Post
Topic
Board Economics
Re: If bitcoin price is $10.000, will fiat be worthless?
by
rickadone
on 30/03/2017, 15:22:22 UTC
Much mlre votes for NO, and little contradiction how can bitcoin worth 10 000 dollars when dollar is worthless, how you imagine that to happen?
Fiat will be present for many more years, just some world revolution can end dollar domination, and bitcoin is good start for that revolution, but many more things has to be done to come to that.
It is not precisely a contradiction I think the OP meant that if bitcoin was worth 10k dollars then that will probably mean that the dollar is under hyperinflation but the truth is that bitcoin could reach that value by just reaching more adoption.

Anything is possible with bitcoins in future but to see that high price we have to wait for so many years and if it reaches there I don't think that people will stop using fiat as even at that time there will be many people who will not be aware about bitcoins.

Yes time will tell and also if people who are supporting it can take all the risk that it gives considering many would want to fight that number 1 spot or take over bitcoin.
We can see it happening now, and as long as it is on the top more will come. This test to how much we will have faith into making bitcoin the prior currency will be the final act when it reaches that very large price.

Price is the major factor that will draw attention of many people in future and will attract them to get into the bitcoin world and if price crashes in future then I doubt that there will be many people who will show interest in bitcoins in fact many existing users will also quit bitcoins.
I completely agree with your words. If still a small percentage of users will distinguish and that will be good. But this figure will not be huge. The fact is that bitcoin will not be perceived by most of humanity. And it's not the bitcoin itself, but the fact that people are accustomed to paper money.
It is not about the money, it is a matter of priority and how people are exchanging money, if you go and ask a random person on the street about bitcoin they won’t know what it is, because people don’t use it they are using fiat because the government leaves them no other choice and if you live in society than you have to go with the rules to survive.