Btc vs dollars - page 6. | Bitcointalksearch.org

Lida93

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Quote from: Vickky Rae on October 27, 2023, 01:45:17 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?

There's no tie or even a peg, bitcoin stands alone as a decentralized digital currency for if there was any tie the government would have been in control to determining bitcoin value. Like how do you tie something that's decentralized to a centralized thing, it doesn't make sense, right. Dollar is only paired with bitcoin to measure or compare to get the value and worth of bitcoin at every moment just as gold value is measured in dollars.

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I have some ideas..

what are your ideas, I hope it makes brains.

Tony116

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Quote from: Vickky Rae on October 27, 2023, 01:45:17 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..

There is no tie between bitcoin and dollars. Essentially, the dollar is the world's currency and a measure of the value of almost every asset, including bitcoin. We only use dollars to measure the value of bitcoin, and that doesn't mean bitcoin depends on dollars. You can also use other currencies to measure the value of bitcoin without the need for dollars.

I understand what you mean that we should not use dollars to measure the value of bitcoin and that it should operate independently. That will only happen when bitcoin becomes the world's main currency, but I don't think governments will let that happen. Fiat will still be the world's main currency and measure of value, we cannot change that.

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Bitcoin is unique. Not connected to any fiat currency. Bitcoin exists as a replacement or shifter for the current centralized world financial system, Bitcoin comes with a decentralized system, has a fixed supply, a free nature that is not controlled by anyone except the Bitcoin owner himself. So here there is no connection at all between USD and Bitcoin, clearly Bitcoin is a new revolution for people who want freedom from the current financial system (fiat currency)

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Indeed, Bitcoin's connection to the dollar is primarily for the purpose of exchange transactions, but internally, it has no inherent link. If you're referring to trading pairs on exchanges that allow BTC/USD as a reference point, that's still within the realm of reason, given that the dollar has been the predominant benchmark currency. However, does this mean Bitcoin is dependent on the USD? Certainly not. It's merely a measurement tool to make it easier for people to equate BTC with a tangible value.

Almost everyone is familiar with the Dollar, but relatively few are well-acquainted with BTC. That's why, to this day, BTC is projected to become an alternative currency that's more distinct than the dollar. Looking into the future, it's possible that BTC will have no connection to the dollar whatsoever.

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Quote from: Vickky Rae on October 27, 2023, 01:45:17 PM

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..

If there is a king, but all the people in town perish, the king will lead who? No one. If there is bitcoin, but no fiat that their value is depreciating, what is going to be used to compare bitcoin. I really like that there are fiats to compare bitcoin with which makes the noise that bitcoin can be an investment, and also a store of value in long term.

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Quote from: Vickky Rae on October 27, 2023, 01:45:17 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.

While majority of the pair of it is based on the dollars. It doesn't mean that it's already tied on it, it's like the pricing of it has been with the US dollars but look at other markets, there's also the pricing of it that's been based on our fiat currencies. Nothing will change as bitcoin will still be bitcoin regardless of where people think is tied. And as for the USD, isn't it backed up by gold?

Quote from: Vickky Rae on October 27, 2023, 01:45:17 PM

What could decide the durability and value of bitcoin?

The value of Bitcoin is determined by us, by our trust and by the cost of mining and don't forget about the law of supply and demand.

Quote from: Vickky Rae on October 27, 2023, 01:45:17 PM

I have some ideas..

Let us know what you have in your mind.

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Quote from: Vickky Rae on October 27, 2023, 01:45:17 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..

You got it all wrong mate, bitcoin can never be tied to a centralized system because it is a decentralized digital currency that is independent on any government control. Bitcoin is not like other cryptocurrency that is pegged with dollar, and this is the reason why the government was against it initially. It is demand and supply that controls bitcoin price.

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Quote from: Vickky Rae on October 27, 2023, 01:45:17 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 isn't backed by Dollar or any asset, its just people use it to get the value based on fiat.

The actual value of bitcoin lies on the demand and supply, just like gold and every other real asset whereas fiat doesn't hold any value but just a promise from your central banks that this paper holds the promised value.

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Quote from: Vickky Rae on October 27, 2023, 01:45:17 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..

If Bitcoin were tied to the dollar, don't you think that they would have choked it with so much control and regulation? The reason the government feel threatened about it's existence is that due to its decentralized nature, transactions of users can't be monitored and this means they can't wake up one morning and dictate how you use your funds.
Bitcoin has proven that it can be used as a hedge against inflation but why is the Govt not adopting it? Yeah, I know, they lose total control and that's not something they want to give up easily so they stick with their views on Bitcoin being a means where thieves can perpetuate their shady dealings.

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I have some ideas

Yeah, care to enlighten us?..

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Quote from: Vickky Rae on October 27, 2023, 01:45:17 PM

What could decide the durability and value of bitcoin? I have some ideas..

So what are your ideas?

Meanwhile, nobody can tie bitcoin to any fiat currency. Bitcoin is independent from any government regulation as it is decentralized visual currency that is deflationary and halving occuring every 4 years keeps it demand more valuable.

Vickky Rae

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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..

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