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Author Topic: Is bitcoin actually protecting fiat money?  (Read 8749 times)
RealMalatesta
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June 23, 2019, 07:51:37 AM
 #121

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
The objective is really for them to work hand in hand, and not to compete with one another, the more cryptocurrency a user is able to acquire, and the more fiats that will be stored in the local ban and vice versa. There will always be need for both of them at one point in time.

without fiat, I don’t think any of us can be able to hold the cryptocurrency that we are holding today, and with the cryptocurrency, we will have lots of people that will trade with it in which when they need to spend it, they will still change it to fiat since we have less merchants now that are accepting cryptocurrency.

This is why I feel some government are not even threatened yet by crypto because they now any crypto holder will still eventually change it to fiat, it is only banks that are having issues, knowing that people may not store up their money in the banks again.

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June 24, 2019, 07:41:44 AM
 #122

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.
There fear they are having for Bitcoin is baseless, Because there is no way that Bitcoin can affect the fiat negatively. Let’s be truthful to ourselves, there is no way Bitcoin can be accumulated without first having some fiat to change to it, and the same way we still have to convert Bitcoin to fiat before we can spend it even if Bitcoin is programmed to be internet base, but it is not everyone that can use internet, we still have so many people that would rather prefer to make physical cash payment than online payment, and this is why Bitcoin was written to be an alternative payment to Fiat not to override Fiat payment function.
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June 25, 2019, 07:22:51 PM
 #123

It seems to me that Bitcoin very much attracts those who really plan to make good money using Bitcoin volatility.  To any state should have some kind of stability and confidence not only in tomorrow, And if Bitcoin is introduced into the economy of the state and if Bitcoin starts to shoot again in price as it was in 2018, then the country's economy may be in jeopardy.  First of all, it is necessary to increase the stability of Bitcoin.

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June 25, 2019, 07:42:50 PM
 #124

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.
I think the Bitcoin will not protecting the any other normal currency but the possibility in the future is also available with the help of Bitcoin the normal currency can be economically more powerful that's why I think it important for the future but right now I don't think like that.
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June 25, 2019, 10:37:04 PM
Last edit: June 25, 2019, 10:57:22 PM by Vaculin
 #125

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.
Even it have market inflation but it is not the reason that it wipe out fiat and also with crypto. We are holding the market and of course nobody could let it happen because if this so called inflation.

I think the Bitcoin will not protecting the any other normal currency but the possibility in the future is also available with the help of Bitcoin the normal currency can be economically more powerful that's why I think it important for the future but right now I don't think like that.
Will agreed with you. I don't know why people think of it besides, having crypto in our side is just an option to take of what we used.




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June 26, 2019, 04:08:43 PM
 #126

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.
The number of people like that is bound to increase, as the economy deteriorates and governments lose control of the chaotic system they have created people will begin to open their eyes and look for answers and solutions for their problems elsewhere and bitcoin will be there to offer them a solution to their problems as it is already doing in countries in which inflation is out of control thanks to the government and their policies, if we see something similar happening in a global scale I am sure you will see many people that will stop to care about fiat and they will care only about precious metals and cryptocurrencies.



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June 26, 2019, 05:45:23 PM
 #127

Not sure if it is protecting fiat money or destroying/limiting its usage (in a good way though). But, yeah it can help develop the total economy in a broader way. And care to explain how it is actually helping to stop inflation? People selling their coins when the price is higher mean more money is being flown in the system which in turn will cause expansion of the economy at higher rate, resulting in more inflation (its the same thing as open market operation where the government starts to buy securities).


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June 26, 2019, 06:07:41 PM
 #128

Definitely, we must understand that the state is afraid of cryptocurrency because of its instability.  In some countries, governments went mad because banks collapsed, and citizens suffered from it.  What will the government do when citizens suffer from cryptocurrency?  It seems to me that this should be solved in a legislative manner, in the first place to make legalization of cryptocurrency.

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June 26, 2019, 06:20:53 PM
 #129

Bitcoin most likely protects the fiat funds of its owners.  No one knows how much Bitcoin I have.  The government cannot impose its greedy paws on these funds, and I can use Bitcoin at any time for my personal purposes, without paying taxes or income.

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June 30, 2019, 02:17:22 PM
 #130

I think bitcoin has a long way to go before it can be that successful and it can affect the world like that, unfortunately for not there is not that many people involved, bitcoin is a global currency and there are 8 billion people in the world right now give or take which means there is going to be a lot of time and a lot of work to reach every single one of them.

However, bitcoin is on the way and we are getting stronger and stronger everyday, not just in price because we are just above 10 thousand recently but we have seen over 20 thousand before so its not even that important but there are more and more companies built around bitcoin and crypto that is making ton of profits and getting bigger which is the important part. Eventually bitcoin may protect fiat but not for a long while.
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June 30, 2019, 05:51:26 PM
 #131

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.
You can't inject wealth into the economy.
You can inject currency into the economy.
That create inflation.
The idea that injecting currency into the economy create wealth is wrong.
On the long run, it only unsettles the currency.


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.
Inflation can be cured by stopping the creation of currency out of thin air, by keystrokes.
This is Bitcoin's superiority vs. fiat money: its quantity cannot get increased arbitrarily
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June 30, 2019, 06:17:19 PM
 #132

The value of fiat money depends on the natural rate, which we will not cook, because everyone knows everything.  But if we say that the increase in paper money provokes inflation, then this process has real leverage to avoid bankruptcy by the country.  But what will happen if the state completely switches from Fiat to Bitcoin, which can fall in price by 90% within a year?  Of course, Bitcoin has a limited amount, but its price is unstable.

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June 30, 2019, 10:38:58 PM
 #133

Bitcoin most likely protects the fiat funds of its owners.  No one knows how much Bitcoin I have.  The government cannot impose its greedy paws on these funds, and I can use Bitcoin at any time for my personal purposes, without paying taxes or income.
Agree it is really good saving which can be saved as long as we want, but those who never share about their investment will not have to face any problem, when you have so much amount of money robbers will keep eyes on you at the same time you will have to pay huge taxes for it, but crypto currency is all time safe from these kind of acts, as it is the most anonymous investment.

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July 01, 2019, 12:45:40 AM
 #134

without fiat, I don’t think any of us can be able to hold the cryptocurrency that we are holding today, and with the cryptocurrency, we will have lots of people that will trade with it in which when they need to spend it, they will still change it to fiat since we have less merchants now that are accepting cryptocurrency.
Because fiat still handle all payment. that all people still calculate them cryptocurrecny into fiat.
For the next future, maybe when fiat replace by gold or bitcoin, it will be hold them assets use system gold investment. and then alot of merchants can be accept only cyrptocurrency like fiat value.

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ck343
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July 01, 2019, 12:01:50 PM
 #135

But if we say that the increase in paper money provokes inflation, then this process has real leverage to avoid bankruptcy by the country. 
The opposite is true: the increase in paper money provokes the bankruptcy of a country, as it destroys confidence in its national currency.
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July 01, 2019, 12:08:35 PM
 #136

But if we say that the increase in paper money provokes inflation, then this process has real leverage to avoid bankruptcy by the country. 
The opposite is true: the increase in paper money provokes the bankruptcy of a country, as it destroys confidence in its national currency.

Huge inflation leads to hyperinflation - and we can see that in Zimbabwe or Venezuela. Heard that there had been even a bank robbery in Venezuela, where thieves left worthless money in the bank vaults but took all the computers because they have a real physical value.

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July 02, 2019, 08:41:53 AM
 #137

It must be the government who actually protects the fiat currency. Bitcoin is also a currency but a digital one. It is also a medium of exchange. Printing too much money can lead to hyperinflation. Small-cap stocks can be prone to price manipulation based on trading volume. But, at sufficient volumes, cryptocurrencies with a fixed supply are practically immune to these tactics.

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July 02, 2019, 03:50:04 PM
 #138

But if we say that the increase in paper money provokes inflation, then this process has real leverage to avoid bankruptcy by the country. 
The opposite is true: the increase in paper money provokes the bankruptcy of a country, as it destroys confidence in its national currency.

Huge inflation leads to hyperinflation - and we can see that in Zimbabwe or Venezuela. Heard that there had been even a bank robbery in Venezuela, where thieves left worthless money in the bank vaults but took all the computers because they have a real physical value.
I remember that news as well and it is a perfect example of what happens when the citizens of a country let a government to do whatever they want without any kind of control, there are some economist that argue that since governments own the printing machine they cannot go broke and they make this argument so they can print as much money as they like but what they do not understand is that eventually people will stop using that fiat as it lacks one of the most basic characteristics of money, which is to be a store of value, and eventually that fiat will get replaced by fiat from other countries, crypto or even precious metals.



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July 02, 2019, 04:40:34 PM
 #139

the most basic characteristics of money, which is to be a store of value, and eventually that fiat will get replaced by fiat from other countries, crypto or even precious metals.

As well, what is worth noting - the fiat currencies lost this basic feature in order to fund their military (starting point - the Great War).

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July 02, 2019, 08:17:29 PM
 #140

In my opinion bitcoin and crypto coins are not here to protect fiat money, but i think is a good way to store money on bitcoin and hold it for long or until a profit is made, especially when a global economic crisis coming.
Yeah you are right it is not money protector but it is being use to increase our money, when you keep your money for long them it does not give you profit as you want from it but when you invest it in bitcoin it increases and gives your profit even more than double, so I can say bitcoin is money savvier for in forum of investment.

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