Btc vs dollars - page 2. | Bitcointalksearch.org

alastantiger

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Quote from: Vickky Rae on October 27, 2023, 12:45:17 PM

Presently, should we say it's good the way bitcoin its been tied to dollars? Dollars is not backed up with any resources but to my understanding, bitcoin is a product of great energy surge. We shouldn't let bitcoin tied to dollars but bitcoin standing on its own. What could decide the durability and value of bitcoin? I have some ideas..

Bitcoin needs to be tied to something.
There needs to be something backing it. That's how you know what is valuable from what is not.

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Quote from: Vickky Rae on October 27, 2023, 12:45:17 PM

Presently, should we say it's good the way bitcoin its been tied to dollars? Dollars is not backed up with any resources but to my understanding, bitcoin is a product of great energy surge. We shouldn't let bitcoin tied to dollars but bitcoin standing on its own. What could decide the durability and value of bitcoin? I have some ideas..

Bitcoin is a decentralized currency so it cannot be tied to any centralized currency. But in order for bitcoin to get legalized and attract faster adoption, it should create a connection to dollar since bitcoin is designed to be used as a daily currency, if not the official currency, then it will act as a reserve currency from any official currency like euro or dollar. However, if that happens, I don't think bitcoin will still remain as a fully decentralized currency.

Bitcoin and dollar are two different currencies, one has its physical form of money while bitcoin is digital, and should only be accessed through online. But if they can be tied to one another for bitcoin's greater advantage and faster adoption, then it's never a loss for bitcoin as well.

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Quote from: Vickky Rae on October 27, 2023, 12:45:17 PM

Presently, should we say it's good the way bitcoin its been tied to dollars? Dollars is not backed up with any resources but to my understanding, bitcoin is a product of great energy surge. We shouldn't let bitcoin tied to dollars but bitcoin standing on its own. What could decide the durability and value of bitcoin? I have some ideas..

So btc stands on its own means to me how many kwatts makes a Btc.

So at 20 watt a th a machine makes 0.00000203 btc per th daily

so if you value btc at watts.

0.00000203 btc = 20 watts
0.00002030 btc = 200 watts
0.00020300 btc = 2000 watts
0.00203000 btc = 20000 watts
0.02030000 btc = 200000 watts or 200kwatts
0.20300000 btc = 2,000,000 watts or 2 megawatts

Final number I rounded
1.0 btc = 10,000,000 watts or 10 megawatts

to make a btc thats an energy measurement for btc today which will change over time.

southerngentuk

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I think these two currencies may be related. Bitcoin can be considered a kind of "competition" to the US dollar. If Bitcoin becomes more popular, it could threaten the US dollar's position as a global currency.

Regarding the US dollar not being backed by any resources, this is literally true. The dollar is not backed by gold or any other physical asset. The value of the dollar is based on people's faith in it. Of course, this factor does not guarantee that the dollar will always retain its value. However, they have helped the dollar maintain its position as a global currency for decades.

DrBeer

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As much as we would like to see Bitcoin replace the Dollar, until Bitcoin is accepted as a legal means of payment, it will remain a speculative asset more suitable for risky investments. Well, the issue of volatility, which is a consequence of the speculative nature of cryptocurrencies, will hinder the possibility of their everyday use in real life, and short-term savings by ordinary consumers.

Ricardo11

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Bitcoin and dollar are completely different. Dollar is centralized and Bitcoin is decentralized. Bitcoin has a fixed supply limit, and Bitcoin is still banned in many countries. There is no connection between bitcoin and dollar they are completely separate. Dollar centered it is controlled by the central government. So attaching Bitcoin to the dollar is completely stupid.

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Quote from: Negotiation on November 26, 2023, 09:00:16 AM

Fiat currency is needed in daily life because bitcoin is still not legalized in many places. But there are many differences between bitcoin and dollar. Dollar is controlled by government like fiat currency but bitcoin is decentralized no central government can control it. In that case it is foolish to attach it to the dollar. Bitcoin moves at its own pace the higher the demand and supply the higher the value of bitcoin. Bitcoin is so popular for its fundamental impermanence that every investor holds it for the long term as its value rises and falls. Its value will be doubled on the basis of rising and falling.

I think you're misunderstanding what the OP said, and as I understand it his point is why can't bitcoin be used completely independently and why do we have to peg the value of bitcoin to USD or other currencies? USD is the world's currency, a measure of the value of all goods and assets in the world. Meanwhile, bitcoin is only considered an asset and no country recognizes it as a currency. Therefore, for it to operate independently and not use USD to measure value is impossible. Even if the USD collapses, there will be another country's currency to replace it, and I never thought of a scenario where bitcoin would serve as the world's main currency and measure of value.

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In an answer I wrote a few days ago as a comment on one of the topics, I referred to the Lebanese crisis, which provides an example of the difference between fiat money and Bitcoin. What has been happening in Lebanon during recent two years is somewhat funny. The crisis began when the dollar exchange rate on the black market rose by a large percentage compared to the price in banks. This forced all people to request dollar withdrawals from banks. Since the banks, of course, did not have enough dollars, they resorted to the government, which decided that no citizen could withdraw more than $200 or perhaps less (I no longer remember). What did some people do? He bought a toy gun, stormed the bank, and asked to withdraw its entire balance. Imagine that someone commits a robbery to steal his money.

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Quote from: shawonngp on November 26, 2023, 07:26:54 AM

How Bitcoin tied to dollars no way. Both of individual currencies also their functions are different, Bitcoin is a virtual currency it's anonymous no one can control it But Dollars is controlled by government. We count Bitcoin by dollars that doesn't mean it's tied by any currency, it has own ecosystem it's not depend on dollars.

both currency, usd or crypto, aren’t backed up by anything they can stand on its own with the potential of their value changing

it’s been observed that bitcoin and usd are negatively related usd is just used to convert btc into fiat

Negotiation

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Fiat currency is needed in daily life because bitcoin is still not legalized in many places. But there are many differences between bitcoin and dollar. Dollar is controlled by government like fiat currency but bitcoin is decentralized no central government can control it. In that case it is foolish to attach it to the dollar. Bitcoin moves at its own pace the higher the demand and supply the higher the value of bitcoin. Bitcoin is so popular for its fundamental impermanence that every investor holds it for the long term as its value rises and falls. Its value will be doubled on the basis of rising and falling.

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Quote from: BIT-BENDER on November 18, 2023, 01:43:52 PM

Quote from: DeathAngel on November 11, 2023, 08:54:27 AM

Bitcoin will continue to be tied to fiat currencies for a long time. When I say that, I mean there will be USD/BTC pairings for a very long time, just as there will be CNY/BTC, GBP/BTC & so on. People still use fiat for every day things, get paid in fiat so until that changes we will still see people valuing bitcoin in their national currencies.
1 bitcoin = 1 bitcoin of course but normies don’t think this way. Bitcoin isn’t going to be THE only used global currency so get used to it.

I agree with you, it would not be easy to transition completely to only using Bitcoin. If it was within my powers I would love a world where Bitcoin is generally accepted but right now that's not the case.
Using BTC to explain the value of Bitcoin doesn't only apply to newbies or those not into crypto-currency but there are many Bitcoin enthusiast who has to check the value of Bitcoin by checking it's dollar worth.

In the current situation we must also remember the initial context that the creation of bitcoin today is not to replace existing currencies but only to become an option so why do we continue to argue for bitcoin to become the main currency and will become a global currency because in the end something like that will not be the goal of bitcoin itself. Indeed it would be great if they continue to be known because with that there will certainly be great benefits for us as bitcoin users but on the other hand back again the purpose of creating bitcoin is only as an option why impose this should be the main currency as a legal tender.
Now I am quite comfortable being in bitcoin even though I am still doing it for my long-term investment but on the other hand we will also not be able to leave fiat even though there are many shortcomings in fiat but in the end we are also still shackled to a situation where fiat can be used for everyday life.
Not that I am defending fiat here, it's just that we are still dependent on fiat even though we are already in bitcoin.

shawonngp

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How Bitcoin tied to dollars no way. Both of individual currencies also their functions are different, Bitcoin is a virtual currency it's anonymous no one can control it But Dollars is controlled by government. We count Bitcoin by dollars that doesn't mean it's tied by any currency, it has own ecosystem it's not depend on dollars.

icalical

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Quote from: Vickky Rae on October 27, 2023, 12:45:17 PM

Presently, should we say it's good the way bitcoin its been tied to dollars?

I don't think Bitcoin is tied to dollar per-se, but USD is the most used currency around the world then most people exchange Bitcoin to USD, but as far as I know there is no direct connection between USD and Between, in term of price movement or any other mean. Other than that, not everyone use USD to value the Bitcoin price, people will (most of the time) use their local currency.

bettercrypto

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Quote from: siniminomorocomunisakito on November 19, 2023, 08:09:37 AM

All of us here are probably familiar with this connection in our understanding of money when it all exists. Indeed, the correlation in the market is that if BTC goes up, the Dollar goes down and vice versa, but lately if the Dollar goes up, BTC also goes up, meaning there is a shift in the direction of investor capital.

I just want to add to what you said: it just happens that the direction of the dollar and the Dxy are the same when, for example, the value of the dollar is losing investors.

So what these investors do is transfer their capital from dollars to Bitcoin, and the same goes for bitcoin investors to dollars when they lose in Bitcoin investment. That's the logic I see there in that matter.

Samsungs10

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Quote from: josgandosbro on November 19, 2023, 05:53:00 AM

Bitcoin is best one of the coin. Dollars now price increase slowly. But bitcoin price will be increased. This different of bitcoin and dollars. Bitcoin any where to use and easy exchange. Dollars also easy exchange. But bitcoin king of every one.

just as good, but it is clear that bitcoin has advantages that the dollar does not have, but the price of the dollar is quite stable; even if there is an increase, it is not too much and very different from bitcoin, which is always easy to change at any time. But as a long-term investment, bitcoin is better than dollars. Although you are right that the dollar has increased, it is not significant.

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Quote from: Inwestour on November 19, 2023, 11:34:52 AM

Quote from: Mauser on October 28, 2023, 03:13:07 AM

Bitcoin is not directly tied to the US Dollar, it's just the most common pair currency being traded. If the two were tied together than you could exchange a fixed dollar amount for Bitcoin and the price wouldn't fluctuate so heavily. You can also trade bitcoin against any other currency. For example the Bitcoin/Euro market is also common and you can even find people willing to sell physical goods directly for Bitcoin. So, if you don't like the US Dollar and don't really own or use them yourself than just look at other currencies. And if you already have a lot of money in Dollars and you don't want more than just convert them into other cryptos or invest outside of the USA. The world is so connected these days that we can choose our exposure freely.

You can diversify your funds into different assets, this will be a smart step. But if we can consider Bitcoin as one of the types of assets, then the dollar is just a currency that cannot bring you profit if you keep your savings in dollars. But dollars will be useful to us in a bull market, when we need to take profits in order to wait for a bear market and buy Bitcoin again.

Honestly that is the main function of stable coins, before they were created people had to take a difficult decision, to keep holding their bitcoin and absorb the incoming losses or sell for fiat and then send that money to their bank, but as soon as you did that your bank will begin to ask questions about how you got so much money and most likely they will close your account even if everything was done legally, so stable coins helped investors to skip that step, but it seems they may be forced to do this once again as governments seem determined to introduce their CBDCs and for their coins to succeed they need centralized stable coins to disappear.

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Quote from: Mauser on October 28, 2023, 03:13:07 AM

Bitcoin is not directly tied to the US Dollar, it's just the most common pair currency being traded. If the two were tied together than you could exchange a fixed dollar amount for Bitcoin and the price wouldn't fluctuate so heavily. You can also trade bitcoin against any other currency. For example the Bitcoin/Euro market is also common and you can even find people willing to sell physical goods directly for Bitcoin. So, if you don't like the US Dollar and don't really own or use them yourself than just look at other currencies. And if you already have a lot of money in Dollars and you don't want more than just convert them into other cryptos or invest outside of the USA. The world is so connected these days that we can choose our exposure freely.

You can diversify your funds into different assets, this will be a smart step. But if we can consider Bitcoin as one of the types of assets, then the dollar is just a currency that cannot bring you profit if you keep your savings in dollars. But dollars will be useful to us in a bull market, when we need to take profits in order to wait for a bear market and buy Bitcoin again.

siniminomorocomunisakito

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All of us here are probably familiar with this connection in our understanding of money when it all exists. Indeed, the correlation in the market is that if BTC goes up, the Dollar goes down and vice versa, but lately if the Dollar goes up, BTC also goes up, meaning there is a shift in the direction of investor capital.

armanda90

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I disagree with your ideas about bitcoin tied with dollar or usdt as back up, its wrong assumptions because bitcoin have dependent currency without tied with any community or government such as dollar.

Quote from: Bitcoin_people on November 18, 2023, 08:50:28 PM

Bitcoin is a decentralized currency due to which no country's government can control it. But dollar or fiat currency has centralized owner to control it whereas Bitcoin does not. Moreover, Bitcoin has a fixed supply with no human hands and no scope of regulation, making it an independent currency. And for that reason there is no connection between USD and Bitcoin rather Bitcoin is a cryptocurrencies, but USD is a stable currency.

This special thing with bitcoin without controlling by any countries yet and keep dependent regarding with how many investors are holding bitcoin, talking about profitable bitcoin have more benefit than dollar who increasing values very slowly and depend their situation good or not. Right now many countries have against with dollar and some of them try to build up their own currency for foreign transactions where usually using dollar and right now they want use their own currency.

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Quote from: Majestic-milf on October 27, 2023, 01:17:00 PM

Quote from: Vickky Rae on October 27, 2023, 12:45:17 PM

I have some ideas

Yeah, care to enlighten us?..

Taking into account that he/she hasn't answered since he/she created the OP, I think that we will be left with the doubt.

Quote from: Despairo on October 28, 2023, 04:58:36 AM

It's why 1 BTC = 1 BTC, not 1 BTC = $34,000 or anything else.

If you view BTC in USD equivalent, you will not able to get rid from USD, while fiat will become worthless and banks will bankrupt. While Bitcoin is resistance against that since Bitcoin has own it's feature and you're don't rely with third party platform.

Not necessarily. 1 BTC is 1 BTC; $34,000; €33,000; one Toyota C-HR... all of these at the same time. We value things in comparison to others since we started trading eggs for apples thousands of years ago. It's common in our circle the saying 1BTC is 1BTC, and while it is true, we shouldn't believe at face value all the other implications we tend to associate with it, like the one that states that it cannot be valued compared to other currencies.

Topic: Btc vs dollars - page 2. (Read 860 times)