Why is Bitcoin still a slave of Fiat?

[RandyGamage]

bitcoin is a slave? it just under fiat but not a slave. because still majority of people don't know bitcoin properly and they don't have an idea about the value of this new system or how it can get rewards from it compare to current slavery fiat system controlled by a small amount of people who run the world at the moment.

[katrimans]

I don't like the term you have used "Slave" . Bitcoin is not a slave of fiat. It is an alternative for fiat. for the current banking system.

Sometimes the terminologies do not belong to the economics and that is why such terms are used in many posts. In my opinion, Bitcoin is rather a substitute for fiat because it has the ability to reduce the demand for fiat and hence can be used as medium of exchange and for transaction purposes but it cannot be called a perfect substitute because it has not been able to replace fiat so far and still people demand fiat. Having said that, it will be unjust to call Bitcoin as slave of fiat.

[Crypto24hrs]

I think it is a wrong choice of word to call bitcoin a slave of fiat currency, today fiat currency is on-top its game because of favorable government policies
who knows what tomorrow will be and bitcoin will rule the world.

[ThorWin]

Because BTC is quite risky, there may be many risks that we can not control, which makes many people afraid to hold BTC rather than holding money.

[gabmen]

Because BTC is quite risky, there may be many risks that we can not control, which makes many people afraid to hold BTC rather than holding money.

I don't think it's because of that though. The thing is, almost all needs and necessities are still mainly acquired through fiat purchases. Even offline btc purchases needed to be converted first.

[Valzzz005]

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

Now and again the phrasings don't have a place with the financial matters and that is the reason such terms are utilized as a part of numerous posts. As I would see it, Bitcoin is somewhat a substitute for fiat since it can lessen the interest for fiat and consequently can be utilized as medium of trade and for exchange purposes however it can't be known as a flawless substitute since it has not possessed the capacity to supplant fiat up until this point and still individuals request fiat.

[daarul50]

Because BTC is quite risky, there may be many risks that we can not control, which makes many people afraid to hold BTC rather than holding money.

I don't think it's because of that though. The thing is, almost all needs and necessities are still mainly acquired through fiat purchases. Even offline btc purchases needed to be converted first.

Bitcoin will always be in this condition because almost all governments in various countries do not want to use bitcoin to be used as a method of payment for their people so they maintain the fiat currency for transactions even though technological advances are not only to be watched but can be used and applied to overcome especially in economic terms.

[Dr.Osh]

well, that's because fiat is a currency that is recognized in every country, so the end of bitcoin is to become fiat. well, for now it is still very difficult to make transactions using bitcoin. although I can, I think it has risks.

[Bitcoinbitcoin0909]

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

Simply because fiat is still in control of everything considering the fact that bitcoin is not legalized all over the world and it has been banned in some countries too. Fiat might reign for now but sooner or later, bitcoin will surely dominate the world as peoe see that bitcoin is way more better than the fiat we are using and it will be a part of the innovation in the world too.

[BlueStackz]

The only reason is the adaption. There is still not enough places we can spend our coins to live off it. I mean I understand bills can be paid in fiat but as long as your regular marketspending like pack of cigarattes, a bread, a bottle of cola, bacon etc can't be bought with bitcoin (it can be in some places but not global AT ALL) we will need to sell our coins to fiat which means bitcoin will keep being slave to fiat.

[Sir Cross]

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

This is because the value of bitcoin still depends on fiat. In order for most people to actually be able to spend the bitcoin or any other coin they earned, it must be converted to fiat. Although, one may argue that there are now some stores and establishments that accept bitcoin, so why does it still need to be converted? First, the establishments that actually offer btc payment are still minimal. And second, how do you think do they earn money by letting people pay thru btc? Of course, they still convert it to fiat. Truth is, bitcoin would not really be popular to many, and only a few will be interested in it if it could not be converted to fiat. A lot of people are investing in it to gain profit, and that profit could be limitedly spent if it will not be converted to fiat.

[babysweetTiger0401]

I don't know where did you get that world Slave, Because for me Bitcoin is a virtual currency were it can convert into fiat currency. Maybe for

now Bitcoin is always next into fiat but in terms of value fiat is no match with it, then in fiat there is no opportunity while in Bitcoin there is an

opportunity to everyone.

[manfredmann]

Nope i guess because bitcoin has different technicalities and it is not to be compared with centralized currency like fiat money specifically USD( United States Dollar). It is not considered as slave because as we all know that bitcoin has different function as the creator and developer plan the concept of having P2P exchange on it that is being recorded on a blockchain technology. Specifically transparency is at best with P2P transaction and that is how bitcoin is good at compared to Fiat currency. Yet it is still fiat for now that works best in any means of buying products, goods and services.

[Luthuthor]

even though I don't like the term you used to introduce bitcoin here, yeah still bitcoin is under fiat surely because still the majority not adapted to bitcoin as they did with fiat, This will take time, Cryptocurrency still at its infant age. let him grow, then you will see, people need liberty, Only blockchain and bitcoin can give them the financial freedom.

Time has been change and people now using Bitcoin as value of stored, many shops online that offering Bitcoin as payment option has been closed, still no progress when this situation will be back, so as my opinions this could be one of the tactics by those bankers whom are going to worried about the popularity of Bitcoin then collaborates with central bank limited Bitcoin movement in the market online so that it will be difficult to replace fiat at this time.

[Napole0n]

The thing that makes bitcoin difficult to be accepted globally is that it cannot be used for formal transactions such as fiat, besides that prices like roller coasters certainly make users afraid to keep in large numbers.

[alfs75]

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 accept the facts thats at this moments bitcoin is a slave of fiat interms of transaction in currency exchanges,because cryptocurrency for now is not a legitimize currency investment and not regulated worldwide,but soon once bitcoin is become regulated worldwide and become the main currency,i thinks thats time the fiat would  been dimished and change to crypto currency.

[Sonamziv_99]

Since many individuals are sat staring them in the face sitting tight for another person to make bitcoin satisfactory in their neighborhood..

It's sort of like sticking around all year trusting somebody will thump on your entryway needing to cut your yard for nothing, rather than getting off your rear end and cutting your own grass..

Fortunately I done my bit and I'm living cheerfully off of bitcoin and purchasing what I require utilizing bitcoin. My fiat financial balance has been left abandoned for a couple of years now. in the event that you too need an existence without fiat, at that point you have to address your nearby shops and illuminate them about bitcoin. Else the main thing you can do in your general vicinity is treat bitcoin like a stock.

[xuzukami]

Because BTC is not really widely accepted in the world, maybe BTC forever is fiat's slave, because I think BTC can not participate in circulation to buy goods and services for life. of each person

[oegarod]

The thing that makes bitcoin difficult to be accepted globally is that it cannot be used for formal transactions such as fiat, besides that prices like roller coasters certainly make users afraid to keep in large numbers.

The high prices weren't the real reason for the decreased acceptance of bitcoin similar to the fiat. With fiat their is a fixed value and so, it is easy for business transactions. With bitcoin, the volatility is the one that makes people stand away from business related usage. The word slave used to mention bitcoin is inappropriate and it serves as a alternative to fiat and not as a slave.

[phillippw6]

Bitcoin is said to be the sixth most powerful currency in the world with a combined value of 350 billion dollars approximately, however, the is dollar still dominates the top position all because of the networking effect this is because the  country has the greatest economy in the world