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iamthesky
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February 12, 2016, 02:56:22 PM |
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I think maybe yes it will be dependent on fiat for many years to come, as I don't see bitcoin replacing fiat sooner or latter, as majority of people use fiat and are more dependent on fiat, so its impossible atleast for next decade.
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Bitcoin mining is now a specialized and very risky industry, just like gold mining. Amateur miners are unlikely to make much money, and may even lose money. Bitcoin is much more than just mining, though!
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lexuz
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February 12, 2016, 06:01:18 PM |
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bitcoin can't replace fiat soon or in the future even now many store accept bitcoin or we already have bitcoin ATM but when you sell bitcoin in exchanger you still withdraw local currency. that's why bitcoin always be dependent on fiat
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doctor877
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February 12, 2016, 08:03:11 PM |
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bitcoin can't replace fiat soon or in the future even now many store accept bitcoin or we already have bitcoin ATM but when you sell bitcoin in exchanger you still withdraw local currency. that's why bitcoin always be dependent on fiat
Exactly, bitcoin can never replace fiat, even merchants starts accepting bitcoin as a mode of payment, there are many users who will be dependent on fiat and keep on using fiat for buying basic stuffs. |
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ampere
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February 12, 2016, 10:34:32 PM |
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Bitcoin will always need some kind of reference. And fiat and/or gold will be those references. How else can you estimate its value?
Beer, oil, big macs, rice, MW of electricity, gallons of gasoline, cigarettes, a month of rent in san fran.. shall I go on? Exactly, there are basic things which only fiat can take care of, bitcoins cannot be helpful at that stage, and I don't see in near future that we can buy basic stuffs using bitcoins. |
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Nemesis099
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February 13, 2016, 12:46:50 AM |
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Bitcoin will be dependent on fiat for many years to come, majority of the people are not aware about the bitcoins and they are used to fiat currency, people who have never used internet how can they switch to digital currency.
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Pab
Legendary
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Activity: 1862
Merit: 1012
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February 13, 2016, 01:12:32 AM |
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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.
It is ordinary currency echange,bitcoin is exchangable to any currency,if not,bitcoin will die bitcoin is exchangable to dollar,yuan,euro,rubel,rupia etc |
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jkrules
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February 13, 2016, 02:14:23 AM |
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I think yes bitcoin will always be dependent on fiat as bitcoin cannot take care of us in everything, if the merchants are not accepting bitcoin as a payment system then you need to exchange your bitcoins to fiat for making purchases.
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diodio5
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February 13, 2016, 09:10:31 AM |
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in fact we can stand alone. we could buy something or food, directly with bitcoin, without having to convert it to a fiat, but for some reason a lot of people who are lazy to use bitcoin, and convert it to a fiat, then spend
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BeGoods
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Activity: 1372
Merit: 1008
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February 13, 2016, 01:39:51 PM |
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Bitcoin will be dependent on fiat for many years to come, majority of the people are not aware about the bitcoins and they are used to fiat currency, people who have never used internet how can they switch to digital currency.
true if we continue to rely on fiat and continue to dependent on fiat, of course dissemination and adoption of bitcoin slowed, people who do not know about bitcoin, would not be interested if we continue to rely on fiat |
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kacak41
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February 13, 2016, 05:46:08 PM |
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Bitcoin will always be dependent on fiat, as of now I have to convert my bitcoins to fiat currency to make purchases from physical shops as they don't accept bitcoins as a mode of payment.
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bit1
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Merit: 1000
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February 14, 2016, 06:35:57 PM |
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It is similar to the measures system we always make the conversion in that we use more.
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CryingMidget
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February 14, 2016, 07:44:10 PM |
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It is similar to the measures system we always make the conversion in that we use more.
We are using bitcoin in online mark, some stores and more But still bitcoin doesn't reach it destination Soon It will reach to all simple people in the world. that time I am sure bitcoin will work without any support. No we have to accept it because many people just selling their bitcoins for fiat. |
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jokerrj
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February 14, 2016, 08:00:15 PM |
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Yes, bitcoin will always be depended on fiat atleast for next couple of years, as I don't see anything replacing fiat currency, the only reason is fiat is accepted every where and bitcoin is not.
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Looking for a long term signature campaign. Pm me
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funkenstein
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Khazad ai-menu!
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February 14, 2016, 09:09:20 PM |
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Bitcoin will always need some kind of reference. And fiat and/or gold will be those references. How else can you estimate its value?
Beer, oil, big macs, rice, MW of electricity, gallons of gasoline, cigarettes, a month of rent in san fran.. shall I go on? Exactly, there are basic things which only fiat can take care of, bitcoins cannot be helpful at that stage, and I don't see in near future that we can buy basic stuffs using bitcoins.  I didn't mention counterfeitable tokens at all here. "Only fiat can take care of" What could that possibly even mean? You can always trade stuffs for any other stuffs. Always and anywhere - not only in the future but right now and forever in the past. Go, negotiate a price already!! |
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kartaggen
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February 14, 2016, 10:31:35 PM |
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Maybe things can be changed in future, if everything goes digital and each and every shop accepting bitcoin as a payment method, then people would directly buy things using bitcoins.
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Mometaskers
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February 20, 2016, 03:39:30 PM |
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Maybe things can be changed in future, if everything goes digital and each and every shop accepting bitcoin as a payment method, then people would directly buy things using bitcoins.
What I want most is that I do not have to buy bitcoin to spend it. I will be paid with bitcoin and spend it as I wish. |
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Raimonn
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February 20, 2016, 04:06:48 PM |
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To loose the fiat dependence bitcoin users need the possibility to be payed for its work with bitcoins. Before we can't choose that bitcoin wouldn't loose this dependence, and we will need exchanges to convert our fiat to bitcoin.
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y8tvkid
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February 20, 2016, 09:28:43 PM |
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To loose the fiat dependence bitcoin users need the possibility to be payed for its work with bitcoins. Before we can't choose that bitcoin wouldn't loose this dependence, and we will need exchanges to convert our fiat to bitcoin.
Yeah unless we can't spend our bitcoins directly to buy something, I think it will be always dependent on fiat, as we don't have that amount of store that accepts bitcoin as a mode of payment. |
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pneumatic5
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★Bitvest.io★ Play Plinko or Invest!
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February 20, 2016, 10:18:39 PM |
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To loose the fiat dependence bitcoin users need the possibility to be payed for its work with bitcoins. Before we can't choose that bitcoin wouldn't loose this dependence, and we will need exchanges to convert our fiat to bitcoin.
Yeah unless we can't spend our bitcoins directly to buy something, I think it will be always dependent on fiat, as we don't have that amount of store that accepts bitcoin as a mode of payment. That's true, but it will take a long time for bitcoin to get on mainstream, as at a moment many of us are using it only for online stuffs and not physically, so we need to have patience for that to happen. |
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BitsandBites
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February 20, 2016, 10:36:01 PM |
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Well yes bitcoin needs an extra asset to convert it back or from bitcoin.
This can be gold or fiat. Right now fiat is used more so fiat is used for that.
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