Topic: Bitcoin as currency of currencies - page 2. (Read 1954 times)

Anything's possible but some of your comments are incorrect.

First, bitcoin is not compared mainly to the US Dollar nor is it dependent on the Dollar. If the Dollar value falls it has zero influence on the price of Bitcoin.

Second, very few countries (if any at all) have banned bitcoin. Most have ignored it and some have paid attention.

Having the world adopt bitcoin as a reserve currency is very, very unlikely. But that doesnt stop bitcoiners (you and me) from using it as a central way to value fiat currencies...just like ppl in the US use the Dollar to value all other fiat currencies.

You and some guys Wences Casares believe and suggest that be gold the point of reference for the fiat money and not bitcoin. Although bitcoin is a currency and gold not. Better one mixture then the same thing. This is what I understand from your post. It is an point of view. But to tell the right it wasn't that I expected from a bitcoiner.  

Some guys like Wences Casares which is the Xapo CEO consider Bitcoin being the new gold standard for the next generation, this is pretty much what you are talking about i think. All currencies will value themselves against BTC, it will be the main value thing where everyone looks up to.

https://www.youtube.com/watch?v=yPIvqJsCOSo

I think this is way more accurate analysis than pretending it will replace fiats like some think.

I would ask to discuss the idea and not the possibility to implement that. I know for sure that the implementation of this in our days is totally impossible. And not only in our days but even for to many years to come. But I want to know the impact of the above post in the people of bitcoin.

For bitcoin to be totally independent and its value not having to rely on other currency for benchmark or even measured against other fiat  for that matter, it has to establish and reach a certain level of adoption whereby every product whether it is a commodity like oil, right down to every daily household item, it can be purchased using bitcoin.

And I don't imagine bitcoin to be fully replacing fiat altogether in the near future, but more a less like coexist together and having bitcoin become useful in certain areas like for example remittance business. Not to sound pessimistic but just have to accept it that way for now until we see some improvements or major changes taking place.

Having said all that I think we still have so many things that could change and turn towards brighter prospect if suddenly adoption level just suddenly goes off the roof

I am an enthusiast of bitcoin and I like enormously this coin. Since I discovered it (less than three years ago) I cannot stay one day without doing something which have to do with it. The first months with faucets, continuously reading things in internet, then speaking about it with my friends and since more one year being active here in bitcointalk.

Have in mind something that intrigue me very much. Can bitcoin made currency of currencies? Being an currency that cannot have inflation because of the exact number of coins in circulation (here and in the future) it is possible that this coin can be a kind of gauge for the other currencies? And that's why.

Any currency have its value but this value change in time because of the inflation that all the currency suffers. Bitcoin have its value but don't suffer the inflation. To many times the data of inflation are manipulated for political interests. But the exchange rate of one currency with another don't. It is not possible (or very rarely and only with big resources) because of to many factors. If it will be an exchange rate between bitcoin and all the other currencies because of the inability of manipulation of bitcoin the value of other currency it will be only the real one. So the exchange will tell always the real value of the currency independently of various manipulations that can be made by the Central Bank of that currency. So with all the other currencies. If bitcoin will be the point of reference for every other currency, also the exchange between the other currencies between each other will be affected by the exchange of bitcoin with each of those and this will tell always the real value of each of those compared with all the others.

Today bitcoin is compared and depends mainly from the value of us dollar. This idea subverts this relationship. This made this idea crazy. United States will not accept never this (if someday will be discussed).

And I think that those thoughts are insane because not only United States but no one country will adopt those. Most country has banned bitcoin, others ignored it and only a few have rules or some regulations about it. Some countries have banned and restricted bitcoin, some others have known or regulated it and mostly of those ignored it. This show very well the "stupidity" of my idea. But I want to discuss that here when is the homeland of bitcoin. I am interested to know what think about that the people of bitcoin.

Feel free everyone to write what he/she think. Thanks!

Edit 1: Made the needed corrections after the comments of Harry Hood