Bitcoin runs off the fumes of fiat.

[Pizzalover420]

Coins are bought with fiat.
Miners are bought with fiat.
Electricity is bought with fiat.

Bitcoin runs off the fumes of fiat.

It will be a central banker with the biggest mining farm in the end, and your grand kids will be slaves to network fees AKA enforced tax.

Keep being cattle.

The truth is, you are still a slave to central bankers who create fiat out of thin air, even with bitcoin.
Bitcoin does not fix this. A coin everyone mints at the same rate will.

[mk4]

Bitcoin does not fix this. A coin everyone mints at the same rate will.

You do realize that bitcoin is being minted at the same rate(BTC6.25 every block/BTC900 per day) that only changes every 4 years through a halving event, right?

And of course everything is still "based" in fiat; simply because Bitcoin hasn't reached peak adoption yet. Rome wasn't built in a day.

[midasjohn]

Coins are bought with fiat.
Miners are bought with fiat.
Electricity is bought with fiat.

Bitcoin runs off the fumes of fiat.

It will be a central banker with the biggest mining farm in the end, and your grand kids will be slaves to network fees AKA enforced tax.

Keep being cattle.

The truth is, you are still a slave to central bankers who create fiat out of thin air, even with bitcoin.
Bitcoin does not fix this. A coin everyone mints at the same rate will.

https://pbs.twimg.com/media/Ep-JU9WXcAEIWeX?format=png&name=small

You really need to investigate what money is. We can use Pebbles or Sea Shells or Peppercorns or ANYTHING as a Unit of Account. Confusion sets in when one attempts to liken Money with Assets .... and yes Crypto-faithful ... that includes associating Crypto with Assets .. expect perhaps {   }

[crwth]

It would depend on what value you give to a certain asset. Imagine money, and we assign a value to it because it's an agreed-upon value. Once that Bitcoin adoption is strengthened and widespread, this would change and how we utilize the money system. It's all for that one goal in which everything is dictated by crypto and not the equivalent fiat value.

You know that the price does not dictate people who believe in crypto changing the financial industry, right? It's the number of people using it as their everyday instrument for everything because it's better to use Bitcoin instead of the forever inflating fiat.

[pooya87]

You keep proving that you have very little understanding of the world and how things work. It is not yet 1 month past the time you claimed that "bitcoin is 88% premined" and now you are trying the same thing again.
Nobody is forcing you to keep buying bitcoin though

[davis196]

Bitcoin gets more valuable because fiat money gets more worthless,day after day,year after year.
There's nothing wrong with that.
Bitcoin and everything else in the world is valued and measured in fiat money,because:
1.It's more convenient(you can measure the Bitcoin value in gold troy ounces,but it doesn't seem convenient)
2.The governments made fiat money a legal tender,so we are kinda forced to use fiat money.
Happy holidays to all the Bitcoin haters and FUDsters.

[20kevin20]

So you're back at it with the idea that everyone should be mining the same number of coins at the same time a.k.a. having a wallet linked to the identity of each so that everyone mints "fairly". It wouldn't work. If you think it would, why don't you try building your own coin? Maybe you really have a good idea we can't yet comprehend.

But it's kinda silly to think that an off-grid economy could work solely based on its currency. Bitcoin is linked to USD value because that's the easiest way to determine its value. Back when BTC was created, USD value didn't exist for Bitcoin. It was just the coin and that's it - and the first real life transaction says a lot about that: 10,000 BTC for 1 pizza, not for the USD value of a pizza.

Say miners and electricity could be paid with BTC instead of USD. Well, could the electricity industry and mining production work without fiat? They can't, because at some point fiat is still required. What Bitcoin does is, it gives you an alternative to that. But in the end, we are still living in an enslavement thanks to our system and we still can't completely get rid of it.

[Walterhank]

It's true that it is highly dependent on fiat and that is not good but with recent popularity, it could  gradually reach a point of massive adoption maybe three to four years.

[honestproscons]

My points on why Bitcoin is better than FIAT.

https://honestproscons.com/bitcoin-superior-to-fiat-money/

[pixie85]

Since people have different backgrounds and live in different environments, how are you going to make them all equal at mining?

OP, you'd like to put every animal in a race and hope that an elephant will keep the pace of a horse. You can't enforce your dumb equality on the world!

[semobo]

Well, let's talk about the Gold. Gold miners need fiat money to pay the miners and every expensive so it means the Gold market run by fiat as well then why we need Gold just consider it as trash and make fiat as the superior asset.

As long as we are facing hindrance in the bitcoin acceptance those bankers can make some manipulation but once we have a system where bitcoin is accepted we don't really need those fiats anymore.

[Darker45]

What seems to be the issue when things are bought using fiat? What do you expect? Fiat is our default currency; fiat is our default money. Fiat is where we are all coming from. If you wish to shift into Bitcoin, you'd have to start with fiat. You will purchase Bitcoin with your fiat. Is there anything wrong with it?

To those who are wealthy in terms of fiat and to those institutions who wish to convert their assets into Bitcoin, how do you imagine them doing it? They are going to use their fiat money to get into Bitcoin. And once they are into Bitcoin already, that's the time they begin to enjoy a certain amount of freedom they haven't experienced with when they were fully tied with fiat.

If these wealthy central bankers will get into Bitcoin and start a Bitcoin mining farm, they are certainly welcome. And that means they will let go of their fiat and move over into Bitcoin.

That's the process. There is no other way. There's no way we can totally get away with fiat for now. After all, we've just started. The shift has just started.

[TravelMug]

Who says that bitcoin though will help us not being slave against central bankers and fiat system?

In the first place this is not the goal of bitcoin when Satoshi invented it, just that the narrative have change throughout the years. We will only achieved this if BTC becomes the dominant currency like USD or Yen, but it will not happen.

"Why can't we just get along"?

And not go to debate "of bitcoin killing fiat" because it will not take place, not in our lifetime.

[verita1]

I think the opposite. If I buy bitcoin with all the fiat I own. I am giving up the banking system with all its services, I am saving and protecting my money in bitcoin.
The banking system is obsolete, the needs of users have become more acute in this time of pandemic. So institutions and corporations are getting by investing in bitcoin as a reliable store of value.

[sunsilk]

I doubt it that even a central bank with a huge capital to make their own mining farm, won't do it. They can't even commiy much with bitcoin as an investment and they won't invest to mining equipment that they don't have the assurance that it will run smoothly and will always be in favor of the marker.

At least with bitcoin, we can keep our wealth on it. Instead of saving most of it in the bank, we have the option to keep it and hold it within our hands saving it from the inflation.

[Wind_FURY]

Coins are bought with fiat.
Miners are bought with fiat.
Electricity is bought with fiat.

Bitcoin runs off the fumes of fiat.

Because Bitcoin is the Black Hole that sucks all fiat-value. Central Banks keep printing them, Bitcoin will keep absorbing them.

It will be a central banker with the biggest mining farm in the end, and your grand kids will be slaves to network fees AKA enforced tax.

Let’s welcome them to of service to the network. They will play by the full nodes’ rules.

Keep being cattle.

The truth is, you are still a slave to central bankers who create fiat out of thin air, even with bitcoin.
Bitcoin does not fix this. A coin everyone mints at the same rate will.

You are the cattle for believing in the Central Banks’ narrative. Bitcoin is our back-up plan, in case your friends in the Central Bank can’t maintain the monetary system anymore.

[irixo10]

First thing first, Bitcoin is not in a competition with fiat, but it is here to create a scenario where people will understand that they can really own and control their money without the government doing that for them or deciding a lot for them, and since it's inception that ideas has been working perfectly. Bitcoin is not in competition with fiat because fiat has the full backing and support of the government, and since the government finds it hard having total control of Bitcoin they will try their best not to give it the attention it needs, but however, sooner than later, most especially now Bitcoin has gotten a lot of attention both from platforms and institutional investors, the government will soon learn to accept and allow Bitcoin work closely with fiat but not to replace fiat.