Bitcoin start Backing USA dollar | Bitcointalksearch.org

Argoo

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Quote from: Polo7 on October 14, 2020, 10:33:37 AM

The USA dollar need good backer.

The Bitcoin is perfect to backing Up USA dollar.
That Can Work like real fractional reserve.
I think 2021 year the dollar Will be backed by BTC

It is now 2024, and governments are still not particularly interested in Bitcoin and other decentralized cryptocurrencies. And it is unlikely that anything will change in this regard in the future. States will only use currencies they can control. It is easier for them to create and work with their own CBDCs than with cryptocurrency. But they will use blockchain technology wherever they can apply it. But everything in this world is changing. Perhaps something will change in the relationship between the state and cryptocurrency.

macson

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Quote from: Polo7 on October 14, 2020, 10:33:37 AM

The USA dollar need good backer.

The Bitcoin is perfect to backing Up USA dollar.
That Can Work like real fractional reserve.
I think 2021 year the dollar Will be backed by BTC

i just realized that you have made this post since 2020 ^{(it's been 4 years)}, but until now the dollar has not been backed up by bitcoin ^{(in the future this might happen)}. i am optimistic that in the future bitcoin will be used by countries not only the United States but also all countries around the world to back up fiat money because the bitcoin ETF has been approved, even though there are pros and cons to the bitcoin ETF, orthodox investors really like playing with ETFs rather than trying to buy bitcoin conventionally.

Fullbear2222

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Quote from: Polo7 on October 14, 2020, 10:33:37 AM

The USA dollar need good backer.

The Bitcoin is perfect to backing Up USA dollar.
That Can Work like real fractional reserve.
I think 2021 year the dollar Will be backed by BTC

True now

ShowOff

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Quote from: worldofcoins on September 02, 2021, 11:22:01 AM

Fiat cash is centralized and handily constrained by banks and governments.
Where bitcoin is decentralized, so it is implausible for bitcoin to support up US Dollars.
There's no correlation between bitcoin with fiat. Both have various highlights and characteristics.

These two currencies are both a means of payment and both have a correlation as a currency where the nature of the two is almost the same. Both fiat and bitcoin will have value simply because people are willing to accept them as means of payment. What distinguishes bitcoin and fiat is the system and how it works, bitcoin is decentralized while fiat is centralized. Bitcoin can be used as more than just a means of payment because it is also a profitable investment asset. Fluctuating price will open up the possibility for investors to get greater profit compared to investing in government-controlled asset such as gold and other asset.

worldofcoins

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Fiat cash is centralized and handily constrained by banks and governments.
Where bitcoin is decentralized, so it is implausible for bitcoin to support up US Dollars.
There's no correlation between bitcoin with fiat. Both have various highlights and characteristics.

Quote from: CarnagexD on January 30, 2021, 04:04:52 PM

But mostly it is because it is a cryptocurrency with a high volatility rate, as opposed to USD which is a fiat currency with regulations left and right.

The main thing government can do is improve the stock exchange and its economy.
It can be backing up the dollars; there are no rights for bitcoin to do anything with fiat in any case.

Sebas.tian

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Quote

The USA dollar need good backer.

Yes,it look like the USA dollar need bitcoin back up, but the new government that just took over the government will not allow such thing to happen in his regime. Dollar is a centralized currency which is not control by private sector or share any profit from any decentralized investors.
Joe Biden will not allow bitcoin, which is a decentralized currency to back their currency because many countries will see his government as the wost government in the history of USA.

CarnagexD

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It would not be possible for bitcoin to actively and directly back the US dollar for several reasons. But mostly it is because it is a cryptocurrency with a high volatility rate, as opposed to USD which is a fiat currency with regulations left and right. Apart from this, we also have to remember that bitcoin is decentralized, meaning it has no business of choosing to support a single fiat coin when it can support all of them. Still, the boom in media attention inadvertently allowed USD to recover and Bitcoin to flourish despite the pandemic.

Gozie51

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Quote from: nomenclatur on November 08, 2020, 04:53:14 AM

It is necessary to remember that USD is a stable currency and this can make bitcoin more stable for the next year. It could be that all will be better and have a higher value and have very good stability for the years to come.

This is why bitcoin will not support USD, the volatility. Bitcoin has a crypto volatility and USD is basically fiat that is regulated by the government. USD is one of the popular and easily exchanged currency with bitcoin but I don't think it can back USD.

Fesatmas

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Why not, because along with seeing the growth of bitcoin from year to year, the United States, especially the government, cannot avoid even going against the flow of bitcoin. I am sure, even many of the government has started to have it.

jostorres

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Quote from: Dragonfund on November 08, 2020, 01:55:12 PM

US is country that's sensitive when making decisions and wouldn't want any external body to interfere to their internal income, GDP and thier basic interests. I don't think US will back dollar with BTC but who knows, you might be right, you can't trust the government as they always move in 3 dimension without public awareness.
Another reason why I think this is not possible is because top 10 wallet that own bitcoin aren't really own by them, they have been dormant for years. You really believe US would want to do something they a don't have 90% power over? If they can manage to control 50%, US will do anything to shill Bitcoin.

It is not about actually being capable of providing any insight into the situation, dude is about just writing as many times as he can, no idea what he gains from it but dude joined less than a year ago and has hundreds of topics started here, everyone can message as much as they want but having 250+ topics created with 900 posts means dude has managed to open nearly one topic everyday for a very long time, he just likes to start topics instead of writing on the old ones.

The reason why people do not start topics everyday like how they do in reddit or so is the fact that the ones we have are enough for us, if something new happens we start a new topic as well but that is not the case in here, so we just ignore that completely, we just focus on the ones we have in our hands and talk there since starting another topic on the same idea would be useless. Polo7 is just a troll basically.

JoKleinTopper

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well, I think btc will support US dollars. at the same time, it will support money in other countries. Bitcoin is for the globe.

Dragonfund

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Quote from: Polo7 on October 14, 2020, 10:33:37 AM

The USA dollar need good backer.

The Bitcoin is perfect to backing Up USA dollar.
That Can Work like real fractional reserve.
I think 2021 year the dollar Will be backed by BTC

Are you making predictions based on 2020 performance or just a conspiracy theory?
US is country that's sensitive when making decisions and wouldn't want any external body to interfere to their internal income, GDP and thier basic interests. I don't think US will back dollar with BTC but who knows, you might be right, you can't trust the government as they always move in 3 dimension without public awareness.
Another reason why I think this is not possible is because top 10 wallet that own bitcoin aren't really own by them, they have been dormant for years. You really believe US would want to do something they a don't have 90% power over? If they can manage to control 50%, US will do anything to shill Bitcoin.

nomenclatur

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if bitcoin collaborates with USD, of course, this will be an extraordinary achievement bitcoin will be one of the best investments in the future with USD will further strengthen bitcoin price stability will look better.

It is necessary to remember that USD is a stable currency and this can make bitcoin more stable for the next year. It could be that all will be better and have a higher value and have very good stability for the years to come.

crwth

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You know there's a reason why they have didn't support the gold standard anymore. They probably want to print a much as they can do. I doubt they would make it their backing asset for the USD. They have a hard time accepting cryptocurrency, then why expect it as their backing asset?

jaysabi

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Quote from: Polo7 on October 14, 2020, 10:33:37 AM

The USA dollar need good backer.

The Bitcoin is perfect to backing Up USA dollar.
That Can Work like real fractional reserve.
I think 2021 year the dollar Will be backed by BTC

This isn't even technically possible since the government doesn't control bitcoin or have a stock of bitcoin which would enable it to peg the US dollar to it. The whole point of an asset-backed currency is that the currency is exchangeable on demand for the equivalent of the asset. When you're on the gold standard, you could only have as many dollars as you had gold to back it up because people could demand gold for the dollars and the government would have to deliver. That would never work with bitcoin because the government could never have enough to make this possible.

slapper

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How can bitcoin back the USA dollar when it is one of the most volatile assets on the planet? I mean, if you need something to support a currency, at least that thing has to be stable. In the past, we used to have a Gold standard where monetary was backed by gold.

From my point of view, a strong currency like the USA does not need anything to support it. The current state of the country is more important than any other element. The dollar will be weak if a country is weak and protests happen. And the dollar will be strong if the economy is improved day by day

Mauser

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Quote from: Polo7 on October 14, 2020, 10:33:37 AM

The USA dollar need good backer.

The Bitcoin is perfect to backing Up USA dollar.
That Can Work like real fractional reserve.
I think 2021 year the dollar Will be backed by BTC

How exactly should Bitcoins be backing the USD? I don't think Bitcoin investors are interested in such a trade. Most of us here went into cryptos to escape the FIAT trap, backing the USD now would be like going backwards. The USD is fairly important is likely to be as such in the near future. But I do hope that Bitcoins remains an alternative to FIAT and USD in particular. I hope this is not happening.

vlast01

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yes it may happen and soon more countries will used Bitcoin on making transaction due to the pandemic Fiat money has decreased it's demand because most people are doing transaction online, e-commerce are in most used today, and digital currencies is in demand and soon people will discover cryptocurrencies due to the facts that most digital banks are crypto currencies supported.

EdenHazard

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Is this even a makes sense consideration?

I mean seriously? A cash-backed cryptocurrency.. that's still makes sense. But a cryptocurrency backing FIAT ? This is just new to me , convince us on how that thing could ever happen.
Bitcoin would simply categorized as a commodity if this makes sense to be realized.

BuNga_cute

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It would be interesting if it really could be the fact that the US Dollar will be backed by Bitcoin. But unfortunately it is impossible in my opinion,
because the volatile price of Bitcoin and Bitcoin has not been accepted in all countries in the world. These two reasons prevent Bitcoin backing
US Dollar, Moreover, the US government cannot control Bitcoin, making it impossible for the US Dollar to be backed by Bitcoin.

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