Bitcoin can you stand alone?

[romero121]

As quoted internet seems to be the one without which bitcoin could have never reached this high. If everything around the globe gets digitalized as well people gets some basic education, sure bitcoin stands alone. But these were not cent percent possible so sure bitcoin grows with dependence.

[Positid]

As quoted internet seems to be the one without which bitcoin could have never reached this high. If everything around the globe gets digitalized as well people gets some basic education, sure bitcoin stands alone. But these were not cent percent possible so sure bitcoin grows with dependence.

The question is, is internet wil be here forever? I guess if not forever it will be here longer, with internet online transactions are possible and bitcoin relies on internet so it can stand alone if we will support it even without the value of fiat. Since it is just a payment system for now it should be considered as an asset in the future to give weight on its value.

[Yutikas_11920]

As quoted internet seems to be the one without which bitcoin could have never reached this high. If everything around the globe gets digitalized as well people gets some basic education, sure bitcoin stands alone. But these were not cent percent possible so sure bitcoin grows with dependence.

The question is, is internet wil be here forever? I guess if not forever it will be here longer, with internet online transactions are possible and bitcoin relies on internet so it can stand alone if we will support it even without the value of fiat. Since it is just a payment system for now it should be considered as an asset in the future to give weight on its value.

If indeed the bitcoin missing then it because the 2 factors that is because the internet is no longer used and the other is because it had very little interest in bitcoin for some reason. So you are indeed correct that bitcoin is a digital currency that is very dependent on the internet and if the internet then everything will end up in the bitcoin. This is something a bad thing if indeed we can not control properly, or it could be called that we should be able to market your bitcoin for everyone so that its growth is very good

[Xester]

As quoted internet seems to be the one without which bitcoin could have never reached this high. If everything around the globe gets digitalized as well people gets some basic education, sure bitcoin stands alone. But these were not cent percent possible so sure bitcoin grows with dependence.

As you have mentioned if all people around the globe are digitalized then bitcoin may have a chance to stand alone. But  it is only one the factors that will lead eventually to bitcoins being independent. But for now the world is not yet ready, the change and shift from fiat to crypto will undergo a normal transition and there are no shortcuts. But I believe on the idea that someday it is a possibility.

[bitjoin]

As quoted internet seems to be the one without which bitcoin could have never reached this high. If everything around the globe gets digitalized as well people gets some basic education, sure bitcoin stands alone. But these were not cent percent possible so sure bitcoin grows with dependence.

As you have mentioned if all people around the globe are digitalized then bitcoin may have a chance to stand alone. But  it is only one the factors that will lead eventually to bitcoins being independent. But for now the world is not yet ready, the change and shift from fiat to crypto will undergo a normal transition and there are no shortcuts. But I believe on the idea that someday it is a possibility.

Bitcoin full adoption right now could create wars and much anarchy.  Govs would lose power population would have to fend for themselves and they aren't used to it.

[deisik]

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

Let's be specific here

People don't price Bitcoin in abstract fiat. They price it in dollars, euro, British pounds, Chinese yuan, Russian rubles, and whatever currency might exist out there. What does it tell us? Basically, that this valuation is no more than a useful convention since most of these currencies are independent of each other. As you can see, it proves the point that you can essentially price Bitcoin in anything, which is only a matter of personal preferences and convenience

[Kprawn]

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.

Oh, Bullshit .... When people exchanged live stock back in the day, were those built on top of any kind of pyramid scheme? When they

exchanged sea shells... were those some sort of pyramid scheme? The Fiat system is just another token with value, backed and created from

thin air by governments. Bitcoin will replace the fiat system, if people ignore the "fake" value added by governments to their fiat currencies,

and accept Bitcoin as the reserve currency. 

[chesatochi]

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.

Oh, Bullshit .... When people exchanged live stock back in the day, were those built on top of any kind of pyramid scheme? When they

exchanged sea shells... were those some sort of pyramid scheme? The Fiat system is just another token with value, backed and created from

thin air by governments. Bitcoin will replace the fiat system, if people ignore the "fake" value added by governments to their fiat currencies,

and accept Bitcoin as the reserve currency. 

Always remember that fiat is only paper that people believe that have value on. Also, backed that is from the government and people have faith in it. I think the bitcoin have already proved on itself that it have a stable value that people could believe it.

Should be great to have the bitcoin as a reserve currency.

[pereira4]

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.

It will never change unless people are forced to use bitcoin, so we have to wait for situations like india to happen in the developed world. If that never happens, then bitcoin will remain as a better gold as long as developed world usage goes, because people simply dont need it when they have fiat and they can do the same thing without having to go through annoying exchanges.

[avatar_kiyoshi]

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.

Since bitcoin have a value and even more value, bitcoin also have a price, means it can be used for buy everything even fiat, then if it's no pricing, bitcoin haven't value isn't.
My point is not pairing bitcoin with fiat, but it's valuable which means people aware this is very worth, so you can use it.
If bitcoin not pricing, you can buy 1 btc just for a nut or even you can't use it, because it's haven't value.

[crairezx20]

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.

Since bitcoin have a value and even more value, bitcoin also have a price, means it can be used for buy everything even fiat, then if it's no pricing, bitcoin haven't value isn't.
My point is not pairing bitcoin with fiat, but it's valuable which means people aware this is very worth, so you can use it.
If bitcoin not pricing, you can buy 1 btc just for a nut or even you can't use it, because it's haven't value.

Yeah we still use it because it has a value it is just like a gold silver or any metal that has high value.. bitcoin is always good to use as alternative and yeah we do not need to compare them since fiat is realy money and we are using it in our daily life..
The good benefits of bitcoin is to have price increase even you are just holding it you can gain profit.. and the movement is more fast than the local fiat that it takes year before you can see the price changes.

[Ayers]

Can you stop pricing yourself in fiat?

Bitcoin does not price itself in fiat.

if there was not fiat how would you determine how much a bitcoin value is? let's assume that we don't know its value for a moment, for example to buy a car, how much bitcoin you are willing to give away? so bitcoin is indeed dependent on fiat do you agree?

[LuanX3]

I would like first to applaud Dannyhamilton on his answers; they were all on point.

Fiat rules the world and we can't do anything about it yet. Fiat currency will not be gone until probably we create a world government that will only use one currency for the whole world, but if that does happen, then there would not be bitcoins too.

Bitcoin's value is not dependent on fiat at all. The price we pay for bitcoin in fiat is what we think is its value. Value is not related to currency. It is the value we give to Bitcoin and how much we are willing to pay for it, that is how bitcoin is priced.

When the value of USD rises, Bitcoin does not change its value. What changed was the value of the USD. This means I would get lesser USD when I sell my Bitcoin, because the value of the USD strengthens vs. the value of Bitcoins.

[QuestionAuthority]

Can you stop pricing yourself in fiat?

Bitcoin does not price itself in fiat.

if there was not fiat how would you determine how much a bitcoin value is? let's assume that we don't know its value for a moment, for example to buy a car, how much bitcoin you are willing to give away? so bitcoin is indeed dependent on fiat do you agree?

It could be valued in anything. Think about something you might not have a lot of access to but you like, say a bag of weed.

You want some weed and your friend has some. You ask him to trade some weed for something you have. He says he will give you an ounce if you give him your car. You refuse but offer a pack of pencils instead. He refuses and says he needs a television and asks if you'll trade your small bedroom tv for an ounce of weed. You agree and make the trade. That means an ounce of weed is worth a tv.

Bitcoin is worth exactly what someone is willing to pay for it. If no one wants to buy Bitcoin it's worth nothing. If tons of people want to buy Bitcoin it's expensive regardless what item it's priced in. It could even be worth a car someday.

[bitbunnny]

This situation is not very likely to be changed, I can't see the way. Bitcoin has to be valued in something and that doesn't necessary have to be fiat but is the most convenient and most precise. How else could we determine how much Bitcoin is worth? There has to be some refferal value. And I don't see anything bad in this.

[deisik]

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.

It will never change unless people are forced to use bitcoin, so we have to wait for situations like india to happen in the developed world. If that never happens, then bitcoin will remain as a better gold as long as developed world usage goes, because people simply dont need it when they have fiat and they can do the same thing without having to go through annoying exchanges.

Events like Cyprus hair-cut would work even better

And there are a lot of other things that could heavily undermine the faith of people in their fiat money in particular and in government on the whole. I'm dead sure that we will see a lot of interesting stuff in the nearest future. In fact, I'm more worried about whether Bitcoin will be able to cope with the surging adoption. I mean all those games around block size increase since it would be utterly frustrating to see all this adoption potential wasted due to someone's insatiable ambitions

[jak3]

bitcoin can stand alone..it will have its demand for a long time because many countries where living without development but bitcoin has helped many people to refresh their money related ideas and motivations

[Bitcoinsummoner]

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.

I agree with you but it is impossible that bitcoin will be primary currency in the future and we can not still use bitcoin as primary currency.
Bitcoin is always good as alternative and i think it is still the best as investment maybe in the future more adoption will come the price of bitcoin will be more valuable..

[fiscorcle]

It can stand alone but not without a fall back plan incase of an emergency.

[coinplus]

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.

Anything in this world must need some price levels to compare it and to value it. To stand alone, bitcoin must need a totally new different world where everything will be priced in terms of bitcoins. Maybe when people are migrating into planet Mars, I guess it will be possible.

Till then I believe we need to price bitcoin in fiats.