How important is fiat to Bitcoin?

[philipma1957]

Generally, if a user wants to own several digital assets, they must first convert from fiat to the intended coin, for example BTC. To make the Bitcoin ecosystem easier to use many platforms have initiated it. well, this answers your question that Bitcoin will be used and spent easily without Fiat.

I believe there will be a day when fiat and Bitcoin can easily coexist, and I tend to agree. When this process develops further and everything will work out fine.

This is a decent post. Good enough that I read all your posts.

Three of them were very good.

But you applied for a lot of campaigns to earn money 💴.

So while I want to merit you I will pass.


As for the question how important is fiat to btc.

The answer is very simple if fiat did not exist btc would never have been invented.

[TheUltraElite]

We might be imagining a world where the next door coffee shop has payments accepted in satoshis, but this is far beyond the reach at the moment. Fiat was the reason why bitcoin was created, to cover up some of the flaws of the fiat economy. At present the acceptance and use of crypto for buying daily necessities is low, very few merchants are accepting crypto directly to sell their goods.

Most of them has some sort of fiat conversion system to accept crypto, which shows that the dependence of crypto is much on fiat when it comes to common people. The major market of bitcoin is still gambling and exchanges.

We can be hopeful of better and easier integration into payment system and the ease of use will drive acceptance among non-bitcoin users too.

[Leviathan.007]

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

My answer is yes, this can be traded without fiat easily if you consider bitcoin as a global currency, for example, you can buy a house with bitcoin and there is no need to use traditional fiat money so even if you want to set a price for the house you can easily say the house price is, for example, one bitcoin and there is none talking about fiat and you don't need to say the price of the product is 1m dollar worth of bitcoin, you maybe think that's not normal to do that right now but in my own idea that's something we can see soon in all over the world.

[famososMuertos]

...//...:,,,
can Bitcoin be easily used and spent without Fiat?
My answer is No

What's your opinion?
Let's discuss

The thing is...just because you have a context and you ask yourself a question about that "idea", doesn't mean it makes sense and that's what happens with your question.

In days gone by, a 5-year-old boy asked me why cats had heads, I asked him another question, why the cat? why not another animal? and he answered me, I'm not interested in another animal, I'm interested in the cat.

You may stay in limbo but there is imo.

[meser#]

Are you sure about they dont want to associate with fiat usage? Or maybe they don't want to associate themself with centralized exchange. There is a big difference between two statement. But lets get back to your question. In my opinion witouth internet connection on every part of world it won't be easy with cryptocurrencies therefore we are still need that fiat. And also so many people on earth still dont know how to use technological devices like over 70-75 years old. And also many people don't know how read text but they can recognise the ordinary money.  But after decades it might be possible with improvement of technology and improvement on peoples education levels.

[ven7net]

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

As far as I know, Bitcoin is good primarily as a means to accumulate wealth and save money. As for the ability to use Bitcoin as a means of payment, a number of questions immediately arise, for example, what exactly can be bought with Bitcoin without using fiat money. The mark is simple, unfortunately you can’t buy the main products for human life with Bitcoin, you need fiat money for this, but with regard to generating income and preserving and increasing wealth, Bitcoin has shown itself much better than fiat money, which means they complement each other and both are needed, in any case, at this stage of development of the financial and crypto industries.

[Newlifebtc]

Do you know that fiat very important with Bitcoin so without Fiat currency bitcoin cannot come into existence or bitcoin cannot be useful as a society because it is because of the existence of Fiat currency that made people prefer the Bitcoin today

[romero121]

Just think of the development in the banking system and we can understand how important is the need of fiat. Initially we used fiat directly without any banking applications as well as directly in the hands on exchange of goods and services. Later when things gor advanced we started paying the same using applications. Bitcoin just crossed a decade, so it takes time to function independently. Until the having dependence is common.

[Ebede]

Do you know that fiat very important with Bitcoin so without Fiat currency bitcoin cannot come into existence or bitcoin cannot be useful as a society because it is because of the existence of Fiat currency that made people prefer the Bitcoin today

Bitcoin price is different from Fiat currency price and the existence of Bitcoin is far below the distance of Fiat currency so what I'm trying to tell you so that you will understand is that bitcoin can exist without Fiat currency and the Fiat currency has been already existing before the introduction of Bitcoin in the world so always is happening this way because people are feeling that without Fiat become cannot purchase anything we do use bitcoin to buy online things without using felt so there is two different things that is involved between the two currencies

[My ThuiHa]

It cannot be denied that fiat currencies are important. Fiat currency is required to exchange Bitcoin or other currencies.
If Bitcoin is legal tender, it is more convenient than legal tender in that it does not need to be exchanged. Available worldwide. Fiat currency can be counterfeited but Bitcoin cannot be counterfeited.


Fiat currency has a certain place in people's hearts, because fiat currency has been used since birth. People can buy anything in their country with fiat currency. But there will be countries where Bitcoin is banned.

[alexandr1115]

We might be imagining a world where the next door coffee shop has payments accepted in satoshis, but this is far beyond the reach at the moment. Fiat was the reason why bitcoin was created, to cover up some of the flaws of the fiat economy. At present the acceptance and use of crypto for buying daily necessities is low, very few merchants are accepting crypto directly to sell their goods.

Most of them has some sort of fiat conversion system to accept crypto, which shows that the dependence of crypto is much on fiat when it comes to common people. The major market of bitcoin is still gambling and exchanges.

We can be hopeful of better and easier integration into payment system and the ease of use will drive acceptance among non-bitcoin users too.

And why do you think not many sellers accept bitcoin as payment?? what could this be related to? It is necessary to understand such an important point that cryptocurrency is not only one bitcoin, but there is also the Ethereum platform, which occupies a huge place in the cryptocurrency environment and this platform is of great importance for the development of cryptocurrencies. Without the Ethereum platform, the development of cryptocurrencies will be very weak! what do you think about this?? I would also like to know the opinion of others!! join us!

[LDL]

Fiat is not needed for bitcoin but fiat is needed everywhere.  You are bound to use fiat in countries or institutions where bitcoin is not accepted or is accepted to a limited extent.  But the fiat system is much more important to the banking system than Bitcoin.  But if Bitcoin can be used in various international institutions, hotels, restaurants and air ticket bookings, then there will be more advantages in Bitcoin than in the case of fiat.
Yes, but the most remarkable thing about fiat is that people from all walks of life can use fiat spontaneously, from children to old people, all classes of people can easily use fiat as a medium of exchange.  But in case of using Bitcoin you have to use it through technical device and internet system which common people or uneducated and semi-educated people cannot use.  Moreover, in the case of using Bitcoin, there is a big risk if the wrong technical decision is made.

[Maidak]

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

My answer is yes, this can be traded without fiat easily if you consider bitcoin as a global currency, for example, you can buy a house with bitcoin and there is no need to use traditional fiat money so even if you want to set a price for the house you can easily say the house price is, for example, one bitcoin and there is none talking about fiat and you don't need to say the price of the product is 1m dollar worth of bitcoin, you maybe think that's not normal to do that right now but in my own idea that's something we can see soon in all over the world.

The problem you need to solve before that is how bitcoin becomes a global currency. When I think about this, I see it as impossible, once the government still exists and controls us, bitcoin will never have a chance to become the world currency.
I know that, we are tired of using fiat money because of its devaluation or centralization, but fiat money and banking will never go away, and we will always need them.

[mr.vivalavida]

Fiat currencies are important for the bitcoin economy.

First of all, why is gold/silver or any other commodity valuable for people? Why is the US dollar valuable for people?

Despite of fiat currencies losing their ties to commodities like gold or silver in the 20th century, fiat currencies retained status of money because of memory of previous money prices. Gold don´t circulates as a medium of exchange, prices are set in USD, not in gold, if people want to trade in gold they do it based on their knowledge in USD/gold price ratios.

The same applies for bitcoin to serve as a medium of exchange. Like I said before, bitcoin have value today due to memory of previous money prices, based in the BTC/USD price ratios or BTC/other fiat currency price ratios.

In the beginning, the very first bitcoin exchanges established a price for bitcoin, and that wasn´t an accident, it was a very important step to make bitcoin transactions possible in the future, this way people are able to set a price for good or services.

[jokers10]

...
Fiat currency has a certain place in people's hearts, because fiat currency has been used since birth.
...

I don't think that majority understands which money are fiat to keep fiat money in their hearts. People can be satisfied with national currency or familiar financial system, but hardly with idea that their money don't really have any value. When money was made of gold, silver and copper and had value by itself did people keep them in their hearts less than fiat money? I doubt.

We are talking about how fiat money can be useful for Bitcoin at the moment just because fiat money system became predominant in the world. And Bitcoin was invented to grant a new alternative to it.

[BITCOIN4X]

We are talking about how fiat money can be useful for Bitcoin at the moment just because fiat money system became predominant in the world. And Bitcoin was invented to grant a new alternative to it.

1 bitcoin = 1 bitcoin, but 1 bitcoin currently has a high value when exchanged to fiat. I think fiat is very important for bitcoin mainly because bitcoin is traded and has value in fiat, so the two are interrelated and need each other so the bitcoin economy is measured in fiat. Just like gold and other assets, its value will always be measured in fiat and always will be.

With no value in fiat, I never know what a bitcoin is actually worth even though bitcoin was created as a currency. Bitcoin value will differ for one currency or another, and that is how bitcoins have value.

[Franctoshi]

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?

I do think that fiat and Bitcoin will still be in existence and work hand in hand with each other , basically Fiat gets converted into Bitcoin and Bitcoin gets converted back into Fiat verse versa. Maybe Until Bitcoin can be used to buy literally almost anything (coffee) with low transaction fees , Fiat currency will still be important for more Bitcoin adoption.

[Party24*7]

As long as fiat remains the world's primary currency, it will always be important to bitcoin, bitcoin is now just an asset, a commodity whose value is measured in fiat money. How bitcoin exists without value, 1 bitcoin = 1 bitcoin is the only consolation for those who are holding long term. If someone says fiat doesn't important to bitcoin, why don't they buy bitcoin for $69k but wait for bitcoin to drop to $16k before buying?

[rby]

As long as fiat remains the world's primary currency, it will always be important to bitcoin, bitcoin is now just an asset, a commodity whose value is measured in fiat money. How bitcoin exists without value, 1 bitcoin = 1 bitcoin is the only consolation for those who are holding long term. If someone says fiat doesn't important to bitcoin, why don't they buy bitcoin for $69k but wait for bitcoin to drop to $16k before buying?

Fiat is important to bitcoin from your perception because the value of bitcoin is tied to fiat and we can only say bitcoin has risen or fallen based on its value in fiat, e.g dollar.
Can we say that if fiat doesn't exist, the value of bitcoin will not be known? That will not be correct. The value of bitcoin could be tied to another financial assets like gold. But in general it will be difficult for bitcoin in the absence of fiat.

[Party24*7]

As long as fiat remains the world's primary currency, it will always be important to bitcoin, bitcoin is now just an asset, a commodity whose value is measured in fiat money. How bitcoin exists without value, 1 bitcoin = 1 bitcoin is the only consolation for those who are holding long term. If someone says fiat doesn't important to bitcoin, why don't they buy bitcoin for $69k but wait for bitcoin to drop to $16k before buying?

Fiat is important to bitcoin from your perception because the value of bitcoin is tied to fiat and we can only say bitcoin has risen or fallen based on its value in fiat, e.g dollar.
Can we say that if fiat doesn't exist, the value of bitcoin will not be known? That will not be correct. The value of bitcoin could be tied to another financial assets like gold. But in general it will be difficult for bitcoin in the absence of fiat.

That's not my perception that's what's really going on, we can't expect bitcoin to become an alternative to fiat currency. Even if it's not fiat, it could be gold or another government-controlled currency. Bitcoin cannot stand alone and cannot become the world currency. I invest in bitcoin but I like reality and I dont like living in baseless illusion. Bitcoin is still bitcoin is still a profitable investment but it cannot stand alone without fiat.