I think most people still trust the USD more than Bitcoin

LogitechMouse

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Just think this analogy (at least). You have 2 friends and one of them has been your friend for a long time already while the other one is just a few weeks. Would you trust your friend more than the other one that you only knew for a few weeks? At least you got the point Cheesy

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USD exists for a long time already thus, it gained the trust of most of the people around the world and because of that many people are using it. On the other hand though, Bitcoin has been there for only 12 years and counting and how many know about Bitcoin? Only a few percentage of the global population compare to how many people know about USD. One thing more is that USD is the most widely accepted currency because they trust it more than Bitcoin. Well, this might change throughout the years and we might see more and more people trusting Bitcoin than USD.... or not Cheesy

. We don't know.

noorman0

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[Nope]No hype delivers more than hope

Of course, people will continue to trust as strong as the government convinces people that fiat is really backed by gold and as long as it can be transacted to meet their daily needs.

What reaches people about bitcoin is just name/brand awareness. Most of them don't really understand the technicalities and reasons for bitcoin to be valuable. People have become comfortable with government guarantees and the only way bitcoin can be trusted is to legalize it. Before that happens, people who trust in bitcoin, that means they trust in something that is not legally guaranteed.

LUCKMCFLY

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This has a lot to do with the conception of the training model that we have, education is everything, if we just stick to believing what they say in the news and do not investigate, we do not look for the origin of things, they can tell us that the BTC It is the worst thing in the world, that what is important and what FIAT money really is, in this case the USD, which is a difficult concept to extract from people, however, when they know BTC and everything that brings with it its deflationary economy, it is easier to achieve Financial Freedom, this is something that has to do with the level of culture or financial education, and it is difficult for many to break those paradigms.

dunfida

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Quote from: bct-user on December 22, 2021, 05:38:55 PM

Quote from: Lizzylove1 on December 22, 2021, 01:16:32 PM

You have to realize that bitcoin is still very volatile and still a growing technology that needs more massive adoption as we have been seeing. So some people are by nature conservative, because of this they trust what they can feel and touch and something that appears stable but actually dying in the real sense. Not everyone can cope with a huge risk and volatility.

Do you mean people will trust Bitcoin if the price becomes stable? I don't think it is a reason why people more trust USD. We know that Bitcoin use is still quite limited, cannot be fully used for various purposes in all countries in the world. In my country, people are only allowed to use Bitcoin as a digital asset. And there are too many critics about the uncertainty about Bitcoin. This makes people prefer to choose what common people use nowadays. If Bitcoin is getting more familiar and it can be fully accepted both for digital investment and payment purposes, people may choose Bitcoin.

It couldnt really become stable no matter what and it would be always that volatile because it is a market which do involves buyers and sellers which it is would be always volatile no matter what and this

had been the primary reason on why people do love out the most on hanging out on this market because of that very sole reason and of course people would always trust up fiat no matter what

and would end up accumulating fiat no matter what and of course they would really be trusting it out which it is just normal to have those kind of mindset.

Rufsilf

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Ofcourse, there are still many people who chooses to trust USD than bitcoin over bitcoin because bitcoin isn't that fully developed yet and its volatility is too high to trust on. The fact that the government isn't favor on cryptocurrencies especially bitcoin, and that's really normal nowadays. And the other factor would be is, people doesn't have enough knowledge about bitcoin and its works that may eventually help their lives in a much more different way. So, I think it's our obligation to give people some knowledge especially if they think that bitcoin is a scam or bad for the economy.

bct-user

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Quote from: Lizzylove1 on December 22, 2021, 01:16:32 PM

You have to realize that bitcoin is still very volatile and still a growing technology that needs more massive adoption as we have been seeing. So some people are by nature conservative, because of this they trust what they can feel and touch and something that appears stable but actually dying in the real sense. Not everyone can cope with a huge risk and volatility.

Do you mean people will trust Bitcoin if the price becomes stable? I don't think it is a reason why people more trust USD. We know that Bitcoin use is still quite limited, cannot be fully used for various purposes in all countries in the world. In my country, people are only allowed to use Bitcoin as a digital asset. And there are too many critics about the uncertainty about Bitcoin. This makes people prefer to choose what common people use nowadays. If Bitcoin is getting more familiar and it can be fully accepted both for digital investment and payment purposes, people may choose Bitcoin.

Lizzylove1

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You have to realize that bitcoin is still very volatile and still a growing technology that needs more massive adoption as we have been seeing. So some people are by nature conservative, because of this they trust what they can feel and touch and something that appears stable but actually dying in the real sense. Not everyone can cope with a huge risk and volatility.

Ngemmeng

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Quote from: awik p on December 20, 2021, 10:46:08 AM

I think if everyone asked this question, of course they would have more confidence in the usd, considering that currently bitcoin users are still minimal around the world, even many who don't know about cryptocurrencies. on the other hand for bitcoin users, of course they are more comfortable saving btc than usd, considering this is a profitable investment

then what if the question is asked to someone who uses both (USD and bitcoin) ? I'm sure they will answer according to the function of the two.
if you ask about the accepted means of payment in many places they will definitely choose USD, but if you ask about profitable investments they will definitely choose bitcoin. we cannot judge both of them from one side only because they both have different advantages and disadvantages.

istiak2277

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I do not agree with your statement about USD and bitcoin. People do not trust USD they are forced to use it because USD could be called a global currency that is accepted everywhere. People know they can use it everywhere so they feel safe to keep it with them.

People trust BTC more than a traditional stock market or USD. That is the reason behind the growth of BTC market capitalization. Many people think BTC is a safe investment for the long term. But people use USD more than BTC because USD has more use cases in real life when BTC is only good for storing value.

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Quote from: OgNasty on December 21, 2021, 07:26:40 PM

Some countries have shown there's still hope, but it'll be an uphill battle for likely a couple generations before Bitcoin could surpass fiat and particularly the dollar in trust.

And more seriously, it will be difficult for bitcoin to surpass fiat because there are certain traditional roles that fiat do for every country and if bitcoin is able to surpass it, it means fiat is dead and buried and we know that may not happen. For instance, I believe that there are little expenditure that paying through bitcoin will be meaningless and only fees will discourage such payment. So if the two , that is fiat and bitcoin would be used the more efficient for the financial system.

Findingnemo

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Quote from: BIT-BENDER on December 19, 2021, 03:35:10 PM

Quote from: Findingnemo on December 09, 2021, 04:28:40 AM

Still bitcoin is new so it will eventually takes time to fade away the influence of fiat which exists here for few centuries but the bitcoin and cryptocurrencies made an impact already that is why we all are talking about it and government is trying to suppress the bitcoin with the ban of exchanges, huge taxes, high regulation, deanonymizing via exchange KYC procedures.

Bitcoin and crypto-currency aren't trying to fade out or throw the Fiat system into an extinction, atleast satoshi never wrote this as the main purpose of Bitcoin, but rather it is here to enhance, complications of Fiat methods and thereby giving individuals another alternative to choose if they want to, Bitcoin/crypto-currency has roles to play in make humanity existences simplified, also Fiat would still be around playing it own part.

If anything new arrives means there is some issue exist in the old system and with fiat money the banks and inflation are real cons of it and which is keeping the people economically poor even if they keep earning more and more so satoshi wanted to break this chain and tried to being a new system which is not under control of single authority which eventually got success as well.

TimeTeller

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Quote from: OgNasty on December 21, 2021, 07:26:40 PM

Given that fiat is still what is required for taxes it obviously has more fundamental demand then crypto. Until the US Government starts allowing people to pay their taxes with Bitcoin, it will remain with that advantage. There is also a lot of business that happens out there and change is slow. Taxes may be the extreme example, but think of everything you need to buy to survive. How much of that can you truly buy without fiat? I'm not talking spending Bitcoin on gift cards or using a Bitcoin backed credit card, but actual Bitcoin accepted by vendors. We have a long way to go still. Some countries have shown there's still hope, but it'll be an uphill battle for likely a couple generations before Bitcoin could surpass fiat and particularly the dollar in trust.

This kind of adoption is yet to be seen in crypto market.
As of right now, we still need to convert our crypto to fiat, in order to pay merchants.
Very few in our surrounding area are directly accepting crypto particularly bitcoin.
But during this pandemic, I believe a lot of merchants or shops are looking into bitcoin as their alternative payment method as the world is going into digital era.
So we can't really expect that the large percentage of population will be into bitcoin.

OgNasty

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Given that fiat is still what is required for taxes it obviously has more fundamental demand then crypto. Until the US Government starts allowing people to pay their taxes with Bitcoin, it will remain with that advantage. There is also a lot of business that happens out there and change is slow. Taxes may be the extreme example, but think of everything you need to buy to survive. How much of that can you truly buy without fiat? I'm not talking spending Bitcoin on gift cards or using a Bitcoin backed credit card, but actual Bitcoin accepted by vendors. We have a long way to go still. Some countries have shown there's still hope, but it'll be an uphill battle for likely a couple generations before Bitcoin could surpass fiat and particularly the dollar in trust.

Quidat

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people believe in bitcoin as investment, and im sure in my place people still believe in that thing that bitcoin, also believe in usd than bitcoin. bitcoin adoption increase just a little, and im still happy because i know this earlier, i mean, when the world ready to use bitcoin full of their life, its like a common thing to do.

We do still end up on accumulating fiat in the end of the day because people would really be always looking after with fiat value whenever we do deal with cryptocurrency and lets just accept that kind of fact.People do surely trust up fiat in the end of the day and even bitcoin do exist but still we do really still rely on it thats why its impossible that there would really be having that trust up on much
on crypto even though it is on the main trend now but people do still keep aiming on earning fiat no matter what.

TheEconomists

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I think both of them should not be compared in any way since to they serve different purpose. USD is more stable when compared to Bitcoin which some will say it is a safe heaven particularly if you don't want your capital to be affected by the market fluctuation but when you talk about where to invest your money and expect good return on investment then Bitcoin cannot be compared to USD.

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I think if everyone asked this question, of course they would have more confidence in the usd, considering that currently bitcoin users are still minimal around the world, even many who don't know about cryptocurrencies. on the other hand for bitcoin users, of course they are more comfortable saving btc than usd, considering this is a profitable investment

Mauser

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Quote from: nullama on December 08, 2021, 09:11:19 PM

On the other hand, most people think that Bitcoin reaching one million dollars is ludicrous.

Combining these two ideas, I get the impression that most people still believe more in the USD than Bitcoin.

I think it comes down to who do we ask. If we ask crypto investors in what they believe more, the majority will say BTC. But if we ask the average person on the street it might be an older person who believes more into USD. For the old generations when it comes to money they need to feel it, have a physical wallet in their pockets with cash. Over the time this will change. I like the 1 million comparison. It might seem like a big stretch right now. But who would have thought when bitcoins were at 100 or 1,000 USD that it would go above 60,000? I am sure we will see much higher levels. Its just a matter of time.

bounceback

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USD has become an international currency since 1914 and until now the US continues to maintain the trust of the entire community in the USD currency as the main medium and all world governments have also recognized the USD currency, but Bitcoin is only a digital currency whose existence has only been more than a century and not yet recognized by all governments as a currency, seeing this it is very natural that so far many people trust USD more than BITCOIN.

habebe

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Yes ,, that's true anywhere known about usd because it's a common word and all can use it ,, so most people usually use usd ,, except for bitcoin ofcouse now they don't know anything about the real life of bitcoin is it helps everyone or what others think is a scam so sometimes we can't blame them if that's what others know but for me it's better to use bitcoin currency and hopefully everyone will know that bitcoin is a real currency and more than a usd for me.

Sikinkato

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Fiat currency has been around for a long time. People are accustomed to fiat currency transactions from the beginning, and fiat currency will be guaranteed by the government and banks, so people trust it more.
Bitcoin prices are volatile and unstable, and many people have not fully understood and accepted it. Cryptocurrency is still in the initial stage of development, and it needs more time to be accepted and used by more users.

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