Which is more important bitcoin or fiat?

[Casdinyard]

Important in what aspect? Is there a currency which is more important than the others? Fiat is the means of transactions for decades while Bitcoin can be considered as the new generation of currencies. There are differences between these two types of currencies ;fiat is centralized while Bitcoin is decentralized; fiat has a less volatile market value while Bitcoin has a volatile one; fiat has a physical form, and the likes. But none of these characteristics can determine which one is more important, because there's no need to determine such thing in the first place. Currencies are used in order to puchase goods and services, nothing more, nothing less. It is just that Bitcoin can be used as an investment due to the volatility in its market price. But still, it is not a characteristic making it more important than fiat. Both are important.

[Alucard1]

Both currencies have their purpose and both are important in different ways,

The stability of fiat currency allows the government to steer the recession and inflation of the economy, that is why it stays as the standard currency for all time, it also has greater control liquidity that is good for the economy. cryptocurrency becomes popular as well because of such reasons:
+fast transaction compared to fiat currency
+lower transaction fees
+privacy
+good for investment

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

It is not that fiat currency becomes being overkilled it is just some people see what they want and need on cryptocurrency, there are many opportunities we can have in crypto so we cannot blame those who prefer this one.

[Beyerd17]

You basically can not live without fiat in 2020, at least not in a modern city, or for that matter in a rural village. So the long and short of it, it is way to soon to think Bitcoin will fully replace fiat in the near future.

That being said, at some point in the next ten to 20 years this might change in favour of Bitcoin or other cryptocurrencies.

[Shasha80]

If you ask me which do you like Bitcoin or Fiat ?, I will answer Bitcoin because it fulfills my wish to be free to manage my own finances.
Even though I really like Bitcoin, but I also have to admit that Fiat is much more important these days. Because my country prohibits
using Bitcoin as payment, I inevitably still need Fiat to buy daily necessities.

[lovesmayfamilis]

It's hard for me to compare bitcoin to fiat. Each of them can be significant. Both assets can be used as a medium of exchange. For loans, transfers of funds, as well as for the purchase of goods and services.
But for many, preferences are inclined towards fiat, because cryptocurrencies are not yet very popular. But over time, as people learn to interact with them, cryptocurrencies will become more and more commonplace.
Today bitcoin is more of an investment for me. The future of Bitcoin is exciting. I think that in the future, to the question of what is more important, we will receive more answers in the direction of bitcoin and cryptocurrencies.

[michellee]

I don't want to compare bitcoin and fiat because bitcoin and fiat will have different functions, although bitcoin can be used for the payment system. Many people still select fiat over bitcoin because they don't have much knowledge about bitcoin, and bitcoin is not too popular as fiat in their countries. But soon after bitcoin can become popular and grows in their countries, I am sure that people will start to learn about bitcoin, and they will try to use bitcoin.

Maybe that will need more time before bitcoin becomes globally, but we can still bitcoin for investment while still using fiat in our daily lives. If you can use bitcoin and fiat properly, you will get benefits from both bitcoin and fiat. But I am sure you will have your own decision about bitcoin and fiat because we are free to choose what we think is important to us.

[ChrisPop]

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

"You can have fiat but if it is not being tradable for goods/services then your fiat has no value at all." - Fiat is worthless, but we gave it value because we trust the governments who "manages" the money supply and accepted it as a means of payment. Bitcoin is an upgrade to the our current means of payment and exchange standard. Why should we trust an entity when we can trust the society aka the nodes running the Bitcoin network?

There is a decent amount of stores in the world both online and offline that currently accept Bitcoin payments. I don't know if they would still accept it if Bitcoin would not be tradable for fiat, but let's not forget that we are in a free market. I don't think someone is able to ban trading BTC for fiat.

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

Again.. wrong. You can earn Bitcoin with other resources like your time (getting paid in BTC) or your hardware (mining). OR.. exchange other cryptocurrencies.

* 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.

You can buy Bitcoin from another person with zero commissions.

* 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.

Until we reach a higher adoption rate, why not?

Here's some food for thought. I have modified your conclusion in the OP post. Kindly reflect upon it.

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

[Altryist]

In everyday life, every person now uses fiat more than cryptocurrency. Cryptocurrency is most likely either an investment or a subject of speculation, they buy cryptocurrency cheaper and then try to sell it at a higher price. But I think that in the future everything will change and cryptocurrency will be the most popular means of payment.

[GrosWesh]

The question posed by op is rather poorly worded in my opinion: in what sense would bitcoin or fiat be more important? More important to us? More important in the world economy? More intrinsically solid? etc ...

Even as a crypto enthusiast, it seems obvious to me that fiat won't disappear for a long time. But the qualities of Bitcoin are undeniable and I like to refer to the following table picked from an interesting article released in 2018. (The comparison does not stop at Btc vs Fiat but also includes Gold).



Source : https://medium.com/@vijayboyapati/the-bullish-case-for-bitcoin-6ecc8bdecc1

[molsewid]

In everyday life, every person now uses fiat more than cryptocurrency. Cryptocurrency is most likely either an investment or a subject of speculation, they buy cryptocurrency cheaper and then try to sell it at a higher price. But I think that in the future everything will change and cryptocurrency will be the most popular means of payment.

Of course, because bitcoin is not yet known globally. But if many countries already accept this and every part of the country has access to it, it could be possible. The only problem is there's a large percentage of people who can't use crypto-currency. For example, in our country, even if bitcoin was already known or accepted in every area, some people can't still use it because not all people can afford to buy gadgets. So I think it's impossible in the future that crypto-currency will be the most popular means of payment compare to fiat.

[romero121]

It is upto the user. An user has made himself attached to bitcoin buying/selling anything everything for bitcoin. Even for the unavailable services he used to search explore and use it with bitcoin. If you ask him he'll say bitcoin is better, and if you ask the same with a millionaire out of fiat what you get as a response is different.

Both are good by its form, and the goodness factor is upto the users. Right now we haven't got legal access for in every country, but people just try to use it. This shows how interested people to use bitcoin.

[cheezcarls]

Although I liked Bitcoin more than fiat currency, it’s just that I don’t wanna compare them because they have their own use cases. Fiat isn’t going anywhere as long banks are here to stay, and I don’t see them getting vanished in the near future. While Bitcoin is deflationary, most of us here around the world still prefer fiat to spend buying some stuff, or buying stocks, gold and cryptocurrencies.

I can only say that both of them are important to me.

[AniviaBtc]

We need to accept that fact that most of the businesses are regulated by fiat currency and not bitcoin.

Bitcoin is an option if you want to invest on a digital currency, it can somehow impact your businesses and investment depending on your manipulation.

I suggest you to try to invest in both because there's a lot of opportunity in there that you might get. The importance of this two will be determined by experience.

[KingsGambet19]

Just keep on voting so that at the end of the day of votin poll we will know the result.

[rodskee]

It is Fiat for me because obviously in our days now it is what we really need not until the adoption happens for Bitcoin.
But as long as we are dependent in Fiat then there is nothing to choose.

But both are important in their own way,Bitcoin is important for me since i use this as investment thing while Fiat is for payment method.
Since our country don't really support crypto that big so only fiat is what we can use in our daily living.

[kevoh]

I believe both Fiat and Bitcoin serve different purposes and follow different rules, which makes it hard to say one is better than the other.

While Fiat has been depreciating, Bitcoin on the other keeps appreciating in value since inception, however, the lack of popularity (and sometimes associating it with Ponzi schemes) and government's interference makes it difficult for people who do not understand what Bitcoin( cryptocurrency) is about to not readily use it. This is one of the major reasons while Fiat still has an upper hand, despite its depreciating value, over bitcoin.

[Ryker1]

Well, there are too many factors to consider before we will choose which is very important, each of them has different pros and cons to us.
Both of them are useful and important, -- for example in bitcoin, we will convert it to fiat because there is some countries not fully supported bitcoin. So, therefore, bitcoin only an alternative way in fiat as a currency. We have been a lot of discussions about this, choosing and comparing which is the best currency among them. But for me, if you are crypto enthusiasts I rather use bitcoin than fiat, -- but if you are offshore, fiat is much better.

[Xinarae*]

We both need work bitcoin is more important to those who like to trade in Bitcoin but Bitcoin is not supported everywhere and is illegal in many countries in that case Fiat is more important. Fiat currency is legal everywhere and Fiat is required for every job bitcoin is decentralized and more important in the online world. Fiat currency is a currency that is accepted as a legal tender by government regulation. which have value savings and are used as a medium of exchange to buy goods and services. The performance of the country’s economy and the country is governed by the demand and supply of money.

[coolcoinz]

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

"You can have fiat but if it is not being tradable for goods/services then your fiat has no value at all."

I like this response, but I'd also like to add that it has remained tradable for 10 years so what's the problem here? It's like OP was saying that if apples were poisonous they'd have no valye because nobody would want to buy them. Bitcoin was made to be tradeable so if it wasn't it would not be the same asset. It would most likely cease to exist or at least lose so much value that mowt people would no longer want to own it.

[kryptqnick]

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.

Not necessarily. Bitcoin can be used to purchase things (even though the variety of places and things is limited), so if Bitcoin is not traded for fiat, it would still have some purchasing power. Moreover, fiat currencies are also very dependent on trading them for other currencies, and their purchasing power would also suffer huge losses if owners of other currencies would not be willing to exchange.

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

Nope, you can earn Bitcoin. I have BTC, but I've never bought it. I also have a friend who is in the same situation.

* 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.

A currency is defined by its purchasing power. We don't need (or, rather, won't need) to pair Bitcoin with fiat if it's widely accepted as payment for goods and the price is formed in BTC rather than in fiat. This could totally work.