In the future, there will be three things:
1. Investment instruments, like stocks, bonds, sovereign currencies and digital currencies, including blockchain-based cryptocurrencies.
2. Viable mainstream transaction mechanisms, including credit card transactions, pseudo-credit-card transactions ala PayPal, Zelle, etc., and non-blockchain-based digital currencies like Haypenny currencies.
3. Measurement standards, like the US Dollar, the Euro, and a few others.
If you understand that the US dollar can be--but doesn't have to be--all three of things, you can see that US Dollars will stay around, as a presence in our daily lives, approximately forever. Why? For the same reason the world won't get rid of meters for distance and grams for weight (and that the US still can't get off feet and pounds bolsters this point). The US Dollar is now, and likely always will be, the way we measure value. So you can have a portfolio with all kinds of instruments in it, but users almost always translate that to US Dollars or another major currency so they can measure where they are.
Bitcoin will stay around a long time as an investment instrument, although like any investment, there's no telling whether it will go up or down in value.
But the US Dollar is here to stay, basically forever.
Topic: Dethrone the Dollar (Read 197 times)
I said in the next 100-150 years, not imminently. The US has $34,000,000,000,000 of National Debt. The $ is losing purchasing power & value every year, it’s like an avalanche, they can’t stop it. Hyperinflation & currency collapses are a real thing, it will take longer with the $ but it will happen.
You get hang up on the currency level.
There are currencies which need 390 000 of their national currency to pay for one single Dollar.
https://www.madisontrust.com/information-center/visualizations/strongest-and-weakest-currencies-in-world-compared-to-us-dollar/
Crypto without FIAT would have experienced a worse start, greed played a big role in making Bitcoin popular. Still its penetration is much smaller than most people believe.
$34,000,000,000,000 and the population is about triple to 1950.
Quote from: Wiki
The 1950 United States census, conducted by the Census Bureau, determined the resident population of the United States to be 158,804,396, an increase of 14.5 percent over the 131,669,275 persons enumerated during the 1940 census.
The population of the U.S. in 2023 was 339,996,563, a 0.5% increase from 2022.
There is a reason that the US is the world's economical engine. The US has failed a great many and much of that money could have been used for better purposes but then we are no politicians ourselves, are we?
The USD will fail as the World Reserve Currency in the next 100-150 years but it’s not going anywhere for a while. You can protect yourself against its obvious failures though by regularly buying & holding Bitcoin. Protect your purchasing power by opting out of the system.
it's not going to fail since people are using it and they dependent on USD, it's just going to be upgraded to stablecoin i think. easier to be used for all even the bankless.
the world is better when USD exists. just imagine those who are from the 3rd world countries going to the US and earning USD and they have to send it back to their country, its value will be greater at home. but its purchasing value in the US is very much affected.
I said in the next 100-150 years, not imminently. The US has $34,000,000,000,000 of National Debt. The $ is losing purchasing power & value every year, it’s like an avalanche, they can’t stop it. Hyperinflation & currency collapses are a real thing, it will take longer with the $ but it will happen.
dollar is a fiat currency that is printed without any backing. In the fiat system, money is debt. New money is created when people take on debt or when there are bailouts of large banks or financing of wars, leading to the printing of large amounts of money, which causes inflation. Inflation is best described as a decrease in purchasing power. Everyone understands and feels that $100 today can buy much less than the same $100 could buy a year ago. This is inflation or a hidden tax that we all pay together. But we pay it with money we have to earn, while governments and banks pay it with money they create as needed and in the quantities they require. The price of this is paid by ordinary people like you and me because our money and savings lose value. The value is lost because money created out of thin air devalues the money earned through work. Bitcoin fixes this.
So what do you think when you've your funds stored in dollars I'd you you come from an unstable economy country where your traditional currency has no value in comparing local exchange to dollar?
Its not about what I think but what people do.
People here a so wise that they exchange everything they own into $ and the next day damn all the sellers of their own currency,
due to losing when exchanging back into local currency.
A store of value is not a trade currency, And if the value of the dollar becomes less that'd benefit quite a lot of people/industries.
...but I'm telling you that in my country where inflation hits our economy system to the point of time it extremely devalues our traditional currency, the value of dollar surges high at a local exchange.
Yeah in my country people actually archived to create a dollar inflation. And as I said: A store of value is not a trade currency.
That means that the dollar is not a store of value the way Bitcoin is.
It's not advisable to store your value on the fiat but on such scenarios, holding dollar can as much be a lot of profitablities when exchanged.
Think about Forex trading where traders buys dollar and hodl knowing inflation Will come and the value of their fiat will be devalued against dollar and then they sells it then. Perhaps dollar could be under and influence of loosing it values over time but for now, it feels valuable but bitcoin is a best recommendable assertive source of storing value and it's reliable to hold for a longer term and still maintain its valuable potential.
A store of value is not a trade currency, And if the value of the dollar becomes less that'd benefit quite a lot of people/industries.
...but I'm telling you that in my country where inflation hits our economy system to the point of time it extremely devalues our traditional currency, the value of dollar surges high at a local exchange.
Yeah in my country people actually archived to create a dollar inflation. And as I said: A store of value is not a trade currency.
That means that the dollar is not a store of value the way Bitcoin is.
However, I quite agree that bitcoin is a safe reservoir to store values because the economy portrays crumbling up to the future based on the present economy challenges of todays that inflations and devaluations of fiats is rocking every every economy system.
A store of value is not a trade currency, And if the value of the dollar becomes less that'd benefit quite a lot of people/industries.
A politician can say "We won't use the $ anymore" but reality forces the country to use $.
You see how many dignities fly to the US to receive medical treatment or let. Most of politics is a smokescreen
The dollar isn't a recommendation for storing of values but I'm telling you that in my country where inflation hits our economy system to the point of time it extremely devalues our traditional currency, the value of dollar surges high at a local exchange.
So literally the Forex traders do buy dollars from the banks and stores them while waiting for the usual devaluing of of fiats.
This devalued of our fiat is tantamount to also occur to the dollar as time goes because the economy system is evolving which anyone still holding on dollar nor other fiats may be holding valueless currencies that's why bitcoin is preservative to store your funds for valuability.
However, I quite agree that bitcoin is a safe reservoir to store values because the economy portrays crumbling up to the future based on the present economy challenges of todays that inflations and devaluations of fiats is rocking every every economy system.
A store of value is not a trade currency, And if the value of the dollar becomes less that'd benefit quite a lot of people/industries.
A politician can say "We won't use the $ anymore" but reality forces the country to use $.
You see how many dignities fly to the US to receive medical treatment or let. Most of politics is a smokescreen
The USD will fail as the World Reserve Currency in the next 100-150 years but it’s not going anywhere for a while. You can protect yourself against its obvious failures though by regularly buying & holding Bitcoin. Protect your purchasing power by opting out of the system.
For other regions with lower fiat values, the USD would remain valuable reserve to them who trades USD to their local exchanges but if the US government would fail to understand the concept of economy competition that other rigorous advancing countries are fast as much advancing in its economy growth structures, of course as time goes, the USD would loose its universal values.
However, I quite agree that bitcoin is a safe reservoir to store values because the economy portrays crumbling up to the future based on the present economy challenges of todays that inflations and devaluations of fiats is rocking every every economy system.
The USD will fail as the World Reserve Currency in the next 100-150 years but it’s not going anywhere for a while. You can protect yourself against its obvious failures though by regularly buying & holding Bitcoin. Protect your purchasing power by opting out of the system.
it's not going to fail since people are using it and they dependent on USD, it's just going to be upgraded to stablecoin i think. easier to be used for all even the bankless.
the world is better when USD exists. just imagine those who are from the 3rd world countries going to the US and earning USD and they have to send it back to their country, its value will be greater at home. but its purchasing value in the US is very much affected.
The USD will fail as the World Reserve Currency in the next 100-150 years but it’s not going anywhere for a while. You can protect yourself against its obvious failures though by regularly buying & holding Bitcoin. Protect your purchasing power by opting out of the system.
The battle cry many coiners use.
Trade is easier when using one currency.
Most people like the $ especially the living not in the US. For people with feeble currencies the $ is a safeguard for their value.
US based financial institutions cry and that although they are directly responsible for the wish to use a different system than swift.
Coins like Litecoin, Dash, BCH could fill in that spot. But none of them is doing anything in that regard.
I wonder why.
It's a chance for the crypto community
source: https://www.economist.com/special-report/2024/05/03/the-fight-to-dethrone-the-dollar
or alternatively https://archive.is/CC1SZ
Trade is easier when using one currency.
Most people like the $ especially the living not in the US. For people with feeble currencies the $ is a safeguard for their value.
US based financial institutions cry and that although they are directly responsible for the wish to use a different system than swift.
Coins like Litecoin, Dash, BCH could fill in that spot. But none of them is doing anything in that regard.
I wonder why.
It's a chance for the crypto community
Quote from: The economist
Other potential threats to the dollar still loom. The growth of alternative payment systems, and of transactions that have no need for the dollar, could accelerate, due either to overreach by Western sanctions or network effects from rising membership. Should China’s CIPS be the main beneficiary, the yuan’s fortunes might soar (though capital controls would make foreign central banks wary of relying on it as a reserve currency). For now, even within China, last year was the first in which cross-border payments in yuan edged past those made in the dollar.
Judging by the world’s previous reserve currency—the pound sterling, which declined for decades before being superseded by the dollar—such changes are likely to proceed at a glacial pace. That is, unless the transformations of the global financial system examined in this report are supercharged by a new crisis.
Judging by the world’s previous reserve currency—the pound sterling, which declined for decades before being superseded by the dollar—such changes are likely to proceed at a glacial pace. That is, unless the transformations of the global financial system examined in this report are supercharged by a new crisis.
source: https://www.economist.com/special-report/2024/05/03/the-fight-to-dethrone-the-dollar
or alternatively https://archive.is/CC1SZ
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