Which is more important bitcoin or fiat?

[Fredomago]

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.

The upcoming generations are very capable in  adopting this system, with how bitcoin is now being noticed from the business and financial side of industry.

It's not impossible that the incoming generation will surely embraced this system, for now more people still engaged with fiat system and that's mindsets are hard to break.

The continuous success of bitcoin being recognized worldwide will open the door of many
people to start using and adopting this system.

[Serious475]

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.

The upcoming generations are very capable in  adopting this system, with how bitcoin is now being noticed from the business and financial side of industry.

It's not impossible that the incoming generation will surely embraced this system, for now more people still engaged with fiat system and that's mindsets are hard to break.

The continuous success of bitcoin being recognized worldwide will open the door of many
people to start using and adopting this system.

As of now, fiat is still the most important currency because there are still some countries that is not allowed to use bitcoin to buy a materials or a service and there are still some materials and services that is not allowed to pay using bitcoin even if the country is able to use bitcoin as payment method. We need to wait until mass adoption occurs and if that thing occurs, all of the bitcoin user will be able to have a full access to their own bitcoin because all available  things may be paid using bitcoin.

[celot]

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.

The upcoming generations are very capable in  adopting this system, with how bitcoin is now being noticed from the business and financial side of industry.

It's not impossible that the incoming generation will surely embraced this system, for now more people still engaged with fiat system and that's mindsets are hard to break.

The continuous success of bitcoin being recognized worldwide will open the door of many
people to start using and adopting this system.

As of now, fiat is still the most important currency because there are still some countries that is not allowed to use bitcoin to buy a materials or a service and there are still some materials and services that is not allowed to pay using bitcoin even if the country is able to use bitcoin as payment method. We need to wait until mass adoption occurs and if that thing occurs, all of the bitcoin user will be able to have a full access to their own bitcoin because all available  things may be paid using bitcoin.

Right now fiat become most important than bitcoin as currency because almost country support using fiat for transaction and not for bitcoin, maybe many countries do not know specific how bitcoin working and how to make transaction most effective when using bitcoin or altcoin as payment way. Just waiting time how bitcoin will evaluated and become most looking for currency transaction at the future with many advantage, every one will use bitcoin after know how faster transaction if sending payment using bitcoin or altcoin although you must sent bigger amount, they will use bitcoin after fell how bitcoin payment fees transaction very cheapest than using fiat as currency payment and have many way with trouble payment sending.

[CODE200]

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.

But acquiring crypto will generate profit right? That is a benefit. While it is indeed true that fiat is more usable at this moment.
I'd say this won't measure which is more important giving each of these currencies are having their own advantages. One thing is for sure, both currencies are important because these can be used in our daily living  It is just that these two are having different support from different governments which makes a Gap. One day, once cryptos are widely used in daily transactions, there will be equality in terms of its usage which will make it more valid that both currencies are important.

[bitbollo]

it's not just what has value and what has not value. Everything could be very valuable or just some pixel in a screen.
During a war what will be more valuable? one Picasso painting or a refugee with possibility to grow food/ get fresh water?
The same applies to bitcoin and fiat cash, both are two medium of payment without intrinsic value.
You are accepting FIAT as a convention (like the government has issues this FIAT and you can legally spent in your shop), and the same could always happens even with bitcoin.But even with a worthless (value in FIAT) bitcoin has an advantage and this is the big revolution that can leverage the trust of people in this type of technology.

[Light onuoha]

 As for me bitcoin is more preferably, but different people have different taste, some people prefer fiat currency because it can be easily traded to gold or any of their choice. But bitcoin is the best for me.

[goldade]

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

Presently, as it stands, you're probably right that bitcoin has no value and fiat is more important than bitcoin is but pardon me if I say you only say this because you're short-sighted.
Bitcoin has only been for a little over a decade and has risen tremendously over the years in terms of relevance and uses. True, bitcoin is not fulfilling its potential as a currency now, trust me, it is only a matter of time.
You should know that very soon, at this rate, bitcoin will be adopted massively in the mainstream world and will become the legal tender just like any fiat you can think of.

[Mr.sprin]

do you understand the use of bitcoin, bitcoin can be exchanged directly for dollars and do you still say that you are more concerned with fiat, for me it is as important as bitcoin and fiat as important and I can buy what I want.

[qwertyup23]

Both are important I do not think you should qualify on whether which one is more important. Fiat is the conventional way of payment and it has been used by all the people around the world since time immemorial. Bitcoin, on the otherhand, is a decentralized currency which is revolutionary in its own way. Both are important as they have their own usage on different platforms.

There are countries which accept both as a medium of payment but bitcoin is only limited to some countries as they prohibit the usage of such due to its anonymity factor.

[jademaxsuy]

I agree with you OP that fiat is important than bitcoin at current time because bitcoin could have no value if it is not being traded by fiat currency. But when the time comes that when the government will going to decide to. eradicate fiat currency and to change it to digital fom which could happen possibly in the future.

However, the use of fiat nowadays in spending for daily needs is very crucial and needed. If not with fiat then exchange like barter system would not be accurate or could be reliable as what fiat could do.

[1kodumtek7]

Fiat money is more important than bitcoin to me. Right now, I only regard bitcoin as a means of making money and I think most people would agree with me. However, the answer to this question may change depending on whether the usage area of Bitcoin expands in the future.

[proTECH77]

Bitcoin is not too popular like fiat money which has been existing over  hundred years compared to bitcoin which is not up to twenty years. Many people are use to fiat money in any kind of business you think of, once fiat money involved people will surely involved too. Educated and uneducated can make use of fiat money which is centralized to the country. But it will hard for uneducated to use bitcoin to invest and make a good profit.
I guess fiat money is more important than bitcoin. In fiat money educated and uneducated can use it to invest and make a good reward. But bitcoin it will hard for uneducated to make use of it in any business because it is a digital currency.

[yhiaali3]

So what gives Fiat currency its value? It is the country's economy without a doubt. Fiat currency has no value in itself, it is just a piece of paper and the government can pump it as much as it wants, while Bitcoin has a value in itself and also has a limited amount, and this amount decreases continuously, which increases the value of Bitcoin.
By comparison, we find that Bitcoin is better in terms of intrinsic value than Fiat currency, it is similar to gold.

[Dsdaq]

Both are important, because with out fiat we can accurately now the true value or worth of bitcoin.

[Emitdama]

The reason why you see people here overrating Bitcoin is because this is a Bitcoin forum, so they are doing what they are supposed to be doing; which is mostly to be supporting Bitcoin. Before you get to this forum you're likely to have reached a level where you like Bitcoin a lot, so you will be doing things that push BTC ahead.

As for between fiat and Bitcoin, there are more things you will get done with fiat than Bitcoin, because fiat is the real currency and is widely accepted. Cryptocurrencies shouldn't be seen as the same level with the main currencies we are using, rather they are like other means that we can transact money and nothing more. Soon they will be added to PayPal, and we will be able to use our cryptocurrencies to buy from any online stores that are accepting PayPal.

[Latviand]

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.

Fiat is really much more important to use during this time as we pay our bills and goods, but in terms of investment, bitcoin can be much more effective as we engaged in a technological aspect during this pandemic. People are spending so much time in the internet everyday because we are not allowed to go outside without a purpose. That's the reason why most of the people are looking for something profitable in the internet and I think bitcoin is the best thing for that, bitcoin is the answer to their question. They really have different importance to a people especially that they have different platform and value in the society.

[royalfestus]

I want to accept a belief that; as bitcoin use increases so will the use of bank/fiat decrease( reducing it for only local use), what matter is the acceptance of bitcoin as means of exchange which increases by the day. More also is the reaction of some governments to restrict the use of fiat against the corrupt leaders, which is encouraging the adoption of certain percentage bitcoin as storage for likely unforeseeable circumstance. Nigerian government tried to control the funding of the recent protest by fiat until bitcoin was adopted.

[Xembin]

I think the two is very important to me but I prefer bitcoin than fiat money because it hard for any one to scam your coins from you without your concept. Many investors are use to bitcoin in the exchange market than fiat money.
Bitcoin is decentralized currency which is not control by the federal government or manage by any country of the world. There many secure wallet where you can save your money for future use.

[dunfida]

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.

But acquiring crypto will generate profit right? That is a benefit. While it is indeed true that fiat is more usable at this moment.
I'd say this won't measure which is more important giving each of these currencies are having their own advantages. One thing is for sure, both currencies are important because these can be used in our daily living  It is just that these two are having different support from different governments which makes a Gap. One day, once cryptos are widely used in daily transactions, there will be equality in terms of its usage which will make it more valid that both currencies are important.

To think that on where do crypto gets its value? Of course this do talks about fiat and im not really a fan on answering up such question on which is important
yet we cant really deny that Fiat would be always the main priority at the moment.They do really have their own cons and pros but one thing is for sure
that fiat would remain out as long do government exist and to say that crypto wont really be just having no fiat independent value.Its hard to believe
that it can stand on its own. Value will always tied up to fiat.

[Asuspawer09]

- Bitcoin is tradable to fiat currency and that kinda gives its value since it will never have its value if we don't have fiat money. Most of the store or people are accepting bitcoin because you could just convert it to fiat if it is not convertible to fiat money it's kinda useless.

-You don't need fiat money technically to get bitcoin, but converting fiat to bitcoin is one of the ways to get bitcoin.

*At this time bitcoin could be used more because of the pandemic, cashless transactions are kinda trendy or could be a normal way in making transactions. But most of the countries or governments just cannot fully implement or just used one currency like bitcoin because it is a decentralized currency, fiat currency that is controlled or regulates by the government is still more important because that is what you could use or it is the currency that is accepted in your country.