Dr.Osh
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August 22, 2018, 01:13:56 PM |
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I do not think so. the benchmark of bitcoin is fiat, and of course most people are interested in it. well, so for now, I think the development of bitcoin is also influenced by fiat, especially the dollar.
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BigBossWithNoMoney
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August 22, 2018, 01:24:38 PM |
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I don't think btc depends on fiat. Really. It can be exchanged for other cryptos, and much more opportunities expected in the future.
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PlusOne88
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“Tackling Climate Change Using Blockchain”
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August 22, 2018, 01:35:49 PM |
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I believe that coexistence would be more possible than being stand alone as a currency. We all know that a currency is government controlled and bitcoin will never be. It is an open ground where transactions can exist as payments or for any other related purpose. Volatility is also one of the greatest problem it has so maybe it would be that hard to use bitcoin as a currency.
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ganlianshifu1
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August 22, 2018, 01:42:59 PM |
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BTC will not stop, the traditional monetary system can coexist with unofficial cryptocurrency, BTC is the perfect complement to legal tender!
Bitcoin is not an ideal medium of exchange, like virtual gold!
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Akande12
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August 22, 2018, 01:53:00 PM |
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This is very simple because We all know that a currency is government controlled and bitcoin will never be. It is an open ground where transactions can exist as payments or for any other related purpose. Volatility is also one of the greatest problem it has so maybe it would be that hard to use bitcoin as a currency.
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pawanjain
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August 22, 2018, 02:04:25 PM |
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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?
At present you can just get opinions from the users for this question as there won't be any definite answer right now. In my opinion "If" Bitcoin goes mainstream and becomes a globally accepted cryptocurrency then there are chances that it won't depend on fiat anymore. The chances for it to not depend on fiat will be high only when the fiat currency is demolished and there is another currency which is almost equally valuable as BTC. It might be another cryptocurrency too but until that doesn't happen the thing which you are asking is impossible to happen. |
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Albert211994
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August 22, 2018, 03:19:13 PM |
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This is whether the users will stop using fiat as currency. Bitcoin is independent and can exists even without fiat. But the people using it are too dependent on fiat that they cannot compute the value of bitcoin without comparing it to fiat value. Maybe in the future this can happen when there is a generation who is not too dependent in fiat and will choose bitcoin as their main currency.
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Kprawn
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August 22, 2018, 03:23:48 PM |
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Satoshi intended for Bitcoin to be a alternative p2p payment network, so the ultimate goal should be to get rid of the dependency on Fiat currencies and for Bitcoin to be accepted everywhere. The problem is Bitcoin is not accepted everywhere, so we need to move between Bitcoin and Fiat currency to determine the value and also to pay for those services or products. We are slowly getting there, we should just work a little harder.  |
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hadveach
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August 22, 2018, 03:30:44 PM |
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I think bitcoin does not depend on fiat, fiat and bitcoin is not the same. volatility and the basic concepts of both are not the same.
So, in the future I think Fiat will be weak, bitcoin and gold will be strong and will be the currency that can store assets.
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hachiman13
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August 22, 2018, 03:37:48 PM |
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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?
Probably the latter. I don't think bitcoin will be a global currency anytime soon or reach a level where if someone ask: "how much is one bitcoin in dollars?" and they reply: "I don't understand? one bitcoin is one bitcoin." The reason for this is people tend to prefer tangible over non-tangible things such as crypto. |
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vvvvictoria
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August 22, 2018, 03:42:05 PM |
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All currencies are depedebale on each other, so bitcoin is and it will never change
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peacefulpeace
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August 22, 2018, 03:42:47 PM |
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bitcoin and fiat currency have to co-exist, they both are currency but in different magnitude, while bitcoin is a digital currency ''cashless policy'' fiat is a paper currency, yes the world is gradually moving into a global cashless society, where virtually all transactions will be on digital currency, but not all services can be digitalized. for example, am going to the barbers shop, i dont need to pay digitally for such services, that where fiat comes in, to take care of immediate miscelleneous services, so definately fiat and bitcoin ''cryptocurrency'' will co-exist.
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1NV3ST0NM3
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August 22, 2018, 04:10:16 PM |
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Even if the entire world accepts crypto currency, then also it would not become the wholly solely the ONLY ONE currency to be used for everything. This is because people will still be using their age old FIAT currency. So it may not get that recognition of a global currency. Also most of the countries are still against adoption of crypto currency. So this is far from becoming reality. Till then fiat is only what we have got .
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Olayinka225
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August 22, 2018, 04:47:10 PM |
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I don't ever think bitcoin is dependent on any fiat currency.
Well, I think if bitcoin is approve to be one of the official world currency, then i think this will really increase the usage and get popular to almost every single person on the planet what bitcoin can do which fiat currency can't.
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Silenox
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August 22, 2018, 04:54:59 PM |
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Bitcoin does not need to be recognized by any regulatory agency, it must first be used as a means of payment on a large scale. But in the current scenario is difficult, the trade of Bitcoins and alts has become a big deal, a lot of volatility and highly speculative, in this scenario it is difficult to be accepted massively, unless a direct conversion to fiat.
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josephdd1
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August 22, 2018, 09:11:23 PM |
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It will be a difficult divorce because the Bitcoin's baseline is the USD and at least for now that seems intangible. Having said this, with time it does not mean that this dependency can't be reached.
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Docnaster
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August 22, 2018, 09:28:17 PM |
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Bitcoin doesn't depend on fiat currency, that's the reason why there are exchange pairs that are not BTC/USD etc, most trades are done crypto against crypto nowadays. If the dollar completely went to shit, BTC would be stronger than ever, even though it would no longer be traded against the dollar.
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bjmpoker001
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August 23, 2018, 03:52:31 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?
Yes it will. But that will happening if only cryptocurrency became a global currency used by everyone in the world. Many peoples still afraid using crypto because many hacking occurred in crypto. Developers of the coins should make a way to prevent hacking in the future, although the mistake is on the users side, not on the system side. |
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Impulseboy (OP)
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August 23, 2018, 12:41:04 PM |
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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.
You are right. Cryptocurrency becoming a global currency is going to be a challenge because many of the third world and developing countries do not have the resources to even start getting into bitcoins. Perhaps not even altcoins. So while the other countries can adapt to crypto, those third world countries may not. |
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Impulseboy (OP)
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August 23, 2018, 12:46:48 PM |
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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.
I see. Thank you for suggesting that. I have not checked out the Services board yet and I am a bit new to the crypto world so I did not know about providing services in exchange for bitcoins, but that is an interesting thing to find out about bitcoins. Thanks again! |
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