Can BTC exist without Fiat?

[Blowon]

even it would be better for bitcoin, because there is no weight value or estimate anymore. it makes bitcoin the main money in the world. however, it seems difficult, because we are already comfortable with fiat and bitcoin.

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[Core.i7]

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.

Bitcoin was originally created as a currency but we are treating it as a asset or commodity.

[fuguebtc]

Without fiat bitcoin still exists but the value of bitcoin probably no longer exists. The value of bitcoin is being valued in fiat ,How can you buy bitcoin when fiat doesn't exist?. Besides,if you use bitcoin to buy goods every day, you have to pay extra blockchain network fee, transactions have to wait for confirmation ..etc. Bitcoin and fiat will both coexist and support each other.

[seramania]

it seems impossible, because the price of bitcoin goes up and down. maybe now you can pay $ 0.1 but in a few days later it can increase or decrease the nature of bitcoin is volatile or unstable. so maybe fiat is more existent now

[ChiBitCTy]

I think that one day we eventually will move to a fully electronic payments system for fiat, and maybe that's bitcoin and maybe it's not, but I think it's inevitable being that we are already almost there ( credit cards for example ). I however don't think that we will be getting rid of our fiat currency anytime soon.  Andreas Antonopoulos stated a year or so ago in one of his talks that he doesn't see bitcoin replacing fiat, but that they are most likely going to work in conjunction with each other.  I happen to have the same train of thought.  I am not sure exactly how that is going to happen, but it certainly is seemingly the most likely scenario, at least in the short term.

[South Park]

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!

What is happening is that since the US dollar is the current wold currency then it makes sense that everything Is valued and compared against it, after all it is not as if other currencies are not compared against it all the time, so it is natural the same happens with bitcoin, so this is not something that people should worry about as it is completely natural, however we could come to the point in which the opposite is the truth and the value and the price of everything is compared against bitcoin instead of using the dollar for this.

[germsite]

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!

What is happening is that since the US dollar is the current wold currency then it makes sense that everything Is valued and compared against it, after all it is not as if other currencies are not compared against it all the time, so it is natural the same happens with bitcoin, so this is not something that people should worry about as it is completely natural, however we could come to the point in which the opposite is the truth and the value and the price of everything is compared against bitcoin instead of using the dollar for this.

I think valuing it against Bitcoin probably won't work. Maybe it could be a basket of cryptocurrency, but since Bitcoin is so volatile and we have no tools for monetary policy to stabilize it, valuing things against Bitcoin is unconceivable at the moment. As with gold, I doubt that Bitcoin will ever lose its volatility. It will become less volatile, but still too volatile to be the only crypto that goods and services are valued against.

[MrcMrc]

Fiant will give you the best option for this kind of transaction as the balance will remain the same at the time of refunds but when you are using bitcoin to make such a deal, you may end up paying high-interest rates as the bitcoin price is not stable and can change at any point in time.

[Fredomago]

I think that one day we eventually will move to a fully electronic payments system for fiat, and maybe that's bitcoin and maybe it's not, but I think it's inevitable being that we are already almost there ( credit cards for example ). I however don't think that we will be getting rid of our fiat currency anytime soon.  Andreas Antonopoulos stated a year or so ago in one of his talks that he doesn't see bitcoin replacing fiat, but that they are most likely going to work in conjunction with each other.  I happen to have the same train of thought.  I am not sure exactly how that is going to happen, but it certainly is seemingly the most likely scenario, at least in the short term.

I see that point and yeah it's already happening, most of the time when you do shopping or buying your groceries you don't need to bring fiat with you, with the help of digital methods you can easily use your cards to pay your bills.

Though, like what you have said it takes time if in case that government around the world will consider bitcoin as alternative system, so far with those digital types of currencies crypto/bitcoin is not one of the top priorities.

only time can tell if that will happened, let us enjoy that they are co-existing to benefits more people.

[Shasha80]

I think that one day we eventually will move to a fully electronic payments system for fiat, and maybe that's bitcoin and maybe it's not, but I think it's inevitable being that we are already almost there ( credit cards for example ). I however don't think that we will be getting rid of our fiat currency anytime soon.  Andreas Antonopoulos stated a year or so ago in one of his talks that he doesn't see bitcoin replacing fiat, but that they are most likely going to work in conjunction with each other.  I happen to have the same train of thought.  I am not sure exactly how that is going to happen, but it certainly is seemingly the most likely scenario, at least in the short term.

I see that point and yeah it's already happening, most of the time when you do shopping or buying your groceries you don't need to bring fiat with you, with the help of digital methods you can easily use your cards to pay your bills.

Though, like what you have said it takes time if in case that government around the world will consider bitcoin as alternative system, so far with those digital types of currencies crypto/bitcoin is not one of the top priorities.

only time can tell if that will happened, let us enjoy that they are co-existing to benefits more people.

Cashless payments are already running now, because they are considered very effective, and there is no need to carry cash anywhere. For Bitcoin
to be accepted as a payment alternative in all countries in the world it takes a long time, because for now in some countries, Bitcoin is still considered
a threat, because it cannot be controlled. But with time many countries will realize the importance of accepting Bitcoin. The conclusion is that
it is impossible for Bitcoin to exist without fiat, because the government will not allow this to happen. The most reasonable thing is that Bitcoin
and fiat co-existing, if this happens, many people will feel the ease of conducting financial transactions.

[germsite]

I think that one day we eventually will move to a fully electronic payments system for fiat, and maybe that's bitcoin and maybe it's not, but I think it's inevitable being that we are already almost there ( credit cards for example ). I however don't think that we will be getting rid of our fiat currency anytime soon.  Andreas Antonopoulos stated a year or so ago in one of his talks that he doesn't see bitcoin replacing fiat, but that they are most likely going to work in conjunction with each other.  I happen to have the same train of thought.  I am not sure exactly how that is going to happen, but it certainly is seemingly the most likely scenario, at least in the short term.

I see that point and yeah it's already happening, most of the time when you do shopping or buying your groceries you don't need to bring fiat with you, with the help of digital methods you can easily use your cards to pay your bills.

Though, like what you have said it takes time if in case that government around the world will consider bitcoin as alternative system, so far with those digital types of currencies crypto/bitcoin is not one of the top priorities.

only time can tell if that will happened, let us enjoy that they are co-existing to benefits more people.

Cashless payments are already running now, because they are considered very effective, and there is no need to carry cash anywhere. For Bitcoin
to be accepted as a payment alternative in all countries in the world it takes a long time, because for now in some countries, Bitcoin is still considered
a threat, because it cannot be controlled. But with time many countries will realize the importance of accepting Bitcoin. The conclusion is that
it is impossible for Bitcoin to exist without fiat, because the government will not allow this to happen. The most reasonable thing is that Bitcoin
and fiat co-existing, if this happens, many people will feel the ease of conducting financial transactions.

Bitcoin's market cap would have to be so huge that it could act as a unit of account, seriously, probably at least 10 or 20x from where we are. If you value stuff in Bitcoin, you are also running into the threat of prices getting manipulated by whales. Bitcoin won't exist alone, there will be other currencies that it somehow relates to, hence there is always room for manipulation.

[Spack17]

I think that Bitcoin can exist without fiat. Besides, fiat is going to be gone when governments develop their own digital currencies. Then there will be no fiat but cryptocurrencies will still continue to exist. In that situation, cryptocurrencies can be used in various places as the adoption will reach a much higher level than now. Otherwise, we will still need to convert it to the digital currencies that are developed governments.

[Wakate]

I see no reason why Bitcoin will exist without Fiat, because it is not just possible. Fiat had been existing for centuries now and it will be difficult for people to abandon Fiat and embrace Bitcoin because of less security and anonymous privacy.

[verita1]

I think your example is not mutually beneficial due to the volatility of the bitcoin price. Both would be at a disadvantage I think bitcoin will need FIAT until bitcoin volatility is not a problem but given the circumstance it will be enduring.

We have gotten used to the fiat pair and we have learned how to use bitcoin in the best possible way.
We always come to the same place when we ask ourselves about the value of bitcoin. In a short time, bitcoin should be included as a means of payment by a large majority when that moment occurs, we must all agree.

[osasshem]

Seeing an advert of a goods that you want to purchase, and you have Bitcoin to as a means for this purchase, buying it at once will be the best as there is no $ to give a standard price value. Bitcoin fluctuates, and that could bring excess Billings to you as the buyer, cause if the price of purchase was given 0.2BTC at the initial stage, and the price of BTC increases, you'll have to pay same 0.1BTC cause that was the stipulated price, but when the price drops, you'll have to pay the actual remaining balance to the seller, cause he will not want to be face loss.
Bitcoin was created 2009 and was in use before the introduction of stable coin, though, the use of Bitcoin for buying and selling was not in a wide range as it is now.
Making everything simple, paying the actual amount at the initial stage will keep everyone at the safer side.

[Gcrypto786]

Yes, it can be possible as Bitcoin is now considered a top cryptocurrency and if there is no Fait currency then people will use Bitcoin to trade and as a medium for buying and selling goods.

[amihada]

Bitcoin still exists even without fiat, Satoshi Nakamoto created bitcoin not to replace fiat, the use of bitcoin can be an asset in the future with bitcoin can be exchanged for gold not necessarily with fiat so bitcoin does not depend on fiat.

[kakonlin]

Bitcoin still exists even without fiat, Satoshi Nakamoto created bitcoin not to replace fiat, the use of bitcoin can be an asset in the future with bitcoin can be exchanged for gold not necessarily with fiat so bitcoin does not depend on fiat.

So true.  Bitcoin will continue to exist without fiat.  In the future I think fiat will be useless.  Technology is advancing, people will get used to owning digital currency because it is more flexible, secure, and more profitable to store it.

[Maslate]

Bitcoin still exists even without fiat, Satoshi Nakamoto created bitcoin not to replace fiat, the use of bitcoin can be an asset in the future with bitcoin can be exchanged for gold not necessarily with fiat so bitcoin does not depend on fiat.

So true.  Bitcoin will continue to exist without fiat.  In the future I think fiat will be useless.  Technology is advancing, people will get used to owning digital currency because it is more flexible, secure, and more profitable to store it.

I disagree, and I think it will not happen, if there's a currency that will replace fiat, it should not be bitcoin or any crypto since the government has to protect their own interest and they can make digital money, in fact, there is already a country that has started to create their own digital money.

China bans bitcoin and crypto in general because they have their own digital money.

https://www.wsj.com/articles/china-creates-its-own-digital-currency-a-first-for-major-economy-11617634118

[AakZaki]

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.

It's like imagining life without eating. Bitcoin as a new generation currency that is still not recognized by many countries in the world. Fiat currency with a fixed exchange rate and has been recognized as valid as payment. Bitcoin without fiat will still work but fiat is the main currency that is recognized as legal by the world. So fiat is legal for living expenses paying bitcoin is a consensus that has been agreed worth can be used as fiat. So they should stay in touch with each other for now. But the future may change if BTC has become a legal tender and is recognized worldwide.