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noictib
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October 26, 2016, 03:31:21 AM |
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In one of the topics I read "If bitcoin will reach $10.000, fiat currency has become worthless"
Do you agree with this statement?
may be became worthless for small time but it will not remain worthless for long time , because the main matter here is if we will going to buy bitcoin than we need fiat and if we are going to sell for profit than again we are getting fiat only . thus in my opinion fiat can't be worthless even after the 1 btc price because 1k.times the current price . |
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"The nature of Bitcoin is such that once version 0.1 was released, the
core design was set in stone for the rest of its lifetime." -- Satoshi
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maydna
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October 26, 2016, 03:55:41 AM |
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i think if fiat still using by people in many country, then fiat still worth and fiat can work together with bitcoin which in $10,000 for the price. and i think many government will consider and thinking to still using fiat because their citizen is not yet giving respon with bitcoin. and its need a lot to do to make bitcoin is using by many more people.
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boyptc
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October 26, 2016, 04:27:58 AM |
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bitcoin and fiat will co exist and nothing can be taken away from the fact that a countries economy depends on the currency it holds and all the trade will occur in fiat and it will continue to be like this
You are right with it even though bitcoin will reach $100,000 still fiat will remain and it won't be worthless. They are going to keep on existing and used by the people for they are very good type of investment that is why for me it will not be worthless unless the government is going to do something about this. |
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Pitchblackroom
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October 26, 2016, 04:46:11 AM |
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In one of the topics I read "If bitcoin will reach $10.000, fiat currency has become worthless"
Do you agree with this statement?
if bitcoin price even cross $20.000 but fiat can't be worthless because the reason behind this is that everyone here only earning btc for fiat ( bank money) . so it can be happening that at a small time interval people buy bitcoin for fiat but they can't leave fiat in the present time . Wouldn't that just make bitcoin a commodity like gold/silver? This would be simply at investment status. Which is great for people who invest, but as a daily currency I wouldn't think of it like that. |
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goldcoinminer
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October 26, 2016, 05:04:11 AM |
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In one of the topics I read "If bitcoin will reach $10.000, fiat currency has become worthless"
Do you agree with this statement?
if bitcoin price even cross $20.000 but fiat can't be worthless because the reason behind this is that everyone here only earning btc for fiat ( bank money) . so it can be happening that at a small time interval people buy bitcoin for fiat but they can't leave fiat in the present time . Wouldn't that just make bitcoin a commodity like gold/silver? This would be simply at investment status. Which is great for people who invest, but as a daily currency I wouldn't think of it like that. No, the real purpose will be defeated if we will not use bitcoin as our investment, it was actually created for investment so we have to treat it that way, it was just now at the early stage it can be an investment as well but that would not last when the price will be stable. |
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ObscureBean
Legendary
 Offline
Activity: 1148
Merit: 1000
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October 26, 2016, 05:29:53 AM |
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In one of the topics I read "If bitcoin will reach $10.000, fiat currency has become worthless"
Do you agree with this statement?
if bitcoin price even cross $20.000 but fiat can't be worthless because the reason behind this is that everyone here only earning btc for fiat ( bank money) . so it can be happening that at a small time interval people buy bitcoin for fiat but they can't leave fiat in the present time . Exactly, Bitcoin by itself has no value, it's the fiat value associated with Bitcoin that makes it valuable. If fiat is worthless then Bitcoin is worthless. Right now, businesses/companies that accept Bitcoin don't actually hold it, coins that are sent to them get converted automatically and reach them as dollars etc. Currently Bitcoin is more like a payment processor than a currency. Fiat is sent using Bitcoin technology same way you send fiat using PayPal technology. |
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mirakal
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Leading Crypto Sports Betting & Casino Platform
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October 26, 2016, 07:41:10 AM |
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In one of the topics I read "If bitcoin will reach $10.000, fiat currency has become worthless"
Do you agree with this statement?
if bitcoin price even cross $20.000 but fiat can't be worthless because the reason behind this is that everyone here only earning btc for fiat ( bank money) . so it can be happening that at a small time interval people buy bitcoin for fiat but they can't leave fiat in the present time . Exactly, Bitcoin by itself has no value, it's the fiat value associated with Bitcoin that makes it valuable. If fiat is worthless then Bitcoin is worthless. Right now, businesses/companies that accept Bitcoin don't actually hold it, coins that are sent to them get converted automatically and reach them as dollars etc. Currently Bitcoin is more like a payment processor than a currency. Fiat is sent using Bitcoin technology same way you send fiat using PayPal technology. Therefore it is not right that when bitcoin will increase its value in fiat, fiat will be worthless. There's no science in that statement bitcoin is not an independent asset and all it does is just to depend on fiat to know its value. |
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Grobogan
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Activity: 56
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October 26, 2016, 07:49:39 AM |
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What most are forgetting are the difference between a weak fiat and strong one. The weak one can easily be seen like zimbawabe money and unravel on its own trying to print more #`s on the damn paper. The stronger fiat will stay in the # on its paper not following that route because its used globally which makes it harder to fail.
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el kaka22
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Activity: 3514
Merit: 1162
www.Crypto.Games: Multiple coins, multiple games
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October 26, 2016, 07:20:50 PM |
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To be honest, when it happens, there will be no FIAT money anymore. The government currency system will totally collapse and there will be a revolution of Cryptocurrency which is leaded by Bitcoin users. There will be no tax in the world and it will be much better when there is only one currency in the world: Bitcoin
That is just an imagination but reality would be totally different from that, as no government would let that happen as in that way they would lose control on the country or on the economic system of it which is something no government would want, and if that happens governments would go bankrupt i guess if there will be no tax at all. A bit imaginary but can happen too. Well, I think as the value of fiat will certainly be decreased as the prices reaches that value then almost everyone knows about bitcoins and if we pay someone with it, they will not mind it much, since they can further use it too. I want a time when users do not sell bitcoins rather they use bitcoins. |
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Greenenergy
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October 26, 2016, 07:52:28 PM |
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Yes it will, at least for me. Because that will be in at least 10 years, and in at least 10 years, with what I'll have accumulated, I'll have enough to live until the end of my days  ! |
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raven7886
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October 26, 2016, 09:01:51 PM |
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I don't think that fiat will ever become worthless even price of bitcoin reaches to the moon as everyone is dependent on it for living and even if we have to use bitcoins we need to convert them to fiat first to spend them.
Specially true for countries that do not accept bitcoin as first preferred mode of payment. We have to convert first before transacting. Very cumbersome because we need an exchange for doing this and then pay the merchant. It better to pay in cash before wasting that time. Yes right, some countries are there where government seek personal interest before anything else. So, they would never let something grow among their money that directly or indirectly reduce their income. Basically a world without taxes would be awesome, though its just possible when a decentralized currency like bitcoins takes over fiat. |
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PokemonFun
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October 26, 2016, 09:16:11 PM |
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no because really low amount of pupils from the world are using bitcoin right now so it will tnot become worthless
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Ziskinberg
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October 27, 2016, 03:51:22 AM |
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I don't think that fiat will ever become worthless even price of bitcoin reaches to the moon as everyone is dependent on it for living and even if we have to use bitcoins we need to convert them to fiat first to spend them.
Specially true for countries that do not accept bitcoin as first preferred mode of payment. We have to convert first before transacting. Very cumbersome because we need an exchange for doing this and then pay the merchant. It better to pay in cash before wasting that time. Yes right, some countries are there where government seek personal interest before anything else. So, they would never let something grow among their money that directly or indirectly reduce their income. Basically a world without taxes would be awesome, though its just possible when a decentralized currency like bitcoins takes over fiat. With bitcoins being popular in their country, the government will fail to imposed taxes on every transaction and it will affect their tax target collection which obviously the funds where they get the money they corrupted from the people. In our country, government officials make a substandard projects but it cost more than the actual price, so they tend to make their corruption activity a legitimate one. |
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cryptasm
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October 27, 2016, 03:55:47 AM |
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A internet takeover alone would make it easily 30k+ and fiat has trillions of dollars as market cap
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rickadone
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October 27, 2016, 12:31:51 PM |
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I don't think that fiat will ever become worthless even price of bitcoin reaches to the moon as everyone is dependent on it for living and even if we have to use bitcoins we need to convert them to fiat first to spend them.
Exactly, yes it will heavily effect the worth of fiat since as most of the people will use bitcoins then the fiat will not be so effective but that been said, fiat has its own value at least till the time when there are almost all the shops which accept bitcoins as payment option. |
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skierchewing
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October 27, 2016, 12:43:55 PM |
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No, it wouldn't. Unfortunately, or fortunately, I don't know, those will always be living, probably digitally in a decade or two.
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avikz
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October 27, 2016, 04:03:32 PM |
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No and never. How the fiat will become worthless?? Apply some common sense bro....How are you measuring bitcoin's performance??? You are judging it against a fiat currency only. Bitcoin doesn't have any value. It has an underlying value. Some value it is USD and some do it in their local currency.
The fiat will never be worthless till the time government is present. So don't dream for it, if fiat becomes worthless, then human will have to go back to barter system and they will not be good for the human civilisation.
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Mastsetad
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October 27, 2016, 04:11:43 PM |
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No and never. How the fiat will become worthless?? Apply some common sense bro....How are you measuring bitcoin's performance??? You are judging it against a fiat currency only. Bitcoin doesn't have any value. It has an underlying value. Some value it is USD and some do it in their local currency.
The fiat will never be worthless till the time government is present. So don't dream for it, if fiat becomes worthless, then human will have to go back to barter system and they will not be good for the human civilisation.
Exactly, every person earning bitcoins from any source they just think of it as their local currency, suppose if you live in USA and you are earning bitcoins, you would probably always check if how many USD you have in bitcoins, so that concept would never let bitcoin make fiat worthless, no matter how valuable it become, it will still be exchanged to fiat by the users. |
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tenk
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October 27, 2016, 04:46:15 PM |
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Actually, i can not agree one hundred percent with this statement . Because it is depends the relative condition. When the price of bitcoin really increase until 10.000 dollars but the most of stores in my country still don't receive bitcoin as payment, bitcoin can not make the fiat worthless. I still need to change my bitcoin in to my own currency to use my money.
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Supercrypt
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October 27, 2016, 04:57:54 PM |
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I am not agree with you, because you know if bitcoin would be increased more than it $10000, than fiat currency has no problem from bitcoin, Worthless how can it would be possible?
If bitcoin might be reached at $10.000, than its mean bitcoin too expensive and majority of the people have no range to buy the bitcoins, but it give us great profit from us, who are already using the bitcoin.
Actually yes, why are we calling the value in 10,000$ ? because we still do consider dollars the standard currency and we calculate the value of bitcoins in our local fiat value, so actually if the fiat dies then its pretty difficult to know the value of bitcoins. Or maybe they will be used as god coins ( but digital )? |
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