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Author Topic: Bitcoin is independent? or depends on fiat currency  (Read 1204 times)
helern
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August 18, 2018, 02:08:19 PM
 #41

Everything that has value must be measured in value to what that is relatable that's why dollar is used, any other currency could be used as well but it doesn't mean that Bitcoin depends on Fiat in anyway
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August 18, 2018, 02:24:54 PM
 #42

If we compare the bitcoin rate to one of the fiat currencies, this does not mean that bitcoin has already become dependent in any way on this currency. To determine the value of something, we must determine a certain object or phenomenon with something to compare. If we say that the house is big, this does not give us a concrete idea of ​​its height. If we say: the house is 20 meters high, we compare it with the unit of measurement, which is the meter. This does not mean that if we compared the height of a house with the number of meters, then the house began to depend on this measure of length. If we say that bitcoin is very valuable, we speak in general and do not give a concrete idea of ​​its value. If we say that the bitcoin cost $ 8,000, we are already giving a concrete idea of ​​its value, because comparing it with another measure of value - the dollar. There can also be a reverse comparison and we can say how much the dollar costs in the amount of bitcoin. This is acceptable, because both the dollar and bitcoin have a cost function. However, they will not at the same time depend or influence each other in any way. These are just different cost measures.

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August 19, 2018, 11:24:36 PM
 #43

I think that Bitcoin now operates independently of cash. The cash flow is the official money market, while Bitcoin's circulation is the Cryptocurrency market. However, there is a synergy between Bitcoin and cash. When you want to use Bitcoin, especially in countries where Bitcoin is not accepted as a legal currency, you must change Bitcoin to cash.
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August 19, 2018, 11:38:51 PM
 #44

USD is only a barometer, this is like another fiat currency exchange. USD cannot control crypto values.

if USD controls crypto, crypto will be affected by global crisis and geopolitical factors.

besides, the exchange of USD against cryptocurrencies will make it expensive, but if the exchange of USD is to another fiat, it will create inflation.

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August 20, 2018, 12:00:28 AM
 #45

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.
Exactly. If bitcoins are decentralized and a currency itself then how can it depend on any other type of currency and why should it?

well, the truth is that we need something to compare it with, in case you are not aware the USD is compared against things like gold or crude oil in some case without those comparisons we can't make sense of bitcoin. so without gold or crude oil did you honestly think other nations will gladly accept the dollar for international trade

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August 20, 2018, 12:46:24 AM
 #46

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.
Your judgment is wrong about this, bitcoin does not depend on fiat currencies and vice versa.
they are different.
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August 20, 2018, 02:06:32 AM
 #47

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?
Yes good answer I think! every nations have their own fiat currency and always products considering by fiat currency.

Actually I've made that argument before. I'd buy that chicken for 50k sats! As long as it's cooked rotisserie chicken. It's a really good deal. I'd personally sell chicken for 125k sats.



Bitcoin doesn't depend on the dollar. I think the relationship is inverse. Just like any currency exchange. When you buy bitcoin the dollar's value against bitcoin falls and bitcoin's value against the dollar rises.


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August 20, 2018, 02:23:59 AM
 #48

And here comes a good debate. Allow me to stand my contradiction.

Bitcoin is not valuated on dollars. USD is merely a marker for us to easily understand bitcoin's worth.

You see, bitcoin is the one who dictates how much it is worth in US Dollars and not the opposite where USD dictates how much bitcoin it is. The USD can never dictate the ratio.

Last year's all time high of bitcoin even proves how independent it is. While the buying power of USD declines over the same season, the buying power of bitcoin grew tremendously in size. If bitcoin was actually dependent on fiat currency (and in this case the USD), bitcoin can never grow strength while USD is weakening. Would you not agree?




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August 20, 2018, 03:04:50 AM
 #49

There are many things which causes to bitcoin. Fiat currencies are the one thing. Other things are mining trading. Markets capacities etc. Mining is most important. All the transaction on bitcoin are Going through this. people are mining bitcoin because it is profitable. If the cost of mining is higher people won't be mining bitcoin. In simply we can say mining is depend on fiat currencies. Therefor bitcoin is depend on fiat currency.

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August 20, 2018, 03:17:07 AM
 #50

Yes Bitcoin depends on fiat currency, if no one spend his fiat money on buying bitcoin then bitcoin price would
be nothing.
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August 20, 2018, 03:39:35 AM
 #51

Bitcoin is already a common asset for payments between its users and that acceptance is rapidly spreading.
The bitcoin price is determined by the user so bitcoin and fiat interact, bitcoin and fiat depend both
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August 20, 2018, 05:40:06 AM
 #52

IF the people would shun the fiat system we would trade Bitcoin for gold/silver and goods and services.  The economy would simply replace the paper trash.  All we need to do is convince the people to make the switch. 

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August 20, 2018, 05:58:52 AM
 #53

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 it is depending on the value of the flat as normal people are calculating bitcoins by the value of their national currency and not by the decimals of bitcoins.

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August 20, 2018, 06:05:11 AM
 #54

Aint it better to be valued with the stronget currency?

And what else do you prefer to measure the value of it?
Whis world is all about the money and sure they want to know how much it is per USD. Why? That is the easiest method instead of saying bitcoin is worth 4 golds or 2 diamonds or a pile of metal.

Better look at it as a positive traditional way.

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August 20, 2018, 06:06:36 AM
 #55

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 me it is independent and not depending on fiat currency because it have a market. Market is the one who decide for it not the fiat currency so I can say that bitcoin is dependent.

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August 20, 2018, 07:19:44 AM
 #56

i think Bitcoin is no dependent on fiat, 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.
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August 20, 2018, 07:55:36 AM
 #57

Okay, what else can we measuring bitcoin? Gold is also priced in dollars, but this also means that it depends on the dollar! Right?
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August 20, 2018, 09:51:00 AM
 #58

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 you have to find more knowledge about bitcoin and its functions, trade and investment.
I just want to comment on this post being mistaken in other words, your logic is very limited. so try to explore again

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August 20, 2018, 09:57:43 AM
 #59

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.

of course bitcoin has an independent nature that cannot be set by anyone, including companies or countries, which is why bitcoin has a volatile nature. because this is bitcoin doesn't depend on fiat currency, of course you don't understand about this because that's why you really need a broader insight.

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August 20, 2018, 10:12:03 AM
 #60

If we compare the bitcoin rate to one of the fiat currencies, this does not mean that bitcoin has already become dependent in any way on this currency. To determine the value of something, we must determine a certain object or phenomenon with something to compare. If we say that the house is big, this does not give us a concrete idea of ​​its height. If we say: the house is 20 meters high, we compare it with the unit of measurement, which is the meter. This does not mean that if we compared the height of a house with the number of meters, then the house began to depend on this measure of length. If we say that bitcoin is very valuable, we speak in general and do not give a concrete idea of ​​its value. If we say that the bitcoin cost $ 8,000, we are already giving a concrete idea of ​​its value, because comparing it with another measure of value - the dollar. There can also be a reverse comparison and we can say how much the dollar costs in the amount of bitcoin. This is acceptable, because both the dollar and bitcoin have a cost function. However, they will not at the same time depend or influence each other in any way. These are just different cost measures.

With all the respect to your words.  You said house is measured in meters.  So to measure the height of a house require meter; centimers; mili meters. 
Whether meter also requires to be measured in some other thing?  I say no.  When we say meter ; we understand how much long or high it is, but when we say house ; we need to measure it.

When we say one dollar , that is just one dollar, nothing else.  But when it comes to crypto currency or bitcoin; when we say one bitcoin; everybody just wants to know how much dollars he can have for it. 
That is just I want to say friend.  Smiley




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