Will Bitcoin always be dependent on fiat? Is it?

[bearex]

As the title says, will it always be dependent on fiat currencies like €, $, ...? Because right now, you always convert before paying. So when you buy a TV, it costs 800$ so that means 1.8 BTC. And by that i dont see how can it become independant? It is just like gold, which cannot be used by itself.

So is my thinking true, or can the prices in the future be projected just through BTC; like you buy a TV and the price is 1.8 BTC. You buy bread, price 0.003 BTC .

I really dont know about these things so thats why i want to hear your knowledge on this.

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[The Sceptical Chymist]

Well at present it's definitely tied to fiat, whichever one you want to use.  Pretty much every currency is more stable than bitcoin, so it doesn't make sense to price things in btc (the price would constantly be changing, often dramatically).  So until it finds a stable value, yeah, it's tied to fiat.

[pedrog]

And it shouldn't be other way than that.

Merchants are not speculators, if you price something in bitcoin and you hold bitcoin at the end the day you may have less value than you should, or you can have more and you have to pay capital gains and it complicates your accounting when the only thing you want to do is to sell oranges...

[mtnsaa]

We are tied to fiat, as society and until then it will always be our point of comparison because that's what we earn and spend our money. We know the value of a flat screen, milk, a car, etc so we do that conversion. I think that's one of the main barriers of Bitcoin for being adopted massively, plus the decimals are rather complicated for common folks. It would be awesome for us all and very simple if 1 bit = $1 hehe...

[Beliathon]

As the title says, will it always be dependent on fiat currencies like €, $, ...? Because right now, you always convert before paying. So when you buy a TV, it costs 800$ so that means 1.8 BTC. And by that i dont see how can it become independant? It is just like gold, which cannot be used by itself.

So is my thinking true, or can the prices in the future be projected just through BTC; like you buy a TV and the price is 1.8 BTC. You buy bread, price 0.003 BTC .

I really dont know about these things so thats why i want to hear your knowledge on this.

https://www.youtube.com/watch?v=ak1iojpiHpM&t=22m33s

We haven't had money with intrinsic value since bananas were money.

[SmartIphone]

It is already independent but in which case do you mean.
Bitcoin itself without fiat money has no value at all but with fiat the bitcoin value changes.

[eXpl0sive]

[....] right now, you always convert before paying. [....]

Not if you mine them yourself. Mining is the only way to completely detach Bitcoin transaction from other form of currency. (Or you exchange it for goods rather than some currency)

[AtheistAKASaneBrain]

And it shouldn't be other way than that.

Merchants are not speculators, if you price something in bitcoin and you hold bitcoin at the end the day you may have less value than you should, or you can have more and you have to pay capital gains and it complicates your accounting when the only thing you want to do is to sell oranges...

Not really, the ultimate dream is to have Bitcoin completely unpegged from any other currencies, and people using it directly to buy and get paid, that's how the Bitcoine conomy would fully flourish. Of course, as long as governments exist which issue their own currencies, this is just a fantasy.

[Bitware]

Will Bitcoin always be dependent on fiat? Is it?

No and no.

Right now you can trade bitcoins for products and services without any conversion to or from fiat.

[SmartIphone]

Will Bitcoin always be dependent on fiat? Is it?

No and no.

Right now you can trade bitcoins for products and services without any conversion to or from fiat.

That's true but the services or the products does not cost the same price in bitcoin.
Most of these changes when the bitcoin price/value changes which is not rare.

[OmegaStarScream]

Only way that we don't rely on dollar or other currencies to use bitcoin is that Bitcoin should be the currency it self used by the governments but government won't be okay with this so yeah ... chances that Bitcoin will replace fiat are 0% and probably never going to happen .

[MaritiJames3]

As long as bitcoin is not adapted as the Euro or the Dollar, it will be depending on those currencies.
Bitcoin is indeed a currency but it's not big enough, seeing as it's not being accepted as much.

[davinchi]

Now itself bitcoin is independent from any fiat, but only for value reference. For fixing a value, we need some references which must be most common and widely used. That's the reason we are using USD or EURO.
If we prefer we can value bitcoin in terms of gold, like 1 BTC = 0.42463 Ounce of gold  or 1 Ounce of gold = 2.356 BTC.

[maokoto]

Fiat was tied to gold in the past. Coins were made from gold and people scrapped them to get an advantage before paying with them (that is the origin of the marks in the edge of coins, which were made to prevent that). When people got accostumed to exchanging fiat and somewhat "trusted" it, the gold dependance could be removed.

I guess it can happen to Bitcoin in the same vein. Once many merchants accept it and people use it to pay, it will be more "independent" from fiat (although it technically is already)

[equator]

no one can answer perfectly because their no conclusion on this subject. no one is dependent on other, why even so many fiat currency are valued against another fiat currency that does not mean that any fiat currency is not independent, every thing is valued against each other,

today we can do purchase of goods , playing gambling, and so many things which can be done directly through bitcoins but in that also obviously the bitcoin price will be calculated through fiat currency. their is no single answer for this debate.

[Zaun]

For as long as you can't spend bitcoin on a daily basis or pay for it in the stores, bitcoin will be depending on fiat. Until then, we're going to need fiat to exchange bitcoins so you can pay with it.

[sishendaoye]

Always maybe bot, but for now yes we need fiat money to see what the value is from bitcoin.
We can just say that bitcoins is that much with out those fiat money.

[randy8777]

i think yes. it will always need a fiat currency alongside it, unless we are going to massively use bitcoin as being worth 1 btc = 1 btc. if that doesn't happen, then nothing will change.

[Bitware]

Will Bitcoin always be dependent on fiat? Is it?

No and no.

Right now you can trade bitcoins for products and services without any conversion to or from fiat.

That's true but the services or the products does not cost the same price in bitcoin.
Most of these changes when the bitcoin price/value changes which is not rare.

Irrelevant.

That's a personal choice of yours.

You choosing to use fiat instead is not any dependence by Bitcoin on fiat.

It's your dependence on fiat to get what you perceive to be a better deal.

Perhaps you should shop around. Many that accept Bitcoins give some pretty good discounts off the credit/fiat prices.

[mobnepal]

I think it will be dependent on fiat till end because bitcoin price can't be fixed as it is decentralized and price fluctuate with the demand and supply just like gold. So you can take bitcoin as gold and silver whose value should , will always be compared with fiat.