Will Bitcoin always be dependent on fiat? Is it?

[tiggytomb]

I think it will always be this way until it can be universally accepted as a currency, at that point then it can stand on it's own two legs and not have to be concerned with Fiat, we are a good few years away from this.

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[sheree]

as long as it does not be viral, bitcoin value will be calculated with fiat of course

[foxkyu]

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.

Yes it is and always be.

For now there is no 'something' similar with fiat for convert bitcoin value.

[Legasean]

Always I don't think so, but for now it will because with out fiat we don't know the price.
And I don't know what the government will react about it if fiat wasn't depending.

[Snail2]

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.

IMO at this moment it's not pegged to fiat as pegging measn a fixed rate. Of course as we do not have a real bitcoin economy where all sorts of goods and services are available we need to use fiat therefore we need exchange rates, but those rates are not fix at all and not defining the purchasing power of BTC, so I wouldn't call this pegging.

[European Central Bank]

As long as there are countries there will be taxes and they'll be paid in currencies they have control over. Anyone who thinks otherwise isn't living in the real world. I can see whole economies that don't have much to do with fiat but there will always be traffic between the two different types of currency.

[Sir_lagsalot]

Presently, it's obviously strongly tied to fiat. Maybe in a few decades, this will change, but not soon.

The current adoption of bitcoin to gold is pretty much 10000:1. Not very encouraging, is it?

Bitcoin has the potential to become fiat, but I think governments are just too greedy to make this happen. Only time will tell.

[angaper]

Well, fiat is the current most usual mean to exchange products and services, and always will be needed the exchange of different currencies or commodities to find a common value. When bitcoin become the most usual currency there will be also needs to exchange it for other currencies, products or services.

[smith coins]

Fiat is the basement of money, and from fiat other (digital or physical) currencies came from.
Neither bitcoin or gold can be  independent from fiat because the value of an item is compared in fiat.

[conio.h]

It's not going to start with the dollar or euro. It's going to start in places where you have the combination of unstable, fiscally irresponsible government + moderately tech-savvy populace. Places like Phillippines, Thailand, Argentina, various middle eastern & eastern european countries.
One day, one of these countries will have a currency crisis, and bitcoin will be the "least bad option." And that's where it begins.

[Ceizer54]

I don't think bitcoin can be completely independent in the future..i can say it can become independent for some goods say digital goods like domains etc but for physical goods like TV's? No,because Manufacturer who build tv prefer fiat and believe in fiat so he put the price in fiat also people have more fiat then they have bitcoins so price is in fiat..also the bitcoin is very volatile so it would be not profitable to just fix the cost of anything at particular bitcoins..it is much better to use conversation of fiat in bitcoins.

[BeGoods]

Always I don't think so, but for now it will because with out fiat we don't know the price.
And I don't know what the government will react about it if fiat wasn't depending.

yes true, for now bitcoin will continue to rely on fiat money because the government still prohibits the circulation of bitcoin
i hope in the future, the government will accept it

[EdenHazard]

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.

some posts guessing and estimating bitcoin will be self-sufficient and no longer depend on fiat, even they believe bitcoin will replace the dollar, though it took a very long time, but the possibility is still there, because it could become a currency of some countries on future.

[bitbaby]

Its called trade value, every currency is tied to the other in terms of their trade value, if you go to forex exchange, you'll see price of dollar in euro and vice versa, that doesn't mean that dollar or euro are tied to each other but thats the value they represent in other currency.

When you go to buy something which is not offered in the currency you wish to purchase it with you convert it based on its trade value, so for ex. you go to buy something with Bitcoins but it is only available in dollars you convert it to it and then pay for it. Its same if you find something which is offered in bitcoins only and you have dollars to pay for it then you would need to convert them first to bitcoins to use.

That does not mean that bitcoins is dependent on fiat.

[betohell]

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.

Yes it is and always be.

For now there is no 'something' similar with fiat for convert bitcoin value.

Yeah for now bitcoin cannot stand alone.
I wanted to see we could use bitcoin atm card for shopping in the future. but for now cannot be
we still have to exchange it into fiat money

[jethrorn99]

For now? No, I dont think so. There's still too little amount of store that accepts bitcoin
But in the future, maybe fiat will be useless because of the inflation and bitcoin will be dependent.

[copperhorse111]

BTC depends on fiat to an extent, you still can't use it except in association with fiat (a btc is worth etc...) and I think that will continue for the time being, maybe sometime in the future BTC will be an independent currency itself.

[SmartIphone]

BTC depends on fiat to an extent, you still can't use it except in association with fiat (a btc is worth etc...) and I think that will continue for the time being, maybe sometime in the future BTC will be an independent currency itself.

What is the value of bitcoin? On what currency do we compare on how much cost a bitcoin.
The answer is fiat, a bitcoin worth 400+ dollars, it will always be depended on fiat.

[aizzaku]

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.

See if u consider it on a global level, it will always be relative. There is no such thing as standalone currency globally. But if u consider in a perticular region then there might be a possibility, when everyone adopts that is, u can consider it independent.

now this particular region can be virtual like games,gambling,online shops,etc. BUT even this is only possible when everyone can directly earn bitcoin on their own or they will have to just convert.

Earning bitcoins after adaptation for general population is near to impossible at the moment.

Thus the answer to your question is Yes it will always be dependent and never become a fiat... also no country owns it.. no govt can all of sudden come and declare it as official

[boopy265420]

One way or other everything depend on each other.Bitcoin just like precious metals is related to fiat somehow.It will be so till digital currencies replace the fiat completely.A cashless society towards which we already are running seamlessly.It is not dependence but inter-connection or circle of support from fiat.