Which is more important bitcoin or fiat?

[KingsGambet19]

I am literally good in with no doubt about it and if someones says he will donate a bitcoin to me I will going to accept it wholeheartedly for it can be used like a fiat currency could do or more than fiat currency could do. Bitcoin is all in one coin that involve also some sort of investment.

Most of the members here are over rating bitcoin compared to fiat currency. Others had degrading fiat currency because it can get easily influence by inflation rate and its value keep going down except for those rich countries that has maintain or stablize their economic growth. As we all know the value of fiat currency will depend on the economy of that country like those assets, resources and how it was being assessed. But I do not know how they made the assessment.

In my point of view, I more like fiat currency than bitcoin. I like to use more fiat currency and use the bank service  as well that can be access digital through atm machine. However, I may not feel better with their service because any time they can steal your identity or their database that can be use in illegal activity but this is only a slight chance to happen but it is possible. The fiat currency has largely being used and applied in our daily life compared to bitcoin but I do believe that bitcoin will going to play this role too.

In my opinion, bitcoin has no real value.

Why?


Correct me if I am wrong,

* 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.

* You can earn bitcoin investing in it but can take losses too depending on you. And this is why i think that many had said that they like bitcoin because they are earning but some that aren't. I feel sometimes bad about it you had your earnings coming from other people knowing that you had bought bitcoin cheaper price compared to the new comers with higher price of bitcoin

However, there are some of my points though of having bitcoin like the following,

* being anonymous in making a transaction or in a decentralized manner if bitcoin to bitcoin no third party services being used.

* p2p transactions and you do not need to worry the process of transaction for whenever there will be a new teansaction going to take place it will be broadcast to bitcoin network and will be confirm by a miner so no need for a third party service to take care of your transactions.

* bitcoin could be use to transfer money outside the country for a lesser expenses than bank or money transfer services.

* less hassle in bringing money to pocket but banks also offer digital money saving it or ready available through atm.


My conclusion

I agree that bitcoin is sort like a form of money but no way it could be the same as fiat currency because people trade their fiat to bitcoin which will then the price of bitcoin decided depending on the demand of the people wanting to have bitcoin.

Again, this is just my opinion because for me it seems that cryptocurrency has been exaggerated, over rated and fiat currency is being overkilled.


Bitcoin and fiat currency must not get overlap to each other. Both currencies are important especially for bitcoin lovers but if you are not a bitcoin lover then I know you will going to prefer fiat currency of course for its widely use if we will going to analyze its current function compared to bitcoin.

However, I still want to know your opinion regarding on the bitcoin vs. fiat currency.

Could it be possible to get bitcoin a value if not because of Fiat currency?

Could fiat currency will have no value without bitcoin? (Honestly fiat currency has value with or without bitcoin)



Note: The poll will expire in 30 days and the result will be shown after the poll expire.

Please respect post!

Edit: Sorry for being a bad guy here. But this is what the forum is all about to discuss matters that help us enlightenin every way.

Special thanks to @mk4 towards professionalism

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[Lorence.xD]

With the current climate of bitcoin when it comes to mass adoption, I will side with Fiat for now. Bitcoin prices has risen yes, but remember that this is not it's all time high. It is still volatile and in practicality terms, you will not use it that much. What I mean by that is that there are few businesses in my country that uses bitcoin as a purchasing agent. I am leaning more on its potential as an investment rather than as a mode of payment. The reason that I chose fiat is that it correlates its value with the growth of the country, and my country is in balance so purchasing power is a good thing for fiat.

[mk4]

My conclusion

Why is this a problem though? People trade fiat for other valuable assets like gold as well. It's their choice, and there's zero problems with it.

Could it be possible to get bitcoin a value if not because of Fiat currency?

Could fiat currency will have no value without bitcoin? (Honestly fiat currency has value with or without bitcoin)

Yes. Gold was valuable back then even without fiat currencies. It's just a lot easier to accurately trace asset values in general with fiat currency, but not necessarily needed.


As for your arguments:

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

- Without fiat assets like bitcoin and gold will still have value. It's just going to be more difficult to find out their market prices.

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

- You can earn bitcoin without fiat, and a lot of us here are doing it, along with some people worldwide. It's simply not just a lot of people because bitcoin is freakin 11 years old. We need time for it to grow.

* 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.

- Same answer to previous question. As for fees, developers are working hard to make fees lower and to make retail transactions near fee-less(lookup Lightning Network).


And to answer your poll, both assets are important and needed in today's society in their own ways. I like meat, but veggies and fruits are also important.

[KingsGambet19]

<snip>

Does bitcoin has economic value of that certain country like being acknowledge as part of their asset that can determine the value of their econmy?

I know I will be sound awful but if it rains fiat and bitcoin assuming that bitcoin could not be traded to fiat currency, what will you pick?

[sujon5]

It isn't the correct question. Even if you don't like fiat you still have to use it.

[acener]

Actually it depends on us on which we would value more and where we are currently live.
There are countries that doesn't support or accept Bitcoin so for the people living among those country they would prefer Fiat.
And there are some who are earning huge in crypto so for those kind of people they would vote in Bitcoin or crypto.

[GreatArkansas]

Actually it depends on us on which we would value more and where we are currently live.
There are countries that doesn't support or accept Bitcoin so for the people living among those country they would prefer Fiat.
And there are some who are earning huge in crypto so for those kind of people they would vote in Bitcoin or crypto.

Bitcoin is available to everyone for me, as long as you have an internet connection, even there are some countries that ban using Bitcoin or any cryptocurrencies, there will be always ways for them to use Bitcoin.
But you are also got a point that some people may much prefer using Fiat than Bitcoin, which is also I agree.
We can not force people to use Bitcoin nor fiat. For me, even Bitcoin in the future will really be expensive or more people are using it, fiat will stay.

[mk4]

Does bitcoin has economic value of that certain country like being acknowledge as part of their asset that can determine the value of their econmy?

Not sure what you mean with this question. But bitconi doesn't need to be "acknowledged" by countries governments to be worth something.

I know I will be sound awful but if it rains fiat and bitcoin assuming that bitcoin could not be traded to fiat currency, what will you pick?

It wouldn't "rain" bitcoin because that's one of the main reasons why bitcoin is valuable: nobody can just create bitcoin out of thin air because they want to.

If bitcoin wouldn't be able to be traded for fiat, then it means that bitcoin still has little to no value(e.g. bitcoin's early years). But the fact is, bitcoin will ALWAYS be available to be traded, simply because bitcoin actually already has value. The day bitcoin was being bought and sold for cents or fractions of a dollar, was the day it already had value.

[pooya87]

Correct me if I am wrong,
* You can have bitcoin but if it is not being tradable to fiat currency then your bitcoin has no value at all.

you are wrong because value of something is not defined as its tradability but with its utilities. otherwise how would you explain fiat itself having value since there is nothing you can trade fiat with?

the value of bitcoin is in the fact that you can use it to purchase goods. that means even if you couldn't exchange it with fiat or fiat didn't even exist, you could still exchange it with goods. and that is how value of a currency is defined.

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

wrong.
you don't "need to" buy bitcoin with fiat, you "choose to" buy it with fiat. it is like saying you "need to buy US dollar"!!!
the real way of gaining bitcoin is to getting paid for the work you do just like the way you are getting paid in US dollar (or any other fiat you get paid in if you are in another country).

* 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.

that is the same if you had one fiat currency and wanted to convert it to another fiat currency. eg. converting CNY to JPY.

* 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.

repetition of the same argument.

[kotajikikox]

It isn't the correct question. Even if you don't like fiat you still have to use it.

Actually he was asking about which is more important meaning we will still using both but one must be prioritized .


I voted for Bitcoin or better say Cryptocurrecy because it is not only Bitcoin that is circulating now in fiats place.

There are some things i consider using crypto instead of Fiat and first in line is gambling that i don't have to deposit my Money since i have crypto in my wallets.

next is paying my Bills and even Mobile phone data loads.

[hatshepsut93]

Are all of the worlds fiat currencies worthless just because they are traded against US dollar? Would they have no value if there wasn't US dollar or if US dollar suffered a big dive tomorrow? Just because Bitcoin is traded for fiat, doesn't mean it depends on it. But Bitcoin network is not away of all the trading, it does not affect your ability to send and receive coins, and if it wasn't traded for fiat, you could still use it as money. Yes, adoption of direct Bitcoin use is low right now, but it's not impossible to use Bitcoin without fiat.

[samputin]

I don't really like to compare these two (fiat and crypto) because they both have their own usage on my end. But to answer your question, based on my experience and on how I use it, I'd pick fiat. It's the money that I use mostly in my daily transactions. As of now, I'm just holding my BTCs and if I have to use them, I still convert it into fiat before conducting a transaction. Besides, the merchants I come across with are not that familiar with crypto. If they are, they're not accepting it. Not yet. So yeah, for the poll, I pick fiat (based on my experience).

[KingsGambet19]

It was so funny to ask question regarding which is more important bitcoin or fiat here for the answer is very clear to bitcoin enthusiasts.

I do not know how they made up the principle but I think it is also important to consider here (everyone's ideology). However I know that all of us here need money. Bitcoin is money, fiat is money but which is more important? That is all I want to know and this is why I made the poll.


It is just so hypocrite to say that you do not need fiat because you have bitcoin. But they know that bitcoin will be traded soon with fiat currency when ATH happen. Am I wrong? If not then hold your bitcoin and use it whatever you wanted like paying hospitalization bills and etc. 😂 but for ordinary people will definitely going to sell their bitcoin once ath happen and that is a real talk./b]

Anyway, we have a poll to answer and 30 days will be over and we will see the result.

<snip>

But you do not answer my question about which will you going to pick? It will not going to happen yes we know of that but it is just a scenario that I would like you to decide whichever you like to pick.

[Upgrade00]

Bitcoin is money, fiat is money but which is more important? That is all I want to know and this is why I made the poll.

Saying Bitcoin is money is limiting and adding 'fiat is money' in the same sentence created a sort of comparison between both which does not really exist. If I was looking for a dis-inflationary asset to invest in, I would definitely prefer Bitcoin as fiat is influenced by supply shocks and economic situations. For a more liquid asset with which to make daily purchases, I'll use fiat, as Bitcoin is not mainstream yet.
I cannot see any, one or the other situation.

It is just so hypocrite to say that you do not need fiat because you have bitcoin. But they know that bitcoin will be traded soon with fiat currency when ATH happen. Am I wrong? If not then hold your bitcoin and use it whatever you wanted like paying hospitalization bills and etc. 😂 but for ordinary people will definitely going to sell their bitcoin once ath happen and that is real talk./b]

No one is being hypocritical about the utilities of Bitcoin and fiat, Bitcoin is barely 11 years old, and should not be compared with currencies that have lasted for several decades, the fact that it is shows the growth of the Bitcoin network.
Also, If someone is selling their bitcoins, it means someone else is buying them up, so people would always hold them.

But you do not answer my question about which will you going to pick?

As I said earlier, there does not have to be a one or the other situation, both are quite different and serve different purposes at this point.
Edit

I did not see you mention it earlier. Sorry but I am confused.

I just boldened where I mentioned it earlier in the same reply.

[KingsGambet19]

As I said earlier, there does not have to be a one or the other situation, both are quite different and serve different purposes at this point.

I did not see you mention it earlier. Sorry but I am confused.

[hugeblack]

An attempt to compare Bitcoin to the dollar, gold, or stocks is an attempt to classify it according to the classification rules followed in precious metals, financial markets, and monetary currencies, which is a wrong classification, so it is better to consider Bitcoin as Bitcoin and include a new classification that includes cryptocurrencies due to its difference in essence from gold, stocks, and cash.


Thus, the answer to your question is that both are important. Just as you need paper money, stocks, real estate and investment portfolios, you need to acquire some cryptocurrencies.

[davis196]

Fiat money are better for spending and investing(because of inflation,you have to get rid of your fiat money,because they are losing value),Bitcoin is better for HODLing.
I have always thought that comparing Bitcoin to fiat money is wrong,because Bitcoin is a scarce asset with a very volatile price,while fiat money aren't scarce at all and their value goes down slowly.There's no room for comparison.
Anyway,you are kinda wrong about fiat money being the only way to buy Bitcoin.You can buy Bitcoin with your labor.You can offer digital products and services for Bitcoin.
Bitcoin has value without fiat currencies.The fact that Bitcoin value is being measured in USD or euro doesn't mean that Bitcoin doesn't have any value without fiat.

[starseeker]

BTC - proven record of value appreciation over a decade
Fiat - Also proven record of value depreciation over a few centuries

Choose your poison wisely!

[kentrolla]

Fiat is something which has been declared legal currency in the entire country, crypto currencies are digital asset which are medium of exchange between the two parties. Fiat money is issued and controlled by central banks and government but crypto currency don't have any control on it they can be spent and received by anyone, anywhere, anything time well this makes them so revolutionary. But it is extremely risky that's the reason in many countries governments are not allowing to use it.

[bitzizzix]

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.