Why is Bitcoin still a slave of Fiat?

[voztata]

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

Exactly that is the only reason why Bitcoin is still inferior to fiat. The word “Slave” does not look good to describe the status of Bitcoin in the market. This fact can change only when Bitcoin is internationalized and accepted by all the countries around the world.

Only then the demand for money can be reduced and the use of Bitcoin might do the job. But this can be possible only after long time because right now, a huge portion of world’s population is deprived of the basic facilities like internet with is necessary for the use of crypto.

[pinoyden]

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.

that's right . bitcoin is not a slave of fiat but rather it is just an alternative if people wants to experience something more innovative and fast . I do also agree when you said "volatility is not a reason on why bitcoin is not yet accepted to some countries " volatility is not really a disadvantage or a hindrance but is actually an advantage in order for us to earn more profit .  bitcoin is still kinda new to some people and  bitcoin do also have a lack of exposure because it is mainly used online , these are the factors on why bitcoin is still not a mainstream currency .

[3la9l_kolbaCa]

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

Exactly that is the only reason why Bitcoin is still inferior to fiat. The word “Slave” does not look good to describe the status of Bitcoin in the market. This fact can change only when Bitcoin is internationalized and accepted by all the countries around the world.

Only then the demand for money can be reduced and the use of Bitcoin might do the job. But this can be possible only after long time because right now, a huge portion of world’s population is deprived of the basic facilities like internet with is necessary for the use of crypto.

Exactly! Its decentralized in nature has implied transparency and due to its blockchain technology it creates an image of safety and security. On the other hand, compared to fiat, bitcoin is still young and developing. It is indeed the king of all cryptocurrencies yet it's not widely-adopted. A larger portion of economy are still dependent and using fiat, which has legal tender and under central command. I still strongly believe that bitcoin has a brighter future, has a room for growth and acceptance.

[KenChanYu]

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

Exactly that is the only reason why Bitcoin is still inferior to fiat. The word “Slave” does not look good to describe the status of Bitcoin in the market. This fact can change only when Bitcoin is internationalized and accepted by all the countries around the world.

Only then the demand for money can be reduced and the use of Bitcoin might do the job. But this can be possible only after long time because right now, a huge portion of world’s population is deprived of the basic facilities like internet with is necessary for the use of crypto.

It is because there is a restriction in bitcoin's operations and functionalities in some part of the world. Not all countries, sectors, or establishments accepted it. Many are still unaware and lack of knowledge on what this technology is, and on how does it work. There can be divided opinions in terms of its adoption. What we can do about this is to welcome those who accepted it, and not to worry much for those who don't. Life's like that, we can't force everybody to follow what we are used to do. Let's stay positive that in the course of time its demand will increase and gain the interest of many.

[OrangeSeller]

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

Because we still can't buy a burger with bitcoin, we still can't buy a can of cola with bitcoin, we can't pay our electricity bill with bitcoin. Honestly the best way that the bitcoin can spread around the world is payment options, the more things we pay with bitcoin will mean more bitcoin will get independent from fiat.
Until that happens people are still using fiat to pay for all of those things. Also there are people who buy and sell bitcoin because they want to get rich quick. They are ruining bitcoin for all of us.

[Wintersoldier]

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

Technically bitcoin is not a slave of fiat because both support other side in terms of value and system. It is more like a mutual relationship on both sides. But we also need to engage on supporting crpytocurrency where it could give bitcoin a chance to develop and be a more efficient currency for today and in the future.

[Hovhannes]

I think it's only a matter of time. I am sure that in the near future Fiat will disappear. Currently, paper money is not provided with anything, they are valuable because people believe in it.

[KrisAlex18]

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 can still say that bitcoin is a slave of fiat considering the fact that fiat is more relevant to be used by everyone around the world. No matter how many bitcoin you obtain, you will still convert it into fiat. Maybe sooner or later, things will change as bitcoin dominates fiat and take over the whole world to create a new way or a system on how we spend our ownings.

[Veronika94]

Because we are now very attached to the cash paper money.  Because most do not accept anything other than cash.

[gunhell16]

I dont think bitcoin is a slave of FIAT,
look you need a huge amount now like 7000 USD just to have 1 bitcoin.
Bitcoin is limited with 21,000,000 supplies and not controllable by any country.
what about fiat?

[hotBriX001]

Because we are now very attached to the cash paper money.  Because most do not accept anything other than cash.

Yes because fiat currency doesn't need transaction cost unlike bitcoin does. But as of now still fiat currency are accepted worldwide with its fix value in all transaction processing.

[Ozero]

Well, I would not say that bitcoin now depends very much on fiat. Judging by the price of bitcoin and fiat, then fiat is a slave of bitcoin. Bitcoin, like other decentralized crypto currency, will always have a value in the main types of currencies, without which it would be impossible to use them in practice. I consider this a correct and absolutely normal phenomenon. If bitcoin did not have a binding to our usual currencies, it would be in its virtual world and in our world would have no value. The value of bitcoin can only be in relation to the major currencies of our world.

[Lonthe]

This is because the state fully protects fiat, bitcoin until now no one protects and guarantees so that it appears that bitcoin is not very important, but I believe that the future of bitcoin will continue to improve.

[thuthanh]

Because we are now very attached to the cash paper money.  Because most do not accept anything other than cash.

Yes because fiat currency doesn't need transaction cost unlike bitcoin does. But as of now still fiat currency are accepted worldwide with its fix value in all transaction processing.

We say bitcoin is a slave of fiat I do not feel right, they only support each other and make the monetary system more complete. Fiat is indispensable to our lives with its advantages and bitcoin is the foundation of the future.

[peacefulpeace]

i think that could be as a result of the fact that bitcoin is still not well publicize, lot of people dont understand the concept of bitcoin and as such affecting it acceptability, but hopefully in the forseeable future, bitcoin will totally replace fiat currency.

[Bershie]

Even in significance in ratings bitcoin still have disadvantages because you need internet to access you assets to pay your everyday needs and rents. Besides, Only few people has a knowledge about cryptocurrency and how to use it. If bitcoin will turn into physical form then it well get free for slavery.

[Masongrae]

Because of the fact that many people ate still unaware of cryptocurrency. If people are into it already, i mean digital currency. It will progress later on it will go hand in hand with fiat, but later on it will rise above fiat later on.

[patarfweefwee]

I don't think that Bitcoin or any other crypto currency is ever a slave to fiat. In fact, as we see a decrease in the vakue of a dollar we see that crypto currency prices still follow its natural and usual trend. We also see that whether or not people use it as a currency in exchange for goods and services or as a stock option, then that is their prerogative. I mean even Fiat could be used as a stock option.

[yanesna3]

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.

Man, I am more than sure that in several years the situation will change, and Bitcoin will be used globally. It will be accepted in almost all shops and stores.

[Macai]

Yes still slave to fiat because you cannot just spend Bitcoin as it is but need to convert first to fiat, because mode of payments are still in fiat money. I wonder when will Bitcoin stand on its own no need to exchange to fiat but spendable as it is.