Why is Bitcoin still a slave of Fiat?

[nebuch]

It takes time before bitcoin goes to business world with its own sovereignty in crypto. Fiat is staying strong in our society today that makes bitcoin stays as slave to fiat. Once we abolish fiat then I'm pretty sure we don't know bitcoin value now for only fiat enable us to identify bitcoin value. We measure the price not by pieces, not by demands, not by supply, not by everyone's power but it is by fiat for only fiat gives us idea how much bitcoin price currently, tomorrow, and in the future.

[lastnumber]

Popularity and stability are factors that Bitcoin must always stand behind Fiat. Establishing a new trading habit such as using Bitcoin in commercial transactions is not yet common in many parts of the world. At the same time, Bitcoin values ​​have changed over time, not as stable as Fifat. That makes Fiat more popular  than Bitcoin.

[ayambawang]

for now btc is still referring to flat money, maybe because of less space, in every field and every country direct btc usage is still limited, if we want to shop or transact freely there is no other way but to exchange it first to flat money for now btc still rely on flat money
 

[kenharry]

Bitcoin is a still a slave of fiat money because of the universal recognizabity. The dollar is  recognized everywhere around the world.  Because of being around overtime, fiat currency has become  the base on which new comer currency is measured.

[queenlaurel]

Unlike some countries that have accepted Bitcoin, most countries haven't. These other countries are still using fiat as a means of transaction. The people in such countries who are into Bitcoin will only be able to spend their earning in Bitcoin through fiat with other country people, since fiat is still what they use.

[CandyIzDelicious]

bitcoin can not be accepted in all countries may be the cause of fiat still king
if many countries have received the bitcoin fiat will not be useful anymore

[sultanali]

The US dollar in specific is the master and will remain at the position since it is used as a standard in all of the counties many think that this is because of the political strength of the country but the fact that their diplomatic relations with most counties are greater than crypto might be the real reason

[pallang]

Because fiat money is widely used around the world and people are using it since the beginning compared to bitcoins some countries don't accept it as a kind of payment and some don't know yet about bitcoins but who knows what will happen in the future.

[Ranly123]

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

Why would it be a problem to deal with? If you don't want Bitcoin to be connected to Fiat then how can you use Bitcoin in real world? It's only a matter of understanding the relationship between digital and real world money to be able to appreciate the value of it.

[Harrow30]

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

I believe the Fiat's powerful influence over the bitcoin is only temporary. The table will soon turn when bitcoin will have direct exchange for goods and services.

[Masongrae]

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

Bitcoin and cryptocurrency is still small because of few users of it, but as long as many enter into the world of bitcoin and cryptocurrency eventually it will bevome big and fiat will become small. Time will come and eventually it will happen. As of now what we can do is to share cryptocurrency to others by making them aware of it.

[Aleth]

THats true because it is not yet legalized as money perse, it is still need to exchange to fiat for it to be benefitted. not unless if one day it will become a mode of payments in every establishments.

[calexander55680]

Bitcoin is still the minority's game. It is not recognized by the masses yet!

[danim1130]

We the traders or the stake holders of bitcoin cannot replace the FIAT easily because FIAT is the local currency that used by everybody in their country to buy their things daily and we cannot complete the day without spending it on somethings. Maybe in the future it will be but for now that cannot happen.

[Lankabc]

I don't like the term you have used "Slave" . Bitcoin is not a slave of fiat. It is an alternative for fiat. for the current banking system.

[Sheentaide]

I completely disagree with the position that bitcoin is absolutely depending on conventional currencies. It surpasses them in its properties. this is why for an extended time period bitcoin is developing in charge.

[mornabo]

I don't like the term you have used "Slave" . Bitcoin is not a slave of fiat. It is an alternative for fiat. for the current banking system.

Thats right, I would not call it a slave, bitcoin is an alternative and an option for fiat, even some people use it as the main currency? how slave can be the main currency for some people lol, in the digital era today bitcoin will be more widely used, but fiat will still be the main currency, but I do not call it slave

[anushkasachith888]

even though I don't like the term you used to introduce bitcoin here, yeah still bitcoin is under fiat surely because still the majority not adapted to bitcoin as they did with fiat, This will take time, Cryptocurrency still at its infant age. let him grow, then you will see, people need liberty, Only blockchain and bitcoin can give them the financial freedom.

[Faeton]

Definitely Fiat money is still a King of all.. Its because the bitcoin is still not acceptable across the globe yet as a currency and fiat money holds the leadership in the market as it is used as traditionally and main reason is many people are not aware about the existence of bitcoin as a virtual currency.

Crypto currency is simply not physically able to penetrate into our life so quickly as someone wants. Here there are legal, political, organizational, financial and other issues that need to be addressed. For a decade, these issues can not be resolved. Moreover, states as a whole are not interested in having a decentralized crypto currency.

[randyboy]

Here in our country limited people only knows about bitcoin and teenagers didn't know about it so people here are still difficult to them to understand what is bitcoin and the purpose of bitcoin.