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BTCBinary
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April 14, 2016, 09:28:12 PM |
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if bitcoin gets to $10 000 I guess there will be a new arms race to mining. As for Fiat, what I think is that in that kind of situation everyone would be fighting to get some bitcoins.
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aleandromagno
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Activity: 1323
Merit: 1000
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April 15, 2016, 01:55:29 AM |
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why not?
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delliaerd
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April 15, 2016, 03:06:15 AM |
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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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richjohn
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April 15, 2016, 03:09:05 AM |
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Fiat will still be important and in demand since it is the most acceptable in exchanging goods and services. If all people already know about bitcoin, then it is the time that fiat will worthless.
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avikz
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Activity: 3122
Merit: 1507
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April 15, 2016, 04:11:04 AM |
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I disagree with your statement. Even if the bitcoin reaches $25k or more, it is impossible to replace fiat currency.
Because, to make bitcoin to your use, you have to convert it to fiat and then only you can have fun. Remember, fiat is a government backed and legal currency, no ways, I can see it's value will be decreased. Earn in bitcoins and convert to fiat and enjoy!
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pocarime32
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April 15, 2016, 05:35:38 AM |
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I disagree with your statement. Even if the bitcoin reaches $25k or more, it is impossible to replace fiat currency.
Because, to make bitcoin to your use, you have to convert it to fiat and then only you can have fun. Remember, fiat is a government backed and legal currency, no ways, I can see it's value will be decreased. Earn in bitcoins and convert to fiat and enjoy!
Yeah i agree with you. I think the bitcoin price will not affect the fiat, and fiat always worth. Fiat is used on all country though. If the bitcoin price is $10.000, i think it only affect the bitcoin's user. |
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Zenyoguibit
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April 15, 2016, 05:45:25 AM |
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People are afraid with the unknown, They are comfortable with what they knows and hardly be separated from FIAT. Unless banks to make the paradigm shift. lol.
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agustina2
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Activity: 2436
Merit: 1008
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April 15, 2016, 10:27:08 AM |
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If bitcoin price will be worth $10,000 then fiat will still more powerful.
Many will use fiat more since no doubt all bitcoiners want to convert their bitcoin if that will be the bitcoin price.
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Zaun
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April 15, 2016, 10:36:41 AM |
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Well, I do not think the fiat will ever be worthless because the fiat is way too big and if the bitcoin is 10k it should still be exchangeable to fiat in my opinion.
So I do not see why it would be worthless because its just to big and a lot of people are also depending on it.
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Lokfar
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April 15, 2016, 01:32:49 PM |
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Bitcoin will not even reach that high value and that is the problem as you can see you see that the value is not even that high now and it keeps also stable so that is bad.
But the most people are hoping that the value will be more worth but we cant control it and that is the problem.
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Denker
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Activity: 1442
Merit: 1016
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April 15, 2016, 01:33:01 PM |
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If bitcoin price will be worth $10,000 then fiat will still more powerful.
Many will use fiat more since no doubt all bitcoiners want to convert their bitcoin if that will be the bitcoin price.
Really? Do you see people selling their Berkshire Hathaway A shares because it is worth ~ $200.000? Don't think so! |
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RobFre
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April 15, 2016, 01:34:40 PM |
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I think that the Bitcoin will never be used aa main currency. Fiat money is backed by governemnts and banks and it's impossible to a decentralised and poorly used digital currency to overcome it. Bitcoin is a great innovation, but not THAT great.
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Betwrong
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Activity: 3318
Merit: 2183
I stand with Ukraine.
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April 15, 2016, 01:45:50 PM |
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I think that the Bitcoin will never be used aa main currency. Fiat money is backed by governemnts and banks and it's impossible to a decentralised and poorly used digital currency to overcome it. Bitcoin is a great innovation, but not THAT great.
I think Bitcoin is really THAT great innovation, but yes I agree with you, it will never replace fiat completely, maybe in 200 years but not during our lifetime anyway. There are many ways of payment around and all of them can coexist. |
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CryptoBjorn
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April 15, 2016, 01:52:34 PM |
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I think that that if we hit the 10k what most likely never gonna happen the fiat will not be worthless because the bitcoin is big but not so bug.
The fiat will used for ever because other currency's are also busy with coins, well that is what I heard by the way.
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rababo
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April 16, 2016, 07:35:04 AM |
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If bitcoin reach $10.000, I doubt that people will make fiat so worthless.
If fiat would be worthless what will happen with the price of bitcoin then. I wouldn't be sure about that the fiat would be worthless.
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setupbounds
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April 16, 2016, 12:18:11 PM |
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fiat worhtless?its never happen,even bitcoin reach $10,000 and its not make fiat worthless,he only way to make fiat worhtless s worl war and maybe doomsday.
It doesn't matter what value Bitcoin is at. Fiat will always be the main currency for people to use. That will most likely never change. Bitcoin is only an alternative, and that's it. Fiat is for those who has shares in this or the Govt people, who want to control the currency and want to put taxes to people etc. Other than that, Fiat is over for me in next 5 years |
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KennyR
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April 16, 2016, 11:55:13 PM |
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if bitcoin gets to $10 000 I guess there will be a new arms race to mining. As for Fiat, what I think is that in that kind of situation everyone would be fighting to get some bitcoins.
Agreed, if price goes on high as quoted surely there would be a big competence between miners. I believe some big corporates too will engage in mining activities to increase their profit. |
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BitcoinPaw
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April 17, 2016, 12:59:21 AM |
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Bitcoin is depending on fiat but fiat is not depend on bitcoin so fiat will not be worthless with any bitcoin price i guess.
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beduku22
Newbie
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Activity: 42
Merit: 0
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April 17, 2016, 04:29:58 PM |
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Bitcoin is depending on fiat but fiat is not depend on bitcoin so fiat will not be worthless with any bitcoin price i guess.
People only trusts something from the bank or the goverment, will most likely never change their mind as banks and goverments don't always talk good about bitcoin as currency. i think in 5years, bitcoin still far from $10.000 |
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xIIImaL
Legendary
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Activity: 1372
Merit: 1005
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April 17, 2016, 04:40:49 PM |
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Bitcoin is depending on fiat but fiat is not depend on bitcoin so fiat will not be worthless with any bitcoin price i guess.
i dont think it will be worthless as all people wouldnt still go all in with bitcoins they would still have some paper money as new technologies cant spread that fast in my opinion only after a few decades usual cash will go extinct and will be replaced by bitcoins. |
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