Which is more important bitcoin or fiat?

[harizen]

Define "important"? If that question just raised because OP thinks that fiat is overkilled in the crypto-community then the discussion doesn't make sense.

Clearly, there is a misunderstanding on OP's part wherein he thinks that most people are putting too much hype on bitcoin while at the end of the day, they will convert it to fiat. First of all, try to research why the crypto-community grows over time. What's the reason? Why they don't like to be involved in banks? Why they are putting money on crypto? Why crypto-trading grows?

No need to go technical deeply about the advantage of using bitcoin and fiat. People have different preferences.

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[ReiMomo]

Define "important"? If that question just raised because OP thinks that fiat is overkilled in the crypto-community then the discussion doesn't make sense.

Definitely, I agree with you.

When we talk important, it should be always be used in any aspect in terms of currency but as I see here, people love to have an alternate currency that to maintain and focus the real one. Fiat is much better than others, digital cryptocurrency and bitcoin are the most important when the value has been a rise. Most people think that bitcoin isn't a currency, it's a form of investment.

[Yatsan]

When it comes to importance, that is clearly dependent on the perspective of the people himself on what he values the most between fiat and Bitcoin. Both have their own importance on mankind, it is just that there is a distinct level of giving importance that people are giving Bitcoin and fiat depending on the availability of resources they have to state whether they needed fiat or Bitcoin the most. For those countries where there is mass adaption of Bitcoin usage, there is a dependency on the individual whether he will treat Bitcoin to be more important than fiat or fiat than Bitcoin. For those that resides on places where Bitcoin is still not massively adapted, for sure they will value fiat more than Bitcoin although they still value both. Actually it is really depending upon the situation and perspective of the individual himself.

[Yamifoud]

Define "important"? If that question just raised because OP thinks that fiat is overkilled in the crypto-community then the discussion doesn't make sense.

Clearly, there is a misunderstanding on OP's part wherein he thinks that most people are putting too much hype on bitcoin while at the end of the day, they will convert it to fiat. First of all, try to research why the crypto-community grows over time. What's the reason? Why they don't like to be involved in banks? Why they are putting money on crypto? Why crypto-trading grows?

No need to go technical deeply about the advantage of using bitcoin and fiat. People have different preferences.

It is just people (most) are considering Bitcoin and crypto as a milking asset not as a currency to use to buy stuff, for bills just like what they do with FIAT money. And why they were converting it into FIAt is because of its higher value. People consider both Bitcoin and FIAT to have an important role in different aspects, as an investment and as a currency, respectively.

[tanjiran]

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It is just people (most) are considering Bitcoin and crypto as a milking asset not as a currency to use to buy stuff, for bills just like what they do with FIAT money. And why they were converting it into FIAt is because of its higher value. People consider both Bitcoin and FIAT to have an important role in different aspects, as an investment and as a currency, respectively.

Bitcoin is effective as a potential investment product and trading commodity, while fiat is very effective for day-to-day financial transactions, especially for micropayments and instant payments. If we combine the two, without choosing either one, I think it would be wiser.

Although bitcoin has many advantages, fiat is still more effective for day-to-day transactions. We know that bitcoin adoption is still limited, and the price is volatile. I personally would prefer fiat for transactions.

[pankowri]

I don't make any one-sided judgments. Both Bitcoin and Fiat have satisfactory stances here. Somewhere Bitcoin is better and somewhere fiat is. Although Bitcoin is not finally accessible or legitimate in all countries and everywhere. But Fiat is accessible in all countries and everywhere. I have different necessities for both. In the widespread pandemic, Fiat is required more because many businesses are closing down and losing jobs. If this pandemic circumstance becomes extra frightening in the future, then it will be miserable to consume the day. Then the necessity for bitcoin will heighten. In a word, nothing is unimportant to anyone. Shortly, the demand for Bitcoin will probably increase more than Fiat.

[yazher]

Until you buy everything with Bitcoin, you still need fiat to survive. therefore, fiat is more important for now and it will become less important until at the supermarket you can buy everything with BTC. Nowadays, people failed to think of these reasons they thought bitcoin is everything right now. without counting of some places that have some fewer technologies where you can't even pay with your credit card only cash in your pocket.

[xSkylarx]

How can bitcoin have it's value without fiat. How can we know that each bitcoin cost a lot if fiat doesn't exist. If bitcoin will be the only form of curremcy or let's say crytocurrencies, how can we define each items or things their price or value.

[Debonaire217]

Let's just clear the misconception about Bitcoin cannot run without fiat, imagine, the demand of the people is what giving value to anything. If people demand bitcoin, regardless of the existence of fiat, it will be tradable. People can still transact using bitcoin in exchange for a house, an item, or a pizza for example.

The way I see bitcoin being compared to fiat is because it is quite easy to trade fiat because it has a value already, fiat money is also widely used and can be easily exchanged. Though bitcoin can stand on its own even without fiats.

[ampu]

I think they are both money and convertible in the same way. If we look at the long term when we keep the original $ 10,000 in FIAT and Bitcoin split into two equal parts, we will see that the price slide of FIAT money is certain. They lose value over time as more fiat money enters the market and the value of the commodity increases over time. As for Bitcoin, I would say that they increase in price over time because of the scarcity of how they have mined and people's demand increases.

[Gotumoot]

For me both of them are important but since the pandemic I have been relying too much on crypto since it has been giving us more money than Fiat.
I have been earning more in crypto than in Fiat so I would vote on crypto right now,
But we couldn't live our daily life without Fiat since crypto isn't being accepted by everyone so we couldn't use it to pay for everything right now.
So both of them still play a huge part on our life and I could assume that it isn't just me but also most of the member of this forum or most of the crypto holder/earner.

[Reosta_]

For now, it is clear that fiat is preferred to be used over Bitcoin by the most of the people in the world. Because there are so many people who don't even know what cryptocurrencies are or don't want to use it. But I believe this will change in progress of time. More people will start learning about Bitcoin. Because the cryptocurrencies are our future. Maybe these volatile and decentralized cryptos won't be preferred to be used as the main currency of many countries. But governments will make their own digital currencies. So, I think there is no future for fiat in the long run.

[semobo]

Fiat money also doesn't have any real value, assets like gold can be considered as better currency but due to the convenience we made fiat and now fiat is getting more depreciated in their purchasing power that is why crypto currencies like bitcoin is getting popular and got its value from the demand created in the market.

[Harrison chinoye]

yes for me i think Bitcoin has always been transparent regarding coin supply, as well as keeping a public ledger of all transactions since day one, virtual currency is a far superior solution to fiat currency. It will take time until everyday consumers start flocking to Bitcoin. so i believe bitcoin is more important.

[Inkdatar]

yes for me i think Bitcoin has always been transparent regarding coin supply, as well as keeping a public ledger of all transactions since day one, virtual currency is a far superior solution to fiat currency. It will take time until everyday consumers start flocking to Bitcoin. so i believe bitcoin is more important.

Fiat and bitcoin have different usage and in my opinion, both are important to me. It is indeed that bitcoin is transparent with regards to supply and we all know it's usage and it's benefit to the users. I think bitcoin will have more improvement in the future which is we can't compare to fiat currency.

[24Kt]

yes for me i think Bitcoin has always been transparent regarding coin supply, as well as keeping a public ledger of all transactions since day one, virtual currency is a far superior solution to fiat currency. It will take time until everyday consumers start flocking to Bitcoin. so i believe bitcoin is more important.

Fiat and bitcoin have different usage and in my opinion, both are important to me. It is indeed that bitcoin is transparent with regards to supply and we all know it's usage and it's benefit to the users. I think bitcoin will have more improvement in the future which is we can't compare to fiat currency.

There's no doubt, even right now, we still need fiat in our everyday life. Only small percentage of global population are using crypto. And most of them are still using fiat as not many merchants are accepting crypto right now. So basically, we still need to convert our crypto to fiat to spend it. There are benefits of using bitcoin but there are limitations as well. So for me, it is not a question of benefits of bitcoin over fiat but right now, we still need fiat to go on our daily lives.

[oprahwindfury]

Always bitcoin is important,for people it totally depends where they live.because to many countries that doesn't accept Bitcoin.if your country accept bitcoin then bitcoin is better then fiat,Because Fiat is important for daily earning routine and bitcoin for hold.everyone know about bitcoin, we need both for earning.So bitcoin frist then fiat.

[mezzaluna]

It should also come across your mind that both of them can coexist without creating necessary problems. Currently, it is somehow a benefit to have access to digital money since everybody is scared to have physical items that might have a trace of a virus or even the Corona Virus so Bitcoin might come out on the polls. Both of them have the capability to do things well and since not all people have access to Bitcoin, they have no knowledge regarding about it so people may have their own ideals on where to use them.

[Genemind]

It still depends on your location. In our country, we're able to use Bitcoin in purchasing goods and buying our necessities as well as paying bills but that doesn't mean that fiat isn't important anymore or Bitcoin is better than this. No currency could replace physical money and Bitcoin still has a lot to prove and improve since there are still people who are doubting it. We still need a massive adoption and I believe that it still takes time. Fiat will always be fiat no matter how many digital currencies may exist.

[serjent05]

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).

Correct me  I'm wrong, the way I understand Bitcoin, the real way of gaining Bitcoin is thru mining.  I think trading, and getting paid with Bitcoin is secondary to it.   Besides, if the one paying BTC is not mining or buying it with fiat, they won't be able to pay us with BTC.


In the current situation, I still believe that fiat is more important than BTC in a day to day transactions of a normal citizen.