Topic: I think most people still trust the USD more than Bitcoin - page 4. (Read 690 times)
I'm not sure about the resource of this news but let me tell you if you compare USD/BTC on past 10 years you will understand during a few years ago bitcoin was totally and being unknown make it really untrustable so people could trust dollar much more than bitcoin because it was getting supported by us government and people were seeking for something that's centralized because they couldn't really understand the economic freedom. but time after time and because of the rise of inflation rate USD becoming worthless also bitcoin is becoming trusted more than before.
USD is not volatile unlike Bitcoin, that's why most of the population still wants fiat even it's not gonna give them a huge profit in the long run, they want a steady profit but sure. Some people can't handle the thrill when holding bitcoins in their wallet every time the bear market hits, that's why they made another choice which is USD.
But for cryptocurrency enthusiast, Bitcoin and other cryptocurrency are much better and fun to have than USD.
But for cryptocurrency enthusiast, Bitcoin and other cryptocurrency are much better and fun to have than USD.
Let me ask you this question.... What would you trust more? ...A new technology that has only been around for a couple of years and one that are highly experimental .... or a Global reserve currency that has been around for 229 years?
You cannot compare a reserve currency that has been manipulated by the US Government for most of it's existence and then use Bitcoin that are not being artificially pumped and protected by any government to be a fair comparison!
Depends on the technology isn't it? Cars have been around for over a century, but then EV got here and now everyone uses EV instead of petrol cars, well not "everyone" because production is not fast enough and people are not really rich enough to get it, and it is even not manufactured fast enough to be sold right away. However, a new technology could be something better than the old one depending on the technology.You cannot compare a reserve currency that has been manipulated by the US Government for most of it's existence and then use Bitcoin that are not being artificially pumped and protected by any government to be a fair comparison!
For example, we have electric scooters right now and everyone loves them, we also had segway type of deals that bankrupted and not got any attention so not every single brand new tech will be great, sometimes it is not great at all. We just need to decide if bitcoin is more like these new e-scooters that everyone loves, or is it like segway? Right now it looks like it is loved by everyone, lets hope that it stays that way in the future as well.
Do remember that majority of the people still lack the proper knowledge of understanding cryptocurrencies which hinder the further recognition from it. Given also that fiat is the main currency of exchange around the world, it is obvious that most people would trust USD (or fiat in general) than cryptocurrencies.
While cryptocurrencies have no hindrance in terms of exchanges as it is considered financial freedom, the lack of regulation makes it difficult for its recognition around the world. Also do note that cryptocurrencies can be relatively difficult if you view them primarily as currency.
While cryptocurrencies have no hindrance in terms of exchanges as it is considered financial freedom, the lack of regulation makes it difficult for its recognition around the world. Also do note that cryptocurrencies can be relatively difficult if you view them primarily as currency.
And that's obvious. Why do you think people still use it? USD has been a global medium of transaction since a long time ago. No matter the issues behind it, it still stands to be a fiat used globally in almost all (if not all) transactions that can involve it. Even if Bitcoin was the better option that some people believe, it still stands that it's in the minority, Bitcoin hasn't spread it's usability as a medium compared to how fiat or USD has, not to mention that well, it's fiat. It's an "official" medium.
If only bitcoin is created much earlier then there is a chance that they will trust both. There is an advantage to fiat since it's price is not changing all the time like bitcoin and the thing you said that usd has been used as a global medium of transaction and until now. Many woman in my country even date in other country to have usd.Inflation in the US is around 7% now. If this continues, soon USD won't be the safe haven because asset/product prices will be as volatile as btc/usd, maybe even more volatile. Once this happens, the USD will lose its reserve currency status and people dump it for something else.
The FED is going to have to make a big decision. Kill the USD or the asset prices. We will see how it will go.
USD is globally accepted while Bitcoin is not due to some restrictions, in fact, bitcoin is not considered as the main currency but only an alternative currency when it was created and we should be happy it was able to perform according to its purpose.
That it is at least so simple, but a much bigger problem is that many advocate Bitcoin exclusively as a store of value and not as a currency which is actually the original idea of the one who conceived the whole thing and made it possible to exist. Even those who accept Bitcoin as a means of payment do so through payment processors that do an automatic conversion to fiat, of course in order to protect themselves from volatility.
But as I mentioned before, trust is gained over time, and Bitcoin exists relatively short if compared to USD or even EUR. I hope that this trust will increase by the end of this decade, everything before that is too early in my opinion.
And that's obvious. Why do you think people still use it? USD has been a global medium of transaction since a long time ago. No matter the issues behind it, it still stands to be a fiat used globally in almost all (if not all) transactions that can involve it. Even if Bitcoin was the better option that some people believe, it still stands that it's in the minority, Bitcoin hasn't spread it's usability as a medium compared to how fiat or USD has, not to mention that well, it's fiat. It's an "official" medium.
If only bitcoin is created much earlier then there is a chance that they will trust both. There is an advantage to fiat since it's price is not changing all the time like bitcoin and the thing you said that usd has been used as a global medium of transaction and until now. Many woman in my country even date in other country to have usd. 
Combining these two ideas, I get the impression that most people still believe more in the USD than Bitcoin.
Of course fiat currencies is what people have been using for quite a very long time, so it's only normal that it's what they'll believe in, fiat currencies are more popular and used than any other currency, so it's going to be pretty difficult for people to immediately trust another currency over it, but mind you that Bitcoin is constantly growing and heading towards mass adoption and a stage were it can be accepted globally as a medium of exchange.But mind you that a lot of the mistrust people still have for Bitcoin is as a result of government/media propaganda, when more people start to come to the realization that many of such information is erroneous and that's it's actually great to be your own bank then we can achieve mass adoption sooner rather than later.
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.
It is obvious that is the case, however trust has a very odd behavior, it can be extremely difficult to acquire, it is easy to maintain once you have reached a certain threshold, but if you shown a behavior that breaks that trust then getting it back is almost impossible.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.
The dollar had to beat the British pound to gain the title of the reserve currency of the world, and for the last one hundred years it has maintained its status, but now the US government is printing so much money that people are getting worried about it, and once hyperinflation hits the US at some point in the future then the dollar will lose that status and it will be almost impossible for the dollar to recover it.
No doubt. Traditional people are still out there and it will passed along with their kids.
My take, why wait for $100k to start believing. What's in that number that makes it more important than the lower amounts? It's better purchasing at a cheaper price. They will all just feel the same regret as most of us when they witness 6 digits.
I just don't get it. I am glad though that most of my friends believe Bitcoin first as an investment before any altcoin or even fiat.
I don't think people are waiting for 100k$ before they start to adopt Bitcoin or crypto-currency, so many factors are causing late adoption, one is fear of the government and the media as friends or tools for the government, I know many people that had adopted bitcoin and were so happy about it until the got into a clash with the government/government agencies, and ever since don't want to have anything to do with crypto-currency, but I believe the government hindrance will some day dissolve but now all that's need is to find ways to create a message about how crypto-currency hasn't come to cause conflicts between citizens and government but rather provide options other than the traditional ways.My take, why wait for $100k to start believing. What's in that number that makes it more important than the lower amounts? It's better purchasing at a cheaper price. They will all just feel the same regret as most of us when they witness 6 digits.
I just don't get it. I am glad though that most of my friends believe Bitcoin first as an investment before any altcoin or even fiat.
People started believing in Bitcoin and on other cypto currencies and now its not like the earlier days when Bitcoin was introduced to the whole world and people were not believing in its growth. Now everyone is confident enough to invest but yes as said, only the fear of Government might take a decision to either ban and take actions against those who are into crypto by tracking their accounts via banks. This is the fear now a days to just stand back.
No doubt. Traditional people are still out there and it will passed along with their kids.
My take, why wait for $100k to start believing. What's in that number that makes it more important than the lower amounts? It's better purchasing at a cheaper price. They will all just feel the same regret as most of us when they witness 6 digits.
I just don't get it. I am glad though that most of my friends believe Bitcoin first as an investment before any altcoin or even fiat.
I don't think people are waiting for 100k$ before they start to adopt Bitcoin or crypto-currency, so many factors are causing late adoption, one is fear of the government and the media as friends or tools for the government, I know many people that had adopted bitcoin and were so happy about it until the got into a clash with the government/government agencies, and ever since don't want to have anything to do with crypto-currency, but I believe the government hindrance will some day dissolve but now all that's need is to find ways to create a message about how crypto-currency hasn't come to cause conflicts between citizens and government but rather provide options other than the traditional ways. My take, why wait for $100k to start believing. What's in that number that makes it more important than the lower amounts? It's better purchasing at a cheaper price. They will all just feel the same regret as most of us when they witness 6 digits.
I just don't get it. I am glad though that most of my friends believe Bitcoin first as an investment before any altcoin or even fiat.
Once we all agree that it is normal for people to trust the USD more than Bitcoin, another question arises: can you imagine some time in the future where people start trusting Bitcoin more? It would be like a trustflippening. I hope to see it someday but I think it's a long way off.
I can imagine a future where people will have more trust in Bitcoin and crypto than in dollar and other fiat! Like you, I think it will not happen any time soon... it's a long way, but I am confident, what crypto did in the last 10 years is amazing, and I am sure the next decades will also be amazing!
Also, this shows how much room for growth there is... "trustflippening" is happening (nice word by the way!), and slowly the numbers are changing in favor of crypto!
In deed in future Bitcoin will win trust of majority of the people worldwide when they understand the worth and utility of this great crypto currency. How fast it happens will depend how fast governments regulate it and allow people to freely buy and sell it. I am quite happy with progress of BTC adoption by Institutions in United states which is a big step forward in this direction.
Using the word USD is not correct here since USD is not the only currency in the whole world. Though we use it to understand the pair value against all other currencies in the world then also its just limited to the USA itself. Since there are hundreds of different currencies lets consider you talking about Fiat as such and thus peeps are preferring fiat over bitcoin. Well there is nothing wrong in that statement however, bitcoin's power is visible from its development over very short period of time. I mean within 10-12 years of its birth it has made the world go crazy and its part of everyone's talk everyday. Bitcoin is being mentioned at reality shows to being hosted on the SpaceX mission in altcoin forms! This is not something which fiat or (USD) did anytime soon in history. Bitcoin has given whole new purpose to second space of the world and I think its enough for its existence whether it goes 100k or not.
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.
People don't believe in USD it's just that they are in their comfort zones, they think the payment method and standard they have been used since ages and generations is more convenient than using a new age technology, if bitcoin would have been running through generations people would have preferred bitcoin too, technically they don't compare between the two on basis of pros and cons, they compare it on the basis of what is comfortable for them, most people don't even know the technology behind bitcoin. 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.
Trust issues are real, and trust as we all know is not an easy thing to gain, especially in something or someone new. USD and fiat in general has been in existence for a longer time, people have had major experiences with usage of USD and fiat, so it is no surprise that their trust may be anchored there still. Give bitcoin some more time and definitely more persons will develop trust in the system as well.
Most people still use USD that's why. People thought Bitcoin would erase USD in a year or two. Well, it is not going to be that easy. It is even possible that it is not going to happen any time in the future. All those countries, people they all borrow and spend the USD. Most people that buy bitcoin are actually after more USD. They are holding their btc only to sell for a profit.
USD is known to be the international currency and I don't think Bitcoin could easily replace that. Despite lots of adoptions, people still prefer USD because it's accepted in all types of businesses. People may consider the importance of Bitcoin but we can't deny the fact that USD has built a strong foundation of trust from all over the world already.
this is actually a normal thing for now because most people still believe in everything that is issued by the government compared to something whose regulations are still questionable.
bitcoin still has not gained full trust among the government and this is a stumbling block for people it is very difficult to trust bitcoin compared to USD.
Trust would really vary but no doubt that people would still be ending up on accumulating fiat rather than with crypto because they do know those legal issues or adoption situation which couldnt really be still on full scale due to regulation which it isnt surprising that government cant really just accept it easily.bitcoin still has not gained full trust among the government and this is a stumbling block for people it is very difficult to trust bitcoin compared to USD.
Lets the people decide on which one they would be stepping into and also we could freely engage with crypto even we are trusting fiat and thats
the beauty on having multiple options.
and I was like that at first because this is indeed related to the finances we have, so of course it is very natural to be careful.
For crypto as long as there is no clarity about regulation from the government, it will still be difficult to trust it as a whole because indeed they will think twice if there is a ban (for beginners) so they are still careful.
Of course, USD is the world's strongest currency and has always been the standard price for products and services globally, USD gets a full guarantee from the US government, so as long as we keep USD, the US government will guarantee that USD can be received. another factor is because the value is stable so that people are not afraid to save in large amounts, this is different from bitcoin whose value fluctuates because it is a decentralized concept.
I feel we should take a more objective attitude, it is completely right to recognize the strength of the US and the USD but they are not the only standard, the USD can be guaranteed by the US financial system but a lot of people still turn to unstable sectors to save, instead of holding large amounts of USD because our trust here is the existence of USD. If we stand at the benefit economic model, people will take a more stance on bitcoin, USD cannot cause such stimulus, so different positions and roles in heterogeneous sectors will give us special insight, the concept here is the right place to go and the right place to use 
There is no question that most people are still in the camp that favors the USD over bitcoin. Most people around the world blindly trust their government and quite frankly aren't intelligent enough to know any better or are willing to educate themselves of the downsides of government fiat. Here is a great quote about why many people still prefer gov. fiat..
"I think many of the intellectually honest people eventually stop being critics, because they suddenly realize that the flaws they are identifying are temporary features, issues, and not inherent problems. There are very few inherent problems in a dynamically evolving design or ecosystem of different designs all competing, that cannot be resolved. There are critics who criticize this technology primarily based on their world view. It is politically inconsistent with their world view. It’s not that they do not like the technology it’s that they do not like the implications of this technology and the primary criticism you get then is “this should not be” to which all I can answer is ..and yet it is. “but we mustn’t”… and yet we did, “but you shouldn’t”.. but yet we did"- Andreas Antonopoulos.
"I think many of the intellectually honest people eventually stop being critics, because they suddenly realize that the flaws they are identifying are temporary features, issues, and not inherent problems. There are very few inherent problems in a dynamically evolving design or ecosystem of different designs all competing, that cannot be resolved. There are critics who criticize this technology primarily based on their world view. It is politically inconsistent with their world view. It’s not that they do not like the technology it’s that they do not like the implications of this technology and the primary criticism you get then is “this should not be” to which all I can answer is ..and yet it is. “but we mustn’t”… and yet we did, “but you shouldn’t”.. but yet we did"- Andreas Antonopoulos.
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