Can Bitcoin ever become its own unit of value?

[CryptopreneurBrainboss]

I would like to note here that this topic is not for comparing "bitcoin vs fiat currency", here, the main goal is to discussing bitcoin as a unit of account in the future.

There's every possibility of that happening but it'll take a lot of work and global adoption for we to achieve this and we can't say no when we haven't even tried. Remember that at a time we had Gold being used as a measurement for its own value before fiat currency came into the picture and now each of them are being used as a measurement for their own value therefore Bitcoin can also do the same but it'll take some balls to achieve this for Bitcoin. It takes a community to adopt a currency then the government to accept it, if we can begin to see Bitcoin as its own unit of value without relying on it being valued in fiats then we can achieve the goal. But for this to happen we need people who are into the things that keeps life moving (business men and women) to be willing to buy into this idea as Bitcoin adopters they already are but that's where we're going to have some issues.

[BlackHatCoiner]

For Bitcoin to become a true unit of account, we'd need a massive circular economy where people earn and spend entirely in sats. As long as businesses still have to pay their taxes and suppliers in fiat, they'll always price goods in USD and just convert at checkout.

That's just the unfortunate reality.

[Italian Panic]

For Bitcoin to become a true unit of account, we'd need a massive circular economy where people earn and spend entirely in sats. As long as businesses still have to pay their taxes and suppliers in fiat, they'll always price goods in USD and just convert at checkout.

That's just the unfortunate reality.

Of course, this is one of the key points, and it will certainly also find its way into the treasuries of major countries such as the United States, China and other leading economies. When these entities start to accumulate Bitcoin and people start to spend it, it will become a unit of value ad unit of account, and we, as mere nodes, will be the custodians of its immense value: decentralisation.

[Hamza2424]

I would like to note here that this topic is not for comparing "bitcoin vs fiat currency", here, the main goal is to discussing bitcoin as a unit of account in the future.

BTC can already be used as a unit of account bro, people don't even have to remove fiat from the equation, they just have to use it at a fixed price like back in the 1900s.

The dollar was backed by gold, and the value of gold was fixed, but it also pumped with time.

BTC has to replace taxes, debts, and salaries in order to start the change, but this is not enough to make a complete change. We have to use it for domestic buying and selling as well. But bro, you should know it has a scalability issue, we won't be able to pay the transaction fees on the mainnet.

[Smack That Ace]

Now my question is that will bitcoin itself become an exchange value without fiat currency in the future? Or will fiat currency always exist to explain?

If bitcoin becomes an exchange value in itself, what then would will we be using in measuring the value for what we're using to make exchange with bitcoin. For example I want to buy a tuber of yam, how do I know the value of that yam tuber in BTC if I don't first get the value in fiat. Well! Honestly, It's really stupid a question to ask just as you sincerely said, because I don't see how we get to agree that 1 full BTC is worth buying this yam tuber or not if it's exchange value isn't measured in something as fiat.

That's not a stupid question.

Did you know that people traded goods with each other long before fiat existed? Livestock, shell, stone, gold, and silver all served as mediums of exchange and ways to measure value before fiat became the norm.

If the market had no fixed unit of value, markets can still determine the value of goods through supply, demand, and agreement between buyer and seller. They don't necessarily need an intermediary unit like the USD.

Bitcoin could absolutely take over fiat's role as a unit of value. But the problem is that governments are unlikely to let that happen, because they could lose much of their control over the economy, as well as their power, if Bitcoin became a widely used unit of account.

[BlackBoss_]

If the market had no fixed unit of value, markets can still determine the value of goods through supply, demand, and agreement between buyer and seller. They don't necessarily need an intermediary unit like the USD.

Bitcoin could absolutely take over fiat's role as a unit of value. But the problem is that governments are unlikely to let that happen, because they could lose much of their control over the economy, as well as their power, if Bitcoin became a widely used unit of account.

An investment asset must have ROI with time, not a stable and unchanged one like stablecoins. Bitcoin is an investment asset with risk and chance of getting good positive ROI with time.

The market works with basic supply and demand principle as well as market manipulations similarly to all other markets. It's only in a young emerging market like Bitcoin market, with smaller market cap, it can be more easily manipulated but it spontaneously has good opportunity for exponential ROIs which exactly what happened in past years and previous market cycles. This will change and become smaller in ROIs in future years and cycles when Bitcoin market cap becomes bigger and this market goes to mainstream.

https://newhedge.io/bitcoin/yearly-candles

[DanWalker]

While you're right for telling that the campaigns these days are priced in based on dollars but I guess for that pizza to be priced in 10k bitcoins.

Isn't that a unit of value? because the value is measured through the worth of bitcoin at that time and was priced in bitcoin. Or I've probably not considering the slight difference of it with unit of value.

But one thing we agree with, the future is uncertain. We don't know what can happen, a government can be an enemy today but might be a friend tomorrow for Bitcoin..

AFAIK, Laszlo bought 2 pizzas from Papa John's through an intermediary named jercos. In other words, jercos bought pizza from Papa John's and paid in USD. The pizza were then delivered to Laszlo, and he sent 10kBTC to jercos to reimburse him for the money he had spent.

At the time, Papa John's did not accept Bitcoin. So, it can be said that the 2 pizzas are still priced and paid for in USD. Bitcoin was only used in the transaction between Laszlo and jercos. I do not think this transaction can really be considered an example of Bitcoin being used as a unit of value.

[MiF]

I would like to note here that this topic is not for comparing "bitcoin vs fiat currency", here, the main goal is to discussing bitcoin as a unit of account in the future.

There's every possibility of that happening but it'll take a lot of work and global adoption for we to achieve this and we can't say no when we haven't even tried. Remember that at a time we had Gold being used as a measurement for its own value before fiat currency came into the picture and now each of them are being used as a measurement for their own value therefore Bitcoin can also do the same but it'll take some balls to achieve this for Bitcoin. It takes a community to adopt a currency then the government to accept it, if we can begin to see Bitcoin as its own unit of value without relying on it being valued in fiats then we can achieve the goal. But for this to happen we need people who are into the things that keeps life moving (business men and women) to be willing to buy into this idea as Bitcoin adopters they already are but that's where we're going to have some issues.

It could one day be used as a unit of account, but one of the main issues is the lack of business participation. It’s not enough to just accept Bitcoin; most businesses still rely on fiat for their calculations of costs, profits, and taxes. They would have to trust in handling BTC directly as a pricing and payment tool even in the face of its volatility. A hard fork might get even more complicated, if there is a split in the community between the chains. My own opinion is that I would want to stick with the chain that is more decentralized, more secure, more adopted and more agreed on by the community than if it were just a matter of price fluctuations.

[Solodoski]

I really don't think that btc will ever be fait on its own. It's very valuable,  but I think it's value will still be measure with faith. I believe it will just be regarded as asset and a very good asset at that, but being regarded as a currency of his own, I don't see that happening. I really can't imagine btc being used as means of exchange in the market, but I really can't conclude of that, because we don't know what the future holds for bitcoin. In my opinion I really don't see it happening

[sunsilk]

While you're right for telling that the campaigns these days are priced in based on dollars but I guess for that pizza to be priced in 10k bitcoins.

Isn't that a unit of value? because the value is measured through the worth of bitcoin at that time and was priced in bitcoin. Or I've probably not considering the slight difference of it with unit of value.

But one thing we agree with, the future is uncertain. We don't know what can happen, a government can be an enemy today but might be a friend tomorrow for Bitcoin..

AFAIK, Laszlo bought 2 pizzas from Papa John's through an intermediary named jercos. In other words, jercos bought pizza from Papa John's and paid in USD. The pizza were then delivered to Laszlo, and he sent 10kBTC to jercos to reimburse him for the money he had spent.

At the time, Papa John's did not accept Bitcoin. So, it can be said that the 2 pizzas are still priced and paid for in USD. Bitcoin was only used in the transaction between Laszlo and jercos. I do not think this transaction can really be considered an example of Bitcoin being used as a unit of value.

That's the whole process but between, it still happened. The exchange of their transaction still used Bitcoin.

Anyway, I guess that I'll have to pass on that and say  that you're probably correct on this one. But we're all looking forward to the better future of Bitcoin where it can be said of all of possible things that the usual fiat has got for its attributes.

And we're all seeing it by then, the adoption is growing vastly it might not be quicker this time but it's gone quite far already.

[Byebyebtc]

Today people still use bitcoin as units of account but it's mostly advanced or exposed individuals or companies. I have couple of friends who will always price most things they buy in Bitcoin and most times even get to pay in btc.

In this case we should understand that if Bitcoin will more often used as units of account, individuals will need to use it more and get more familiar with it, they moe they use it to buy stuffs, the more negotiations are made on it, then it will definetly be a normal thing.