Post
Topic
Board Bitcoin Discussion
Re: How To Base Value of Goods and Services To Bitcoin?
by
OgNasty
on 06/03/2022, 19:30:34 UTC
Now if we all want to make Bitcoin the standard. Right now sure you can use Bitcoin to buy goods and services with. However all goods and services value and price are based by some sort of Fiat.

How do we go about to determine Good and Services value entirely on Bitcoin?

over FIAT

this could take a very long time to make happen.

What methods do you think this could happen?

Bitcoin is an absolutely horrible mechanic for pricing things over time.  This is due to it's extremely limited supply and constant price volatility.  Outside of crashing currencies destroyed by hyperinflation, Bitcoin is the worst "currency" you could use to measure the price of an object over time.  The chart of seemingly every item in the world looks the exact same when denominated in Bitcoin over the last 10 years.  This is because the value is more effected by the price movement of Bitcoin then anything happening to the price of the underlying object being priced. 

I don't think there are methods that could make this useful or that it should be something we should even attempt.  Many Bitcoiners think the price will continue rising against the dollar forever, and if that's the case then Bitcoin will be a bad metric for valuing price over the long term, forever.