Rookie thing.

[CarnagexD]

@OP at the question number one you are asking what will happen to the bitcoin when the fiat currency does not have any value and my answer is it's affected by the value of the fiat currency because the main purpose of the bitcoin is the digital currency it is a visual representation into a coin that is already converted even in a different currency and also the bitcoin is decentralized that's why many people want to use this and also it has a lot of benefits if you want to use faster transactions, does not require too much kyc also it has fewer transaction fees and that was great to escape too much expensive taxes for every transaction.

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[abhiseshakana]

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.

From your question above it is assumed that fiat lost its value or fiat lost on this earth. The loss of fiat certainly has its cause. If the cause is the use of intrinsic money made from precious metals, then bitcoin will be compared or measured with a unit that replaces the fiat money. If fiat is lost from circulation because its existence is replaced by bitcoin then bitcoin will become a new unit of price measurement, so all goods will be compared with bitcoin to determine the price.

Talking about the loss of fiat value is the same as eliminating dollar dominance. The only possibility that can shift the dominance of the dollar is the intrinsic gold-based currency. But the move to shift the dollar requires God's miracle. Because it will crash into a platform with a United States state since the 1940s that has never changed with its Kennan policy. America is consistent in its foreign policy to continue to do hegemony with the aim of maintaining and perpetuating its wealth. Dollar, IMF, world bank are programs owned by America to support the "we want to keep it forever" platform.

[Ryker1]

Well, from those questions by the OP I can answer my honest view. The questions are too technical for me to answer. It may have it's own value nowadays but like what you mentioned in the future when other currencies will be abolished, --we only have bitcoin as global currency the value of it may either go high or might be lower than what we are expecting. In trading, using bitcoin in the future when we use the only bitcoin as the only currency. Perhaps base on the value of the product like with car as you mentioned then the price of it will still be paid per bitcoin, with regards to the current market price of the car and the value of bitcoins in the future.

[NavI_027]

I'm not an economic analyst but here's my own opinion about this . It's up to you if you will agree or disagree on it hehe.

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.

I guess Bitcoin's price will rise. You know why? Because btc remain as the only existing currency so tendency the whole wide world will shift into it which result to a mass adoption. There would be a high demand for this asset therefore will result into a price hike. But well all of this won't happen either if from the very beginning mankind won't choose btc as their currency and prefer other means of transacting (eg. Barter trading).

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.

Hmm, but how did you say the car was worth $5000 if $ has no value in the first place? You get my point ? What I think will happen here is that we will establish a new pricing standard (using btc of course) but I don't know how tho lol.

[wozzek23]

I do understand where you’re heading to. There is not going to be anything as cryptocurrency replacing fiat, take for example – Bitcoin replacing USD. No, that’s not going to happen, but the government might decide to create their own cryptocurrency which will be controlled and sold as an asset to the people through the Central banks.

Last year there was news about China creating their own cryptocurrency, and this year it seems they are close to it and almost done with the development. Other countries might choose to do the same or they will not. But let’s just imagine that Bitcoin replaces every other currency, when you want to buy things you will pay an amount of Bitcoin or Satoshis that’s worth what you’re buying.

[Krislaw]

Let's take Bitcoin as current currency we are spending for instance, a manufacturer could place a price of X BTC, other altcoins would also have their exchange rate with BTC just like fiat.
 It's somehow crazy to explain because we know USD is pegged to almost nothing and could be printed but with crypto being our main currency, there will be a limited supply.

[Saisher]

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.

Really not easy to answer and this is the reason that I don't want dollars to go obsolete when both of them can co exist, there will always a time and circumstances that we still need dollar or fiat to transact, not only for majority users but also for minorities who are living in provinces with no access to the technology, all countries will always have this kind of people.

[webtricks]

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I agree with this statement.
But for me, fiat money has utility when it has value. The price of it depends only in economy. Banks can issue more fiat when there is a crisis (expansionary) in order for the households and markets have a PP. They can also hold tight the money making when the economy is reaching its boom called contractionary. So unlike with bitcoin, banks can easily control the circulation of the fiat making its value more/less everyday.

It is to be noted that banks don't issue fiat money. Fiat money is only issued and brought into circulation by government and central bank. However, you are right in saying that banks can control the supply of fiat money in the economy but this is not as straight-forward as you said. Banks do control the circulation but using economic tools like interest rate. When economic is under crisis, banks reduce the lending rate making it easier for household and markets to raise loans which increases the supply of money in economy and vice-versa happens when inflation is increasing at pacy rate. Banks increase lending rate and deposit rates in such situation, luring people to save money in banks and raise less loans which reduce the supply of currency in the economy. But that doesn't affect the value of money, it only affect the PP of money.

[danherbias07]

It would very much like a barter change.

Since you would not know how a piece of it would be valued then they would try to use how much it is with things.
Way back that is how it is done.
They created money to avoid wrong prices. We don't know that though since we didn't experience it.
You will buy something out of how much it is being offered to your thru bitcoin.
You may try to compare it with something you buy before.

Example:
You bought a shirt for 1 BTC.
Then someone sold you pants for almost the same price like 1.1.
Something like that.

[kotajikikox]

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.

sorry but i don't get what you are saying here,can you please make the question here?i dont know if i am missing something or it is really can't be understand

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.

You are just making things hard mate because when time comes that dolalr has zero value then why need to compared the price?there is no such thing if that happens because that means Bitcoin will be supported by altcoins to be the main currency to use.

[Latviand]

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.

Bitcoin's volatility are the basic issues that you need to understand in holding and investing in bitcoin. Bitcoin is still better than fiat money although there's a lot of factor that affect bitcoin's price when there's some issues in our surroundings. The increase in bitcoin price is higher than you imagine if it moves in the market and also the drop in its price is also huge, so it is risky to use bitcoin but very effective as a store of value. Once you know the importance of bitcoin in the economy, you will learn how to manipulate it in the market properly. Gold and bitcoin have similarities but they are both a good store of value, the only difference is between the time where they are good to use. Bitcoin are for a short term profit and gold are for a long term store of value.

[Taskford]

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.

Bitcoin's volatility are the basic issues that you need to understand in holding and investing in bitcoin. Bitcoin is still better than fiat money although there's a lot of factor that affect bitcoin's price when there's some issues in our surroundings. The increase in bitcoin price is higher than you imagine if it moves in the market and also the drop in its price is also huge, so it is risky to use bitcoin but very effective as a store of value. Once you know the importance of bitcoin in the economy, you will learn how to manipulate it in the market properly. Gold and bitcoin have similarities but they are both a good store of value, the only difference is between the time where they are good to use. Bitcoin are for a short term profit and gold are for a long term store of value.

Bitcoins volatility is not a basic issue to learn by newbies since there are so many things you need to understand before you can earn on it and its so technical that even pro traders still learning from its daily movements that's why if he loves to join with this earning option by trading then he should start researching on bitcoin fundamentals.

But I think for now its to far to compare bitcoins to gold since we know that the value of gold is continuously growing while the price of bitcoins is still in moving up or moving down and this is dangerous for newbie traders to risk with if they don't know on what they are doing.

[Janation]

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.

The easiest answer here is that fiat will never lose its value.

It is true that the value of each fiat to others is changing but you should always remember that fiat is centralized. It is controlled by the government in each country and they find ways to retain its value even though they are printing a lot of it. Bitcoin's value will be the same, it is just that Bitcoin is not that much used and people commonly used fiat that is why they are converted into 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.

Then how will we price it if $ has no value and its price is $5000, right?

Obviously we would be paying cryptocurrency in its own value. If the main currency of each country, let's say is Bitcoin, then obviously they will price that car into Bitcoin for example one Ford Everest costs 5 BTC, then I would pay 5 BTC nothing more. You don't need to add something without value since it has no value.

[EdvinZ]

People who say that the dollar has no value are very hypocritical. They themselves sell their cryptocurrency for dollars. Everything in the world is valued in fiat money. And if this is a generally accepted norm, then fiat money has value. Another thing is inflation, which devalues them. But this mechanism is necessary for economic growth. Do not take literally people who say that the dollar has no value.

[tbterryboy]

There is no replacement of sorts. Even the government is planning to create their own cryptocurrency. I believe that would have been the topic if we are not talking about the coronavirus. And the way I see it, the government central bank digital currencies are just going to be a kind of asset that people will buy from banks and store in their mobile banking apps, and they can also sell it whenever they want to.

So, even in future if you decide to be making use of cryptocurrency, it's still going to be the same currencies we have now that will be in control and when you're buying whatever you want to buy it will be calculated in fiat.

[Reatim]

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.

What ever happen in future the price of Bitcoin will never be an issue because that time we will rely about the value of item we need to buy = BTC so meaning there is no need to look about Dollar or any kind of denominations and this is the main target why Satoshi Nakamoto created this cryptocurrency.

Financial freedom the not depending in government instead will depend in supply and demand,and i want this to happen maybe not for me but for my family's future.

[wingfield_crypto]

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.

     This is just an exercise in imagination that FIAT money will lose its value in highly developed countries. Although there are cases in countries such as Venezuela where the value of money is almost 0, due to hyperinflation.
    But Bitcoin is dependent on the ratio between supply and demand. If the supply is much higher than the demand, then the price is lower. If the demand is higher than the supply, then the price increases. Related to the car, manufacturers and sellers who accept payment in Bitcoin, so only what price they charge for their products.

[dunfida]

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.

All of those presumptions are somewhat unrealistic.Why? Fiat would never lose its value and its impossible for it to happen as long the government do exist then these paper things will surely exist
in the end of time. Its true that btc do get its value from fiat and if ever that fiat comes worthless then there would be some other things but im sure that crypto wont really be on that place
maybe some other centralized stuff but not this one.Why would think up that much? We wont reach up that state where fiat becomes worthless.

[mersal]

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.

All of those presumptions are somewhat unrealistic.Why? Fiat would never lose its value and its impossible for it to happen as long the government do exist then these paper things will surely exist
in the end of time. Its true that btc do get its value from fiat and if ever that fiat comes worthless then there would be some other things but im sure that crypto wont really be on that place
maybe some other centralized stuff but not this one.Why would think up that much? We wont reach up that state where fiat becomes worthless.

Bitcoin is just bitcoin and it got its own value, only we are creating the value based on dollars or euro or any other fiat money when we wanted to trade that crypto but it doesn't really mean that bitcoins are value in USD.It got its value on its own demand and supply and the minimum value that bitcoin can be divided into is satoshi.Maybe in future fiat becomes useless and cryptos is allover accepted as payment then every product will be valued in satoshi.

[South Park]

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.

At that point in the scenario that you are describing bitcoin will become the currency of reference for the rest of the world and things will be priced on bitcoin, so how much a car will cost in bitcoin in that scenario? I do not know, but there is something called price discovery and you see it in the markets all the time, investors and traders try to figure out the price of an asset and this is what makes the price to go up and down, as such something similar will happen with all other assets and services around the world, I know this may seem impossible but this takes place all the time already with fiat and it will be no different if bitcoin takes over the economy.