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Author Topic: At which price would BTC get te currency we use, instead of $,€,... ?  (Read 147 times)
User365
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December 03, 2017, 12:07:10 PM
 #1

I am wondering at which price would we stop to measure a BTC in Fiat?

I mean if someone asks me how much money I have and if I tell him, I tell him f.e. 1000€ and I wouldn´t think how much my € is in $ and tell him the price in $.
At which price will people stop saying I have f.e. 1000$ in BTC, but just say I have 20 mBTC?

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December 03, 2017, 12:32:26 PM
 #2

I am wondering at which price would we stop to measure a BTC in Fiat?

I mean if someone asks me how much money I have and if I tell him, I tell him f.e. 1000€ and I wouldn´t think how much my € is in $ and tell him the price in $.
At which price will people stop saying I have f.e. 1000$ in BTC, but just say I have 20 mBTC?

I think the price should not have anything to do with the fact that we express our BTC in fiat.It is normal thing today as we can not pay most things necessary for everyday life in BTC.Maybe things will change when BTC becomes a common means of payment and when it is available in wide use.

One BTC is always one BTC,but his value is changing almost every minutes,I think it is in human nature to converts a smaller number into the larger numbers.When you say "I have 1 BTC" it not sound like you have to much,but when you say "I have 1 BTC worth 11000$" it sounds as if you have a lot more.

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December 03, 2017, 12:37:59 PM
 #3

The price will not be the measurement of the legalization of bitcoin in countries maybe in the world. I think it will be how bitcoin will be developed in the near future.

Bitcoin may be used in a lot of countries now but some of them are starting to be threaten by how it is being developed, bitcoin has a possibility of being a global currency, but the question is, is bitcoin ready to be as global currency? I think not. Then for now, we will still be relying on it's conversion to USD. You can use BTC instead of USD, they may not know the exact price but there are a lot of sites you can visit to check how much it is in USD or your country's currency.


 
 
 
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December 03, 2017, 12:46:49 PM
 #4

sooner or later but i guess not that fast, cause we still use fiat as our main currency i mean did you ussualy pay your rent with btc no right. Until we use cryptocurrency as main currency at all aspect ppl will still cal it like that

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December 03, 2017, 01:25:19 PM
 #5

For this to happen, crypto (ideally just one currency) would have to be used as almost all of the entire world's currency and people would have to hold large amounts of it each.

Otherwise, there will always continue to be significant price fluctuations as people move in between cryptos and other currencies.

Since it's unlikely that this will happen, there's probably no specific price at which BTC would be used to measure the value of items.

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December 03, 2017, 01:28:20 PM
 #6

The day we stop comparing BTC to fiat value doesn't depend on the price. It depends on how globally adopted/accepted bitcoin is. Even let's say, bitcoin is $1,000,000. Not because it's expensive it doesn't automatically mean that all stores/shops accepts it. The price really doesn't matter.

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December 03, 2017, 01:34:48 PM
 #7

That is not depending on price, some other things are relevant. Bitcoin is not designed to be a currency tied to any country or economy and can't replace fiat currencies, no matter the price. It's not functioning on a system or platforme that would allow to be a pillar of classic economy. Bitcoin will stay a cryptocurrency that could be used along with fiat currencies and sometimes as an alternative but it can't become mainstream currency. I think Satoshi never even wanted that.

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December 03, 2017, 02:42:57 PM
 #8

i think that it feels great to say, i have $10,000 instead of ; i have 0.80 btc.

i always liked the idea of having a lot of money, and now i am really living that movie, lmao.

But yes, maybe you are right, we need to consider to say that we have X amount of bitcoin, but mBtc? No, that is an useless term to call bitcoin, i do not understand why we have Bits-mBtc-mMbtc, etc, Satoshis are a good thing because we are reffering to the founder, and that is fine.

You are right, but maybe bitcoin is not very famous at the moment, and that is the main reason of why we dont use those terms.

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December 03, 2017, 02:48:11 PM
 #9

It's not about price... Bitcoin price will not remain same, so we will still have measue Bitcoin in fiat. If you will say that you have 0.2 btc for example, it will be difficult to understand, how much it's worth, especially for these people who aren't interested in Bitcoin and not following it's price. And if we have to buy something with Bitcoin, excange it or something else, we always need to check BTC/USD rate.
And especially, it's hard to understand how much is mBtc, bits and etc. Satoshi therm is great, it's something like a cents in fiat world.

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December 03, 2017, 02:57:41 PM
 #10

i think that it feels great to say, i have $10,000 instead of ; i have 0.80 btc.

i always liked the idea of having a lot of money, and now i am really living that movie, lmao.

But yes, maybe you are right, we need to consider to say that we have X amount of bitcoin, but mBtc? No, that is an useless term to call bitcoin, i do not understand why we have Bits-mBtc-mMbtc, etc, Satoshis are a good thing because we are reffering to the founder, and that is fine.

You are right, but maybe bitcoin is not very famous at the moment, and that is the main reason of why we dont use those terms.


I've thought about it before, the day when we start expressing things in terms of Bitcoin price, rather than in fiat price. I'd love for the day when BTC becomes the major pair, even, for example to look at a money changer's board and see everything listed against Bitcoin... USD/BTC, EUR/BTC, CHF/BTC... we probably will never live to see that day, even if it will come, but it'll be nice to know we were part of the very beginnings.

And agree: satoshis are good enough and will always be good enough for me. Today, 25 satoshi equals the smallest denomination in my local currency, so it's no longer implausible to think that even 1 satoshi will soon have economic value in some countries within a few years.

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December 03, 2017, 03:10:41 PM
 #11

Price doesn't matter, it's more up to the big merchand brands to accept BTC. Talking Ebay, Amazon.

They could do today, regardless of price or current fees. A simple thought, setup on available technology. For example if you use Amazon, you make purchases on a regular shedule. Buying things every month, or some unregular intervall of some weeks.
Like a credit card, but slightly different way around.
Loading up a ballance at Amazone, like transferring $100 value and buying $49.95 item. Remains either paid out as a "voucher" or staying onsite at Amazon.
The idea is to reduce the number of payment transfers neccessary, to reduce overhead.

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December 03, 2017, 03:26:51 PM
 #12

We would have to see a worldwide adoption of Bitcoin as a legal currency for that to happen. The moment we start measuring BTC instead of fiat currency is the moment fiat will most likely become obsolete. Also the cryptocurrency market would have to be less volatile and less speculative that it is right now. Since this is very unlikely to occur in the future, and replacing fiat around the world for BTC is pretty much impossible, I'd say there's no price at which everyone will stop using fiat currency to measure BTC.
But there are many online stores that accept BTC as payment and they don't use fiat currency as the measure of value, but of course, this is on a very small scale because it's targeted to a specific niche market.

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December 03, 2017, 03:36:48 PM
 #13

the price of bitcoin doesn't matter for this case. what matters is the stability of it. if it becomes stable enough like other common currencies such as USD, etc. then you can only mention how much you have in bitcoin and everyone would understand.

for example if i tell you i have $20, anyone who is using dollar knows how much that is worth. what i can buy with 20 bucks. can i buy a cup of coffee with it or a Lamborghini?
but if i tell you i have 0.002BTC or 200,000 satoshi, you will have to do some mental calculation before telling me if i can buy a cup of coffee with it or two or three??? and your answer will be different next week!

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December 03, 2017, 03:43:52 PM
 #14

I am wondering at which price would we stop to measure a BTC in Fiat?

I mean if someone asks me how much money I have and if I tell him, I tell him f.e. 1000€ and I wouldn´t think how much my € is in $ and tell him the price in $.
At which price will people stop saying I have f.e. 1000$ in BTC, but just say I have 20 mBTC?

This will happen when BTC is readily accepted as a currency in your country or the country you are in. Then you will begin to talk about prices etc in bitcoin and then people will understand what 1 btc is worth.

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December 03, 2017, 03:44:12 PM
 #15

Bitcoin is behaving like an asset not a currency - so we're always going to measure it in dollars, euros, pounds etc.

A new cryptocurrency might emerge that allows people to use it as a currency, but bitcoin isn't it.

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December 03, 2017, 04:31:12 PM
 #16

It is not important to measure with fiat, although currently the price of Bitcoin is still tied to the value in USD, but how to explain, how much in Btc for $1 USD, it would be very complicated.
So Bitcoin must have its own basis to be a currency, I have trust Bitcoin will be accepted globally later.

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December 04, 2017, 06:51:00 PM
 #17

i think that it feels great to say, i have $10,000 instead of ; i have 0.80 btc.

i always liked the idea of having a lot of money, and now i am really living that movie, lmao.

But yes, maybe you are right, we need to consider to say that we have X amount of bitcoin, but mBtc? No, that is an useless term to call bitcoin, i do not understand why we have Bits-mBtc-mMbtc, etc, Satoshis are a good thing because we are reffering to the founder, and that is fine.

You are right, but maybe bitcoin is not very famous at the moment, and that is the main reason of why we dont use those terms.


I think using the term mBTC would actually be a good idea, not because I like the term mBTC, but if you express a common commodity in BTC or Satoshi it´s not a common figure, while mBTC would suit just fine.

1 mBTC = 11.16 US$, so you could say you buy yourself a meal which costs 0.95 mBTC, quite a nice figure.

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