Why is Bitcoin still a slave of Fiat?

[zendantom]

In 2,000 years from now will members of our species still use fiat? Obviously, you have to guess, but as we evolve I tend to think technology will become more and more prominent. I think bitcoin is a major breakthrough for money. It needs to be made more user friendly and scale to adequately service many more than the 7 billion of us that there are now, but that is a challenge I am confident our tech fanatics will complete at some point in time.

Of course there will still be rich and poor and conflicts will not become a thing of the past. I don't think a deflationary currency is going to solve that. But maybe it's like 2001: Space Odyssey and we are here as servants to technology.

Far out!

I believe what you say but fiat is fiat and we have experienced it since the we were born and i don't think that any digital currency can replace bitcoin as people have so much faith in fiat and they are not willing to take a risk by going for other digital currency as they feel using fiat is much more safer then anything else.

[Pab]

 Becouse bitcoin is not asset with his own value priced in lets sayy US dollar

You can buy bread with fiat you cant buy bread with btc

[johnyj]

When you go to a Forex exchange desk, you can see there is a big list of many different currencies, and you do not have a standard unit of value in a sea of different currencies, all is relative. This is very natural for people working with Forex exchange everyday, they don't have any idea about which currency is the standard

But for average Joe, he is only familiar with his own domestic currency, because all his income and spending is measured by domestic currency. So, in order to use bitcoin as a standard unit of value, it must become people's income: If you receive 10 bitcoins every month as salary, then you will naturally measure the price of other things using your income, since that income seldom changes, you also want other thing's price to be stable

But since bitcoin is deflative and employer would like to hoard it and give employee inflative fiat currency instead, bitcoin will never become people's income at large scale, thus always work as an asset

[grendel25]

It's only been a few years and fiat has been around for millenniums.  Give it some time and I'm certain digital currency will continue to evolve.  Who knows, maybe it won't be bitcoin that ends up top dog of new currencies.  Who's to say that some other form that is radically different won't step up to dethrone bitcoin?

[fkvidar]

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.

[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.

Its not easy like that. Bitcoin are depending on the fiat money. We can say that bitcoin is money when we can exchange them or to use them as a fiat money. And if they only use bitcoin, and you don't use fiat money. Bitcoin will be useless .

[qiwoman2]

Bitcoin is a very new technology and also remember that the big guns in fiat are also heavily investing in bitcoin as well and bitcoin businesses. Unless there is a change in the economic and political climate of this world there will not be much difference in the way bitcoin is being utilized and manipulated. At the moment the only main benefit is that it is decentralized.

[jayce]

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.

[eerygarden]

I believe what you say but fiat is fiat and we have experienced it since the we were born and i don't think that any digital currency can replace bitcoin as people have so much faith in fiat and they are not willing to take a risk by going for other digital currency as they feel using fiat is much more safer then anything else.

Well, if we switched today from fiat to bitcoin it would be radical. People aren't ready and the technology probably isn't ready. Plus, I am pretty grateful to fiat. If fiat went away, I imagine chaos. All the people that bring convenience to my life would no longer be motivated to continue. So I'd have to barter and I can't be bothered with that. I just want to roll up, transact and be on my way.

Fiat is pretty special, but my guess is that one day it will be history.

[BTCevo]

IF btc becomes a reserve currency with the same status as.fiat currently does, it will take a LONG time. Revolutions don't happen.overnight.

It will not be a currency or as the same of fiat money because bitcoin is all about fiat money. If we replace or take over fiat money bitcoin will be useless.

not if it can detach itself, from that useless crap of printend money everyday, fiat is now needed to point a value for it, but in the future i'm sure bitcoin can work for itself, when the fully stability is achieved

How are they gonna work it in the future? People sure need fiat altough bitcoin is in a stable condition, they need to buy it then convert it to bitcoin too so with the stability of bitcoin, fiat is still needed they can't be detach each other. New people will still need to buy it anyway and sure its hard for use to get it from faucets so bitcoin and fiat must stick together in other to survive

i mean, it will work like any other currency, like you exchange euro with dollars if you need it, but then you don't need to buy back fiat, because bitcoin will be used directly for everything not just buying stuff online(we are talking about a very far away future, probably even beyond fully adoption), so fiat will only be needed to buy it

I think we can't do the same thing to bitcoin. Like you said euro and dollar you just need to exchange it easily because both of it is well known as a currency in this world mean while bitcoin is an unknown method of payment, people wont believe it anyway and they need change it back to fiat too after they lose their hope in bitcoin

[Dotakels]

IF btc becomes a reserve currency with the same status as.fiat currently does, it will take a LONG time. Revolutions don't happen.overnight.

It will not be a currency or as the same of fiat money because bitcoin is all about fiat money. If we replace or take over fiat money bitcoin will be useless.

not if it can detach itself, from that useless crap of printend money everyday, fiat is now needed to point a value for it, but in the future i'm sure bitcoin can work for itself, when the fully stability is achieved

How are they gonna work it in the future? People sure need fiat altough bitcoin is in a stable condition, they need to buy it then convert it to bitcoin too so with the stability of bitcoin, fiat is still needed they can't be detach each other. New people will still need to buy it anyway and sure its hard for use to get it from faucets so bitcoin and fiat must stick together in other to survive

i mean, it will work like any other currency, like you exchange euro with dollars if you need it, but then you don't need to buy back fiat, because bitcoin will be used directly for everything not just buying stuff online(we are talking about a very far away future, probably even beyond fully adoption), so fiat will only be needed to buy it

I think we can't do the same thing to bitcoin. Like you said euro and dollar you just need to exchange it easily because both of it is well known as a currency in this world mean while bitcoin is an unknown method of payment, people wont believe it anyway and they need change it back to fiat too after they lose their hope in bitcoin

yeah they can accept it or not so that its better to exchange your coins into fiat money so that if the time comes that some shopping online wouldn't accept bitcoin, you are lucky because you already exchange it,

[muhrohmat]

well money started into 10.000 years ago like wheels of stone and its currencies change but to btc become a currencie change in better factor like other fiat must be more relaiable into the central banks and started to be acepted by big companies htey are aware of this and wait for more development into the net to see if 30% of people uses money like btc in net if soo they start overcoming fiat equals btc. soo for now and 5 to 10 years btc wount be like 1000 dollars a piece and de banks and companies will still use much more fiat than btc its the overcome of this idea that sites like this start to change  a bit. but its a long road prob not even in our lifetime but the lifer time of 2121 btc end year.

[Amph]

IF btc becomes a reserve currency with the same status as.fiat currently does, it will take a LONG time. Revolutions don't happen.overnight.

It will not be a currency or as the same of fiat money because bitcoin is all about fiat money. If we replace or take over fiat money bitcoin will be useless.

not if it can detach itself, from that useless crap of printend money everyday, fiat is now needed to point a value for it, but in the future i'm sure bitcoin can work for itself, when the fully stability is achieved

How are they gonna work it in the future? People sure need fiat altough bitcoin is in a stable condition, they need to buy it then convert it to bitcoin too so with the stability of bitcoin, fiat is still needed they can't be detach each other. New people will still need to buy it anyway and sure its hard for use to get it from faucets so bitcoin and fiat must stick together in other to survive

i mean, it will work like any other currency, like you exchange euro with dollars if you need it, but then you don't need to buy back fiat, because bitcoin will be used directly for everything not just buying stuff online(we are talking about a very far away future, probably even beyond fully adoption), so fiat will only be needed to buy it

I think we can't do the same thing to bitcoin. Like you said euro and dollar you just need to exchange it easily because both of it is well known as a currency in this world mean while bitcoin is an unknown method of payment, people wont believe it anyway and they need change it back to fiat too after they lose their hope in bitcoin

if you read carefully, my post was pointing  not at the current present, but at one distant future, for now bitcoin will remain simply what is it, but this will change for sure, if we will not face its death

[ThEmporium]

because is not big enough yet and not commonly accepted for every purchase, also there is still no "bitcoin-items-bitcoin" cycle, it needs much time before it could detach itself from fiat

Bitcoin need to have serious business approach to core banks in this world, rather working out on self, Bitcoin should talk to them openly about these benefits, how they will earn profit and lead a way for their customers for huge savings. Still millions and millions of people are unware of BItcoin transactions and security, it really need a thorough campaign to create the awareness in the people's mind about Bitcoin. I am confident that if we initiate tangible campaign with full force activity around the world, Definitely it will be huge success for high rise in BItcoin.

[Dotakels]

IF btc becomes a reserve currency with the same status as.fiat currently does, it will take a LONG time. Revolutions don't happen.overnight.

It will not be a currency or as the same of fiat money because bitcoin is all about fiat money. If we replace or take over fiat money bitcoin will be useless.

not if it can detach itself, from that useless crap of printend money everyday, fiat is now needed to point a value for it, but in the future i'm sure bitcoin can work for itself, when the fully stability is achieved

How are they gonna work it in the future? People sure need fiat altough bitcoin is in a stable condition, they need to buy it then convert it to bitcoin too so with the stability of bitcoin, fiat is still needed they can't be detach each other. New people will still need to buy it anyway and sure its hard for use to get it from faucets so bitcoin and fiat must stick together in other to survive

i mean, it will work like any other currency, like you exchange euro with dollars if you need it, but then you don't need to buy back fiat, because bitcoin will be used directly for everything not just buying stuff online(we are talking about a very far away future, probably even beyond fully adoption), so fiat will only be needed to buy it

I think we can't do the same thing to bitcoin. Like you said euro and dollar you just need to exchange it easily because both of it is well known as a currency in this world mean while bitcoin is an unknown method of payment, people wont believe it anyway and they need change it back to fiat too after they lose their hope in bitcoin

if you read carefully, my post was pointing  not at the current present, but at one distant future, for now bitcoin will remain simply what is it, but this will change for sure, if we will not face its death

Everything have limit, maybe bitcoin is gone after 30 years. Theres no impossible in this world,but if it still alive , use it and enjoy bitcoin as a payment and a worthy  money.

[BTCevo]

IF btc becomes a reserve currency with the same status as.fiat currently does, it will take a LONG time. Revolutions don't happen.overnight.

It will not be a currency or as the same of fiat money because bitcoin is all about fiat money. If we replace or take over fiat money bitcoin will be useless.

not if it can detach itself, from that useless crap of printend money everyday, fiat is now needed to point a value for it, but in the future i'm sure bitcoin can work for itself, when the fully stability is achieved

How are they gonna work it in the future? People sure need fiat altough bitcoin is in a stable condition, they need to buy it then convert it to bitcoin too so with the stability of bitcoin, fiat is still needed they can't be detach each other. New people will still need to buy it anyway and sure its hard for use to get it from faucets so bitcoin and fiat must stick together in other to survive

i mean, it will work like any other currency, like you exchange euro with dollars if you need it, but then you don't need to buy back fiat, because bitcoin will be used directly for everything not just buying stuff online(we are talking about a very far away future, probably even beyond fully adoption), so fiat will only be needed to buy it

I think we can't do the same thing to bitcoin. Like you said euro and dollar you just need to exchange it easily because both of it is well known as a currency in this world mean while bitcoin is an unknown method of payment, people wont believe it anyway and they need change it back to fiat too after they lose their hope in bitcoin

if you read carefully, my post was pointing  not at the current present, but at one distant future, for now bitcoin will remain simply what is it, but this will change for sure, if we will not face its death

Yes I know that you pointing about the future but that is too wide to say future. We dont know what future are you talking about. About 10 years or may be 20 years, no one will know it. And people need money everytime and they need to exchange it continously. For now this method is not good enough

[Dotakels]

IF btc becomes a reserve currency with the same status as.fiat currently does, it will take a LONG time. Revolutions don't happen.overnight.

It will not be a currency or as the same of fiat money because bitcoin is all about fiat money. If we replace or take over fiat money bitcoin will be useless.

not if it can detach itself, from that useless crap of printend money everyday, fiat is now needed to point a value for it, but in the future i'm sure bitcoin can work for itself, when the fully stability is achieved

How are they gonna work it in the future? People sure need fiat altough bitcoin is in a stable condition, they need to buy it then convert it to bitcoin too so with the stability of bitcoin, fiat is still needed they can't be detach each other. New people will still need to buy it anyway and sure its hard for use to get it from faucets so bitcoin and fiat must stick together in other to survive

i mean, it will work like any other currency, like you exchange euro with dollars if you need it, but then you don't need to buy back fiat, because bitcoin will be used directly for everything not just buying stuff online(we are talking about a very far away future, probably even beyond fully adoption), so fiat will only be needed to buy it

I think we can't do the same thing to bitcoin. Like you said euro and dollar you just need to exchange it easily because both of it is well known as a currency in this world mean while bitcoin is an unknown method of payment, people wont believe it anyway and they need change it back to fiat too after they lose their hope in bitcoin

if you read carefully, my post was pointing  not at the current present, but at one distant future, for now bitcoin will remain simply what is it, but this will change for sure, if we will not face its death

Yes I know that you pointing about the future but that is too wide to say future. We dont know what future are you talking about. About 10 years or may be 20 years, no one will know it. And people need money everytime and they need to exchange it continously. For now this method is not good enough

But its so very helpful. It may avoid your loss or any failure that can make of bitcoin wallet and you coins will be loss.

[expert4knowledge]

I think bitcoin remains and not fiat for the reasons it has created and it has some advantages compared to fiat

[Slark]

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

Do you belive in everything you hear? If Satoshi said that it doesn't mean that he was 100% right and on point. Bitcoin is highly speculative project, you never can be sure of its income.
As for the statement that Bitcoin is a slave of FIAT I am surprised that you mention it in that way. Do you honestly expect people to overnight switch to using bitcoin and forgot about FIAT?

[Amph]

IF btc becomes a reserve currency with the same status as.fiat currently does, it will take a LONG time. Revolutions don't happen.overnight.

It will not be a currency or as the same of fiat money because bitcoin is all about fiat money. If we replace or take over fiat money bitcoin will be useless.

not if it can detach itself, from that useless crap of printend money everyday, fiat is now needed to point a value for it, but in the future i'm sure bitcoin can work for itself, when the fully stability is achieved

How are they gonna work it in the future? People sure need fiat altough bitcoin is in a stable condition, they need to buy it then convert it to bitcoin too so with the stability of bitcoin, fiat is still needed they can't be detach each other. New people will still need to buy it anyway and sure its hard for use to get it from faucets so bitcoin and fiat must stick together in other to survive

i mean, it will work like any other currency, like you exchange euro with dollars if you need it, but then you don't need to buy back fiat, because bitcoin will be used directly for everything not just buying stuff online(we are talking about a very far away future, probably even beyond fully adoption), so fiat will only be needed to buy it

I think we can't do the same thing to bitcoin. Like you said euro and dollar you just need to exchange it easily because both of it is well known as a currency in this world mean while bitcoin is an unknown method of payment, people wont believe it anyway and they need change it back to fiat too after they lose their hope in bitcoin

if you read carefully, my post was pointing  not at the current present, but at one distant future, for now bitcoin will remain simply what is it, but this will change for sure, if we will not face its death

Yes I know that you pointing about the future but that is too wide to say future. We dont know what future are you talking about. About 10 years or may be 20 years, no one will know it. And people need money everytime and they need to exchange it continously. For now this method is not good enough

it's not a method, it is just the possible evolution of bitcoin, a thing that wil come in the end, it does not matter when actually, every coin that can reach fully adoption, will be in the end, fully indipendednt too