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

[deisik]

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?

You have the point and that's why fiat will never be worthless whether the price of bitcoin will be one million dollars. Still fiat needs to exist because it is the measurement of the price of bitcoin. Maybe for us users of bitcoin we can just boycott fiat and total forget about it but those people who don't know bitcoin, still they will need to use fiat.

Fiat has been used for a very long time and it will be the case for many years to come, because people are more used to it and they use it in very day needs and everything and trying to change that is a difficult thing, so trying to change people from using fiat to bitcoin will take at least 10 more years.

I guess 10 years is already enough to make the people familiar with bitcoin or any currency that is not tangible. But there are certain measurements that needed to be study for a very long time. If we are talking about bitcoins replacement of fiat, how about those people who are living in poor areas where they can't even touch any keyboard or mouse and they will be expose to bitcoins usage?

Those kind of people are uncivilized IMO. There's this thing called the digital divide. You should look it up. Those people that have computer and can afford a smartphone will be using bitcoins and those people that can't afford one might just continue using fiat or they will adapt to the continuously improving environment and buy a smartphone to use bitcoins. Those people that don't have access to computers don't care about whatever improvement the Internet has to offer or should I say they can't even if they wanted to. They will not be affected to whatever's the trend on the internet or whatever currency is everyone using on the internet.

I guess this divide is a bit xenophobic

First, there are quite a few people who have a computer (and a smartphone), but they still don't or can't have Internet access. So the division line you are talking about should be drawn not between those who have computers or smartphones and those who don't but between those with Internet access and those without it. Further, even people who have free and unlimited Internet access don't necessarily have any interest in Bitcoin and similar things. So, the divide between civilized and uncivilized people should in fact be traced between those interested in Bitcoin and having the means to obtain it and the uncivilized rest of humanity

[Hanacerty]

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?

You have the point and that's why fiat will never be worthless whether the price of bitcoin will be one million dollars. Still fiat needs to exist because it is the measurement of the price of bitcoin. Maybe for us users of bitcoin we can just boycott fiat and total forget about it but those people who don't know bitcoin, still they will need to use fiat.

Fiat has been used for a very long time and it will be the case for many years to come, because people are more used to it and they use it in very day needs and everything and trying to change that is a difficult thing, so trying to change people from using fiat to bitcoin will take at least 10 more years.

I guess 10 years is already enough to make the people familiar with bitcoin or any currency that is not tangible. But there are certain measurements that needed to be study for a very long time. If we are talking about bitcoins replacement of fiat, how about those people who are living in poor areas where they can't even touch any keyboard or mouse and they will be expose to bitcoins usage?

The bitcoin is almost 8 years old, but not many people know about it.

[slapper]

bitcoin will never be able to suck all the fiat money, they can just print more without problem

also fiat is already worthless, but you're obligated to use it for the majority of things

if you mean collapsed, i don't think so

how can it be worthless from now onwards .the whole global is running on fiat and some places accept bitcoins and other digital currency .and it is long way to go when fiat will become worthless.

Fiat is worthless. When government print it the value is automaticaly decrease, becouse of inflation. I am sure if bitcoin price reach $10.000 USD fiat will become worthless. When fiat value is decrease everytime bitcoin value is increase everytime becouse of deflation. So I think smart people will leave fiat and use some thing that give them benefit and safe their wealt. That is my opinion.

I agree with your opinion. Fiat is just a type of paper which the government allow to make it valuable. The more government prints cash, the worthless Fiat can be. However, Bitcoin is different because the creator knows how to limit the amount by making the halving system. If bitcoin reaches $10000 USD (current USD prices), it still need one more factor in order to make cash worthless: the adoption. The increasing in number of people using Bitcoin will absolutely destroy FIAT

[Bitcoin0916]

When bitcoin price hits 10,000$, Perhaps we will not use traditional currency (cash).
Untill that time, we will be using smart devices to pay everything with bitcoin.

Not all transactions can use bitcoin, especially related to the State transaction, as long as there has been no approval from the State, bitcoin will continue like this, that is used by the community only.

Fiat still exist and imposible be replaced, regardless of the price of the bitcoin will not much effect for fiat money, I continue still believe that the country will continue to maintain the fiat money.

[Pattart]

When bitcoin price hits 10,000$, Perhaps we will not use traditional currency (cash).
Untill that time, we will be using smart devices to pay everything with bitcoin.

certainly before the price it happen. of course something happens. like all financial systems or digital-based online so demand bitcoin great shot that time, which makes the bitcoin currency that is widely used. and make bitcoin prices to be very high

[jossiel]

When bitcoin price hits 10,000$, Perhaps we will not use traditional currency (cash).
Untill that time, we will be using smart devices to pay everything with bitcoin.

certainly before the price it happen. of course something happens. like all financial systems or digital-based online so demand bitcoin great shot that time, which makes the bitcoin currency that is widely used. and make bitcoin prices to be very high

I don't think bitcoin will make fiat worthless even if it is going to reach $10,00. Because the government will tell if we are going to make crypto currency worthless or not and even fiat.

But for us who uses bitcoin, even they will going to declare that bitcoin is worthless still we are going to use it.

And with bitcoin, I don't really think whatever will be the price of it, it can make fiat worthless.

[grandy]

When bitcoin price hits 10,000$, Perhaps we will not use traditional currency (cash).
Untill that time, we will be using smart devices to pay everything with bitcoin.

yes i can also hope so, but still it do not look like so, because bitcoin is not yet used by all the people of the world and most of the people of the world still depend on fiat and those people who are using bitcoin they also use it as secondary option and the as primary.

[BADecker]

LOAF OF BREAD WILL COST $1,000.   

[virasog]

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?

You have the point and that's why fiat will never be worthless whether the price of bitcoin will be one million dollars. Still fiat needs to exist because it is the measurement of the price of bitcoin. Maybe for us users of bitcoin we can just boycott fiat and total forget about it but those people who don't know bitcoin, still they will need to use fiat.

This is exactly true. As long as majority of the people still rely on physical exchange and transaction,
fiat will never be worthless. So even if bitcoin exceeds the 10k mark, thr fact that we still need to exchange btcs to real
money most of the time, tells us that the age of cryptocurrency still is a long way ahead

Exactly, we really need local fiat money since we use it in our daily life with our daily needs, bitcoin is just a virtual money which we converted to our local money to use, and even if the bitcoin reaches and greater than $10.000, those who are not using internet or does not have internet access for sure they can't have it and do not know it.

[boyptc]

When bitcoin price hits 10,000$, Perhaps we will not use traditional currency (cash).
Untill that time, we will be using smart devices to pay everything with bitcoin.

yes i can also hope so, but still it do not look like so, because bitcoin is not yet used by all the people of the world and most of the people of the world still depend on fiat and those people who are using bitcoin they also use it as secondary option and the as primary.

It is still very far if we are going to look on what is happening in this world. But still bitcoin is making unexpected things so we don't know whether it will be reach to $10,000 or not but making the fiat worthless is really very far on my sight that is possible to happen. Because no matter how much is the value of bitcoin , fiat will still be needed.

[raven7886]

When bitcoin price hits 10,000$, Perhaps we will not use traditional currency (cash).
Untill that time, we will be using smart devices to pay everything with bitcoin.

yes i can also hope so, but still it do not look like so, because bitcoin is not yet used by all the people of the world and most of the people of the world still depend on fiat and those people who are using bitcoin they also use it as secondary option and the as primary.

Right now it is not being used but the guy is saying if bitcoin price hit 10,000$ than.. well everyone have a different point of view and my Point is if bitcoin hit 10,000$ fiat will not be worthless but bitcoin it self become worthless.. because if bitcoin price goes that high no one can afford (specially new peoples) to use bitcoin, to buy bitcoin. and companies stop paying bitcoin or they'll pay very low amount.. and bitcoin usage will be very low.

[n2004al]

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

Don't think so. First because even will have that big amount there will be to many people on the Earth which will have not heard about it and will use fiat currency. Second because the fiat currency are money of the countries (while bitcoin is money of the people). No one country will accept to have a worthless money in which will be based its country economy. So will do everything that this money have the needed value to be used by everyone within every country.

[Kray]

If fiat worthless it mean there's no fiat and bitcoin can not exchange to fiat

[Emoclaw]

If 10.000 US dollars are worth 1 Bitcoin, how exactly are they worthless?
This isn't a matter of opinion, it's a matter of common sense.

[socks435]

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?

You have the point and that's why fiat will never be worthless whether the price of bitcoin will be one million dollars. Still fiat needs to exist because it is the measurement of the price of bitcoin. Maybe for us users of bitcoin we can just boycott fiat and total forget about it but those people who don't know bitcoin, still they will need to use fiat.

This is exactly true. As long as majority of the people still rely on physical exchange and transaction,
fiat will never be worthless. So even if bitcoin exceeds the 10k mark, thr fact that we still need to exchange btcs to real
money most of the time, tells us that the age of cryptocurrency still is a long way ahead

Exactly, we really need local fiat money since we use it in our daily life with our daily needs, bitcoin is just a virtual money which we converted to our local money to use, and even if the bitcoin reaches and greater than $10.000, those who are not using internet or does not have internet access for sure they can't have it and do not know it.

Bitcoin is more just a virtual currency it is also a good investment but it will never make the usage of fiat be worthless at all. And besides it's price is depending on how the market of fiat (dollar) is good. So, even we are benefiting with the usage of bitcoin but we can't easily make the value of fiat to be worthless as we think.

It is obvious that bitcoin is a virtual currency that just good as an alternative that is why bitcoin has a value because of fiat.. if there is no fiat bitcoin will be worthless..  and i think it is impossible right now that the price will hit in this year or even this coming 2020 it will take a long time or it needs more years before we can experience that the price will hit at $10,000 maybe in year 2100.

[Carmen_Sandiego]

If 10.000 US dollars are worth 1 Bitcoin, how exactly are they worthless?
This isn't a matter of opinion, it's a matter of common sense.

That is a good observation, in fact this does not make much sense. To get to the point of being worthless, Fiat would have to have its value reduced to zero, and this probably will not happen soon, as it is a currency with worldwide adoption. People actually use it and depend on it to live.

[Finestream]

If 10.000 US dollars are worth 1 Bitcoin, how exactly are they worthless?
This isn't a matter of opinion, it's a matter of common sense.

That is a good observation, in fact this does not make much sense. To get to the point of being worthless, Fiat would have to have its value reduced to zero, and this probably will not happen soon, as it is a currency with worldwide adoption. People actually use it and depend on it to live.

Right now, we are still seeing the value of bitcoins base on fiat, it could be worthless if chance will happen that bitcoin has it's own value and fiat will not be use by the people. It's almost impossible to happen because our government now is already making a move to monitor the market of bitcoin and for the possible money laundering activities by the users of it.

[Xester]

If 10.000 US dollars are worth 1 Bitcoin, how exactly are they worthless?
This isn't a matter of opinion, it's a matter of common sense.

Thats a great point. How come fiat or dollars becomes useless where in fact the value of bitcoin is $10,000 dollars. It simply means that bitcoins value is based on dollar and that bitcoin is still backed up by dollar. If there will be no fiat currency or dollar currency then we are no longer going to mention dollars in the first place. Only if bitcoin becomes independent of fiat currency and becomes a legal tender thats the time that fiat currency will be worthless.

[millgates]

If fiat worthless it mean there's no fiat and bitcoin can not exchange to fiat

So just use bitcoin directly to buy goods, its just simple right. I think to make fiat worthless bitcoin must be reach $1.000.000 because the amount of fiat that spread in the world is too much. Anyway fiat will be worthless because of inflation.

[deisik]

If 10.000 US dollars are worth 1 Bitcoin, how exactly are they worthless?
This isn't a matter of opinion, it's a matter of common sense.

They wouldn't be worthless, that would likely mean that one dollar will buy then 10 times less than it can buy now. If we assume that Bitcoin value itself doesn't change, of course

Thats a great point. How come fiat or dollars becomes useless where in fact the value of bitcoin is $10,000 dollars. It simply means that bitcoins value is based on dollar and that bitcoin is still backed up by dollar. If there will be no fiat currency or dollar currency then we are no longer going to mention dollars in the first place. Only if bitcoin becomes independent of fiat currency and becomes a legal tender thats the time that fiat currency will be worthless

Bitcoin is only priced in dollars, but in no case its value is based on the dollar and still less backed up by the dollar. Folks, are you really that dumb? If something is priced in some currency, does it mean that its value is based on that currency (let alone backed up by it)? Will a Ferrari be less valuable if it is no longer priced in Euro and starts being priced in the US dollar?

Basically, currency is a tool (a unit of account, in economic terms) which only establishes a correspondence between values of things