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.

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[ghosong]

Usually Bitcoin is measured in dollars to increase the value of its investment because the dollar is one of the most popular and powerful currencies in the world, but you can choose your own currency if the dollar is not your currency. There are many choices on coinmarketcap.com.

[zheniasom]

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. 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!!!!

[annaso]

Most people can only acquire Bitcoin with fiat. i.e. People rely on fiat currencies. Bitcoin does not. And when Bitcoin goes mainstream, people will rely less and less on fiat currencies. But currently, for bitcoin to achieve mainstream success, or much success in general as a currency, it relies heavily on the USD and other fiat currencies.

[TheUltraElite]

Usually Bitcoin is measured in dollars to increase the value of its investment because the dollar is one of the most popular and powerful currencies in the world, but you can choose your own currency if the dollar is not your currency. There are many choices on coinmarketcap.com.

That is just the price of bitcoin as per the fiat vs bitcoin trades happening in the market. It does not give any sort of inference that so much bitcoin is backed by so much fiat. Because that is not the case. Bitcoin itself is independent but for monetary and trading purposes we need to set a market capitalization and a price for common people to buy/sell it as an asset.

Think of bitcoin as something like a currency but not directly linked to fiat. Its independent but need fiat to be transacted. That is for the time being till bitcoin takes over fiat.

[winstonchurchillwar]

Bitcoin does not depend on Fiat money and I will say more, it is independent of everything that happens in the real world ! It depends only it is the domestic market news background and I think that even the SEC does not can affect it ! It falls because there is a correction and not because the government said so !

[ACCOUNTSTRADER]

I think that Bitcoin its independ... Why? it dont need fiat currencyes to be big, only need INTERNET  and users 

[BitcoinPanther]

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.

[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.

It's difficult for normal people or new people about the price of bitcoins..So we can say that indirectly crypto can be depending on the value of flat for local people's understanding.

[Ucy]

It is simply paired/measured against popular stable currencies like the fiat currency(esp USD). It doesn't really depend on dollar for its valuation.

Bitcoin is dependent on fiat currency for it's existence?

Would Bitcoin survive without fiat currency? Ofcourse! So what stop people from using Bitcoin without exchanging to fiat? Because there are convenient alternatives.
The absence of fiat would most likely force people to use Bitcoin peer-to-peer.

[CrucialTechnology57]

If we look at the system and structure of bitcoin then we must say it is totally an independent currency but still it depends on fiat because without fiat who people get involve in crypto.

[Rebellion359862]

Depends on the investment, not the money. Where it is possible to make money, there the man goes.

[nidacoinlove]

Usually Bitcoin is measured in dollars to increase the value of its investment because the dollar is one of the most popular and powerful currencies in the world, but you can choose your own currency if the dollar is not your currency. There are many choices on coinmarketcap.com.

The reason behind measuring Bitcoin in US Dollar is because it is the internationally recognised currency for all sort of international trade. Bitcoin is used on a large scale irrespective of the borders of any country around the world. Therefore, we need to express it's exchange value initially in dollar to all the users around the globe.

[spartanrules]

In this world everything depends on each other as currencies and cryptocurrencies. No doubt that if index of USD will increase, it will negatively affect on not only another fiat currencies, but also on Bitcoin.

[Descon]

It doesnt directly depends on fiat currency but its like a way to measure the value of bitcoin.

[dimbaba]

people will rely less and less on fiat currencies.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.

[Gonzaleti]

Usually Bitcoin is measured in dollars to increase the value of its investment because the dollar is one of the most popular and powerful currencies in the world, but you can choose your own currency if the dollar is not your currency. There are many choices on coinmarketcap.com.

Bitcoin is clearly independent, because not relying on paper money, wherever it is used, will be converted to the price of the country's currency. For example, bitcoin is used in the UK, this will convert 1 bitcoin worth how much poundsterling. In other countries it is also the same in national currency. Why should it be assessed with fiat currency, because bitcoin is not valued by goods. When assessed by goods, the value is ambiguous.

[ClackKendi]

Bitcoins are heavily dependent on the supply and demand of bitcoin and depend heavily on the cryptocurrency market between them relative to each other in terms of price and investment demand.

[Lexurenn]

Bitcoin in my opinion does not depend on fiat currencies. The fact that it's the easiest way for people to measure it for instance in USD deosn't mean something bad will happen with bitcoin if there was no USD.

[Yasinionela]

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.