StarKay (OP)
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March 03, 2018, 12:00:35 PM |
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Bitcoin, apart from being the first major acceptable cryptocurrency, also plays the enviable role of being used in major Exchanges to pair other cryptocurrencies.
This no doubt increases the demand for Bitcoin and thereby making it more valuable.
I will like to know what will happen to Bitcoin when it looses this position to fiat or other cryptocurrency?
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alyssa85
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March 03, 2018, 12:03:18 PM |
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That's actually an excellent question.
I would think that alts with their own fiat pair would decouple from bitcoin, and bitcoin transactions would reduce even further.
You can already see some of this effect on the Korean exchanges, where all the alts they list trade against the Korean won. There are quite a few alts on Kraken that trade against EUR and USD too.
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StarKay (OP)
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March 03, 2018, 12:10:44 PM |
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That's actually an excellent question.
I would think that alts with their own fiat pair would decouple from bitcoin, and bitcoin transactions would reduce even further.
You can already see some of this effect on the Korean exchanges, where all the alts they list trade against the Korean won. There are quite a few alts on Kraken that trade against EUR and USD too.
Little Exchange like Bitflip is also doing this, I think Bitcoin developers should start thinking of the scenario where major Exchanges stop using Bitcoin for trading other cryptocurrencies. We should find a major use for Bitcoin aside for pairing other cryptos. |
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DarLim11
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March 03, 2018, 12:19:34 PM |
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I think it will just lengthen the process of exchanging an altcoin to bitcoin. You will transfer it first to usd then transfer it to bitcoin. It will just add hassleness in the process. The pair made by exchanges was made to ease the trading of altcoin to bitcoin.
If that happen bitcoin might lose its place in being the number one cryptocurrency. The altcoins will not be attached to bitcoins might result to unpopularity of bitcoin and independence of altcoins will happen.
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aoluain
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March 03, 2018, 12:46:41 PM |
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All the exchanges pair a certain amount if crypto to USD,
Coinbase offer $ and € for bitcoin, litecoin, ethereum and bitcoin cash.
Pairing everything else to bitcoin indeed increases its useage and
reducing this will have an effect.
I suppose exchanges will do whatever the masses require and what
They see as majority profit but I think and hope that the masses care to
Hold and trade with BTC
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mk4
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March 03, 2018, 12:49:21 PM |
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If that happens to be the case in the future, then I think certain cryptocurrency's prices won't depend on btc's price that much anymore. Meaning, bitcoin can rise or fall without affecting other coin's price that much.
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Direwolve735
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March 03, 2018, 01:00:34 PM |
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If that happens to be the case in the future, then I think certain cryptocurrency's prices won't depend on btc's price that much anymore. Meaning, bitcoin can rise or fall without affecting other coin's price that much.
Not only will the price of Altcoins be less dependent on Bitcoin's rate. Altcoins will become significantly more independent in all respects. Their price will increase, they will come to a new level and will cease to be associated with people with something secondary, a replacement for Bitcoin. For Altcoins this would be a chance to reveal their potential. They will become more supported by the fiat money that investors will invest in them. |
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bit-freedom
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March 03, 2018, 01:37:12 PM |
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If the exchanges really tie altcoin prices against fiat, I believe Bitcoin volume will decrease and bitcoin price will fall due to this. With lesser bitcoin transactions due to trading, bitcoin fees will decrease as well.
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VitKoyn
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March 03, 2018, 01:40:01 PM |
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If exchanges will create a trading pair for fiat on all types of cryptocurrency, it will take a hit to Bitcoin price, for the reason that most cryptocurrencies are dependent to Bitcoin because before you can buy other cryptocurrencies, you will have to use Bitcoin to purchase it on exchanges. But it will be good for altcoins because they will become independent, so whenever Bitcoin price goes up and down the price of altcoins will not be affected anymore. We have seen some exchanges that already have fiat pairs on some altcoins like ETH, LTC, BCH, etc... it is because of the liquidity and most altcoins don't have that much trading volume so they still have to depend on Bitcoin.
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dothebeats
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March 03, 2018, 01:51:01 PM |
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If this happens, a lot of useless, money-grabbing cryptocoins would emerge taking the money out of users who bought in to their so-called project. I don't think this will even be a viable business model at all, and the chances that the government would be accepting such an exchange for their license is close to nil. Lots of people would surely use these exchanges as it is one way to avoid the route of buying bitcoin > transfer to exchanges since it will net them more fees if they did the latter. Bitcoin transactions will not wane, though there is a possibility that volume would be decreased given that most people will just opt to use cash in trading crypto.
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BrewMaster
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March 03, 2018, 02:01:48 PM |
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if you take a look at the different markets you can see that has already happened. there are fiat markets such as USD and EUR,... for multiple altcoins. for example there are LTC/USD markets out there on a lot of major exchanges.
if you also check the volume of these markets they usually are lower than their counterparts (eg LTC/USD vol < LTC/BTC vol most of the times).
in short, this is not just "by chance" that there are not fiat markets for all altcoins. so what you are asking will never happen. and when it happens it has no effect on bitcoin. and the reason is simple, people who invest in altcoins are doing it to make more bitcoin. they didn't buy bitcoin to invest in altcoins, instead they bought bitcoin to have bitcoin now they want to invest that bitcoin and make profit on it. in other word the demand for bitcoin is not going anywhere even if exchanges made new pairs with fiat.
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There is a FOMO brewing...
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Jaya912
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March 03, 2018, 02:11:07 PM |
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That's actually an excellent question.
I would think that alts with their own fiat pair would decouple from bitcoin, and bitcoin transactions would reduce even further.
You can already see some of this effect on the Korean exchanges, where all the alts they list trade against the Korean won. There are quite a few alts on Kraken that trade against EUR and USD too.
I am sure that the transaction using bitcoin would much less compare from before. Its happen because normally the transaction all going to bitcoin but now goes to fiat. |
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StarKay (OP)
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March 03, 2018, 02:40:54 PM |
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if you take a look at the different markets you can see that has already happened. there are fiat markets such as USD and EUR,... for multiple altcoins. for example there are LTC/USD markets out there on a lot of major exchanges.
if you also check the volume of these markets they usually are lower than their counterparts (eg LTC/USD vol < LTC/BTC vol most of the times).
in short, this is not just "by chance" that there are not fiat markets for all altcoins. so what you are asking will never happen. and when it happens it has no effect on bitcoin. and the reason is simple, people who invest in altcoins are doing it to make more bitcoin. they didn't buy bitcoin to invest in altcoins, instead they bought bitcoin to have bitcoin now they want to invest that bitcoin and make profit on it. in other word the demand for bitcoin is not going anywhere even if exchanges made new pairs with fiat.
Presently, most demands for Bitcoin comes from its use as a link between Fiat and Altcoins. I am advocating that we should envisage a time when fiat can be traded directly with altcoins, we need a platform where Bitcoin will be independent of Altcoins and will still be highly demanded. |
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ukw
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March 03, 2018, 02:49:07 PM |
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Bitcoin, apart from being the first major acceptable cryptocurrency, also plays the enviable role of being used in major Exchanges to pair other cryptocurrencies.
This no doubt increases the demand for Bitcoin and thereby making it more valuable.
I will like to know what will happen to Bitcoin when it looses this position to fiat or other cryptocurrency?
I think then the interest in it will decrease, which will lead to a drop in its price and perhaps greater stability for all the crypto currencies. But in general there are different options if this happens.  |
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cryptorTUX
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March 03, 2018, 02:55:43 PM |
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Bitcoin will still exist it could dip a bit more in terms of dominance of the whole crypto market but it can't keep up forever. On the other hand I like the idea of Atomic swaps and decentralized exchanges because for these 2 it is hard to put fiat in. Decentralized exchanges aka DEX are the future if you ask me as we can not trust any 3rd party with our money and thus since we are moving towards them there will still exist crypto to crypto trading pairs.
I mean today you have situation for instance with binance which has many alts that can be traded for Ethereum, not only bitcoin and this is the case with some other exchanges as well.
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ganlianshifu1
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March 03, 2018, 02:57:04 PM |
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This happens to altcoins!
This will cause the BTC's trading volume to drop, the price of BTC will also fall, and the price of altcoins will also fall! Legal tender is used frequently in transactions, which is bad for the development of digital encryption market.
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Carlsen
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March 03, 2018, 03:03:57 PM |
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I do not think that pairing fiat with every altcoin would make a big difference to what we have now. The major altcoins can often already be traded against fiat.
And as soon as you have bitcoin, you can trade that against every other altcoin. The fees that have to be paid for that additional transaction usually are not very high.
Most people only want bitcoin, because it is by far the biggest brand under the crypto currencies.
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imyashir
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March 03, 2018, 03:13:11 PM |
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If such an event happens, other crypto currencies may be exchanged by fiat affected by bitcoin. Bitcoin is now the slowest transaction because many will find fast transactions such as ethereum, ripple and neo. Will be Fighting Transaction fee and process speed. Many low-cost and fast-transaction altcoins are likely to be able to recover from falling prices and rise again.
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BrewMaster
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There is trouble abrewing
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March 03, 2018, 03:16:57 PM |
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if you take a look at the different markets you can see that has already happened. there are fiat markets such as USD and EUR,... for multiple altcoins. for example there are LTC/USD markets out there on a lot of major exchanges.
if you also check the volume of these markets they usually are lower than their counterparts (eg LTC/USD vol < LTC/BTC vol most of the times).
in short, this is not just "by chance" that there are not fiat markets for all altcoins. so what you are asking will never happen. and when it happens it has no effect on bitcoin. and the reason is simple, people who invest in altcoins are doing it to make more bitcoin. they didn't buy bitcoin to invest in altcoins, instead they bought bitcoin to have bitcoin now they want to invest that bitcoin and make profit on it. in other word the demand for bitcoin is not going anywhere even if exchanges made new pairs with fiat.
Presently, most demands for Bitcoin comes from its use as a link between Fiat and Altcoins. I am advocating that we should envisage a time when fiat can be traded directly with altcoins, we need a platform where Bitcoin will be independent of Altcoins and will still be highly demanded. and it am saying even if that happens most people would still buy bitcoin and use that to buy (invest in) altcoins so that "link" that you are talking about is not going to be broken because of the reasons i said above. it is not bitcoin, it is not lack of these markets, it is not the "link",... instead it is the altcoins themselves. the altcoin market is treated as Penny Stocks and it is not taken seriously. |
There is a FOMO brewing...
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Similificator
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March 04, 2018, 08:13:33 PM |
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Bitcoin, apart from being the first major acceptable cryptocurrency, also plays the enviable role of being used in major Exchanges to pair other cryptocurrencies.
This no doubt increases the demand for Bitcoin and thereby making it more valuable.
I will like to know what will happen to Bitcoin when it looses this position to fiat or other cryptocurrency?
Hmm... Pretty interesting thought you have there pal. To be honest, the only thing that I can see happening to bitcoins when exchanges ever decided to also pair any other alcoin out there to fiat, is a big problem for bitcoins and a huge decrease in its price. Although I do not think that it will cease from existence, I think it will really balance out the whole crypto world. But this can be avoided if the developers find a way to make a use for bitcoins that will really take interests from the masses other than the purposes it serves today. |
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