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Author Topic: Why is Bitcoin still a slave of Fiat?  (Read 13403 times)
Babyrica0226
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September 08, 2018, 11:34:46 PM
 #361

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?

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Agreed Value * Bitcoins Mined = New Value

0.0010 * 1 = 0.0010
0.0010 * 2 = 0.0020

For me there's a big difference between Bitcoin and Fiat, for now bitcoin was only being used for online transactions while Fiat currency was being used in several ways, like payment to all Food business, car vehicles, Houses, Furniture and transportation and even doing saving money in  any banks.

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September 09, 2018, 02:35:35 AM
 #362

As to market value, fiat has a stable value but bitcoin can turn your capital folded many times when bitcoin is rising fast. In the other hands, fiat currencies can be use anytime, anywhere without the need of using a computer or any iT gadgets.

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September 15, 2018, 08:06:53 AM
 #363

I think until people who hold Bitcoin start to spend it as normal currency and more establishments start to accept it, it'll always be tied to fiat one way or the other. Personally, I'm just looking forward to a point where conversion between bitcoin and fiat is fast and easy.
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September 19, 2018, 09:43:24 AM
 #364

Because we still use cash and will use it, until the attitude to the crypto currency has changed.
We use cash but not more than fiat, for me bitcoin is still at higher than fiat, in old ages people were using fiat to buy goods and to get things they need but now it is modern age where people are only using digital money, it is easier to use and to buy goods, be wise while choosing your investment I think bitcoin is the best one, fiat is not an old currency, bitcoin is ruling over the market.

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mornabo
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September 19, 2018, 10:22:07 AM
 #365

Because we still use cash and will use it, until the attitude to the crypto currency has changed.
We use cash but not more than fiat, for me bitcoin is still at higher than fiat, in old ages people were using fiat to buy goods and to get things they need but now it is modern age where people are only using digital money, it is easier to use and to buy goods, be wise while choosing your investment I think bitcoin is the best one, fiat is not an old currency, bitcoin is ruling over the market.
Lol do you think fiat is only in cash? The government currency also has another version of cash, do you think the government only runs on the premises and does not update the payment method in their country? credit cards, debit cards, internet banking, etc. are other versions of fiat included in the digital currency and that makes fiat always used because it matches the times

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September 21, 2018, 10:55:29 PM
 #366

Bitcoin is still a slave of Fiat mainly because it's price is very volatile and it's transaction is very expensive when we are going to trade with it. And also bitcoin is still not fully recognize by each countries and acceptance of it is scarce compared to national fiat which is fully honored.

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September 22, 2018, 01:05:26 AM
 #367

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 traded with fiat because people still use fiat to spending their money. Not many merchant in the world accept bitcoin as payment, but if merchant start accepting bitcoin, i am believe people will use bitcoin for their transaction

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September 22, 2018, 01:59:26 AM
 #368

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 not a slave to Fiat. Both coexist to bring uniqueness to payment systems in businesses and companies. The value of Bitcoin is determined by several factors which include the attitude of the governments towards it in a particular country, the influence of the media and banks, attitude of actors on the market towards Bitcoin.

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September 22, 2018, 02:07:09 AM
 #369

In my opinion, it is because bitcoin is still not accepted worldwide while fiat is official currency
adpinbr
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September 22, 2018, 05:10:34 AM
 #370

obviously because bitcoin is still not accepted internationally and some countries even have the guts to banned bitcoin. It will be hard for bitcoin to be accepted worldwide but it will just have patience.














 

 

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Usafstar
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September 22, 2018, 06:12:24 AM
 #371

Not at all bitcoin is not a slave of fiat bitcoin is using for those transactions where the fiat is very expensive and a transportation risk is also there so those business owners use bitcoin which is the best option now for transaction. Bitcoin is independent and it is not slave of the other currency and it is better to use both of currencies.

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September 22, 2018, 06:29:16 AM
 #372

Bitcoin does not depend on fiat, it's an expression that he is a slave of the fiat is not true. If bitcoin will be specified only in Bitcoin or Satoshi, its cost will be incomprehensible to people. Therefore, for ease of use and for converting to other types of currency and ordinary currencies, it is linked to the dollar and other major currencies. This does not mean that he has dependence on them.

MMysterious
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September 22, 2018, 06:38:47 AM
 #373

Bitcoin is not a slave of Fiat is just that Fiat money is the old monetary system and the currency that we accepted and believe in the past centuries so the demand on the fiat money now is greater than bitcoin now. But just like Nokia (pioneer of mobile technology) it will reign for a couple of years then when apple came into the picture soon people will realize the capability and the potential that apple will bring to the people. And nokia will be gone to the picture of mobile technology. Bitcoin still on the early phase many people studying it because of its potential and few people invest and believe on it already because they know this will change the financial system that we have. But we dont know if fiat money will soon gone or it will co exist with bitcoin. I just know that Bitcoin is here to stay.
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September 24, 2018, 03:30:33 AM
 #374

I don't think that crypto currency was ever a slave to fiat at all. The market maybe down but crypto currency was down way before the market became unhealthy. Maybe we can chuck it up to coincidence or the fact that some bigwigs wants to sling mud and pollute crypto currency by buying and dumping them.

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September 24, 2018, 12:41:20 PM
 #375

I think the inquiry here still returns to asking ourselves on what we can do. For whatever length of time that things are still evaluated in fiat, that is the place the issue comes. I perform a considerable amount of web based showcasing thing and the primary thing I'll ask the vender is whether they will acknowledge bitcoin. The majority of them will consent to that, and that is the manner by which you present bitcoin.
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September 24, 2018, 02:18:11 PM
 #376

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 slave of fiat simply because bitcoin is not legal yet and fiat is being used all over the world. By simply having that, we can already see that bitcoin is still nothing compared to fiat yet but when the time comes that bitcoin became legal, it will surely take over and might even replace fiat in the future.

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September 24, 2018, 02:45:35 PM
 #377

Fiat is measure of value till date.  Specially dollar is internationally acceptable measure of value.  every commodity is being measured in it.

Now because we ourselves are using bitcoin as an investment not as currency so dollar is being used to measure it's value.  But it does not mean that bitcoin is slave of fiat. 
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September 24, 2018, 03:23:31 PM
 #378

because bitcoin still need legalization to be accepted as a currency. Until that, it is still a slave of fiat and can not replace fiat
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September 24, 2018, 06:50:54 PM
 #379

because bitcoin still need legalization to be accepted as a currency. Until that, it is still a slave of fiat and can not replace fiat

Even if btc was an officially accepted currency, fiat is what is being used by everyone as of now. Bitcoin wouldn't all of the sudden break free from that.
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September 24, 2018, 09:46:32 PM
 #380

Because eventually the price are decided not by simple maths, but by many factors, including people demands. those factors are not so simple and predictable, and it's impossible to eliminate them.

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