Why is Bitcoin still a slave of Fiat?

[thecoder2017]

We know that until now bitcoin is still making its way to be legalized entire world so people are still using fiat money because its easy for them to use because even without internet they can buy things and pay their bills immediately.

[1715664062]

1715664062

[bib24]

This is because all we need from basic are paid trough fiat currency.

[Janation]

We know that until now bitcoin is still making its way to be legalized entire world so people are still using fiat money because its easy for them to use because even without internet they can buy things and pay their bills immediately.

Bitcoin is really tied on Fiat, and without Fiat, Bitcoin might not have a value or a price. Fiat is the main converted value of Bitcoin, we can't just set a value of Bitcoin to other crypto currencies since people don't usually use other digital currencies like Ethereum or Litecoin also, as of now Fiat is still better than Bitcoin in many ways so that is obvious that people will still use Fiat than Bitcoin.

[BartS]

Bitcoin is the of most popular coin in a crypto world but not all people from every corner of the world knows about it, but due to our technological advancement its not far that in the near future bitcoin will lead the way in monetary system. As of now bitcoin still like a slave of fiat because people use Bitcoin to obtain fiat because fiat still the fastest way in making payment transaction.

In a way everything is a slave to fiat, but one of the functions of bitcoin is presicely to change that, to allow us to buy products and services without using fiat, which is the main reason why governments do not like bitcoin they understand very well what it is at stake here if they fail to contain bitcoin they will probably lose control of the economy and that is something they do not want since it has took to them hundreds of years to have so much control over it and they do not want to lose it.

[Tylev]

I'm most worried about how long the crypto currency will remain a slave of bitcoin in the price plan. Why can not it independently have its own price, which would not depend on the price of bitcoin. One bitcoin fell in price and the entire crypto-currency market almost froze for six months.
However, what independence from fiat do you want for bitcoin? In my opinion, he is already doing what he likes, and his price exceeds thousands of times all world currencies. In my opinion, this is more than enough.

[yoseph]

I'm most worried about how long the crypto currency will remain a slave of bitcoin in the price plan. Why can not it independently have its own price, which would not depend on the price of bitcoin. One bitcoin fell in price and the entire crypto-currency market almost froze for six months.
However, what independence from fiat do you want for bitcoin? In my opinion, he is already doing what he likes, and his price exceeds thousands of times all world currencies. In my opinion, this is more than enough.

Bitcoin just it's own price but when it's compared to the likes of the USD and other fiat currencies, That is when we can see it's real value in the world. It's not a slave because of that.

[Coleen]

Because fiat money is easy to use anytime anywhere, but bitcoin you must need ti sell before you can use it as fiat money, so fiat money is  the most important things in this world. Bitcoin is slave of fiat..

[mason13]

Because bitcoin is not used as payment method but as just stock element. People are not really enjoyed it because what is the difference for me to pay in EUR or BTC? why I should use BTC? But I like BTC as method to get good revenue in short time..

[Activitycoin]

Fiat money is the most easiest way to spend something on it, step outside and go to the malls, do you see any stores that accept bitcoin? No right? though there are some stores that do accept bitcoin but it is very rare to see one, and fiat is most likely the normal way people earn through their jobs, and that is why bitcoin may be not fully utilised through this day.

Adoption is an issue we all know that, the real question is if bitcoin it is ever going to be adopted in a big number of stores and businesses around the world or if that is never going to happen, to me answer is very obvious bitcoin will be accepted eventually all over the world but it is not going to happen fast, I predict that this is a process that is going to take at least 2 or 3 decades, this can change depending on the state of the economy and some other factors.

Bitcoin is the of most popular coin in a crypto world but not all people from every corner of the world knows about it, but due to our technological advancement its not far that in the near future bitcoin will lead the way in monetary system. As of now bitcoin still like a slave of fiat because people use Bitcoin to obtain fiat because fiat still the fastest way in making payment transaction.

In a way everything is a slave to fiat, but one of the functions of bitcoin is presicely to change that, to allow us to buy products and services without using fiat, which is the main reason why governments do not like bitcoin they understand very well what it is at stake here if they fail to contain bitcoin they will probably lose control of the economy and that is something they do not want since it has took to them hundreds of years to have so much control over it and they do not want to lose it.

For your kind correction bitcoin is not a slave it is the king of all currency  not only fiat but all other currency are the junior of bitcoin, now bitcoin is being worldwide and people are really agree to sell and buy bitcoin only as they wanna enjoy online payment, as well as our economy concerned so it is getting better with bitcoin I think our government should be thankful to bitcoin because bitcoin is the only currency which makes thousands of poor rich in my country and makes the life of users better for high usage of bitcoin but fiat nothing does for us only use to buy goods.

[FlightyPouch]

I don't think that this is an actual information. As for me, I don't consider bitcoin a slave of Fiat because it is not like this. the situation is completely different now. btc is really powerful and it will become even more powerful later

Bitcoin is the most powerful digital currency of all time, we can see that on the movement of it's price since it can affect a lot of digital currency when that happens. Comparing to fiat, Bitcoin is just a small currency though it is not for people it it an asset. Bitcoin is not a slave of fiat, it is just that fiat is the daily currency that we use and it is essential that we make the value of it the currency that is used always at trading.

[Cofee.BLUE]

Because it is used as a valuable asset, not a means of payment in the economy. For example, gold is also tied to a phiatic currency!

Everything is dependent on something else and so are the bitcoins over fiat. Right now, as the bitcoins are quite new and they are just making things better slowly and gradually. So we can’t just expect them to be pervading all over the world and replacing the fiat within a blink of eye. No, that can’t just happen right now. So it takes time and till then definitely bitcoins need fiat to support them.

That's true, bitcoin is new in this world and not all of the people have ideas or knowledge about this so it means that it is not broadly like what you think. For being bitcoin as alternate currency to fiat, I think it take much more time to happened because in our current time some other country's are already banned it and the others are not already legalizing it. As long as it's not reached it's massive legalization and adaptations it still be the slave of fiat money. 

[no0dlepunk]

Why dont we mathematically calculate the value of bitcoin according to the amount of bitcoin mined?

This is the problem, how are you going to measure the value of it, if there is no measurement at all aside from USD (the most common). I therefore conclude that bitcoin is not "slave" like what you were saying. As soon as people start using it as everyday money, believe me there would be less relationship between btc and paper.

[Barbut]

Its still a slave cause we need to sell bitcoins for some fiat if we want to pay for something. Fiat have big roots, it will be hard to eradicate it from global structures and even harder from some peoples minds. As years passing I think we are going in a good direction, fiat will not be used in near of far future, we will be able to do everything with cryptocurrencies, and when that time comes it will be the end of fiat. If you are looking things in that way fiat already began to sink down, cryptocurrencies are spreading and taking more and more, eventually cryptocurrencies will take all.
This is a nice headline, bitcoin is still a slave, but who ever starts from slavery, bottom, and end up on top deserves respect, think about it.

[@prashant]

fiat control will remain on btc or crypto unless more worldwide and present utility become available for daily use.then only then fiat effect will be somewhat very less.but still as crypto is volatile ,those who lack patience prefer to convert it into stable asset so that they do not loose money in fiat .

[Harrisonimo]

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

Change sometimes takes time  to happen. The most reason why the bitcoon has started moving like the stock trend is because of the regulations that has come in to put a check to its volatility; the world financial bodies' interference making it almost patterned like the local stocks.

[btctalk123]

Bitcoin price in my opinion is depending on many things emotionally, not just mathematically, and those things we cannot affect on!

[weblouartisan]

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 price is always depending on fiat but still the main reason why bitcoins price is increasing is due to the demand of different people in the country who are investing, so we can say that bitcoin is not exactly a slave of fiat.

[biletskiy]

I think bitcoin can't replace fiat since it is different and more complex than fiat. Bitcoin has style and method itself, with futuristic technology and can be used easier and more efficient than fiat

No cryptocurrency will replace fiat but it does not mean that we should call Bitcoin a slave of traditional money. Cash and the cryptocurrency should coexist in peace, and people should be able to use both.

[talenah kotang]

if I think bitcoin is not a slave of fiat money but only as a reference bitcoin price. because until now fiat money is still a major transaction tool, so fiat and bitcoin money stick together.

[BartS]

Its still a slave cause we need to sell bitcoins for some fiat if we want to pay for something. Fiat have big roots, it will be hard to eradicate it from global structures and even harder from some peoples minds. As years passing I think we are going in a good direction, fiat will not be used in near of far future, we will be able to do everything with cryptocurrencies, and when that time comes it will be the end of fiat. If you are looking things in that way fiat already began to sink down, cryptocurrencies are spreading and taking more and more, eventually cryptocurrencies will take all.
This is a nice headline, bitcoin is still a slave, but who ever starts from slavery, bottom, and end up on top deserves respect, think about it.

True until the day comes where we can use our bitcoin independently from the fiat system we are tied to it, obviously there are always going to be people that would want to sell their bitcoin for fiat, but what many of want is to be able to buy whatever we want with bitcoin, this is not possible yet but I'm sure that is a lot closer than people think especially if the economies of the world keep getting weaker with each passing year, people will realize this and adopt bitcoin very quickly.