Topic: Most of us have lived a world of USD dominance, but history changes (Read 660 times)

Well, it is possible if the countries of the world accept it as a currency for exchange, just like what fiat is today. The standard that fiat has and the highly maintained system of fiat cannot be compared to Bitcoin as of now. It will take time, however, if Bitcoin starts getting recognition like fiat.

Acess will change, but this near future may not be soon enough for a lot of people. And priorities may also still not change for a significant part of the developing world. Even with internet and smartphone, it's still not viable with needs, which don't change even with internet/device penetration. The hawala network, which hasn't only survived but thrived in countries with decades of internet use, but where online literacy hasn't caught up (we're still on English, for example) is a reminder of this.

But this will surely change in the nearest future. 5 billion people around the world use internet today, and with half a million new internet users added each day, I think internet access won't be a problem to anyone in 10-12 years. With smartphones the situation is even better.



So, Bitcoin will hardly replace everything, but the wast majority of people will not have difficulties with adopting it.

The dollar is weakening due to the reallocation of power in the world, it is very likely that China and Russia will launch a new currency to reduce dependence on the dominance of the USD. The dollar is strong thanks to the power of the US and if there is a currency of Russia and China, it will also be controlled by those two countries. Bitcoin does not have that ability and it is only supported by the people who use it, which is not enough for it to become a world currency. I also really want bitcoin to be recognized and used all over the world but it is very difficult to see it coming to fruition.

I personally think that payment methods of the future will be cash, credit, and crypto(Bitcoin mostly).

The first generation of money required physical access to it, cash.

The second one, requires centralised control of it, credit.

The third one is decentralized, Bitcoin.

Before the inception of Fiat, there have been other source of  money which was acceptable in the world and they gradually faded away giving room for new generally acceptable currencies. The world is gradually evolving likewise the economy and finance too. Paper money era would soon fade away too giving room for Crypto currency too. From my own point of view, though it would take a little time for Crypto currency to be adopted buy it would definitely be adopted by many nations but the few nations adopting it currently would be ahead of others  and it would drive their economy far much better than others. So there both good and Bitcoin are precious treasures but you would agree with me that both are inline with their dispensation in terms of monetary value. Good which is the first valued physical natural asset is gradually fading away for the new digital asset to come inplay.

In fact, there are some places in the world now where barter is getting renewed interest -- thanks to the failure of more modern modes of money in being inclusive to all kinds of people who need money. For some, Bitcoin may never be viable for a long time either -- not just in deepest parts of the global South where internet penetration isn't great, nor access to personal smart devices, but even in developed countries where people simply have more insular needs.

Bitcoin replacing everything else always sounded a little naive to me.

Actually, maybe not some time if history is something to go on. All of the past reserves/world currencies (Portugal, Spain, Netherlands, UK...) lasted around 100 years or less, and with the US we are currently 102 years in its dominance...but, the world is drastically different than it was with any of the currencies before, so it's hard to say if it will behave the same way and if the US will be able to brake through that. At this point, it doesn't seem it will change anytime soon, so it's interesting to observe.

That's a great picture, imo, because it's informative and simple at the same time.

I just want to add one thing, to clarify for those saying: "Gold is the best form of money" or "World will never get rid of fiat". You know, no one is saying the contrary. Yes, gold is still good as money, and, yes, fiat will always be here. Even barter will not disappear in the future. This picture shows the dominant payment system, not the only one. It important to understand it.

No one can predict what will happen. I am just being optimistic. Hope whatever is being said is true.

The change have taken place with time. Just from the barter system to the evolution of the cryptocurrency. This has happened through a long process of one system overcoming the dominance of the other. In such a way things have taken place. During those days people were looking for the best, and the centralized system have ruined it. Finally it arrived same as the barter system where there is no need of the middle man in a digitized way.

Even if we say that bitcoin has become a mainstream, but seeing it as the next global currency after USD, i think its quite impossible these days. USA will certainly fight for their own official currency, and would even mean to start a battle for the sake of it. And majority of the countries' government have not yet accepted bitcoin, so its hard to say if bitcoin could replace USD in the future. Although there are chances, but the process will definitely be stiff and hard.

As much as I wanted BTC to be considered as a world currency, I find it impossible for the time being due to its needed massive implementation and inflationary nature.

Imagine, you're strolling on the market only to find out that the prices of goods/commodities are also changing day-by-day. When you have a currency in which its value is extremely volatile, this entails a risk on both the consumer and seller on the pricing of goods. In addition, if BTC were t be implemented as a currency, governments of countries would necessarily and absolutely regulate it to death, thereby potentially losing its decentralized nature.

I don't think it's too much about the value of fiat but the simplicity of doing international transactions with Bitcoin.

With fiat there are so many issues and fees when paying internationally

With regards to how the government react to bitcoin and how the people respond to bitcoin, I would also say it’s unlikely to happen for now, but if there will be positive changes in the future, then bitcoin will be realized as a potential global currency. But I don’t easily believe that fiat or USD will lose its value and will be useless in the financial system. Bitcoin may have its own turn, but definitely not for now.

For everyone that gets to see the potentials of bitcoin, we are of course hopeful for bitcoin to be part of the global history, becoming a global currency one of these days. However, the government should learn to see its potentials first and its utility case, and approve it all along. Otherwise, bitcoin will certainly face a lot of struggles and government oppositions just to become a global currency in the future. We know bitcoin will definitely get there, but the process will be very tough and hard for bitcoin.

Didn't realise today (or yesterday?) euro just hit parity with the US dollar. Mindless printing, rate hikes, expanding reserves held by foreign powers (thinking China on its own anyway) and still the dollar finds a way to flick a finger in the general direction of every other would-be fiat.

I've no doubt it'll crash and burn some ways down the road but not in our lifetime, huh.

I am not sure if that is going to happen. Bitcoin is great and solved lots of real world problems but USD will probably be replaced by another FIAT when the time comes. When bitcoin becomes the reserve currency, how is you going to price things with bitcoin?

Let's say you have a house for sale for 1 btc, since bitcoin is deflationary, how is that going to work? It is because today's 1 btc is worth less than tomorrow's one btc. I think we'll just move to the next FIAT and kill it in a decade again.

When referring to the "civilized world", I don't mean everything is perfect there. There's no perfect country, and there can't be, imo. But at least the governments of the Western countries respect rights of their citizens much more than dictatorships. They can forbid you to infect others putting their life in danger, but they won't forbid you to use cryptocurrencies just because "they are afraid of decentralization".

People can get part of their stolen freedoms back if they go out and protest in great numbers. By standing up to the forces of oppression showing strength and aggression, they will back down. But is the majority ready to do that? That's the question.

A few examples of how freedom of choice is respected in the civilized western Europe. My cousin who works for a major cosmetics company in the civilized west wanted to come visit his parents in his home country on the Balkans. His boss said sure, no problem, but the region is considered an unsafe COVID zone. If you get infected, your contract (that was due to expire around that time) won't be extended. Great example of western qualities.

In a different case, a relative of mine refused to take the COVID shot. Every morning before going to work, he had to stand in line for 30-60 minutes to get tested for COVID to bring back a negative text to his employer. Of course, that was only a requirement for those who didn't get the shot even though both vaccinated and unvaccinated individuals can get infected and spread the infection. That's exactly what happened at one time when there was an outbreak in the company he works for and infected individuals from both camps had to be quarantined.

If you know someone unvaccinated who lives in Austria, ask him how much freedom they had during the COVID outbreak. They were threated like pieces of shit.