Can BTC exist without Fiat?

[KingsDen]

The reason for this question is "The Standard for Deffered Payment".
If I want to buy goods worth $2000 and the seller offers a Deffered means of payment. I can pay $1000 and in later months pay the balance of $1000.
Can this happen with BTC, if not now but in the future.
Maybe I want to buy goods worth 0.2 BTC, I paid 0.1BTC, in the later months can I pay the balance of 0.1BTC without paying its equivalent in fiat?
Thank you.

[jackg]

Fiat might be an easier way of dealing with this and I'm not sure crypto is the way to fully replace fiat.

But you can collateralise other items. If you get a builder to fix something, you normally just promise to pay when the work is done (you rarely pay before). This could be collateralising your reputation or your house. A court can order you to pay anyway.

Say you buy a car for 0.2BTC, you'd put your deposit of 0.1BTC down. If you don't pay the rest off on time, they take the car. If the amount they get for the car by selling it on leaves them at a loss, they'll just come after you for the rest of the money going the normal route (eg the court might order to take possessions like a house and split the funds proportionally to pay off the debt).

[Vaskiy]

As Bitcoin is highly volatile business owners will surely think of it. Getting such an access is really not gonna happen, because when you buy the product of 0.2BTC paying 0.1BTC and rest within few months there can happen deviation in the price upward and downward. If the price move is upward and receiving the remaining 0.1 BTCfund in terms of BTC will profit the business owner. Same if the market see an downward move he'll be experiencing loss. So this isn't possible with Bitcoin.

In simple based on the market volatility he can get $5000 as well as $3000 for the product that is tagged worth $4000.

[DarkIT]

It's not possible one.But it was a stage of no dependence of fiat at the begin.This is cause of less price like 1000$ in the bitcoin.When fiat get into play a role in cryptocurrency,it developed 50 times from the beginners stage.Now we can convert bitcoin to may of the fiat in the world.The transaction became a possible one by the fiat involvement.

[Gamerholic]

I think one without the other can perfectly exist and the question is rather how long both will exist. There is a possibility that bitcoin will be able to outlast FIAT as the world is changing rapidly and more and more people prefer to bet on digital finance and digital values ​​such as NFT. Over the next 10 years, especially after defeating the pandemic, the economy will jump forward in all developed and developing countries and cryptocurrency will follow this growth. Moreover, more and more large investors regard it as a real investment instrument.

[Shenzou]

The reason for this question is "The Standard for Deffered Payment".
If I want to buy goods worth $2000 and the seller offers a Deffered means of payment. I can pay $1000 and in later months pay the balance of $1000.
Can this happen with BTC, if not now but in the future.
Maybe I want to buy goods worth 0.2 BTC, I paid 0.1BTC, in the later months can I pay the balance of 0.1BTC without paying its equivalent in fiat?
Thank you.

This is actually a very good question, and in my opinion i think that bitcoin and crypto overall can't exist without fiat, and the reason for that is because they have become more of an investment rather than being an actual currency with its own dependent value, so the value of any currency or investment is always going to be tied to its equivalent in fiat because that is the main way people and companies exchange goods or services between each other. 

[blockman]

That's not an ideal solution if you're going to think about bitcoin with that type of scheme. It is what it is with what you're sending through bitcoin and maybe you'll have that contract or deal with whoever is the seller. BTC will coexist with fiat and this is the reality.
Bitcoin as the other choice for payment is what it should be but with the scheme that you have mentioned, it's like a condition that will depend to the merchant where you've purchased a good.

[KingsDen]

This is actually a very good question, and in my opinion i think that bitcoin and crypto overall can't exist without fiat, and the reason for that is because they have become more of an investment rather than being an actual currency with its own dependent value, so the value of any currency or investment is always going to be tied to its equivalent in fiat because that is the main way people and companies exchange goods or services between each other. 

I share in your opinion. I believe both Cryptocurrencies and fiat will coexist. As you mentioned, the former is largely considered as an investment instead of an exchange medium. Also the true value is difficult to determine due to too much speculations and fluctuations.
There will not be a time fiat is totally replaced.

[Ebede]

The reason for this question is "The Standard for Deffered Payment".
If I want to buy goods worth $2000 and the seller offers a Deffered means of payment. I can pay $1000 and in later months pay the balance of $1000.
Can this happen with BTC, if not now but in the future.
Maybe I want to buy goods worth 0.2 BTC, I paid 0.1BTC, in the later months can I pay the balance of 0.1BTC without paying its equivalent in fiat?
Thank you.

Btc can exist without fiat because fiat can exist without bitcoin, bitcoin can be use for different payment Even for buying of goods and services, the only difficult thing exist between bitcoin and fiat is that fiat has more value than bitcoin and it can be spend anytime without help of any commodity, while bitcoin need support to bring it's image which is fiat, but country that values cryptocurrency can equally use it for any transaction without accompany of fiat.

[Republikcoin.com]

If only Bitcoin was a recognized stable currency, it could happen without having to think about the BTC rate against USD when you made the first and second payments.
When Bitcoin has become mainstream, some of the functions of fiat currency can begin to be replaced with the existence of Bitcoin.
But I'm not so sure with the very limited total supply of Bitcoin it can become a mainstream currency. It is very difficult to control regarding the scarcity of BTC currency. If BTC is very rare, then it is like jewelry like Gold, Diamond or Silver. We can't trade using Diamonds to buy milk and bread in the shop.

So, Bitcoin still needs fiat

[ranochigo]

Bitcoin is a currency and the value has to be determined against other currency. Bitcoin can survive without fiat as Bitcoin is not dependent on it. If fiat were to collapse overnight, people would simply start to establish the exchange rate against other mediums, like precious metals.

The only reason why this issue matters now is due to how much Bitcoin fluctuates against fiat. Bitcoin is sufficient to fulfill the various economic functions of a currency. Payments can be settled using Bitcoins in absolute amount or the approximated amount when compared against other forms of currencies, this is dependent on if they care about that. But as far as I'm concerned, 1BTC = 1BTC.

[maxreish]

You can always pay that half .1 bitcoin if the two parties agreed whether it can be paid as bitcoin itseld regardless of the future value  when the due date comes or it should be paid as bitcoin/usd pair for fairness. As btcoin always have a volatile price, it is not advisable for you to pay it in currency base.

And about the question towards the title, it may exist without it. I mean , if bitcoin was the first currency that founded then the circumstances can be different now.

[pooya87]

What you are asking is not specific to bitcoin but it is all about volatility of the currency and since you are comparing it with US dollar (a currency that at the moment isn't experiencing any huge fluctuations) your comparison is flawed. You should compare US dollar with another currency that has huge  volatility like currency of a country that is currently experiencing hyper inflation or compare it when the hyper inflation was happening.

A good example is Venezuelan bolívar. When the value of this currency was dumping you couldn't go to a store pay half that day and then say months later you would pay the next half. They would demand all the payment that  day or increased payment in the future because in a couple of months the value of the same amount of VES was not the same anymore.
This didn't mean VES is not currency or can not survive without "fiat", it is already a currency used by 29 million people and it is surviving on its own even if it has wild "value swings".

[the rise]

If fair you use btc then it will be calculated based on btc, not in fiat. you transact at a price of 0.1 btc then you have to pay with 0.1 even if the estamasi in dollar amounts is up or down. you still have to pay with btc 0.1

[yazher]

The reason for this question is "The Standard for Deffered Payment".
If I want to buy goods worth $2000 and the seller offers a Deffered means of payment. I can pay $1000 and in later months pay the balance of $1000.
Can this happen with BTC, if not now but in the future.
Maybe I want to buy goods worth 0.2 BTC, I paid 0.1BTC, in the later months can I pay the balance of 0.1BTC without paying its equivalent in fiat?
Thank you.

Looks possible but hard to implement at our current time because lots of people are still computer illiterate where they don't even know how to access their local exchanges. therefore, we are not yet into this because no matter how I look at it, it won't make any sense until it will become one of the known currencies in the world like dollars or Euros. Buying goods with BTC is starting to get convenient since PayPal is taking over the online payment system. hope it works for them because they are one of those big companies that will push bitcoins to the future.

[KingsDen]

A good example is Venezuelan bolívar. When the value of this currency was dumping you couldn't go to a store pay half that day and then say months later you would pay the next half. They would demand all the payment that  day or increased payment in the future because in a couple of months the value of the same amount of VES was not the same anymore.
This didn't mean VES is not currency or can not survive without "fiat", it is already a currency used by 29 million people and it is surviving on its own even if it has wild "value swings".

Good instance here, I never knew that a fiat could fluctuate to this extent. I had always thought that all fiat are almost stable at any time. If so, there's a very big hope for BTC as per currency and not only a store of value.

[LimLims]

The reason for this question is "The Standard for Deffered Payment".
If I want to buy goods worth $2000 and the seller offers a Deffered means of payment. I can pay $1000 and in later months pay the balance of $1000.
Can this happen with BTC, if not now but in the future.
Maybe I want to buy goods worth 0.2 BTC, I paid 0.1BTC, in the later months can I pay the balance of 0.1BTC without paying its equivalent in fiat?
Thank you.

Your question is very much confusing to be honest.
With the type of demands of yours, you can equally face losses or profits.
Everyone want they need to deal with FIAT price, as BTC is an asset and it’s price is not constant.
But you want the reverse, and want to pay on the values of BTC not in FIAT.
I guess this won’t going to happen anytime in the near future.
Still interested to hear from other people about this.

[Jet Cash]

You can do this now, but you have to put up all the Bitcoin in the beginning. This doesn't help if you are wanting a loan, but it could be useful if you want to make staged payments for a building project. If you need a loan, then you will need to find someone to lend you the Bitcoin, and this is no different to a fiat loan really. A deferred payment or rental agreement would be something you could agree with the seller.

[20kevin20]

It's all about whether the seller cares more about BTC than fiat value. If they do, then their 0.1 BTC will not change based on fiat value. Should they consider a phone is always worth 0.2 BTC, half of it is stil half.

Bitcoin can definitely exist outside the fiat system. It could be used as its replacement very easily, but we need a spirit of community in order to make this work for real. Without everyone agreeing to the same prices, you will have to use another currency (fiat for example) to base your prices on.

[hatshepsut93]

Even fiat can't exist without fiat in a sense that you're describing. I recently signed a deal where I would need to make a payment later, and as a part of the deal the payment in my local currency will be tied to the value of US dollar.

If Bitcoin exchanges were to get closed, Bitcoin would be in a big trouble, because its price would be determined by very low volume darknet exchanges, so volatility would be huge.