Fiat Is High, Inequality Is Higher

[Loid Cypherpunk]

Based on my little experiment with social inequality, I’ve been looking through various cryptocurrency threads.

I noticed something interesting:

A cryptocurrency running only from a terminal, without a fiat exchange rate, is often not considered a “real” cryptocurrency  and is sometimes even treated as ridiculous.

So answer this for yourself:

Does a cryptocurrency need a fiat price before it is considered real?

Please answer based on reality, not theory.

I don't have time to explain this absurdity,sorry.

[Charles-Tim]

This is about cryptocurrencies and not about politics and society.

If cryptocurrencies are not estimated in fiat, how are people going to easily know the price of the cryptocurrencies? They are estimated in fiat for people know know the price of the coins.

There are places that they may not be estimates in fiat. Stable coin pegged with fiat price can be used. On other plat, it can be estimated in other currencies that are not fiat at all.

Stop ink-colouring your posts unnecessarily.

[Joy_learns_crypto]

[/b]
Does a cryptocurrency need a fiat price before it is considered real?

Please answer based on reality, not theory.

I don't have time to explain this absurdity,sorry.

How do you explain the real world value if you don't interpret it in Fiat, we are living in reality and the value of finance is based on Fiat value it could be the US dollars, British pound, Chinese yen, or Euros.
Let's say you were explaining to someone about Bitcoin and it is their choice to buy then they ask you how much or how do they buy what ever way you explain to them on how to buy you must still give them the price in Fiat.

[Loid Cypherpunk]

Charles-Tim:
I'm not asking how to display a crypto price in fiat.
I'm asking if fiat is removed, how do you explain the exchange of goods or services using cryptocurrency?

Joy_learns_crypto:
I'm not asking how to explain Bitcoin's fiat price.
I'm asking how exchange works if fiat is removed entirely.

[Joy_learns_crypto]

Charles-Tim:
I'm not asking how to display a crypto price in fiat.
I'm asking if fiat is removed, how do you explain the exchange of goods or services using cryptocurrency?

Joy_learns_crypto:
I'm not asking how to explain Bitcoin's fiat price.
I'm asking how exchange works if fiat is removed entirely.

I don't think you understand your question, let me tell you, you asked does Crypto need Fiat price before it is considered real and yes because to paint a real picture to someone about Bitcoin you need to evaluate the price in Fiat, for example Gold, diamond and other precious stones has their Fiat values.

Exchange can't work without Fiat because those who want to buy cryptocurrency and all they have is Fiat will need it to make purchase, there could be only cryptocurrency exchanges so you need to get crypto other ways before using such exchanges. For now cryptocurrency needs Fiat fire several purposes.

[Stepstowealth]

Charles-Tim:
I'm not asking how to display a crypto price in fiat.
I'm asking if fiat is removed, how do you explain the exchange of goods or services using cryptocurrency?

Fiat is currently used as the standard to evaluate the value that Bitcoin has and if it is removed, there definitely will be another metric to measure and estimate value.

If it is no longer fiat, it will be something else for us and for exchanges to make their comparison with to get value. Value is most times gotten for an item on reference with another.

[Frankolala]

Cryptocurrency is estimated in fiat for a lame man and everyone to understand the value of the coin to know if they can invest in it or not. If Fiat is removed entirely, it becomes a problem to estimate it easily because I don't know if you want to estimate it with gold value or silver. You cannot remove Fiat out from cryptocurrency estimation because they're to work hand in hand since, we use Fiat currency as our traditional currency. It's until, Fiat is eliminated entirely, before we can know but it's impossible for the government to eliminate Fiat.

[DPHOR]

All cryptocurrency are being quantified with fiat equivalent and without fiat comparison it would be hard for the person to know exactly what they are doing. For instance Bitcoin, even if is being measured in Sat as the unit of bitcoin, to know the real price it would be equated to USD or USDT only then you would be able to know the price of that coin. However, cryptocurrencies are not created to be competing with fiat rather it is an alternative to fiat where it would be that used to make transactions when fiat aren't able to scale through, of course through cryptocurrency you can do your transactions without directly involving any third party to know what you are doing. Again before you have to purchase any cryptocurrency the price equivalent would be measure in stable coin such usdt or usd.

[Marvelockg]

Charles-Tim:
I'm not asking how to display a crypto price in fiat.
I'm asking if fiat is removed, how do you explain the exchange of goods or services using cryptocurrency?

Learn how to quote a text in the right context. it is part of the elementary thing you are supposed to know as a member of the forum. If fiat is removed and you have bitcoin while i also have bitcoin, transacting with it is so simple and is even more simple that what is the case with the fiat because regardless of our difference in location, we can still carry out our transaction.

If you run a digital service in any part of the world and i need you to work for me, it is easy to get you working for me while i pay in crypto, that is the importance of crypto and that is why it is quite easier to use than the fiat.

[Fortify]

If you consider Bitcoin as a "premium" currency in comparison to others like JPY, USD, GBP, EURO, etc. then it has still got quite some way to go in terms of time before it really matures and becomes as trusted. You don't really want it being compared to things like the Iranian rial, which seems to be reaching new lows every day in comparison to other fiat currencies. That does go back to your point, which is that we only consider a currency worthy if it can hold some bearing in relation to other strong currencies and bitcoin has does that fairly well, at least in the time period of the last 2-3 years. It has hovered around in the range of $60-120k which is a reasonable range when you think that a single UK pound sterling used to be worth $2 and now is worth $1.2. The longer crypto remains stable, the more likely people are to accept it as a form of trade for goods and services.

[Kelward]

Charles-Tim:
I'm not asking how to display a crypto price in fiat.
I'm asking if fiat is removed, how do you explain the exchange of goods or services using cryptocurrency?

Joy_learns_crypto:
I'm not asking how to explain Bitcoin's fiat price.
I'm asking how exchange works if fiat is removed entirely.

Your question is thought provoking because some people might want to totally isolate Bitcoin or cryptocurrency from anything that is associated with fiat, afterall there is a school of thought that wants the total elimination of fiat where Bitcoin would totally take over without it's value being measured in fiat. I guess that when we get to that bridge we will know how to cross it but for now that Bitcoin is not globally accepted as a currency for buying and selling we're left with the option of measuring it's value in top fiat currencies like the USD. Measuring Bitcoin value in dollar doesn't mean that it is controlled by USD or any other traditional currencies, it is just used to to know it's current value being that it is a volatile currency.

[Finebone]

[/b]
Does a cryptocurrency need a fiat price before it is considered real?

Yes of course. If cryptocurrencies are not measured in fiat, their is no way we can know the value of it, so it's a normal thing that a fiat value will be attached to a crypto to asserting how much it's worth.

Anyone can bring a product to the market that he wants to sell it, so he is required to place a fiat value on it, for buyers to know how much it's worth, and if they are willing to buy, it will likely be sold for that amount, so that is how crypto asset are, because they are asset that are in the market.

[Royal Cap]

Before answering your question, I would like to ask you what do you base your gold value on? I hope the answer is definitely fiat currency or dollars. Just like any asset, we always consider it based on fiat. Because fiat price is basically a measure of market acceptance. Even if a coin does not have a trading pair of BTC or anything else, it can technically be a cryptocurrency. But then real use, liquidity, acceptance by others and network security become much more important, because if there is no market or user, just having a coin on a terminal does not make it a valid currency. So I would say that the question is not does it have a fiat price or not, but can it really transfer value and are people using it?

[BALIK]

Any cryptocurrency does not require any fiat price to be real. However without market value it is unlikely to survive for long.

Any coin becomes technically real when its code run and its nodes remain active. This has nothing to do with dollar. We are all familiar with the story of Bitcoin. In early stage, it operated exactly this way. There were no exchange and no market price, just few individual mining and transferring coin using their own computer. The very coin we now universally recognize as legitimate passed through that exact phase.

On the other hand i cannot ignore reality. Without market price, miners cannot recover their electricity & hardware costs, nor are there sufficient fund to secure network. Furthermore without any clear entry and exit mechanism, new user will not join the ecosystem. Thus while market value is practically essential for long term survival, it is not prerequisite for the coin's actual existence.

[Cryptomultiplier]

So answer this for yourself:
[/b]
Does a cryptocurrency need a fiat price before it is considered real?

Please answer based on reality, not theory.

Based on my understanding of cryptocurrency and it's current monetary system, the answer you seek may vary based on economic theories and based on technical functionality.

Bitcoin technically came into lime light in 2009 based on its code, the decentralized network and when it was used to buy two large papa John's pizza for 10k, so that makes it a real crypto currency by creation and according to economic theories of which I won't quote any, real price value and it's power for purchasing and making real world transactions qualify it as a currency.
 So yes, a crypto currency needs a real world fiat price peg, for people to take it seriously and consider it a real currency.

[CryptopreneurBrainboss]

Please answer based on reality, not theory.

The reality is that the crypto industry is still new and not yet capable of operating without validations from fiats because we still need to know what the value of the coins in our various currency is so we can track our investments and spending appropriately. There are possibilities of things changing in the future but that's not happening soon although that doesn't discredit Bitcoin because at a time fiats too were backed by Gold but they aren't now so in the futures Bitcoin can be valued without having to rely on fiats value. The dominance of fiats didn't just happen in a decade but it took many years for the whole world to adopt it and that's going to be the fate of Bitcoin when the time is right.

[Faisal2202]

Joy_learns_crypto:
I'm not asking how to explain Bitcoin's fiat price.
I'm asking how exchange works if fiat is removed entirely.

I don't think you understand your question, let me tell you, you asked does Crypto need Fiat price before it is considered real and yes because to paint a real picture to someone about Bitcoin you need to evaluate the price in Fiat, for example Gold, diamond and other precious stones has their Fiat values.

Exchange can't work without Fiat because those who want to buy cryptocurrency and all they have is Fiat will need it to make purchase, there could be only cryptocurrency exchanges so you need to get crypto other ways before using such exchanges. For now cryptocurrency needs Fiat fire several purposes.

Yes, fiat is used to give a number to the coin so we can estimate and calculate how much is it in our day to day currency. No one really trades with gold these days, but when it comes to gold deals, they calculate its worth by converting it into fiat as well, it is just a unit of measurement, so.

So it is possible for anyone to make crypto to crypto swaps, there are many instant exchanges, no KYC exchanges where we can swap one crypto for another crypto. But if OP wants to know about real deals, then a freelancer can make a deal with someone that he will do the work for 0.001 BTC, like signature earners here are earning campaign rewards, they are getting paid in BTC, not in fiat. But it is true that most of us are converting those coins into fiat, some are holding, and some are even using it as payment to buy other stuff online. There are different platforms where you can buy with BTC.

As everything in the world right now is calculated based on fiat, so fiat is important.

[STT]

If cryptocurrencies are not measured in fiat, their is no way we can know the value of it

This is wrong, you can just skip plain money and have crypto trade for goods, commodities or anything in its own unit of currency.  It would be very unusual to do so but amazing if any blockchain were so strong it could do this.

  Of course Bitcoin started off without ever being exchanged for currency, paper or anything traditional so it would seem wrong to dismiss the idea of any other standard for not being exchangeable.  Its possible to be valid without reference to a conventional political or centralized unit of currency.

To me the whole point, the origins of BTC is the destabilization and eventually the collapse of plain currency. We can hope that doesn't happen but with tectonic progress its inevitably going to occur or reset in some way such as the old Rouble went to 10,000 exchange rate to the new Rouble.  For most people that's a default and failure, that's the future for other FIAT currencies.

   Why would you tie yourself to that failing standard, it really makes no sense to say crypto cant exist without FIAT, it can and will have to one day is my take.

[AVE5]

Based on my little experiment with social inequality, I’ve been looking through various cryptocurrency threads.

I noticed something interesting:

A cryptocurrency running only from a terminal, without a fiat exchange rate, is often not considered a “real” cryptocurrency  and is sometimes even treated as ridiculous.

So answer this for yourself:

Does a cryptocurrency need a fiat price before it is considered real?

The reality of bitcoin is that it can be spent as money in alternative to the Fiat but at it unique digital format.
The relativity of the fiat and crypto currency is basically to measure its values to know its worth since the fiats is a traditional means of exchange in values such as buying and selling.
The $ precisely is pegged on the crypto currency just to rate its value so that we can know its worth at the given time while the dollar is a world primarily reserve currency that's centralized on foreign exchange so that in our various distinctions, we can determine the value of the crypto currency either by local or foreign exchange.
Otherwise, you'll see for example like as bitcoin currently trades $81,135.75 as 81,135.75 which doesn't make any sense because it isn't aligned with any measure of fiat but an indirect value.

[Loid Cypherpunk]

Joy_learns_crypto, Stepstonewealth, Frankola, DPHOR,
Marvellock, Fortify, Kelward, Finebone, Royal Cap, BALIK,
Cryptomultiplier, DEXfo, MoBit, Rainbet:

You are answering what happens when fiat exists.
That's not what I asked.
I asked what happens when fiat is removed.
Take the simplest example: gold.
If there were no USD, and nobody knew that what you had1 was actually gold, how would you offer it in exchange for goods or services?
Would people still recognize it as gold, or would they just see it as a children's toy?

Win:
Then where can I actually use it outside crypto communities and exchanges?
Who accepts it for ordinary goods or services?
The old lady selling bread at the market?
That's actually the kind of question I'm asking.

Loid:
If you don't understand the question, I don't have time to debate it with you. Sorry.