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Author Topic: Bitcoin is independent? or depends on fiat currency  (Read 2509 times)
virendarnagpal
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August 18, 2018, 08:22:05 AM
 #1

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.

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talkbitcoin
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August 18, 2018, 08:34:20 AM
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 #2

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?














 

 

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rnssol
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August 18, 2018, 08:40:15 AM
 #3

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?
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August 18, 2018, 08:47:52 AM
 #4

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   

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August 18, 2018, 09:17:33 AM
 #5

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.

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August 18, 2018, 09:24:45 AM
 #6

It is independent but we value it in fiat at the moment. Everything is valued with something else. Otherwise you could not exchange it for anything.

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August 18, 2018, 09:30:48 AM
 #7

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   

This is true. Bitcoin is dependent in which dollar does not really matter on its market. People do not depend on the dollars in wjen to invest in bitcoin. The both of this has differences. If the time comes in which bitcoin became really a currency all over the world them probably the two will have a connection.

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August 18, 2018, 09:37:42 AM
 #8

Bitcion is really an independent currency which is in digital form ,it does not depends on fiat money because they are of different worlds ,the cryptos is in the digital world circulating ,while fiat money is circulating in resl physical world.
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August 18, 2018, 09:43:56 AM
 #9

bitcoin is an independent currency, but every state wants to measure it in its usual currency,it is clearer to many.In fact, Bitcoin is a completely different concept than the usual physical money.

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August 18, 2018, 09:51:36 AM
 #10

I don't think that the full price of bitcoin is determined by fiat money, as far as I know the price of bitcoin is determined by the investment and the bitcoin holder itself.
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August 18, 2018, 09:54:02 AM
 #11

bitcoin is independent when it comes to performing its task. The price however is dependent on fiat since bitcoin can also be thought of as a barter good. The only time it would be independent is when people say: "one bitcoin is one bitcoin" not "one bitcoin is $6000."

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August 18, 2018, 10:05:06 AM
 #12

Dollar is just the measure of unit for calculating the value of bitcoin and other crypto currencies. 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 of the market cap, supply and demand and more technical stuff related to the crypto.


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August 18, 2018, 10:06:07 AM
 #13

bitcoin is independent when it comes to performing its task. The price however is dependent on fiat since bitcoin can also be thought of as a barter good. The only time it would be independent is when people say: "one bitcoin is one bitcoin" not "one bitcoin is $6000."
As what i understand..Yes i agree on your statement that BC is independent in a sense that it is decentralized by any authority it has its own transaction. If we say dependent maybe when it comes money conversion because we have different money currency.

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August 18, 2018, 10:09:42 AM
 #14

As I know the price of bitcoin is determined by bitcoin holders, the more that buy bitcoin is more expensive and vice versa. so the influence of fiat money is not too large.
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August 18, 2018, 10:28:25 AM
 #15

We have transaction btc to fiat then vice versa so in some ways i think fiat rely to btc in buying still the price are base in users,traders and investors so we are the price of different digital currency and it really depends on us if we already have bitcoin or altcoins,Moreover better to save both fiat and bitcoin because they are good to secure of our financial in life

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August 18, 2018, 11:14:49 AM
 #16

There are many attempts to hope Bitcoin in the future will be monopolized, but that is only predictable. Being converted to currency rather than relying too much on currency.
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August 18, 2018, 11:18:52 AM
 #17

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.

This does not make sense, your house and car are valued in dollars, but they are not dependent on fiat.
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August 18, 2018, 11:30:16 AM
 #18

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 bitcoin is not dependent on the flat currency but its depending on the value of flat currency as people can not calculate so fast to calculate each and every transaction in bitcoins...So without flat bitcoins value cant be understood.
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August 18, 2018, 11:34:06 AM
 #19

Bitcoin relys on decentralized system and it's not depending on fiat currency in any way.
But Bitcoin needs some referal value to be compared with and to determine the framework of its value. But this is the only way that Bitcoin and other cryptocurrencies are tied to fiat currency economic system.

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August 18, 2018, 11:35:15 AM
 #20

concerning. I think if it does not become a fiat, then we will measure bitcoin in something else

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