Topic: Most of us have lived a world of USD dominance, but history changes - page 4. (Read 701 times)

bitcoin wont replace the institutional reserves of the world government collective..
its just an open option for random people to choose

however china's GDP increased due to covid threatening throwing US off the top spot which is why US done the QE to add in fresh printed money to bump up the GDP to stay at top.

US wont want to lose the top spot even it if means inflating the dollar and then tweaking the FOREX rate of yuan to look like china is less each time.

these next 5 years will be interesting though.

in the end it wont matter if its UK, US china or some syndicate of numerous nations using a whole new metric.
bitcoin wil remain as a extra option away from that game

The Cryptovator don't you think it is the opposite of what you said that is happening, take China and U.S.A as examples, these two countries have the best economies in the world, these are the countries and other developed ones too that are either banning bitcoin, bitcoin mining or severely regulating it. And it only makes sense like that for them, developed countries are trying to dominate the world by improving their fiat and economy, and accepting an alternative might not help them.

But look at underdeveloped countries like El Salvador and CAR, these countries already have a bad economy and they aren't really in any competition with any other country, so they can look for alternatives like bitcoin and see if they can make something out of it. El Salvador have invested heavily in bitcoin and are expecting to make profits in the long run for the benefit of their economy, this is something that a first world country like China, U.S.A, Britain etc, will never do.

Bitcoin has the ability to dominate other currencies but like you rightly pointed out; it will take a very long time. Yes one of its biggest challenge is government regulations or interference. But another big challenge would be infrastructural deficit in developing nations. Most countries lack access to internet and other basic facilities that facilitates the adoption and transactions of Bitcoin. Illiteracy and poverty would be another impediment that would slow down the dominance of Bitcoin. Fiat is very easy to handle which makes it more acceptable to less educated people but Bitcoin transactions would scare some of them away. Most people in developing nations cannot even two balanced meal per day, how would such persons afford to buy a smartphone?

I'm just wondering - what to expect from the world if things are decided by bombs, tanks and planes? This is a very stupid world that destroys itself from the inside.

Accepting btc and legalize it as world currency is totally different. At this point, the major reason why btc is not yet adopted as a global currency is the government constant rejection, and I believe this also why the developing countries are not warming up to the idea. Government have huge influence on actions of people people over their. And perhaps majority don't understand btc enough to ignore most of the things they are being told. With developed countries, the story is totally different.

Not really looking forward for it to happen, because once it does you know things are already looking dire for the rest of the world. Countries shifting to bitcoin means something bad has happened economically that pushed us to convert to bitcoin as our main currency. I'm not a fan of fiat, but us having a standard to work with means everything is working as intended, although the system really needs some tweaks in order to not get those huge blows every so often that causes the whole world economy to collapse. I'm very much okay with bitcoin existing side by side with fiat, but if bitcoin is the only option that remains, then you know that everything else failed for our economies.

Due to the decentralized nature of Bitcoin, it's not been accepted as a global currency. The developed country already realized and accept Bitcoin. But most developing and poor countries do not allow to use it. But they allow USD everywhere. Likely still they don't know the potentiality of Bitcoin or still observing. Once Bitcoin will be accepted officially by every country then we may say it's the first cryptocurrency accepted as a global currency and 4th world currency. We have to wait longer for that.

Maybe it's not in our generation but yes, it will come.  We have signs from everywhere telling us how fiat is failing, and fast! Mostly due to the bigger printing machines and our corrupt and greed governments, elite personel, the richest, etc! But Bitcoin will fix this, sooner or later!

The misleading inflation we are being told, the reasons for this same inflation, the wars we see ongoing everywhere around the globe, all the lies in every country that polititians spit out... All that will have to come to an end eventually. History has shown to us what happens. The so called economic cycles repeat themselves over time!

That's not really a bold statement Empires rise and fall and changes are expected, but no change was swift nor was it sudden, but rather gradual. And even if the US and the dollar dominance is in decline, it's nowhere near it's end.

Naa, Bitcoin can never be a world currency. Due to one simple fact: It's backed by nothing.

In a globalized economy we only have/had one World currency : USD (and not three or four). It will be almost impossible to replace USD in the current scenario. This would require significant restructuring of the global financial system and by the time it happens, bitcoin will probably be dust.

Maybe Yuan can?

Why not think of it this way, Bitcoin is already a world currency because Bitcoin is the currency of the Internet, and since there are two worlds linked together which are the physical world and the Internet world which are connected and have given birth to the global village called the Internet. Bitcoin being the modern world currency, The old traditional world gave birth to those currencies such as USD and pounds but time has moved beyond that and attention has shifted to a more realistic and statistical/digitalized currency which is Bitcoin. let's just take it this way the industrial age gave birth to the traditional financial system, and the Internet gave birth to blockchain/Bitcoin. So specifically speaking Bitcoin does not need further acceptance than what it has witnessed already and there is no need for further validation. The future will just get used to the fact that we only have one currency which is Bitcoin which gives them control over their financial life and the freedom to use their money whichever way they want without a third party, Being able to send and receive money via the Internet without the bank.

The greatest thing to have ever occurred in the history of bitcoin since its creation will be that. Countries like China do not truly appreciate the USD enough to rely on it or hold it in high esteem as a reserve currency. Because of the nature of cryptocurrencies like bitcoin—which defy institutional control—China also outlawed them. They would have preferred to adopt it, but their opposition to its nature prevents that.

Countries like china and Russia have for long wanted to create a well oiled parallel economic system against USD.  I think bitcoin seems to be a good alternative. Why there is a consensus in many countries that bitcoin will be a great alternative, as it is safe, digital and fully transferable. Thus it can in future become accepted future currency.

While Crypto will have a future as an investment, thinking BTC
with it's limited transaction capacity, limited supply, can match the transaction capacity or liquidity of the US$, is borderline nutjob.

While btc is supported by basically nothing of value,
the US$ is backed by the US government, which can at any time seize assets even crypto, to back their greenbacks.

In addition the excess capital that has helped btc achieve such high value verses the US$ is almost over.
IE: The US Baby boomers are retiring and converting all assets even crypto into stable investments such as the US$ and Tbills.
So expect a continuing drop of all markets , including stocks / crypto as the result of the change in demographics.
Short term btc PoW miners will suffer the most , as the free capital that has been keeping them afloat thru the crypto winters is drying up fast,
meaning more btc sold directly to the markets lowering the price of BTC.
Watch the price of BTC fall every month, and the value of US$ increase ,
in large part because of the baby boomers and the inflation of food and energy which is priced in US$.

While all fiat currencies collapse, the odds are the US$ demise will be many many many years after the PoW BTC dies.

Not a popular btc cult opinion, but an opinion rooted in the reality we actually live in.  
 
  

I would guess that bitcoin will probably not have that type of power, because those three currencies mainly became the world currency because of the power behind it, not because of the currency itself being valuable. Spain had that type of army and navy, then british had that type of navy and army and peak capitalism by conquering everywhere. Nowadays USA has the same thing, they go attack and kill people all around the world and they force the whole world to use it "or else" and thats about it. So bitcoin doesn't have that, would it be the first one to actually become a big currency, a world wide dominance, by just the volunteerily used by the people? Maybe, not impossible but it is quite unlikely and I would bet against that.

If you look at the evolution of digital currencies, Bitcoin is the only right candidate for future finance. In this case, I'm pretty sure that fiat is losing value due to non-renewable inflation. But will the world's governments and central banks hand that power into decentralized hands? leave it running unattended? that's where I still can't be 100% for the next 5 to 10 years. Meanwhile, Bitcoin is becoming increasingly scarce and its limited supply is increasingly demonstrating the resilience of its value that cannot be ignored.

I'm also hopeful of Bitcoin becoming the world chief reserve currency, and being used for majority of international trades, but it's improbable that it would be the next one, if at all it's going to reach that status as lots of government politics goes into that.

There is likely to be at least one more currency which would topple USD as the global currency in the next century before Bitcoin would be globally accepted.

Before the USD was accepted as the world currency, there used to be the British Pound as the main currency.

And before that, the Spanish Real.

Those are the latest 3 world currencies. We're about to enter the fourth one, Bitcoin.

It will take some time, but it will happen.