How important is fiat to Bitcoin?

[lovesmayfamilis]

I think that for bitcoin itself, fiat is unimportant, as noted above. But for us, unfortunately, fiat is still needed since bitcoin is not widely accepted everywhere, and we cannot use it fully when trading various goods. In my country, there is a strict law that prohibits the use of bitcoin. Therefore, I am forced to exchange it for fiat in cases where I need to purchase something.

[xSkylarx]

I think that for bitcoin itself, fiat is unimportant, as noted above. But for us, unfortunately, fiat is still needed since bitcoin is not widely accepted everywhere, and we cannot use it fully when trading various goods. In my country, there is a strict law that prohibits the use of bitcoin. Therefore, I am forced to exchange it for fiat in cases where I need to purchase something.

It is the same in our country; it is not widely used here, but it is also not strict. The difference between here and in your country is that there are still a few merchants that accept bitcoin, but not all, which is why we mostly exchange it for our fiat. I can still live for a day on a bitcoin, but not for a week because there are only a few places that accept it. But I know that in the upcoming years here in our country, it will be widely used as most people are really into bitcoin here, and there are a lot of reports that merchants will accept bitcoin in the future.

[Yatsan]

This is becoming redundant but still, to answer the question, Given that cryptocurrencies are still not widely being accepted as a mode of payment, fiat is still needed to make use of your cryptocurrency assets. Even the market price of cryptocurrencies at the present are fiat based. You may still use your crypto assets as a mode of payment to purchase something but be sure you won't regret spending your assets especially right now wherein the market value is still low. Same thing whenever the market value is high. So when is the right time to use it as one of the main modes of payment? I think it is when prices of things you would buy is not based to fiat such as .0000008 B and such.

[tenbuddy]

In the early days of Bitcoin (CRYPTO:BTC), one of the terms used to describe it was "magic internet money." Although it's an amusing description, there's nothing magic about Bitcoin or any cryptocurrency. A cryptocurrency is a currency with a system it follows, albeit a very different one than fiat money by the latest news update from https://www.oracleglobe.com/.

A key part of understanding cryptocurrency is understanding how it compares to and contrasts with fiat currency. Whether you're planning to use it to transfer funds, or you're considering crypto investing, this fiat versus crypto guide will explain how they work, as well as their pros and cons.

[yazher]

We cannot say totally no because the financial industries are getting some constant changes through the years and we might find out someday that fiat might not have any value anymore rather it's all about bitcoins and other cryptocurrencies. We see that other currencies are losing their value in the past years because of their economic problem and with the ongoing inflation all around the world, I think major changes will come despite how people treat fiat as their main source of currency, it will gonna change and they will forcibly consider Bitcoins their next assurance for their assets.

[fuguebtc]

Why hate and compare, they are 2 different thing, just set aside the comparison and learn how important this 2 is. You cant use bitcoin to buy daily needs in ordinary store outside, aside from its volatility, internet connection is also a problem unless you are in a city. While fiat can do most of them time aside that authority controlling, the circulation, the use, etc. People are used to have it.

Indeed, I also really don't understand why so many people always bring them to the table to compare and talk bad about fiat among us still using it as a daily necessity. Bitcoin though very good but not perfect they have a lot of limitations as you say, while fiat can solve those problems. It's nice to see a world where both can be used, which would be good for us, not completely harmful. I use bitcoin as an investment and as a store of value, while fiat money, I like to use it as my daily expense, fast and convenient.

[qwertyup23]

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

Hmm interesting question but one thing that you should understand is that the value of BTC is mostly depending on several factors, all of which are considered to be converted back to fiat. With regard to transacting BTC without having to spent using fiat, I think it is possible but it will be similar to a barter system, where you trade goods-to-goods.

There are some services which offer BTC or cryptocurrencies as their primary source of payment method. There are also some products which offer BTC as an alternative method of payments also. But the association of BTC and fiat will always matter, as they can co-exist with each other.

[Blawpaw]

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

everything is already in place for Bitcoin to be completely independent from the FIAT system as there are many businesses that accept Bitcoin as payment, so there is no need to use fiat. Fiat is just the means of exchange of this economic model whereas Bitcoin presents a completely new model that is able to live without the fiat system.

[Frankolala]

Bitcoin can do without fiat and likewise fiat can also do without Bitcoin since they both represent money in different form. Money is anything that is been accepted by people to use in exchange of goods and services. When there was no fiat currency peoples were still trading using other means of money. Bitcoin just came into existence mean while before this we were using fiat.

The difference between both currencies is that one is more valuable than the other because Bitcoin was created due to to weakness of fiat to safe its users from financial freedom. In one word both currency are independent of the other.

[Mate2237]

Bitcoin can do without fiat and likewise fiat can also do without Bitcoin since they both represent money in different form. Money is anything that is been accepted by people to use in exchange of goods and services. When there was no fiat currency peoples were still trading using other means of money. Bitcoin just came into existence mean while before this we were using fiat.

The difference between both currencies is that one is more valuable than the other because Bitcoin was created due to to weakness of fiat to safe its users from financial freedom. In one word both currency are independent of the other.

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.

This is the best example of bitcoin and Fiat in the market exchange 👇

I think that for bitcoin itself, fiat is unimportant, as noted above. But for us, unfortunately, fiat is still needed since bitcoin is not widely accepted everywhere, and we cannot use it fully when trading various goods. In my country, there is a strict law that prohibits the use of bitcoin. Therefore, I am forced to exchange it for fiat in cases where I need to purchase something.

[Lida93]

Can you buy things anywhere in fiat without someone somewhere comparing it to the Euro, Krona, Pound, Dollar, yen, yuan or all six before they've set the price? Does this mean anything?

If fiat disappeared, bitcoin would organically be able to take over much like anything else people chose as currency/being valuable.

If you buy something made in China and you're not buying it in yuan, someone's done a conversion somewhere. If you're buying something in an airport in currency not accepted in that country it wouldn't be possible under your own aspects. Most companies that handle crypto conversions at the moment deal in fiat because it's what they want to collect or to remain competitive.

Most things are priced arbitrarily, it generally doesn't matter what units they're priced in as long as a company can make a profit overall.

If I so understand your point then I'll conceive that the important of Fiat money can't be overemphasized and it continuous existence amidst cryptocurrency is what could be referred to as a necessary evil, as there are aspects which only fiat can come in.

For me, fiat will always exist despite how far and wide crypto is accepted world over.

[Z-tight]

everything is already in place for Bitcoin to be completely independent from the FIAT system as there are many businesses that accept Bitcoin as payment, so there is no need to use fiat. Fiat is just the means of exchange of this economic model whereas Bitcoin presents a completely new model that is able to live without the fiat system.

There are not that many places all over the world that people can use BTC instead of fiat, i would like it to be that way but it is not so until there is a mass adoption of BTC all over the world, and that is not going to happen too soon. Paper money is so strong in every nation, and i am sorry it cannot be replaced by BTC or anything, BTC users have to trade their coins for fiat to to be able to spend it efficiently and with any merchant, if you are to spend BTC in itself you have to go in search of merchants that accept it, or try to convince those near to you to accept it, reason why BTC is an alternative currency.

[gantez]

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

So I agree with you on No because the value of bitcoin is peg with fiat in the different countries and it is now a term of measurement of the value. Also fiat value can also be known in bitcoin. The two of them is valuable to each other in measurement. If you check there is the calculator that you can be using to know the value of each of them, they are not separate in this way of value. You know the value of one from the other.

[The Cryptovator]

The stupid thing is that we try to exclude fiat and Bitcoin, which is impossible. Bitcoin is a type of technology. Since Bitcoin is volatile, we can't manage everything when there is no fiat or paper money. Bitcoin has value because we always evaluate Bitcoin prices in terms of fiat. In any case, not Bitcoin to Bitcoin or altcoin. So, I believe that without fiat, whether in digital or paper form, we cannot live. To use Bitcoin globally, there should be a stable coin accepted by governments.

[Alisha-k]

Bitcoin doesn't have intrinsic value because it is always tied to its evaluator been fiat when ever it has to be spent usually the USD. One cannot send Bitcoin without first evaluating its worth to fiat before the transaction can be executed. If Sats had a value of its own self just like fiat then Bitcoin would have been separated from fiat values

[krishnaverma]

I just feel people are all against fiat just because it's been controlled and regulated by the government.

With so many scams happening in crypto, it is obvious that lot of regulations will come in future on crypto as well. If are living in some country, you have to follow the laws there. You have to follow the directions of the government in relation to the use of crypto as well. If the government sees that lot of people can loose money because of crypto or it is being used for some illegal activities, government can even ban it. It is in fact, already banned in some countries. I do not think that crypto can win against government. But what I belive is that crypto has the potential that most of the government will realize its value and embrace it.

[noorman0]

You should not limit the scope of the question/survey. I think the answers will vary depending on who you ask, say someone who lives in one of the highest inflation countries like Zimbabwe. Judging from the efficiency side, with the condition of their fiat value dropping, they need to carry several bags of money just to buy a needle. Also, Nigerians are blatantly adopting bitcoin into their business even though it is not legal tender because their fiat continues to depreciate.

Each individual has their own level of trust in a particular currency, opinions about fiat are often related to the state of their country's economy.

[witcher_sense]

There are several reasons why fiat money (that is, currency issued by government bodies) is very important to Bitcoin. First of all, if fiat money had never been created, there would have been no reason to invent something like Bitcoin. Bitcoin came into existence to present a reliable alternative to the economic disaster brought about by fiat money mismanagement and misallocation of capital, which in turn had been caused by this inferior form of money. In other words, fiat money is the main reason bitcoin exists. Bitcoin also inherited some useful characteristics of fiat money, especially those typical for physical fiat money which is cash. Like cash, all bitcoin transactions don't require any clearance, they are completely intermediary-free, and, if done correctly, can provide a sufficient level of anonymity to both payer and payee. Digital fiat lacks all these important traits, which makes people value bitcoin even more. In conclusion, physical cash made bitcoin more robust; digital money made bitcoin more valuable.

[Artem Sereda]

Bitcoin can do without fiat and likewise fiat can also do without Bitcoin since they both represent money in different form. Money is anything that is been accepted by people to use in exchange of goods and services. When there was no fiat currency peoples were still trading using other means of money. Bitcoin just came into existence mean while before this we were using fiat.

The difference between both currencies is that one is more valuable than the other because Bitcoin was created due to to weakness of fiat to safe its users from financial freedom. In one word both currency are independent of the other.

This is possible only if a separate financial system is invented for electronic payments so that they do not depend on fiat. And now all fiat money is transferred to electronic. Even the bitcoin exchange rate is pegged to the dollar. Therefore, now it is impossible to say that they do not depend on each other.

[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.