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Author Topic: Bitcoin is independent? or depends on fiat currency  (Read 1599 times)
melkola
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August 21, 2018, 05:37:49 PM
 #81

Bitcoin is an independent currency and it is very pleasing. Its independence is proved by the fact that its price does not react to economic events on which Fiat money depends so much. This is very good and very happy. Soon I hope the dollar will collapse and maybe cryptocurrencies will go to a new level of turnover.
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August 21, 2018, 05:39:38 PM
 #82

Bitcoin depends on the manipulation of people who have a large amount of crypto currency in their hands.

Bitcoin also depends on USDT. After the release of new coins, bitcoin grows

EmmaBen
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August 22, 2018, 11:01:18 AM
 #83

Why should bitcoin depend on fiat currencies when the idealogy behind bitcoin's innovation is meant to scuttle the cooperate financial organizational fraud, and deep state manipulative tendencies sometimes carried out by huge financial bodies and some really powerful economies, which are themselves centralised. Bitcoin is meant to be decentralised, opposing the current financial structure which is centralised and thus give immense power of wealth control to a few over many. Because now you use fiat currency to purchase bitcoins doesn't make it dependent on that fiat currency. If I use a dollar to by groceries, does it make the biological function of groceries - which is feeding - dependent on the dollar?

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Impulseboy
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August 22, 2018, 11:14:10 AM
 #84

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?

I agree with you on this. It surely is still dependent on fiat currency in a way and it might continue to do so. For now there is little to no other way to exchange bitcoin other than fiat.
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August 22, 2018, 12:10:37 PM
 #85

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 measuring its value in dollar because dollar is one of the leading fiat currency in the world, and because crypto currency is a digital currency that be converted to fiat that has a good value in price. and not just bitcoin but all crypto currency are measuring in dollar. how could it be change if you measure this bitcoin in a low value fiat money? do you think it will be change/swap?

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FlightyPouch
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August 22, 2018, 12:13:59 PM
 #86

bitcoin measuring its value in dollar because dollar is one of the leading fiat currency in the world, and because crypto currency is a digital currency that be converted to fiat that has a good value in price. and not just bitcoin but all crypto currency are measuring in dollar. how could it be change if you measure this bitcoin in a low value fiat money? do you think it will be change/swap?

Dollar is not the "leading Fiat currency" in the world, USD is just a fiat that is mostly used on trading the reason most of the values and prices of crypto currencies are based on USD. Also, it does not mean that Dollar are the best converted fiat since you can convert your crypto currency in any fiat and it will be staying the same.

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August 22, 2018, 12:15:39 PM
 #87

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.
As you can see, the established fiat system is almoat irreplacable. Technology still got a long way to go before it can achieve the maximum usability for the mankind. Also, the complement of the scale of dependence that you are talking about is Bitcoinization. It is which an era that extinguishes the whole fiat system. To that end, I think that bitcoin will stay in its current state for a few more years.

johny1512
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August 22, 2018, 12:20:24 PM
 #88

Yes you’re right the main purpose of btc was freedom or tax heaven or to use it for exvhange of money for illegal activites for which government can not allow anybody to use currency .. darkweb is one of those
nicko122
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August 22, 2018, 12:33:47 PM
 #89

In our world, much depends on ordinary money, in particular, from the dollar. And this definitely will not change in the near future.
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August 22, 2018, 12:35:46 PM
 #90

Bitcoin is independent and not a thread to USD, pound sterling or to any other fiat currencies all around the globe. Cryptocurrencies were not made to destroy fiat currency but this is made to complement the fiat currencies to overcome its weakness which is the monetary deflation due to economic collapse or ultra-inflation of fiat.

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August 22, 2018, 12:39:41 PM
 #91

Bitcoin was created to be a currency revolution, a currency capable of eliminating the problems of the flat currency encountered. However, flat currencies are still the number one in transactions, as there are many places in the world of economics and online trading facilities are backward, so leaving Bitcoin to replace flat currencies takes a lot of time. . In addition, the problem that needs to be resolved now, is the Bitcoin price is too low, which is what we are concerned. And replacing the flat I see is not possible.

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Taya Afi
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August 22, 2018, 01:01:54 PM
 #92

Hello. I think that bitcoin will not become completely independent, simply because elementary technical devices are needed to use it. these devices above primarily buy. and they will be bought for Fiat. The process of providing the population with such adaptations can be delayed. most of all I believe in the symbiosis of fiat and crypto currency. A huge amount of news and events makes me think that way. For example, Union Bank AG from Liechtenstein plans to issue a digital currency, the value of which will be tied to the Swiss franc. According to the representatives of the bank, this is the first such case in history.

ranman09
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August 22, 2018, 01:05:54 PM
 #93

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?

Agreed but not only fiat it also measurable in other cryptocurrency or even tokens. We can still use bitcoin to trade for other stuff we wanted depending on the demand and how smart we use it. The best example is the first usage of bitcoin, in exchange for a pizza.


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DennyPen
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August 22, 2018, 01:09:17 PM
 #94

Bitcoin isn't directly tied to fiat money, so it's a totally separated asset.
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August 22, 2018, 01:09:29 PM
 #95

independent. and bitcoin will not be related to anything, including fiat. in fact every time fiat is in inflation or deflation, it has no effect on bitcoin. and every bitcoin has fluctuations, it also doesn't affect fiat.

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August 22, 2018, 01:10:30 PM
 #96

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 the fact that it is valued in dollar does not make it dependent on it. A universal currency is needed for adequate valuation, thus dollar was chosen. Just like gold and world trade market is valued in dollars.

Bitcoin is independent and it is not affected by whatever issues/challenges that might affects dollar in the world trade market.


Gramna
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August 22, 2018, 01:39:47 PM
 #97

From what I know, Bitcoin is an independent currency, it was created to be decentralized, not controlled and manipulated by any government or any institution. But for the mean time, we are seeing that the value of Bitcoin is always converted into fiat currency for people to earn from it.

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gabmen
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August 22, 2018, 02:08:58 PM
 #98

independent. and bitcoin will not be related to anything, including fiat. in fact every time fiat is in inflation or deflation, it has no effect on bitcoin. and every bitcoin has fluctuations, it also doesn't affect fiat.

Well i won't say it's not related to anything though. What you said may be effective years from now when btc is used as it is for transactions. Right now, for a lot of investors, it's about btc's dollar equivalent that they're looking at. It would probably take a few years before we real independence from fiat.

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August 22, 2018, 02:32:24 PM
 #99

i think bitcoin depends on fiat currency,but it depend not much.
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August 24, 2018, 09:05:13 AM
 #100

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.

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