Bitcoin is independent? or depends on fiat currency

[tiggytomb]

That is the only way we can track It's value in our local currency, until bitcoin becomes the only currency this is the way it will always be or until fiat dies and then we will probably use gold.

[Pattart]

If you think bitcoin is an independent currency it's a good opinion but I think bitcoin depends on fiat currency dispate the measures done by governments to restrict it.

Limitation doesn't mean that Bitcoin is dependent on the government, even if that limitation is applied, it will not fully limit users, and not necessarily be followed by all users of Bitcoin, once again decentralization cannot be changed by the government, and I still think that bitcoin is an independent currency

[vernl]

Bitcoin is completely separation from fiat currency, it's not dependent on anything, it's just itself and the raise of price of decrease of price is depending all on the trust of investors on it.
It means if investors don't invest their money in it , the price will be decreased.

[walemil]

It is not as if bitcoin is dependent on fiat currencies. The value has to be stated as such so that the fiat currency equivalent can be ascertained. That is why it is possible to purchase bitcoin with fiat currencies and on the other hand use bitcoin to purchase goods quoted in dollars or any other fiat currencies.

[messito]

Bitcoin is completely independent of fiat money and we can observe it now while starting the global financial crisis, but Bitcoin stands still and does not fall

[AiBBio]

Bitcoin is independent and that is why it has a lot of anvantages if compare with others currencies

[saumang2m]

Bitcoin is a crypto currency. And crypto currency is an independent system. To date, the government of any country can not control the crypto currency. Because of which many countries are against crypto currency. This independence separates the crypto currency from all the currencies.

[barabarian1]

in my opinion bitcoin is independent and does not depend on fiat currencies. when you say that bitcoin depends on the dollar, maybe because the dollar is better known by the majority of countries. indeed the value of bitcoin is calculated with fiat currency, but I don't think it's just a dollar. every country must have its own fiat currency. and users in that country must see the value of bitcoin with their own currency. thus the value of bitcoin can be known by all countries in the world.

[jademaxsuy]

Bitcoin still depend on fiat currency may it be dollars, Yen, Euro, Peso, or any currency that could be exchange with bitcoins. Without the fiat currency bitcoin will not going to raise its market price for buying and holding bitcoin will relatively creates lesser supply of bitcoin especially if all will hold after buying bitcoin.

So far, bitcoin and other establish crypto now has slowly getting a good market price increase. Hope it will bring more as the year end for 2018.

[yowelfree]

Yes Bitcoin is independent. It does not depend on fiat money. it is decentralized.

[mahibul49]

yes bitcoin is independent and its decentralized.no one can control it.
it does not depends on fiat currency and thats why it is unique

[brooklynian]

The mere fact that you see bitcoin priced in the fiat currencies of various nations does not mean  that bitcoin depends on those currencies. The price simply gives you what it is worth and enables you to transact from bitcoin to fiat currency and vise versa.

[Raggie]

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.

Well, because there are many peoples who still not accept btc as a payment. If there is someone who want to buy a car with btc but doesn't find a seller who accept btc, they will need to sell their btc to fiat money first. That is why the btc value still depends on the fiat value.

[Trinity_boy]

To my understanding, it is not dependency but rather just a reference so that the value of bitcoin can be measured. USD is the universal currency of the world. Is it not all other currencies use as reference of their own value? It does not mean that they are dependent to USD, does it?

[Zin-Zang]

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 dependent on Insane amounts of Electricity to run it's network,

Electricity that has to be Purchased with the Local FIAT

So your statement is correct:
"Bitcoin is dependent on fiat currency for it's existence"


No Fiat, No Electricity, No Bitcoin.

[shoreno]

Yes bitcoin is independent because it is decentralized but in the price of bitcoin are also dependent on fiat currency .

Bitcoin is dependent on Insane amounts of Electricity to run it's network,

Electricity that has to be Purchased with the Local FIAT

So your statement is correct:
"Bitcoin is dependent on fiat currency for it's existence"


No Fiat, No Electricity, No Bitcoin.

Bitcoin doesnt consume any energy because its online and totally passive  , it only uses electricity if you have a mining hardware and you are mining a bitcoin .

Also , we can still have an electricity even without fiats because we can use natural energy such as solar , water and wind .

In conclusion , it does not really matter at all if bitcoin is independent or not because what matter the most is the usability and purpose on why it was built .

[Zadeket]

maybe at this time bitcoin is still a stand-alone currency because not all countries officially form the crypto currency as the prevailing currency, and I don't think it depends on fiat currencies at the moment

Bitcoin is independent because prices are determined by bitcoin users through supply and demand, but as a standard it is converted to USD. So, there is no dependence on bitcoin on fiat currencies, in the whole world the value is the same. The difference is the price determined by the bitcoin exchange regarding the selling value and buying value, because it involves the profit of the bitcoin exchange.

[Zin-Zang]

Yes bitcoin is independent because it is decentralized but in the price of bitcoin are also dependent on fiat currency .

Bitcoin is dependent on Insane amounts of Electricity to run it's network,

Electricity that has to be Purchased with the Local FIAT

So your statement is correct:
"Bitcoin is dependent on fiat currency for it's existence"


No Fiat, No Electricity, No Bitcoin.

Bitcoin doesnt consume any energy because its online and totally passive  , it only uses electricity if you have a mining hardware and you are mining a bitcoin .

Also , we can still have an electricity even without fiats because we can use natural energy such as solar , water and wind .

In conclusion , it does not really matter at all if bitcoin is independent or not because what matter the most is the usability and purpose on why it was built .

LOFL 

I argue with you , but you are seriously delusional , so there is no point.

Have a Great Day and thanks for the laugh. 

[fangbian]

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 completely independent. It doesn't rely on anyone or anything.

[netdomon]

oh thank you