Rookie thing.

[Korusek]

Hello good people.

I'm reading about all this cryptocurrency for a little while now (hard not to its all over and everywhere) and I got some questions that I could not find a satisfying answer.

1. There is no question about Fiat money (whatever it is $, £ or euro.) thats its losing it's value, so the question is. If it got no value what value Bitcoin have then ? ( i will use bitcoin for must common crypto but thinking of any). Can't get my head over it.

2.If you imagine in let's say 20 years FIAT goes to CRYPTO all the way. You want to buy a car worth $5000 but paying in Crypto, how much would you pay ? if $ got no value.

Maybe answer is simple for some of you. Please be good samaritan and share some knowlage here.
Thanks for any effort.

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[Febo]

I'm reading about all this cryptocurrency for a little while now (hard not to its all over and everywhere) and I got some questions that I could not find a satisfying answer.

1. There is no question about Fiat money (whatever it is $, £ or euro.) thats its losing it's value, so the question is. If it got no value what value Bitcoin have then ? ( i will use bitcoin for must common crypto but thinking of any). Can't get my head over it.

2.If you imagine in let's say 20 years FIAT goes to CRYPTO all the way. You want to buy a car worth $5000 but paying in Crypto, how much would you pay ? if $ got no value.

Bitcoin will be worth as much as Bitcoin will be worth no matter how much fiat is worth now or then.  To buy car you will pay as much Bitcoin as seller will want. You will agree with that or not and go buy car somewhere else.  Loaf of bread will be worth as much as now 10 years from now. Ounce of gold also. Gold stores value well. 2000 years ago you were able to buy a armour with ounce of gold. 100 years ago you were able to buy a business suit with ounce of gold. Today you can buy a designer outfit with ounce of gold.

Bitcoin is very volatile and dont store value well and will be 10 years from now much more expensive or much cheaper. Maybe you will be able to afford a sport car with one Bitcoin or you will only be able to fix flat tire.

[figmentofmyass]

1. There is no question about Fiat money (whatever it is $, £ or euro.) thats its losing it's value, so the question is. If it got no value what value Bitcoin have then ? ( i will use bitcoin for must common crypto but thinking of any). Can't get my head over it.

if fiat money disappeared, bitcoins would be priced in something else like gold.

everything else is just supply and demand. bitcoins are scarce; there will only ever be 21 million of them. meanwhile, an increasing number of people want to buy and use them. growing demand + scarce supply = growing price.

fiat devaluation doesn't guarantee that bitcoin appreciates in real purchasing power. we need adoption for that, and preferably mass adoption.

2.If you imagine in let's say 20 years FIAT goes to CRYPTO all the way. You want to buy a car worth $5000 but paying in Crypto, how much would you pay ? if $ got no value.

that's not easy to answer, since we are used to pricing things in dollars, and we can't know the path bitcoin adoption will take. if in 10 years bitcoins are worth $500k a piece in 2020 dollars, then it would cost 0.01 BTC. that's a wild guess.

[Oilacris]

1. There is no question about Fiat money (whatever it is $, £ or euro.) thats its losing it's value, so the question is. If it got no value what value Bitcoin have then ? ( i will use bitcoin for must common crypto but thinking of any). Can't get my head over it.

2.If you imagine in let's say 20 years FIAT goes to CRYPTO all the way. You want to buy a car worth $5000 but paying in Crypto, how much would you pay ? if $ got no value.

1. Its really hard to think that fiat money would totally lose its value as long the government do exist these paper things wont be erased on existence.Well, theres no such thing
about the future but its really hard to tell up.

2. It would depend on what would be its value on btc since it doesnt have fiat value.A bit complicated though thats why im not really thinking of this kind of possibility.

[Korusek]

Well definitely your answers bright it up for me little bit. Its still quite fresh topic isnt it?

[jackg]

The cost of goods like a car are determined by how much the manufacturer and salesman wants to charge you, these are normally arbitrary numbers with a percent added to them.

If bitcoin does well you could think of it like a precious metal, you should always have demand for it and people will just offer what they want for a small profit while remaining competitive.

[sunsilk]

2. The matter will be depending if bitcoin still has value during that time. It's already tied up to dollars so if the scenario changes and it will be tied up with fiat that has value then it can be the other currency like Chinese Yuan or Euro, a powerful currency in the world that's dominating.

And a different scenario might matter because if by that time, there will be no attachment to any fiat then the exchange wouldn't matter because it can be 1 BTC = 1 BTC.

[Rengga Jati]

1. There is no question about Fiat money (whatever it is $, £ or euro.) thats its losing it's value, so the question is.

I think we don't talk about Fiat only but talking about physical currency. Even if Fiat is no longer exist, we still have coins currency made from gold or silver or copper. So, don't worry about losing values of physical currency as the chance is almost impossible for me. In addition, we cannot use digital currency in all situation, how if there will be no internet. And still many other challenges or obstacles to apply it as a single currency.

[jackg]

1. There is no question about Fiat money (whatever it is $, £ or euro.) thats its losing it's value, so the question is.

I think we don't talk about Fiat only but talking about physical currency. Even if Fiat is no longer exist, we still have coins currency made from gold or silver or copper. So, don't worry about losing values of physical currency as the chance is almost impossible for me. In addition, we cannot use digital currency in all situation, how if there will be no internet. And still many other challenges or obstacles to apply it as a single currency.

Fiat currencies are always losing value... I don't think a deflationary model is the best idea but its not acceptable to say currencies don't lose value. In the past 30-50 years, most currencies are worth half of what they were previously worth in the developed world.

Most people use contact less payments for small purchases these days or at least cards and many stores here have moved to streamlining its use, if the Internet goes down, you're 6 minute queue is now 30-60.

[Helena Yu]

Hi Rengga Jati,

Have you comparing the price of fiat money and other currency first? I will show you

The value of $1 in 1970 is worth $6,65 now
https://www.in2013dollars.com/us/inflation/1970?amount=1

And the value of gold $240 per ounce in 1970 is worth $1,684.30 per ounce now.
https://www.macrotrends.net/1333/historical-gold-prices-100-year-chart

So if we compare it, Dollar price lose its value for $0.111/every year
And Gold price raise its value for $28.886 per ounce/every year

What if every year Dollar is losing his value? It's will be useless and there's will be inflation.

According to your statement "we cannot use digital currency in all situation, how if there will be no internet" There is no impossible to send digital currency without internet, you can read here https://bitcointalk.org/index.php?topic=5239655.0. What's if in the future we can send digital currency without internet and fiat become useless? No one knows. But if true, it's the future of bitcoins

[webtricks]

Hello good people.

I'm reading about all this cryptocurrency for a little while now (hard not to its all over and everywhere) and I got some questions that I could not find a satisfying answer.

1. There is no question about Fiat money (whatever it is $, £ or euro.) thats its losing it's value, so the question is. If it got no value what value Bitcoin have then ? ( i will use bitcoin for must common crypto but thinking of any). Can't get my head over it.

We have to understand that fiat money has no utility, it is just a piece of paper which is used to denote value. In other words, fiat money is the tool used to measure the value of any commodity on Earth. 

So when the economy is facing crisis or the economy is developing at very rapid pace (it can be any of the two cases), then the value of most of the commodities in the economy rise. But people consider the opposite, they think that the value of money is decreasing which is wrong assumption. Value of money remain the same, only the purchasing power (PP) of money decreases. If I have $100 then that 100 dollar bill will retain its $100 value even after 100 years. But I may not able to buy as much goods from that currency note as I can today.

Now talking about purchasing power, PP of any currency cannot become zero. It may fall and fall and everything may become too expensive. But currency will always retain its PP else commodities will become priceless because anything divided by zero gives infinity.

People started confusing intrinsic value of money with market value due to the popularity of Forex Market. Forex has turned money into commodity and we start valuing currencies in terms of other currencies. Else, in the closed economy (i.e. within the boundary of country), the value of currency never fluctuates/remain constant.

So don't worry. If the PP of fiat money falls, the price of Bitcoin will rise but you will never face a situation where the price of Bitcoin will become immeasurable.

The second part of your query has the same answer.

[gentlemand]

As long as there are governments there'll be tax and they will charge it in fiat. They will also pay their employees in it as well as beneficiaries of state largesse. I can't see it ever going away so this is something that never crosses my mind. The government cryptocurrencies everyone talks about will be fiat too.

It may be that people have to begrudgingly convert their crypto back to fiat to pay their government bills but it'll always make up a large portion of economies.

[The Sceptical Chymist]

I can't answer the 2nd question, as I don't really understand it, but the 1st one is wrong.  Fiat money does indeed have value, and don't let hucksters try to convince you otherwise.  If it didn't, you wouldn't be able to pay for things with cash or a debit card (or even a credit card).  When inflation is high, fiat does tend to lose its purchasing power--and how much of its value gets eroded by inflation depends on the inflation rate (obviously).  But at the moment most fiat currencies are not losing value at an alarming rate, and I don't believe inflation is currently all that high.

Even if you make all the arguments against fiat that you can, there's still no guarantee that bitcoin is going to hold its purchasing power at any given point.  It is subject to the market forces of buying and selling, and there have been quite a few times in the past where demand has gone down significantly and bitcoin's value has plunged.  So as of right now I'd say fiat is far more stable than any of the cryptocurrencies that aren't stablecoins.

[Findingnemo]

Hello good people.

I'm reading about all this cryptocurrency for a little while now (hard not to its all over and everywhere) and I got some questions that I could not find a satisfying answer.

1. There is no question about Fiat money (whatever it is $, £ or euro.) thats its losing it's value, so the question is. If it got no value what value Bitcoin have then ? ( i will use bitcoin for must common crypto but thinking of any). Can't get my head over it.

2.If you imagine in let's say 20 years FIAT goes to CRYPTO all the way. You want to buy a car worth $5000 but paying in Crypto, how much would you pay ? if $ got no value.

Maybe answer is simple for some of you. Please be good samaritan and share some knowlage here.
Thanks for any effort.

Fiat money had value but the inflation makes it to lose its value year by year so after 20 years or something the purchasing power of current fiat value will be deep down that is why we need something which has limits in total.

Satoshi is the minimal value of bitcoin, so the manufacturer can price their products in sats or bits and lot more decimal figures available for usage.

[posi]

For your information fiat currency have value, because any assets/currency that's useful and have utility potential automatically have value but i dont know where you got the impression that fiat currency has no value which leads to your question.
With that been said, what fiat currency lack is proper management in terms of inflation prevention which literally led to the economic meltdown.

[Danslip]

For your information fiat currency have value, because any assets/currency that's useful and have utility potential automatically have value but i dont know where you got the impression that fiat currency has no value which leads to your question.
With that been said, what fiat currency lack is proper management in terms of inflation prevention which literally led to the economic meltdown.

There was gold standard and the USD value was pegged to gold ounce. If I remember right, the 1 ounce gold price was equal to $35. If the opponent can answer this question I will give the answers to his questions. What is value behind the USD bill and for exchanging dollar bill what you can offer to FED?

[Kemarit]

2.If you imagine in let's say 20 years FIAT goes to CRYPTO all the way. You want to buy a car worth $5000 but paying in Crypto, how much would you pay ? if $ got no value.

Maybe answer is simple for some of you. Please be good samaritan and share some knowlage here.
Thanks for any effort.

If we are going to let's say look at Gold and how it gets it price, it is simply base on supply and demand. The demand would come obviously come to jewelry, or countries gold reserved, investments etc. So if Bitcoin will replaced fiat then we can see how it will play out in the future. Will Bitcoin still be in demand 20 years from now that it will have a value? 1BTC:1BTC? At this point it is really hard to answer, maybe we can see big players like China and US or Japan already in the crypto game and trying to control it's supposedly value.

[Darker45]

Hi there!

1. There is no question about Fiat money (whatever it is $, £ or euro.) thats its losing it's value, so the question is. If it got no value what value Bitcoin have then ? ( i will use bitcoin for must common crypto but thinking of any). Can't get my head over it.

You must mean that if fiat is losing value what will happen now to BTC if it is not 1BTC=$7,000± or in any other fiat equivalent. If fiat dies, and supposing Bitcoin takes over, things would be much more interesting and simpler. Goods and services would now be priced in Satoshis or Bitcoin, say, instead of 1$ it will become 8,000 Sats, or instead of $10,000 it would now be 0.5BTC. There's not much complication, isn't it?

2.If you imagine in let's say 20 years FIAT goes to CRYPTO all the way. You want to buy a car worth $5000 but paying in Crypto, how much would you pay ? if $ got no value.

The same situation with number 1, basically. You just have to remove the $ and replace it with BTC. That would be all.

[Naida_BR]

1. There is no question about Fiat money (whatever it is $, £ or euro.) thats its losing it's value, so the question is. If it got no value what value Bitcoin have then ? ( i will use bitcoin for must common crypto but thinking of any). Can't get my head over it.

If Fiat losses its value then Bitcoin value will still be there and 1 BTC is going to be equal to 1 BTC. Simple as that. Another option is the fact that it is paired to other cryptocurrencies in the market.
If Bitcoin losses its value it will still have value but you will need more BTC in order to "cover" the value that it had previously.
Either way, Bitcoin is not going to be vanished and it will have value forever.

[ethereumhunter]

1. There is no question about Fiat money (whatever it is $, £ or euro.) thats its losing it's value, so the question is. If it got no value what value Bitcoin have then ? ( i will use bitcoin for must common crypto but thinking of any). Can't get my head over it.

If fiat losses its value, I think the country will be in chaos because people will not believe with their government, there will be many demonstrations around every city. In that time, people cannot use fiat again to buy something because fiat doesn't have value. We don't know if, at that time, bitcoin can be used as an alternative for payment system or not because that will depend on the government. If the government approved, then people will use bitcoin to buy something. But I don't think that fiat will lose the value because the government will back up that before it's happening.

2.If you imagine in let's say 20 years FIAT goes to CRYPTO all the way. You want to buy a car worth $5000 but paying in Crypto, how much would you pay ? if $ got no value.

That depends on how much the seller wants their customer to pay. If the sellers ask for $5,000 in crypto, and they have many coins option, for example, bitcoin, ethereum, litecoin, monero, dash, and else, their customer can use one of that coin to pay $5,000 in crypto. If the sellers want the customer to pay for $4,000 in crypto, their customer needs to pay for that amount.