Bitcoin can you stand alone?

[Sir Alpha_goy]

Can you stop pricing yourself in fiat?

I would say it is with almost 100% certainty that you cannot.

I'm wondering just how long you will use the fiat banking system as your crutch.

[DannyHamilton]

Can you stop pricing yourself in fiat?

Bitcoin does not price itself in fiat.

Services offer a place where people who have fiat and want bitcoin can find people who have bitcoin and want fiat.  These individuals establish an exchange rate that they are able to agree on and then they exchange what they have for what they want.

Others then report this exchange rate so everyone knows what the value of bitcoin is relative to anything they want to acquire or get rid of.  For example, I now know that 1 BTC is worth approximately 188 McDonald's Big Macs.

I would say it is with almost 100% certainty that you cannot.

EVERYTHING that can be priced can ALWAYS be priced in terms of fiat for so long as fiat exists.  Just like EVERYTHING that can be priced can ALWAYS be priced in terms of ketchup packets for so long as ketchup packets exist.  Pricing something simply means establishing an exchange rate between two items (or services).

I'm wondering just how long you will use the fiat banking system as your crutch.

It will be a very long time for the entire world to give up on a fiat money system.  This is true regardless of how successful bitcoin becomes.  However, if bitcoin becomes successful enough, many will have an option to leave the fiat system behind if they want to.

[DannyHamilton]

Things that the current bitcoin ecosystem depends on to survive right now:

Nodes
Miners

True.  Since these things DEFINE bitcoin, it does depend on their existence.  To say otherwise would be to say that the existence of bitcoin does not require the existence of bitcoin.

Exchanges
Fiat
Internet

While those three things are not required at all for the continued existence of bitcoin, they are helpful.  They make bitcoin mush easier to use and make it much easier for others to start using bitcoin if they want to.

Noobs
Bitcoin news outlets
Alt coins
Promotions

Bitcoin doesn't need any of those things, and in many cases some of those things are actually WORSE for bitcoin than if they didn't exist.

Could it ever be independent and self sufficient?

That depends on what you mean by "independent and self sufficient".  If you mean can it exist without the things that define it (nodes and miners), then no it can't ever be "independent and self sufficient".  If you mean can it exist without any mandated participation, then it is already "independent and self sufficient".

Sometimes it just seems like a black hole that will forever need more and more resources to survive.

Yes.  Bitcoin (or any other money system) is simply a method of tracking how much of one thing you can exchange for another thing.  Since we humans have a tendency to use resources to continue our existence, and bitcoin (and other money systems) simply keep track of the exchange of things such as those resources, all money systems will always be "a black hole that will forever need more and more resources to survive".

[larryfromjapan]

It would have to be alot less volatile to do that. Thats why merchants and Bitpay update every 15 minutes.

[calkob]

Can you stop pricing yourself in fiat?

I would say it is with almost 100% certainty that you cannot.

I'm wondering just how long you will use the fiat banking system as your crutch.

Yeah i would have to agree, it is very hard to stop pricing in a currency that you have used your whole life.  it might actually be easier for those in the so called third world to do it as they have been using many currencies for many years.

[MingLee]

If you want to start pricing things in Bitcoin, find a way to get Bitcoin to be the currency used by the entire economic supply chain.

Once you get farmers, utilities suppliers, essentially everyone using Bitcoin, then there will be a way to price things in Bitcoin alone. Until that happens, it's impossible because there always has to be an exchange into fiat. Get rid of the fiat, in comes the pricing you desire.

Not hard to understand.

[Holliday]

Huh? I don't understand. Isn't a bitcoin worth 148.8 McDonald's BigMacs? I price everything in BigMacs.

[QuestionAuthority]

Huh? I don't understand. Isn't a bitcoin worth 148.8 McDonald's BigMacs? I price everything in BigMacs.

BigMacs? That's a weird thing to price Bitcoin on. I price Bitcoin in chicken eggs. To me, one Bitcoin is worth one chicken egg and I will never give more than one chicken egg for it, I don't care what those forex traders say. LOL

[yayayo]

Can you stop pricing yourself in fiat?

I would say it is with almost 100% certainty that you cannot.

I'm wondering just how long you will use the fiat banking system as your crutch.

Yes, no problem. I already changed my perspective. I consider fiat a vastly inferior form of money. A "gain" in bitcoin fiat "value" is in fact a decrease of fiat purchasing power compared to Bitcoin.

I will never exchange Bitcoin for fiat trash money. I never did. It just makes no sense.

For Bitcoin to be generally perceived as a reference for value, we need a closed-loop Bitcoin economy. That will take some time. Nowadays fiat money is moving into Bitcoin relatively slowly, however the stream will increase significantly once we see more inflation. The central banks are doing the best possible advertising for Bitcoin. Their actions will produce hyperinflation and destroy the acceptance of fiat money. Bitcoin will thrive because of these developments.

ya.ya.yo!

[Wind_FURY]

Can you stop pricing yourself in fiat?

I would say it is with almost 100% certainty that you cannot.

I'm wondering just how long you will use the fiat banking system as your crutch.

Does it really need to stop pricing itself in fiat? The current system is fine by me to be honest and I like the idea that I have a choice between fiat and Bitcoin. To all the people who are going for the "dream" of a world where there is only Bitcoin need to wake up. Bitcoin is only good when there is fiat and strict monetary regulations. Bitcoin is the cancer that every government and financial regulatory body has to live with. If I had my way, I would make more monetary regulations so that Bitcoin's use will be much more effective in circumventing laws. Do you know how hard it is to buy drugs online without Bitcoin?

[franky1]

Can you stop pricing yourself in fiat?

I would say it is with almost 100% certainty that you cannot.

I'm wondering just how long you will use the fiat banking system as your crutch.

imagine bitcoin priced against not fiat.. but "cost of living index" (yes its a real metric, go research it)
EG
no matter where in the world you are, you can say i want enough bitcoin that values at around 10 loaves of bread.
no need for someone in africa to need to convert m-pesa to a dollar value and then look up the bitcoin price.

they just use the "cost of living index" and automatically know what bitcoin equates to by knowing the average price of bread or other produce in their native country. thus removing the dollar as the metric

[rajasumi2]

Yess i think bitcoin can stand alone and himself can beat up all the cryptocurrency in the near future .its system is too good than the others and people are investing a lot of money on this bitcoins. And the popularity is going higher day by day .kudoos

[Catlonid]

Yess i think bitcoin can stand alone and himself can beat up all the cryptocurrency in the near future .its system is too good than the others and people are investing a lot of money on this bitcoins. And the popularity is going higher day by day .kudoos

You do realize that Bitcoin is standing on top of the fiat pyramid right?

That is its foundation.

I think you right, bitcoin have a super currency and can beat up all the cryptocurrency. But I think bitcoin must not stand alone because bitcoin need competitor, in my opinoin if bitcoin stand alone will make economic in the world is broke. I think bitcoin and cryptocurrency can walk together.

[Fireblade]

Yess i think bitcoin can stand alone and himself can beat up all the cryptocurrency in the near future .its system is too good than the others and people are investing a lot of money on this bitcoins. And the popularity is going higher day by day .kudoos

no doubt about this that bitcoin can stand along but i think bitcoin is not here to beat any crypto currency or any other fiat currency, as bitcoin has not concerned with them. bitcoin will survive as the users of bitcoin are increasing continuously and it is also hopeful that in future bitcoin can be use even in our local markets for shopping.

[Yakamoto]

The only way to be able to start pricing things in Bitcoin is to get an entire supply chain, from producer all the way own to consumer, with at least one company in every single industry accepting Bitcoin. If something like that happens, pricing in Bitcoin becomes a lot more plausible thanks to the ability to actually use Bitcoin wherever you may need to use it.

If you need to use fiat at some point, then the supply line is not fully "Bitcoin-ed" and it is not possible to price things in Bitcoin rather than fiat.

[DimensionZ]

I think Bitcoin can be priced against anything that is of value for people. At it happens now it's fiat money. But it can be also precious metals, food, clothing, furniture, arms, ammunition etc. I guess you all watch the Walking Dead. Well, it's a pretty good show and a fine example of exchanging or bartering items of value. One item is priced against another. Bitcoin needs to be priced against something and can't just exist on its own.

[davis196]

Can you stop pricing yourself in fiat?

I would say it is with almost 100% certainty that you cannot.

I'm wondering just how long you will use the fiat banking system as your crutch.

What`s the problem about btc pricing in fiat?

99,9% of the people in the world use fiat and maybe 0.01% use bitcoins.

This won`t change soon.

[darklus123]

Things that the current bitcoin ecosystem depends on to survive right now:

Nodes
Miners
Exchanges
Fiat
Internet
Noobs
Bitcoin news outlets
Alt coins
Promotions

Some are obviously more important than others but nonetheless they are a part of what bitcoin is today.

Could it ever be independent and self sufficient?

Sometimes it just seems like a black hole that will forever need more and more resources to survive.

1,2,5 is obviously the primary things that bitcoin has without those bitcoin is obviously nothing.

Exchanges and Fiats, each currency does need other currency for stability. Bitcoin does not owned by one country so obviously you are going to convert them to fiat whether you'll like it or not.


The other things that youve stated IMO is not necessary.
I think you have your own perspective about bitcoin. I will just be ending you a

No man is an island

[sportis]

Can you stop pricing yourself in fiat?

I would say it is with almost 100% certainty that you cannot.

I'm wondering just how long you will use the fiat banking system as your crutch.

Bitcoin is a global currency decentralized and secure. Fiat money has many drawbacks but people have accepted it and use it in every day transactions especially in micro payments even more than their credit/debit cards even though the latter are fiat money too. Maybe next or after next generation will accept only crypto currencies instead of fiat money.

[Rizky Aditya]

Most people on the world would have to be using Bitcoin as their primary currency if you wanted it to stop being priced in fiat. Right now, most people view Bitcoin as an investment, and like most other investments(if not all) it is priced in fiat. And to be honest, I doubt that is ever going to change, but people can have dreams.