Can BTC exist without Fiat?

[Vaculin]

I think that if fiat didn't exist, then there's no need for bitcoin to be invented since it doesn't solve any fundamental problem plus if you think about it, what you're trying to say is a possible thing to happen unless there's no fiat existing that will elevate the value of bitcoin higher than the past value of it.

I think we don't need to bother our mind thinking in a situation like this because fiat money already exists before Bitcoin has created. We can't take fiat just for the sake to know if Bitcoin will be able to exist. Because what I understand is that Bitcoin was created as for alternative option aside from fiat as a currency where we can use to buy stuff.
This is just a sort of currency development and this Bitcoin will come even there is no fiat but it was just to happen that ancient people only use paper money, that is why fiat is there and this Bitcoin just come next when digitalization has been started.

[South Park]

The real question is whether or not world governments would allow for such a scenario. Kleptocracy is more common than one might think, and sometimes comes in tandem with plutocracy. What's unique about the most powerful government, the United States, is that it is a very different form of kleptocracy than history has ever seen. Look at every store of value/means of transacting and we see that governments have always seized the predominant technology for this at one point or another. Think the 1930s, the US gov't seized mass amount of gold and silver, also Prodrazvyorstka in the Soviet Union.

In theory BTC could exist without fiat, but then government would lose control. Unless they owned a 51% interest in mining that is, which is technically feasible given the resources available although not likely because they know what would happen in that case.

Technologically speaking, BTC would be better off as an underlying store of value for a much speedier system layered on top. Kind of how gold backed the paper dollar, even though most of it was in vaults in New York/Kentucky, not in hand. BTC is digitally "heavy", just how gold is physically heavy and not easily moved en masse. The problem is, that requires trusting a third party. So someone would have to come up with a trustless way to implement that scenario. Ideally, this system would be cryptographically secure, but so speedy that the security of payment is as fast as a Visa transaction, or even better, like me handing you cash.

Financially speaking, Bitcoin would have to reach such maturity that the price of goods in BTC would not wildly fluctuate on a regular basis. We see this over long periods of time in fiat, which is kind of like a frog in boiling water effect. Somehow it all works out though because in real terms nobody is paying that much more for goods. Overnight price swings of 10% like we regularly see would not be acceptable in a crypto-only world though. I think we can get to this point once society as a whole realizes that instead of trusting that governments honor their obligations we could just hand that duty over to immutable mathematics and algorithms.  

So the answer is yes. But would it be allowed?

It is never going to be allowed, bitcoin will keep on existing and it will become incredibly popular as there is nothing governments can do to stop the adoption of bitcoin, but fiat currencies will always exist, governments get a lot of power from those currencies to just let them disappear without a fight as they can steal from the wealth of their citizens through inflation, so I doubt they will ever admit their defeat against bitcoin officially and will keep trying to deceive anyone that they can with those useless currencies.

[EvieLannister]

I think the two can exist at the same time. If there is no Fiat, everyone will use cryptocurrency. Maybe the salary paid by the boss is cryptocurrency, or we rely on mining to obtain cryptocurrency. At present, everyone still uses fiat currency more. Cryptocurrency is used for investment. Nowadays, many cryptocurrencies are used for payment transactions. There are also companies that give employees cryptocurrency when they pay salaries (of course this will be agreed by employees).

[peter0425]

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.

Bitcoin will not be valued as fiat in the future so meaning you borrow 2 bitcoin you will pay 2 bitcoin no matter how much value in fiat.

your problem is fiat problem and not cryptocurrency problem.

[molsewid]

I think we don't need to bother our mind thinking in a situation like this because fiat money already exists before Bitcoin has created. We can't take fiat just for the sake to know if Bitcoin will be able to exist. Because what I understand is that Bitcoin was created as for alternative option aside from fiat as a currency where we can use to buy stuff.
This is just a sort of currency development and this Bitcoin will come even there is no fiat but it was just to happen that ancient people only use paper money, that is why fiat is there and this Bitcoin just come next when digitalization has been started.

Maybe some of us came to a wild curiosity about if bitcoin can exist without fiat due to fast pace of improvement and currency development that was happening today. We all know that fiat already existed even without bitcoin but due to the curiosity of those people who are behind the development of bitcoin, cryptocurrency was born to give us the currency development that I can truly say a total life changer. Today, I can tell that bitcoin existed with the needs of fiat because we can't make a direct or P2P transactions but I think soon it will be available in all aspects without the need to convert our crypto into fiat.

[South Park]

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.

Bitcoin will not be valued as fiat in the future so meaning you borrow 2 bitcoin you will pay 2 bitcoin no matter how much value in fiat.

your problem is fiat problem and not cryptocurrency problem.

This is the same that happens with any other currency, if you borrow dollars instead of whatever currency your country is using then you need to pay that debt with dollars and you have to pay the interest rates in dollars as well, so I do not see why this concept is so difficult to understand in bitcoin when the same concept it is readily applied to any other currency already, maybe this happens because many people do not really see bitcoin as a currency even if that is its main function.

[germsite]

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.

Bitcoin will not be valued as fiat in the future so meaning you borrow 2 bitcoin you will pay 2 bitcoin no matter how much value in fiat.

your problem is fiat problem and not cryptocurrency problem.

This is the same that happens with any other currency, if you borrow dollars instead of whatever currency your country is using then you need to pay that debt with dollars and you have to pay the interest rates in dollars as well, so I do not see why this concept is so difficult to understand in bitcoin when the same concept it is readily applied to any other currency already, maybe this happens because many people do not really see bitcoin as a currency even if that is its main function.

It depends on the terms you agree upon. When someone was to borrow my an ounce of gold, I can agree with him on whether he should pay me back an ounce of gold in, say 12 months from now or whether I want the value in USD that the ounce of gold is worth today in 12 months from now. I don't think we will get to a point where Bitcoin loses its association with fiat currencies. I might be very well wrong of course, but I just don't see that happening in our life time. Maybe that's what's going to happen generations after us, but that would also mean Bitcoin becomes the ultimate reserve currencies for any currency in the world as there will definitely be many, man cryptocurrencies after all.

[marilynmanson21]

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 without Fiat will not be able to go this far, because fiat and BTC complement each other, where if you want to have 1BTC you can exchange it for a number of fiat,

[Saidasun]

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 without Fiat will not be able to go this far, because fiat and BTC complement each other, where if you want to have 1BTC you can exchange it for a number of fiat,

How do they complement each other? They are different and serve two different purposes. Bitcoin goes against everything that fiat applies to and fiat does the same to Bitcoin. Bitcoin was created to replace the banks that fiat uses how do they complement each other? You can exchange Bitcoin to fiat but that is because you can exchange any currency in the world for another currency and you can exchange currencies for items to that does not mean that currencies complement Bitcoin.

[conected]

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 without Fiat will not be able to go this far, because fiat and BTC complement each other, where if you want to have 1BTC you can exchange it for a number of fiat,

How do they complement each other? They are different and serve two different purposes. Bitcoin goes against everything that fiat applies to and fiat does the same to Bitcoin. Bitcoin was created to replace the banks that fiat uses how do they complement each other? You can exchange Bitcoin to fiat but that is because you can exchange any currency in the world for another currency and you can exchange currencies for items to that does not mean that currencies complement Bitcoin.

- Disagree, ignore the basic features and nature, maybe both will serve opposite goals and are incompatible with each other but the standard of value is still the addition of fiat to bitcoin, more precisely, you can use many different currencies to exchange a product but the regulation of value is still based on that currency, it means bitcoin will have no value without a specific yardstick like fiat. Besides, bitcoin wants to go to alternative steps and establish a new order, it also needs to hold the original image of fiat and banks, fiat is a mirror for bitcoin to look at and repair

[Kong Hey Pakboy]

I don't think so, if there's no fiat then there's no need to improve upon which was the goal of bitcoin in the first place, to be an alternative solution to fiat which seems to be more than effective. Plus, without fiat, how can bitcoin exactly replace it in terms of speed in global economy given how slow it's network is?

[tanjiran]

-- Disagree, ignore the basic features and nature, maybe both will serve opposite goals and are incompatible with each other but the standard of value is still the addition of fiat to bitcoin, more precisely, you can use many different currencies to exchange a product but the regulation of value is still based on that currency, it means bitcoin will have no value without a specific yardstick like fiat. Besides, bitcoin wants to go to alternative steps and establish a new order, it also needs to hold the original image of fiat and banks, fiat is a mirror for bitcoin to look at and repair

this is very reasonable, after all if we don't use fiat then what do we use when we want to buy bitcoin? the local exchange must provide a fiat pair that is valid in that country to be bought directly into btc or other cryptocurrencies. so please stop comparing them, both have their own function. Cryptocurrencies in general are very good, faster and more effective, without a third party, giving a lot of freedom, but on the other hand it is very dependent on technology and the internet, when it is not available then fiat and paper money are the solution. so the two complement each other, there is a quote that says if you can use both, why should you choose?
just use it wisely as needed

[milewilda]

-- Disagree, ignore the basic features and nature, maybe both will serve opposite goals and are incompatible with each other but the standard of value is still the addition of fiat to bitcoin, more precisely, you can use many different currencies to exchange a product but the regulation of value is still based on that currency, it means bitcoin will have no value without a specific yardstick like fiat. Besides, bitcoin wants to go to alternative steps and establish a new order, it also needs to hold the original image of fiat and banks, fiat is a mirror for bitcoin to look at and repair

this is very reasonable, after all if we don't use fiat then what do we use when we want to buy bitcoin? the local exchange must provide a fiat pair that is valid in that country to be bought directly into btc or other cryptocurrencies. so please stop comparing them, both have their own function. Cryptocurrencies in general are very good, faster and more effective, without a third party, giving a lot of freedom, but on the other hand it is very dependent on technology and the internet, when it is not available then fiat and paper money are the solution. so the two complement each other, there is a quote that says if you can use both, why should you choose?
just use it wisely as needed

Honestly speaking, Bitcoin does really depend on Fiat value and if ever Fiat wont exist then its just normal for such switch up then it would be the mainstream but this is just really an impossible thing to happen but can  really be possible for bitcoin to stand alone but 21M overall supply excluding those lost  coins even  its total mined wouldnt be enough for global adoption or mainstream currency.
Of course Bitcoin could exist without Fiat and it all matters with the demand by the people  which would really be continuing through ages although it wont be that guaranteed
but there would always be a high  potential.

[KennyR]

Bitcoin exists without fiat, but it is a big question whether it would've reached to the present level without the pairing of fiat. People aren't aware about bitcoin and it's good. This means we can't expect bitcoin to grow. At the beginning everyone will find it difficult to believe in the bitcoin for different reasons. So, it is quite hard to have it on direct usage. Now people who have used to it are aware of its growth. Then onwards Bitcoin can exist without fiat, but the growth won't be effective.

[Stunzz]

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 don't think bitcoin can do without fiat as people will feel the urge of exchanging into fiat to enable them spend in stores and other institutions or other means of transactions either online or offline.

Remember, its not yet generally accepted across the globe

[Sir Legend]

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 don't think bitcoin can do without fiat as people will feel the urge of exchanging into fiat to enable them spend in stores and other institutions or other means of transactions either online or offline.

Remember, its not yet generally accepted across the globe

Crypto users especially bitcoin are still small around the world, especially in many countries that have banned bitcoin, making bitcoin development difficult, of course it will take a long time to replace fiat because there are many things that must be done before using bitcoin.

[Rahman11]

At present as a cryptocurrency most usable cryptocurrency now is bitcoin and ethereum, questions is can it’s possible to replace fiat to cryptocurrency in future?
below is some explain over this.
https://www.investopedia.com/tech/bitcoin-or-altcoin-can-one-them-replace-fiat/

[dimox]

i think, bitcoin can do like what you think.
you can pay for next month same like fiat work. this can work if two people make agreement before.
fiat, be a primary pointment from crypto, you can calculate how much you own. and when no more fiat, we can deal if crypto will be the main currency, and when people create new currency, than crypto (bitcoin) will be our basic fiat.
but, its far enough to think that bitcoin can exist without fiat.

[JerryKin]

In my opinion Bitcoin is not the perfect replacement for fiat now or in the future. The reason being that Bitcoin is a digital currency and it will ever remain that way. The fact that it is digital makes it virtual and not physical. You can't hold your coins to a bookshop or to market. The only way to do that is to convert your coins to fiat (€ or whichever currency). The physical evidence of your Bitcoin is your fiat currency

For the question of if Bitcoin should replace fiat in terms of value exchange, I believe that will be terrible idea.

Fiat itself isn't stable sometimes, how much more Bitcoin
 

[Kusman]

For now, it seems like Bitcoin can't do without fiat. Because when we want to buy something, we need to convert some of our coins to fiat to be able to pay for it. The reason why is that Bitcoin payment method is still not widespread anywhere. It's true that the number of places you can use Bitcoin is increasing every month and every year. But still there is a very long way to go for Bitcoin to be adopted by nearly every place like fiat.