How important is fiat to Bitcoin?

[justdimin]

I will not agree with you on the part that "bitcoin can do without Fiat and Fiat can also do without bitcoin " how? And how many things have you used bitcoin to buy in your locality? Bitcoin is only an alternative currency to the Fiat currency, and that means bitcoin can't stand alone because you can not use it to buy things in your local market. But Fiat can be used to buy things both online and offline but bitcoin is only online. Therefore, it is only Fiat currency can be used to buy things in my locality but bitcoin can do things without Fiat currency. Bitcoin cannot stand alone but Fiat stand alone.

I guess bitcoin can do without fiat is a future promise, not something we can discuss now. So for example, we could end up with all of the fiat in the world gone, and just use crypto and it will be fine, there is really nothing wrong with it.

I personally would love to see something like that happen one day. Imagine all the fiat gone, and you only have bitcoin and then some alts but everywhere people use bitcoin, just like legal tender but no fiat available, just bitcoin. That would be so amazing, it would also allow that no government could just play with it, right now they are printing money however they want and change laws accordingly, bitcoin would be decentralized.

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[xzy887]

I think the time has not yet come in our world where we can use Bitcoin everywhere place. Even if we can do bitcoin transactions in all countries, we cannot continue with bitcoin transactions everywhere place . For that we need the currency of that place.You can never make a living using Bitcoin. In countries that have legalized Bitcoin, you can't buy everything you need using Bitcoin everywhere.Because not all sellers will transact with Bitcoin.Then you have to buy the thing with your country's money.

Remember that while ordinary people can live without Bitcoin transactions,
Bitcoin users will never be able to live without their own or fiat currency.

[S A KHAIR]

Bitcoin is still not ready to be used globally, fiat is still a very important thing that is indispensable to us. My grandparents don't use phones and how can they live without fiat?, I can say that bitcoin will always need fiat and it will never be able to become currency. It's just an asset class and assets need fiat to measure value. Those who say 1BTC = 1BTC, are they brave enough and money enough to buy bitcoins for $69k? or they are also waiting for bitcoin to hit 10k$ to buy and say 1btc = 1btc.

[uneng]

can Bitcoin be easily used and spent without Fiat?
My answer is No

What's your opinion?
Let's discuss

Clearly it's not possible, since most people in the world aren't bitcoin adopters and don't know it works yet. Bitcoin can work as a global currency for daily transactions only if the vast majority of world's population are willing to use it as currency. For now we have to be versatile, using bitcoin and endorsing its usage in our communities, while not giving up fiat, otherwise we won't be able to do business anymore.

Imagine if we dealed only with BTC, how restricted we would be when purchasing and selling goods. Probably I couldn't even trade anything in my city. I would have to go to another cities, regions and states until finding another bitcoin adopters in order to acquire basic survival goods like food, besides furniture, clothes, accessories and more from them.

[o48o]

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can Bitcoin be easily used and spent without Fiat?
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From what i gather this has been the core idea of BTC maximalists, and BTC pairs in exchanges are a good reminder of that. However it hasn't come to that, not yet anyway. Fiat has it's usecases and right now best one of them is bringing liquidity to bitcoin. Without Fiat based pairs Liquidity and price would drop radically. It would most likely force institutional investors out and to leave this game to very few people who would still be interested. To the rest of the world and people who left it would seem that crypto died.

But to answer your question: Many places accept bitcoin as payment. However these places often just change it to dollars. But it's problematic for some businesses to accept crypto because it can make your income tax returns pure hell to fill out. So many people think that why bother, it's extra work.

[minime0105]

Bitcoin is still not ready to be used globally, fiat is still a very important thing that is indispensable to us. My grandparents don't use phones and how can they live without fiat?, I can say that bitcoin will always need fiat and it will never be able to become currency. It's just an asset class and assets need fiat to measure value. Those who say 1BTC = 1BTC, are they brave enough and money enough to buy bitcoins for $69k? or they are also waiting for bitcoin to hit 10k$ to buy and say 1btc = 1btc.

Bitcoin is a currency and it's very obvious that the adoption of Bitcoin is what makes it to recognize and also be valuable, so referring to the ancient time and comparison of Bitcoin with a Fiat currency, from my understanding i noticed that Bitcoin can't work without the existence and the support of fiat currency, both of them most work together to make a goal, from my perspective, Bitcoin therefore is trying to make a domination over Fiat currency if chance will be given to Bitcoin.

[Mpamaegbu]

can Bitcoin be easily used and spent without Fiat?

But of course, yes. Goods and services can be paid for in Bitcoin in most Bitcoin friendly countries. It can be done as direct payment without having to convert to fiat first. However, the importance and relevance of fiat as a unit measure of value for goods and services can't be ruled out no matter how anyone wants to. I've consistently maintained that the use of Bitcoin can't totally annihilate fiat, and vice versa. Both are likely going to exist side-by-side.

[Vaskiy]

can Bitcoin be easily used and spent without Fiat?

But of course, yes. Goods and services can be paid for in Bitcoin in most Bitcoin friendly countries. It can be done as direct payment without having to convert to fiat first. However, the importance and relevance of fiat as a unit measure of value for goods and services can't be ruled out no matter how anyone wants to. I've consistently maintained that the use of Bitcoin can't totally annihilate fiat, and vice versa. Both are likely going to exist side-by-side.

The usage between the fiat and the cryptocurrency will continue without any difference based on the user convenience. For now fiat have secured a position with its years and years of history. The same to happen had taken large number of years. Direct usage increasing, and the same will keep it an alternate to the fiat currencies used around.

[ChiBitCTy]

Well of course right not fiat currencies or the exchanging possibilities of fiat currencies in conjunction with bitcoin and or cryptocurrencies is hugely important /essential.  We are not anywhere close at the moment to being able to transact fully without the intermittence of fiat currencies. 

The sad truth is we still need it.  Most companies only accept fiat payments and most people only accept fiat payments (venmo/paypal/zelle/cash app etc). 

This doesn't mean the day won't come where fiat is much less important, but it's likely to take some time.

[Desmong]

Bitcoin is still not ready to be used globally, fiat is still a very important thing that is indispensable to us. My grandparents don't use phones and how can they live without fiat?, I can say that bitcoin will always need fiat and it will never be able to become currency. It's just an asset class and assets need fiat to measure value. Those who say 1BTC = 1BTC, are they brave enough and money enough to buy bitcoins for $69k? or they are also waiting for bitcoin to hit 10k$ to buy and say 1btc = 1btc.

Bitcoin is two growing and we hope to get to the peak. It is a movement that is going and moving like a trend ams we should not be overwhelmed on what is happening in the crypto market now because soon everyone is going to smile for joy when Bitcoin reaches such a level that everyone will be very amazed of the cryptocurrency market

[Mpamaegbu]

~snipped~

The usage between the fiat and the cryptocurrency will continue without any difference based on the user convenience. For now fiat have secured a position with its years and years of history. The same to happen had taken large number of years. Direct usage increasing, and the same will keep it an alternate to the fiat currencies used around.

To be candid with you, fiat isn't going to completely go away no matter what innovations we think should come upon us. Part of my reason for saying this is that no matter how developed the world wants to get, there are areas that technology can't get to. Even as we debate this issue, there are cities in the world that don't have electricity supply to them. Digital currency won't be possible without power supply. Again there will always be a unit of measure to pair Bitcoin or any other crypto with to ascertain its true value. Here, fiat comes in again.

[BALIK]

I will not agree with you on the part that "bitcoin can do without Fiat and Fiat can also do without bitcoin " how? And how many things have you used bitcoin to buy in your locality? Bitcoin is only an alternative currency to the Fiat currency, and that means bitcoin can't stand alone because you can not use it to buy things in your local market. But Fiat can be used to buy things both online and offline but bitcoin is only online. Therefore, it is only Fiat currency can be used to buy things in my locality but bitcoin can do things without Fiat currency. Bitcoin cannot stand alone but Fiat stand alone.

I guess bitcoin can do without fiat is a future promise, not something we can discuss now. So for example, we could end up with all of the fiat in the world gone, and just use crypto and it will be fine, there is really nothing wrong with it.

I personally would love to see something like that happen one day. Imagine all the fiat gone, and you only have bitcoin and then some alts but everywhere people use bitcoin, just like legal tender but no fiat available, just bitcoin. That would be so amazing, it would also allow that no government could just play with it, right now they are printing money however they want and change laws accordingly, bitcoin would be decentralized.

I agree with Mate2237's statement, it's true that many people don't like to talk about, bitcoin can't stand alone but fiat can, bitcoin is not big enough to do that.
It is also very unlikely to happen in the future, I believe that fiat will always exist and will always dominate everything. If there is one thing that can replace the dominance of Fiat it will also be something created by the government, not bitcoin.
many people say that the government is controlling us, they will do everything to their advantage including sacrificing some of us. All of that is true but a society cannot be without a leader, a country cannot without a government, everything will become chaotic.
For me, I don't expect bitcoin to replace fiat or become great, because it's too good for me right now, I can use bitcoin to invest, to store some assets for the future. I don't want to make matters worse or go against the government.

[Henrobakkara]

There were money before fiat came to existence, fiat brought more power to government to control. Gold and some other items have been used as money since centuries ago and they are still money. What is more important is that only fiat price is controlled, but the money in the past were all just like bitcoin which their prices are because of their demand and supply.

So you are invariably saying that Bitcoin is like the rest of the money types that the world had in previous years and as you mentioned, fiat is the one that has given power to the Government the most to control the citizens and just this morning, I was watching a local news channel correspondence in UK talking about the FTX issue and what it means and how some UK Government officials are calling for a more regulated Crypto space.
So with all this, it could be said that, while most of us that understand crypto investment will continue to support Bitcoin but we can not believe that fiat will totally disappear from the system.

[kryptqnick]

How important is the USD to a local fiat currency, for instance? Can the local currency function without the reference to the USD? Yes, of course. But is it more convenient to determine its value by turning to the price in the USD? Also yes. Bitcoin is volatile, and determining its value solely by its purchasing power that constantly changes can be tricky because 0.005 BTC today and a couple of months ago can get to significantly different things. So fiat is a reference point, something that helps understand what we can afford for a certain amount of BTC, based on a notion that we have a good idea of what we can afford for a certain amount of the USD. Bitcoin can be spent directly, but I do agree with the op that options remain limited. However, it doesn't mean that it's not possible or that Bitcoin isn't money and truly needs fiat.

[Beparanf]

There were money before fiat came to existence, fiat brought more power to government to control. Gold and some other items have been used as money since centuries ago and they are still money. What is more important is that only fiat price is controlled, but the money in the past were all just like bitcoin which their prices are because of their demand and supply.

So you are invariably saying that Bitcoin is like the rest of the money types that the world had in previous years and as you mentioned, fiat is the one that has given power to the Government the most to control the citizens and just this morning, I was watching a local news channel correspondence in UK talking about the FTX issue and what it means and how some UK Government officials are calling for a more regulated Crypto space.
So with all this, it could be said that, while most of us that understand crypto investment will continue to support Bitcoin but we can not believe that fiat will totally disappear from the system.

He is trying to say that Fiat is controlled by the government since they are the one who regulates the supply and demand since it’s unlimited while Gold and Bitcoin has a limited supply which means the price can’t be manipulated through modifying the supply just to control its value.

I doubt FIAT will be out of the system in near future because it’s been working for a long time since it’s implementation and a Decentralized monetary system will not gonna work on government since they need to control it in able to regulate. Maybe CBDC is the closest thing that government do as improvement for the current fiat system.

[Findingnemo]

Lately, I've seen so many bitcoin holders speak so badly of fiat and how much they wouldn't want to associate themselves with fiat usage if possible, but I took some time to make a little research and from my research, I do observed that Bitcoin usage wouldn't be an easy one without fiat not even in countries where Bitcoin is legalized and my question is,
can Bitcoin be easily used and spent without Fiat?
My answer is No

What's your opinion?
Let's discuss

First of let's categorise the Bitcoin users, the bitcoin enthusiast aka holders and the investors.

1. Bitcoin holders who uses bitcoin because of its decentralized system so we can transfer from anywhere with just using the receipeint bitcoin address so no need to wait for bank approval, process, conversion, monitoring,etc....

2. Bitcoin investors who see bitcoin solely as digital assets and thet are here only to make money with bitcoin so for them fiat is more important.

[irhact]

Bitcoin is still not ready to be used globally, fiat is still a very important thing that is indispensable to us. My grandparents don't use phones and how can they live without fiat?, I can say that bitcoin will always need fiat and it will never be able to become currency. It's just an asset class and assets need fiat to measure value. Those who say 1BTC = 1BTC, are they brave enough and money enough to buy bitcoins for $69k? or they are also waiting for bitcoin to hit 10k$ to buy and say 1btc = 1btc.

It doesn't matter the price that Bitcoin is trading at because,1 Bitcoin will always be equal to 1 Bitcoin. We're in the 21st century and fiats are already going cashless so your grandma and others who aren't used to transacting electronically will have to learn or they'll be left back. Soon the whole world will be transacting digitally and that's when bitcoin will get its most promotion. The current digital money system that are dominating the scene has so many flaws just like the paper fiats.
People will want a faster payment system, a system that their money won't be seized or frozen for their political/society views then they'll see the importance of a decentralized money system and Bitcoin will be the answer. You have to look into the future and not use the situation now to judge what will be of Bitcoin in the coming years.

[Natalim]

Lately, I've seen so many bitcoin holders speak so badly of fiat and how much they wouldn't want to associate themselves with fiat usage if possible, but I took some time to make a little research and from my research, I do observed that Bitcoin usage wouldn't be an easy one without fiat not even in countries where Bitcoin is legalized and my question is,
can Bitcoin be easily used and spent without Fiat?
My answer is No

What's your opinion?
Let's discuss

it was hard to use Bitcoin in a place where only a few stores or establishments will accept it, unlike fiat money. But never think that it was like that forever, things could be changed in the future and it was possible that Bitcoin will even make more demand in terms of payment someday. But anyway, I understand your stance as you are likely to make yourself a basis of this situation. Of course, you can say Fiat is important in your place but in other places where Bitcoin is also accepted, they can have different views about it.

[taufik123]

it was hard to use Bitcoin in a place where only a few stores or establishments will accept it, unlike fiat money. But never think that it was like that forever, things could be changed in the future and it was possible that Bitcoin will even make more demand in terms of payment someday. But anyway, I understand your stance as you are likely to make yourself a basis of this situation. Of course, you can say Fiat is important in your place but in other places where Bitcoin is also accepted, they can have different views about it.

It's just a matter of where to place regulation on bitcoin. not all bitcoins are used for payments other than fiat. Fiat is also important in my place, because only fiat is allowed to be used as legal tender, because if you use other than fiat it will violate the regulations that have been made by the government.

We are fortunate enough that the government still provides regulation as a commodity asset, several other countries have even completely banned the use of crypto. So how important is fiat or bitcoin, depending on each country's regulations.

[wxa7115]

Bitcoin is still not ready to be used globally, fiat is still a very important thing that is indispensable to us. My grandparents don't use phones and how can they live without fiat?, I can say that bitcoin will always need fiat and it will never be able to become currency. It's just an asset class and assets need fiat to measure value. Those who say 1BTC = 1BTC, are they brave enough and money enough to buy bitcoins for $69k? or they are also waiting for bitcoin to hit 10k$ to buy and say 1btc = 1btc.

It doesn't matter the price that Bitcoin is trading at because,1 Bitcoin will always be equal to 1 Bitcoin. We're in the 21st century and fiats are already going cashless so your grandma and others who aren't used to transacting electronically will have to learn or they'll be left back. Soon the whole world will be transacting digitally and that's when bitcoin will get its most promotion. The current digital money system that are dominating the scene has so many flaws just like the paper fiats.
People will want a faster payment system, a system that their money won't be seized or frozen for their political/society views then they'll see the importance of a decentralized money system and Bitcoin will be the answer. You have to look into the future and not use the situation now to judge what will be of Bitcoin in the coming years.

Bitcoin is still too novel for most people and they do not understand why it exist, people do not understand why we need another form of money other than fiat which independent from the control of the governments.

But they will eventually understand, governments and private institutions are taking a very hard approach to dissenting opinions on social media and everywhere on the Internet, so it will not take long when this attitude will be taken to our finances as well, and when that happens and people begin to lose all their money due to something they said that is when they will understand why we need bitcoin.