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Author Topic: Bitcoin is independent? or depends on fiat currency  (Read 2507 times)
Mrconnect
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August 18, 2018, 11:38:13 AM
 #21

There has to be a benchmark to measure the value of goods or any currency. Many other Fiat currencies are measured against the USD which, in my opinion, is good. If there was nothing to measure the Bitcoin against, then the value won't be there. The measure of commodities or stocks against the USD is a current practice and I do not see anything wrong with it. As a matter of fact, it doesn't take anything off the Bitcoin nor its independence. I hope this helps.
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gentlemand
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August 18, 2018, 11:40:14 AM
 #22

Everything has to be measured against something and the USD is a universally comprehended value.

The more pertinent question is how many people are interested in Bitcoin solely as a means to obtain more fiat currency? The proportion is probably incredibly high. Even people who've been at it for years might only be out for more dollars.

That might turn around and bite them in the years to come if they're all out.

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August 18, 2018, 11:50:05 AM
 #23

In our current financial system, the market value of any product is measured against the government legalized paper money or fiat. This is why the bitcoin value is measured against the financial system valuation otherwise, we might never know the worth.
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August 18, 2018, 11:51:29 AM
 #24

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.

Though it seems that to be visible Bitcoin is kindly related and dependent to the fiat, and it happens when investors were pushing their money through this community and investing is a way for this forum to work, when more money is being inserted to this forum the more that Bitcoin price will fluctuate and if investors hoard and keep their money the more, the lesser the Bitcoin may be, although it may not be the only reason to fluctuate always.

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cetald
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August 18, 2018, 12:02:19 PM
 #25

The dollar is the most popular currency on the planet. Therefore, it is convenient to measure bitcoins in dollars. But this does not mean that bitcoin depends on the dollar. If the dollar collapsed, bitcoins will be measured in another fiat currency.

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August 18, 2018, 12:02:33 PM
 #26

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.
Yes of course because it was intended to be as an independent digital money and that is the main purpose why Satoshi Nakamoto introduced Bitcoin for us all regardless of social status. Blockchain technology itself is independent as it is decentralized so for me Bitcoin is independent it only needs adoption. People invested huge amount of fiat money to Bitcoin just to have this what we called financial freedom which fiat money had failed to gave us.

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August 18, 2018, 12:25:33 PM
 #27

Bitcoin and other crypto currencies are mutually beneficial with fiat currencies. Bitcoin has its own market, fiat cant influence it. Bitcoin and fiat support for each other in the economic system. Bitcoin as an asset, fiat as a known exchange medium

zubrr51
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August 18, 2018, 12:27:19 PM
 #28

I think Bitcoin does not depend on fiat currency, but on the interest of investors who are willing to invest in it.

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cryptograce
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August 18, 2018, 12:34:04 PM
 #29

I think it is totally independent, you only convert to fiat if you want.
Kawatan Ug Manok
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August 18, 2018, 12:37:35 PM
 #30

Bitcoin is a dependent currency. You are generalizing it as bitcoin is only for USD but the fact is not. BTC is convertible to all fiat currency around the world. It is a standalone coin, it does not depend on any value of fiat currency. The opposite statement was, the value of USD>BTC will depend of the current value and demand of BTC in the market. Because that is the fact. Wink Grin

You can research it for more informations which may enlighten you.
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August 18, 2018, 12:38:19 PM
 #31

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 agree with your opinion, because in particular in my country bitcoin cannot be used for the real world like shopping at a store. bitcoin really depends on fiat currency, if bitcoin doesn't have dollar value, then cryptocurrency will die.

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August 18, 2018, 01:01:10 PM
 #32

I agree with your opinion, but I also want to know the opinion of everyone here.
so I will read all the answers from members here.

Juggy777
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August 18, 2018, 01:07:17 PM
 #33

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.

No it's not at all dependent on fiat, also bitcoins is valued in all currencies not only dollars, this has been done so people know the exact value of their trade. While it's pertinent to point that dollars are a universally accepted to value goods and services, and hence bitcoins is measured in value of dollars.

 It seems to me you're mistaken that we live in the Stone Age times, where we could have exchanged bitcoins directly and value it in satoshis, do you have any idea how much time that would consume, plus how would you value your earnings?

Bitcoins is independent of fiat and same goes for fiat, they're only used to ease the transaction and save time for all, and most importantly make people realise the value of their trade.

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FlightyPouch
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August 18, 2018, 01:10:47 PM
 #34

The dollar is the most popular currency on the planet. Therefore, it is convenient to measure bitcoins in dollars. But this does not mean that bitcoin depends on the dollar. If the dollar collapsed, bitcoins will be measured in another fiat currency.

It is not really the most popular currency but it is the most traded fiat currency that is why Bitcoin's common value of fiat currency is US Dollar, also not because it is convenient. Fiat are also the common currencies we use so there is no other things we can use to represent the value of Bitcoin expect using a fiat currency. If Dollar collapsed, dollar will still be used and with that Bitcoin will be having a great price in terms of USD.

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August 18, 2018, 01:26:11 PM
 #35

Yes, Bitcoin is a virtual currency, it does not completely depend on the flat. However, its appearance on the market must depend on the most commonly used currency in the world, the dollar. Today, Bitcoin prices determine the price of Altcoins, in other words, Altcoins depend on Bitcoin. For Bitcoin-dependent flats we need to wait a bit longer for Bitcoin to complete.
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August 18, 2018, 01:38:06 PM
 #36

Bitcoin does not depends on fiat currency, it stand independent as crypto digital currency ,circulating on its own , running on its own business and does not depend on any currency in outside world or in the digital world.

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August 18, 2018, 01:44:11 PM
 #37

Bitcoin doesn't depend on fiat, but we are using fiat to measure the value because not all things can be bought using bitcoin yet, and we are using dollar because its the global currency that usually people used when they do international transactions, and both of them got their own market and factors that make their price up and down, they don't relate at all

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August 18, 2018, 01:52:32 PM
 #38

When there is a demand, it will link into money indirectly.
Of course the more demand , the more expensive something will be. IMO , dollar is the most powerful currency around the world so it always being use for any commodity include btc.

BTC is independent investment tool but it's optional for the government whenever they want to legalize or not

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August 18, 2018, 01:54:11 PM
 #39

Yes it can be said that bitcoin is not an independent or decentralized currency. In different way it can be said that it is the digital  way of carrying the fiat currency, it may be usd, yen, euros, inr etc. And exchange rates can be seen on the internet.
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August 18, 2018, 01:54:53 PM
 #40

Not as you say, the price bitcoin not at all depends to dollar value or currency Fiat other. Bitcoin independent and its value, the users bitcoin own determine.
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