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

[randy8777]

For a minute let us assume that fiat has been stopped, then how we will determine what the price of bitcoins is, I mean what is the worth of 1 bitcoins for a user ? So you can see fiat cant go

you mean if all fiat currencies in the world don't exist anymore? then surely gold will be taken to tie everything in the world against it.

[deisik]

For a minute let us assume that fiat has been stopped, then how we will determine what the price of bitcoins is, I mean what is the worth of 1 bitcoins for a user ? So you can see fiat cant go

Money is a unitless measure (such as a ratio of two numbers which have the same units). It shows the relative utilities of goods against each other. So it doesn't need to have a dimension of its own (while Bitcoin is assumed to be measured in, say, dollars)..

If Bitcoin has to become a real currency, it wouldn't need to be measured in anything itself

[Traderx]

why fiat should be worth less if bitcoin reach 10k? bitcoin is taking money from fiat so it need fiat toi survive, fiat will not be worthless, fiat feed very well bitcoin value

[Crazygreek]

I think we have only one possible way to do this, powerfull country should accept bitcoin as legal currency and than maybe we will get a resault, but nowdays no, fiat will no be worthless.

[sana54210]

why fiat should be worth less if bitcoin reach 10k? bitcoin is taking money from fiat so it need fiat toi survive, fiat will not be worthless, fiat feed very well bitcoin value

Exactly. The fact that bitcoin's value is based on fiat obviously means that bitcoin's value is somehow attached and relies on fiat. And I'd like to correct you on what you said on 'fiat feed very well bitcoin value' which is supposedly bitcoin value feeds on fiat.

[STT]

What happens with paper money is it gets recycled constantly, so long its moved quick enough then that value is less important to each user.   If in future 1000 dollar notes were same value as we label 1 dollar now, its not quite the big deal we assume.   It wont bring dollar to a halt, the main fear spoken by bankers and in politics is a disorderly market.   You dont want that, its the nice way of saying collapse as the change becomes too great and the notes are refused in payment

The normal change of devaluation is normal though, how much normal people put up with before they emigrate is another matter.   Somewhere around 50% per annum might be it.  Sterling had 30% yearly devaluation in the 1970's, workers striked because their pay didnt cover bills.  USA had rates at 20% in the 1980's for similar reason to stop 'disorder'   people held dollars and it calmed down.
However the big Richter scale event waiting to happen now is that USA is broke at 10% rates, their debt is short term and the budget cannot be paid with that much interest.  Debt cannot be repaid, renewed is a default event and a very possible end to US dollar.   Thats a tsunami size change, Japan national debt cannot be repaid either however they have a good trade balance I think which in theory means demand for YEN

[shogdite]

If bitcoin was worth $10,000 and fiat was worthless then bitcoin would also be worthless no? Let's say fiat was worthless it would have nothing to do with bitcoin but everything to do with a plan of a few. My bitcoin would never be sold for worthless paper now or in the future.

[DeDordtenaar]

For a minute let us assume that fiat has been stopped, then how we will determine what the price of bitcoins is, I mean what is the worth of 1 bitcoins for a user ? So you can see fiat cant go

you mean if all fiat currencies in the world don't exist anymore? then surely gold will be taken to tie everything in the world against it.

Great logic If fiat die then the rate bitcoin will not matter anymore? I think Fiat will survive anything. including bitcoin is worth more than $10k though. you see gold if worth $2k and it does not make any bad effects on fiat. even-minded people do not make gold as a payment method

[Cybertron00]

Well I don't agree that If bitcoin price is $10000, fiat will be worthless because not all can use bitcoin and fiat will not be replaced by bitcoin because the banks won't let it happen,and the goverment will do the same as the bank. 

[yolanda222]

impossible at the price of 10000 it difficult

[jiefes]

Not the price of Bitcoin will make worthless FIAT.

[chaser15]

If bitcoin was worth $10,000 and fiat was worthless then bitcoin would also be worthless no? Let's say fiat was worthless it would have nothing to do with bitcoin but everything to do with a plan of a few. My bitcoin would never be sold for worthless paper now or in the future.

All transactions will now be BTC1 = BTC1.

Who the hell will sold coins for $10,000 if fiat is worthless. People will not sold their coins due to the fact that fiat will now be worthless. So what is the sense of dreaming a skyrocket price of bitcoin if fiat is worthless.

[randy8777]

For a minute let us assume that fiat has been stopped, then how we will determine what the price of bitcoins is, I mean what is the worth of 1 bitcoins for a user ? So you can see fiat cant go

you mean if all fiat currencies in the world don't exist anymore? then surely gold will be taken to tie everything in the world against it.

Great logic If fiat die then the rate bitcoin will not matter anymore? I think Fiat will survive anything. including bitcoin is worth more than $10k though. you see gold if worth $2k and it does not make any bad effects on fiat. even-minded people do not make gold as a payment method

you didn't understand what i tried to say. when fiat is no more in the picture everything will be tied to gold. then we'll have a market pair of btc-gold instead of btc-usd.

[Legasean]

In one of the topics I read "If bitcoin will reach $10.000, fiat currency has become worthless"
Do you agree with this statement?

Your question itself makes no sense. If bitcoin is worth $10k USD, the fiat will never be worthless.

Because, you are comparing bitcoin price with a fiat currency. How it can be worthless.

If bitcoin is worth 10k USD, and if USD is worthless, then bitcoin also become worthless. Bitcoin can't replace fiat ever.

if there is one country would adopt as their currency bitcoin might usd would be not worth and this make me think whether bitcoin will remain as a digital currency, or will be paper money.

The only way I think you can turn Bitcoin into paper money is that you create a note stating 1.00 BTC or 10.00 BTC with the private key on each note. It will basically be a paper wallet.

The chance is not that big that it can reach that high value and that is because it needs also to rise and that can takes a long time and not everyone has the patience for it.
But it will be perfect of course if we can reach that high value but it have to take a long time.

[avw1982]

impossible at the price of 10000 it difficult

Yup Fiat would always exist, its not that easy to disappear it, as people are using it since a long period of time, there are many people who will continue to use fiat in future too.

[prtty2gal2]

No, i dont agree. the value of one bitcoin doesnt devalue fiat. if bitcoin was worth a million dollars each. it would work the same way as today but the amount of coins traded in every transaction would be much much smaller. we would trade in satoshis instead of bits.

Yes, we can think like gold is very costly today but that doesnt mean that fiat has stopped and gold is being used, like 1 gram gold paid for bills, etc LOL  , anyways it will be good to see btc being more introduced and used, but cant replace fiat honestly.

[shogdite]

If bitcoin was worth $10,000 and fiat was worthless then bitcoin would also be worthless no? Let's say fiat was worthless it would have nothing to do with bitcoin but everything to do with a plan of a few. My bitcoin would never be sold for worthless paper now or in the future.

All transactions will now be BTC1 = BTC1.

Who the hell will sold coins for $10,000 if fiat is worthless. People will not sold their coins due to the fact that fiat will now be worthless. So what is the sense of dreaming a skyrocket price of bitcoin if fiat is worthless.

Fiat will never be worthless globally and if it is we will really no longer care about bitcoin. We will all care about surviving. Like I said my bitcoin is safe and will never be sold for fiat unless emergency comes up, which means I am waiting until I can by all I need as bitcoin prices. Like you said above 1btc to me = 1btc.

[sana54210]

First btc has to be that price,second true is that fiat is worthless already,negative interest rates,debt,currency wars .It is going nowhere,practically debt is money now,debt not possible to repay

Yes, we have to understand that if BTC reaches 10k still why are we saying it 10k USD?
Because we are comparing with bitcoins with usd and if there is no base to compare it would be clueless to use them. Fiat might be co-existing with bitcoin always as it has some specific users and specific reasons to exist all the times.

[coinplus]

First btc has to be that price,second true is that fiat is worthless already,negative interest rates,debt,currency wars .It is going nowhere,practically debt is money now,debt not possible to repay

Yes, we have to understand that if BTC reaches 10k still why are we saying it 10k USD?
Because we are comparing with bitcoins with usd and if there is no base to compare it would be clueless to use them. Fiat might be co-existing with bitcoin always as it has some specific users and specific reasons to exist all the times.

Yes and also due to the personal benefits government will never let their currency go out of the market. They won't accept bills , etc as paid by bitcoins and then you have to be forced to use local currency.

[blackmachinegun]

For a minute let us assume that fiat has been stopped, then how we will determine what the price of bitcoins is, I mean what is the worth of 1 bitcoins for a user ? So you can see fiat cant go

Lol it's a very good logic I think Fiat will never die. fiat will live as usual and when that happens the price will not make fiat into fall. but all difficult to predict ? because all could happen. the future is something vague and unclear. let's wait and see