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

[goldcoinminer]

I think if fiat will be worthless then so the bitcoin too. Bitcoin's price is based on us dollar and us dollar is a currency used by america which is fiat. And currently it is difficult to use bitcoin in the real or physical world without converting it to fiat first. If fiat will be worthless then we can't also use our bitcoin.

This is totally insane. In my opinion, USD is still USD, but other FIAT which can stand Bitcoin will have to die. I have used Dollar for many years and I think the death of USD can barely happen. Dollar have existed on this planet for more than 100 years and most of the countries on this planet still use it as an optional currency and hold it as a type of saving money

Honestly, I do not believe dollar will die as bitcoin will die as well. It's more dominant than other currency, I am happy at the current times that our currency is weaker compared to dollar as I earn online and the amount I earn has greater value.

[sunsilk]

I think if fiat will be worthless then so the bitcoin too. Bitcoin's price is based on us dollar and us dollar is a currency used by america which is fiat. And currently it is difficult to use bitcoin in the real or physical world without converting it to fiat first. If fiat will be worthless then we can't also use our bitcoin.

This is totally insane. In my opinion, USD is still USD, but other FIAT which can stand Bitcoin will have to die. I have used Dollar for many years and I think the death of USD can barely happen. Dollar have existed on this planet for more than 100 years and most of the countries on this planet still use it as an optional currency and hold it as a type of saving money

Honestly, I do not believe dollar will die as bitcoin will die as well. It's more dominant than other currency, I am happy at the current times that our currency is weaker compared to dollar as I earn online and the amount I earn has greater value.

And I don't believe that other fiat will ever die also because of bitcoin. Whatever will be the price of bitcoin in the future.

I still believe that there is always a need for fiat money in the economy of a country and also bitcoin is going to be a good choice and help for it.

With your local currency, don't be happy that your currency is weaker than dollar, it just signifies that your economy is falling down and US isn't.

[Sled]

I don't think so.
Bitcoin will never defeat fiat just because it had a high price.
Fiat will always be there for us, you know, in case if we want to convert our bitcoin into fiat.
If you are believing that bitcoin will make fiat worthless then you are over reacting for bitcoin because that doesn't make sense and the government from all over the world will never let that happen for fiat.

[Supercrypt]

No matter what may be the price of bitcoins , it will be not be able to compete with the fiat .because of fiat there will be control of government would not risk it to loose it up.

You are right, that's why there are a lot of people will still use fiat whatever will be the price of bitcoin. And I hope that price of $10,000 is going to be possible and the future, and maybe I am still with bitcoins by that time and I have some holdings of bitcoin. But still fiat will remain on that day and it will not be worthless unless the government will declare it.

You're right, as long as there is government and fiat currency. It is impossible to imagine a state without a currency, which is controlled by the government

yes that is a fact that fiat cannot be worth at any state, people will use both the currencies but not going to stop using fiat, there most of a currency in all the states of the world which will be under control of government.

But the most priority currency will still be fiat even though bitcoin is a very good way to exchange transactions still the people will still rely on fiat. Just like what you have because the government has control for it unlike if they are going to implement total usage of bitcoin it will hard for them to regulate it because of its decentralization.

For most people fiat is the only way for them and they never know or have heard of bitcoin, and if bitcoin reaches a high price that does not mean that they will start using it, but for the most of us bitcoin users the price only determines how much fiat we will make from it, so how can we say fiat is worthless, because the world is still using the fiat not bitcoin.

[MMA]

I don't think so.
Bitcoin will never defeat fiat just because it had a high price.
Fiat will always be there for us, you know, in case if we want to convert our bitcoin into fiat.
If you are believing that bitcoin will make fiat worthless then you are over reacting for bitcoin because that doesn't make sense and the government from all over the world will never let that happen for fiat.

yes the importance of fiat cannot be ignore any cost, as majority of the people do not know about bitcoin and so many people find it hard to use internet for using bitcoin there fore they are giving preference to fiat.

[agamasrori]

I don't think so.
Bitcoin will never defeat fiat just because it had a high price.
Fiat will always be there for us, you know, in case if we want to convert our bitcoin into fiat.
If you are believing that bitcoin will make fiat worthless then you are over reacting for bitcoin because that doesn't make sense and the government from all over the world will never let that happen for fiat.

No, I dissagree with you. Fiat is getting worthless now. When the government print fiat the price will automaticaly decrease. We can use bitcoin in some online shop directly. I am sure that fiat/paper money will be un used anymore.

[deisik]

I don't think so.
Bitcoin will never defeat fiat just because it had a high price.
Fiat will always be there for us, you know, in case if we want to convert our bitcoin into fiat.
If you are believing that bitcoin will make fiat worthless then you are over reacting for bitcoin because that doesn't make sense and the government from all over the world will never let that happen for fiat.

No, I dissagree with you. Fiat is getting worthless now. When the government print fiat the price will automaticaly decrease. We can use bitcoin in some online shop directly. I am sure that fiat/paper money will be un used anymore.

This is a very primitive attitude

Central banks themselves create also only a small part of what is being used of money in the economy. Indeed, they can run quantitative easings or similar things which directly hit money circulation and the value of money, but other than that, most of money is created by the commercial banks. And they can not only create new money (when they make loans) but also destroy old money as well, as it were (when the loans are paid back). So it is by far more intricate than you may think

[jam1nut0]

I don't think so, but it's price would be lower than it is now

[Nathan047]

No, fiat is going to be around for a long time. I think the better question is: if Bitcoin is worth 10,000$ will it become a recognized alternative to fiat? 'Cause we aren't even there yet.

[SaShiRaJaVu]

I don't think so, but it's price would be lower than it is now

The price of bitcoin will be strong as long as people are interested in it and it wont go down any time soon if that is what you are trying to tell.

No, fiat is going to be around for a long time. I think the better question is: if Bitcoin is worth 10,000$ will it become a recognized alternative to fiat? 'Cause we aren't even there yet.

Bitcoin will be seen as an alternative many many as a mode of investment and if you are really into it you would know that.If the world is to accept digital currency rather than fiat it is going to take a really long time.

[Nathan047]

Bitcoin will be seen as an alternative many many as a mode of investment and if you are really into it you would know that.

Shots fired  

Yes, I know bitcoin can be used as an investment, but that's due to its instability. If bitcoin stables out and gets adopted as a currency instead of it being used as an investment/speculation it could be used a a regular currency and it would become nearly impossible to use it as an investment. And yes, I believe the point of bitcoin is to be used as a currency, not an unstable investment.

[deisik]

Bitcoin will be seen as an alternative many many as a mode of investment and if you are really into it you would know that.

Shots fired   

Yes, I know bitcoin can be used as an investment, but that's due to its instability. If bitcoin stables out and gets adopted as a currency instead of it being used as an investment/speculation it could be used a a regular currency and it would become nearly impossible to use it as an investment. And yes, I believe the point of bitcoin is to be used as a currency, not an unstable investment.

I don't think it would really be the case

If Bitcoin value becomes rock-solid (sort of frozen), it won't in the least mean that its price will be as stable. You obviously seem to forget that the Bitcoin market is not a thing unto itself, and Bitcoin price would still be quoted in some currency (say, the US dollar). The latter necessarily implies that Bitcoin will remain as volatile as that currency. You might know (or want to know if you don't) that the most traded currency in the Forex market is the US dollar, and its trading volume averaged 5.1T dollars daily in April 2016. So there is absolutely no reason to think that Bitcoin could ever lose popularity as investment for its value stabilizing (which is highly debatable and dubious itself)

[olubams]

I don't think so, but it's price would be lower than it is now

Fiat will not be worthless and the simple reason for that is on the basis that its something that have been with us for long and humans over the years with the slow process of adaption have come to make it part of our life anything that wants to come in form of currency will only compete for space and nothing else... Another reason again is the fact that Fiat is not universal across the world this important factor will not make it easy to be abolished as different societies attach different sentiments to their currency...

[Tanic]

I think such high price for bitcoin would provoke world's economic collapse. Cause of in the case of price 10000$ many people would cash out their bitcoins to not skip that chance. Some of them would become millionaires. But I think the government will ban bitcoin in the case of such huge price.

[deisik]

I think such high price for bitcoin would provoke world's economic collapse. Cause of in the case of price 10000$ many people would cash out their bitcoins to not skip that chance. Some of them would become millionaires. But I think the government will ban bitcoin in the case of such huge price

The price itself is pretty much irrelevant

It is adoption that matters. If only a few million people around the world use Bitcoin, what difference would that make to the government if Bitcoin is worth 10,000 or 1,000,000 dollars per coin? They wouldn't give a fuck about all those queer people selling bitcoins to each other. On the other hand, if Bitcoin is worth only 500 dollars per coin but it is widely and wildly used throughout the world (this is an impossible combination, but let's assume that there is no cap on Bitcoin supply), it would be a really dangerous mixture for governments since it would most certainly affect fiat circulation in the ways which governments (especially those of smaller countries) won't like in the slightest degree

[Positid]

I think such high price for bitcoin would provoke world's economic collapse. Cause of in the case of price 10000$ many people would cash out their bitcoins to not skip that chance. Some of them would become millionaires. But I think the government will ban bitcoin in the case of such huge price

The price itself is pretty much irrelevant

It is adoption that matters. If only a few million people around the world use Bitcoin, what difference would that make to the government if Bitcoin is worth 10,000 or 1,000,000 dollars per coin? They wouldn't give a fuck about all those queer people selling bitcoins to each other. On the other hand, if Bitcoin is worth only 500 dollars per coin but it is widely and wildly used throughout the world (this is an impossible combination, but let's assume that there is no cap on Bitcoin supply), it would be a really dangerous mixture for governments since it would most certainly affect fiat circulation in the ways which governments (especially those of smaller countries) won't like in the slightest degree

I agree with you on that, we are still small compared to the total users of fiat, bitcoin users are fiat user as well. And I believe no one will sacrifice to stop using fiat just to fully accommodate bitcoin.

[epitome]

I think such high price for bitcoin would provoke world's economic collapse. Cause of in the case of price 10000$ many people would cash out their bitcoins to not skip that chance. Some of them would become millionaires. But I think the government will ban bitcoin in the case of such huge price.

Why would the government ban bitcoin if the price is high. Hindsight are you telling that the government will ban you if you sell a property you inherited through generations and the cost of the property is worth millions and since you become a millionaire will the government ban you from selling the property. Please do not come up with silly arguments to make me laugh. 

[drakker]

I don't agree with that statement. If bitcoin price will be $10.000 it will be useless without fiat. All cryptocurrencies has a conversion to fiat. If fiat would be useless, all banks and even world banks would be useless also. See the point?

[deisik]

I think such high price for bitcoin would provoke world's economic collapse. Cause of in the case of price 10000$ many people would cash out their bitcoins to not skip that chance. Some of them would become millionaires. But I think the government will ban bitcoin in the case of such huge price.

Why would the government ban bitcoin if the price is high. Hindsight are you telling that the government will ban you if you sell a property you inherited through generations and the cost of the property is worth millions and since you become a millionaire will the government ban you from selling the property. Please do not come up with silly arguments to make me laugh. 

The considerations why a high price of Bitcoin may eventually lead to its ban by some governments are quite simple and coherent really. And they are basically the same why governments, especially smaller ones, don't love foreign currencies (such as the US dollar or Euro). In fact, they love these currencies very much themselves (and many governments are using them as reserves), but they don't love it when their own population does essentially the same. Since that causes devaluation of the local currency when folks start using a foreign currency as a store of value (instead of the local one)...

That should be called an inverse inflation tax when the government itself gets taxed

[qiwoman2]

I don't think fiat will be useless but we are moving closer to a more digital society and a cashless system might come into place. What I can foresee is many governments and central banks eventually making their own digital version of fiat currency, that I do see as a possibility or very probable in my books.