I think most people still trust the USD more than Bitcoin - page 2.

romero121

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Quote from: Emitdama on December 19, 2021, 04:21:50 PM

Quote from: famososMuertos on December 18, 2021, 08:14:37 PM

Undoubtedly, since the majority of people who have bitcoin are greater holders of Fiat than bitcoin itself, because the reality is that only few can say that their assets in bitcoin are greater than what they have in Fiat.

So you have to be informed what happens with the USD, there is no other way, no matter how bitcoiner you want to be, but being aware or being alert with the USD does not mean that this translates into confidence total (100%) in the USD.

That is in the case of bitcoin holders, but in those who still do not even want to invest a $ 1 in bitcoin, the opposite happens today, maybe a few years ago, no, so the confidence was 100% in USD, but today persons are alerts, pending what happens with bitcoin but that still does not translate into trust, but I am sure it is no longer 0%.

I can easily say that mine holdings at bitcoin alone is bigger than my holding at USD, and do not even get me started on altcoins as well, I have a bunch of them as well so if you combine all of my holdings at crypto that is huge. What do I have in fiat? Just the money that I need to spend that month and nothing more, I literally have zero investment in fiat, just the paycheck and that's it and nothing more.

Well, this won't be the scenario with every user. Mine is good as this, because unlike the market crush and variation I prefer investing on cryptocurrency. People who've found experienced the good of cryptocurrency investment will never think of looking back to traditional investments anymore. As per my understanding, now the number of investors into cryptocurrency have increased big than the past. This is happening as a result of acquiring more knowledge about cryptocurrencies.

Quote from: famososMuertos on December 18, 2021, 08:14:37 PM

My only investment is in crypto form and nothing more. I get that not everyone around the world is like that, 90%+ of the people in the world have their investment in some sort of non-crypto form but eventually more and more people will come into crypto for sure.

However the increasing adoption results in the rise of investments on cryptocurrency. Nowadays this has got to be seasonal. At present people are much into the investment on Metaverse projects, months back it was on defi.

Emitdama

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Quote from: famososMuertos on December 18, 2021, 08:14:37 PM

Undoubtedly, since the majority of people who have bitcoin are greater holders of Fiat than bitcoin itself, because the reality is that only few can say that their assets in bitcoin are greater than what they have in Fiat.

So you have to be informed what happens with the USD, there is no other way, no matter how bitcoiner you want to be, but being aware or being alert with the USD does not mean that this translates into confidence total (100%) in the USD.

That is in the case of bitcoin holders, but in those who still do not even want to invest a $ 1 in bitcoin, the opposite happens today, maybe a few years ago, no, so the confidence was 100% in USD, but today persons are alerts, pending what happens with bitcoin but that still does not translate into trust, but I am sure it is no longer 0%.

I can easily say that mine holdings at bitcoin alone is bigger than my holding at USD, and do not even get me started on altcoins as well, I have a bunch of them as well so if you combine all of my holdings at crypto that is huge. What do I have in fiat? Just the money that I need to spend that month and nothing more, I literally have zero investment in fiat, just the paycheck and that's it and nothing more.

My only investment is in crypto form and nothing more. I get that not everyone around the world is like that, 90%+ of the people in the world have their investment in some sort of non-crypto form but eventually more and more people will come into crypto for sure.

BIT-BENDER

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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.

timerland

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It's funny because that's exactly what the Fed is doing right now.

They don't need to mint the 1 Trillion dollar coin because they are doing so through repos every single day.

People are conditioned to accept fiat currency but they are not conditioned to do the same for BTC. Simple as that.

JoyMarsha

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USD is the world currency, it's been widely used before bitcoin think of existing. You don't expect someone who hasn't heard about bitcoin before to choose bitcoin over USD. We as human beings always believe in want we can feel or touch than what we can't see or touch. That mentality has eaten deeply into human behaviour. That's why it's always hard to convince the old ones to invest in digital currency. The young ones that have accepted bitcoin are because of how exposed they are to digital currency.

famososMuertos

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The important thing is, what do you trust?

Undoubtedly, since the majority of people who have bitcoin are greater holders of Fiat than bitcoin itself, because the reality is that only few can say that their assets in bitcoin are greater than what they have in Fiat.

So you have to be informed what happens with the USD, there is no other way, no matter how bitcoiner you want to be, but being aware or being alert with the USD does not mean that this translates into confidence total (100%) in the USD.

That is in the case of bitcoin holders, but in those who still do not even want to invest a $ 1 in bitcoin, the opposite happens today, maybe a few years ago, no, so the confidence was 100% in USD, but today persons are alerts, pending what happens with bitcoin but that still does not translate into trust, but I am sure it is no longer 0%.

Rehan Zakir

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I think the reason is that usd is backed by U.S government. And he controls this currency. And it is a stable currency which price is stable. But Bitcoin is a crypto currency which price fluctuates. And we get profit or sometimes loss if we hold Bitcoin currency. And the main issue is that there is no government or owner that controls this. And it is only used over internet.

GeorgeJohn

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I will Concord that people like USD than bitcoin because bitcoin is like newly adoption of a currency, while usd has been in existence for thousands years ago, so their is every tendency that bitcoin will not be given hundred percent (%100) trust over USD because of the time frame of it's existence, and these will usually take serious by politicians because from time they disguised bitcoin and also render castigations over it in order to eliminate it's existence and it's development, they really prefer fiat currency over the domination of bitcoin, we will see the comparison within the space of twenty years interval. That is statistics of bitcoin and fiat will enter into labour market.

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

Every time there's a problem with the debt-ceiling in the US since 2011 there has been talks about the possibility of minting a one trillion-dollar platinum coin out of thin air.

Although the current US Treasury Secretary is opposed to this idea, there are people out there that are pushing to make this happen.

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.

Although things might change in the future when Bitcoin reaches $100k at some point. That will probably be an important mental milestone for the average person.

You need to understand USD is a known item that slowly shrinks in value.

Btc is an unknown item that goes up and down.

Sithara007

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I don't know whether "trust" is the right word to be used here. In my country, a lot of people would prefer US Dollar over Bitcoin, not because it is more trusted, but because it is more acceptable. Here in India, the legal status of Bitcoin is still in the grey zone and the traders and investors are kept in limbo about the tax implications and possible legal challenges. Also, in terms of exchange rate a lot of people would admit that the United States Dollar is much more stable when compared to the other fiat currencies.

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In my country for example, many people still believe that crypto is a scam. The reason why, is that there are lots of scammers who's offering passive income and there are many victims here. That's why they prefer remittances from USD rather than easy to transfer Crypto that is backed by blockchain.

I wish people in my country thought of it as just "scam", at least they could see that it is not a scam eventually and it would be a better future for all of us. My nation sees it as a "get rich quick" scheme and they invest their money into it with the hopes of making a profit as soon as possible.

We all know that there are periods when you could get insanely rich thanks to crypto in a very short span of time, someone who bought and sold crypto constantly during late 2020 and early 2021 could have made 100x profit and could get very rich, a few thousand dollars turning into hundreds of thousands of dollars would have been possible, but that is a very short period in crypto world and unfortunately it has to stop and did stopped as we all know. So, I wish people saw it as a retirement plan instead of get rich quick, that would have been awesome and a lot better than the current situation.

doomloop

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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.

Although things might change in the future when Bitcoin reaches $100k at some point. That will probably be an important mental milestone for the average person.

It’s really nothing at all, and of course most people should trust the USD or Fiat more than bitcoin. Most of us see this BTC as an investment, and normally every investment would have risk, so people would always prefer to have their money stored as Fiat than having it stored as an investment or in an asset. When you store your money in an asset, you know that it is likely to go both ways, either that you are losing or you are winning.

So in a situation like this, Fiat is more stable and you can be able to maintain that value to a particular level you want, although it’s quite possible that Fiat can face inflation and lose value. Which is why it is very important to also invest your money, but you shouldn’t invest everything. I wouldn’t advise anyone to put all their money in Bitcoin because that is going to be a risk, they can save majority as Fiat, while they invest a little in Bitcoin and hold it for profit.

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Quote from: Fatunad on December 15, 2021, 07:54:27 PM

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Those people who doesn't know this technology will surely prefer USD. United States is really the golden standard for countries which is why USD is much renowned. I believe when adoption is fully developed, BTC could replace it and even global acceptance would succeed.

Even people do knows about crypto they would still end on trusting fiat in the end of the day except into those people who are really seeing the beauty of crypto
in terms of decentralization and new payment system. Doesnt matter on which one we do trust up.It is just on how to see on which one
would really giving out that benefits into you doesnt matter whether as a whole or as an individual.

Agreed. In my country for example, many people still believe that crypto is a scam. The reason why, is that there are lots of scammers who's offering passive income and there are many victims here. That's why they prefer remittances from USD rather than easy to transfer Crypto that is backed by blockchain.

at least people trust crypto just to make big profits, and that's what got us here. in the end the crypt that we have will be turned into fiat, and we can use it to buy something we want. this is because we live in a country and must comply with the regulations in that country itself. but we will never know for sure what will happen in the future

Anguwa

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There is no doubt about this say man, many people are scared that bitcoin will keep dumping, but usdt will remain stable, because usdt is stable coin and its a standard currency with great potential worldwide, that's why people have strong believe in usdt and some prefer to hold usdt in order to monitor market and invest proper.

Wawa2013

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Quote from: Congyang on December 16, 2021, 12:28:27 PM

Quote from: Sayeds56 on December 16, 2021, 12:27:30 AM

Quote from: Tumanggor on December 12, 2021, 06:42:32 PM

bitcoin is still too early to be trusted by many people, just look at how people around us still depend on fiat and dollars to transact

maybe in the next few years when the adoption of crypto is visible, the people's trust in fiat and the dollar will disappear instantly

We as crypto enthusiast like it or not but people still trust US $ more than any other Fiat or crypto currency because it is being used since decades for all commercial activities including Imports/exports and its value against other Fiat currency has not declined but grown. The fact is that the whole monetry system of the world revolves around US Dollar despite the fact it is massively printed that makes if inflationary. Crypto is still in early stage and it need more time before it is fully accepted as method of payment globally.

it is very clear, USD is the most powerful currency today and it can even be said that everyone is familiar with USD because USD is currently still a medium of exchange that can be used in all countries. And most importantly they are in real Money.
In contrast to bitcoin which incidentally is a virtual currency and in terms of their age they are still very young and there are still many people who do not know bitcoin.
So it's something that's for sure it can't be changed

It's true that USD is very popular, and all countries trust it to make international transactions. So it's a fact that many people trust USD more
than Bitcoin. Because Bitcoin is still unknown to everyone in the world, even some of my family have never heard of Bitcoin. Even though there
are people who know Bitcoin, they usually don't understand how Bitcoin works. Bitcoin has a very long journey to be able to gain the trust of
many people, therefore I strongly agree if Bitcoin is included as a subject in school. So that the Bitcoin adoption process will be faster if Bitcoin is
studied early. Moreover, the government is only neutral towards Bitcoin, so it is quite difficult for Bitcoin to gain the trust of many people.
If there are more and more countries whose governments support Bitcoin, then I believe Bitcoin will quickly gain the trust of many people.

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Quote from: Kadal Ijo on December 16, 2021, 11:05:00 AM

USD is the strongest and most popular currency in the world, maybe people know USD when he was a kid, while crypto is a new thing that is around 12 years old, it took a long time to catch up with USD, the concept of decentralization is difficult for anyone to understand so with USD holding value fixed and getting full government guarantees make USD the top choice over cryptocurrencies.

Personally I do not blame the average person for trusting more in the US dollar than any other currency including bitcoin, whether we like it or not the US dollar is the currency of choice all over the world to conduct international trade, compared to that huge power and adoption bitcoin is still in its infancy, however we are slowly making progress, people are understanding the US dollar is going through a period of inflation and they are looking for other ways to store their wealth, and bitcoin is one of the options they are considering to do something like this.

syedzakir

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People trust USD more than bitcoin because of the fluctuations in the price of bitcoin. The price of bitcoin is always unpredictable. No one can tell that wether it will be rising or falling in the very next moment. As compared to this USD is having a fixed price. It only varies during their conversion in other currencies like EUR, Rs. Etc.
In cryptocurrency it is having a fixed value.
So people want to put all of their money in such a coin whose value remains same and USD is mostly trusted in this case.

Congyang

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Quote from: Sayeds56 on December 16, 2021, 12:27:30 AM

Quote from: Tumanggor on December 12, 2021, 06:42:32 PM

bitcoin is still too early to be trusted by many people, just look at how people around us still depend on fiat and dollars to transact

maybe in the next few years when the adoption of crypto is visible, the people's trust in fiat and the dollar will disappear instantly

We as crypto enthusiast like it or not but people still trust US $ more than any other Fiat or crypto currency because it is being used since decades for all commercial activities including Imports/exports and its value against other Fiat currency has not declined but grown. The fact is that the whole monetry system of the world revolves around US Dollar despite the fact it is massively printed that makes if inflationary. Crypto is still in early stage and it need more time before it is fully accepted as method of payment globally.

it is very clear, USD is the most powerful currency today and it can even be said that everyone is familiar with USD because USD is currently still a medium of exchange that can be used in all countries. And most importantly they are in real Money.
In contrast to bitcoin which incidentally is a virtual currency and in terms of their age they are still very young and there are still many people who do not know bitcoin.
So it's something that's for sure it can't be changed

Kadal Ijo

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USD is the strongest and most popular currency in the world, maybe people know USD when he was a kid, while crypto is a new thing that is around 12 years old, it took a long time to catch up with USD, the concept of decentralization is difficult for anyone to understand so with USD holding value fixed and getting full government guarantees make USD the top choice over cryptocurrencies.

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Quote from: Tumanggor on December 12, 2021, 06:42:32 PM

bitcoin is still too early to be trusted by many people, just look at how people around us still depend on fiat and dollars to transact

maybe in the next few years when the adoption of crypto is visible, the people's trust in fiat and the dollar will disappear instantly

We as crypto enthusiast like it or not but people still trust US $ more than any other Fiat or crypto currency because it is being used since decades for all commercial activities including Imports/exports and its value against other Fiat currency has not declined but grown. The fact is that the whole monetry system of the world revolves around US Dollar despite the fact it is massively printed that makes if inflationary. Crypto is still in early stage and it need more time before it is fully accepted as method of payment globally.

Topic: I think most people still trust the USD more than Bitcoin - page 2. (Read 635 times)