Wont high fiat inflation makes huge transaction fees irrelevant?

[very_452001]

Lets say by 2020 the fee costs $100 for a bitcoin coffee transaction. However lets say fiat inflation rises really high that in 2020 a cup of coffee will cost you $10000 in new york. So wouldn't a $100 bitcoin coffee transaction fee be cheap anyway in 2020?

Also when bitcoin goes to the moon and is worth $million each then wont inflation make that million dollar bitcoin useless as a can of coke might cost 40 million dollars due to hyperinflation.

Can bitcoin truly be independent without any association with fiat money whatsoever?
 

[Meuh6879]

why bitcoin is made to pay a coffee ? That's the real question ...



I can buy easly a bitcoin ... but i can't find a gold bar (without crappy scam and high tax transaction).

[Meuh6879]

Can bitcoin truly be independent without any association with fiat money whatsoever?

yes, because :
- bitcoins are the unit
- Bitcoin is the network to spend and receive

no FIAT involve here.

[mrcash02]

If this happen the BTC price will be very high and you won't complain about pay a $100 fee for a a transaction.

Fee at this moment is about $0.50, the fee you are saying is x200 higher, considering this, in your situation BTC would price x200 also. 1 BTC = $240.000,00.

Bitcoin is guided by fiat, nothing to do about it... Dollar rules the world, Bitcoin is a good alternative virtual currency.

[European Central Bank]

If this happen the BTC price will be very high and you won't complain about pay a $100 fee for a a transaction.

bitcoin won't get very high without an army of new people starting to use it. high fees won't help that. it's still acceptable now but i don't know when it starts to become the major turn off.

[Qartada]

Lets say by 2020 the fee costs $100 for a bitcoin coffee transaction. However lets say fiat inflation rises really high that in 2020 a cup of coffee will cost you $10000 in new york. So wouldn't a $100 bitcoin coffee transaction fee be cheap anyway in 2020?

Also when bitcoin goes to the moon and is worth $million each then wont inflation make that million dollar bitcoin useless as a can of coke might cost 40 million dollars due to hyperinflation.

Can bitcoin truly be independent without any association with fiat money whatsoever?
 

This is based on the assumption that Bitcoin will suddenly become the biggest currency in existence and take over the world.  This is very unlikely.

Wouldn't a $100 bitcoin coffee transaction fee be cheap anyway in 2020?

Let me make it clear.  No one is going to pay that much for a transaction fee, they don't care how decentralised and independent it is because they'll go back to fiat or to an altcoin.

There's no reason why every fiat currency is just going to hyperinflate and become worthless.  It's very unlikely if they're competently managed.  Bitcoin's price will only grow much further in this state if it's no longer viewed as a day to day currency but a currency for large transactions and as a store of value.

[shinratensei_]

Lets say by 2020 the fee costs $100 for a bitcoin coffee transaction. However lets say fiat inflation rises really high that in 2020 a cup of coffee will cost you $10000 in new york. So wouldn't a $100 bitcoin coffee transaction fee be cheap anyway in 2020?

Are you think we are living in the same place such as zimbabwe? It needs a gallon of money just for buy a little bread.

Also when bitcoin goes to the moon and is worth $million each then wont inflation make that million dollar bitcoin useless as a can of coke might cost 40 million dollars due to hyperinflation.

Delusional's hype.

Can bitcoin truly be independent without any association with fiat money whatsoever?

It can't. The bitcoin already independent. you can throw any association to the somewhere else.

[very_452001]

If bitcoin is truly independent then how does one value bitcoin without associating it with fiat money? Like i always hearing people saying today 1 bitcoin is worth under $1200. Isnt 1 bitcoin is worth 1 bitcoin and nothing else if it is independant?

[~Bitcoin~]

why bitcoin is made to pay a coffee ? That's the real question ...

LOL yes bitcoin is meant for micro transactions on start but now it is very suitable for bigger transactions like above 100$. Current fee is around 30 cents if you only have one input and output, so that count only < 0.30% fee if you are sending more than $100 per transactions. That is way cheaper than any other processors.