Bitcoin is independent? or depends on fiat currency

[Dudeperfect]

Bitcoin is definitely the independent currency but when it comes to the valuation we must give or mention the value in something that is already valuable for us. Since US dollar is widely used and popular, we usually denote the price of Bitcoin in US dollar but technically no one is stopping you from denoting the price of Bitcoin in gold. However, that is something more complicated to calculate and hence we use the denomination witches simple to calculate.

Exactly Dudeperfect. Bitcoin can be denoted using any valuable assets but complicated computations might not work out easily.

Moreover, the dependence of valuation will perhaps remain till the day we see bitcoin to be as liquid as fiat. That said dependence will only diminish as bitcoin becomes widely accepted as payment for virtually everything and anything. When we are able to use bitcoin itself to pay for electricity, water and other utility bills. When you can go pick up your grocery and pay with your bitcoin wallet alone. When school canteens will accept our children's daily school allowance in bitcoin. Perhaps then, and only then, the fiat dependency will go away.

I do see exponential growth for the Bitcoin in the coming decade but I believe that in any case, it won't vanish the traditional fiat currency. Since cryptocurrencies are based on the internet and the basic knowledge of using technology is required, it is not possible for everyone at this stage to adopt cryptocurrencies. We don't have impressive literacy rate especially when it comes to the technology, and hence shifting the focus from traditional fiat to modern decentralized payment system is always the ongoing process.

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[Shakiraroyce]

Just imagine if this would have been start of the new era and where bitcoin itself was the currency then what would you measure it with?

May be with something that we understand more as valuable. Like give me two ounce of bitcoins? and I would have understood ounce because

I already know its weightage. So this was all about the value measurement.

When it comes to the actual value that it gets, then its because of the dollar investment in it but the really price is because 

The market cap, supply and demand and more technical stuff related to the crypto.

[TheUltraElite]

Independency transactions an innovative idea for better future

What does that even mean my friend? If you have some good idea in mind do share with us so we can all discuss about it. Dont make such comments about things that you have wild fantasies about but are far from reality.

Just imagine if this would have been start of the new era and where bitcoin itself was the currency then what would you measure it with?

That is a problem. It has always been measured against fiat because it is maximally traded against it. But there is no inherent value of bitcoin but the trust among the users of the network in the technology. Neither do the miners control the chain. The people who use it, trust it more than the traditional banking systems and hence its popularity in solving many economic problems.

[Rune]

Bitcoin is still Dependant on fiat for now it is just not accepted enough by enough people.
In the future when it is more independent people wont need to relay on fiat as much.

[LDenis555]

It still can not be called dependent, but probably the currency and the moment depends on something, but bitcoin is a special case, bitcoin is a strong currency, and she can move on.

[NelfiNovita]

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 an independent currency but if the value of fiat currency rises bitcoin also experiences the same thing, I think they are interrelated because the value of bitcoin will rise if the value of the dollar is also high and that is because most of it is disbursed in dollars.

[ParveZ219]

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 does not depend on anything except the internet through which the transactions will go on but we can say it indirectly depends on flat currency because many people do not know the value of Bitcoins so just to make them understand the value of Bitcoins we need to compare the value of Bitcoins with the value of flat currency so we can say that Bitcoin depends in directly on the flat currencies

[ribowo76]

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.

In my opinion, you misperceived. Bitcoin does not depend on any currency at all, the value of pure bitcoin depends on supply and demand. Fiat is just for value equality, not because bitcoin depends on fiat. Crypto exchanges in my country, every crypto traded, paired with IDR. Not that crypto depends on IDR currency

[Qwerts]

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.

It is true that bitcoin is independent because it has a decentralized nature and it does not rely heavily in paper money. Bitcoin relies in investments made by people, and because of this, it also heavily relies in people. We users are the barometer of how the market will fluctuate because we are what makes the market. Bitcoin is independent and that is why people love this, because the government do not control any of the transactions that were being made.

[hajimasan]

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.

In my opinion Bitcoin is fully independent from any type of the another things in digital world but still here we can see that price of the Bitcoin depend upon the another factors like Fiat currency and another some demands in the international market .
so here we can see that Bitcoin is not dependent to anything but its price is dependent at many factors .
when the demand of the Bitcoin get down in the cryptocurrency market then the value of Bitcoin get also down and in the opposite when the demand of the Bitcoin increases then its price also increases which is usual in everything type of assets ( whether you are in share market , cryptocurrency or any practical life thing ) .
But hair dependency of Bitcoin with the Fiat currency is totally independent but if we will analyse the price of Bitcoin with the fluctuation of Fiat currency then we will find that only about 0.1% to 1% chances are there that can impact over the price of Bitcoin , indirectly we can say that there is no connection between the Fiat currency value with Bitcoin price .
Sometimes when a negative news runs in cryptocurrency market then that results into down in the demand of Bitcoin and that results into dump in the price of Bitcoin and vice versa with positive news .

[Kim Addington]

It depends on us. Using bitcoin as an investment vehicle to make profit in fiat currency then yes. If we use it in our economical circulation then we won rely on it so much.
E.g. -Pay for bitcoin. Make profit due to bitcoin rise. Sell bitcoin. Here we rely on fiat currency
-Pay for bitcoin. Make profit due to bitcoin. Pay for rent, groceries, transport. Here we keep the bitcoin alive

[April Ford]

No, because there will always be a certain percentage of people who do not want to use bitcoin for whatever reason. It is clearly extremely important that people should have the freedom to choose and not be forced to use any currency against their will. The ideals of freedom and liberty are embedded in bitcoin's history and it would be massively self-contradictory to deny anyone the freedom to choose an alternative crypto, or fiat , or some combination if they so prefer rather than bitcoin.

[Naughty Princess]

Yes it is dependant as per my understanding, although I am not very experienced. The value of BTC increases when there is more investment and more people are buying BTC. Usually it is measured in Dollar because it is one of the famous and powerful currency in the world, but you can select your own currency if dollar is not your currency. There are a lot of options in coinmarketcap.com   

That is how we find bitcoin as expensive because we measure it on fiat of every country. We cannot say it is expensive without a comparison to any currency. Bitcoin depends on the value of currency and depends on every currency around the world because even fiat has different value into another country.

[Kolikalex55]

Well, this is a extensible concept because in fact bitcoin does not depend on Fiat money, it is a new kind of digital economy, calculation ! But the most simple and interesting thing is that you can buy it only on the established currency and sell as well)

[Trustor]

Since Bitcoin is not backed by any country or government so it is not a fiat currency. Bitcoin and its value is simply backed by its competitive race in the market by people. It is not a promise of pay by any authority and its rules and regulations too are independent of any law and hence it does not depend on any fiat currency.

[Sumo]

Now we can not use bitcoin as a currency, so we have to transfer it to Fiat. This is logical, since bitcoin is still too young. Its implementation as a currency is yet to come, so long as Fiat is helping him.

[hsyncl]

Bitcoin is definitely an independent investment tool. Because there is never any loss or rise in the currencies of governments. They are not affected by them. On the contrary, I think that the currencies of the governments will be affected by bitcoin.

[fattyforhire]

It is not necessary to use Fiat to work with bitcoin, but we have no other choice if we want to sell a coin, for example, or understand how much the cryptocurrency costs at the moment. But all this is temporary, and if bitcoin continues to develop actively, the need for Fiat will disappear.

[SAYDAKHMETOV]

Everything in this world depends on something. And bitcoin is no exception. Why he reached the level of 20 thousand dollars. Why did he fall back to 6 thousand dollars. Of course he is addicted. Whether we want it or not, politics has always influenced and will influence the exchange rates in the world.

[maksimukr1989]

Now all calculations are conducted in dollars.Because it is a world currency and is used everywhere.It is illogical and stupid to link the dependence of cryptocurrencies to the dollar.