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Hirose UK
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March 07, 2016, 01:04:47 PM |
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it will be. like the example you said, and
also because the price of bitcoin is not
stable. but if the popularity of bitcoin is
higher than fiat currency, maybe it won't
depend on fiat currency.
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The block chain is the main innovation of Bitcoin. It is the
first distributed timestamping system.
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bitsmichel
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March 07, 2016, 01:12:58 PM |
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Fiat is the main power source of governments. This is why banks and governments are in bed together .  |
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goinmerry
Legendary
 Offline
Activity: 2940
Merit: 1083
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March 07, 2016, 02:21:17 PM |
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it will be. like the example you said, and
also because the price of bitcoin is not
stable. but if the popularity of bitcoin is
higher than fiat currency, maybe it won't
depend on fiat currency.
I still dont think that could happen. How could you get the price of one thing without using a fiat. Try to imagine that. I am not being pessimistic but it is the real thing that is happening now. All are relying in fiat. |
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aardvark15
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March 07, 2016, 10:47:42 PM |
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I don't know that bitcoin is dependent of fiat. I do think that there is a use for bitcoin and a use for fiat and they can both exist at the same time. They can serve separate purposes.
You didn't know? Lol, where have you been the last few years? Merchants convert all their Bitcoin sales directly to fiat. Mining farms need to convert their minted coins into fiat in order to pay bills. Exchanges need fiat to use it as BTC/USD trading pair. Fiat money is the key at this point, and it will stay like this for many many years. Bitcoin does not have to be converted to fiat. You don't even have to have fiat to get bitcoins (mining, signature campaigns, faucets, other work paid in bitcoin). Many exchanges have trading pairs other than BTC/USD. There are people that use it, but you don't have to. Just because you can use fiat to buy and trade bitcoin doesn't mean that's the only way to buy and trade it. Once you have bitcoins, you can use it to make purchases in bitcoins in some places. My point is that you don't always need fiat to use, buy, and trade with bitcoin. What do you think happens with the Bitcoins that people use to purchase stuff with? 95% chance that they get converted to fiat. Even if you use trading pairs other than BTC/Fiat, eventually it will be converted back to Bitcoin and then back to fiat as they are securing their profits for whatever reason. People who are generating some Bitcoins through signature campaigns, faucets, and some side jobs will also end up converting their coins to fiat. Miners have a lot expenses and what do you think they use to pay their bills with? Even Bitcoin mixers and gambling sites that don't offer anything fiat related will have to pay their bills in fiat by converting a portion of their Bitcoin profit into fiat. My point basically is : Bitcoin doesn't pay bills. Fiat does. You're making the case that people are dependent on fiat. Of course people are always dependent on fiat. The question was whether Bitcoin is dependent on fiat. Bitcoin serves a different purpose than fiat and always will. |
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ultimatesky
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March 07, 2016, 11:13:08 PM |
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No it will not I think its just a matter of time before the bitcoin gets itself independent from fiat.
Of course this will be, a journey but it can happen for sure its just that we need patient to let the bitcoin works things out.
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betohell
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March 07, 2016, 11:32:24 PM |
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No it will not I think its just a matter of time before the bitcoin gets itself independent from fiat.
Of course this will be, a journey but it can happen for sure its just that we need patient to let the bitcoin works things out.
agree,for now may bitcoin still depend on fiat. because there are still very few users bitcoin. so this is only a matter of time perched bitcoin users grows. and bitcoin can stand alone |
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RealPhotoshoper
Legendary
Offline
Activity: 1050
Merit: 1001
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March 08, 2016, 09:48:49 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 took a very long time for bitcoin to escape from fiat, probably about 10 years, and this can not be ascertained, because bitcoin is not certain to have a long future,lets hope bitcoin will stay alive in more than 20 years. |
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ronaldinho_07
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March 08, 2016, 06:54:49 PM |
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Most of the merchants buy with fiat and then convert into bitcoin ,the same as most exchanges and similiar projects,all are based into dollars usually,the thing is bitcoin isnt allowed to be anywhere ,market ,gas station,when that happens we will no longer convert any coin into fiat but till that we are forced to take a part into fiat if not all.
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stromma44
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March 08, 2016, 06:59:24 PM |
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I dont see it happening in fuutre, even if bitcoin skyrockets, there would be many people who will continue to use fiat especially in poor countries where people don't have access to internet and electricity.
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funkenstein
Legendary
Offline
Activity: 1066
Merit: 1050
Khazad ai-menu!
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March 08, 2016, 10:49:25 PM |
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[] the thing is bitcoin isnt allowed to be anywhere ,market ,gas station []
What? Anybody who wants to can use it, there is no "allowed". What did you mean by this? |
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MTBTT
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March 08, 2016, 10:54:56 PM |
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No it will not I think its just a matter of time before the bitcoin gets itself independent from fiat.
Of course this will be, a journey but it can happen for sure its just that we need patient to let the bitcoin works things out.
agree. actuallybitcoin be used without relying diligently. If you are using bitcoin in online. because many online merchants that accept bitcoin.right ? different in offline is still very little. This is just about time |
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Nemesis099
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March 08, 2016, 10:55:31 PM |
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[] the thing is bitcoin isnt allowed to be anywhere ,market ,gas station []
What? Anybody who wants to can use it, there is no "allowed". What did you mean by this? He mean to say that he cannot use it in market or gas station as they don't accept bitcoin as a mode of payment, and he need to spend fiat at all places so bitcoin can never replace fiat. |
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ronaldinho_07
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March 09, 2016, 01:42:32 AM |
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This will be connected the same way others altcoins are traded against bitcoin,we need fiat to our life and bitcoin will be exchange and need the support of it otherwise have bitcoin would be almost useless ,since the markets avaible to spend bitcoin arent yet allowing you to buy anything with a warranty .
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pneumatic5
Full Member
Offline
Activity: 238
Merit: 100
★Bitvest.io★ Play Plinko or Invest!
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March 09, 2016, 10:24:34 AM |
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The answer is simple, yes bitcoin will always be dependent on fiat and the reason is we cannot spend our bitcoins directly anywhere, and in future also we need fiat as we won't find all shops accepting bitcoins.
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ronaldinho_07
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March 09, 2016, 11:51:15 PM |
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[] the thing is bitcoin isnt allowed to be anywhere ,market ,gas station []
What? Anybody who wants to can use it, there is no "allowed". What did you mean by this? I were trying to say that you cant pay your fuel with bitcoin at the moment.Soo yes you will still need the fiat to make something that i consider normal as buy fuel,the same thing happens when you wanna to go supermarket buy the things to your home,you cant pay with bitcoin ,and this is something you really need to survive,food. |
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a7mos
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March 10, 2016, 12:04:50 AM |
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Firstly; yeah, bitcoin does depend in its value in fiat nowadays and that's because its value is not stable yet. About the future, it depends on which one will last more; fiat money or bitcoin
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betohell
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March 10, 2016, 12:14:22 AM |
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it will be. like the example you said, and
also because the price of bitcoin is not
stable. but if the popularity of bitcoin is
higher than fiat currency, maybe it won't
depend on fiat currency.
if only popularity not a adoption. I think bitcoin will continue to rely on fiat. because the key is adoption. Do you think bitcoin is already popular now? |
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funkenstein
Legendary
Offline
Activity: 1066
Merit: 1050
Khazad ai-menu!
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March 10, 2016, 01:59:30 AM |
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[] the thing is bitcoin isnt allowed to be anywhere ,market ,gas station []
What? Anybody who wants to can use it, there is no "allowed". What did you mean by this? I were trying to say that you cant pay your fuel with bitcoin at the moment.Soo yes you will still need the fiat to make something that i consider normal as buy fuel,the same thing happens when you wanna to go supermarket buy the things to your home,you cant pay with bitcoin ,and this is something you really need to survive,food. So let me get this straight. You think the only way that food could arrive to you is if you trade a fiat currency for it? Have you never traded bitcoin, or for that matter, labor, goods, or services for food? Nothing? I'm curious where you are from |
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kanazawa
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March 10, 2016, 02:12:04 AM |
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Until we all got a job that pays in btc, I think it willbe hard... i can't pay my bills with btc... the currency itself it's awesome but the world is not ready yet. there's a very tiny minority who has this possbility, sure it's not me... I do lotta btc with mining, but my CC can't be paid using btc and my official job is paid in a normal form. Hope that day comes  |
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iv4n
Legendary
Offline
Activity: 3136
Merit: 1172
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March 10, 2016, 03:15:29 AM |
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Yes because we need something to compare to what the value of bitcoin is. But right now, fiat controls all of the currency market if that can change somehow in next hundred years I think its possible for bitcoin to replace fiat. For me fiat is fundamentally flawed and totally corrupted so I would like that to happen one day! Question is will we see that in our life time or not?
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