Yakamoto
Legendary
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Activity: 1218
Merit: 1007
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December 21, 2015, 04:38:45 AM |
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Well, I would not say that Bitcoin is dependent on fiat because fiat is just the medium of exchange used for other people to be able to use Bitcoin in the "real world", per say, and is not directly linked to it.
Example, if we all came on this board tomorrow, collectively agreed that 1 mBTC is worth $1, and would exchange mBTC for the equivalent of $1, then we would change the value of 1 mBTC to be approximately $1.
However other people might not be interested in paying such a large amount, and they would sell their coins for different amounts to people wanting to get more Bitcoin or those looking to get into the Bitcoin economy. The sellers might also have to pay for various other substances they cannot buy with Bitcoin, thus they have to sell their coins for $0.9, in order to get fiat to pay their bills. This may end up decreasing the value over time, as more people try to sell their Bitcoin first so they can pay their bills.
Bitcoin is linked to fiat only as long as we have to purchase some services or goods with fiat. Once you can buy anything with Bitcoin, the idea of Bitcoin having value changes to whatever is collectively agreed on, technically.
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Every time a block is mined, a certain amount of BTC (called the
subsidy) is created out of thin air and given to the miner. The
subsidy halves every four years and will reach 0 in about 130 years.
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avw1982
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December 21, 2015, 06:52:34 AM |
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It has the potential to become fiat, but I have a feeling it will never be that way. I don't think the world is ready for an online currency just yet, maybe bitcoin will die out before the world is ready.
Hopefully It will become in fiat currency also dude. Upcoming year we can see many adoption in bitcoin through bussiness pioneers and It will to the all common people day by day. Even in my surrounded area also I am seeing So many people are aware of bitcoin but not completely. |
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LuckyYOU
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December 21, 2015, 08:39:29 AM |
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It has the potential to become fiat, but I have a feeling it will never be that way. I don't think the world is ready for an online currency just yet, maybe bitcoin will die out before the world is ready.
Hopefully It will become in fiat currency also dude. Upcoming year we can see many adoption in bitcoin through bussiness pioneers and It will to the all common people day by day. Even in my surrounded area also I am seeing So many people are aware of bitcoin but not completely. I'm hoping for this to happen as well. What bitcoin needs is more awareness about it and for people to adapt to bitcoin. More people adapting to bitcoin means more demand for bitcoin meaning the price of bitcoin will rise as well. |
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Bitcoinbro
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December 21, 2015, 09:23:53 AM |
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It has the potential to become fiat, but I have a feeling it will never be that way. I don't think the world is ready for an online currency just yet, maybe bitcoin will die out before the world is ready.
We don't know that people makes baby those baby are going to grow. So I think the new generations will use bitcoin if we tell them what it is. Maybe bitcoin won't be the most populair currency but is something to be the second one. |
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avw1982
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December 21, 2015, 09:47:58 AM |
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It has the potential to become fiat, but I have a feeling it will never be that way. I don't think the world is ready for an online currency just yet, maybe bitcoin will die out before the world is ready.
Hopefully It will become in fiat currency also dude. Upcoming year we can see many adoption in bitcoin through bussiness pioneers and It will to the all common people day by day. Even in my surrounded area also I am seeing So many people are aware of bitcoin but not completely. I'm hoping for this to happen as well. What bitcoin needs is more awareness about it and for people to adapt to bitcoin. More people adapting to bitcoin means more demand for bitcoin meaning the price of bitcoin will rise as well. Yeah exactly you are right. for example Onion not that importing to the city then automatically demand will araise on that onion and price will increase. thats the case. Same on bitcoin as well.  |
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LarryHocks
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December 21, 2015, 09:58:53 AM |
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It has the potential to become fiat, but I have a feeling it will never be that way. I don't think the world is ready for an online currency just yet, maybe bitcoin will die out before the world is ready.
I agree with your statement. It has so much more potential than what it's worth right now. There are many possibilities with bitcoin. Only thing we need is mass adoption of bitcoin. I'm hoping for bitcoin not to die before that time comes though. |
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AndySt
Legendary
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Activity: 2142
Merit: 1012
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December 21, 2015, 10:43:40 PM |
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I would not risk that this will go on forever but at the moment the situation is such that the dependency on Fiat currencies is the place to be. The situation may change as a result of world financial cataclysms people will cease to trust the authorities but I don't think it will come urgently.
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asa.convex
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December 21, 2015, 10:44:52 PM |
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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.
That's not true. As more people know about BTC and start to use it the prices of things will be denominated in BTC instead of BTC in relation to USD. |
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justspare
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December 22, 2015, 06:43:52 AM |
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There is always going to be Bitcoin and fiat in the world. There was topics on this forum before about Bitcoin ATM's and how they build a bridge from fiat to Bitcoin, which is definitely true. Not everything you can buy with Bitcoin and vise versa with fiat.
Yeah. I think so as well. There are always going to be fiat and Bitcoin in the world. I just never see Bitcoin overtaking fiat. Fiat will always be in the world. |
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traderbit
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December 22, 2015, 06:52:28 AM |
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Nothing always will stay at their current position so everything is relative
As much as i know for many many years bitcoin's value should be dependent on fiat.
Because most of the things are compared on "what value does this have in usd"
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LuckyYOU
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December 22, 2015, 09:07:33 AM |
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It has the potential to become fiat, but I have a feeling it will never be that way. I don't think the world is ready for an online currency just yet, maybe bitcoin will die out before the world is ready.
Hopefully It will become in fiat currency also dude. Upcoming year we can see many adoption in bitcoin through bussiness pioneers and It will to the all common people day by day. Even in my surrounded area also I am seeing So many people are aware of bitcoin but not completely. I'm hoping for this to happen as well. What bitcoin needs is more awareness about it and for people to adapt to bitcoin. More people adapting to bitcoin means more demand for bitcoin meaning the price of bitcoin will rise as well. Yeah exactly you are right. for example Onion not that importing to the city then automatically demand will araise on that onion and price will increase. thats the case. Same on bitcoin as well. I really want this to happen before I die at least. Which will not be soon but still, sometimes when I'm thinking about bitcoin I feel like everything moves in slow motion and this reminds me that I have to be patient to see good things happen and look at a bigger perspective. |
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Altynbekova
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December 22, 2015, 09:38:12 AM |
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Bitcoin has every potential as to becoming it's own currency without depending on fiat. It will take years for bitcoin to achieve this.
We probably won't live to see this day though.
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Hashminers
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December 22, 2015, 10:32:09 AM |
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Right now bitcoin is depending on fiat for now. It take centuries for bitcoin to become it's own currency. I know one thing that has to happen for sure and that is mass adoption, which can only be done by people. If there is no demand for bitcoin, it will slowly die out or it will stay the way it is right now, with only us as bitcoin users.
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Bitcoinbro
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December 22, 2015, 10:58:25 AM |
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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.
I was thinking the same thing. If not a lot of shops and merchants are going to start to accept bitcoin, we are still going to need fiat in order to buy something from them. In that case we are still depending on fiat. |
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Watjila
Newbie
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Activity: 58
Merit: 0
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December 22, 2015, 11:54:47 AM |
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Bitcoin has every potential as to becoming it's own currency without depending on fiat. It will take years for bitcoin to achieve this.
We probably won't live to see this day though.
In 100 years, people will not know about US dollar or other fiats as they are not used in daily life any more. So bitcoin is independent of fiats. |
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Zaun
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December 22, 2015, 01:18:37 PM |
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It has the potential to become fiat, but I have a feeling it will never be that way. I don't think the world is ready for an online currency just yet, maybe bitcoin will die out before the world is ready.
You are right about that. Bitcoin has the potential to become it's own fiat but until then we're still going to need the fiat we have right now. It's not too bad if you're income doesn't depend on bitcoin. |
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Indrawan77
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December 22, 2015, 01:27:09 PM |
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I think for bitcoin become independent fiat still a long long way, but i can see the progress of bitcoin becoming one independent fiat
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n2004al
Legendary
Offline
Activity: 1134
Merit: 1000
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December 22, 2015, 01:40:28 PM |
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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.
Bitcoin was not never, it is not already never and will be not never dependent of any kind of fiat money. Being dependent of those mean that its existence or its value be, in some way (whatever can be), dependent from some or one (whatever can be) fiat money. This has never happen, it is not happen now and will not be happen never (so even in the future). You cannot confuse our incapability to understand immediately the value of something in bitcoin with its supposed dependence (according to your post), from one or more fiat money. This is our problem not the problem of bitcoin. Bitcoin is the ONLY currency (except the other decentralized cryptos but that no one of those cannot compared with it in any way) which depends only by itself and the market. Every kind of fiat money is connected with the other similar ones. Controlled almost totally by at least one Authority (which own it). Bitcoin not. The only factor which can affect bitcoin is the demand (because the supply is well known and well defined). Increase of the demand bring increase of its value. Decrease of the demand decrease its value. That's all that can be told about its dependence. Simple and easy. Much, much more such than any other kind of currency (whatever can be). |
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nerFohanzo
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December 22, 2015, 03:32:06 PM |
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It has the potential to become fiat, but I have a feeling it will never be that way. I don't think the world is ready for an online currency just yet, maybe bitcoin will die out before the world is ready.
You are right about that. Bitcoin has the potential to become it's own fiat but until then we're still going to need the fiat we have right now. It's not too bad if you're income doesn't depend on bitcoin. Yeah and I don't think that bitcoins can replace fiat any day as you would always need fiat to purchase as everyone is not accepting bitcoins as a mode of payment and you need fiat to take care of all those needs and expenses So bitcoins is a digital currency and it would be always a digital currency as still many people are not aware about the bitcoins So bitcoins will always dependent on fiat and that is very sad. |
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