Is Fiat Currency completely irrelevant to cryptocurrency

[Dexion]

fiat is not needed in crypto trading, and I think that gold will also be used for future life.

and crypto will get value from the public volume and legality of the world. I think that the crypto transaction activity will have a major effect on the market value of crypto.

[so98nn]

There are some believes that we might not necessary need fiat currency in trading cryptocurrencies.
My question now is If Fiat is completely irrelevant in the world, and gold do not back crypto, where will cryptocurrency derive it value from?

This is probably one of the most common criticisms that I hear about bitcoin. I think this is because many hardcore bitcoin believers at one point wanted this to happen, now its just a far-fetched expectation. More seasoned investors all agree that fiat and cryptocurrencies need to co-exist, which is currently happening. As for your hypothetical situation, we can only assume that Bitcoins would derive their value from the trust people have in them. But then again, its very unlikely to happen.

[nolestiket]

Fiat will always be relevant. The currency was not created to replace the fiat. It will be an addition. The type of plastic cards is now

[Silenox]

Fiat is only relevant because it is something imposed by governments, most people want some kind of security, not the freedom that the cryptos offer, and that makes them comfortable, and even complaining about the system they do not know that they are themselves has the power to change. It's still a long time before the cryptos have due recognition from the mainstream.

[andy_gpu]

I think that fiat has nothing to do with bitcoin like bitcoin to fiat, since bitcoin is a digital currency, and fiat is paper. And still the volume of bitcoin is limited, and there is no Fiat.

[Xlady]

Sad to say but Fiat is still very much relevant, at least for now. Bitcoin and cryptos haven't gained enough widespread acceptance as expected. So most of the things we do are still in Fiat. Till the time comes when we can comfortably pay for stuff offline with BTC,  Fiat is still very much relevant.

[uchiikina14]

There are some believes that we might not necessary need fiat currency in trading cryptocurrencies.
My question now is If Fiat is completely irrelevant in the world, and gold do not back crypto, where will cryptocurrency derive it value from?

For me fiat money is relevant to crypto because you cannot buy some altcoins if you not use your fiat money and in order to use the crypto you have to exchange it to fiat currency. Some do not accept the crypto cause they do not believe on it and they also think that it is illegal for me it is not true that crypto is illegal they say that they cannot see the crypto cause it is a digital form of money that is why they do not believe on it. They do not see the positive side of it. They are also afraid of using it. If they just see and understand the crypto then they will start to believe on it.

[Osakrita]

Nothing should back cryptos for it to have value, Fiats (acceptance by decree) are not backed by anything and yet we accept it.Bitcoin derives its power from those who use it, peer-to-peer

[Dudeperfect]

We are using Fiat currency just because we don't have another feasible option to pay the value of cryptocurrency. Technically, the value of cryptocurrency is derived from the trust of the community and it is denoted in the form of fiat units. Bitcoin or any other cryptocurrency has nothing to do with fiat currency directly. As we all know that, the price is determined by the law of demand and supply and that's how it should be.

[Osakrita]

Fiat will always be relevant. The currency was not created to replace the fiat. It will be an addition. The type of plastic cards is now

A lot of persons will always get it wrong that crypto was meant to destroy fiats, i believe there will be less tensions if can all see it as an alternative/addition rather than a substitute

[Umkar]

Fiat will always be significant for crypto currency. Fiat will always exist. In fact, the value of bitcoin and other crypto currency can only be measured in fiat. Because of the large volatility of the decentralized crypto currency, it can walk in any state only in parallel with the national paper money.

[poli_btc]

The majority of the issuance of crypto currency is limited and it is because of this that the value of the crypto currencies will be secured by demand for them. This system is much more perfect than fiat money.

[btcCoincart]

Fiat is juts fiat, there is nothing related between it and crypto currency like bitcoin or ethereum 

[IBGigglin]

Not yet.

The moment we can easily pay for everything with Bitcoin or other crypto is when my national currency becomes obsolete for my own uses.

[Harrow30]

There are some believes that we might not necessary need fiat currency in trading cryptocurrencies.
My question now is If Fiat is completely irrelevant in the world, and gold do not back crypto, where will cryptocurrency derive it value from?

The fiat is still relevant as at today as it gives you the equivalent value/worth of your cryptocurrency assets. And as a matter if fact and urgency to have it spent as it applies in your relevant areas of spendings and utilization.

[gidaahmad]

Cryptocurrency gets the value of every project they run. For example, ETH with the Ethereum Network and BNB projects with an Exchanger project. When crypto coins have their uses and demands, they will have value.

[jimmydvd]

There are some believes that we might not necessary need fiat currency in trading cryptocurrencies.
My question now is If Fiat is completely irrelevant in the world, and gold do not back crypto, where will cryptocurrency derive it value from?

if you have other coins and your value does not require fiat if trading on cryptocurrency is enough with your coin exchanger and then buy the coins you want for now BTC and ETH are worthy of investment because they have market power.

[korkor]

Fiat currency is very relevant to cryptocurrency for now. Most people buy cryptocurrencies with fiat currency, although cryptocurrencies are meant to replace fiat currency. For now, we can say fiat currency is backing cryptocurrencies....

[kastara]

There are some believes that we might not necessary need fiat currency in trading cryptocurrencies.
My question now is If Fiat is completely irrelevant in the world, and gold do not back crypto, where will cryptocurrency derive it value from?

in principle, not all of us need fiat money, in cryptocurrency trading we buy or sell our assets by exchanging them for the coins we want through transactions like this we can get the coins we want without using fiat money as we also have assets that we want to trade

[Harrisonimo]

There are some believes that we might not necessary need fiat currency in trading cryptocurrencies.
My question now is If Fiat is completely irrelevant in the world, and gold do not back crypto, where will cryptocurrency derive it value from?

I still believe the fiat is very much relevant as it creates a bridge between the two worlds. As a matter of fact, the fiats is what is majorly still being accepted everywhere now so it still makes the cryptocurrency relevant too.