If bitcoin price is $10.000, will fiat be worthless?

[Fatanut]

Fiat will never be worthless in this condition because the number of bitcoins is limited with millions. When you campare all fiat Money amount with bitcoin, you'll see that fiat Money is dominating like crazy.

Bruh, that actually makes fiat's value go down. You're talking about the quantity of the the two. In bitcoin, there would only be 21 million of it but it can be divided in much smaller portions. Fiat, on the other hand, is almost as if is infinite. When the government needs some money, they just print more and more fiat. You'd see commodities go up in price but in reality, it's just that your currency has lower value than yesterday.

One example why the amount of fiat money makes it have a much lesser value is the case of Zimbabwean dollars. They printed really high denominations of their money so they ended up having a hyper-inflated currency. In other words, their currency has become worthless.

[jpoker272727]

Fiat/dollar is affecting the bitcoin price and other currencies too directly. Look at the price that has been happened these days, something in the fiat backstage has happened that dropped the price too much.

Bitcoin is and will be for a long time as the second currency that will be used online and in the real life too (later) when more merchants start accepting bitcoin and the dev make it easier.

[chalkboard17]

Even if the price of bitcoins goes in millions still fiat will not become worthless as we need fiat to convert our bitcoins as even in future I don't think that we will be able to spend our bitcoins at each and every place.

We do not have to spend our bitcoin in every place but I can ensure that it will be very easy for use to spend crypto in the future modern world. Bitcoin is the leader of cryptocurrency and it will affect the world a lot in developing and improving the cryptocurrency and the blockchain technology

[Superways]

Bitcoin looks like will reach those value at 2020, atleast the way it is looking is we are mooving forward to bigger values, bitcoin records had been broken already, and now bitcoin is stable with a good support above 2000 dollars. Fiat will be always used and neither bitcoin or crypto can change those.

Fiat will be used but not sure that it will be used on the same scale as it is being used nowadays. I have doubt that the use of bitcoin will be increased very higher in teh future and the use of fiat will be reduced very lower and it may affect the fiat.

[arcanayou]

Fiat will still be needed even if bitcoin price reaches $ 10,000, for small transactions we still need fiat, if bitcoin price is higher then transaction fee also higher, it would be very harmful if we use bitcoin for all transactions including small transactions

[Viscore]

Fiat will still be needed even if bitcoin price reaches $ 10,000, for small transactions we still need fiat, if bitcoin price is higher then transaction fee also higher, it would be very harmful if we use bitcoin for all transactions including small transactions

With that price there will be a bunch of people investing and the whole network for Bitcoin might be a little faster since the people that invested in Bitcoin from the single digit range may purchase Bitcoin Miners that are capable of mining a bunch of coins that will help the transactions flow smoothly.

Fiat is not related to bitcoin's market, and it can still exist even without bitcoin. It is both beneficial to bitcoin
and fiat if bitcoin will continue its success as the demand of fiat will also increase.

[Rostadom]

Fiat will still be needed even if bitcoin price reaches $ 10,000, for small transactions we still need fiat, if bitcoin price is higher then transaction fee also higher, it would be very harmful if we use bitcoin for all transactions including small transactions

With that price there will be a bunch of people investing and the whole network for Bitcoin might be a little faster since the people that invested in Bitcoin from the single digit range may purchase Bitcoin Miners that are capable of mining a bunch of coins that will help the transactions flow smoothly.

Trust me, if that was the case, we should have ping time transactions by now. We have a lot of mining power and it's increasing day by day but you never see the transaction time going down at all. We still have to do some bidding in the transaction fee in order to have a better transaction time. The higher the fee, the faster your transaction gets confirmed.

There's only 1MB size of block allowed. More blocksize surely is more transactions per second but it will require hard fork. I'm sure the people that bought bitcoins at a very low price wouldn't spend tons of money just to have a  hard fork. They will just raise their transaction fee and they are good to go. Only people that truly wants transactions to flow smoothly are microtransactionists.

[jaysabi]

Bitcoin looks like will reach those value at 2020, atleast the way it is looking is we are mooving forward to bigger values, bitcoin records had been broken already, and now bitcoin is stable with a good support above 2000 dollars. Fiat will be always used and neither bitcoin or crypto can change those.

Bitcoin may be trading above $2000 regularly, that doesn't make it stable. Bitcoin continues to be remarkably volatile.  This is a price chart over the last 14 days. This is not a picture of stability.

[deisik]

Bitcoin looks like will reach those value at 2020, atleast the way it is looking is we are mooving forward to bigger values, bitcoin records had been broken already, and now bitcoin is stable with a good support above 2000 dollars. Fiat will be always used and neither bitcoin or crypto can change those.

Bitcoin may be trading above $2000 regularly, that doesn't make it stable. Bitcoin continues to be remarkably volatile.  This is a price chart over the last 14 days. This is not a picture of stability.

This just proves what I have been telling for many months

Namely, that if Bitcoin is set to rise exponentially, its volatility will rise exponentially squared. In other words, the volatility of Bitcoin prices is going to rise faster than the prices themselves, even in relative terms. That's one of the reasons why we may never see Bitcoin above 10k dollars per coin even in a remotely consistent manner unless prices get stabilized by the real economy, i.e. via wide acceptance by merchants who wouldn't be exchanging bitcoins for fiat as fast as they get them

[millgates]

Fiat will still be needed even if bitcoin price reaches $ 10,000, for small transactions we still need fiat, if bitcoin price is higher then transaction fee also higher, it would be very harmful if we use bitcoin for all transactions including small transactions

I doubt with that, because people will think smarter. Probably people will use bitcoin for big amount of transaction and use altcoins for small transactions. There is no inflation in cryptocurrency so this is still best form of money.

[FlightyPouch]

Fiat will still be needed even if bitcoin price reaches $ 10,000, for small transactions we still need fiat, if bitcoin price is higher then transaction fee also higher, it would be very harmful if we use bitcoin for all transactions including small transactions

I doubt with that, because people will think smarter. Probably people will use bitcoin for big amount of transaction and use altcoins for small transactions. There is no inflation in cryptocurrency so this is still best form of money.

Bitcoin has a high price, so obviously, people will be more on using it to pay or give big money than using it on a small amount transactions or payments. Who would want to give a fee bigger than their money that will be sent right? And even if that reaches $10,000 I think there will be some that will send small amounts though, it is unavoidable, though, I don't suggest to do such thing.

[Mr.grin]

If bitcoin is easier to get than fiat, I think fiat is meaningless, but maybe fiat will still be used because bitcoin will be transferred with fiat. But, maybe then everyone has used bitcoin, so all transactions can use bitcoin. So fiat becomes worthless

[jossiel]

If bitcoin is easier to get than fiat, I think fiat is meaningless, but maybe fiat will still be used because bitcoin will be transferred with fiat. But, maybe then everyone has used bitcoin, so all transactions can use bitcoin. So fiat becomes worthless

Fiat will never be meaningless, this is the governments preference for the value of things and it will be used by everyone for transacting.

Though there is a chance that bitcoin can go up to $10,000 soon but still fiat is has a strong wall.

And it's wall is being built by the government and we know it's going not to happen.

[DevilSlayer]

That is very impossible. People earn bitcoins for them to exchange it to their fiat currency. Bitcoin can't be a reason to become fiat worthless. Bitcoin have no such tremendous power to surpass the fiat currency.

[hendra1988]

Actually I believe between there and do not believe if we see in terms of government regulation does not seem to be realized if we use bitcoin, but if we review the economic side of chaos as now bitcoin can boost economic value because the price is so volatile and continue to rise with The opinion that when bitcoin prices rise then the fiat currency is no longer valid. On the other hand there is a point too. This can lead to the government of a country feeling threatened by the increasingly popular bitcoin and used for daily needs for the community.
Fiat Currency has been declared a valid payment instrument in a State, but it is not supported by physical commodities. The value of fiat money comes from the relationship between supply and demand rather than the value of material money created. Historically, most currencies around the world are based on physical commodities such as gold or silver. But fiat money is actually based solely on the belief in the value of a piece of paper.
Since fiat money is not associated with physical reserves like gold and silver, the risk of a piece of paper becomes worthless because of hyperinflation. If people lose confidence in the value of a country's paper currency.
When the state regulation no longer requires fiat currency it will be replaced with the reserve currency of bitcoin

[STT]

I hate to say it but FIAT has more backing to it then bitcoin.   There is no direct link to gold or any metal but theres no doubt governments carry many assets and a small amount is in gold and other metals.

Famously USA has the Fort Knox vault which holds :
 As of April 2016, Fort Knox holdings are 4,582 metric tons (147.3 million oz. troy).[11] At the rate of $1,226.60 an ounce[12] it is worth about $180 billion.

So dollars do have some backing its just that there are trillions in circulation that will never back up the current value attributed.   The other backing would be trade done, gov taxes trade so that also is a kind of system to back FIAT.
USA in that case has a trade imbalance and is lacking the correct backing for its currency on that front.   But its not the case there is none, we might see a slip in confidence because USA has too much debt.   That will cause upset and a fall in dollar value.   Bitcoin has no debt like that so generally it should gain from that weakness.

Since the start of this thread, we saw great price gains for BTC.  Its fairly clear we can get to 10,000 and FIAT will be no where close to collapse in most parts of the world.  I hope Venezuela people can get past their troubles and find a new exchange of value, I dont think bitcoin will take over exactly but some are alive partly thanks to it I have read

[BunnyShibe]

If bitcoin is easier to get than fiat, I think fiat is meaningless, but maybe fiat will still be used because bitcoin will be transferred with fiat. But, maybe then everyone has used bitcoin, so all transactions can use bitcoin. So fiat becomes worthless

Fiat will never be meaningless, this is the governments preference for the value of things and it will be used by everyone for transacting.

Though there is a chance that bitcoin can go up to $10,000 soon but still fiat is has a strong wall.

And it's wall is being built by the government and we know it's going not to happen.

yes fiat will remain for a long long time. because bitcoin can only use by educated people who have good knowledge about computer and internet. and i think most of the people specially from backward countries are not educated. therefore it will take generations when all the people will become so advance and educated. and when all of the them start using bitcoin instead of fiat currency.

[deisik]

I hate to say it but FIAT has more backing to it then bitcoin.   There is no direct link to gold or any metal but theres no doubt governments carry many assets and a small amount is in gold and other metals.

Famously USA has the Fort Knox vault which holds :
 As of April 2016, Fort Knox holdings are 4,582 metric tons (147.3 million oz. troy).[11] At the rate of $1,226.60 an ounce[12] it is worth about $180 billion.

So dollars do have some backing its just that there are trillions in circulation that will never back up the current value attributed.   The other backing would be trade done, gov taxes trade so that also is a kind of system to back FIAT.
USA in that case has a trade imbalance and is lacking the correct backing for its currency on that front.   But its not the case there is none, we might see a slip in confidence because USA has too much debt.   That will cause upset and a fall in dollar value.   Bitcoin has no debt like that so generally it should gain from that weakness

Well, Fort Knox may be empty

Its last independent audit had been performed like 60 years ago, so all gold may be long gone already. There are also gold vaults deep under Manhattan kept by one of the Fed's reserve banks but it belongs to foreign central banks, governments and international organizations like the IMF. The German gold which Germany failed to repatriate recently seems to be there too (read there can be no gold in these vaults either). But since the dollar is not pegged to gold it is ultimately irrelevant. Otherwise it could be claimed that the US dollar is backed by the willingness of the merchants to accept it as a means of payment, i.e. by goods and services which can be bought with it

[Nathland]

No i don't think that if Bitcoin reaches 10000$ fiat will be worthless. Bitcoin is gaining popularity but popularity is only confined to population who has Internet and is educated and it would take years for everyone to accept Bitcoin. Moreover transaction fee of Bitcoin is very high and is getting higher only so use of Bitcoin in small transaction is impossible.

[stompix]

I hate to say it but FIAT has more backing to it then bitcoin.   There is no direct link to gold or any metal but theres no doubt governments carry many assets and a small amount is in gold and other metals.

Famously USA has the Fort Knox vault which holds :
 As of April 2016, Fort Knox holdings are 4,582 metric tons (147.3 million oz. troy).[11] At the rate of $1,226.60 an ounce[12] it is worth about $180 billion.

The dollar is not backed by the gold in Fort Knox.
The $ is backed by the US Army and the size and influence of the US Economy.

Who cares about some 180 billions when the just the real estate value of New York is over 1 trillion.