Bitcoin = Fiat

[freightjoe]

But it is limited to a certain number.

No it is not. You fork it and thereby have more coin. This will draw off money from the original - and in reality it is inflation. That you call the altcoin another name does not change the fundamentals.

[8270thNinja]

What level of stupidity can you show? Can you define and differentiate that two things? Probably not. Digital Coin is different from FIAT, you really HATE bitcoin to the point that you are creating lies, Shame on the person behind this account. Are you really happy trolling here? Get out of here and Get a life!

[SuperD007]

I think you need to do some more research .... once you learn a bit more you will realize how Btc and fiat are worlds apart.

[speedy963]

I think there's a little misunderstanding about what really bitcoin is for other people. Well people do consider bitcoin as an online or should we say digital currency, yes it is also, but for some reasons we do also need fiats, the reason is that, not all merchants accepts bitcoin as a method of payment, so please just stop comparing fiats and bitcoin, they are both currencies but with different usage and purposes.

[Reid]

It has a limit unlike fiat.
Therefore it gets valuable as it gets lower and lower in the market.
The rarity of one product makes the price go soaring to the highest amount.
Fiat value now are getting lower and lower because they keep on creating new ones.
Can you create bitcoin on your own?

[freightjoe]

It has a limit unlike fiat.
Therefore it gets valuable as it gets lower and lower in the market.
The rarity of one product makes the price go soaring to the highest amount.

Wrong

Just because something is limited does not mean it gets valuable.

There is a limited amount nuclear waste in the world, that does not mean it is getting more valuable

[scottykarate]

It has a limit unlike fiat.
Therefore it gets valuable as it gets lower and lower in the market.
The rarity of one product makes the price go soaring to the highest amount.

Wrong

Just because something is limited does not mean it gets valuable.

There is a limited amount nuclear waste in the world, that does not mean it is getting more valuable

That may be the silliest parallel you've tried to make, yet. Scarcity is typically a factor in value in general terms as well as availability. However, there are some things which are rare that aren't valuable or are hard to establish a value for because there's nothing to compare it to in order to get a baseline price. That I will give you.

[freeElectron]

The Bitcoin followers keep saying the Bitcoin is a new currency.

If that is the case then by definition it is fiat.

When it is fiat, then we will see inflation and breaking the 21million limit.

They say a currency is 'backed' by something. This is just to say that they cannot print unlimited amount of currency.
If it is not backed, it is called fiat, because it has no limit to how much it can be print.

Crypto is not backed by much, but on the other hand, it cannot be printed at will, so it is not fiat.

[Frank0209]

No it isn't. Until now Bitcoin is still not fiat cause we still can't use Bitcoin directly to buy or pay for everything. If Bitcoin is fiat, it must be legalized worldwide and everyone can use Bitcoin in everywhere and everywhen they want in both online and offline market but for now we can't do that with Bitcoin, almost market that accept Bitcoin for payment are online market and when we wanna buy anything out there, we still need to exchange Bitcoin into  local currency to do it.

[bitbunnny]

There is a big difference between fiat currencies and Bitcoin. Bitcoin is virtual cryptocurrency that doesn't have the same characteristics and it's not functioning on the same platforme like fiat currencies and in many countries is not recognized as a payment instrument, it's not backed by any government or central bank so it shouldn't be mixed with fiat.

[subSTRATA]

The Bitcoin followers keep saying the Bitcoin is a new currency.

If that is the case then by definition it is fiat.

When it is fiat, then we will see inflation and breaking the 21million limit.

not yet, once it becomes the universal currency that is accepted by the government as an official means of payment and value in society, then it will become something that can be called a fiat currency. and the 21 million limit cant be broken; first off, the limit is there so curb inflation by limiting the amount in circulation. it'd take one hell of a hard fork to remove that limitation.

You are confusing definitions. Fiat is currency issued by the government and do not have limited emissions. Bitcoin is decentralized and limited to the issue.

no. fiat is just something that the government accepts as an official form of payment. for all i care buttons can be considered fiat as long as it's accepted by the government as a form of payment. it does not by any means have to be created and issued by the government. doesn't take a lot to do a google search before you spew out bs.

[most-wanted]

Fiat is the currency but all currency is not fiat.

The only difference between Bitcoin and fiat is that the first one is decentralized and can not be managed by a centralized group of administrators, while the latter is centralized and can be managed by a centralized group of administrators.

[danggoron]

the conclusion is too simple. you should read more. although fiat and bitcoin have the same functions as currency, but the system is much different. bitcoin is predicted to be inflation-free because the amount has been determined. in contrast to fiat whose numbers can become infinite or increasing.

[vincentong17]

The Bitcoin followers keep saying the Bitcoin is a new currency.

If that is the case then by definition it is fiat.

When it is fiat, then we will see inflation and breaking the 21million limit.

Yes bitcoin is the new currency and people will get confuse. though it should be explain by governments and friends who knows about bitcoin. fiat currency is what we are using right now!

[GXHPP]

Bitcoin is a different currency, based on the financial system it operates under and how it works, if you look at it in an open-minded way you can easily see how different is the system from the regular inflatable financial system. I think this system might work and even achieve better results than the old financial system.

[BillCoin]

They don't say that bitcoin is fiat.
By saying that bitcoin is the new currency, they mean that bitcoin is a next generation currency that no one has seen before , and has some features that weren't available at the fiat currency, such as decentralization, fixed inflation and etc.

It's a new payment system, not a currency, that's where people fall.
Bitcoin is not anything that we have seen before.

[iluvpie60]

The Bitcoin followers keep saying the Bitcoin is a new currency.

If that is the case then by definition it is fiat.

When it is fiat, then we will see inflation and breaking the 21million limit.

That is not true. Fiat is created by governments and is usually considered printed currency or digital currency that is not based on any blockchain. They do have their Fiat digital obviously, as we can bank online and move money around from one place to another and they don't physically move it.

But that isn't the same as being on a blockchain, where there is Proof Of Work or Proof Of Stake happening. That is probably the main difference I would say. You should look both of those terms up and read more on it.

[ivrynx]

Fiat is not backed by any commodity or asset, it can be created by just printing more, but in turn it will decrease it's value, a misconception is, once Fiat becomes obsolete, Bitcoin will be the dominant currency and will more likely to become like Fiat instead, one thing they are forgetting is that, Bitcoin is not only a currency, but an asset as well, there is a reason why people call Bitcoin gold 2.0, and that is because it has the traits of gold, but it is in the digital form.

[jatin729]

Bitcoin can't compete or replace with fiat, because still people more prefer fiat over bitcoin because of trust issue because we can't trust govt toward behavior against bitcoin. This is the reason bitcoin =/= fiat.

[cpfreeplz]

Flawless logic -.- and Internet is the new newspaper. That's where you get your news now right? So there you have it. Get off of your glorified newspaper and go do something productive.