Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Bitcoin Forum => Topic started by: bdamenaakter on November 29, 2018, 10:28:23 AM
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If everyone in the world gets into crypto and cryptocurrency will become an official global currency, do you think bitcoin then will stop depending on fiat currency? Or will it just co-exist with fiat?
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Bitcoin doesn't actually "depend" on fiat money.It's price and value is measured in fiat money (USD and euro),but that doesn't mean that btc depends on those currencies. Bitcoin depends on the banks and the financial system,because most people, who buy btc for the first time use credit/debit cards.
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I think that Bitcoin is not linked to FIAT currency and does not depend on it but real coins and crypto will survive both in the future because even if it's possible that crypto will grow and will be used in everyday life, FIAT won't disappear because Governments need FIAT for their political economics plans.
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no one can manage the value of cryptocurrency. not like a currency that has regulations in every country. the increase and decrease in the price of bitcoin is only influenced by the number of enthusiasts who buy bitcoin.
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Or maybe Bitcoin will become just another fiat? It is possible, becuse governments just want to have control over economy and they could just adapted cryptocurrency for their systems. Some of them are already trying that, like in Ohio (they've announced that will be posible to pay taxes via bitcoin, more info on spam blocked b (https://www.spam blocked b/bitcoin-for-taxes-in-ohio/)).
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it's not easy for that to happen. the country will not use crypto as a legitimate currency. Crypto's goals are only for investment and convenience in terms of transactions.
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If everyone in the world gets into crypto and cryptocurrency will become an official global currency, do you think bitcoin then will stop depending on fiat currency? Or will it just co-exist with fiat?
I think co-exist will be a better scenario, if you want crypto to replace fiat totally we will surely see many problems arise and the first that crypto is facing is the government objection due to their interest and we still need fiat to pay for things outside crypto.
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Until Bitcoin becomes the main currency, it will always correlate with the Fiat price. With the growth of Bitcoin use, this correlation may decrease.
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I think it's easy to think that crypto will replace fiat in future but it's hard to work into it cause the first place not all places have a high technology or know cryptocurrency so it's hard for the people who don't know cryptocurrency so i guess fiat will remain.
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I don't think the any time will come when Bitcoin will stop depending on Fiat, unless bitcoin is made official currency whereby any body can use it worldwide.
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Bitcoin and Cryptocurrency as a whole was created and invented with the intention to replace Fiat money or at least to make the use of them at a minimal base, what we are seeing now is not that Bitcoin is depending on Fiat, what we see now is the people who are holding Bitcoin are more interested in making more Fiat than anything else, The moment people will trade with the purpose of acquiring more BTC instead of acquiring more Fiat is the moment Cryptocurrency as a whole will stop depend on Fiat.
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If everyone in the world gets into crypto and cryptocurrency will become an official global currency, do you think bitcoin then will stop depending on fiat currency? Or will it just co-exist with fiat?
Bitcoin can only coexist with national currencies, it does not depend on them, however, it cannot replace them due to the specifics of digital cryptocurrencies. I also do not think that the cryptocurrency will have more value and wider use than fiat. Cryptocurrency will be used more by citizens and organizations, that have own cryptocurrency. States and their bodies are unlikely to make wide use of cryptocurrency, it is very inconvenient for them primarily because of its high volatility.
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In my opinion, Bitcoin will always depend on FIAT currency. Bitcoin seems quite hard to be a single global currency, moreover its form is a digital currency. Not all countries will utilize it easily as a digital payment. FIAT will be always the most effective currency for payment instrument.
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As for me, It's price and value is measured in fiat money (USD and euro),but that doesn't mean that btc depends on those currencies. Bitcoin depends on the banks and the financial system,because most people, who buy btc for the first time use credit/debit cards.
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Bitcoin is not dependent on fiat currencies and Bitcoin will continue to grow because many people use cryptocurrencies. If Bitcoin is authorized and coexists with fiat currencies, it will definitely make it easier for people to make buy and sell transactions.
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I don't know about this. But I see this Bitcoin will not be separated from Cryptocurrency and fiat currencies. Maybe in the future it will be possible, because indeed the main purpose of Bitcoin is to replace fiat currencies and make Bitcoin the digital currency that is most widely used by the public for transactions.
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It's likely that bitcoin will also depend on fiat currencies. Because later Bitcoin will become an independent digital currency and can be used by many world communities to be used as transaction tools in everyday life. But all of that achievement will certainly need hard work from bitcoin to be able to be independent and not rely on fiat currencies anymore.
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I think not. If bitcoin will become independent from fiat how could we define the exact amount of bitcoin that only fiat can do?
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It aint unhealthy to own high hopes in crypto currencies however you want to conjointly face the reality.
I am not language you hand over however simply swallow it and take this as a decent opporunity to shop for a lot of.
We cannot simply stay holding and let the marker do its job. we have a tendency to even have to maneuver.
Take out the non sense and not support them. Support the legitimate ones and provides them a lot of worth. a way of optimism is nice enough however after all, should be balanced with the bottom and therefore the indisputable fact that there's a field. so this market this fall and real opportunities for those that would love to begin from the underside. several collect coins from the bounty, trading, and investment is that the means that almost all don't need to do till the market recovery is coming back.
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Bitcoin will stop relying on fiat currencies when Bitcoin has succeeded and become the main digital currency owned by the world community. because with that Bitcoin is your currency that doesn't need Fiat. But for Saati, Bitcoin still relies on fiat to be able to invest and also other projects.
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If everyone in the world gets into crypto and cryptocurrency will become an official global currency, do you think bitcoin then will stop depending on fiat currency? Or will it just co-exist with fiat?
Bitcoin has his own entity being a decentralized currency that has no connection with fiat. I think it's difficult to eliminate fiat as most of the countries has no support on cryptocurrency.
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It is your imagination but it is not possible to get in touched with all people of the world either they are ethnic group or civilized society. Fiat money existed, now exists and in the future it will exists side by side with digital currency. Fiat currency will not vanish.
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we know that both are interconnected and I think both of them also have their respective advantages. the development of cryptocurrency which is getting better makes many people interested in learning it. and I think both of them will remain interconnected.
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Bitcoin doesn't actually "depend" on fiat money.It's price and value is measured in fiat money (USD and euro),but that doesn't mean that btc depends on those currencies. Bitcoin depends on the banks and the financial system,because most people, who buy btc for the first time use credit/debit cards.
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If everyone in the world gets into crypto and cryptocurrency will become an official global currency, do you think bitcoin then will stop depending on fiat currency? Or will it just co-exist with fiat?
I don't think that will happen because cryptocurrencies like Bitcoin needs to depend on a stable currency so that it can
determine its price and without a pair to a stable currency I don't think that Bitcoin will have a value at all unless there
are some miracles that would happen. And if you take a look closely all cryptocurrencies even those stable coins like
Tether and other stable coins are dependent on fiat because fiat's volatility rate is lower than cryptocurrencies and its
price looks stagnant for a long period of time.
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In my view, it is clear that when all of people in the world accept bitcoin as a currency, then we don't need fiat anymore, also the prices will be stay steady and there is no bull or bear anymore.
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Bitcoin isn't always dependent on fiat currencies and Bitcoin will continue to grow due to the fact many people use cryptocurrencies. If Bitcoin is allowed and coexists with fiat currencies, it'll virtually make it less complicated for humans to make buy and promote transactions.