We have to use fiat for our daily needs, so we can't live without it. Bitcoin or Fiat the two has equivalent significance, we can't deny it in any case. Bitcoin is relatively new technologies and more rooms to go. I comprehend the USD is losing purchasing power, here's Bitcoin going to combat. It's worth put significance on bitcoin since bitcoin is picking up an incentive because of limited supply. Title: Re: Which is more important bitcoin or fiat? Post by: emmaglory5 on October 31, 2020, 08:41:48 AM Bitcoin has an early lead and the advantage of the biggest name and largest market cap. However, altcoins continue to grow in popularity relative to bitcoin. For the time being, no cryptocurrency has effectively overtaken fiat in any part of the world
Title: Re: Which is more important bitcoin or fiat? Post by: Bratusvan on November 01, 2020, 12:10:40 PM It is not that aware verisign flat currency but just that we trust bitcoin to earn us more than flat curency . Those who like flat currency take it to the forex market because that is where they really matter. i have gone through both flat currency and bitcoin and it is very clear to me that bitcoin is way better. If you have been observing the trends then you should be able to tell that bitcoin has really been growing fast and in a very short while. Sometimes you just need to be sure of what you want. If you want flat currency then you should stick to it. Everyone has a choice. You still dom has a valid point.
Title: Re: Which is more important bitcoin or fiat? Post by: Smartprofit on November 01, 2020, 12:53:44 PM Bitcoin and fiat aren't comparable. One can't be better than the other. We have to use fiat for our daily needs, so we can't live without it. I value Bitcoin more than fiat money. I have a lot of inflation in my country now. The national currency is depreciating. https://www.statbureau.org/en/russia/inflation Bitcoin in the future will cost $ 15,000 ($ 20,000, $ 30,000, $ 40,000), etc. The national currency will depreciate. Bitcoin is the future. Bitcoin is hope. Fiat money is more liquid. This is their advantage. However, Bitcoin is a more valuable currency for me. This is the best money. Title: Re: Which is more important bitcoin or fiat? Post by: 3meek on November 01, 2020, 01:53:27 PM You need to understand that almost everyone measures the value of bitcoin in dollars! From this we can conclude that for most people are more important than dollars, not bitcoins... I hope that this will change with time, when the fiat money begins to devalue! And people will start to understand that bitcoins are only 21M coins!
Title: Re: Which is more important bitcoin or fiat? Post by: coolcoinz on November 01, 2020, 03:11:35 PM You need to understand that almost everyone measures the value of bitcoin in dollars! You need to travel more often. In Europe almost everyone measures the value in EUR. Quote From this we can conclude that for most people are more important than dollars, not bitcoins... I hope that this will change with time, when the fiat money begins to devalue! What? ???Quote And people will start to understand that bitcoins are only 21M coins! Is that good or bad? :D I hope you understand that 21M@ 200k USD is a lot, but the same number @ 2k USD is not.Bitcoins are more important because you can't make them, can't print or seize them. They will be here when fiat currencies are long gone. The uestion is what will their value be at that point. Title: Re: Which is more important bitcoin or fiat? Post by: 3meek on November 01, 2020, 03:55:42 PM You need to understand that almost everyone measures the value of bitcoin in dollars! You need to travel more often. In Europe almost everyone measures the value in EUR. Quote From this we can conclude that for most people are more important than dollars, not bitcoins... I hope that this will change with time, when the fiat money begins to devalue! What? ???Quote And people will start to understand that bitcoins are only 21M coins! Is that good or bad? :D I hope you understand that 21M@ 200k USD is a lot, but the same number @ 2k USD is not.Bitcoins are more important because you can't make them, can't print or seize them. They will be here when fiat currencies are long gone. The uestion is what will their value be at that point. Only when you can buy goods for BTC or pay for utilities, then you can talk about the importance of bitcoin in everyday life of ordinary people... In the meantime, people exchange it for fiat and use ordinary money.... For example, in PayPal there will be no function of payment with bitcoin, it will be converted into the desired currency... This is what I was talking about - people think first of all about the fiat money! You have correctly noticed about the deflationary model of bitcoins - this is a very important point! Title: Re: Which is more important bitcoin or fiat? Post by: Xinarae* on November 01, 2020, 06:19:15 PM Bitcoin is not a Fiat currency, so its price is not directly related to any country's economy or politics. Bitcoin has its ups and downs but the demand for Bitcoin is higher than Fiat's. The sudden rise in prices was due to the economic crisis in Cyprus. The accumulation of citizens' funds has led to a severe recession and increased interest in making money outside of a traditional bank. Cryptocurrency and bitcoin were one of the ways to reinvest money and prevent further losses. The biggest drawback for Bitcoin buyers and investors but for traders this is a great opportunity to make a quick profit.
Title: Re: Which is more important bitcoin or fiat? Post by: BITCOIN4X on November 01, 2020, 07:22:28 PM Meanwhile, I still need both because of regulation. I cant use bitcoin as an official payment system because it is legally prohibited by the government. I can only trade bitcoin as a commodity asset in the market. Fiat is needed to measure my profits and spend it as the official currency.
Bitcoin still need more adoption in various countries as a payment system. To replace fiat globally, I think Bitcoin is still not able to because of many factor. Regulation, knowledge are two thing that continue to influence bitcoin as a legal payment system. Due to regulation, I have to accept the fact that fiat will still be used as a payment system in many countries for a long time, especially in my country. I don't see any pressing issue at this point that fiat should be replaced by cryptocurrency as soon as possible. I believe people think differently than me and I have to understand that. Title: Re: Which is more important bitcoin or fiat? Post by: emmybd on November 01, 2020, 07:57:10 PM The prime motive behind the consideration of Cryptocurrency (such as Bitcoin) over Fiat Currency is preeminently hidden in the transaction scheme. However, a reliable conclusion will come from the reflection on the amenities and drawbacks of both transaction schemes.
In this 21st Century, in the age of progressive technology, we anticipate everything promptly and cryptocurrency is the resemblance of that anticipation, the “e-wallet” service. First of all, Cryptocurrency transactions are non-refundable as well as no probability of so nagging charge back. In this platform, all the transaction information is being listed for ever since of a disseminated ledger which is known as Block chain. Thenceforth, when we make cash transactions, money deception or bogus papers remains a question that is entirely out of the cryptocurrency transaction protocol. Unlike Fiat currency, the most remarkable benefits of cryptocurrency is that anyone can buy dollar whenever they want and exchange bitcoins at any convenient currency without any hassle and the transaction charges are comparatively inexpensive. Above all, Cryptocurrency is an epoch-making and reliable means of trading towards a cashless denomination compared to fiat currency. Title: Re: Which is more important bitcoin or fiat? Post by: coolcoinz on November 01, 2020, 10:16:07 PM The meaning of my message was that all people measure the value of Bitcoin in the fiat, mostly in dollars... If you are a trader, you usually trade in pairs to USD or USDT... I have never seen a single prediction or estimate of BTC value in RUB, EUR, CHF or JPY... Usually it is estimated in USD/T... Just because you don't trade other currency pairs doesn't mean the rest of the world is the same. If you haven't seen other predictions it's because you haven't visited sites where those predictions are posted or had them set to view only USD pairs. You can do that on tradingview. Go there and change the setting to GBP or EUR and you'll see different people with different predictions. The site is set up in the way that people who trade USD pairs don't see predictions made by other currency traders. Title: Re: Which is more important bitcoin or fiat? Post by: finaleshot2016 on November 01, 2020, 10:17:06 PM Both of them have a different purposes in this world and decentralize is one of the main key features of cryptocurrency.
People are now considering the use of cryptocurrency due to its features and we can build a lot of business through it. Since crypto has placed a good role in the market, and both crypto and fiat are definitely good for the increase of the economy. Title: Re: Which is more important bitcoin or fiat? Post by: bgaisha on November 03, 2020, 09:56:33 PM Bitcoin is more important than fiat. This is because, Bitcoin is cheaper and easier to handle and transact.
Title: Re: Which is more important bitcoin or fiat? Post by: KingsGambet19 on November 19, 2020, 11:19:30 PM I need to bump this so that it can be visible again, Voting still not close,
Title: Re: Which is more important bitcoin or fiat? Post by: Irdina on November 20, 2020, 12:40:40 AM I think crypto and fiat are equally important, depending on their individual needs. in my country fiat is still number one, only a small percentage of people use bitcoin. in fact, many still don't know what bitcoin is, especially in rural areas they don't really know technology so they don't know bitcoin.
Title: Re: Which is more important bitcoin or fiat? Post by: Nhor1011 on November 20, 2020, 02:56:02 AM Fiat and Bitcoin have pros and cons but despite of that pros and cons for me they are both valuable and we all need both bitcoin and fiat. Bitcoin for investment and fiat for payments for goods and services in our daily needs and transaction. Although bitcoin can also be use as a means of payment but just limited because it was not yet fully accepted anywhere.
Title: Re: Which is more important bitcoin or fiat? Post by: Crptomagma on November 20, 2020, 04:03:49 AM Bitcoin or fiat they are both currency and has value, bitcoin can be converted to fiat and vise versa. Bitcoin price rise and fall so do fiat so basically it’s depends on the individual which means he/she would prefer to keep funds. There many online and physical stores around the would that accept bitcoin transactions. Bitcoin and fiat to me is just like a circle of your funds, you can decide which way you want it to be and where it’s should be stored. Bitcoin will always be in your wallet at owners risk and fiat in the bank still not hundred percent secured because I have see banks close and customers loose their savings. So in my opinion bitcoin and fiat are both important to man.
Title: Re: Which is more important bitcoin or fiat? Post by: MWesterweele on November 20, 2020, 04:39:10 AM Both of them have a different purposes in this world and decentralize is one of the main key features of cryptocurrency. People are now considering the use of cryptocurrency due to its features and we can build a lot of business through it. Since crypto has placed a good role in the market, and both crypto and fiat are definitely good for the increase of the economy. Fiat and bitcoin were exist in different areas. Both currency for me has its own significance. Bitcoin today was the rising good investment currency that offers a good profit but the only thing that hinder the big break of crypto was the fact that it was a decentralised currency. As of the moment fiat were mainly the most widely used currency all through out the globe which of course each country has their own currency that used inside their country. Title: Re: Which is more important bitcoin or fiat? Post by: abderrazak belkhir on November 20, 2020, 09:07:22 AM I think bitcoin and crypto have many opurtunities and you can make huge profits only by doing some simple thinks (buying and holding for example) and this is what make bitcoin more interesting than fiat
But we must not forget that there is many factors can cause big losses to crypto investors what make the fiat safest Title: Re: Which is more important bitcoin or fiat? Post by: bitbunnny on November 20, 2020, 09:15:39 AM We still live in world where fiat currencies have the most important role in our lives and that will not change for a while.
Cryptocurrencies represent alternative to fiat and that is good and that was needed but we have to bare in mind that on a global level only small number of individuals and businesses is using cryptocurrencies. I see bright future for cryptocurrency but they will not replace fiat and that is not their role but still s lot of development and progress needs to be done. Title: Re: Which is more important bitcoin or fiat? Post by: AjithBtc on November 20, 2020, 09:32:17 AM We still live in world where fiat currencies have the most important role in our lives and that will not change for a while. Initially people are used to the fiat system which is the base for any country's financial infrastructure. The fiat system has a big history for years whereas bitcoin is just young and around eleven years over from its existence. Bitcoin requires time to get the acceptance as fiat. Upon this we can think of bitcoin as an alternate to the fiat and not a replacement until a generation that goes completely digital.Cryptocurrencies represent alternative to fiat and that is good and that was needed but we have to bare in mind that on a global level only small number of individuals and businesses is using cryptocurrencies. I see bright future for cryptocurrency but they will not replace fiat and that is not their role but still s lot of development and progress needs to be done. Title: Re: Which is more important bitcoin or fiat? Post by: samputin on November 20, 2020, 10:27:34 AM We still live in world where fiat currencies have the most important role in our lives and that will not change for a while. Initially people are used to the fiat system which is the base for any country's financial infrastructure. The fiat system has a big history for years whereas bitcoin is just young and around eleven years over from its existence. Bitcoin requires time to get the acceptance as fiat. Upon this we can think of bitcoin as an alternate to the fiat and not a replacement until a generation that goes completely digital.Cryptocurrencies represent alternative to fiat and that is good and that was needed but we have to bare in mind that on a global level only small number of individuals and businesses is using cryptocurrencies. I see bright future for cryptocurrency but they will not replace fiat and that is not their role but still s lot of development and progress needs to be done. Well, it could also depend on the person using it. But generally, we cannot simply phase out one just because of the other. Fiat is a physical currency, it can be touched. So it can be used in the physical world with physical transactions. Bitcoin, on the other hand, is a digital currency and can be used online with digital transactions. Unless we're already in a virtual world where everything is done digitally, then maybe we could decide which matters most between the two. Title: Re: Which is more important bitcoin or fiat? Post by: Ayiranorea on November 20, 2020, 10:59:29 AM People are now in need of decentralization, and anonymity. This is possible through bitcoin and cryptocurrencies. The usage of debit/credit cards grew high from the year above 2010. Those were the days of cryptocurrency in its early days. People who aren't aware of the cards started to use it moving from cash usage. In this manner we can expect the growth of bitcoin through its usage. Right now we don't have much of usability. Maybe in the future when more stores and services start using bitcoin people might be in need of bitcoin along with fiat.
Title: Re: Which is more important bitcoin or fiat? Post by: proTECH77 on November 20, 2020, 11:28:14 AM Fiat money is more important than bitcoin because fiat is the oldest currency in the world which many business men and women are use to, in the are of investment. Very easy to invest compare to bitcoin which is digital currency that require phone or laptop before you can carry out your transaction. There are some countries, which bitcoin is not legalized but they are doing well with their fiat money which is well legalized, in different communities which many people are using to invest to make a good profit.
Uneducated can make use of fiat money to invest and make a good profit from the investment compare to bitcoin where uneducated cannot have access because is a digital currency that request for reading and writing before you can make your transaction successful. Title: Re: Which is more important bitcoin or fiat? Post by: DoublerHunter on November 20, 2020, 11:51:10 AM ^ Why people keep comparing the cryptocurrency and the fiat currency? You can't compare them because they had different roles from us. We know the fiat existence and we also know how important cryptocurrency, we can eliminate any of them, instead use them for a different purpose. They are both important in different aspects and they had pros and cons to us. Nevertheless, let us do accept the fact that bitcoin will never replace fiat and bitcoin is always an alternative choice for a payment method.
Title: Re: Which is more important bitcoin or fiat? Post by: masterrex on November 20, 2020, 12:23:29 PM IHMO, I think you have a point, for now, that cryptocurrencies are not yet totally accepted as legitimate currencies by our respective governments because they only treat Bitcoin as a valuable Digital asset and not a currency, base on that reality the Central bank issued currency called fiat is the dominant currency to buy anything that we need. but I believe soon it will be changed because world commerce goes cashless and this time the CBDC's and cryptocurrencies will be more useful.
Title: Re: Which is more important bitcoin or fiat? Post by: nemey on November 20, 2020, 12:26:45 PM I think fiat is more important, because with fiat I can buy Bitcoin and also buy everything. Fiat is an approved currency and can be used for all transactions. then this fiat is indeed much more multifunctional than Bitcoin.
Title: Re: Which is more important bitcoin or fiat? Post by: pinggoki on November 20, 2020, 12:44:54 PM I think fiat is more important, because with fiat I can buy Bitcoin and also buy everything. Fiat is an approved currency and can be used for all transactions. then this fiat is indeed much more multifunctional than Bitcoin. Actually both are important, with the used of fiat you can buy everything you want and everything you need also buy cryptocurrency and invest it in some projects. Bitcoin is also important too because of this bitcoin you can do some investments and used it as an multifunctional transactions with other people. Bitcoin and fiat is important to each orher because if there is no fiat money then there are no bitcoin prices that's how important this two are.Title: Re: Which is more important bitcoin or fiat? Post by: bayu7adi on November 20, 2020, 02:45:00 PM Bitcoin and fiat is important to each orher because if there is no fiat money then there are no bitcoin prices that's how important this two are. That means Bitcoin still requires FIAT as a unit of exchange, yes it confirms that FIAT is currently prioritized over Bitcoin because indeed the official currency is easier to accept publicly. Imagine that you live only owning Bitcoin and are not allowed to have FIAT. You will find it more difficult to survive. Already answered Title: Re: Which is more important bitcoin or fiat? Post by: FlightyPouch on November 20, 2020, 03:20:35 PM Because I am a cryptocurrency player, I chose Bitcoin. With Bitcoin I can sell for profit and I can exchange it to fiat. And the Bitcoin value is very high. So it is very tempting to have a lot of Bitcoin. Even though bitcoin is having a great run now, we are still selling it for profit. With the adoption of bitcoin right now is low, we are still getting our profits from these crypto investments as fiat by selling it. So right now, the most important is fiat but if in the future where the adoption is so high, there is no doubt that bitcoin will be more important that fiats. Title: Re: Which is more important bitcoin or fiat? Post by: aysha9853 on November 20, 2020, 03:54:06 PM in my opinion Bitcoin is like gold but its value is like Fiat, and bitcoin has a supply that is not that much while Gold is very much, but the value of bitcoins like Fiat is of an uncertain price
Title: Re: Which is more important bitcoin or fiat? Post by: Jatinder98 on February 12, 2021, 09:46:59 AM Bitcoin is a digital currency that has no central governing authority in between. It makes the transaction process flexible and secure. The blockchain technology makes the system more transparent and easy to monitor.
Title: Re: Which is more important bitcoin or fiat? Post by: ninabobo on February 16, 2021, 06:33:52 AM I don't actually prefer to analyze these two (fiat and crypto) on the grounds that the two of them have their own use on my end. Be that as it may, to address your inquiry, in view of my experience and on how I use it, I'd pick fiat. The cash I utilize generally in my day by day exchanges. As of now, I'm simply holding my BTC, and on the off chance that I need to utilize them, I actually convert them into fiat prior to managing an exchange. Plus, the shippers I go over are not that acquainted with crypto. On the off chance that they are, they're not tolerating it. Not yet. Indeed for the survey, I pick fiat.
Title: Re: Which is more important bitcoin or fiat? Post by: SmokerFace on February 24, 2021, 04:01:27 AM It's hard to say since both are necessary atm Fiat for Economy Centralized and Bitcoin (Decentralized).
Fiat's necessary when the network is non-dependable/Unstable, Fiat's the only transaction possible on the store you're purchasing. Bitcoin (Cashless): Decentralized and hard to trace compared to usual payment options such as Credit/Debit Cards. I'd say they both have their positives and negatives based on the situation; one should be used. Title: Re: Which is more important bitcoin or fiat? Post by: 777Jolami on February 24, 2021, 04:38:11 AM The reality is that fiat will be more important. Because, fiat is being used in everyday life, sustaining economic, income of people, all classes of the world. But nothing is forever and irreplaceable. Bitcoin became popular and by default is a large-scale speculation for the same purpose, you can see that bitcoin is now a "million dollar asset". Bitcoin will be more important in the future, but it will not replace fiat.
Title: Re: Which is more important bitcoin or fiat? Post by: Rruchi man on February 24, 2021, 05:16:41 AM In my opinion, for the now, btc or fiat? fiat is more important in society, while fiat is more valuable. Fiat can exist completely without btc, but btc right now cannot exist or be used everywhere without it been converted to cash.
Title: Re: Which is more important bitcoin or fiat? Post by: Kong Hey Pakboy on February 24, 2021, 01:44:40 PM I don't actually prefer to analyze these two (fiat and crypto) on the grounds that the two of them have their own use on my end. Be that as it may, to address your inquiry, in view of my experience and on how I use it, I'd pick fiat. The cash I utilize generally in my day by day exchanges. As of now, I'm simply holding my BTC, and on the off chance that I need to utilize them, I actually convert them into fiat prior to managing an exchange. Plus, the shippers I go over are not that acquainted with crypto. On the off chance that they are, they're not tolerating it. Not yet. Indeed for the survey, I pick fiat. Normally I don't really want to choose between the two because they are important for me in their own ways. We also cannot say now that Bitcoin is dominant than fiat because if it were, we should be using bitcoin in all fields. The currency system we are using today have been used for a long time ago, and bitcoin would not replace that easily. As fiat has its own strengths and weaknesses, bitcoin is same with that aspect. We just need to be in contact with Bitcoin a little longer, and I am sure the time will come everyone will adapt and will use it. Trust the process we are doing today. Title: Re: Which is more important bitcoin or fiat? Post by: XZERO1 on February 24, 2021, 01:58:36 PM Correct me if I am wrong, * You can have bitcoin but if it is not being tradable to fiat currency then your bitcoin has no value at all. * You need to buy bitcoin with fiat currency without fiat currency you can't have bitcoin * Wrong, even if Bitcoin somehow is not tradable to Fiat, it still could be used as a payment method in return for goods or services. * Again wrong, you can own Bitcoin without having to exchange your national currency(Fiat) for it, by just selling services and products and accepting Bitcoin only, or as an alternative payment method for your business or whatever organization that you own, just like how people exchanged(sold/bought) goods when there was no Fiat, they just traded their valuable goods or valuable metals like gold for other stuff. Title: Re: Which is more important bitcoin or fiat? Post by: TopTort777 on February 24, 2021, 02:04:41 PM What tastes better, banana or milk? Both assets have different usage cases and both can be used as a payment. While fiat is still more popular, bitcoin allows to become richer just for having it.
I would personally go with bitcoin. I believe that technology will substitude old fashined way of payment. Im the one who wishes to have my money to be integrated into hand and be able to make payments just with a swing, everywhere, anytime and in less than a second. Title: Re: Which is more important bitcoin or fiat? Post by: natefielding on February 24, 2021, 02:32:05 PM Both are important on its way.. For example is fiat is important for our everyday living while Bitcoin or other cryptocurrencies are important for investments
Title: Re: Which is more important bitcoin or fiat? Post by: LittleBitFunny on February 24, 2021, 03:21:11 PM Fiat currency and Bitcoin Both have their own and significant role, you can't say one of it is valueless. Currently both are playing a good role in our daily life.
Conclusion It's true that people use fiat currency to trade Bitcoin. So, what do you want to use instead of fiat? It is very much normal that people use their fiat to trade valuable asset like Diamond, Gold etc.Could it be possible to get bitcoin a value if not because of Fiat currency? Why not? every valuable asset has its own value, somehow if you don't have fiat then it will be difficult to measure the value of that asset but it is not like that your asset will turned into valueless without fiat. if you want to sell your gold to someone who doesn't have fiat then he has to give you something else valuable thing to acquire your Gold. Could fiat currency will have no value without bitcoin? (Honestly fiat currency has value with or without bitcoin) * "You can have bitcoin but if it is not being tradable to fiat currency then your bitcoin has no value at all." - Your thinking is wrong, without fiat Silver,Gold,Iron has their own demand and value. People are gaining and earn BTC and spend that for taking service or fiat. * "You need to buy bitcoin with fiat currency without fiat currency you can't have bitcoin" - Miner earned Bitcoin by mining, we earned Bitcoin in this forum by doing task and giving service, Buyer or manager spend their BTC on us by taking service from us. Thus how Digital currency perform its work. So BTC is a Self-contained Digital currency. * "when you buy bitcoin you have to pay services like in those banks and when you like to convert bitcoin to fiat and withdraw it to a banks then you will then again to pay the service of the bank. You need also to pay the bitcoin transaction fee. So fees are everywhere from those banks to bitcoin network deducted by the miners." - This is a so-called fees, you are taking the best service with a little amount of fees without dealing with middleman and any kind of harassment. Title: Re: Which is more important bitcoin or fiat? Post by: best123 on March 07, 2021, 06:31:52 PM Both of them are important but Bitcoin is very volatile. Though fiat also depreciates. I love Bitcoin payment during bear market.
Title: Re: Which is more important bitcoin or fiat? Post by: Trinx01 on March 07, 2021, 07:04:12 PM Both are important, both have their purpose as well and everyone can benefit from this both currency, it just up to you if what will be your needed and the situation as well, just, for example, this pandemic gives so many hard things to us and bitcoin helps us with that, as for transferring money, investment and earning as well. Fiat is also good because we are using it for our daily lives and it cannot be replaced by cryptocurrency ever because we can spend it right away without thinking of the transaction fee and the time frame before the confirmation.
Title: Re: Which is more important bitcoin or fiat? Post by: Mituletr on March 09, 2021, 08:12:03 AM It depends on which currency can be used for transactions in the country. As more and more countries become familiar with Bitcoin, Bitcoin may be more important in the future. Title: Re: Which is more important bitcoin or fiat? Post by: elisabetheva on March 09, 2021, 08:52:15 AM Still now, bitcoin is not able to take place of fiat currency. We need fiat currency in our daily life. Most of the people are unaware of bitcoin. But we are not in the ancient world. We need to use digital currency like bitcoin for our betterment. actually during this pandemic there has been a lot of digital money growing in every country which is held by private companies, but that is only limited to a very limited scope and applies in the countries that make it. different from crypto with bitcoin which can be between countries without time limits and any circumstances as long as there is an internet network.but there are still many who really need paper money (fiat) for manual transactions and it cannot be replaced with bitcoin for sure. so that there will never be a change in the use of banknotes that will continue to run. better is complementary and mutual need and support between fiat and bitcoin, because let it run with their respective systems. Title: Re: Which is more important bitcoin or fiat? Post by: Rana590 on March 09, 2021, 09:00:05 AM It depends on which currency can be used for transactions in the country. As more and more countries become familiar with Bitcoin, Bitcoin may be more important in the future. Title: Re: Which is more important bitcoin or fiat? Post by: supine on March 09, 2021, 09:06:05 AM Most people need physical money/fiat because a lot of country still dont accept crypto currency.
Here in our country some accept online/crypto currency payment but when it come to needs and wants we still need physical money to buy. Title: Re: Which is more important bitcoin or fiat? Post by: geegaw on March 09, 2021, 09:38:21 AM It depends on which currency can be used for transactions in the country. As more and more countries become familiar with Bitcoin, Bitcoin may be more important in the future. Title: Re: Which is more important bitcoin or fiat? Post by: shoreno on March 09, 2021, 11:58:31 AM It depends on which currency can be used for transactions in the country. As more and more countries become familiar with Bitcoin, Bitcoin may be more important in the future. But if we consider current stage, fiat is more important than bitcoin. People are still knowing bitcoin and day by day the users of bitcoin is increasing. But at this stage, people are using fiat on most of the purposes.Title: Re: Which is more important bitcoin or fiat? Post by: Rengga Jati on March 09, 2021, 11:44:00 PM The answer may be simple.
If you want to use it for daily needs and payment, fiat is more valuable because it can be used directly for payment (especially in a country where Bitcoin is not legal as currency or money for payment). But, f you are a lover of technology development, a future investor, and also a trader, of course, Bitcoin is much worthier. Title: Re: Which is more important bitcoin or fiat? Post by: Matimtim on March 10, 2021, 08:18:46 AM As one of a little user of bitcoin both are important, but as what you ask which one is more important, I choose fiat because I use bitcoin to earn fiat or I used bitcoin to make fiat to support my needs, and that's my first priority.
The importance of something is base on its use and situation, in my situation fiat is more important, next is bitcoin because I used bitcoin to make fiat. |
