Impulseboy (OP)
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August 22, 2018, 11:10:21 AM |
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If everyone in the world gets into crypto and cryptocurrency will become an official global currency, do you think bitcoin then will stop depending on fiat currency? Or will it just co-exist with fiat?
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yatsey87
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August 22, 2018, 11:15:42 AM |
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Well in theory that could happen if people only used bitcoin or crypto for transactions, but that's likely to never happen, just as the entire world doesn't just use one currency. Also you have to remember people are likely always going to trade it for something else whether it is fiat or another crypto and even fiat currencies are traded against each other and lose or gain value over time due to numerous factors so they will likely always co-exist together.
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Askend
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August 22, 2018, 11:18:29 AM |
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Bitcoin will still rely heavily on fiat money, but bitcoin will be an option for payment using fiat money, if we want to make payments in practical situations, we will use bitcoin, if the situation is normal then we will still use fiat money.
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Impulseboy (OP)
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August 22, 2018, 11:21:33 AM |
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Well in theory that could happen if people only used bitcoin or crypto for transactions, but that's likely to never happen, just as the entire world doesn't just use one currency. Also you have to remember people are likely always going to trade it for something else whether it is fiat or another crypto and even fiat currencies are traded against each other and lose or gain value over time due to numerous factors so they will likely always co-exist together.
I am not sure if this exist now but do you think that a time will come when bitcoin will be used as payment for service? Like what is happening now but instead of paying in fiat money people will be paid in bitcoin instead? |
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Impulseboy (OP)
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August 22, 2018, 11:23:34 AM |
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Bitcoin will still rely heavily on fiat money, but bitcoin will be an option for payment using fiat money, if we want to make payments in practical situations, we will use bitcoin, if the situation is normal then we will still use fiat money.
What about using bitcoin as payment for goods and services? Do you think that will ever happen? Instead of paying with fiat money, it will be bitcoin instead? Do you think its possible? |
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JennetCK
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[PROFISH.IO]
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August 22, 2018, 11:28:13 AM |
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If everyone in the world gets into crypto and cryptocurrency will become an official global currency, do you think bitcoin then will stop depending on fiat currency? Or will it just co-exist with fiat?
They will co-exist with each other. I am thinking that many country is not yet modernized. No internet, poverty all over, no suitable device, lack of knowledge on what is happening in the world. Third world countries are usually like this. Some people can use it but others can. If we push that it must be usef by anyone, how about the others can't? Usually when it comes to payment. Many countries are still depending on fiat when it comes to payment. |
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puttkim
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August 22, 2018, 11:30:50 AM |
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If all the people in the world join the cryptocurrency market, then I think the market is a bull market every day, and Bitcoin will become the "gold" in the network.
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khelan
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August 22, 2018, 11:35:52 AM |
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Yes it will but only when the world try to use Bitcoin for daily transaction. Mass adoption of bitcoin is needed.
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davis196
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August 22, 2018, 11:39:15 AM |
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Bitcoin doesn't actually "depend" on fiat money.It's price and value is measured in fiat money (USD and euro),but that doesn't mean that btc depends on those currencies.Bitcoin depends on the banks and the financial system,because most people ,who buy btc for the first time use credit/debit cards.
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BitcoinHodler
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August 22, 2018, 11:49:57 AM |
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well you can not stop depending on something that you didn't depend on in first place!
bitcoin has never depended on fiat currency and apart from 1 user on this forum nobody else has ever made this claim in the past 9 years because it doesn't even make sense.
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Holding Bitcoin More Every Day
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LyQaN
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August 22, 2018, 11:52:30 AM |
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In some years it will surely happen.Bitcoin will have it's own individuality and it will not be depended upon any other currency.Right now we cannot use Bitcoin direclty.We have to convert it into the fiat currency of our country in order to use it. As it is gaining so much of popularity so soon a time will come when we will be able to make our transactions using Bitcoin directly.
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ashtonator
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August 22, 2018, 11:55:16 AM |
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it is a possibility but it is a long way from happening. massive adoption needs to happen and bitcoin should be less and less volatile over a long period . that way trust for bitcoin would increase and more and more and people would embrace it, hence dependence on fiat would reduce
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yatsey87
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August 22, 2018, 11:56:11 AM |
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Well in theory that could happen if people only used bitcoin or crypto for transactions, but that's likely to never happen, just as the entire world doesn't just use one currency. Also you have to remember people are likely always going to trade it for something else whether it is fiat or another crypto and even fiat currencies are traded against each other and lose or gain value over time due to numerous factors so they will likely always co-exist together.
I am not sure if this exist now but do you think that a time will come when bitcoin will be used as payment for service? Like what is happening now but instead of paying in fiat money people will be paid in bitcoin instead? Um. Seriously? This already happens. Some people who work for crypto businesses get paid directly in bitcoin. Just check out the Services sub board here. It's an entire board dedicated to people offering their skills or work in exchange for bitcoin. Even you could do it. Many people even get paid by signature campaigns here and those are people who are getting paid to offer their advertising/promotional services. Not sure how effective they are to the people paying them but they certainly seem to be popular here. |
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aris av
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August 22, 2018, 12:03:26 PM |
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I think bitcoin still depends on fiat currency. Fiat currencies are currencies created by the government and I think fiat will survive, and bitcoin will not replace fiat but will be able to coexist with fiat currencies.
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MinerHQ
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August 22, 2018, 12:08:49 PM |
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Bitcoin will still rely heavily on fiat money, but bitcoin will be an option for payment using fiat money, if we want to make payments in practical situations, we will use bitcoin, if the situation is normal then we will still use fiat money.
What about using bitcoin as payment for goods and services? Do you think that will ever happen? Instead of paying with fiat money, it will be bitcoin instead? Do you think its possible? People can choose to use bitcoin as a payment method to buy in future but as of now most of the people either using it as an investment or using it for gambling. In my country, I can't buy anything with bitcoin directly as of now so I'm investing only for the future profit. I buy things with fiat because they give security to buy online with unknown people but if we use bitcoin then need to pay an additional fee for the escrow and it may take even longer to deliver goods. |
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dothebeats
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Cashback 15%
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August 22, 2018, 12:09:12 PM |
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I wouldn't call bitcoin being paired with fiat as dependency but rather a manifestation of bitcoin's value in fiat. Like gold and oil having their value in fiat, I see that as the same with bitcoin. You can't say that bitcoin is fiat-dependent given that it continues to produce its own coins without fiat's interference. However, the whole economy, together with the traders and the miners are the ones who are dependent with fiat, not bitcoin directly. If you remove fiat into the equation of the economy, people might lose interest, though they can still use bitcoin if they so do wish and if there are still people believing in its value. Fiat is a vital part of the economy, but not the inner workings of bitcoin, I'd say.
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Phan Long
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August 22, 2018, 12:31:27 PM |
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Bitcoins will always exist in flat currencies, even if there is no flat currency then Bitcoin can not exist. Because the flat currency has existed so far, it has always been present in large-scale transactions, Bitcoin in particular and virtual currency in particular have been created and released to overcome difficult problems of money. Bad flat, it can not replace the flat currency by not anywhere on the earth are full of smart devices to trade.
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malbterxic
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August 22, 2018, 12:33:54 PM |
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If you think logically, it is unlikely that bitcoin will be separated from fiat money. The fact is that its price is measured in $ and if we consider it as a separate unit, it will simply lose value. Just like gold, if it could not be bought and sold for $ then its value would be small and consist only in using it as a resource for producing something. I'm sure that BTC and fiat money are only strong together.
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spazie
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August 22, 2018, 12:54:35 PM |
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In my opinion fiat and bitcoin money are both very important, bitcoin can make payment transactions on the internet, fiat money cannot be replaced.
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HeXecutor
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August 22, 2018, 12:57:48 PM |
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Well ... it is unlikely (in my opinion) however in principle this is possible. For this, the capitalization of bitcoin should increase tens, if not hundreds of times. So in time ... and this process is not fast ... bitcoin in principle can displace paper money. They will simply not be needed, because there will be a stable and more comfortable bitcoin. However, I almost do not believe in this ... but it would be great
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