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freightjoe (OP)
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November 23, 2017, 06:56:06 AM |
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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.
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jseverson
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November 23, 2017, 08:28:09 AM |
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Fiat is currency, but not all currencies are fiat. Fiat is, by definition, issued by governments as legal tender. No government has the power to issue Bitcoin. Therefore, Bitcoin isn't fiat.
Bitcoin is deflationary, so I have no idea what you're talking about.
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vfrcbv911
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November 23, 2017, 08:33:54 AM |
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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.
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pawel7777
Legendary
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Activity: 2478
Merit: 1580
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November 23, 2017, 08:36:54 AM |
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The Bitcoin followers keep saying the Bitcoin is a new currency.
If that is the case then by definition it is fiat.
You what mate? Explain |
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freightjoe (OP)
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November 23, 2017, 08:52:16 AM |
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Bitcoin is deflationary, so I have no idea what you're talking about.
No. It is inflationary, as the forks act as a de facto inflation mechanism. And unlike the central banks where there is a decision process, inflation in Bitcoin happens whenever someone feels for making their own fork |
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GrandBcn
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November 23, 2017, 08:56:50 AM |
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As far as I know, no country has supported bitcoin as a national currency. The individual shops that accept bitcoin for payment are a drop in the bucket, they can accept eggs, acorns, Zimbabwe's currency, or whatever else that only for them is valuable. From this, all these means of payment will not become a fiat. Inflation is an economic concept. I do not know how to fix it to bitcoin. Demand and supply as market factors, but not inflation.
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coolcountry
Member
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Activity: 154
Merit: 11
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November 23, 2017, 09:02:02 AM |
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The main point is, fiat currency is issued by an authority, and bitcoin is not. Unless the architecture of bitcoin changes completely, bitcoin will never be fiat.
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GrandBcn
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November 23, 2017, 09:03:45 AM |
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Bitcoin is deflationary, so I have no idea what you're talking about.
No. It is inflationary, as the forks act as a de facto inflation mechanism. And unlike the central banks where there is a decision process, inflation in Bitcoin happens whenever someone feels for making their own fork When we talk about paper money, we can talk about inflation. The government and the national bank can issue money indefinitely. The more money is not supported by real growth of the economy, the higher the inflation. Bitcoin will end in I do not remember which year. It has an end. He is not infinite. Its price is not supported by the development of gross domestic product. |
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FlightyPouch
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November 23, 2017, 09:09:14 AM |
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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.
I think they are just saying that it is the new currency because it is becoming popular and widely accepted in some countries. Bitcoin is not really a currency but a digital currency in which it is decentralize and volatile. Bitcoin is used in some payments and others, if you search the meaning of currency it is a currency that is being used in a country as a their main means of payment and not only that, currency also means that it is accepted or being used. Bitcoin is not a main currency of one country but it is accepted as such. |
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peynman
Newbie
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Activity: 43
Merit: 0
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November 23, 2017, 09:09:37 AM |
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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.
Bitcoin is different from fiat currencies, and they cannot be equal. And if bitcoin may soon become the new currency, it will act more way different than fiats. And remember that by definition of definition, it was more like a statement. |
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laetitiavh
Newbie
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Activity: 47
Merit: 0
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November 23, 2017, 09:15:48 AM |
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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.
Bitcoin is different from fiat currencies, and they cannot be equal. And if bitcoin may soon become the new currency, it will act more way different than fiats. And remember that by definition of definition, it was more like a statement. I think they are all currencies and they have the same features at all so somehow you could compare one to each other to see which one is more potiental and better than another. |
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sukamasoto
Legendary
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Activity: 1148
Merit: 1006
Black Panther
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November 23, 2017, 09:18:33 AM |
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Bitcoin is alternative currency so it's different compare fiat. But as we can see bitcoin have same function as same as fiat so for who still early know bitcoin will consider bitcoin as currency.
But for me as long as bitcoin can be use as transaction then bitcoin can be consider as alternative fiat !
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Janation
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November 23, 2017, 09:23:39 AM |
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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.
I think you don't even need to stick with the definition of currency, if you really know bitcoin, it is just a common sense. Bitcoin is not issued by the government and it cannot be the main currency of one's country but why do people say that it is a currency? Currency also means "the fact or quality of being generally accepted or in use" , bitcoin is being popular and being accepted by many countries by now, some even legalize bitcoin, so we can say that it is a currency but not a fiat. |
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awawo
Member
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Activity: 406
Merit: 13
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November 23, 2017, 09:26:29 AM |
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Fiat is currency, but not all currencies are fiat. Fiat is, by definition, issued by governments as legal tender. No government has the power to issue Bitcoin. Therefore, Bitcoin isn't fiat.
Bitcoin is deflationary, so I have no idea what you're talking about.
You have said it all, the difference between bitcoin and any other faint currency is they legal tender. |
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escrow4acc
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November 23, 2017, 09:29:27 AM |
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I do not understand how you can overcome the limit of 21 million, if all 21 million Bitcoins? Fiat tied to a particular state, is in the form of paper, coins, or gold bars, but it is controlled by the state, create it.
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Awnar
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November 23, 2017, 09:30:33 AM |
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Bitcoin is alternative currency so it's different compare fiat. But as we can see bitcoin have same function as same as fiat so for who still early know bitcoin will consider bitcoin as currency.
But for me as long as bitcoin can be use as transaction then bitcoin can be consider as alternative fiat !
And right now, their are many businesses either online or IRL are accepting bitcoin as payment. I have yet to see some altcoin payments because for now bitcoin is the most famous coin suitable for payment. Cryptrading is allowed in our country but not most of the citizen are aware of bitcoin. If the transaction wont take long, i would totally in bitcoin than in fiat in most cases. |
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diguyo
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November 23, 2017, 09:46:51 AM |
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It's not and it's not even close.
Until you can go to the local supermarket or market stall and pay for anything in bitcoin, until you can pay your mortgage or get a haircut....it's not on a par with FIAT.
People need to understand, we, as a community, are the minority...we are early adopters of this 'asset'...the majority of the population is still wondering 'what is a bitcoin?'...hell you don't even see older generations using contactless or mobile banking, they don't get it and they don't trust it....so bitcoin is a long long way away from being equivalent to FIAT.
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RahulRana
Newbie
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Activity: 55
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November 23, 2017, 09:50:04 AM |
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Fiat is the currency but all currency is not fiat.
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oscarrsm
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November 23, 2017, 09:57:58 AM |
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You will excuse me, but this is deliberately illiterate in terms of economic concepts. Perhaps you mean something when you say "inflation." However, I do not understand what exactly. The increase in demand leads to a price increase. Demand will not fall, as more and more people around the world want to have bitcoin. But it is limited to a certain number.
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freightjoe (OP)
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November 23, 2017, 09:59:24 AM |
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Increasing the supply of Bitcoin is prohibited and it would lead to inflation. Bitcoin is decentralised so every decision needs to be accepted by the vast majority of its users. Fiat will be never as good as Bitcoin. Nobody can't control Bitcoin unless someone has at least 51% of the hashrate.
Wow the inconsistencies in here. Nothing is "prohibited". Do you have a Bitcoin "law" that cannot be changed? No, of course not. Bitcoin is decentralized so decisions have to be accepted by a majority. Exactly. And a majority can decide to go beyond 21 mill. Nobody can't control Bitcoin unless someone has at least 51% of the hashrate.
Here you are literally contradicting yourself within the same sentence. You are saying someone can control Bitcoin, they just need to have 51%. |
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