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Author Topic: Bitcoin is independent? or depends on fiat currency  (Read 2916 times)
semutracing
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September 07, 2018, 05:42:56 AM
 #141

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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September 07, 2018, 05:46:28 AM
 #142

We can't say because the value of Bitcoin is measured in USD that means its not independent of fiat. We still have to pegged it to a currency to know the worth. Fortunately or unfortunately what the world uses is USD. There is actually no harm in pegging it to USD. Bitcoin growth has not been hampered in anyway because it's pegged to USD. It has grown in leaps and bonds since 2009. Whether we like it or not our fiat currency is not going anywhere in a long time.

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Miklight88
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September 07, 2018, 06:10:41 AM
 #143

Fiat is very important to Bitcoin , I don't see Bitcoin exist without fiat , we use fiat to measure it's value and buy to sell it, so with out fiat I don't know what could be use to measure the value of bitcoin , so in other words Bitcoin depend on fiat .

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September 07, 2018, 06:12:41 AM
 #144

i dont think it depends on any other currency.. if it depends then it does not depend on only dollar .. it will depends on other nations currencies too

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September 07, 2018, 06:15:45 AM
 #145

Fiat is very important to Bitcoin , I don't see Bitcoin exist without fiat , we use fiat to measure it's value and buy to sell it, so with out fiat I don't know what could be use to measure the value of bitcoin , so in other words Bitcoin depend on fiat .

bitcoin can exist even without fiats because the developer only uses a code in order for them to create bitcoin and blockchain technology . thats why i can say that bitcoin is independent .  it is also independent because it is decentralize in which no one holds or controll it not even banks or governments . but the value of bitcoin is surely depend on the demand and supply caused by people and those people uses a fiat to be able to purchase bitcoin , so fiats is somehow invovled in this cycle .

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September 07, 2018, 06:25:44 AM
 #146

While we appraise bitcoins price in usd they can not be independed.
We need something other to measure bitcoin price

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September 07, 2018, 06:28:37 AM
 #147

bitcoin is totally independent.People rely on fiat currencies. Bitcoin does not. And when Bitcoin goes mainstream, people will rely less and less on fiat currencies.
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September 07, 2018, 10:36:41 AM
 #148

Yes, it is still very early to talk about the independence of bitcoin from Fiat money.We are at the very beginning of the development of these technologies.And free themselves fully from Fiat, I think manages only our children) And we now must do everything possible to to bring this time.The exchange rate has no direct impact on the price,only when cashed.A complete rejection of the Fiat is only possible when switching on the blockchain.

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September 10, 2018, 10:59:47 AM
 #149

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.
We all know that bitcoin is a decentralised crypto currency and thus there is no such proper authentic regulating body who could keep eye over all the bitcoin activities so bitcoin is completely a independent currency in itself and as there is no such governing body over bitcoin therefore sometimes it is being use for many illegal activities but still bitcoin is many times better than Fiat currencies and instead of depending on Fiat, bitcoin is threat to these Fiat currencies.
Yes I agree on that, I believe that bitcoin is really independent anyone can use bitcoin any country can use it and any individual can also use it. I believe that there is no company that holds bitcoin it depends upon the volume of investors it is not depends on country or anything. So totally agree that it is an independent currency.
I also agree with this. Bitcoin has its own sovereignty but it is shown with dollar. It is like a company having the company's face rather than its CEO. With this kind the bitcoin will be more known and understand well. It does not depend because dependence deals with cannot stand alone with it. Fiat is just the representation for bitcoin.
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September 10, 2018, 11:41:41 AM
 #150

Bitcoin is independent of fiat money. It is on its own. I think that those people who own it can manipulate its price.

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September 10, 2018, 12:40:01 PM
 #151

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.

For now Bitcoin is not the main currency, according to that we can say it depend on USD. You should see it as a currency. Imagine, you say EUR depend on USD and it isn't free. The shape of your view should be change.



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Asantewaa2000
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September 10, 2018, 01:02:21 PM
 #152

Actually bitcoin is independent, comparing or standardizing bitcoin with other currency does not mean it's dependent. The reason being that you can't use BTC physically as we expect and therefore you have to convert into an acceptable medium, for me I see dollar as been lucky to be chosen.

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tsinelas
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September 10, 2018, 01:03:35 PM
 #153

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.
Economy in the physical world is dependent on the interventions of every country. Countries trades with the other country, Bitcoins value also depends on the value of fiat because we are converting it, but as an actual value of bitcoin it is not. It is independent in terms of transaction features.

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September 10, 2018, 01:11:11 PM
 #154

The dollar is popular, so bitcoin is compared to the dollar. But bitcoin does not depend on the dollar. That is, the dollar rate does not affect the bitcoin rate. But at the same time, bitcoin depends on the mood of the global financial market.

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September 10, 2018, 03:04:25 PM
 #155

I can say with certainty that the instability of national currencies affects the rate of bitcoin.

The course of the crypto currency is influenced by economic factors that reduce confidence in traditional currencies, as well as numerous sanctions and strict economic control by the authorities.

Crypto currency is still a very risky and volatile asset, which has an extremely uncertain future. But today tokens make up a strong competition with depreciating fiat money due to the incompetence and corruption of central banks and governments.
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September 10, 2018, 03:54:03 PM
 #156

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 not dependent on flat currency but indirectly it's dependent because many people don't know the value of Bitcoins so we need to make them understand the value of Bitcoins by comparing it with the value of the flat currency so you can say indirectly that Bitcoin is dependent on the value of flat currency and not the fact currency.
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September 10, 2018, 04:02:17 PM
 #157

Although not too independent, but the use is independent. Because bitcoin users are free to control their money and are free to send anywhere without limits without having to have authority in it

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September 10, 2018, 04:09:47 PM
 #158

we are measuring it's value in dollars. 

and what would you suggest we use to measure its value? it is the 21st century, we measure value of literary everything in fiat, those in US measure it in USD, those in Europe measure it in EUR, those in China measure it in CNY and ....

that doesn't mean it relies on fiat. would you like us to go back a thousand years and measure value of things like bitcoin in goods? like saying 50000 satoshi is equal to 1 chicken?

Well, that is a smart answer! Great answer!

At present, all valuables are valued and measured with fiat money, in other words, all depend on fiat currency. Obviously, that is the way we determine everything right now.

I think, what is meant by the independent nature of Bitcoin is the fact that bitcoin does not depend on the government, Bitcoin runs without the central authority or third parties.

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September 10, 2018, 04:20:56 PM
 #159

Both bitcoin and fiat depend on each other. When bitcoin is bought for fiat, its price grows, capitalization increases. At this time fiat loses its value in relation to bitcoin. The same circuit works in the opposite direction, so they both depend.

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September 10, 2018, 04:23:09 PM
 #160

I don't think that fiat money can affect Bitcoin's price somehow. Maybe Bitcoin will affect the price of fiat money in future Cheesy
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