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fruitcommander
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February 20, 2016, 11:03:35 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.
And it will continue in future too unless bitcoin gets on mainstream, or else we can find each and every shop that accepts bitcoins, unless its not done bitcoin will always be dependent on fiat. |
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According to NIST and ECRYPT II, the cryptographic algorithms used in
Bitcoin are expected to be strong until at least 2030. (After that, it
will not be too difficult to transition to different algorithms.)
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Watjila
Newbie
 Offline
Activity: 58
Merit: 0
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February 22, 2016, 12:17:14 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.
And it will continue in future too unless bitcoin gets on mainstream, or else we can find each and every shop that accepts bitcoins, unless its not done bitcoin will always be dependent on fiat. If the bitcoin is not killed by its developers, it will go to main stream sooner or later. Probably in 10 years. |
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DeDordtenaar
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February 22, 2016, 01:09:07 PM |
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not always. bitcoin just need time to be able to stand alone and be able to compete with fiat
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| CloakCoin | Private, Secure & Untraceable Cryptocurrency | Enigma
Forum | Bitcointalk | Twitter | Slack | Facebook | VK | Reddit | CloakTV | Instagram | IRC-Chat | Faucet
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HeroCat
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February 22, 2016, 03:36:16 PM |
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No, with time BTC will be with itself. At current stage BTC is relatively new currency, all things start to change, when BTC will be more popular.  |
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Anddos
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February 22, 2016, 07:04:44 PM |
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If more and more businesses will adopt bitcoin as a payment method than fiat could slowly lose its power.
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avw1982
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February 22, 2016, 08:30:53 PM |
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If more and more businesses will adopt bitcoin as a payment method than fiat could slowly lose its power.
Bitcoin has no single point of failure, making the network far more secure and completely tamper-proof. Unlike fiat currency, where one institution is responsible for controlling the money supply, Bitcoin is consumer driven. On top of that, Bitcoin has multiple points of distribution, as the mining process takes place all over the world. Once bitcoin comes to power no one can replace it. |
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Pattart
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February 23, 2016, 02:04:54 AM |
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If more and more businesses will adopt bitcoin as a payment method than fiat could slowly lose its power.
agree with you the key all its adopstion of many community and people. if it happens of course we will not rely on fiat |
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Alvin Fahriza
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February 23, 2016, 03:39:15 AM |
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If more and more businesses will adopt bitcoin as a payment method than fiat could slowly lose its power.
if many merchants adopt bitcoin, of course they will all accept bitcoin, as payment and we do not need to convert it to fiat |
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goinmerry
Legendary
Offline
Activity: 2940
Merit: 1083
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February 23, 2016, 08:05:09 AM |
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If more and more businesses will adopt bitcoin as a payment method than fiat could slowly lose its power.
if many merchants adopt bitcoin, of course they will all accept bitcoin, as payment and we do not need to convert it to fiat Correct but that will be far away from now. Risk will be taken when coming up with a plan on putting bitcoin as a currency for paying different kind of things. Plus bitcoin movement is really like a wave. It moves to much day by day. |
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aardvark15
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February 23, 2016, 05:56:18 PM |
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I think that fiat currencies will always be around. There is a place for both crypto currencies and fiat in the future.
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Mitchow
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February 23, 2016, 10:03:13 PM |
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I think that fiat currencies will always be around. There is a place for both crypto currencies and fiat in the future.
That's true, unless everything thing doesn't get digital, people would continue to use fiat, as the users of fiat are more as compared to bitcoins, bitcoin will be secondary option for people. |
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coinzat
Sr. Member
Offline
Activity: 434
Merit: 250
Young but I'm not that bold
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February 24, 2016, 02:39:13 PM |
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No one can deny that Bitcoin does depend on fiat now. in every transaction we make we convert the value first.
About the future, It depends on how many merchants will accept btc as an independent currency
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elizabethqueen
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February 24, 2016, 04:24:21 PM |
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as long bitcoin not regulated and become national currency,it will always dependent on fiat.lets hope someday bitcoin regulated and become currency in some countries.
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socks435
Legendary
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Activity: 2016
Merit: 1030
Privacy is always important
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February 24, 2016, 04:39:08 PM |
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as long bitcoin not regulated and become national currency,it will always dependent on fiat.lets hope someday bitcoin regulated and become currency in some countries.
I think it will not happen that bitcoin will be fiat in the future that's impossible. Bitcoins is digital currency that you can make or generate true mining. Bitcoin is use as our currency online to buy stuffs goods or payment for service online.. Not in real life.. |
Solving blocks can't be solved without my rigs.
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mrflibblehat
Sr. Member
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Activity: 350
Merit: 250
★YoBit.Net★ 350+ Coins Exchange & Dice
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February 24, 2016, 07:46:50 PM |
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Well, when bitcoin will be more widely accepted as currency then it could slowly lose its dependence on fiat. But people must recognize. More people than there are at the moment.
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KiwiParty
Member
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Activity: 70
Merit: 10
★YoBit.Net★ 350+ Coins Exchange & Dice
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February 24, 2016, 11:58:23 PM |
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It will depend on fiat only as long as modern payment methods as the QR code are not accepted and trusted.
This is the most crucial issue. Noone wants to sell something, and fear he wont get paid.
Once this works out, its has to be advertised, an easy to go solution.
And time will tell if sellers can trust.
Of course, with the volatile price, most of them would prefer an immediate exchange at current rate to fiat.
Maybe such services could be chained for those very cautious sellers.
Selling an antique for BTC worth 2500$ in the morning, could be BTC worth only 700$ in the evening.
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Drewski
Newbie
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Activity: 52
Merit: 0
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February 25, 2016, 12:40:01 AM |
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It will be until the price stabilizes. Because of the huge volatility of bitcoin right now, it's very risky pricing anything without constantly monitoring the price.
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Pattart
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February 25, 2016, 02:04:40 AM |
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No, with time BTC will be with itself. At current stage BTC is relatively new currency, all things start to change, when BTC will be more popular. if many traders and state. adopt bitcoin, we certainly do not need to convert to a fiat to buy something right ? |
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goinmerry
Legendary
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Activity: 2940
Merit: 1083
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February 25, 2016, 07:12:56 AM |
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There is one that I know that always converts it to fiat. He always says "I will just get 9 dollars from here" Instead of "I will get 2 milliom satoshis from this" that is one real story that tells us we are really fiat dependent.
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Manhlanhleni
Newbie
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Activity: 2
Merit: 0
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February 25, 2016, 07:15:52 AM |
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I just wanna create a New Post, how to go about?
Cheers!
Nhlekza Boy
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