Bitcoin is independent? or depends on fiat currency

[Red_Evil]

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

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

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

Please share whatever views you are having. 

Kindly correct me if I am wrong.

We all know that bitcoin is decentralized and there is no central power to control it but there are some forces that are manipulating its prices to get profit. The reason why we are trading bitcoin in the dollar is that in the international market all payments are done in dollars or dollar is used as a direct payment method.

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

[ribowo76]

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

[AbyssLagiaz]

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

[Ethan Argu]

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

[Apple Mac]

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

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

[LastHope99]

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

[ameliana]

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

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

[nahotachikwem]

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

[sirminesalot]

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

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

[karanggatak]

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

[evichi]

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