Will Bitcoin always be dependent on fiat? Is it?

[fantoos]

Bitcoin is dependent on fiat because its value is calculated on dollar.I don't have idea how long it will be dependent like this but someday things will change in future.

[1714609747]

1714609747

[1714609747]

1714609747

[1714609747]

1714609747

[1714609747]

1714609747

[umaOuma]

Bitcoin is dependent on fiat because its value is calculated on dollar.I don't have idea how long it will be dependent like this but someday things will change in future.

I don't think that it will done in future, bitcoin will always be dependent on fiat until the day comes when all merchants and shops starts accepting bitcoin as a mode of payment but it would take a long time and we are not sure whether it will happen or not.

[Snorek]

Always is a long time - I would refrain from using it as referring to economic terms. We had huge shifts in the past, empires rose and fell - their currencies with them.
There no reason to believe the same thing won't happen in the future as well. Bubble will pop someday - economic situation is always advertised as stable - until it isn't.
And then bitcoin might have be the next big thing. It is very likely to happen during our lifetime.

[Bitcoinbro]

Yeah bitcoin is a currency that is only available online. So to get bitcoin you need to convert fiat.
I can't see bitcoin not depending on fiat since it is only available online.

[jaysabi]

Is gold dependent on fiat? I would say technically it is not; gold has value whether fiat does or not. But no one seems to know the value of gold unless it is quoted in USD or some other fiat currency. so while the value of gold isn't dependent on fiat, knowing the value of gold seems to be. I would liken Bitcoin to this, but with the caveat that Bitcoin currently is dependent on fiat for value because it is still so widely unaccepted as a payment method. Perhaps in the future, Bitcoin will move to closer parity with gold as it relates to the USD as I explained above, where the value is truly independent of fiat, but I would say we are not there now and not really close either.

[newcoins1978]

Is gold dependent on fiat? I would say technically it is not; gold has value whether fiat does or not. But no one seems to know the value of gold unless it is quoted in USD or some other fiat currency. so while the value of gold isn't dependent on fiat, knowing the value of gold seems to be. I would liken Bitcoin to this, but with the caveat that Bitcoin currently is dependent on fiat for value because it is still so widely unaccepted as a payment method. Perhaps in the future, Bitcoin will move to closer parity with gold as it relates to the USD as I explained above, where the value is truly independent of fiat, but I would say we are not there now and not really close either.

Well gold is valued in USD right? So we need fiat/ a currency to estimate the value.
People will not compare it to oil. Saying 1 KG of oil is worth 10 Brent barrels.

[Mometaskers]

Yeah bitcoin is a currency that is only available online. So to get bitcoin you need to convert fiat.
I can't see bitcoin not depending on fiat since it is only available online.

Nowadays, you can buy many things online by using cards. So I think we can use bitcoin online without converting it to fiat.

[Altynbekova]

I don't think bitcoin will be always dependent from bitcoin.
In the future bitcoin will be bigger,better.
it will create their own currency for payments so fiat is not needed anymore.

[madonnino]

for the moment yes, to buy bitcoin you need fiat!! Maybe in the future if people will get paid in bitcoin and they can spend bitcoin something will change

[Betwrong]

I think Bitcoin will always have some value in fiat but should we call it a dependance? For example in Russia if you want to buy something you should first convert your Dollars to Russian Roubles. Does it mean that the US Dollar dependent on Russian Rouble?

[Watjila]

In the future, the bitcoin will be priced in other crypto currencies. It might be traded with Monero or Ethereum.

[goinmerry]

Everything is always calculated with dollar price, This is like commodities and other currencies. If you see websites they always use dollar as the main currency for seeing how large or small the price of one thing is.

[ajun96]

Bitcoin is dependent on fiat because its value is calculated on dollar.I don't have idea how long it will be dependent like this but someday things will change in future.

correct. we still take a long time, to be able to make bitcoin stand alone. without relying on the dollar and fiat. for today is we have to rely on fiat

[BeGoods]

I think Bitcoin will always have some value in fiat but should we call it a dependance? For example in Russia if you want to buy something you should first convert your Dollars to Russian Roubles. Does it mean that the US Dollar dependent on Russian Rouble?

all right. off course not. bitcoin is a currency like any other currency that can be exchanged for various currencies and have value against other currencies
so we can not call that bitcoin depends to fiat

[HeroCat]

When BTC will be official country currency, then yes - you can buy bread with BTC price in that country.  May be some country in South Pacific can implement BTC - when they will have electricity. 

[blackmachinegun]

I think Bitcoin will always have some value in fiat but should we call it a dependance? For example in Russia if you want to buy something you should first convert your Dollars to Russian Roubles. Does it mean that the US Dollar dependent on Russian Rouble?

yeah right. I think, not because bitcoin is always priced in dollars, so bitcoin depend on fiat,
gold is also the same as bitcoin, has value to the dollar, but gold does not depend on fiat or dollars

[Nemesis099]

I think yest bitcoin will always be dependent on fiat, as there are many countries who are not aware about bitcoins, and the people of those countries have only one option to buy products and that is fiat, I don't see them using bitcoins.

[jod_doj]

more or less it will if people will not start using only bitcoin and nothing else

[ajareselde]

I think yest bitcoin will always be dependent on fiat, as there are many countries who are not aware about bitcoins, and the people of those countries have only one option to buy products and that is fiat, I don't see them using bitcoins.

Even tho that currently is true, it doesn't have to remain that way. When the customer and merchant number increases on high enough base, it could make
a new economical system that would not require one to own fiat anymore.

Additionally, if at some point bitcoin loses the volatility it currently has, that adoption rate could grow exponentially, as it is one of the main reasons people are finding
it hard to switch on to, when we're talking about direct bitcoin payments for physical goods w/o changing the BTC product price each day.

[jkrules]

At a moment bitcoin is dependent on fiat, but cannot be sure about future, things might change in future, if bitcoin would be accepted everywhere as a mode of payment then we really don't have to depend on fiat.