if bitcoin was main currency, what's gonna be the BTC value? - page 3.

kawetsriyanto

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Quote from: Yamifoud on January 07, 2022, 03:44:17 PM

We might consider Bitcoin as a legal tender in the future but I'm in doubt about thinking and considering it as the main currency.

Me too. Not really sure whether BTC can be the main currency or not. I only expect BTC can be used in more countries as a currency (payment tool). Although in the future people may be more familiar with the internet and prefer buying online, we don't know if BTC can be the main option to pay for all the stuff or services.

Quote from: Yamifoud on January 07, 2022, 03:44:17 PM

even IF given the chance to be considered as THE MAIN Currency, I think it was very expensive than of today.

Why are you so confident the price of BTC can be more expensive once it becomes the main currency?
Remember that it is not about BTC to be the main asset in the world, but to be the main currency. I think there will be a different situation here.

isaac_clarke22

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Quote from: pooya87 on January 07, 2022, 02:32:18 AM

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I recall many people back then asking that same thing. Widespread where they put it almost synonymous to replacing.
I just think of it like a credit cards from banks. That's how I see it at least in my country, not many uses it, but it is an alternative and could potentially be used by many merchants out here. There's almost a gray line between buying stuffs here through Bitcoin, though it still uses the local currency.

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Quote from: Bohfin Legasof on January 06, 2022, 03:20:47 AM

BTC was created with a new transaction system without a central authority. The BTC can be used in the future as the main currency that we gonna pay with. But what's gonna be the value of a main currency? What's the value of dollars or eur?

-Answer is: The dollar IS the value. The dollar doesn't cost anything. The dollar is the value.

If BTC is gonna be used in future, it not gonna cost anything, because the BTC is gonna be the value. It not gonna be like Bitcoin cost 50,000dollars... Bitcoin not gonna cost anything because Bitcoin IS the value. But that's probably not gonna happen. We not gonna pay with BTC but with stable coins like USDT...

We might consider Bitcoin as a legal tender in the future but I'm in doubt about thinking and considering it as the main currency. I'm certainly out of this. But what I'm expecting to happen in the future is that Bitcoin will remain the most profitable investment rather than being used as a currency to make purchases. As people will see being fit as an investment, they will keep doing this forever.
But talking about the value of BTC, it was unpredictable. It changes very often and even IF given the chance to be considered as THE MAIN Currency, I think it was very expensive than of today.

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Quote from: pealr12 on January 07, 2022, 02:02:45 PM

If BTC was the main currency then it will not have fiat value, one btc will remain so without any market volatility because BTC is pegged to fiat people only see the fiat value of BTC but once this is removed people will then see BTC as it is, however, this can only happen with the approval of the government and we all know the stand of majority of the government of each country.

Exactly! And I don't think Bitcoin will ever replace fiat in some country although El Salvador is different but for some country like developing countries, I don't think they would be happy to choose Bitcoin over fiat since the total circulation of Bitcoin is just too small if you compare to the total circulation of fiat.

Just like what you said, if we removed fiat, Bitcoin approach will be different in some people since they have known of using fiat with ease since the first day. It would feel weird to them using computer or phone all the time just to pay something but if there would be a credit or debit kind of crypto card maybe that hassle of using phone to pay something in digital way would be a lot easier.

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Quote from: Jating on January 06, 2022, 08:07:23 AM

Not sure where you get the idea that bitcoin can and will become the main currency in the future, because I doubt that it will happen. But in any case it will, I have no idea what will be the value of bitcoin, it still depends on the basic economic concept of law of supply and demand. Again, will the government allow bitcoin to be the main currency though, and we all know the answer for that one, they won't simply let that happen to their USD, and there's no way that any crypto will be for that matter.

Bitcoin will always be viewed as a store of value, but its theoretical role as the global medium of exchange is just that, theoretical. I have mentioned several times on this forum that government bodies would never allow their future CBDC to not be on the menu. It's important to remember that bitcoin also has a long way to go development-wise before it can even dream of taking on that role and the volume of transactions that come with it.

pealr12

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If BTC was the main currency then it will not have fiat value, one btc will remain so without any market volatility because BTC is pegged to fiat people only see the fiat value of BTC but once this is removed people will then see BTC as it is, however, this can only happen with the approval of the government and we all know the stand of majority of the government of each country.

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Quote from: BitcoinAccepted on January 07, 2022, 08:16:10 AM

Quote from: virasog on January 06, 2022, 09:02:03 AM

That's what i was thinking about bitcoin adaption. If the government has no control over bitcoin, it will never allow it to become the major crypto currency of the world. And if the government has control over it, they will definitely control its price somehow.

That being said, this is one of the many factors why bitcoin as a main currency is close to being impossible to happen, because the government do not see it as controllable entity which makes it not ideal for them. And just like what you have said, if bitcoin would be a main currency then it can lose its features that we all loved since it will be certainly controlled by the government to align their ways and the system.

i still believe they can be an option and i think an option is better than being the main payout.
there will be a lot of problems when they are used as the main payment tool, one of which is that the government is overheating because they certainly won't be able to regulate bitcoin easily Cheesy

On the other hand, they also don't need that, what they need is only recognition regardless of whether it is used as a legal tender or not, it is a continuation after the acknowledgment.

pawanjain

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Nothing lasts forever

Until a few years ago even I used to think that bitcoin is going to be the future currency and people will use bitcoin for payments.
But I don't think that it will become a mainstream currency. People are adopting it more as a store of value as they consider it to be more precious to spend.
So I think that although bitcoin was mean to be a P2P payment mechanism it will be more used as a store of value and there will be other alternative coins for the payments.
There are coins which are faster and less cheaper than bitcoin which can be used for payments but we can't really be sure which one of them will be used mainstream.

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bitcoin will be the main currency in the virtual world not in the real world, and that's the rule, because the value of bitcoin is difficult to read if you don't use fiat, the value of bitcoin is only 1 and the smallest fraction of shatosi, in contrast to fiat which has value.
if you ask how much is the value of BTC in dollar or eur value? my answer is btc only 1 BTC can not be measured by usd or eur if you expect BTC to be your main currency

BitcoinAccepted

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Quote from: virasog on January 06, 2022, 09:02:03 AM

That's what i was thinking about bitcoin adaption. If the government has no control over bitcoin, it will never allow it to become the major crypto currency of the world. And if the government has control over it, they will definitely control its price somehow.

That being said, this is one of the many factors why bitcoin as a main currency is close to being impossible to happen, because the government do not see it as controllable entity which makes it not ideal for them. And just like what you have said, if bitcoin would be a main currency then it can lose its features that we all loved since it will be certainly controlled by the government to align their ways and the system.

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Quote from: pooya87 on January 07, 2022, 02:32:18 AM

Keep in mind that there is a big difference between widespread usage and replacing.
I have always said that bitcoin is never going to replace fiat and it wasn't designed to do that either but I also believe that there will come a day when bitcoin can be used anywhere in the world. For example tourists would no longer need to exchange their fiat to their destination country's currency, they would just use bitcoin when travel.

Yes, I do believe also that bitcoin will not be going and never going to replace fiat currency instead it will be one of the circulating currencies all over the world provided that many countries will be going to adopt crypto as a legal tender. Actually, I don't have any idea yet what would be the value of bitcoin once it is like for example used for any transactions like pay for a set of flights but if ever this would be going to happen I know it would be a breakthrough to a crypto platform and will be going to make the price or value of the bitcoin soar high.

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Quote from: sirminesalot on January 07, 2022, 02:12:45 AM

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There are no current exist cryptocurrencies that could replace USD as a global payment, and if there is someday i'm sure it's hard to replace it because the power of the people who controlled the paper fiat money is too strong, they already ruled this world for many generations so i think it's quite imposibble to create an environment where everything is paid by cryptocurrency.

Keep in mind that there is a big difference between widespread usage and replacing.
I have always said that bitcoin is never going to replace fiat and it wasn't designed to do that either but I also believe that there will come a day when bitcoin can be used anywhere in the world. For example tourists would no longer need to exchange their fiat to their destination country's currency, they would just use bitcoin when travel.

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Quote from: pooya87 on January 07, 2022, 12:42:41 AM

Quote from: Bohfin Legasof on January 06, 2022, 03:20:47 AM

We not gonna pay with BTC but with stable coins like USDT...

That is never going to happen in a million years.

Centralized altcoins like USDT will be immediately removed from existence by United States if they were used for payment instead of USD simply because they would be printing US dollar which is considered a threat to US and that threat will be eliminated immediately by the government. Since they are centralized, it is a very easy thing to do.

Additionally if people wanted digital dollar, they are already using digital dollar using their digital wallets, paypal, credit cards,.... there is no reason to use a centralized super risky shitcoin.

There are no current exist cryptocurrencies that could replace USD as a global payment, and if there is someday i'm sure it's hard to replace it because the power of the people who controlled the paper fiat money is too strong, they already ruled this world for many generations so i think it's quite imposibble to create an environment where everything is paid by cryptocurrency.

KaliLinux

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This is why this talk about Bitcoin will be the main currency of exchange someday is still dicy. Every other commodity or some sought of an asset today is still valued based on fiat USD. GOLD, SILVER, etc are all valued in USD and so is BTC, so you get where I am going. USD is the value of every other thing and once you remove the value, the thing becomes worthless. Bitcoin and other cryptos might be used for exchange or purchase but I don't think it will ever be the main currency.

pooya87

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Quote from: Bohfin Legasof on January 06, 2022, 03:20:47 AM

We not gonna pay with BTC but with stable coins like USDT...

That is never going to happen in a million years.

Centralized altcoins like USDT will be immediately removed from existence by United States if they were used for payment instead of USD simply because they would be printing US dollar which is considered a threat to US and that threat will be eliminated immediately by the government. Since they are centralized, it is a very easy thing to do.

Additionally if people wanted digital dollar, they are already using digital dollar using their digital wallets, paypal, credit cards,.... there is no reason to use a centralized super risky shitcoin.

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Quote from: Bohfin Legasof on January 06, 2022, 03:20:47 AM

BTC was created with a new transaction system without a central authority. The BTC can be used in the future as the main currency that we gonna pay with. But what's gonna be the value of a main currency? What's the value of dollars or eur?

-Answer is: The dollar IS the value. The dollar doesn't cost anything. The dollar is the value.

If BTC is gonna be used in future, it not gonna cost anything, because the BTC is gonna be the value. It not gonna be like Bitcoin cost 50,000dollars... Bitcoin not gonna cost anything because Bitcoin IS the value. But that's probably not gonna happen. We not gonna pay with BTC but with stable coins like USDT...

your belief does not even have the right to happen . Bitcoin gonna be a Main Currency ? lol this will never come because Fiat will never leave and bitcoin will stay with fiat for lifetime
so the argument you are pointing wont even get close to the reality.

Dont worry Bitcoin value will be determined when the adoption happens , when majority of the country uses and accepted this then that will be the deciding factor if how and why will bitcoin be accepted in payments for daily purpose .

Wexnident

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That's just a big what-if though, in the first place I don't think Bitcoin would become the main currency, it was never made to be one in the first place. It was an alternative to the current fiat system afaik, only an alternative and nothing more. And if Bitcoin were to become the main currency, then wouldn't most stuff revert to the system of the past? Cause honestly with the fiat, we at least have a centralized measure for the values of items and services. Without it though, it's like we're going back to what we were using back in the past, exchanges between merchants that are completely dependent on supply and demand.

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Quote from: Bohfin Legasof on January 06, 2022, 03:20:47 AM

BTC was created with a new transaction system without a central authority. The BTC can be used in the future as the main currency that we gonna pay with. But what's gonna be the value of a main currency? What's the value of dollars or eur?

-Answer is: The dollar IS the value. The dollar doesn't cost anything. The dollar is the value.

If BTC is gonna be used in future, it not gonna cost anything, because the BTC is gonna be the value. It not gonna be like Bitcoin cost 50,000dollars... Bitcoin not gonna cost anything because Bitcoin IS the value. But that's probably not gonna happen. We not gonna pay with BTC but with stable coins like USDT...

BTC will continue to be traded with the dominant currency pairs, so it will be reflected as BTC/USD, BTC/GBP, BTC/EUR, BTC/JPY, etc. BTC will also be traded with other cryptocurrencies, just as it is now. As its use increases, its price will of course increase relative to fiat currencies.

People should stop thinking that fiat currencies will go away, because they will also always have some utility, especially for governments. Cryptos and fiat can coexist.

franky1

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if there was no dollar/other fiat to exchange to value it against. then it reverts to a barter system. where some can compare it to bottles of vodka, or a hour of minimum wage units or some other nationally recognised medium of exchange.

EG if people traded their time and valued it in how many loaves of bread they can buy per hour.
then right now bitcoins value would be about 30,000 loaves of bread

bread is a bad example as different regions value bread at different labour value, but you get the idea.

some may say that the value could be more refined to something everyone pays equally. such as electric. so bitcoin could be valued at 126060kwh/btc

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Quote from: Bohfin Legasof on January 06, 2022, 03:20:47 AM

-Answer is: The dollar IS the value. The dollar doesn't cost anything. The dollar is the value.

Dollar has exchange rate between it and other currencies. Also dollar's value is changing, and economists use various methods to calculate this change. There is not a single thing in this world that has a fixed value, because value in market economy is subjective and unstable. Just because people like to measure everything in dollars, doesn't mean that dollar is vastly different from other currencies. So if Bitcoin replaced the US dollar, it would still have a price in US dollar and other fiat currencies.

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