ParveZ219
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Merit: 10
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August 25, 2018, 10:15:33 AM |
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Bitcoin was created to provide independence from Government control to the users. But I think it is not so independent.
It depends on fiat currency especially the Dollar for it's valuation.
My question is ; we are measuring it's value in dollars. So is not it true that Bitcoin is dependent on fiat currency for it's existence?
Please share whatever views you are having.
Kindly correct me if I am wrong.
Bitcoin is totally Independent and doesn't depend on anything except internet. now we can say that Bitcoin depends on flat currency but just because of the value as normal people doesn't understand directly the value of Bitcoins and it's impossible to count in the Bitcoin in decimals every time and it will be in case of small transactions. No one is going to make transactions of one or two Bitcoins every time. So I can say that indirectly Bitcoin is dependent on the value of currency |
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"I'm sure that in 20 years there will either be very large transaction volume or no volume." -- Satoshi
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Asusnumbaone
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Activity: 246
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August 25, 2018, 10:44:35 AM |
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Bitcoin was created to provide independence from Government control to the users. But I think it is not so independent.
It depends on fiat currency especially the Dollar for it's valuation.
My question is ; we are measuring it's value in dollars. So is not it true that Bitcoin is dependent on fiat currency for it's existence?
Please share whatever views you are having.
Kindly correct me if I am wrong.
Bitcoin is independent currency because they have own system, transactions and values. Bitcoin can rise by itself and not by the economic. Bitcoin are not using by the country as main currency and these are the factors that bitcoin is independent. |
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farosa
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1 & 0 😏
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August 25, 2018, 11:03:05 AM |
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Bitcoin was created to provide independence from Government control to the users. But I think it is not so independent.
It depends on fiat currency especially the Dollar for it's valuation.
My question is ; we are measuring it's value in dollars. So is not it true that Bitcoin is dependent on fiat currency for it's existence?
Please share whatever views you are having.
Kindly correct me if I am wrong.
Because we cannot use it as a payment method. Accordingly, we have to exchange it to paper money we can use. We can not use the crypto only like the method of payment, but in other things crypto is protecting itself. |
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chocolah29
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August 25, 2018, 11:13:13 AM
Last edit: August 25, 2018, 11:48:23 AM by chocolah29 |
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Basically, btc is a currency and hence will always be measurer against currencies. I don't think this means btc depends on fiat but it is just a means of measuring its value.
Precisely. We just use to measure bitcoin value into dollar as it's the most acquire and established currency. Noticeably, if we won't use any currency to measure bitcoin we won't greatly appreciate its value. Don't take it literally. |
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Saveplus
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August 25, 2018, 11:33:08 AM |
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No its not tru bitcoinw as decentralized and its price value depends on the market those who are investing in btc.It is independdent and cannot depends on fiat currency it has its own transactions that cannot be tract by anybody else.
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tulezua
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August 25, 2018, 06:40:38 PM |
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Bitcoin is independent based on the decentralized system, independent of any fiat currency but we can use $ to buy Bitcoin and Bitcoin can also generate $. It is a circulating principle.
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Brenda Smith
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August 31, 2018, 06:21:49 AM |
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Bitcoin is an digital asset. And Dollar is a currency. One standard of currency is to be a unit of account meaning that money is used to measure value of asset. Bitcoin is an asset and its value needs measuring. Fiat money like dollar is just that measurement, not impacts the value or price of Bitcoin. Accordingly, we can't say Bitcoin depends on fiat. Fiat is actually just a measurement.
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Brandon Sousa
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August 31, 2018, 06:25:24 AM |
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If Bitcoin doesn't use fiat money to measure its value, how could you buy it, when everything in the world is measured by money? Bitcoin wasn't created to make fiat money vanish from this world, so it's nothing bad that Bitcoin depends on fiat money like that way. Actually, "depend" is not a precise word, because Bitcoin price won't change if fiat money has any changes.
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InboundMercury
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August 31, 2018, 07:08:50 PM |
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Though bitcoin is totally an independent subject and ruling in a virtual world but still its depend on the fiat currency because people still deal with fiat.
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Compiler
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Merit: 86
Community Manager
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August 31, 2018, 07:11:51 PM |
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I think that Bitcoin is independent, but there's a small part that they don't want use their Bitcoins and use their fiat. Whatever Bitcoin now is so top and we can pay in viral websites, and another's.
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Samuel Cofie
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August 31, 2018, 07:25:04 PM |
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I think all currencies are independent of themselves. Currencies having their equivalent value in another currency does not mean their depend on each other. it only indicate the value of one currency again the other.
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btcCoincart
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August 31, 2018, 07:26:50 PM |
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It depends on the demand of buying and selling on the market, and all of that will be related to fiat
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Osaaah
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August 31, 2018, 07:31:03 PM |
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Does increase in Bitcoin price affect the value of USD? or any other curreny? or
Does increase in USD? affect the price the price of Bitcoin or any other cryptocurrency?
That is certainly a BIG NO. !
I do not think Digital currencies are dependent on Fiat currency. I think they are just there to serve as a yardstick for effective measurement of actual value.
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richminded
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August 31, 2018, 07:36:22 PM |
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Bitcoin is independent based on the decentralized system, independent of any fiat currency but we can use $ to buy Bitcoin and Bitcoin can also generate $. It is a circulating principle.
Bitcoin is just being converted into $ since this is the most popular fiat money but of course its really independent since its function is to provide faster transactions without using any fiat money. Bitcoin will not depend on fiat money because for sure if Dollars weaken in value, bitcoin will still remain valuable. |
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Vsamuel
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August 31, 2018, 07:38:43 PM |
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I think the price of all cryptocurrencies are largely affected by fiat currency. For example if the price of US dollar depreciates it affects the price of all cryptocurrencies. Like, if the price appreciate the prices of cryptocurrencies also appreciate. Therefore, in simple sense i think the price of Bitcoin and all other crypto currencies affected by the price of fiat currencies on international trade.
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Afnan_faizah
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August 31, 2018, 08:33:49 PM |
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Bitcoin will not depend to any fiat currency only because people trade it with fiat. It's created to become a mediun of exchange so bitcoin should can be traded with goods directly. I think bitcoin is independent
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Sepertinya sudah waktunya, kalau menurut saya lebih baik lump sum sekarang. 30/01/2024.
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irsykes
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Vave.com - Crypto Casino
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August 31, 2018, 08:38:34 PM |
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Bitcoin was created to provide independence from Government control to the users. But I think it is not so independent.
It depends on fiat currency especially the Dollar for it's valuation.
My question is ; we are measuring it's value in dollars. So is not it true that Bitcoin is dependent on fiat currency for it's existence?
Please share whatever views you are having.
Kindly correct me if I am wrong.
i think bitcoin itself is independent, value only thing that created by market. Market work by users, but for bitcoin naturally itself is not get affected by anything especially fiat and Government. |
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sngwinner
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August 31, 2018, 09:00:02 PM |
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Yes, we measure Btc value with US dollar but does that mean it is under the control of the government?? I don't know what else you would want us to measure btc value with. It is true Btc depend on fiat even for a rise or fall in value because the more investors come into btc the more its value rise and so it is not independent just like any other thing.
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surbanaB
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Buy, sell and store real cryptocurrencies
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September 07, 2018, 04:00:57 AM |
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We have transaction btc to fiat then vice versa so in some ways i think fiat rely to btc in buying still the price are base in users,traders and investors so we are the price of different digital currency and it really depends on us if we already have bitcoin or altcoins,Moreover better to save both fiat and bitcoin because they are good to secure of our financial in life
As I think, it’s not really exact to say that bitcoin depends on fiat. First up, we should mention to the means of cryptocurrency and fiat, both of them are quite different. Bitcoin is developed by advanced technology. Probably, because fiat money appear sooner than digital currency, thus fiat is considered as an basic unit so that cryptocurrency or bitcoin can be realized about the value. In conclusion,both currencies have a slight relation in some cases. Two kinds of currencies are quite independent. Because bitcoin can develop without fiat and so does fiat. |
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semutracing
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September 07, 2018, 05:42:56 AM |
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in my opinion, it is conceptually that bitcoin is an independent digital currency and does not depend on fiat currency in development but depends on investors, and for now bitcoin still needs fiat currency because not all countries legalize bitcoin currencies
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