Topic: If Bitcoin is digital gold, what will be the digital "dollar"? (Read 1312 times)

When do bitcoin gained the title of being a digital gold? I cant really think of that this thing can be considered knowing that gold do have somehow a strong price it not too volatile unlike on bitcoin. If we are talking about US digital dollar then the thing comes to my mind if USDT and next is DigiByte. Seeing on peoples choices here we do have different views on this one.

So basically, "digital dollars" will be some kind of crypto currencies that are optimized for micro payments with no fees or a really small fees (just like dollars) so that I don't think there is any kind of coin like that in this moment./

Won't be talking about everything you said. Just few things that got my attention.
You send bitcoin from one wallet to another wallet which is situated on a different part of world, it just takes less than few seconds for the receiver to receive the coins. With just few clicks, nothing could be more simpler. It's only the confirmation that takes time currently which can be avoided by paying higher fee. A solution is about to come soon!

No cap = high supply = less value.

Gold is used as a form of storing wealth. Bitcoin is also used by some people to store their wealth, so it can be equivalent to digital gold.

BITCOIN classic - Gold
BITCOIN segwit - Dollar

Bitcoin does not really need to be a Digital Dollar in order for it to go against the currencies that were built from the Government since there is a large quantity of people that are using it to purchase things already. The more that people use Bitcoin, the easier it gets for Bitcoin to go against regular currencies because it’s a very new product and the Government will want to begin playing with it as well.

We can say that bitcoin has similarities with gold. For example, as gold used to be the best guarantee of money, bitcoin is like a guarantee of cryptocurrencies. Another thing is that btc doesn't suffer from inflation and the same holds for gold. As for dollar, we may speak only of the past when dollar was backed up by gold. Analogically, if btc is gold than litecoin would be the dollar, because it operated on the same platform.

I am pretty sure that's what they are working on right now since Bitcoin is getting a large number of people interested in paying for things electronically.

If Bitcoin gets up to a higher price then there would be a bunch of Government officials that will want to use that electronic payment system that Bitcoin has because they can literally build their own currency and have free virtual money that they can receive physical money from.

Agree with this one, bitcoin need more time to become more famous and used in various sectors of economics, but confirmation time maybe the main problem if we compare to cash transaction which is instant.
There is no any cryptocurrency will ever replace dollar or state as "digital dollar", as dollar already has it own digital obviously. Fiat currency has designed perfectly, it has digital form issued by banks and third party platforms, people use it everyday through credit cards or something similar.

No, if blockchain can replace old system payment and currency, the International Bank will creating a coin with technology from Blockchain and distributed to the global, because they need control the value and create stability. I think this is best choice for use blockchain for people all the world

I would say Litecoin is the best candidate of being a true global cryptocurrency (USD version of a Crypto). It has huge capacity, its a true cryptocurrency (not a dapp or ico platform), it has antispam tech inbuilt (so no one can spam it like they did on Bitcoin), it can scale on a near infinite scale, the west and the east love it, its stable (unless its climbing in value),  Litecoin is ready to go!  All it needs now is more adoption.

i suggest you to in the real world and find these shops (grocery store or coffee shop or whatever) that are accepting bitcoin. and then ask them two questions.
1. do they require confirmation before we can leave with the goods
2. have you ever been scammed by someone paying with bitcoin

the answer to both these questions are no.
it may surprise you but double spend is not easy and also figuring out the risk of a double spend is a piece of cake. and the computer running a wallet application in front of the cashier can tell him/her in about 5 seconds.

USDT is already digital  dpllar but I wouldnt buy that stuff anyway.. Its not as widely accepted

Cryptos will become the doorway to a full corporate take over and rebranding of the monetary system to appease society.  The perfect plan. In 20 years time we will have a series of well established corporate currencies as they all move to the blockchain and worship them like football teams. 

The reason why I refer to Bitcoin as digital gold is...
- It's the oldest crypto. Gold (& silver) is the oldest money still carrying value.
- It's so highly valued that only tiny fractions would be needed for everyday purchases. Same with gold.
- It's currently not suitable for quick transactions due to the time needed for validation. If you were to buy groceries with gold, validation would make it unpractical.
I know very well that BTC is just one among many currencies, but it does hold a dominant position.

The reference to digital dollar is just a way to summarize a crypto that would work well for quick everyday transactions.

China seems interested in combining Fiat and crypto and I thing Russia has also shown interest in blockchain technology.
India I believe recently legalized BTC, but I haven't looked into the specifics. Considering the stunt they pulled with banning the highest denominated bills, they might be interested in blockchain technology since it would advance the "cashless society".
(Interesting counterweight are the U.S. states that are making precious metals legal tender.)

RandomEvent> Remember how the U.S. used to be on a gold standard. You used to be able to trade your dollarbill in for gold until one day they decided you couldn't.

The original question remains, what would be needed for a cryptocurrency to gain acceptance, stability and usage in peoples daily lives?
Are there any currencies that could pull this off today? That is, any that has the technology needed...

First thing is bitcoin is not digital gold and its just a currency and also why do we compare anything with digital dollar already the real mode of dollar exists even people trade on dollar in forex . I think bitcoin has to be mentioned and will be called as original crypto currency .

the next step, and this is being worked on by groups like openANX and others, is tokenizing FIAT. The problem with Tether is you don't know if they are keeping a 1-1 ratio. In other words is one dollar held in an account for every tether created? However, groups are now tokenizing FIAT and working to follow regulations which insists actual money is kept in an account for the coin. This allows tokenized FIAT to be traded across platforms with the guarantee (I use that term loosely) that you can trade your token in for a dollar at anytime.

We should have the option of using regulated and deregulated currencies and then evaluating the risk associated with each.

I suspect more people consider gold suitable as money than cryptocurrencies. The reason the markets behave so differently is partially because of the regulations in effect. Just wait until the US gov't start messing with the cryptocurrencies in earnest...

BITCOIN overtake GOLD now

I don't consider bitcoin to be digital gold, because the growth percentage of gold and bitcoin vary in a large scale. Other than that bitcoin has got various forms, whereas gold has got two forms as an investment and as a ornament.

Indeed, I was thinking about what would make a cryptocurrency a good candidate for everyday transactions. What would make it as serious contender to the dollar.
And yes, I was talking the slowness in validation for Bitcoin. If you're at the grocery store, waiting 10min for confirmation isn't an option.
There is an other difficulty to address. The government will always seek control of the currency and transactions. How do you deal with such an obstacle?
IMHO the people and the government are at the opposite end of the spectrum on that one.
In order to become valid for mundane transactions, you need stability. How pricy will BTC have to be for it to be stable enough? At current price, it's way to volatile...