Topic: Most of us have lived a world of USD dominance, but history changes - page 2. (Read 660 times)

I am very fond of Bitcoin and hope that every government in the world accepts it but  I couldn't see Bitcoin as the world's currency.  It can be an alternative as a currency but most governments won't acknowledge Bitcoin.  The government would rather promote its own currency than support Bitcoin to be the world currency.


Women and those you said Minorities issue is different from the issue we are talking in this thread about Bitcoin.  Women and those minorities want equality while this thread wanted/assume Bitcoin to dominate the global currency.  See the difference? 

That's what women could say about their rights 50 years ago, and look at the world now! Same goes for various minorities in the civilized world. Now, I'm not talking about dictatorships and stuff. In those countries things are exactly as you described. But in the Free World people are getting more and more freedoms with time, and if they decide to use Bitcoin as their money, they can do so. Fortunately, countries like Turkmenistan, where government has unlimited power and ordinary people have none, do not belong to the future, so, there's a good chance that BTC will be doing alright soon.

Yes! I'm also very courageous that Bitcoin is the future and surely people will understand its value very soon

People are too optimistic about Bitcoin becoming the world's leading currency one day. I don't see it. "They" won't let it happen. They can be anything you want. The world's leading nations, the elites, the bankers, the financial giants... It's not in their interest for you to be self-dependent and free. You should only think you are by voluntarily giving away your freedoms bit by bit. If you think who cares what they say, you are wrong.

We can't even win the battle against whether or not you want to get the COVID shot or not. Rights guaranteed by the constitution are a joke as the last two years have proven. You have the right to listen to what you are being told and do as we say or be limited and oppressed in the ways we want.     

Governments, especially dictatorships, want their own currencies because at some point they can print enormous amount, exchange this garbage(in the near future, but not yet) for hard currencies, and flee the country before it turns to total chaos. It's their plan B, and I understand them. Why do ordinary people want to have their local currencies, that's what I can't grasp.

That is the biggest problem that is facing us, but also the best thing about bitcoin at the same time. Why? Because it would be insane to think US government, UK government, Russian government and the Chinese government all agreeing on the same thing, hell when it is about literally saving the world they still are up in races and disagree, instead of get together and save the world. This means that we should be doing as well as we can to hope that the public would agree instead.

So, it is hard because governments would never agree, but it would be awesome if all citizens of those nations get together and try to do something that is bitcoin oriented in the economy, spend that instead of the fiat they are told to use.

Bitcoin has really its own potentials that highly qualifies to become a legal currency, but if we think of making it as a global currency, most probably a lot of big countries are still going to oppose its dominance. They would want their own country's official currency instead than to resort in bitcoin which is highly decentralized. However, if by chance bitcoin will be accepted as one, it will be less decentralized as centralization could be the most preferred by all states.

We can always hope for the best of bitcoin and even dream of it as a global currency in the future, but always know that the road to get there will be very tough as it may take a lot of big oppositions and bitcoin attacks before the government will come to accept bitcoin legally. And the fact that the whole states of the nation are going to fight for USD, or to their own official currency, which means that bitcoin will be in a biggest battle if it pushes through as a global currency.

Well, thanks for the information as i only have come to witness the surging of USD the moment i was born. Right then, i only realized that USD is the most powerful currency since it also become the global currency i think even without official title. However, time has changed and that innovations are given more importance right now. And that remarks the rise of bitcoin. USD has been threatened by it and that made us think that bitcoin could be the next global currency because of its high potentials, not yet happening but i guess its bound to get there.

All fiat currencies have a life and there's just a few that survived more than 100 years without a major reset. One of them is GBP, but if you look at Europe most countries went through a death of their national currency. Some even more than once in the last century. Japanese Yen is considered strong, but not many people remember that it had over 20% inflation in 1973 and 74.
The US economy should be able to keep USD from losing its position, but if the government tries to get rid of cash and push CBDC it's going to weaken USD by a lot. We'll see how Russia ends up. Bankrupt or not in 5 years?

Insignificant if you use lightning network. Solutions will be found, but day-to-day transactions is not our biggest problem right now, isn't it?
Governments around the world through their policies are basically taking 10-20% off our income on top of the other taxes due to inflation. That's just the tip of the iceberg though. The centralized financial system is intrinsically broken. I mean it is better than nothing, don't get me wrong, but we have the perfect candidate of a global mainstream currency and store of value that could solve a lot of problems and inequalities.

Calculate how much a transaction would cost to buy ice cream.

It's rather funny how delusional some people are about the prospects of Bitcoin, it simply does not have the capacity to rival US dollar transactions in many different ways. If any currency has a tiny chance of surpassing the US dollar as the reserve currency of the world, it is likely to be the Euro or Chinese Yuan. Bitcoin does not have the processing power or abilities to be functional on anywhere near the same scale, at least not without involving third party system which defeats the whole point of being decentralized. Not that it's even possible, but in some weird parallel universe where it had a remote chance of happening, it would be banned by US regulators as that country benefits greatly from being the reserve currency, and if America banned it, Europe would follow and it will drop like a stone through a rotten floor.

Hard to counterfeit is a wrong sentence as well. I mean yes maybe you may not do exactly one to one copy, but that is not really the case when you want to live like kings from a fake money is it? That is not going to be something you should be focusing on at all when you want to do an illegal thing. So, what do you do?

First of all, prefer to be not in the USA when you do that, and when you are in a smaller nation, like Latin America, then you could just find small places that would not understand it, and try to cash it out in bulk from those places, hell buy big products and ship it somewhere else and pay with it. There are many methods criminals use, and that is a disgusting way, but it is still possible. Crypto can't be faked at all, impossible.

Right now it is a bit hard to imagine Bitcoins becoming the next world currency because the world is so divided and I am not sure if there would be a consensus all around the world to accept Bitcoins as the new world currency. There are two important aspects for a world currency that might be hard for Bitcoins to achieve. The first one is easier and could happen in a few years, it means that the world currency needs to be accepted all around the world by merchants and people to exchange for goods. For example, if we go to a small store in Africa, or Asia and want to buy some snacks than they need to accept Bitcoins as a form of payment. The only problem is if too many countries ban the use of Bitcoins it will be difficult. The second issue is that countries globally start using Bitcoin as currency to settle trade. All the major commodities would need to be quoted in Bitcoin price rather than USD for it to become the new world currency.

So you think that the future global currency will have unstable value and the transactions will get slower and more expensive for once in a while, due to the blockchain being clogged by too many transactions? Good luck with that.
Imagine having a global currency with a value that is up 5x the first month and down -10x after several months. The global finance would turn into a rollercoaster. I'm a Bitcoin supporter, but all the fantasies about Bitcoin becoming a global reserve currency and just fantasies.
The future global currency needs stable value, fast and affordable transactions and worldwide acceptance by all governments. Bitcoin still isn't accepted by all the governments around the world.

In the same way that every country currently uses their own currency locally, and trade internationally with USD, countries will continue to use their own currencies, but slowly over time more and more countries, specially poor ones, will start to realize that they don't have to use USD to send money internationally(Remittances) paying huge fees through companies like Western Union.

Instead, those countries will start using Bitcoin, with almost no fees, and no need to go to any third party and ask permission. With the popularity of working from home increasing, globalization continuing to expand, and technology becoming pervasive, it is just a matter of time until these countries realize how much money they can save if they use Bitcoin instead of USD.

Those countries will probably be the first layer upon which Bitcoin will establish itself as the new global currency.

At the same time, new applications like Strike for example, will start allowing richer countries to send money overseas with minimum fees by converting local currency to Bitcoin, making a Bitcoin transaction (instantaneous and almost free), and then converting it back to the other country local currency. This is already starting to happen. In the future there will be more countries adopting this, and more companies doing similar things.

This all leads to an ever increasing usage of Bitcoin for international trade. It's just better in every way compared to the legacy financial system. Faster, freer, cheaper, and accessible to anyone.

In a couple of decades it will be so pervasive that people will wonder how we even send money overseas back then.

It would be nice if you’d have laid out some of your reasons for having such a high belief in this. I’m not so sure it’ll ever happen. My personal beliefs are that it’ll always be a sidekick in some sort of way to fiat currency for some time until it takes a turn and gets over some major flaws/issues like expense , transaction totals and speed, which are taking time to build.

I don’t think Bitcoin can dominate fiat. In earlier cases, fiat replaced fiat in dominance. Bitcoin may be used parallel to fiat.

We are all waiting for this, there are even many of us on whos looking for this to happen 12 years ago but we knew that this  will happen but not this soon, instead will took long time because of so much pressure from Opposing countries and those who wanted to have a big piece of cake from the profits of this market.
Hopefully this will come either next halving or the following years from that.