Bitcoin is independent? or depends on fiat currency

[hash25]

Bitcoin and fiat currencies do not affect each other. Bitcoin stands alone does not depend on fiat currency. This is evident from the fluctuations in bitcoin prices that are not affected by fiat currency fluctuations. Bitcoin prices are also not affected by the price of other crypto currencies. Precisely bitcoin is the guideline for the price of other crypto currencies. Bitcoin as the king of crypto currency influences other crypto currencies and has nothing to do with fiat currencies. Although it is not related but its presence is complementary. Both bitcoin and fiat currencies have advantages and disadvantages in different ways.

[pakhitheboss]

Bitcoin is dependent on Fiat. It's value is determined by Fiat. You do not have any other way to measure the value of any commodity.

It is a cryptocurrency which means it only works on the internet. But in actual world it is still dependent on Fialt.

It is decentralized which means it cannot be controlled by the goverment nor any individual entity. This is the reason why Goverments of many countries have Banned Bitcoin trading. This proves that Bitcoin is providing independence from Government control to the users

[gadimbrut]

bitcoin is not dependent on fiat USD or EUR, fiat money just to measure the value of bitcoin does not mean bitcoin depends on USD. bitcoin is independent not dependent on government or national currency

[LyQaN]

According to me Bitcoin is somehow indirectly depended on the fiat money.I am not saying that value of Bitcoin is affected by any of the fiat currencies but in many countries Bitcoin is still not legal.So the people working with Bitcoin have to convert their BTC's into the fiat of their country.In this way Bitcoin is depended upon fiat.

[KonstantinosM]

Bitcoin is dependent on Fiat. It's value is determined by Fiat. You do not have any other way to measure the value of any commodity.

It is a cryptocurrency which means it only works on the internet. But in actual world it is still dependent on Fialt.

It is decentralized which means it cannot be controlled by the goverment nor any individual entity. This is the reason why Goverments of many countries have Banned Bitcoin trading. This proves that Bitcoin is providing independence from Government control to the users

No, Bitcoin is clearly independent. As it was earlier stated by user BitcoinPanther, when the bitcoin price was soaring, the purchase power of the dollar was falling. So the value of bitcoin is independent of the value of the dollar.

Also the value of commodities is independent of the value of the dollar. A hamburger is going to be valuable regardless of the value of the dollar because of consumers wanting it. Dollars are just pieces of paper, there is no scarcity to them. Bitcoins are nothing but ledger entries but those ledger entries represent a whole lot of work so bitcoin stores value.

Dollars don't really store value but are forced into acceptance by the government.

Bitcoin is clearly superior, we don't have a government forcing it into usage and it's still used to capacity. Just wait till layer 2 solutions spring up and watch the bitcoin soar while the dollar stagnates.

[pragna]

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.

Actually you can not compare it with dollar. Every thing you have to measure with a currency that we can understand loss or profit. As dollar is an international standard to understand anything internationally so we measure BTC with dollar. But BTC is unique digital currency and we should not compare it with fiat currency.

[bots1]

Bitcoin has its own stage, its value cannot be compared to fiat like Dollar, Euro, even Yuan but to measure value. easier to use fiat than gold or gems. bitcoin can be influenced by the value of a country when the country has 50% or more of bitcoin stock but when people want to use bitcoin to trade between countries, anyone can buy bitcoin. so, pure bitcoin is affected by supply and demand not regulated by fiat or the state.

[Argoo]

It can not be asserted that bitcoin depends on fiat. It simply compares to conventional currency so that people understand its price. To say a certain number of bitcoins, or even more satosh, it means nothing to people. To determine the value, you need to translate it into the usual cost measures for us. However, this does not mean that bitcoin will depend on this measure of value, which is the dollar or the euro.

[Kasliono]

Maybe you are not wrong that bitcoin is depending on fiat currency, but it is for now. When all of people already accept bitcoin as a currency, then we don't need fiat currency anymore, so fiat currency will be dissapear from the world. i strongly believe that it would be happened in the future.

[Epimetheus]

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.

Yes, Bitcoin is a independent currency. Bitcoin is world first decentralised digital currency which means it doesn't under control of any kind of authority or government terms and conditions. It is totally different from fiat currency. In some countries bitcoin is independent of fiat currency. In those countries bitcoin use directly for shopping, tickets booking or for various other things. But in some countries like India, Bangladesh etc bitcoin does not used widely or many people doesn't use it so in those place bitcoin first convert to the fiat currency then it use.

[rasp]

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 can exist without dollar and any other fiat since it's independently generated in blockchain and posesses its own value as an almost perfect means of payment.
We compare BTC to USD just because we need to have an idea of how important btc is in a particular moment of time, but that relationship doesn't mean that bitcoin somehow depends on dollar.

[T o x i c a l]

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 that everything is quite the opposite - bitcoin was created in order to make this control more easier. I hope you know that bitcoin is not anonymous.

[hajimasan]

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.

Indirectly Bitcoin is dependent over fiat currency at some extent but not directly because here volatility due to price and economic changes in the fiat value can give change in small percentage .
But if we will analyse it fully then we will found that there in no direct relationship of Bitcoin dependency with Fiat currency .

[stiffbud]

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.

Bitcoin is a decentralised currency so it is independent currency. It does under control of any kind of authority or government or person. And it users also doesn't under control of any kind of authority. But it is depend upon fiat currency. With out fiat currency it is nothing. Many people use it transaction facility to transfer for their fiat currency in the form of bitcoin and bitcoin also use as a medium for fiat currency exchange. In many place bitcoin is not use directly, in order to use it, it first have to convert into fiat currency.

[Toraokun]

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.

So when you want to sell your Bitcoin, what kind things you want to get equally to your one Bitcoin ?
It's like changing your currency to Fiat currency, or changing Fiat currency to gold with same values or trade it to get thing you want.
I don't know why you thinking this in first place.

[happyme1818]

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.

You can say it is dependent today in fiat currency because majority of retail stores are still relying in fiat currency. Fiat value is only use to identify the value of Bitcoin today but it is totally dependent in terms of appreciation and depreciation of its value.

[syaripudin]

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.

maybe your perspective says about how to invest in bitcoin. and you are acting it can only be done with fiat currency like in Dollar, if you think so it might be included in logic. but you need to know that in a coin market there are certainly many other types of crypto and you can buy bitcoin from other coins.

[MAJICOIN]

We can buy crypto through fiat and if fiat is fully eliminated from the world then those who have not yet crypto who will give them the crypto so i think that crypto is dependent upon fiat up to some extent and now the big investors are also using fiat to buy crypto and ICO investors are also investing through Dollars and other currencies.

[ObroQ]

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 not necessarily dependent of fiat. Fiat is a scale, a unit of measure for bitcoin. As long as fiat is the main unit of measure, everything will be scaled to that.

[Benatiabayer]

Bitcoin is a decentralized automated program that means no one can control it. This marks the beginning of the end for fiat currencies. This contrasts with the fiat currencies that can be printed as desired by their central banks. This makes Bitcoin a deflationary currency, while fiat currencies are inflationary. The fact that Bitcoin is a real alternative to fiat currencies could accelerate the collapse of fiat currencies around the world that some economists had predicted, including the US dollar.