A L I E N
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May 26, 2018, 09:22:04 AM |
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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.
I would never call Bitcoin the fiat slave. First of all, BTC is not the real money. Secondly, they simply cannot be compared. And they will be always connected. |
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Bonsaiav
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May 26, 2018, 10:14:08 AM |
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Bitcoin isn't a Fiat slave we're the true Fiat slaves. Bitcoin is only an asset that can 'WE' treat as anything, either as an asset, as a medium of payment or a tool of trade like gold.
Bitcoin will remain a bitcoin will and probably replace Fiat, if the government simultaneously for legalizes bitcoin to be used as a transaction tool.
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inesterdd
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May 26, 2018, 10:27:04 AM |
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Because it is used as a valuable asset, not a means of payment in the economy. For example, gold is also tied to a phiatic currency!
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zhanghoqi5
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May 26, 2018, 10:41:28 AM |
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Unless the BTC is widely accepted and is recognised as a real currency, it will always be compared with fiat.
Bitcoin must be attached to legal tender to gain value, otherwise it is worthless.
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Gagamboy
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a new dimension in cryptocurrency investing.
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May 26, 2018, 10:53:50 AM |
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It is not slave of fiat. Sooner bitcoin can replace fiat if people wanted to.
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BartS
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May 26, 2018, 04:47:02 PM |
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It is not slave of fiat. Sooner bitcoin can replace fiat if people wanted to.
Things are not so simple, in theory a better product should replace an outdated product every time but that doesn't always happen, you need to understand that there is government intervention and they are not going to let bitcoin to replace fiat, they obtain a lot of power and money out of the right they have to print their own currency and they are not going to give up that right without a fight, it is possible that in the future bitcoin is subject to very heavy regulation or even banned, that is not going to destroy bitcoin but that is going to severally limit its adoption. |
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laravuemaster
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When Football meets Crypto
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May 26, 2018, 05:11:53 PM |
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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
Bitcoins is not tied to fiat, the only reason why bitcoins now has a very high price in the market is because of the people who are investing on the coin and it makes the price to increase even more as the time goes by. |
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dupee419
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May 26, 2018, 05:36:46 PM |
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Fiat money is the most easiest way to spend something on it, step outside and go to the malls, do you see any stores that accept bitcoin? No right? though there are some stores that do accept bitcoin but it is very rare to see one, and fiat is most likely the normal way people earn through their jobs, and that is why bitcoin may be not fully utilised through this day.
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Kingjagat
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May 26, 2018, 06:40:20 PM |
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Bitcoin is tied to fiat because that's what people have to use to buy bitcoin with. Once people are getting paid in bitcoin (which likely will never happen) or using bitcoin exclusively (could very well happen) you'll see lest talk about bitcoin tied to fiat and more about what bitcoin can buy in goods and services.
I think If people hold their Bitcoin, the available inventory starts to dry up and the price goes up (even though the total supply keeps increasing). Of course the opposite happens when the big holder discards. Increase in supply and available prices Ho down. It is important to remember that it is not the total supply that is important in the supply / demand equation. It's an available supply that matters. |
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Kambal2000
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May 26, 2018, 06:48:31 PM |
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Fiat money is the most easiest way to spend something on it, step outside and go to the malls, do you see any stores that accept bitcoin? No right? though there are some stores that do accept bitcoin but it is very rare to see one, and fiat is most likely the normal way people earn through their jobs, and that is why bitcoin may be not fully utilised through this day.
I cannot see bitcoin will over take fiat as of the moment it will take a lot of years before it will happen, and if that happens I don't think that we are still existing in this world, but if given the chance I would stick to what bitcoin situation is right now that we can use it as a form of investment and not as a currency. |
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thecoder2017
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May 27, 2018, 06:57:57 AM |
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Fiat money is still the currency that people wants to use because they are familiar with it and also easy to use anywhere you go and bitcoin cant take place maybe in the future when all countries are already using advance technology who knows.
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Coleen
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May 27, 2018, 07:38:58 AM |
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The longer i stay in bitcoin and what it learned me about economics I start to see more and more what sort of slave system all national currencies are.
I realized everything I saved over whole my life to get enough so lending becomes possible to buy a house is impossible. What was saved over all my lifetime gets stolen by sneaky inflation. At some point you get to the level where what is possible to save and on top off all what was saved in the past gets stollen because of inflation.
That is creepy shit. And very hard to see for a person who has no clue about economics.
It's also because of the country I live in and it's situation but it is still is sneaky shit.
And then all to propaganda they tell people about bitcoin.
Okay bitcoin has risks but these are told everywhere.so people know about it.
But all the risk fiat has are unknown be people.
So disgusting that people are brain washed as slaves without them knowing it.
Luckily something as bitcoin exists. Know its not suitable as main currency to store everything in but still bitcoin gives a amount of freedom.
To bad people don't get educated about this sort of stuff about the system where they where forced in.
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tylerderden
Copper Member
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Merit: 1025
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May 27, 2018, 04:11:04 PM |
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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
It’s true that bitcoin has gained a lot of popularity since it has started and also has gained a lot of potential users throughout the world. But still I don’t think that bitcoin is better than Fiat currency and I do believe that it is still asleep of Fiat currency because firstly Fiat currency has way more popularity all around the world than bitcoin. Then Fiat currency also has way more users all over the globe where as bitcoin users are limited. Fiat currency is excepted everywhere and is Trusted by everyone where as bitcoin is not excepted everywhere and is not trusted by everyone. |
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whaawh
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May 27, 2018, 06:50:00 PM |
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Fiat money is still the currency that people wants to use because they are familiar with it and also easy to use anywhere you go and bitcoin cant take place maybe in the future when all countries are already using advance technology who knows.
I understand that we must strive for the best and develop High Technology. But we must not forget about those segments of the world's population for whom the introduction of crypto currency into everyday life will bring certain difficulties. Even if we take for example elderly people and children, they will not have enough education and knowledge to use, for example Bitcoin, in everyday life. |
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prtty2gal2
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May 29, 2018, 07:36:52 AM |
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Because it is used as a valuable asset, not a means of payment in the economy. For example, gold is also tied to a phiatic currency!
Everything is dependent on something else and so are the bitcoins over fiat. Right now, as the bitcoins are quite new and they are just making things better slowly and gradually. So we can’t just expect them to be pervading all over the world and replacing the fiat within a blink of eye. No, that can’t just happen right now. So it takes time and till then definitely bitcoins need fiat to support them. |
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websoftwareengineer
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Activity: 364
Merit: 100
Blockchain with VTOS energy
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May 29, 2018, 08:00:17 AM |
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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
The reason why everyone is investing on cryptocurrency is that they are all waiting for the price to grow even more in order to earn more profit in the future and we all have the same goal that someday we all want to be rich and it is possible through cryptocurrency. |
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zack29
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May 29, 2018, 08:10:35 AM |
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I think bitcoin can't replace fiat since it is different and more complex than fiat. Bitcoin has style and method itself, with futuristic technology and can be used easier and more efficient than fiat
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BartS
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May 30, 2018, 06:44:29 PM |
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Fiat money is the most easiest way to spend something on it, step outside and go to the malls, do you see any stores that accept bitcoin? No right? though there are some stores that do accept bitcoin but it is very rare to see one, and fiat is most likely the normal way people earn through their jobs, and that is why bitcoin may be not fully utilised through this day.
Adoption is an issue we all know that, the real question is if bitcoin it is ever going to be adopted in a big number of stores and businesses around the world or if that is never going to happen, to me answer is very obvious bitcoin will be accepted eventually all over the world but it is not going to happen fast, I predict that this is a process that is going to take at least 2 or 3 decades, this can change depending on the state of the economy and some other factors. |
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maloibtc
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May 30, 2018, 07:52:53 PM |
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I don't think that this is an actual information. As for me, I don't consider bitcoin a slave of Fiat because it is not like this. the situation is completely different now. btc is really powerful and it will become even more powerful later
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DPrillio
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May 30, 2018, 08:15:32 PM |
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Fiat money is the most easiest way to spend something on it, step outside and go to the malls, do you see any stores that accept bitcoin? No right? though there are some stores that do accept bitcoin but it is very rare to see one, and fiat is most likely the normal way people earn through their jobs, and that is why bitcoin may be not fully utilised through this day.
Adoption is an issue we all know that, the real question is if bitcoin it is ever going to be adopted in a big number of stores and businesses around the world or if that is never going to happen, to me answer is very obvious bitcoin will be accepted eventually all over the world but it is not going to happen fast, I predict that this is a process that is going to take at least 2 or 3 decades, this can change depending on the state of the economy and some other factors. Bitcoin is the of most popular coin in a crypto world but not all people from every corner of the world knows about it, but due to our technological advancement its not far that in the near future bitcoin will lead the way in monetary system. As of now bitcoin still like a slave of fiat because people use Bitcoin to obtain fiat because fiat still the fastest way in making payment transaction. |
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