Which is more important bitcoin or fiat?

[KingsGambet19]

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Yes, I agree that fiat has really no value. It is just a piece if material that has represented the value of the economy of country where you live. Meaning that value of Fiat currency is not about the physical attribute to it like gold but rather it is the representation of the value of the economy of your country. This is why I am not convince that people are really prioritizing the bitcoin but the money behind bitcoin. Bitcoin is a big business and that is why it became important to us because it could be monetize.

If bitcoin could not be monetize then there is no point in applying signature campaign that pays $ in btc. All claims could be useless that bitcoin is important if you are earning bitcoin and will going to monetize it later to spend it in your daily needs.

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[Charles-Tim]

I created an article day before yesterday how bitcoin has fulfilled what fiats are unable to fulfill, you can check the article below about how fiats are subjected to governmental manipulations in a way fiats are being well devalued and depreciating over time. Unlike bitcoin which is not a depreciative asset like fiats, bitcoin is a deflationary currency and I prefer it over fiat.

https://www.shutterstock.com/image-photo/bitcoin-laptop-wallet-virtual-currency-gold-1043355598

Introduction
Bitcoin, being the first and the most successful cryptocurrency, has being well adopted in many countries of the world which has reflected through its increasing marketcap and price that also proved it to be a well known deflationary currency. Bitcoin has been increasingly and successfully adopted and proven to not be a ponzi or regulated in any way by any centralized authority, everything about bitcoin is open source and available to the public to the extent bitcoin community are even regarded as the founder of bitcoin, Satoshi Nakamoto. Although, officially, Satoshi Nakamoto is the creator of bitcoin in 2009.

What money is
Many people do not know what money is, like I ones thought money is the first which are acceptable as a means of payment in individual countries, but this is a misconception. Money is anything that has intrinsic value and that can be spent. Good examples of money are bitcoin, other cryptocurrencies  (altcoins), gold and fiats. Among them all, is a money called bitcoin, created in 2009 and has now being greatly accepted and adopted in the world due to its decentralized nature.

Money vulnerable to theft and depreciation until the onset of bitcoin
Before the onset of bitcoin, all types of money were either vulnerable to theft or depreciation, there was a time in the past when there was money but no bank, people will still think of a way to protect their money, but at the time, money were vulnerable to theft. So, later comes bank, to help individual to keep their money, fiats was adopted and was accepted by all countries of the world, and money centralized regulation evolved. Now, fiats are manipulated, the manipulations are from governments because fiats are centrally regulated and due to this, money owned by individuals are manipulated and making fiats to be a depreciative asset. 
Money like gold that are physical are more vulnerable to theft while fiats kept in banks are more vulnerable to governmental manipulations. All these do not make money characteristics to be completely fulfilled until the onset of bitcoin that created indirect bridge known as blockchain between fiats and cryptocurrencies. Now, people can hold bitcoin in a way to do away with theft and central (governmental) manipulations.

Fiat inflation vulnerability
Although, the central bodies (governments) may not be blamed at times for the reason they are manipulating the fiats, especially while devaluating it during inflation, and can be blamed when their is excess fiat creation and introduced into circulation. Fiats are manipulated/devalued for the benefit of the country but making citizens of the country to lose and make their worth depreciating. That is why fiats needs alternative, a kind of money that will be easy to spend like fiats and yet not vulnerable to governmental manipulations, bitcoin created the bridge to that part.

There are many strong fiats, while some are weak and more volatile, a good example of strong fiat currency is dollar, and can be used as a good example of bitcoin-to-fiat price trend comparison. For the past decade, bitcoin hodlers have more increase of 20% in bitcoin price not actually as a result of bitcoin instrinsic price increase, but due to dollar that is not immune to devaluation and gradaully depreciating over the past years.

This was taken when bitcoin was at a price slightly above $10800 in accordance to a crypto news.
A decade ago bitcoin price gain
Limited supply + marketcap = 80% in bitcoin price
USD deprecuation = 20%
(Limited supply + marketcap) + USD deprecuation = 100% butcoin price trend.


https://cointelegraph.com/news/fiat-inflation-has-cost-bitcoin-hodlers-20-over-the-past-decade/amp

If you check some other countries like African, where fiats are more vulnerable to depreciation, these would be the worst cases. This is one of the major reasons the need for bitcoin especially. Normally, fiats are depreciating assets by design, while physical money can still be vulnerable to theft, but with expert knowledge about bitcoin, bitcoin is not vulnerable to theft, and also not vulnerable to governmental regulations. Bitcoin has limited supply of 21 million, and this makes it a deflationary currency, the more people adopt it, the more people make use of it and the more it is getting stronger, and also increasing in marketcap and price. Although, the price of bitcoin may seem decreasing at times, but later, the price will increase unlike fiats that are constantly depreciating.

Centralized (governmental) bodies compromising bitcoin and crypto in general.
Nowadays, governments have now being trying to make bitcoin so centralized, many people are now using bitcoin do not even know what private key or seed phrase is and depending on third party while not knowing the third party are actually third party due to how fiats are working, they thought bitcoin and other crypto works that way, therefore not even knowing about privacy. These are all wrong because bitcoin is a privacy currency, people can hold it without depending on any third party which is the best way to go while dealing with bitcoin with the current settings, some people even knowing about this but because of trading flexibility, they still keep their bitcoin and other crypto using centralized party services, which makes them not to be the owner of the coin on blockchian while the third party are not safe and secure.

People do not need to keep bitcoin with third party, you can keep it yourself without anyone knowing, all you need to do it to make use of noncustodial wallets, generate your seed phrase and/or private key. Storing the seedphrase and/or the private key in a safe place that is safe from thieves and damages. If the seed phrase and/or private key is compromised, that means all your funds are lost.

Some approaches towards seed phrase/private keys protection
Bitcoin is digitally created, users should be digitally conscious, while privacy, security and safety should be maintained. Malicious actors are also trying their best to steal bitcoin from people having it. But, there are many approches to avoid hackers from stealing bitcoin, few of this is discussed below.

1. Avoiding custodial services
There are different custodial services, although they have helped in bitcoin adoption, but still must be avoided, they make use of hot wallets to hold customers assets, while hot wallets are prone to hackers activities, and they are targeted by hackers because the custodial party keeps thousands to millions of customers assets. Most custodial services are often hacked and many have resulted to lost of users funds and never recovered.

2. Avoid using hot wallets for high savings
Although, hot wallet can be good for saving low amount of bitcoin, while experienced users can still avoid hackers by avoiding malware on the device used, but for saving high amount of bitcoin, cold wallets are best, and for ease of use and for frequent transactions, hardware wallet is good as a type of cold wallet.

3. Use of Shamir's secret sharing to protect seedphrase/private key
Seedphrase or any other sensitive information like private key can be protected by the use of shamir's secret sharing, in a way the the seed phrase is converted into secrets, and the secrets are divided into parts for high protection.

4. The use of multisignature wallet
Multisig wallets are wallets that can be regarded as M of N wallet, in which the wallet can be generated for N users having their own private keys while M users among the N users will be able to sign transactions. This makes it difficult for hackers to penetrate, even if one private key is compromised. It can also help in a way another wallet can be created and the bitcoin in the previous wallet is sent to new wallet if any of the M or N users lost his/her private key, or if anything like malicious activity is suspected.

There are still many other approaches, like having more than one wallet. But  the approaches to be used should not be too tedious in a way wallet owner will not be able to recover back his/her wallet during wallet lost.

Conclusion
Bitcoin is money, the first successful decentralized currency, which was created as an alternative to centralized fiats and also altenative to money that are vulnerable to physical thefts like thereby fulfilling what early days money can not fulfill.

But, that said, we should also know how fiat is the currency we spend often, normally, I keep bitcoin, but if I want to spend, I convert it to fiat and use it for spending purpose, fiat is only useful for me during spending. I do not have more than $10 of fiat in bank but I have more bitcoin which is the best way for me.

[GDragon]

Both are valuable to me anyway. It may be convenient to use fiat as of now because you can use it everywhere compared to bitcoin but there are things I love about bitcoin. And you are wrong about saying that you can't earn bitcoin without buying it in fiat. It's a currency just like fiat, you can pay with it and you can be payed with it if you want to. Try checking the service other members posts here. You can try too if you have a skills to offer.  Maybe the real answer to your question will depend on how a person lives, I've known someone who is already living with all his money in bitcoin, if he have to spend, then he'll convert a few coins. But sometimes he spends btc for other services he can pay with it. Some just owns a few coins and all of his money in fiat bank accounts. Nothing's wrong with the two of them, btc is as important as fiat cause it has value.

[mk4]

This is why I am not convince that people are really prioritizing the bitcoin but the money behind bitcoin.

We're literally focusing on bitcoin. I mean, you're in Bitcointalk, where majority of people are bitcoin holders. Not because bitcoin is priced in USD doesn't mean that were focusing on the USD. I mean, even gold is priced in USD.

Bitcoin is a big business and that is why it became important to us because it could be monetize.

If bitcoin could not be monetize then there is no point in applying signature campaign that pays $ in btc. All claims could be useless that bitcoin is important if you are earning bitcoin and will going to monetize it later to spend it in your daily needs.

What business? Bitcoin is a protocol. Bitcointalk is just a forum that like-minded people hang out in; it's not like Bitcointalk is sort of like "sponsored" by "The Bitcoin company" or something. There's something you're missing here. Don't hesitate to ask questions if there's something you're not sure of. We'll gladly respond. No hate or anything, we're all just here to educate ourselves.

[bitbunnny]

We still live in world that is fully depending on fiat money. There are only few who can maybe live relying only on Bitcoin or crypto in general.
Bitcoin is very important because is alternative to traditional financial system but it can't replace it and that is not even its role.
Anyway, for a longer period of time fiat money will play more important role in our lives than Bitcoin and that is something we need to face. Mass adoption and acceptance are still far away.

[dificanovi]

Fiat money is more important than bitcoin because I often use fiat money as a means of payment.  other than that bitkoin is only as additional income.  Bitcoin has not been widely used by people as a means of payment, if bitcoin can be used as a means of payment in all countries then I will often use bitcoin so that bitcoin looks more important than fiat money.

[Assface16678]

bitcoin is unstable in price and can go up in price quickly and on the contrary. saving money will not add up.

But in fiat, there's a lower risk of devaluation since the market value is less volatile compared to cryptos. So it is a two-way situation. If you are into profit, then go for cryptos because its volatility can be taken advantage but if you are into assurance, choose to hold fiat. Both are important, that's the bottomline. It primarily depends on the individual to whether which one will be more benecial to them. If cryptos are not widely accepted in his/her area, fiat will be a better option but if it is, crypto would be a good choice but for sure fiat will always have its existence to any country. Cryptos including Bitcoin are more often used in investment purposes btw, one is free to choose but both are important.

[Broke@$$Joe]

BITCOIN of course!!!
How would U be feeling more comfortable with!!!
Having 100.000.000$ in cash means, sitting in a bank, money of yours which is lended with interest to others and make their life miserable from interest
OR
Having 100.00.000$ in Bitcoin, stored in one or multiple Cold Storages ? Having full control over your money, no withdrawal limits within 24hrs, no worrying for nothing as long Internet exists and Bitcoin runs as an
fortificated network due to miners activity.
Overall, having 100.000.000$ in Bitcoin means to own one of the scarcest asset that is out there.. even scarcer than mf gold itself.
It's all matter of perspective from an individual to another.
Had I owned 100.000.000$ this is how would I go for protecting my wealth.
45% of it in Bitcoin
45% of it in Physical Gold
10% to go through the life!
So, all I can suggest to you, is measure what U protect a store of value, an hedge agains cash inflation which raises almost 2% every year.

[pixie85]

It's a difficult question because it depends on the investor. I'd say they are both important.

Bitcoin is important for investment purposes and as a hedge. It appreciates in value due to its deflationary nature and works as an alternative, a hedge investment.

Fiat money is important for daily use and we cvan't really live without it. We need to pay our bills and buy food and you can't expect everybody to order everything online for Bitcoin. Sometimes you have to pay fora meal in a restaurant or someone to drive you home and usually they won't have a bitcoin wallet set up

[3meek]

More important is real life, my friends!

In fact, I want to note that if you have bitcoins, and you do not need to sell them for some reason, it is very good!
But when you have bitcoins, and you need to sell them, that's where the answer to the question appears - what's better?
Probably in the second case you will not hesitate to answer that fiat is better! Especially if you sold bitcoin because of the pandemic three times cheaper than it is now!

[Chris Barth]

Did you really mean it when you said that bitcoin has no real value? Firstly, I think you used the wrong word because that statement doesn't seem to be correct in any means (no offense). However, I get your point. Bitcoin must be changed to fiat. But you should understand that bitcoin is getting adopted on a daily basis. Presently, in some countries, you can buy coffee with bitcoin. It's only a matter of time before it'll extend to other bigger goods.

[verita1]

I have chosen Bitcoin because I live in a country with hyperinflation and Bitcoin helps me to save some money. Although it is a risky investment, I prefer to exchange it for fiat for my daily needs and the rest of my capital in Bitcoin.
Times have changed now more than ever Bitcoin will be an important asset for nations.

[Viscore]

* You can have bitcoin but if it is not being tradable to fiat currency then your bitcoin has no value at all.

* You need to buy bitcoin with fiat currency without fiat currency you can't have bitcoin

* when you buy bitcoin you have to pay services like in those banks and when you like to convert bitcoin to fiat and withdraw it to a banks then you will then again to pay the service of the bank. You need also to pay the bitcoin transaction fee. So fees are everywhere from those banks to bitcoin network deducted by the miners.

* bitcoin could stand alone without being paired by fiat currency but we should make it paired with fiat to get the bitcoin with value depending on the demand of the community.

I'm not sure if you are against Bitcoin or not but you don't clearly understand what is the use of Bitcoin and the reason for its existence. Because you don't even compare FIAT money into Bitcoin in terms of value. We can use both of them as a purchasing power and I actually use it oftentimes. However, the claim that you've said about people are converting Bitcoin into FIAT money is probably because it is not accepted in their place, and they have suppose to use it which gives them no choice.

I believe that you have knowledge in Bitcoin and in crypto, just try to capture it the whole information you've to get coz for sure it helps you to fully understand it and how the system works. Digital transformation is closely coming by.

[CarnagexD]

It all depends on which country you live in, whether bitcoin is legal as a means of buying and selling transactions available in all stores and others as a means of payment and 100% I would choose bitcoin.
the problem is in the country where I live, bitcoin is still illegal and I have to convert bitcoin to fiat to use any transaction or purchase, and but I prefer bitcoin as an investment or asset that promises big profits that can change my life better especially in the field finance.
and even though in the country where i live bitcoin is still illegal but i can still use it and that is the luckiest thing for me.

They both work in harmony on most countries. Especially those that are technologically capable. That's not to say that third world countries don't benefit from them. As of now, fiat seems to be the most valuable over the two, but in the near future, I expect this to shift in full 360 especially with the continuous drop in fiat value.

[MCobian]

I think everyone has a different opinion, depending on the situation they are in. For me fiat is more important, because in my country only
fiat is allowed as a means of payment. Because without fiat I might not be able to live in my country, but that doesn't mean Bitcoin is worse
than fiat. I chose fiat because of the pressure. Even though I consider fiat more important than Bitcoin, I still often use Bitcoin for trading
and gambling.

[Sapphire915]

I love Bitcoin but I realized that Fiat is more important here in my Country. We often used fiat/physical money for our daily living. However, my trust in Bitcoin will never be change, it really has a lot of great features and benefits to offer to all individuals that keeps on believing it. The only problem here, is that our Government are so hesitant to legalized bitcoin in our Country. Despite that, no one can stop me in using bitcoin in all ways possible online especially as a means of investment.

[tsaroz]

Though we often compare bitcoin to fiat, bitcoin is still not the alternative of fiat. We compare them to show in what sectors is bitcoin superior to fiat but fiat too is superior on some sectors. I don't think bitcoin itself would ever be replace fiat but with other cryptocurrency around, fiat surely would have a difficult day ahead.
Fiat has been here since ancient times while bitcoin is just a decade old. Bitcoin is a promising future while fiat is still the integral part of our society.

[Crypto_lion]

Right  now I would say Fiat is more important for daily usage as Bitcoin hasn't been widely adopted yet and cannot be used as a medium of transfer in all place but that may change in the future.

[AjithBtc]

Though we often compare bitcoin to fiat, bitcoin is still not the alternative of fiat. We compare them to show in what sectors is bitcoin superior to fiat but fiat too is superior on some sectors. I don't think bitcoin itself would ever be replace fiat but with other cryptocurrency around, fiat surely would have a difficult day ahead.
Fiat has been here since ancient times while bitcoin is just a decade old. Bitcoin is a promising future while fiat is still the integral part of our society.

Yes, right now bitcoin is very young to take over the entire functionalities of fiat. Also people aren't ready to accept bitcoin with the same mentality of fiat for various reasons. Maybe the upcoming generation go completely with bitcoin, because these days we've got each and everything connected with internet and available within our hands.

[DarkDays]

In my opinion which one you choose as being more important to you depends on the type of mindset you have. For example, my thoughts have started to recently reflect more about the long-term benefits and in my situation I believe that BTC is more important than fiat.

Fiat is not pegged to anything, in other words it is not hard money (i.e. money pegged to gold) it is materialised instead by banks printing more paper and people looking at it and giving it value. In that sense it is not different from BTC which is 'money' that is created, and once in circulation people agree that it is valuable.
So here, you can see how the two are very similar but the main distinction is the production method; fiat is centralised while BTC is decentralised. The way society is going, decentralisation would be come the bigger part and in that sense my opinion is that BTC is more important. BTC also means that unlike fiat would not suffer greatly should the bank system collapse as some people already predict.