Why is Bitcoin still a slave of Fiat?

[mearylll]

Imagine if your boss paid you in bitcoins and you could buy your food and supplies with bitcoins. Why  would you use dollars?
the perfect scenario you could use bitcoins for almost everything and no paying taxes.

Yeah it would be happen if all of stores and grocery have accepted bitcoin payment. But I think Bank won't let it happen easily, because bank need fiat, not crypto currency.

Yes I think banks will never come in the support of crypto currency as they would start loosing their customers and I don't think that bitcoin can ever replace the fiat currency as People believe in spending using the fiat and they have more faith in fiat as compared to bitcoins.

[Dotakels]

Imagine if your boss paid you in bitcoins and you could buy your food and supplies with bitcoins. Why  would you use dollars?
the perfect scenario you could use bitcoins for almost everything and no paying taxes.

Yeah it would be happen if all of stores and grocery have accepted bitcoin payment. But I think Bank won't let it happen easily, because bank need fiat, not crypto currency.

Yes I think banks will never come in the support of crypto currency as they would start loosing their customers and I don't think that bitcoin can ever replace the fiat currency as People believe in spending using the fiat and they have more faith in fiat as compared to bitcoins.

And their generation are not compatible with this new generation. Generation of computer and they can adopt quickly and easily so that they more likely to use fiat money than bitcoin.

[SuperHakka]

because peeps have long history of knowing how much things are in fiat, e.g. everyone knows approximate price of loaf of bread in fiat, so say its $1 where you are, the price will probably was $1 last week and will be $1 next week more or less by few cents. Peeps don't know how many btc for a loaf and they certainly don't want to know that it was 0.005btc last week but today is 0.01btc and who knows how many btw for a loaf the morrow?

[Dotakels]

Imagine if your boss paid you in bitcoins and you could buy your food and supplies with bitcoins. Why  would you use dollars?
the perfect scenario you could use bitcoins for almost everything and no paying taxes.

Yeah it would be happen if all of stores and grocery have accepted bitcoin payment. But I think Bank won't let it happen easily, because bank need fiat, not crypto currency.

Yes I think banks will never come in the support of crypto currency as they would start loosing their customers and I don't think that bitcoin can ever replace the fiat currency as People believe in spending using the fiat and they have more faith in fiat as compared to bitcoins.

And their generation are not compatible with this new generation. Generation of computer and they can adopt quickly and easily so that they more likely to use fiat money than bitcoin.

Banks will eventually chime in and move all of their infrastructures into the blockchain, simply because it's cheaper and more effective. They'll be losing money if they don't, eventually younger people get hired and will get things going.

What do you mean by chime? can you elaborate it? how will they move it.? I only know that they have machine that can stored data and they not need blockchain.

[Erza]

Imagine if your boss paid you in bitcoins and you could buy your food and supplies with bitcoins. Why  would you use dollars?
the perfect scenario you could use bitcoins for almost everything and no paying taxes.

Yeah it would be happen if all of stores and grocery have accepted bitcoin payment. But I think Bank won't let it happen easily, because bank need fiat, not crypto currency.

Yes I think banks will never come in the support of crypto currency as they would start loosing their customers and I don't think that bitcoin can ever replace the fiat currency as People believe in spending using the fiat and they have more faith in fiat as compared to bitcoins.

And their generation are not compatible with this new generation. Generation of computer and they can adopt quickly and easily so that they more likely to use fiat money than bitcoin.

Banks will eventually chime in and move all of their infrastructures into the blockchain, simply because it's cheaper and more effective. They'll be losing money if they don't, eventually younger people get hired and will get things going.

Nope they will not do that since there are no regultions from government that they fully adopt bitcoin. May be one day they will use blockchain

system but there is no way that bank will lose their own money because they still supported by government and they get income from bank users and

other investments so its impossible to lose fiat in the future

[TinEye]

Imagine if your boss paid you in bitcoins and you could buy your food and supplies with bitcoins. Why  would you use dollars?
the perfect scenario you could use bitcoins for almost everything and no paying taxes.

Yeah it would be happen if all of stores and grocery have accepted bitcoin payment. But I think Bank won't let it happen easily, because bank need fiat, not crypto currency.

Yes I think banks will never come in the support of crypto currency as they would start loosing their customers and I don't think that bitcoin can ever replace the fiat currency as People believe in spending using the fiat and they have more faith in fiat as compared to bitcoins.

And their generation are not compatible with this new generation. Generation of computer and they can adopt quickly and easily so that they more likely to use fiat money than bitcoin.

Banks will eventually chime in and move all of their infrastructures into the blockchain, simply because it's cheaper and more effective. They'll be losing money if they don't, eventually younger people get hired and will get things going.

i agree on this, it's the only solution for them to prevent bankrupt of their activity, but i think at first, they will try to control some bitcoin by providing interest upon on deposit, for people that cannot deal with the security problem with bitcoin, when this will be settled they will move ahead and start increase their business on the blockchain.i was reading about the sidechain yesterday, and i was thinking that bank could take control of one of those instead of jumping on the main chain

[Dotakels]

Imagine if your boss paid you in bitcoins and you could buy your food and supplies with bitcoins. Why  would you use dollars?
the perfect scenario you could use bitcoins for almost everything and no paying taxes.

Yeah it would be happen if all of stores and grocery have accepted bitcoin payment. But I think Bank won't let it happen easily, because bank need fiat, not crypto currency.

Yes I think banks will never come in the support of crypto currency as they would start loosing their customers and I don't think that bitcoin can ever replace the fiat currency as People believe in spending using the fiat and they have more faith in fiat as compared to bitcoins.

And their generation are not compatible with this new generation. Generation of computer and they can adopt quickly and easily so that they more likely to use fiat money than bitcoin.

Banks will eventually chime in and move all of their infrastructures into the blockchain, simply because it's cheaper and more effective. They'll be losing money if they don't, eventually younger people get hired and will get things going.

Nope they will not do that since there are no regultions from government that they fully adopt bitcoin. May be one day they will use blockchain

system but there is no way that bank will lose their own money because they still supported by government and they get income from bank users and

other investments so its impossible to lose fiat in the future

They can adopt blockchain but not bitcoin, because blockchain is have a great task to every trasaction because all the data you can find it into blockchain. but the problem is who would operate it and we all know that its decentralized.

[zeraTunerse]

Imagine if your boss paid you in bitcoins and you could buy your food and supplies with bitcoins. Why  would you use dollars?
the perfect scenario you could use bitcoins for almost everything and no paying taxes.

Yeah it would be happen if all of stores and grocery have accepted bitcoin payment. But I think Bank won't let it happen easily, because bank need fiat, not crypto currency.

Yes I think banks will never come in the support of crypto currency as they would start loosing their customers and I don't think that bitcoin can ever replace the fiat currency as People believe in spending using the fiat and they have more faith in fiat as compared to bitcoins.

And their generation are not compatible with this new generation. Generation of computer and they can adopt quickly and easily so that they more likely to use fiat money than bitcoin.

Yes and the older generation will definitely invest in fiat currencies for eg fixed deposits in a bank as they don't believe in accepting the change and they don't have the ability to take higher risks what the younger generation can do. As the youth are very keen to know about the latest technology and start adopting it.

[Dotakels]

Imagine if your boss paid you in bitcoins and you could buy your food and supplies with bitcoins. Why  would you use dollars?
the perfect scenario you could use bitcoins for almost everything and no paying taxes.

Yeah it would be happen if all of stores and grocery have accepted bitcoin payment. But I think Bank won't let it happen easily, because bank need fiat, not crypto currency.

Yes I think banks will never come in the support of crypto currency as they would start loosing their customers and I don't think that bitcoin can ever replace the fiat currency as People believe in spending using the fiat and they have more faith in fiat as compared to bitcoins.

And their generation are not compatible with this new generation. Generation of computer and they can adopt quickly and easily so that they more likely to use fiat money than bitcoin.

Yes and the older generation will definitely invest in fiat currencies for eg fixed deposits in a bank as they don't believe in accepting the change and they don't have the ability to take higher risks what the younger generation can do. As the youth are very keen to know about the latest technology and start adopting it.

Yeah from now generation its so easy to adopt any technology, but most of people who are not familiar with technology they don't know how to use it and how its works.

[Amph]

there are only two reasons, bitcoin is not big enough to work "alone" and the second it's a conventional purpose, it is more easy to attribute a value to it, if you tied it with fiat

also bitcoin is not ready yet to work like a full currency(not accepted everywhere) so you need to dump for fiat first, in many cases

[ammy009]

because Bitcoin is small and few people accept it and FIAT is big and everyone accept it?

Absolutely yes ! Bitcoin market & acceptance is very small. We need it to grow .........

[ in the future

grow .........

grow .........

And finally ... oh !

A huge number of people now involve in Bitcoin, the market is vast .............so .........then........

Bitcoin is FREE ............ it's not a slave of Fiat now. ]

[doggieTattoo]

Why is Bitcoin tied to Fiat? Why is Bitcoin value moving like a stock? satoshi said the value will be derived by the limit of total coins. But we are seeing the opposite. Why dont we mathematically calculate the value of bitcoin according to the amount of bitcoin mined?

Like

Agreed Value * Bitcoins Mined = New Value

0.0010 * 1 = 0.0010
0.0010 * 2 = 0.0020

It seems like an absurd assumption to me. Agreed value? Who is agreeing with the value? The government?
If yes then Crypto currency loses it's true de-centralized nature, and then there's pretty much no difference between fiat and bitcoin (more or less)

[Marbit]

Why is Bitcoin tied to Fiat? Why is Bitcoin value moving like a stock? satoshi said the value will be derived by the limit of total coins. But we are seeing the opposite. Why dont we mathematically calculate the value of bitcoin according to the amount of bitcoin mined?

Like

Agreed Value * Bitcoins Mined = New Value

0.0010 * 1 = 0.0010
0.0010 * 2 = 0.0020

Bitcoin is still in its early stages and we cant call it a slave of fiat, there are some places in Europe and throughout the world where you can solely live on bitcoin without ever wanting to have any fiat. As bitcoin gets more adaptability in a global scale it will triumph over the traditional currency which causes so many problems in the current world. Bitcoin is for freedom and will always be free and there is no shackle that is strong enough to bound it.

[arallmuus]

Bitcoin is still in its early stages and we cant call it a slave of fiat

Since it is still in its early stages, that is the reason why it is a slave to fiat and it is going to be like this forever unless there is a mass adoption. Basically BTC was created as a currency but most people treat it as goods / stocks instead because as a currency BTC has no dependant value and its value is always tied to fiat

[Dotakels]

there are only two reasons, bitcoin is not big enough to work "alone" and the second it's a conventional purpose, it is more easy to attribute a value to it, if you tied it with fiat

also bitcoin is not ready yet to work like a full currency(not accepted everywhere) so you need to dump for fiat first, in many cases

Yes and bitcoin are depend on the fiat money because we know that bitcoin is the internet money and its will become money if you change it into fiat money. So that bitcoin can stand alone.

[Dotakels]

Bitcoin is still a slave of fiat because we use fiat to buy bitcoin not use bitcoin to buy fiat
Also, people still think think how much bitcoin worth from its price not total adoption

But how about the miners? they mined bitcoin so that they can buy fiat money or exchange it to fiat money? can explained it ?

[Anony]

Why is Bitcoin tied to Fiat? Why is Bitcoin value moving like a stock? satoshi said the value will be derived by the limit of total coins. But we are seeing the opposite. Why dont we mathematically calculate the value of bitcoin according to the amount of bitcoin mined?

Like

Agreed Value * Bitcoins Mined = New Value

0.0010 * 1 = 0.0010
0.0010 * 2 = 0.0020

You have got a point. There is actually a need of a new formula to predict something about the bitcoin prices. For a common bitcoiner, it is as hard to predict the bitcoin prices as to predict who will be the next to get executed in North Korea 

[Erdogan]

Bitcoin is still a slave of fiat because we use fiat to buy bitcoin not use bitcoin to buy fiat
Also, people still think think how much bitcoin worth from its price not total adoption

Look, when you use fiat to buy bitcoin, some other guy uses bitcoin to buy fiat. A trade is always double, you give something and get something.

Any pair can be traded. If you want to buy an apple and pay with a pair of shoes, that will work just fine as long as you find someone who wants to buy the shoes with an apple.

Money is the things that most other people want, therefore you can safely have them in reserve to exchange them for something usable when you want to.

Money does not have to be usable, when you buy them it is always with a thought of selling them in another trade later. In fact the money types that works best are those which can not be used for anything. They just need to be liquid, and the traditional good money traits is the explanation to why they are.

[gripflierGO]

Bitcoin is still a slave of fiat because we use fiat to buy bitcoin not use bitcoin to buy fiat
Also, people still think think how much bitcoin worth from its price not total adoption

Very rightly said and I still feel that bitcoin can never replace fiat as there are many things which you cannot buy by using bitcoin like grocery stuff and it would take a very long time when the grocerries and the small shops starts accepting bitcoin as a mode of payment and I dont think in near future that bitcoin can replace fiat.

[eerygarden]

Very rightly said and I still feel that bitcoin can never replace fiat as there are many things which you cannot buy by using bitcoin like grocery stuff and it would take a very long time when the grocerries and the small shops starts accepting bitcoin as a mode of payment and I dont think in near future that bitcoin can replace fiat.

So do you think bitcoin can never replace fiat, or that it will take a very long time to replace fiat?