Can BTC exist without Fiat?

[20kevin20]

it's true what you said comrade, bitcoin can't be controlled by anyone, but bitcoin I think is very dependent on fiat currency, bitcoin was created to complement one another, I think bitcoin will be very difficult to develop if it is not supported by fiat currency, because now we can't buy rice with bitcoin in some countries..

It's actually very independent from fiat. If it existed before without having any USD value, it could easily exist today totally independent from it the same way USD can live without BTC. It's just that it's so much easier to see and find its value based on a stable currency, but that doesn't make it dependent to anything. At the end of the day, if you think a kg of potato is worth .1mBTC, you can sell it for that much as long as there is demand and as long as you think it truly is worth that much. The fact that 1 kg of potato is worth 3.1 USD makes your .1mBTC automatically be worth 3.1 USD, otherwise people'd take advantage of the difference in prices until it goes stable anyway.. so these things are indirectly linked BUT independent!

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[GeorgeJohn]

it's true what you said comrade, bitcoin can't be controlled by anyone, but bitcoin I think is very dependent on fiat currency, bitcoin was created to complement one another, I think bitcoin will be very difficult to develop if it is not supported by fiat currency, because now we can't buy rice with bitcoin in some countries..

This is obvious because cryptocurrency generally can't be controlled by any arms of government even manage by a particular sector, so making it known from my observation, without fiat currency bitcoin can not go a long way, you have said my mind, because their is some certain things bitcoin can not purchase base on the nature of the country with exception of fiat, a fiat currency is like engine room of cryptocurrencies, fiat is bitcoin backbone without it bitcoin can't come in accomplish, because right now you can't go local market and purchase food items with bitcoin, those traders values fiat currency because they are acclimatized it, and which is known to them because of it's visibility than cryptocurrency more especially bitcoin.

[bitterguy28]

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 just like taking a Loan in Bitcoin  from a  lender  your transaction relies on the amount of Bitcoin you borrowed and not in how much the current value in dollars and actually this is same scenarios why some people who took loans end up being scammers because they are loaning in bitcoin but their source of payments will come from fiat and when the value suddenly increase they don't know how to cover the remaining extensions .

[Charot12345]

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.

I think due to the fluctuation and the equivalent value of btc over fiat may change over year , it can be hard. But it still depends on your agreement with the seller. If you agreed to pay that goods in btc disregarding its equivalent in fiat it can be posible. Lets say you want to buy goods at 0.2 BTC then you must pay 0.2 BTC even its price in fiat fall.

[molsewid]

It's actually very independent from fiat. If it existed before without having any USD value, it could easily exist today totally independent from it the same way USD can live without BTC. It's just that it's so much easier to see and find its value based on a stable currency, but that doesn't make it dependent to anything. At the end of the day, if you think a kg of potato is worth .1mBTC, you can sell it for that much as long as there is demand and as long as you think it truly is worth that much. The fact that 1 kg of potato is worth 3.1 USD makes your .1mBTC automatically be worth 3.1 USD, otherwise people'd take advantage of the difference in prices until it goes stable anyway.. so these things are indirectly linked BUT independent!

Bitcoin is definitely a stand alone type of cryptocurrency which it will exists without the presence of Fiat but as of now the investors and traders couldn't transact directly a point to point transaction using bitcoin and the existence of fiat is still in need. As bitcoin could stand alone without fiat and even fiat could also stand alone without bitcoin which it only shows that the type of currency don't have a direct relationship with each other. So far today even if we really wanted to use crypto transaction directly it is still not yet fully implemented or practiced.

[NFTGate]

There is a specific use case for fiat and there is another use case for BTC. It would be too early to predict anything. As of now, it would be good to take the advantage of both the form of currencies.

[ene1980]

~
Bitcoin is definitely a stand alone type of cryptocurrency which it will exists without the presence of Fiat but as of now the investors and traders couldn't transact directly a point to point transaction using bitcoin and the existence of fiat is still in need. As bitcoin could stand alone without fiat and even fiat could also stand alone without bitcoin which it only shows that the type of currency don't have a direct relationship with each other. So far today even if we really wanted to use crypto transaction directly it is still not yet fully implemented or practiced.

Suppose i am entering into the Bitcoin market and i wanted to purchase the coin and how do you think i will trade them or purchase them without fiat currency, the only possible solution is for me is to convert my fiat currency and purchase them and there is no other option. So you need to both to coexist for the market to be fair. I am not counting on any of the stable currencies we have in the market as majority will fail in the long run due to their lack of transparency.

[Saidasun]

If bitcoin was to exist without fiat it would have to become the mainstream currency and that is a long way off. I do think we will get there but it will be at least another decade before it becomes the main stream currency. The good news is that some countries have already announced it as legal money which is a step in the right direction.

[Argoo]

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.

It is unlikely that the payment by installments in bitcoins for goods or services can gain a foothold. The reason, first of all, as always, is the high price volatility of bitcoin. The agreement on the price occurs at the time of the conclusion of the transaction, and the payment of the agreed amount occurs as the fulfillment of the conditions of the concluded transaction. Although in this case the buyer will pay the same amount in bitcoins, however, over time, it will inevitably change in relation to fiat. This will always be an annoying factor.

[dunfida]

Fiat would remain no matter what and come to think on where Bitcoin is getting value from? It is from fiat. So they are really connected to each other but the concept on how payments is been done

or transaction then it would be an another story and this is where the community is really interested but people do really think off differently and believe that fiat would be replaced?

Its an impossible thing to happen because as long do government do exist then fiat would really remain no matter what.

[Boov]

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.

Meaning you got your profit within a month, so without fiat as a good start btc gave us an opportunity to obtain a sustainable returns. On this idea, btc and fiat has a good companionship which we can't remove, because both of them had a strong bond ever since the first existence of digital currency bitcoin. Buying goods or any basic commodities is a good example of spending money, that turns to be convenient using cryptocurrency.

[SaShiRaJaVu]

If bitcoin was to exist without fiat it would have to become the mainstream currency and that is a long way off. I do think we will get there but it will be at least another decade before it becomes the main stream currency. The good news is that some countries have already announced it as legal money which is a step in the right direction.

Lets say that Bitcoin becomes a mainstream currency and billions are transacting it on a daily basis even though it is impossible to have that kind of scaling solutions for Bitcoin right now, lets assume that we can scale like Visa and Master card but what do you do about the high volatility, cryptocurrency market and the fiat market is there to coexist.

[imstillthebest]

it's true what you said comrade, bitcoin can't be controlled by anyone, but bitcoin I think is very dependent on fiat currency, bitcoin was created to complement one another, I think bitcoin will be very difficult to develop if it is not supported by fiat currency, because now we can't buy rice with bitcoin in some countries..

This is obvious because cryptocurrency generally can't be controlled by any arms of government even manage by a particular sector, so making it known from my observation, without fiat currency bitcoin can not go a long way, you have said my mind, because their is some certain things bitcoin can not purchase base on the nature of the country with exception of fiat, a fiat currency is like engine room of cryptocurrencies, fiat is bitcoin backbone without it bitcoin can't come in accomplish, because right now you can't go local market and purchase food items with bitcoin, those traders values fiat currency because they are acclimatized it, and which is known to them because of it's visibility than cryptocurrency more especially bitcoin.

if that is the case well we might need to convert our btc first to fiat before we can use it. if our country legalize btc,  the local exchangers  will also have a support for btc but if not then
we can do this online because theres alot of btc exchangers available now and some of this exchangers now support fiat currencies.  there are also shops online that directly accepts a bitcoin payment  . we can buy the goods straight and save time or fees  .

[Robinson66]

Bitcoin is a currency used for payment transactions. If there is no legal currency, it can still perform payment transactions and can still exist. Without Bitcoin legal currency, it can still be used by people. The two of them did not say who must rely on whom to exist. Both can exist at the same time,

[bakasabo]

I would say, without mass adoption, both must exist. How can we determine the value of Bitcoin without fiat money? Impossible without mass adoption. How can goods and services producers determine the value of their work in Bitcoin without mass adoption? Again impossible. It will take tens of years before BTC can exist without fiat.

[ropyu1978]

I would say, without mass adoption, both must exist. How can we determine the value of Bitcoin without fiat money? Impossible without mass adoption. How can goods and services producers determine the value of their work in Bitcoin without mass adoption? Again impossible. It will take tens of years before BTC can exist without fiat.

I strongly agree with your opinion, friend, the emergence of bitcoin without fiat currency will definitely not last long, because it is supported by fiat currency, so bitcoin can survive until now, fiat currency and bitcoin need each other, they live side by side, if there is no fiat currency, it can be said that it is impossible for bitcoin to survive, because we know bitcoin exchanges must require fiat currency.

[mbe48]

I think it could be, but the exchange would happen if BTC prices were stable and there were no Fiats in the world. Because if there is still Fiat, there will be economic paralysis (Inflation). But Fiat is an icon of the founding of a country, so it is better to use BTC only as a digital asset because there is nothing to regulate in terms of price and as a long-term investment it is more than enough.

[iTradeChips]

I think the volatility of Bitcoin might pose an obstacle for such payment scheme. I think many people would still prefer fiat currency or any other type of payment method or process other than Bitcoin. The value of the Bitcoins which one should pay should adjust based on the value of the product. And that alone might scare away people from actually using Bitcoin as mode of payment in a world without fiat currency. In my opinion, fiat is definitely needed for now.

[Lorence.xD]

Yes it can exist but the problem is that it will have the same role as fiat meaning that it will become stable and somewhat centralized. Plus, bitcoin wouldn't be an asset anymore because it finally turned to be a currency.

[CryptoStar19]

Yes it can exist but the problem is that it will have the same role as fiat meaning that it will become stable and somewhat centralized. Plus, bitcoin wouldn't be an asset anymore because it finally turned to be a currency.

This may be true, but it still won't be under the control of any central government who would just make more of it as they see fit. This is a huge difference with bitcoin.