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Author Topic: Is bitcoin actually protecting fiat money?  (Read 8749 times)
princeyeboah
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June 20, 2019, 02:04:42 AM
 #101

Bitcoin was created to harness financial transactions and payment systems within companies, among individuals, firms, businesses etc under well decentralized platform. Fiat and Bitcoin share common features when it comes to payment of goods and services.

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June 20, 2019, 04:35:55 AM
 #102

Bitcoin was created to harness financial transactions and payment systems within companies, among individuals, firms, businesses etc under well decentralized platform. Fiat and Bitcoin share common features when it comes to payment of goods and services.
The popularity of bitcoin signifies that fiat and crypto are still related to each other, many people around the world involve in bitcoin transaction with mostly one common goal and that is to gain fiat money through bitcoin and there are some rumors that crypto currency will dominate in the near future and it is possible because the world are escalating its technology year by year.

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June 20, 2019, 05:38:21 AM
 #103

bitcoin may subconsciously have a protective function for fiat, but both have complementing characters and are walking hand in hand. bitcoin have a tendency of acceptance than fiat in the nearest future. and may be preferred to fiat by many. the presence of bitcoin alternates fiat and this is a protective function.

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June 20, 2019, 08:28:13 AM
 #104

well my opini fiat and crypto is not kill each other, its can be side by side, so i think even if crypto will famous in the future or will more demand on it. fiat still be there and not gone.
because many people still using fiat for small transaction, even we know the weakness is inflation, but doesn't mean fiat will not interested anymore than crypto.
crypto will not ruin fiat, it will be another way to avoid inflation.

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June 20, 2019, 04:12:46 PM
 #105

Bitcoin was created to harness financial transactions and payment systems within companies, among individuals, firms, businesses etc under well decentralized platform. Fiat and Bitcoin share common features when it comes to payment of goods and services.
The popularity of bitcoin signifies that fiat and crypto are still related to each other, many people around the world involve in bitcoin transaction with mostly one common goal and that is to gain fiat money through bitcoin and there are some rumors that crypto currency will dominate in the near future and it is possible because the world are escalating its technology year by year.
It is true that one of the main motivations to invest in bitcoin is to gain more fiat but that is because the fiat system is still dominant, if this begins to change then we will being to see people that will care only about their bitcoin holdings, in a way this is already happening since there are many whales which have as their only purpose to get more bitcoin, after all what it is the point of selling your bitcoin now for a price close to 10k if bitcoin will be worth many times that in a few years?



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June 20, 2019, 08:31:05 PM
 #106

Will not work like that, bitcoin is a crypto where we invest money and hold there to make a profit and wait until we get it, and is possible in future that crypto replace fiat money but will take time and need also governments to accept it.

I do not see here any sense: how can Bitcoin protect fiat? Bitcoin is virtual money, and it does not relate to traditional currencies. probably, those, who work with crypto, use fiat not so often and save it?

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June 20, 2019, 10:41:37 PM
 #107

I think at this time bitcoin is becoming a new field of work, so that more fiat money will move for investment or withdraw funds to fiat currencies. I think by making a wise regulation by the government, both of them can walk harmoniously and support each other
Actually what you say is correlated, that indeed between bitcoin and fiat need each other and reinforce each other. precisely with well-made rules about bitcoin, it will help many who want to invest in the bitcoin field and will increase transactions between the two and complement each other.

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June 21, 2019, 04:02:49 PM
 #108

in this case, I don't really know, but I think bitcoin supports the development of fiat. however, bitcoin is always associated with fiat. this helps someone's economy, or company. maybe if we think about it, bitcoin does support the development of fiat, because in the end, bitcoin is always associated with fiat.

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June 21, 2019, 06:49:58 PM
 #109

The biggest threat to fiat money is inflation. Inflation can be cured by injecting wealth into the economy and by that rising enough belief to keep the system afloat. This can be done for instance by occupying foreign countries and by that opening up new markets to the companies that are essential to the economy. Or this can be done by loose regulations with the derivatives markets, that will create wealth out of thin air and high hopes.

Can it be that pumping of the crypto markets is just another financial shenanigan created to keep the old system afloat?
They are creating new wealth out of nothing with cryptos, just like with derivatives. The made up wealth that is created, is actually backing the value of fiat. This would make sense why regulators seem so blind on goxdollars and tether.
still now the connection between the normal currency and the bit kind is not possible but maybe the future will be like that to protect the normal currency with the help of Bitcoin is definitely needed at that situation the statement will really true.

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June 22, 2019, 06:08:57 AM
 #110

I think unintentional is the right term for it, I mean we still can't prove it with data, its not something we can just calculate and put it on a database and show people like "this is how bitcoin protects fiat money" so these are all assumptions and not a provable point.

Moreover, even if we could have provide proof for it and showed people that bitcoin protected fiat, it still wouldn't be direct and would most probably be more like indirect ways of protecting it without actually working towards it. You can't just blame bitcoin for what people do with it, people use dollars or euros to do bad things as well and dollar is not blamed for that person doing something bad with it, bitcoin should not be blamed for protecting fiat because it is not trying to do that but people may use it for that.

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June 22, 2019, 06:17:01 AM
 #111

I think It is a good analogy but unfortunately not everyone owns Bitcoins.
It is more likely the choice of ones who are actually well educated , young , believes in taking chances and at the same time it's taking fiat out of the market.
Inflation , to cure it one should remember the hat they need to strike right at the weakest point that is , poor people.
Millions sleep hungry everyday and don't even have enough to go on a regular basis .
It is strengthening the economy , but might not be fighting inflation.



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June 22, 2019, 07:02:50 AM
 #112

in this case, I don't really know, but I think bitcoin supports the development of fiat. however, bitcoin is always associated with fiat. this helps someone's economy, or company. maybe if we think about it, bitcoin does support the development of fiat, because in the end, bitcoin is always associated with fiat.

I don't understand.

You see Bitcoin has no intrinsic value that is why Bitcoin is always connected or associated with fiats, without fiats, Bitcoin has no value. This helps someone's "economy" if they've invested in this crypto and I don't think it supports the development of fiat. We sell our BTCs for fiat, and they said that if that continues the value of fiat will be affected but I don't think so.

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June 22, 2019, 11:00:55 AM
 #113

How can you say that Bitcoin (BTC) protects FIAT currencies? some countries prohibit Bitcoin because they do not want to adopt Bitcoin in their country because they are afraid of having an impact on their country's economy.
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June 22, 2019, 06:00:29 PM
 #114

Don't think so but inflation on the fiat makes bitcoin to be much better year by year because the price of bitcoin will keep increase at the rate of inflation along with the actual increase in the demand.

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June 22, 2019, 08:10:23 PM
 #115

people, you should pay attention to the fact that we have a very low percentage of humanity’s education.  What kind of full replacement of fiat currency cryptocurrency can we talk about?  Today cryptocurrency is considered primarily as a means to generate income, and this income is transferred to Fiat.  There are very few cryptocurrency user enthusiasts who only think about projects and high technologies.

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June 22, 2019, 10:42:14 PM
 #116

i think its not , that really doesnt matter about cryptoccurrency protecting fiat, as i know maybe shift usage of fiat money for right now

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June 23, 2019, 02:12:15 AM
 #117

just dont think it related or linking , the cause of inflation of fiat are come from relations about country and goverment thing , hard to belive that bitcoin protect it

Some people or institutions already recognize that bitcoin is a digital asset. It's like gold, this is to protect the value of our assets from inflation and I think bitcoin is a store of value

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June 23, 2019, 03:05:04 AM
 #118

just dont think it related or linking , the cause of inflation of fiat are come from relations about country and goverment thing , hard to belive that bitcoin protect it

Some people or institutions already recognize that bitcoin is a digital asset. It's like gold, this is to protect the value of our assets from inflation and I think bitcoin is a store of value
I don't believe that also, fiat inflation has nothing to do with bitcoin, if fiat doesn't inflate it certainly isn't help from bitcoin itself.
bitcoin is not completely protecting fiat, even the existence of bitcoin makes fiat use decrease right?
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June 23, 2019, 06:23:29 AM
 #119

just dont think it related or linking , the cause of inflation of fiat are come from relations about country and goverment thing , hard to belive that bitcoin protect it

Some people or institutions already recognize that bitcoin is a digital asset. It's like gold, this is to protect the value of our assets from inflation and I think bitcoin is a store of value
I don't believe that also, fiat inflation has nothing to do with bitcoin, if fiat doesn't inflate it certainly isn't help from bitcoin itself.
bitcoin is not completely protecting fiat, even the existence of bitcoin makes fiat use decrease right?

Yes, bitcoin is not related to inflation. Bitcoin is running by its own network, and it's not connected to the fiat. But bitcoin can be connected to the fiat when we exchange bitcoin to the fiat. But I don't know if bitcoin is protecting fiat money because that is the economist jobs to find the other bitcoin function Grin



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June 23, 2019, 06:29:06 AM
 #120

i think its not , that really doesnt matter about cryptoccurrency protecting fiat, as i know maybe shift usage of fiat money for right now
No, because fiat is created by a centralized government, bitcoin is not, it's created to give freedom out from the control of the government so most likely it's the opposite will happen when the adoption of crypto will go mainstream.

 
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