Post
Topic
Board Bitcoin Discussion
Re: Bitcoin is independent? or depends on fiat currency
by
Stedsm
on 12/10/2018, 23:56:20 UTC
Bitcoin was created to provide independence from Government control to the users.  But I think it is not so independent.  

It depends on fiat currency especially the Dollar for it's valuation.  

My question is ; we are measuring it's value in dollars.  So is not it true that Bitcoin is dependent on fiat currency for it's existence?

It's independent in the case that it's a whole new concept, but it doesn't mean that it is not independent due to its valuation in fiat and esp. $ as you said, because if not fiat something is needed to evaluate it else how will you decide that what's the value of something for which miners are burning both their electricity and computing power. And about keeping us independent from Government, it's us who are supporting them by showing them every single transaction as needed in a regulated economy - this is not Bitcoin was derived for - the main property of it is to keep our finances and especially us - anonymous, but I can't really find any place where we may be said as anonymous except decentralized exchanges only, even in P2P, a person poses risks of either getting scammed or their data leaked in case the other party is fraud or suspects you for something.