Why is Bitcoin still a slave of Fiat?

[Gudhal Untu]

As long as bitcoin gets banned from various countries, it becomes doubtful to use bitcoin and invest large amounts of bitcoin so there are no devs. who dare to apply bitcoin for direct payments like fiat.

[Domicbora]

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

Tell me, do you know anything, stock, asset or anything at all that is not under the influence of fiat? Everything is being controlled by fiat, if Bitcoin is not going to be controlled by fiat then it is totally out of this world and can’t be used even for investment or for anything at all, so stop saying all these its not really… well, I don’t know what to say though.

[efxtrader]

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 think its happen because dollar is benchmark currency in the world. Peoples in the world trade and convert commodities value with dollar including bitcoin. Beside that, we can not spending bitcoin in any merchant right now and the only way we can spend bitcoin is we selling bitcoin on exchanger and convert it to dollar.

[Minh maluco]

It is because all transactions involves fiat, bitcoin in the other hand has a limited access only. At the end of the day we still need to convert our coins to fiat so we can used it for our daily activities. 

[stabsee83]

Yes still slave to fiat because you cannot just spend Bitcoin as it is but need to convert first to fiat, because mode of payments are still in fiat money. I wonder when will Bitcoin stand on its own no need to exchange to fiat but spendable as it is.

But now we can see that the situation is chancing from time to time. People now have opportunity to use bitcoin for shopping everywhere, especially in modern countries and cities where bitcoin are more, I hope that in future people will increase the use of bitcoin as currency.

[kangkilokang]

Yes still slave to fiat because you cannot just spend Bitcoin as it is but need to convert first to fiat, because mode of payments are still in fiat money. I wonder when will Bitcoin stand on its own no need to exchange to fiat but spendable as it is.

But now we can see that the situation is chancing from time to time. People now have opportunity to use bitcoin for shopping everywhere, especially in modern countries and cities where bitcoin are more, I hope that in future people will increase the use of bitcoin as currency.

with current price movements, I see many businesses will experience a loss if using bitcoin, in this case it requires a truly stable currency like fiat.

for assumptions as slaves, has become a memorandum with a long history of sovereignty of the central economic system, bitcoin needs more time to change it. bitcoin will not stand alone at this time unless there is one country that claims that their official currency is bitcoin.

[TanteStefana]

For me it is so obvious you can buy bitcoin only using fiat currencies, so ultimately if you want to enter cryptocurrency and you want to own some of them, you need to spend fiat currencies in order to enter the market at the beginning of your every transaction.

[chosenboy4]

The US dollar is a fiat currency which is not backed by anything, it is fake money, it is not real, literally just numbers on a computer screen, and it is merely a belief system. A flawed fucked up debt slavery based economic system designed to keep you and the rest of the world in debt and in poverty. It is a top-down economy controlled by the Federal Reserve which is controlled by a bunch of old out of touch sociopathic billionaires and trillionaires and has absolutely nothing to do with reality. The Federal Reserve and Wall Street aren’t even controlled by the US Government. Arguably, it is actually the Central Bank and Federal Reserve that control the US Government and every other country with a central bank.

The bankers are in control, and we do not have any representation in this country powerful enough to fight them, not even the President.

[Alpinat]

No it is not. Bitcoin is a cryptocurrency. Actually, bitcoin is helping fiat in a complex way fiat will be converted into bitcoin and it will be send to another place or location to receive by the receiver and again converted into fiat this time and can be cashout from the bank. Bitcoin is helping fiat. Not fiat slaving bitcoin.

[Mjadon15]

Slave? .. That is some underating on Bitcoin.
Do you know Money is gradually changing it's address again from debit cards to digital asset?
Centuries ago, people paid for goods and services through what we call trade by batter.
Later, money changed from trade by batter to silver and gold as means of exchange. Today people transact businesses with paper money which is gradually been replaced with debit cards like your ATM card.
Today, if you have money in your bank account, with your master ATM Card, you can buy anything in any part of the world you find your self even when you don't have any money in your pocket right there with you.
Currently, money has been transformed into that plastic material in your hand called ATM Card.
Currently, a digital asset called BITCOIN is making every waves in  taking up the place of money. The Market Cap and Market Says it all.. Despite the shortcomings, Bitcoin is Currently priced at $6309.46.

I think this deserves more consideration.

[setialovers]

I think slave is not a right word for bitcoin. Bitcoin as cryptocurrency and as store of value, bitcoin different than dollar and i think bitcoin more powerfull than dollar. We can see this from power purchasing power. Dollar power purchasing power declining but not with bitcoin

[deppil]

Even in significance in ratings bitcoin still have disadvantages because you need internet to access you assets to pay your everyday needs and rents. Besides, Only few people has a knowledge about cryptocurrency and how to use it. If bitcoin will turn into physical form then it well get free for slavery.

The point is that bitcoin still has flaws and to use it requires several conditions such as gadgets, internet, and a little intelligence.
of course this condition will be an obstacle for others poeple to use it. for ease of using it fiat better. thats why fiat is preferred

[Bobby park]

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

Until now, bitcoin price still depends on dollar. In fact, if there is no conversion of btc then it has no more value at all. If we want to have it a value without depending of dollar conversion then bitcoin should have stability with its price. If that happens, BTC will become independent in fiat.

[hotBriX001]

Mainly because bitcoin is a long process to produced an income and also its price is fluctuating everyday that make some great investors thinking more risks than investing fiat with short term process to get profit.

[RockBar0]

No it is not. Bitcoin is a cryptocurrency. Actually, bitcoin is helping fiat in a complex way fiat will be converted into bitcoin and it will be send to another place or location to receive by the receiver and again converted into fiat this time and can be cashout from the bank. Bitcoin is helping fiat. Not fiat slaving bitcoin.

I see this is just a topic too. Actually money is the same. Not slaves of one another. Only people without money are slaves of money. Electronic money is no different than the money on video games. It is the same thing if you accumulate a lot of money. And remember that it is never a slave to one another.

[fishball]

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

We can not really argue the fact that fiat money really dominates all aspects of currencies. But for me, I think it is wrong to make an statement that bitcoin is a "slave" of fiat. Fiat does really dominate cryptos but bitcoin and others are unique and have their own way of helping people. Logic here: Bitcoin helps Fiat which helps economy.

[rosemary4u]

I don't see bitcoin as a slave to fiat currency, bitcoin has always been doing great on its own. The problem is that people always sell bitcoin in exchange for fiat currency.

[F_Ivanov1993_]

Because we still use cash and will use it, until the attitude to the crypto currency has changed.

[MGBloomz]

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 need a mass adoption and this is necessary if you want to see a higher price of bitcoin. You can't decide of the value because it follows with the concept of supply and demand. You need many traders and investors to push the price higher.

[bummm]

No it is not. Bitcoin is a cryptocurrency. Actually, bitcoin is helping fiat in a complex way fiat will be converted into bitcoin and it will be send to another place or location to receive by the receiver and again converted into fiat this time and can be cashout from the bank. Bitcoin is helping fiat. Not fiat slaving bitcoin.

I see this is just a topic too. Actually money is the same. Not slaves of one another. Only people without money are slaves of money. Electronic money is no different than the money on video games. It is the same thing if you accumulate a lot of money. And remember that it is never a slave to one another.

I will never call Bitcoin a slave of fiat. However, I will agree that BTC and the other cryptocurrencies as well depend on the traditional money. You must take this situation as a norm.