Bitcoin Forum

Lately, I've seen so many bitcoin holders speak so badly of fiat and how much they wouldn't want to associate themselves with fiat usage if possible, but I took some time to make a little research and from my research, I do observed that Bitcoin usage wouldn't be an easy one without fiat not even in countries where Bitcoin is legalized and my question is,
can Bitcoin be easily used and spent without Fiat?
My answer is No

What's your opinion?
Let's discuss

Can you buy things anywhere in fiat without someone somewhere comparing it to the Euro, Krona, Pound, Dollar, yen, yuan or all six before they've set the price? Does this mean anything?

If fiat disappeared, bitcoin would organically be able to take over much like anything else people chose as currency/being valuable.

If you buy something made in China and you're not buying it in yuan, someone's done a conversion somewhere. If you're buying something in an airport in currency not accepted in that country it wouldn't be possible under your own aspects. Most companies that handle crypto conversions at the moment deal in fiat because it's what they want to collect or to remain competitive.

Most things are priced arbitrarily, it generally doesn't matter what units they're priced in as long as a company can make a profit overall.

There were money before fiat came to existence, fiat brought more power to government to control. Gold and some other items have been used as money since centuries ago and they are still money. What is more important is that only fiat price is controlled, but the money in the past were all just like bitcoin which their prices are because of their demand and supply.

Fiat isn't important to Bitcoin but Fiat currency is important to people.

That said Bitcoin is created as currency meaning it can do the same function as fiat currency but at a more transparent and censor-free transaction.  Bitcoin doesn't need any third-party financial company to create a transaction so in short, how can a more advanced currency system need an almost obsolete fiat currency system?


My answer is yes. You can send bitcoin without fiat, and that's it.  It is different when people force a subject to accept Bitcoin when it does not really accept Bitcoin.

I just feel people are all against fiat just because it's been controlled and regulated by the government.
But the truth be told, there are purchases you would want to make but can't do that no matter how much Bitcoin you posses and your must have to change the money into fiat before such transaction can be completed..

I also do hope that fiat also fades away which I believe Bitcoin will the come full manifestation but before then, I think most Bitcoin transactions, even buying and selling of Bitcoin isn't complete without fiat

Fiat is important to Bitcoin because most people tend to understand things in terms of fiat.  If you remove fiat, then it would be like speaking a language that people don't understand, making Bitcoin adoption that much harder and longer.  Plus it assigns value to Bitcoin in terms the masses can understand.  So when the days comes 1BTC= 1BTC, they will understand.

That is not right. They do not have to force it to happen because that will mean they are fighting for bitcoin to remain relevant but are forcing fiat to die off. If things are seen that way it will be partiality, not just only with bitcoin but every other aspect of life. We have to allow this things happen naturally so we can pick the best among them.

What's possible there is a general currency that could be acceptable anywhere any place, I know bitcoin is a digital money that has no limitations of transaction but it could only be used as an exchange of value wherever it's acceptable. For instance, you wanna lodge or book a reservation in any country, your arm should be if such place do accept bitcoin and if yes then it would be possible to deal with. Fiat is just like units to show value of what you wanted.. lemme say you lodge in a hotel room worth $500 per night and how do you pay is via fiat that which has represented the value and quantity of what you want same it's with bitcoin which might likely be some fraction of bitcoin to represent such value. In general fiat comes in wherever they don't accept bitcoin in any areas you find yourself, and if it happens that bitcoin is acceptable then no need to move and deal with fiat.

Actually in this case I don't think fiat is important for bitcoin but for other things fiat is still very important for the daily life of most people including me.
To be honest, in this case, Fiat is probably another comparison to bitcoin, which indeed they have a system that is the opposite of one another.
So maybe the interest of fiat for bitcoin is only as a differentiator that there is a means of payment that indeed offers no third party as a bridge and bitcoin offers that.

It's happening a lot, I really don't understand why they are talking bad about fiat when they still use fiat everyday. For now, like it or not, fiat is the king of money and will remain in use until the government intends to phase it out. Although it has a lot of problems, we will never be able to stop using it. As for bitcoin, it is actually becoming an investment, an asset, a commodity rather than a currency so comparing it to fiat is not correct.

It depends on what you want to get with bitcoin, some certain countries that adopt fully the usage of Bitcoin do buying and selling with Bitcoin option. And also some of the companies do accept payment with Bitcoin instead of converting it to Fiat currency before making any purchase, with this kind of acceptance of cryptocurrency to this extent, i think fiat have no much impact to play. So from my perspective, what's hindering bitcoin to not be value without accompany of fiat currency is massive adoption.

Why hate and compare, they are 2 different thing, just set aside the comparison and learn how important this 2 is. You cant use bitcoin to buy daily needs in ordinary store outside, aside from its volatility, internet connection is also a problem unless you are in a city. While fiat can do most of them time aside that authority controlling, the circulation, the use, etc. People are used to have it.

In a civilized environment you can get whatever you want with Bitcoin, the problem is that the world is been known by a fiat currency and it's a few years bitcoin marked thirteen years (13yrs) and it's able to gather this kind of influence, while Fiat currency have stayed so many years, so the comparison is still far from my perspective, so if bitcoin should stay hundred years on earth, theirs every tendency that it can be use get your needs in the supermarket in the future.

If you are asking "is it possible to live without ever using fiat and only using Bitcoin", then the answer is it's only possible to do so in a few places in the world, and it's extremely inefficient.

It's not that Bitcoin needs fiat, the protocol is designed without any fiat systems in the loop, but Bitcoin is not adopted enough to replace fiat in daily life. That's why investment is Bitcoin's biggest use case, instead of payments.

Until the bitcoin gets direct usage, the need for fiat will be there. Each and everything is valued in terms of fiat. The price of single bitcoin equals specific amount of fiat. This is how the market works. For now we can't think of bitcoin replacing the fiat system followed all around the world.  Such a way of working gives way for coexisting than just any of the one having its dominance.

The direct usage of bitcoin over the years have increased and it shows the growth happening In terms of adoption, but at any point the usage of fiat haven't declined during the same time period.

Bitcoin is really easy to spend without fiat! The reason currently we're hard to spend Bitcoin without fiat is only few or none offline stores are accept Bitcoin payment in satoshi equivalent, they're only want to accept Bitcoin and we need to convert to fiat equivalent. Most people still look Bitcoin price stick with fiat, while it's actually 1 BTC= 1 BTC. Don't forget Bitcoin is easy when you want to send it, you can do P2P and just wait for at least 1 confirmation, it's done.

Since the bitcoin payment network is very small bitcoin to fiat is basically everything! If you buy in a store and the store has no possibility to buy themselves also in bitcoin they will need to exchange to fiat to get new products. So for them it is very important to look what price they can make a profit on in fiat and not in crypto.

Money is a medium of exchange used by people in every transaction of goods and services.
Bitcoins can and can be used in transactions in the event that Fiat does not exist at some point. Many companies in the world have started using Bitcoin in transactions and that is the proof behind the answer that Bitcoin can be used without Fiat.
One obvious example is El Salvador.

You are right. We still live in a FIAT world and bitcoin won't replace it any time soon. Heck I believe FIAT can't be replaced by anything... Not by bitcoin, not by gold, not by any other asset. The greatest weakness of FIAT is also its greatest strength which is getting printed at will. Believe it or not, somehow we need an asset that loses its value over time. That's because the humanity is expanding, multiplying, making more babies. In the end they need to get paid but get paid less and less, not nominally but in terms of real wealth.

Fiat money and bitcoin are supposed to coexist, because they have the same uses, even though they have differences, but they don't have to insult each other.
people who vilify fiat money forget that in their daily life they still use fiat money.
indeed fiat money has its drawbacks, but it is not natural that it must be abolished, because fiat money has been around for many centuries, on this earth.

and bitcoin is present as a complement, this is where bitcoin is used, the deficiencies that exist in fiat money, are covered by the existence of bitcoin.

In conclusion, don't insult an item or object that has helped you and you use it.

I think that for bitcoin itself, fiat is unimportant, as noted above. But for us, unfortunately, fiat is still needed since bitcoin is not widely accepted everywhere, and we cannot use it fully when trading various goods. In my country, there is a strict law that prohibits the use of bitcoin. Therefore, I am forced to exchange it for fiat in cases where I need to purchase something.

It is the same in our country; it is not widely used here, but it is also not strict. The difference between here and in your country is that there are still a few merchants that accept bitcoin, but not all, which is why we mostly exchange it for our fiat. I can still live for a day on a bitcoin, but not for a week because there are only a few places that accept it. But I know that in the upcoming years here in our country, it will be widely used as most people are really into bitcoin here, and there are a lot of reports that merchants will accept bitcoin in the future.

This is becoming redundant but still, to answer the question, Given that cryptocurrencies are still not widely being accepted as a mode of payment, fiat is still needed to make use of your cryptocurrency assets. Even the market price of cryptocurrencies at the present are fiat based. You may still use your crypto assets as a mode of payment to purchase something but be sure you won't regret spending your assets especially right now wherein the market value is still low. Same thing whenever the market value is high. So when is the right time to use it as one of the main modes of payment? I think it is when prices of things you would buy is not based to fiat such as .0000008 B and such.

In the early days of Bitcoin (CRYPTO:BTC), one of the terms used to describe it was "magic internet money." Although it's an amusing description, there's nothing magic about Bitcoin or any cryptocurrency. A cryptocurrency is a currency with a system it follows, albeit a very different one than fiat money by the latest news update from https://www.oracleglobe.com/ (https://www.oracleglobe.com/).

A key part of understanding cryptocurrency is understanding how it compares to and contrasts with fiat currency. Whether you're planning to use it to transfer funds, or you're considering crypto investing, this fiat versus crypto guide will explain how they work, as well as their pros and cons.

We cannot say totally no because the financial industries are getting some constant changes through the years and we might find out someday that fiat might not have any value anymore rather it's all about bitcoins and other cryptocurrencies. We see that other currencies are losing their value in the past years because of their economic problem and with the ongoing inflation all around the world, I think major changes will come despite how people treat fiat as their main source of currency, it will gonna change and they will forcibly consider Bitcoins their next assurance for their assets.

Indeed, I also really don't understand why so many people always bring them to the table to compare and talk bad about fiat among us still using it as a daily necessity. Bitcoin though very good but not perfect they have a lot of limitations as you say, while fiat can solve those problems. It's nice to see a world where both can be used, which would be good for us, not completely harmful. I use bitcoin as an investment and as a store of value, while fiat money, I like to use it as my daily expense, fast and convenient.

Hmm interesting question but one thing that you should understand is that the value of BTC is mostly depending on several factors, all of which are considered to be converted back to fiat. With regard to transacting BTC without having to spent using fiat, I think it is possible but it will be similar to a barter system, where you trade goods-to-goods.

There are some services which offer BTC or cryptocurrencies as their primary source of payment method. There are also some products which offer BTC as an alternative method of payments also. But the association of BTC and fiat will always matter, as they can co-exist with each other.

everything is already in place for Bitcoin to be completely independent from the FIAT system as there are many businesses that accept Bitcoin as payment, so there is no need to use fiat. Fiat is just the means of exchange of this economic model whereas Bitcoin presents a completely new model that is able to live without the fiat system.

Bitcoin can do without fiat and likewise fiat can also do without Bitcoin since they both represent money in different form. Money is anything that is been accepted by people to use in exchange of goods and services. When there was no fiat currency peoples were still trading using other means of money. Bitcoin just came into existence mean while before this we were using fiat.

The difference between both currencies is that one is more valuable than the other because Bitcoin was created due to to weakness of fiat to safe its users from financial freedom. In one word both currency are independent of the other.

I will not agree with you on the part that "bitcoin can do without Fiat and Fiat can also do without bitcoin " how? And how many things have you used bitcoin to buy in your locality? Bitcoin is only an alternative currency to the Fiat currency, and that means bitcoin can't stand alone because you can not use it to buy things in your local market. But Fiat can be used to buy things both online and offline but bitcoin is only online. Therefore, it is only Fiat currency can be used to buy things in my locality but bitcoin can do things without Fiat currency. Bitcoin cannot stand alone but Fiat stand alone.

This is the best example of bitcoin and Fiat in the market exchange 👇

If I so understand your point then I'll conceive that the important of Fiat money can't be overemphasized and it continuous existence amidst cryptocurrency is what could be referred to as a necessary evil, as there are aspects which only fiat can come in.

For me, fiat will always exist despite how far and wide crypto is accepted world over.

There are not that many places all over the world that people can use BTC instead of fiat, i would like it to be that way but it is not so until there is a mass adoption of BTC all over the world, and that is not going to happen too soon. Paper money is so strong in every nation, and i am sorry it cannot be replaced by BTC or anything, BTC users have to trade their coins for fiat to to be able to spend it efficiently and with any merchant, if you are to spend BTC in itself you have to go in search of merchants that accept it, or try to convince those near to you to accept it, reason why BTC is an alternative currency.

So I agree with you on No because the value of bitcoin is peg with fiat in the different countries and it is now a term of measurement of the value. Also fiat value can also be known in bitcoin. The two of them is valuable to each other in measurement. If you check there is the calculator that you can be using to know the value of each of them, they are not separate in this way of value. You know the value of one from the other.

The stupid thing is that we try to exclude fiat and Bitcoin, which is impossible. Bitcoin is a type of technology. Since Bitcoin is volatile, we can't manage everything when there is no fiat or paper money. Bitcoin has value because we always evaluate Bitcoin prices in terms of fiat. In any case, not Bitcoin to Bitcoin or altcoin. So, I believe that without fiat, whether in digital or paper form, we cannot live. To use Bitcoin globally, there should be a stable coin accepted by governments.

Bitcoin doesn't have intrinsic value because it is always tied to its evaluator been fiat when ever it has to be spent usually the USD. One cannot send Bitcoin without first evaluating its worth to fiat before the transaction can be executed. If Sats had a value of its own self just like fiat then Bitcoin would have been separated from fiat values

With so many scams happening in crypto, it is obvious that lot of regulations will come in future on crypto as well. If are living in some country, you have to follow the laws there. You have to follow the directions of the government in relation to the use of crypto as well. If the government sees that lot of people can loose money because of crypto or it is being used for some illegal activities, government can even ban it. It is in fact, already banned in some countries. I do not think that crypto can win against government. But what I belive is that crypto has the potential that most of the government will realize its value and embrace it.

You should not limit the scope of the question/survey. I think the answers will vary depending on who you ask, say someone who lives in one of the highest inflation countries like Zimbabwe. Judging from the efficiency side, with the condition of their fiat value dropping, they need to carry several bags of money just to buy a needle. Also, Nigerians are blatantly adopting bitcoin into their business even though it is not legal tender because their fiat continues to depreciate.

Each individual has their own level of trust in a particular currency, opinions about fiat are often related to the state of their country's economy.

There are several reasons why fiat money (that is, currency issued by government bodies) is very important to Bitcoin. First of all, if fiat money had never been created, there would have been no reason to invent something like Bitcoin. Bitcoin came into existence to present a reliable alternative to the economic disaster brought about by fiat money mismanagement and misallocation of capital, which in turn had been caused by this inferior form of money. In other words, fiat money is the main reason bitcoin exists. Bitcoin also inherited some useful characteristics of fiat money, especially those typical for physical fiat money which is cash. Like cash, all bitcoin transactions don't require any clearance, they are completely intermediary-free, and, if done correctly, can provide a sufficient level of anonymity to both payer and payee. Digital fiat lacks all these important traits, which makes people value bitcoin even more. In conclusion, physical cash made bitcoin more robust; digital money made bitcoin more valuable.

This is possible only if a separate financial system is invented for electronic payments so that they do not depend on fiat. And now all fiat money is transferred to electronic. Even the bitcoin exchange rate is pegged to the dollar. Therefore, now it is impossible to say that they do not depend on each other.

It won't be easy as long as people still compare Bitcoin's value with fiat. It would be different if its value were measured using commodities like gold or silver or even flour. If you have ever read the history of the Dinar Dirham as a payment tool in many countries and empires of the world, in my mind, that is the true meaning 1 BTC = 1 BTC. Sadly, like the old version of the Dinar Dirham, all countries banned/regulate it, and that's also what happened to Bitcoin now.

Yes you can, try it.

I guess bitcoin can do without fiat is a future promise, not something we can discuss now. So for example, we could end up with all of the fiat in the world gone, and just use crypto and it will be fine, there is really nothing wrong with it.

I personally would love to see something like that happen one day. Imagine all the fiat gone, and you only have bitcoin and then some alts but everywhere people use bitcoin, just like legal tender but no fiat available, just bitcoin. That would be so amazing, it would also allow that no government could just play with it, right now they are printing money however they want and change laws accordingly, bitcoin would be decentralized.

I think the time has not yet come in our world where we can use Bitcoin everywhere place. Even if we can do bitcoin transactions in all countries, we cannot continue with bitcoin transactions everywhere place . For that we need the currency of that place.You can never make a living using Bitcoin. In countries that have legalized Bitcoin, you can't buy everything you need using Bitcoin everywhere.Because not all sellers will transact with Bitcoin.Then you have to buy the thing with your country's money.

Remember that while ordinary people can live without Bitcoin transactions,
Bitcoin users will never be able to live without their own or fiat currency.

Bitcoin is still not ready to be used globally, fiat is still a very important thing that is indispensable to us. My grandparents don't use phones and how can they live without fiat?, I can say that bitcoin will always need fiat and it will never be able to become currency. It's just an asset class and assets need fiat to measure value. Those who say 1BTC = 1BTC, are they brave enough and money enough to buy bitcoins for $69k? or they are also waiting for bitcoin to hit 10k$ to buy and say 1btc = 1btc.

Clearly it's not possible, since most people in the world aren't bitcoin adopters and don't know it works yet. Bitcoin can work as a global currency for daily transactions only if the vast majority of world's population are willing to use it as currency. For now we have to be versatile, using bitcoin and endorsing its usage in our communities, while not giving up fiat, otherwise we won't be able to do business anymore.

Imagine if we dealed only with BTC, how restricted we would be when purchasing and selling goods. Probably I couldn't even trade anything in my city. I would have to go to another cities, regions and states until finding another bitcoin adopters in order to acquire basic survival goods like food, besides furniture, clothes, accessories and more from them.

From what i gather this has been the core idea of BTC maximalists, and BTC pairs in exchanges are a good reminder of that. However it hasn't come to that, not yet anyway. Fiat has it's usecases and right now best one of them is bringing liquidity to bitcoin. Without Fiat based pairs Liquidity and price would drop radically. It would most likely force institutional investors out and to leave this game to very few people who would still be interested. To the rest of the world and people who left it would seem that crypto died.

But to answer your question: Many places accept bitcoin as payment. However these places often just change it to dollars. But it's problematic for some businesses to accept crypto because it can make your income tax returns pure hell to fill out. So many people think that why bother, it's extra work.

Bitcoin is a currency and it's very obvious that the adoption of Bitcoin is what makes it to recognize and also be valuable, so referring to the ancient time and comparison of Bitcoin with a Fiat currency, from my understanding i noticed that Bitcoin can't work without the existence and the support of fiat currency, both of them most work together to make a goal, from my perspective, Bitcoin therefore is trying to make a domination over Fiat currency if chance will be given to Bitcoin.

But of course, yes. Goods and services can be paid for in Bitcoin in most Bitcoin friendly countries. It can be done as direct payment without having to convert to fiat first. However, the importance and relevance of fiat as a unit measure of value for goods and services can't be ruled out no matter how anyone wants to. I've consistently maintained that the use of Bitcoin can't totally annihilate fiat, and vice versa. Both are likely going to exist side-by-side.

The usage between the fiat and the cryptocurrency will continue without any difference based on the user convenience. For now fiat have secured a position with its years and years of history. The same to happen had taken large number of years. Direct usage increasing, and the same will keep it an alternate to the fiat currencies used around.

Well of course right not fiat currencies or the exchanging possibilities of fiat currencies in conjunction with bitcoin and or cryptocurrencies is hugely important /essential.  We are not anywhere close at the moment to being able to transact fully without the intermittence of fiat currencies. 

The sad truth is we still need it.  Most companies only accept fiat payments and most people only accept fiat payments (venmo/paypal/zelle/cash app etc). 

This doesn't mean the day won't come where fiat is much less important, but it's likely to take some time.

Bitcoin is two growing and we hope to get to the peak. It is a movement that is going and moving like a trend ams we should not be overwhelmed on what is happening in the crypto market now because soon everyone is going to smile for joy when Bitcoin reaches such a level that everyone will be very amazed of the cryptocurrency market

To be candid with you, fiat isn't going to completely go away no matter what innovations we think should come upon us. Part of my reason for saying this is that no matter how developed the world wants to get, there are areas that technology can't get to. Even as we debate this issue, there are cities in the world that don't have electricity supply to them. Digital currency won't be possible without power supply. Again there will always be a unit of measure to pair Bitcoin or any other crypto with to ascertain its true value. Here, fiat comes in again.

I agree with Mate2237's statement, it's true that many people don't like to talk about, bitcoin can't stand alone but fiat can, bitcoin is not big enough to do that.
It is also very unlikely to happen in the future, I believe that fiat will always exist and will always dominate everything. If there is one thing that can replace the dominance of Fiat it will also be something created by the government, not bitcoin.
many people say that the government is controlling us, they will do everything to their advantage including sacrificing some of us. All of that is true but a society cannot be without a leader, a country cannot without a government, everything will become chaotic.
For me, I don't expect bitcoin to replace fiat or become great, because it's too good for me right now, I can use bitcoin to invest, to store some assets for the future. I don't want to make matters worse or go against the government.

So you are invariably saying that Bitcoin is like the rest of the money types that the world had in previous years and as you mentioned, fiat is the one that has given power to the Government the most to control the citizens and just this morning, I was watching a local news channel correspondence in UK talking about the FTX issue and what it means and how some UK Government officials are calling for a more regulated Crypto space.
So with all this, it could be said that, while most of us that understand crypto investment will continue to support Bitcoin but we can not believe that fiat will totally disappear from the system.

How important is the USD to a local fiat currency, for instance? Can the local currency function without the reference to the USD? Yes, of course. But is it more convenient to determine its value by turning to the price in the USD? Also yes. Bitcoin is volatile, and determining its value solely by its purchasing power that constantly changes can be tricky because 0.005 BTC today and a couple of months ago can get to significantly different things. So fiat is a reference point, something that helps understand what we can afford for a certain amount of BTC, based on a notion that we have a good idea of what we can afford for a certain amount of the USD. Bitcoin can be spent directly, but I do agree with the op that options remain limited. However, it doesn't mean that it's not possible or that Bitcoin isn't money and truly needs fiat.

He is trying to say that Fiat is controlled by the government since they are the one who regulates the supply and demand since it’s unlimited while Gold and Bitcoin has a limited supply which means the price can’t be manipulated through modifying the supply just to control its value.

I doubt FIAT will be out of the system in near future because it’s been working for a long time since it’s implementation and a Decentralized monetary system will not gonna work on government since they need to control it in able to regulate. Maybe CBDC is the closest thing that government do as improvement for the current fiat system.

First of let's categorise the Bitcoin users, the bitcoin enthusiast aka holders and the investors.

1. Bitcoin holders who uses bitcoin because of its decentralized system so we can transfer from anywhere with just using the receipeint bitcoin address so no need to wait for bank approval, process, conversion, monitoring,etc....

2. Bitcoin investors who see bitcoin solely as digital assets and thet are here only to make money with bitcoin so for them fiat is more important.

It doesn't matter the price that Bitcoin is trading at because,1 Bitcoin will always be equal to 1 Bitcoin. We're in the 21st century and fiats are already going cashless so your grandma and others who aren't used to transacting electronically will have to learn or they'll be left back. Soon the whole world will be transacting digitally and that's when bitcoin will get its most promotion. The current digital money system that are dominating the scene has so many flaws just like the paper fiats.
People will want a faster payment system, a system that their money won't be seized or frozen for their political/society views then they'll see the importance of a decentralized money system and Bitcoin will be the answer. You have to look into the future and not use the situation now to judge what will be of Bitcoin in the coming years.

it was hard to use Bitcoin in a place where only a few stores or establishments will accept it, unlike fiat money. But never think that it was like that forever, things could be changed in the future and it was possible that Bitcoin will even make more demand in terms of payment someday. But anyway, I understand your stance as you are likely to make yourself a basis of this situation. Of course, you can say Fiat is important in your place but in other places where Bitcoin is also accepted, they can have different views about it.

It's just a matter of where to place regulation on bitcoin. not all bitcoins are used for payments other than fiat. Fiat is also important in my place, because only fiat is allowed to be used as legal tender, because if you use other than fiat it will violate the regulations that have been made by the government.

We are fortunate enough that the government still provides regulation as a commodity asset, several other countries have even completely banned the use of crypto. So how important is fiat or bitcoin, depending on each country's regulations.

Bitcoin is still too novel for most people and they do not understand why it exist, people do not understand why we need another form of money other than fiat which independent from the control of the governments.

But they will eventually understand, governments and private institutions are taking a very hard approach to dissenting opinions on social media and everywhere on the Internet, so it will not take long when this attitude will be taken to our finances as well, and when that happens and people begin to lose all their money due to something they said that is when they will understand why we need bitcoin.

Generally, if a user wants to own several digital assets, they must first convert from fiat to the intended coin, for example BTC. To make the Bitcoin ecosystem easier to use many platforms have initiated it. well, this answers your question that Bitcoin will be used and spent easily without Fiat.

I believe there will be a day when fiat and Bitcoin can easily coexist, and I tend to agree. When this process develops further and everything will work out fine.

This is a decent post. Good enough that I read all your posts.

Three of them were very good.

But you applied for a lot of campaigns to earn money 💴.

So while I want to merit you I will pass.


As for the question how important is fiat to btc.

The answer is very simple if fiat did not exist btc would never have been invented.

We might be imagining a world where the next door coffee shop has payments accepted in satoshis, but this is far beyond the reach at the moment. Fiat was the reason why bitcoin was created, to cover up some of the flaws of the fiat economy. At present the acceptance and use of crypto for buying daily necessities is low, very few merchants are accepting crypto directly to sell their goods.

Most of them has some sort of fiat conversion system to accept crypto, which shows that the dependence of crypto is much on fiat when it comes to common people. The major market of bitcoin is still gambling and exchanges.

We can be hopeful of better and easier integration into payment system and the ease of use will drive acceptance among non-bitcoin users too.

My answer is yes, this can be traded without fiat easily if you consider bitcoin as a global currency, for example, you can buy a house with bitcoin and there is no need to use traditional fiat money so even if you want to set a price for the house you can easily say the house price is, for example, one bitcoin and there is none talking about fiat and you don't need to say the price of the product is 1m dollar worth of bitcoin, you maybe think that's not normal to do that right now but in my own idea that's something we can see soon in all over the world.

The thing is...just because you have a context and you ask yourself a question about that "idea", doesn't mean it makes sense and that's what happens with your question.

In days gone by, a 5-year-old boy asked me why cats had heads, I asked him another question, why the cat? why not another animal? and he answered me, I'm not interested in another animal, I'm interested in the cat.

You may stay in limbo but there is imo.

Are you sure about they dont want to associate with fiat usage? Or maybe they don't want to associate themself with centralized exchange. There is a big difference between two statement. But lets get back to your question. In my opinion witouth internet connection on every part of world it won't be easy with cryptocurrencies therefore we are still need that fiat. And also so many people on earth still dont know how to use technological devices like over 70-75 years old. And also many people don't know how read text but they can recognise the ordinary money.  But after decades it might be possible with improvement of technology and improvement on peoples education levels.

As far as I know, Bitcoin is good primarily as a means to accumulate wealth and save money. As for the ability to use Bitcoin as a means of payment, a number of questions immediately arise, for example, what exactly can be bought with Bitcoin without using fiat money. The mark is simple, unfortunately you can’t buy the main products for human life with Bitcoin, you need fiat money for this, but with regard to generating income and preserving and increasing wealth, Bitcoin has shown itself much better than fiat money, which means they complement each other and both are needed, in any case, at this stage of development of the financial and crypto industries.

Do you know that fiat very important with Bitcoin so without Fiat currency bitcoin cannot come into existence or bitcoin cannot be useful as a society because it is because of the existence of Fiat currency that made people prefer the Bitcoin today

Just think of the development in the banking system and we can understand how important is the need of fiat. Initially we used fiat directly without any banking applications as well as directly in the hands on exchange of goods and services. Later when things gor advanced we started paying the same using applications. Bitcoin just crossed a decade, so it takes time to function independently. Until the having dependence is common.

Bitcoin price is different from Fiat currency price and the existence of Bitcoin is far below the distance of Fiat currency so what I'm trying to tell you so that you will understand is that bitcoin can exist without Fiat currency and the Fiat currency has been already existing before the introduction of Bitcoin in the world so always is happening this way because people are feeling that without Fiat become cannot purchase anything we do use bitcoin to buy online things without using felt so there is two different things that is involved between the two currencies

It cannot be denied that fiat currencies are important. Fiat currency is required to exchange Bitcoin or other currencies.
If Bitcoin is legal tender, it is more convenient than legal tender in that it does not need to be exchanged. Available worldwide. Fiat currency can be counterfeited but Bitcoin cannot be counterfeited.


Fiat currency has a certain place in people's hearts, because fiat currency has been used since birth. People can buy anything in their country with fiat currency. But there will be countries where Bitcoin is banned.

And why do you think not many sellers accept bitcoin as payment?? what could this be related to? It is necessary to understand such an important point that cryptocurrency is not only one bitcoin, but there is also the Ethereum platform, which occupies a huge place in the cryptocurrency environment and this platform is of great importance for the development of cryptocurrencies. Without the Ethereum platform, the development of cryptocurrencies will be very weak! what do you think about this?? I would also like to know the opinion of others!! join us!

Fiat is not needed for bitcoin but fiat is needed everywhere.  You are bound to use fiat in countries or institutions where bitcoin is not accepted or is accepted to a limited extent.  But the fiat system is much more important to the banking system than Bitcoin.  But if Bitcoin can be used in various international institutions, hotels, restaurants and air ticket bookings, then there will be more advantages in Bitcoin than in the case of fiat.
Yes, but the most remarkable thing about fiat is that people from all walks of life can use fiat spontaneously, from children to old people, all classes of people can easily use fiat as a medium of exchange.  But in case of using Bitcoin you have to use it through technical device and internet system which common people or uneducated and semi-educated people cannot use.  Moreover, in the case of using Bitcoin, there is a big risk if the wrong technical decision is made.

The problem you need to solve before that is how bitcoin becomes a global currency. When I think about this, I see it as impossible, once the government still exists and controls us, bitcoin will never have a chance to become the world currency.
I know that, we are tired of using fiat money because of its devaluation or centralization, but fiat money and banking will never go away, and we will always need them.

Fiat currencies are important for the bitcoin economy.

First of all, why is gold/silver or any other commodity valuable for people? Why is the US dollar valuable for people?

Despite of fiat currencies losing their ties to commodities like gold or silver in the 20th century, fiat currencies retained status of money because of memory of previous money prices. Gold don´t circulates as a medium of exchange, prices are set in USD, not in gold, if people want to trade in gold they do it based on their knowledge in USD/gold price ratios.

The same applies for bitcoin to serve as a medium of exchange. Like I said before, bitcoin have value today due to memory of previous money prices, based in the BTC/USD price ratios or BTC/other fiat currency price ratios.

In the beginning, the very first bitcoin exchanges established a price for bitcoin, and that wasn´t an accident, it was a very important step to make bitcoin transactions possible in the future, this way people are able to set a price for good or services.

I don't think that majority understands which money are fiat to keep fiat money in their hearts. People can be satisfied with national currency or familiar financial system, but hardly with idea that their money don't really have any value. When money was made of gold, silver and copper and had value by itself did people keep them in their hearts less than fiat money? I doubt.

We are talking about how fiat money can be useful for Bitcoin at the moment just because fiat money system became predominant in the world. And Bitcoin was invented to grant a new alternative to it.

1 bitcoin = 1 bitcoin, but 1 bitcoin currently has a high value when exchanged to fiat. I think fiat is very important for bitcoin mainly because bitcoin is traded and has value in fiat, so the two are interrelated and need each other so the bitcoin economy is measured in fiat. Just like gold and other assets, its value will always be measured in fiat and always will be.

With no value in fiat, I never know what a bitcoin is actually worth even though bitcoin was created as a currency. Bitcoin value will differ for one currency or another, and that is how bitcoins have value.

I do think that fiat and Bitcoin will still be in existence and work hand in hand with each other , basically Fiat gets converted into Bitcoin and Bitcoin gets converted back into Fiat verse versa. Maybe Until Bitcoin can be used to buy literally almost anything (coffee) with low transaction fees , Fiat currency will still be important for more Bitcoin adoption.

As long as fiat remains the world's primary currency, it will always be important to bitcoin, bitcoin is now just an asset, a commodity whose value is measured in fiat money. How bitcoin exists without value, 1 bitcoin = 1 bitcoin is the only consolation for those who are holding long term. If someone says fiat doesn't important to bitcoin, why don't they buy bitcoin for $69k but wait for bitcoin to drop to $16k before buying?

Fiat is important to bitcoin from your perception because the value of bitcoin is tied to fiat and we can only say bitcoin has risen or fallen based on its value in fiat, e.g dollar.
Can we say that if fiat doesn't exist, the value of bitcoin will not be known? That will not be correct. The value of bitcoin could be tied to another financial assets like gold. But in general it will be difficult for bitcoin in the absence of fiat.

That's not my perception that's what's really going on, we can't expect bitcoin to become an alternative to fiat currency. Even if it's not fiat, it could be gold or another government-controlled currency. Bitcoin cannot stand alone and cannot become the world currency. I invest in bitcoin but I like reality and I dont like living in baseless illusion. Bitcoin is still bitcoin is still a profitable investment but it cannot stand alone without fiat.

It is not necessary, when you are in US and have $100 in a pocket you can buy directly what you want and don't need to know which is exact rate of USD to Mongolian tögrög. The same about Bitcoin.

We also have a Big Mac Index which is based on an exact product and not on any currency. So if you need to compare Bitcoin with smth to know that it rose in price you can have multiple different indexes, fiat money is not mandatory for that.

Fiat is an equivalent measurement of the value of bitcoin in the sense that, fiat expresses the financial value of bitcoin. Without fiat, it would be very hard to get the exact monetary value of bitcoin when it comes to exchange. That's how the system works. Although bitcoin is a store of value which appreciate at any given time based on the market demand but it needs the fiat to quantify it's value for exchange. With fiat, you can purchase your bitcoin irrespective of the value and price tag as long as there is an amount equivalent to your Fiat purchase for bitcoin at that particular moment in time.
Although bitcoin is yet to be accepted in some parts of the world but it's value is immeasurable because it solves lots of problem such as stress, high fee charges from third parties, safety and privacy etc.

Exactly! Although I have to say the Big Mac Index is getting worse as a tool to measure things these days because in some countries (like mine) it is seen as a normal buy but for middle class. I know in India, it is seen as a high end buy for wealthy people. Some people have graduation or birthday parties now in MCDonalds because it is seen as a "expensive" restaurant (and is even classed as restaurants!).

Can of Coca Cola I believe is now the more accurate index ;)

Fiat is still in everyone's needs, because it is still used by all countries of the world as the official means of payment for countries, fiat may be useless all over the world, if this world has made Bitcoin a digital currency in terms of payments for everyone, but for now,  For now, Fiat is used as a benchmark for prices in their respective countries, so that's why Fiat currency is still needed by many groups.

I don’t know what’s got into this post but fiat does not mean anything to the bitcoin except one thing, it’s just giving us the way to measure its weightage / cost/ value you name it. It’s simple idea, the way you just say one dollar equals to one dollar. In similar ways if you imagine the world where we only have bitcoin around the globe then who would have thought about bitcoin and fiat pair anyways? We just be saying that bitcoin is equal to one bitcoin and that’s all it need. So for me fiat does not matter much considering you are not selling it for fiat.

BTC is like having only one language all over the world to communicate. Don't you think that communicating through one language will be so much easy rather than having all these languages scattered throughout the world? One time you are out of your country, you are facing all kind of stuff in order to spend your money.
BTC is a borderless currency. Wherever and whatever you want, you can buy goods with this. Show me one thing about fiat which could top this feature of BTC, and I will never say BTC is better than fiat.

Fiat and bitcoin go together so well than what most bitcoin visionaries would dare to admit. For instance, fiat is its peg in the outside market, and frankly speaking what represents its value to the people. We wouldn't be investing in bitcoin in the first place if its dollar value remained on the low all these years, or maybe non-existent even. It also is what bitcoin is supposed to support. Bitcoin can take care of the peerless global transactability whilst fiat can take care of the local economy and commerce. So yes, fiat is substantial to bitcoin's success all throughout no matter how many people deny it.
 

That's it. This becomes the measurement of the value of Bitcoin assets that we have. Additionally, Fiat is also used as the mans of withdrawing after investing in Bitcoin and going to bank account. Actually, if Bitcoin is accepted as legal currency in all the world, this will means that Bitcoin will be much more than fiat. We may not need to directly change from Bitcoin to fiat in order to be able to pay somethings in merchants. Unfortunately, right now, we still cannot use Bitcoin directly in many merchants because most countries still don't legalize Bitcoin as a currency. 

Not only that, there are still many people who do not know about Bitcoin. People like them have no way out without fiat. Those who know and can use bitcoins may be able to survive without fiat. But when you go to deal with a non bitcoiner he will call you stupid because he doesn't know what bitcoin is so how can you deal with him? Then you will also need Fiat. So now there is a lot of need for Fiat in the country.

Fiat does not need to be as sublime as bitcoin, but with only one thing, which is to become the world currency, and the value of bitcoin is also measured in fiat, that alone is enough to show the importance of fiat. We are bitcoin investors we all know bitcoin is amazing but the benefits and importance of fiat should not be denied. If you think fiat doesn't matter, why wait for bitcoin to drop to 16k to buy, not buy bitcoin when it's at 70k? Fiat is still important, mate.

Maybe you are right but that is because fiat is actually the world leading currency and the continues used of it has not eliminated. What would be the case of a country where  bitcoin is accepted by every citizen just the way fiat is,  i dont think you need to change your btc to any fiat currency because you can easily buy you want so far as the person you are buying accept and know if goes to purchase something else with does btc it will accepted too.

Currency use is just base on acceptance in the whole country.

People still prefer to pay with fiat currency at the moment. You cannot exchange bitcoins without fiat currency. It is more convenient for us to use legal tender in our daily life. Legal currency is the exchange function for Bitcoin. We don't need to compare the two. Each has its own advantages.

This is just an example if Fiat currency is no longer needed, then everyone will be fixated on Bitcoin, even though Fiat currency is a source of needs in all countries, but for now Bitcoin is the priority for entrepreneurs in the field of investment and their future savings, I too  still need fiat currency in terms of necessities of life, so nothing is questioned in this debate, only currently fiat is still the benchmark for bitcoin prices in their respective countries.

How to exchange Bitcoin if you don't have fiat currency. Some countries prohibit the use of cryptocurrencies, restrict Bitcoin, and people can only use legal tender. In terms of payment methods, people usually use legal currency to pay. Most bitcoins are used for investment and storage.

Without fiat bitcoin can also be used as currency or a means of payment, that is one of the basic ideas of bitcoin although a number of countries have not legalized it. Find a service that accepts bitcoin as a means of payment, you can transact with them.

When you are prohibited by your country and government from using bitcoin as a means of payment, then that does not necessarily make you unable to do so. Many people spend their bitcoin to pay for something even though it is illegal, however this can be done as long as you and the seller agree ^{[I do not recommend that you do it],} but you can do it secretly.

Fiat currency is still important when it comes to using Bitcoin, but cryptocurrencies like Bitcoin offer a decentralized, secure, and fast way to transfer value. While most merchants don't accept Bitcoin as a form of payment yet, we're starting to see more places where it's possible.

Also, most of the time, if not always, you have to convert your fiat currency while paying for something with high conversion rates. But a globalized and digitalized world will solve this problem with global currencies because we need that.

What's more, you have to count on governments for fiat currencies and let me tell you this: they suck. At least, cryptocurrencies have a somewhat democratic mechanism in nature.

If you say this then you don't really understand what you're investing in. Go study Bitcoin, read the white paper then you'll understand what Bitcoin was created for. It was created as an alternative to fiats which means a currency you can use instead of the fiats so Bitcoin doesn't need the dollar or any other fiat to be relevant.
If Bitcoin achieved global adoption we can price items in Bitcoin itself instead of giving it a dollar value. It is a gradual process as we'll get to that stage someday.
Bitcoin store of value is the reason why it's been valued in the dollar, the moment that store of value feature losing some interest and takes it form as a currency then people will careless about what the price of Bitcoin is instead it'll be used frequently like the other means of payment that we have currently.

Oh, your point is very valid, I'm glad to read from another person that is not living the unthinkable dreams/fantasy of Bitcoin. Many people on BTT would always want to say in favour of Bitcoin without facing the reality of it, but I will never join them. Bitcoin can never replace gold, and gold has been used to settle transactions that are 100% backed by the world government. This is possible because gold is centralized, with nothing hidden about it and it's within the reach of the government. Furthermore, gold reflects the status of an economy that Bitcoin may never be able to do due to its decentralization. Every responsible government would be able to account for outflow and inflow in their domain, gold could do that, but BTC can't.

Besides, Bitcoin can never replace fiat, both have to work together to continue existing. As a matter of fact, BTC will always depend on fiat because if fiat seizes today, BTC would seize also because it is unstable and limited in supply.

Governments can't really prohibit the use of cryptocurrencies because "using" them is no different than sending messages through the Internet. If you have the freedom to express your opinion with verbal tools, you should also have a right to express your thoughts through electronic means. Money is a language with which to communicate prices and values of different things. Fiat currency is considered to be the "official" language of the country, but cryptocurrencies are a way to say the same using other letters and sounds; the meaning of the message remains exactly the same. You shouldn't be beaten just for speaking the unofficial language; you should be allowed to express your opinion using whatever means you see fit; if this is not the case, then you live in a totalitarian country with a government that respects neither the citizens nor their natural rights.

The problem is that any type must be measured by the fiat value of each country and fiat is always used as a benchmark by the government so that it has value even if inflation is not the case. Bitcoin is an immigrant and its existence is still difficult to replace fiat as a whole. But in this case, it is not about the differences between Bitcoin and fiat and their function when transacting, but rather the level of trust that is supported by government regulations. Bitcoins are pegged to their respective countries fiat exchange rates, so both remain an important element in creating value.

don't worry about it, bitcoin and fiat have their own uses and purposes. don't drop one of them, why?
bitcoin is number one in digital assets, and bitcoin digital assets are bought using fiat, so there's no need to vilify each other, for what? what is the purpose?
to find a solution that does not need to drop, but can fix the existing (fiat and bitcoin).

Bitcoin and fiat cannot be compared with languages, they are so much different.
You are free to speak any language, but you have a limitation to using Bitcoin or Altcoins. In my country, if you use Bitcoin or any crypto coins as payment tools, you will be jailed. Every country has different laws or regulations, we can't generalize them. You may be free to use Bitcoin in America but you can't do the same in a certain country like Indonesia (my country). Here, you only can use it as a digital asset, you can't use it for payment purposes. So, it is clear that languages and Bitcoin/crypto coins are very very different. We cannot determine the use of Bitcoin/crypto coins based on the use of languages.

Fiat in today's world have turned to be an inevitable one for its usage on each and everything. The usage would've got limited if fiat haven't got the digitised usage access. Fiat transactions were made easier through mobile wallets and other banking applications.

Bitcoin access and acceptance around the world is very low in percentage compared to the fiat used all around. We're into very beginning days of bitcoin into real-time usage. So, for a long we'll have the dependence over fiat.

The only place bitcoin can be easily be spent without converting it to Fiat currency is when you are purchasing something with the Bitcoin directly to a company and that company accept payment with Bitcoin it is when bitcoin can work alone without the accompanying of Fiat currency from what I am seeing in Bitcoin he cannot work without Fiat currency you can invest in Bitcoin and bitcoin and give you a prophet but he must to convert it with Fiat before you can start anything you want to do because not any other shops that accept payment with Bitcoin

I think, it would be wrong not to have e fiat in existence even in a bitcoin dominated world. Most of all, as it is with majority of the world yet to adopt cryptocurrency (Bitcoin) for a currency, fiat plays a rather vital role in ensuring exchanges and the prices of goods are maintained.

Just imagine if we didn't have fiat. With the highly volatile cryptocurrency market environment, you'll find yourself having a budget that tips over everytime you try to make purchases. This would be so off and would affect the society in a way that, you never can tell when your being cheated on and make proper budgets.

Fiat and bitcoin coexistence would be what we ought to expect for better human communities.

Everyone is right and owns the right to their opinion but the truth be told that going with the details on the white paper of Bitcoin, we'll get to understand that tye main purpose of Bitcoin was to create a decentralized form of  currency which has to be used without tye interference of a third party.
But on the other hand @queenvera we understand the concept of Bitcoin and the fact that it still has a very long way to go to attain independence and my question was directed to the current situation now of Bitcoin and the possibility of using it now with fiat especially in challenging countries.

Same reasons why common people dont want to move to bitcoin as an investment option - government restrictions, difficulty in exchanging fiat<>crypto and lack of places to spend crypto for things they need.

 What we should aim at is gradual acceptance among people accepting and using crypto. Currently we are having sites that sell gift cards in exchange for crypto which is a workaround but not an ideal thing. Also different countries have different policies regarding the use and taxation of crypto.

Any crypto other than bitcoin will face the same problem as bitcoin, so I dont think that is relevant here. The number of shitcoins fueled by the ethereum blockchain after the ICO craze started has only siphoned off investors money towards the wrong places and brought bad names to crypto in general, further negating any good impact from bitcoin.

It's true that bitcoins are not ready to be the main form payment yet. In many cases we still need the exchange of Bitcoins into fiat before we can use them. There are only a few countries that have accepted bitcoin as a legal tender yet. And as long as most countries will hold on to their fiat money nothing is going to change. I receive my salary in Euros, all my monthly expenses I have to pay in Euros, taxes are also required to be paid Euros. If I would like to switch to a crypto currency only life it wouldn't really be working. There still needs to be exchanges between fiat and crypto on a regular basis. Maybe once more countries accept bitcoins as a legal tender this is going to be different. One positive note is that many online stores today are accepting bitcoin as a form of payment.

Even in countries that have accepted bitcoin, I believe it will be extremely difficult to use bitcoin. Simply if you bought bitcoins for $50k and now each bitcoin costs $16k, are you willing to use your bitcoins as a means of paying for goods? That's a huge loss. Fiat is still very important to bitcoin, there is no asset class that does not depend on fiat, and even gold is still measured in fiat.

if the transaction only uses Bitcoin. the calculation used will not be like that. all of them are difficult to implement because the yardstick is fiat. and also there is still the use of fiat.
just try it when all is measured by Bitcoin. all providers of goods and services use Bitcoin, I'm sure there will be no trade-offs like you talk about.

Once there was a transition from gold and silver coins to banknotes, this transition was also probably not fast. Actually I don't know how it happened, I don't know the history of money that well.

But I will assume that the transition from fiat to digital money will be even more difficult, because now everything is much more global, and any update in finance will be very difficult. It will also be necessary to replace all their fiat money with digital money if accepted, in any case this is a complex and not a quick process.

I want to say that what Bitcoin is achieving is a success, but to talk about Bitcoin's original goal, maybe it doesn't go in the right direction. Today, we only consider Bitcoin to be an investment rather than currency, because no currency has a big volatility like Bitcoin.

Bitcoin is accepted worldwide and becomes the main measurement unit that replaces Fiat, this will never happen. Because no government is willing to eliminate its currency to accept a decentralized property as a currency. This dream of yours cannot come true.

In short, I agree with the opinions, Fiat is still very important, and Bitcoin will never become a world currency, but the possibility of it becoming an alternative payment method next to Fiat.

We are talking facts, not if. Because bitcoin will never be accepted as a world currency. And once assuming bitcoin is accepted as the world currency to replace fiat, then not only bitcoin but any accepted asset can fulfill the obligation of fiat, even if it is dogecoin. Bitcoin is only suitable for investment, it is not suitable as a currency because of its volatility. No currency is as volatile as bitcoin, and no one is brave enough to use a volatile asset to turn it into a currency.

Using fiat as a reference point is arbitrary, though. You could replace fiat with any other metric or even a commodity in order to make the conversion rate easier to calculate. The value of Bitcoin will always be proportional to its purchasing power, and the amount of purchasing power Bitcoin has is determined by supply and demand.


Bitcoin could easily replace fiat -- it would take a long time, but once people realize that their purchasing power is being lowered year after year systematically by a government who would rather spend money that doesn't exist at the expense of their citizens, then people will no longer choose to hold fiat.

Fiat won't cease to exist completely, but it will work its way out of the economy by market forces once consumers stop using it.

Bitcoin won't replace fiat with easily or difficult process. It will never replace fiat.

Nobody will use bitcoin and reject fiat if with bitcoin, they will have to wait for at least 10 minutes or longer to get a first confirmation to be done with their payment for one service.

Lightning Network is another story.

Fiat exists, paper/ polymer currency exists as well as central bank digital currency (CBDCs) and Bitcoin will not kill any of them. Like USD is a strongest and most popular currency globally, people use their local currency or other currency that are more popular and easily to find in local areas like remote areas.