Why is Bitcoin still a slave of Fiat?

[arallmuus]

For safe storage, bank still seems to be a good place. But lending is unlikely to be popular with bitcoin, so a bitcoin bank most likely will provide the safe storage service against a fee

Fair points, I totally missed out the points where it could act as a "storage" instead for most guys that dont know how to secure them properly but that would be like entrusting your coins to a third party and that would cross the decentralized principal for BTC isnt it? Im much more into securing your belongings by yourself anyway

P.S : Even if that so, there will still be a chance that it might be hack, or atleast another "inside job" incident

P.S2 : I may be wrong on this

Well, that would not happen because the sole reason most of us choose BTC will be because of its unique "feature" that allows you to keep your money safe ( I highly doubt that a BTC user will keep his BTC in a BTC bank if he can keep and secure it by himself ).

look how many lose their bitcoin every day due to thieves, or because of their low competency with bitcoin security, for sure another way for them to store safely their coins, would be to entrust them to their banks

The same thing with FIAT and also commercial bank whereas there are tons of robbery for the bank. This is pretty much double standards, which you cant compare both because both bear a risk where you could lose it. Even if you take precautions on what necessary needed there will still be a risk for you to bear

P.S : Im more into securing it by my owns and even if I lost it , that would be my sole fault ( much better than entrusting it to a third party and lose them all the same )

[avatar_kiyoshi]

We need more adopter to bring bitcoin to more mainstream.

Its not about more adopter to be honest, in the end most of use who use and accept BTC will still cash it out into FIAT, therefore BTC will still be a slave of FIAT. Another thing would be that, you can buy mostly everything with FIAT but you cant buy mostly everything with BTC (which ofcourse another reason on why BTC is a slave of FIAT)

Logically that's right. Maybe bitcoin is decentralization? And digital currency?

[arallmuus]

We need more adopter to bring bitcoin to more mainstream.

Its not about more adopter to be honest, in the end most of use who use and accept BTC will still cash it out into FIAT, therefore BTC will still be a slave of FIAT. Another thing would be that, you can buy mostly everything with FIAT but you cant buy mostly everything with BTC (which ofcourse another reason on why BTC is a slave of FIAT)

Logically that's right. Maybe bitcoin is decentralization? And digital currency?

Centralized and/or digital currency has nothing to do with it to be honest. People will always switch their BTC into FIAT at some point even after we have a mass adoption, the reason for it would be that not everything will be always purchaseable with BTC therefore it is somewhat like an endless chain because of its need to be converted back and forth

[Amph]

The same thing with FIAT and also commercial bank whereas there are tons of robbery for the bank. This is pretty much double standards, which you cant compare both because both bear a risk where you could lose it. Even if you take precautions on what necessary needed there will still be a risk for you to bear

P.S : Im more into securing it by my owns and even if I lost it , that would be my sole fault ( much better than entrusting it to a third party and lose them all the same )

it's not exactly the same, with bitcoin, you are 100% alone about your security, not to mention of those many people that are losing their money not because of thieves but because of their incompetence, or because of corrupted wallet

with bank you have your ass covered a bit, against robbery, insolvency ecc.. they only need to display a magical number and then cover you when somoeone else will deposit in their bank, basically like a legal ponzi..

i still think that for this reason many people that cannot handle bitcoin security, will turn to the future bitcoin banks or whatever they will be called...

[stromma44]

We need more adopter to bring bitcoin to more mainstream.

Its not about more adopter to be honest, in the end most of use who use and accept BTC will still cash it out into FIAT, therefore BTC will still be a slave of FIAT. Another thing would be that, you can buy mostly everything with FIAT but you cant buy mostly everything with BTC (which ofcourse another reason on why BTC is a slave of FIAT)

Logically that's right. Maybe bitcoin is decentralization? And digital currency?

And the other reason is that there are many alternatives available for bitcoin as a currency or a payment system like fiat, credit card etc. And fiat has ruled the world since so many years so people follow fiat more.

[wearepoor]

We need more adopter to bring bitcoin to more mainstream.

Its not about more adopter to be honest, in the end most of use who use and accept BTC will still cash it out into FIAT, therefore BTC will still be a slave of FIAT. Another thing would be that, you can buy mostly everything with FIAT but you cant buy mostly everything with BTC (which ofcourse another reason on why BTC is a slave of FIAT)

Logically that's right. Maybe bitcoin is decentralization? And digital currency?

And the other reason is that there are many alternatives available for bitcoin as a currency or a payment system like fiat, credit card etc. And fiat has ruled the world since so many years so people follow fiat more.

You need fiat to buy bitcoin and you don't need bitcoin to buy a fiat. It is as simple as that. And I don't see in coming years that bitcoin will replace fiat. It is simply to impossible.

Fiat is a traditional currency and every one follows the same since years and it is more trustworthy as compared to bitcoins. Whereas Bitcoins are new to many people and would not attract instantly until they start to know it technically.

[BIT-Sharon]

It is the government who cantrol fiat, while Bitcoin is more a folk tool. The way for Bitcoin to boom reply on people all around, so you can't look to the government to admit and issue Bitcoin to be widely used as fiat. However, it is not bad that some government doesn't fight against it, then we could rely on the endeavors of our own to make Bitcoin widely used until one day be accepted naturally by the government, and I think we still have a long way to go.

[eerygarden]

We need more adopter to bring bitcoin to more mainstream.

Its not about more adopter to be honest, in the end most of use who use and accept BTC will still cash it out into FIAT, therefore BTC will still be a slave of FIAT. Another thing would be that, you can buy mostly everything with FIAT but you cant buy mostly everything with BTC (which ofcourse another reason on why BTC is a slave of FIAT)

Logically that's right. Maybe bitcoin is decentralization? And digital currency?

And the other reason is that there are many alternatives available for bitcoin as a currency or a payment system like fiat, credit card etc. And fiat has ruled the world since so many years so people follow fiat more.

You need fiat to buy bitcoin and you don't need bitcoin to buy a fiat. It is as simple as that. And I don't see in coming years that bitcoin will replace fiat. It is simply to impossible.

Fiat is a traditional currency and every one follows the same since years and it is more trustworthy as compared to bitcoins. Whereas Bitcoins are new to many people and would not attract instantly until they start to know it technically.

Slavery used to be traditional too. It is not impossible. It might be improbable, but impossible no.

[Amph]

We need more adopter to bring bitcoin to more mainstream.

Its not about more adopter to be honest, in the end most of use who use and accept BTC will still cash it out into FIAT, therefore BTC will still be a slave of FIAT. Another thing would be that, you can buy mostly everything with FIAT but you cant buy mostly everything with BTC (which ofcourse another reason on why BTC is a slave of FIAT)

Logically that's right. Maybe bitcoin is decentralization? And digital currency?

And the other reason is that there are many alternatives available for bitcoin as a currency or a payment system like fiat, credit card etc. And fiat has ruled the world since so many years so people follow fiat more.

You need fiat to buy bitcoin and you don't need bitcoin to buy a fiat. It is as simple as that. And I don't see in coming years that bitcoin will replace fiat. It is simply to impossible.

Fiat is a traditional currency and every one follows the same since years and it is more trustworthy as compared to bitcoins. Whereas Bitcoins are new to many people and would not attract instantly until they start to know it technically.

actually no, you produce bitcoin without the need of fiat, with mining(one could argue that you need to buy the miners, but you do it one time only), with signature campaign(this is a better example) or with anything that require you to invest your time and not your money

and last but not least with bitcoin itself, with trading on stocks

[vrm86]

I would compare Bictoin - Fiat relations to the most of the local currencies - USD. When you show 1$ wherever in the world, people will know its worth and would like accept it, unlike eg. RUB, NZD or PLN.

Merchants and buyers are yet not prepared to use BTC. Also, they are not sure about how much is it actually worth and how it would be tomorrow. IMO these are the things possible to change over time in case of BTC.

[eerygarden]

I would compare Bictoin - Fiat relations to the most of the local currencies - USD. When you show 1$ wherever in the world, people will know its worth and would like accept it, unlike eg. RUB, NZD or PLN.

Dollars would not be accepted in the UK.

Merchants and buyers are yet not prepared to use BTC. Also, they are not sure about how much is it actually worth and how it would be tomorrow. IMO these are the things possible to change over time in case of BTC.

I paid for some graphic design work in bitcoin. 50% up front and the other 50% after. We pegged the price to Fiat but it worked out very nicely. Paying a graphic designer in Romania probably wouldn't have happened without bitcoin. I know the market place isn't thriving but it can be done with ease and success today.

[josephliton]

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

Everyone is a slave of fiat as long as that person has to pay for things in fiat and has to get paid in fiat. This means you can actually live outside the system, if you get paid in Bitcoin, and pay everything in Bitcoin.

[ernestdezoe]

We need more adopter to bring bitcoin to more mainstream.

Its not about more adopter to be honest, in the end most of use who use and accept BTC will still cash it out into FIAT, therefore BTC will still be a slave of FIAT. Another thing would be that, you can buy mostly everything with FIAT but you cant buy mostly everything with BTC (which ofcourse another reason on why BTC is a slave of FIAT)

Logically that's right. Maybe bitcoin is decentralization? And digital currency?

And the other reason is that there are many alternatives available for bitcoin as a currency or a payment system like fiat, credit card etc. And fiat has ruled the world since so many years so people follow fiat more.

You need fiat to buy bitcoin and you don't need bitcoin to buy a fiat. It is as simple as that. And I don't see in coming years that bitcoin will replace fiat. It is simply to impossible.

Fiat is a traditional currency and every one follows the same since years and it is more trustworthy as compared to bitcoins. Whereas Bitcoins are new to many people and would not attract instantly until they start to know it technically.

actually no, you produce bitcoin without the need of fiat, with mining(one could argue that you need to buy the miners, but you do it one time only), with signature campaign(this is a better example) or with anything that require you to invest your time and not your money

and last but not least with bitcoin itself, with trading on stocks

What broker accepts btc to invest in the stock market??

[mrhelpful]

We need more adopter to bring bitcoin to more mainstream.

Its not about more adopter to be honest, in the end most of use who use and accept BTC will still cash it out into FIAT, therefore BTC will still be a slave of FIAT. Another thing would be that, you can buy mostly everything with FIAT but you cant buy mostly everything with BTC (which ofcourse another reason on why BTC is a slave of FIAT)

Logically that's right. Maybe bitcoin is decentralization? And digital currency?

And the other reason is that there are many alternatives available for bitcoin as a currency or a payment system like fiat, credit card etc. And fiat has ruled the world since so many years so people follow fiat more.

You need fiat to buy bitcoin and you don't need bitcoin to buy a fiat. It is as simple as that. And I don't see in coming years that bitcoin will replace fiat. It is simply to impossible.

Fiat is a traditional currency and every one follows the same since years and it is more trustworthy as compared to bitcoins. Whereas Bitcoins are new to many people and would not attract instantly until they start to know it technically.

actually no, you produce bitcoin without the need of fiat, with mining(one could argue that you need to buy the miners, but you do it one time only), with signature campaign(this is a better example) or with anything that require you to invest your time and not your money

and last but not least with bitcoin itself, with trading on stocks

What broker accepts btc to invest in the stock market??

what? bitcoin on the stock market?

where was I for this announcement... I`m pretty sure nothing has gone through the traditional forms to be on the stock market besides the bitlicense we got a few months back.

[Amph]

We need more adopter to bring bitcoin to more mainstream.

Its not about more adopter to be honest, in the end most of use who use and accept BTC will still cash it out into FIAT, therefore BTC will still be a slave of FIAT. Another thing would be that, you can buy mostly everything with FIAT but you cant buy mostly everything with BTC (which ofcourse another reason on why BTC is a slave of FIAT)

Logically that's right. Maybe bitcoin is decentralization? And digital currency?

And the other reason is that there are many alternatives available for bitcoin as a currency or a payment system like fiat, credit card etc. And fiat has ruled the world since so many years so people follow fiat more.

You need fiat to buy bitcoin and you don't need bitcoin to buy a fiat. It is as simple as that. And I don't see in coming years that bitcoin will replace fiat. It is simply to impossible.

Fiat is a traditional currency and every one follows the same since years and it is more trustworthy as compared to bitcoins. Whereas Bitcoins are new to many people and would not attract instantly until they start to know it technically.

actually no, you produce bitcoin without the need of fiat, with mining(one could argue that you need to buy the miners, but you do it one time only), with signature campaign(this is a better example) or with anything that require you to invest your time and not your money

and last but not least with bitcoin itself, with trading on stocks

What broker accepts btc to invest in the stock market??

1broker, and i'm using it to do some trading, there are other, but i find this to be the best one

[eerygarden]

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

Everyone is a slave of fiat as long as that person has to pay for things in fiat and has to get paid in fiat. This means you can actually live outside the system, if you get paid in Bitcoin, and pay everything in Bitcoin.

Using your own example, wouldn't you then just become a slave of bitcoin?

[ernestdezoe]

We need more adopter to bring bitcoin to more mainstream.

Its not about more adopter to be honest, in the end most of use who use and accept BTC will still cash it out into FIAT, therefore BTC will still be a slave of FIAT. Another thing would be that, you can buy mostly everything with FIAT but you cant buy mostly everything with BTC (which ofcourse another reason on why BTC is a slave of FIAT)

Logically that's right. Maybe bitcoin is decentralization? And digital currency?

And the other reason is that there are many alternatives available for bitcoin as a currency or a payment system like fiat, credit card etc. And fiat has ruled the world since so many years so people follow fiat more.

You need fiat to buy bitcoin and you don't need bitcoin to buy a fiat. It is as simple as that. And I don't see in coming years that bitcoin will replace fiat. It is simply to impossible.

Fiat is a traditional currency and every one follows the same since years and it is more trustworthy as compared to bitcoins. Whereas Bitcoins are new to many people and would not attract instantly until they start to know it technically.

actually no, you produce bitcoin without the need of fiat, with mining(one could argue that you need to buy the miners, but you do it one time only), with signature campaign(this is a better example) or with anything that require you to invest your time and not your money

and last but not least with bitcoin itself, with trading on stocks

What broker accepts btc to invest in the stock market??

1broker, and i'm using it to do some trading, there are other, but i find this to be the best one

dude there are only 12 stocks..

[arallmuus]

The same thing with FIAT and also commercial bank whereas there are tons of robbery for the bank. This is pretty much double standards, which you cant compare both because both bear a risk where you could lose it. Even if you take precautions on what necessary needed there will still be a risk for you to bear

P.S : Im more into securing it by my owns and even if I lost it , that would be my sole fault ( much better than entrusting it to a third party and lose them all the same )

with bank you have your ass covered a bit, against robbery, insolvency ecc.. they only need to display a magical number and then cover you when somoeone else will deposit in their bank, basically like a legal ponzi..

Indeed it was all the same actually unless you forgot that there are alot of news that bank announced their bankruptcy. Also that I hadnt heard anything about bank covering money that you lost against robbery or credit card fraud.

You need fiat to buy bitcoin and you don't need bitcoin to buy a fiat.

It seems like you dont think twice before posting this. Everyone that traded their BTC into FIAT could be considered as "purchasing" FIAT anyway. Also that a trade is a two way activity , if you are selling bitcoin for FIAT then on the same time there will be someone purchasing it with FIAT

Merchants and buyers are yet not prepared to use BTC.

They are ready to use it but the problem would be that they will need to convert it back to FIAT at some point because BTC alone cant help them with their business. This will be another reason why BTC is a slave of FIAT for now, because in the end you can stand alone with only BTC in your hands

Also, they are not sure about how much is it actually worth and how it would be tomorrow.

There are alot of payment system that auto convert price in your currency into BTC for the current value at the time you do a purchase , so its not a big deal and not a reason why BTC is still a slave of FIAT

[Amph]

We need more adopter to bring bitcoin to more mainstream.

Its not about more adopter to be honest, in the end most of use who use and accept BTC will still cash it out into FIAT, therefore BTC will still be a slave of FIAT. Another thing would be that, you can buy mostly everything with FIAT but you cant buy mostly everything with BTC (which ofcourse another reason on why BTC is a slave of FIAT)

Logically that's right. Maybe bitcoin is decentralization? And digital currency?

And the other reason is that there are many alternatives available for bitcoin as a currency or a payment system like fiat, credit card etc. And fiat has ruled the world since so many years so people follow fiat more.

You need fiat to buy bitcoin and you don't need bitcoin to buy a fiat. It is as simple as that. And I don't see in coming years that bitcoin will replace fiat. It is simply to impossible.

Fiat is a traditional currency and every one follows the same since years and it is more trustworthy as compared to bitcoins. Whereas Bitcoins are new to many people and would not attract instantly until they start to know it technically.

actually no, you produce bitcoin without the need of fiat, with mining(one could argue that you need to buy the miners, but you do it one time only), with signature campaign(this is a better example) or with anything that require you to invest your time and not your money

and last but not least with bitcoin itself, with trading on stocks

What broker accepts btc to invest in the stock market??

1broker, and i'm using it to do some trading, there are other, but i find this to be the best one

dude there are only 12 stocks..

yeah, but it's better than nothing, there is also forex, and commodities, you have already a good table of choice

[ernestdezoe]

what about the others ? are there different stocks on there?