Post
Topic
Board Bitcoin Discussion
Re: Which is more important bitcoin or fiat?
by
kryptqnick
on 25/10/2020, 11:52:41 UTC
Correct me if I am wrong,

* You can have bitcoin but if it is not being tradable to fiat currency then your bitcoin has no value at all.
Not necessarily. Bitcoin can be used to purchase things (even though the variety of places and things is limited), so if Bitcoin is not traded for fiat, it would still have some purchasing power. Moreover, fiat currencies are also very dependent on trading them for other currencies, and their purchasing power would also suffer huge losses if owners of other currencies would not be willing to exchange.
* You need to buy bitcoin with fiat currency without fiat currency you can't have bitcoin
Nope, you can earn Bitcoin. I have BTC, but I've never bought it. I also have a friend who is in the same situation.
* bitcoin could stand alone without being paired by fiat currency but we should make it paired with fiat to get the bitcoin with value depending on the demand of the community.
A currency is defined by its purchasing power. We don't need (or, rather, won't need) to pair Bitcoin with fiat if it's widely accepted as payment for goods and the price is formed in BTC rather than in fiat. This could totally work.