Bitcoin can you stand alone?

[niagrabill]

When fiat finally goes digital people will pay with that and the demand for bitcoin could drop.

[lakisis]

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 are right that bitcoin system is very much good than other crypto currency and i think its the main reason that people going to invest their money in bitcoin and they are really adopting bitcoin in huge amount and you are right that bitcoin getting popularity too much faster in any areas of the world.

[kryptqnick]

I think bitcoin is already alone if we speak of dependence on fiat. I mean, how can the sudden rise in price from a few dollars to few hundred dollars can be explained if it does depend on anything? Dollar didn't have much changes at that time.
I think bitcoin could exist without any fiat. However, I suppose it won't stand alone, because some other cryptocurrencies will reach its level of popularity.

[Ocalebeth]

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

The fact is that it can not most likely get alone on itself, due to the fact its really depending on the dollar right now so its pretty easy to say.

[TravisNeko]

The bitcoin cannot stand alone on itself its way too small to do this and its also depending on other currency's right now so that is already saying enough right ?

[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

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

But are all fiat currencies really independent of each other? The last time I checked most of the countries around the world consider the US Dollar as the reserve currency. Most of those countries hold their reserves in USD and GBP or even Euro. Once that happens a dependency will have to occur. International trade is also one way of making these currencies become dependent with each other, specifically dependency on the US Dollar.

[QuestionAuthority]

The bitcoin cannot stand alone on itself its way too small to do this and its also depending on other currency's right now so that is already saying enough right ?

I know it looks that way but that's not really true.  Traders want to link it to a currency so they can buy bitcoin and sell them for profit, buy low and sell high.  That's how traders make their money.

A long time ago a guy traded bitcoins for pizza when bitcoins were relatively worthless in dollar value.  Would you say Bitcoin depends on pizza, of course not.

[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

But are all fiat currencies really independent of each other? The last time I checked most of the countries around the world consider the US Dollar as the reserve currency. Most of those countries hold their reserves in USD and GBP or even Euro. Once that happens a dependency will have to occur. International trade is also one way of making these currencies become dependent with each other, specifically dependency on the US Dollar.

It is international trade exactly that makes countries (not just currencies) depend on each other. And the dependency of currencies is an effect not a cause of that. It could be said that the level of such dependency itself depends on how closely the economies of countries are intertwined. But, first, such dependency is not absolute since in most countries inner market still has a priority over exports, therefore these countries will easily survive if these trade ties are totally severed, for whatever reason. And, second, this dependence is mutual in any case, so it can be safely discarded from consideration in respect to whether Bitcoin depends on fiat...

As you can see, this point doesn't challenge the argument

[geopolisch]

I believe even fiats are not standing alone. Fiat's buying capacity gets varied over time. In currency market we are valuing almost all fiat against another fiat.
Inflation and deflation decides the value of (buying power) any fiat. So how we can expect bitcoin to stand alone.

[LovelyPrey]

Bitcoin can stand alone in regards of crypto currencies but with fiat I guess bitcoin cannot since its value makes it limit thru fiat currencies today.

[eternalgloom]

When fiat finally goes digital people will pay with that and the demand for bitcoin could drop.

What do you mean by that? Fiat is already available digitally, we have online banking etc.
Or do you mean fully digital with no more real life bank notes and coins? I don't think that would weaken Bitcoin, since the value of that currency could also still drop and it's still haunted by inflation.

[Ilikechineseefood]

When fiat finally goes digital people will pay with that and the demand for bitcoin could drop.

Most likely you are right but we still have to have some patient because nothing is sure and it can change easily too, its hard to predict.

[iqlimasyadiqa]

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.

of course we can not use bitcoin in full. we have to use some of the existing financial system today. not many people who can access the bitcoin. because bitcoin requires a computer technology.

[dihari]

Bitcoin still exist is caused by fiat currency guarantee. Let's dream for a minute, what if American dollars down because of a bomb with power like Hiroshima/Nagasaki is explode in new York? Is bitcoin will still alive?

What if the government can't buy oil to keep electricity country stay operate, and to keep your computer stay on. Do bitcoin still have a price?

[Kprawn]

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.

of course we can not use bitcoin in full. we have to use some of the existing financial system today. not many people who can access the bitcoin. because bitcoin requires a computer technology.

Well, not exactly true... Bitcoin can be used on simple mobile phones...  but even that needs some sort of internet access to make that work. The

user will have to pay for data to access his/her wallet on one of these third party wallet providers. Someone should really develop a hardware

device, that could be used as a Bitcoin wallet, with wifi built into it. That way... you would not need to use your phone or computer to make tx's.

[deisik]

A long time ago a guy traded bitcoins for pizza when bitcoins were relatively worthless in dollar value.  Would you say Bitcoin depends on pizza, of course not

It depends on what people are exchanging it for and willing to accept it as payment

So the logic behind the claim that Bitcoin cannot exist without fiat seems to be based on that assumption. In this and only in this way, it can be said that Bitcoin depends on fiat. On the other hand, we can always claim that in such an exchange it is fiat that depends on Bitcoin, and not the other way round. But in any case, if we completely remove fiat, Bitcoin already has the required features to substitute it as a means of exchange

[Wandering Soul~]

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.

Fiat is needed to measure the value of bitcoin so it cannot stand alone as it is depended on it .

Of course we can't stop pricing in fiat cause it is the most used form of money

Pricing in bitcoin is not a bad idea but it needs a massive popularity/awareness from people all over the world first .

[darklus123]

A long time ago a guy traded bitcoins for pizza when bitcoins were relatively worthless in dollar value.  Would you say Bitcoin depends on pizza, of course not

It depends on what people are exchanging it for and willing to accept it as payment

So the logic behind the claim that Bitcoin cannot exist without fiat seems to be based on that assumption. In this and only in this way, it can be said that Bitcoin depends on fiat. On the other hand, we can always claim that in such an exchange it is fiat that depends on Bitcoin, and not the other way round. But in any case, if we completely remove fiat, Bitcoin already has the required features to substitute it as a means of exchange

Well yeah i guess that it is right. Bitcoin needs fiat to be exchanged for( i guess that is how currency works and obviously bitcoin is a currency) but that doesnt mean that bitcoin could stand alone of course the only tjing here is that it is not being owned by a certain place. It is controlled by a community(us users)

[SamMurphy]

You can't stop using fiat money from one moment to another. We like it or not, fiat is around us, and we have to use it for living. If fiat stops exists one day, maybe then we can use only bitcoin, but now it's not the time

[kidoseagle0312]

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.

Actually, majority of the community in the bitcoin world who joined in this field of industry they take bitcoin for real as their personal investment and savings for their future.