Pricing in Dollar - Pricing in Bitcoin - page 2.

wxa7115

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Quote from: aoluain on March 05, 2021, 07:54:08 AM

I'm pretty sure we all (or the majority) price Bitcoin in Dollars regardless of which
country we are in, I stand to be corrected on this though.

We are all certain that the Dollar and other FIAT are going to crash in the near future
or after we get to grips with this pandemic and financial aid ends. When this happens
we wont be pricing Bitcoin in Dollars.

What will we be using, Chinese Yuan?

or will we be pricing everything in Bitcoin?

I think it is likely that the dollar will survive as a currency but it is going to lose so much value that people are going to lose any confidence they have in it and it will be impossible to conduct any kind of international trade with it, one solution central banks are thinking about is to create a basket of currencies in which the dollar will be included and then use that currency for international trade.

I really think that is the most likely scenario as I am sure that even under those circumstances governments will resist backing their fiat currencies with precious metals or recognize bitcoin as a currency from which they can conduct their trades.

MiningBattalion

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Quote from: semobo on March 09, 2021, 03:46:21 AM

I am sure that still the value will be calculated in USD over any other fiat currencies and I don't think USD will be facing Hyperinflation for the next 5 to 10 years. What if we completely moved to bitcoin and cryptos the value will be calculated in?

Bitcoin was the first cryptocurrency to successfully record transactions on a secure, decentralized blockchain-based network. Launched in early 2009 by its pseudonymous creator Satoshi Nakamoto, Bitcoin is the largest cryptocurrency measured by market capitalization and amount of data stored on its blockchain. The Bitcoin software is free and available online to anyone who wants to run a Bitcoin node and store their own copy of the Bitcoin blockchain.Bitcoin was the first cryptocurrency to successfully record transactions on a secure, decentralized blockchain-based network. Launched in early 2009 by its pseudonymous creator Satoshi Nakamoto, Bitcoin is the largest cryptocurrency measured by market capitalization and amount of data stored on its blockchain. The Bitcoin software is free and available online to anyone who wants to run a Bitcoin node and store their own copy of the Bitcoin blockchain.

semobo

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I am sure that still the value will be calculated in USD over any other fiat currencies and I don't think USD will be facing Hyperinflation for the next 5 to 10 years. What if we completely moved to bitcoin and cryptos the value will be calculated in?

TheUltraElite

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So anyway, I applied as a merit source :)

Countries where USD may not be used for pricing of bitcoin already exist. Countries where bitcoin transactions are commonly done without their governments cracking down dont give the price in Dollars. Using any of the fiat currencies to value bitcoin, does not make a difference to me, the end value is the same whether the fiat currency is inflating or deflating.

The numerical values might vary but we prefer simple numbers to keep and hence USD is better to me, might be different for you.

Quote from: Flowzer on March 05, 2021, 11:08:14 AM

I think even Dollar or any fiat crash, the Bitcoin still paired with them since our real payment transaction still use fiat of course.
But maybe XAU(Gold) be nice to be paired with Bitcoin. You can invest gold by Bitcoin or invest bitcoin by Gold, isnt it good?

It sounds good but in real life have you even bought or sold gold/bitcoin against one another? The valuation still ends up in fiat. The only possible alternative was one project I had encountered in this forum called Xaurum but seems to be called "Dogshit" by its holders now - https://bitcointalk.org/index.php?topic=3110765.360

Yet to see better projects in this relation though.

Silberman

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Quote from: zanezane on March 05, 2021, 08:38:58 PM

Why do we want to crash fiat in the first place? I always see this kind of posts and it came to a point that I don't know anymore why do we want it to crash. Don't you have any conscience that when a crash happens, people will be losing their jobs and a lot of people will be starving, society that has fiat ingrained in its core will spiral into chaos and no amount of bitcoin will save you if this things happen, it will take a year to recover if there is no war that will follow after the crash and that is wishing that it won't happen but we all know that it will happen. Shouldn't coexistence a better option for everyone, no crashes needed and the growth of bitcoin is secured because there is no unrest because there is no crash.

It is not that we want it, it is just that it is inevitable at this point, fiat currencies as we know are backed by nothing and are accepted as legal tender because people believe the government knows what they are doing, but it turns out that due to the pandemic they printed a lot of fiat and this is going to cause inflation down the line, debts have increased massively and income from taxes has gone down, basically governments are in a terrible position that cannot be fixed except with a crash, and whether this happens sooner or later you need to be prepared in order to avoid the awful effects that we know are coming.

aoluain

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Quote from: zanezane on March 05, 2021, 08:38:58 PM

Why do we want to crash fiat in the first place? I always see this kind of posts and it came to a point that I don't know anymore why do we want it to crash. Don't you have any conscience that when a crash happens, people will be losing their jobs and a lot of people will be starving, society that has fiat ingrained in its core will spiral into chaos and no amount of bitcoin will save you if this things happen, it will take a year to recover if there is no war that will follow after the crash and that is wishing that it won't happen but we all know that it will happen. Shouldn't coexistence a better option for everyone, no crashes needed and the growth of bitcoin is secured because there is no unrest because there is no crash.

Check my posts, where do I say "I want the Dollar to crash"? (HINT: I didnt say it)

The global economic stimiuli to the pandemic sees mass printing of FIAT this will
lead to hyperinflation so the value of a Dollar and FIAT in general will crash.
This is just a result of printing trillions, not the main intention.

Quote from: Gozie51 on March 05, 2021, 08:17:56 AM

For fiat collapse, it won't affect major currency like USdollar because they understand the control system.

What control system is that? raising taxes?

Quote from: magneto on March 05, 2021, 05:38:47 PM

Quote from: aoluain on March 05, 2021, 07:54:08 AM

-snip-

In the foreseeable future, the USD is still going to be the dominant global reserve currency and the default unit of account for financial assets.

But the CNY is going to be posing a real formidable threat. With the launch of the digital CNY, this process has accelerated. I suggest that you take a glance at Ray Dalio's piece on the CNY potentially becoming a global reserve currency - he essentially predicted that it would be a matter of time.

BTC will and is already a unit of account for a particular niche of people, but until the fiat system implodes ultimately, this is not going to occur on a widespread scale.

The Chinese ecomony is only #2 compared to the US economy. From the correction/crash
I think the gap will close between the two but by how much is anyones guess.

Im trying to get my head around valuing anything in Bitcoin or Satoshi.

so98nn

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I think I am on a node where it does not matter if you value it in USD or INR, or Yuan etcetera. Thanks to the international harmonisation of prices where you get to see instant/live conversions to each and every currency available throughout the globe. I think this math applies to the bitcoin and rest of the currency as well. As matter of fact bitcoin's value does not come from the USD behaviour alone!

It's all about investments. It would not matter if USA falls behind in the valuation. What if the Indian billionaire becomes a whale or what if japanese institution starts to invest into bitcoin? It will still maintain the balance in crypto and its value. The USD would be just unit to understand its valuer really.

Shasha80

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I also see Bitcoin prices in US Dollars, even though I am not an American citizen. This is probably because most of the popular exchanges use
fiat US Dollars to find out the price of Bitcoin. Therefore I am used to seeing the price of Bitcoin in US Dollars, I only see it in my country's fiat
when I cash out. Even though fiat may crash due to the COVID-19 pandemic, I believe the Bitcoin price will still be viewed in US Dollars.
Because it must be admitted that the US Dollar is the strongest fiat for now and US Dollar is the most widely used in international transactions.

zanezane

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Why do we want to crash fiat in the first place? I always see this kind of posts and it came to a point that I don't know anymore why do we want it to crash. Don't you have any conscience that when a crash happens, people will be losing their jobs and a lot of people will be starving, society that has fiat ingrained in its core will spiral into chaos and no amount of bitcoin will save you if this things happen, it will take a year to recover if there is no war that will follow after the crash and that is wishing that it won't happen but we all know that it will happen. Shouldn't coexistence a better option for everyone, no crashes needed and the growth of bitcoin is secured because there is no unrest because there is no crash.

Silberman

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Quote from: aoluain on March 05, 2021, 07:54:08 AM

I'm pretty sure we all (or the majority) price Bitcoin in Dollars regardless of which
country we are in, I stand to be corrected on this though.

We are all certain that the Dollar and other FIAT are going to crash in the near future
or after we get to grips with this pandemic and financial aid ends. When this happens
we wont be pricing Bitcoin in Dollars.

What will we be using, Chinese Yuan?

or will we be pricing everything in Bitcoin?

Scales of measurement change all the time, fiat currencies are a way to measure value and if they fail in their mission then we will use something else, I think there is a possibility that we will begin to measure value directly in bitcoin, this is not as crazy as it sounds, there was a time in which money was measured in terms of gold and how much of it was behind it so we may get to that point in which we do the same with bitcoin as unlikely as it may seem now.

dothebeats

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USD remains to be a strong force when it comes to economic power. It still holds a viable position when it comes to economic matters even when it seems to be tanking, for the most part. Also, I'm pretty sure the fiat masters wouldn't really want to make their toy unwanted by the whole world so they will try to spec it out depending on the world's needs.

As for bitcoin valuation, the next most viable currency is certainly CNY, though I'm sure most will pretty much have a hard grasp on that reality given how much they are stuck to the USD.

magneto

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Quote from: aoluain on March 05, 2021, 07:54:08 AM

I'm pretty sure we all (or the majority) price Bitcoin in Dollars regardless of which
country we are in, I stand to be corrected on this though.

We are all certain that the Dollar and other FIAT are going to crash in the near future
or after we get to grips with this pandemic and financial aid ends. When this happens
we wont be pricing Bitcoin in Dollars.

What will we be using, Chinese Yuan?

or will we be pricing everything in Bitcoin?

In the foreseeable future, the USD is still going to be the dominant global reserve currency and the default unit of account for financial assets.

But the CNY is going to be posing a real formidable threat. With the launch of the digital CNY, this process has accelerated. I suggest that you take a glance at Ray Dalio's piece on the CNY potentially becoming a global reserve currency - he essentially predicted that it would be a matter of time.

BTC will and is already a unit of account for a particular niche of people, but until the fiat system implodes ultimately, this is not going to occur on a widespread scale.

suzanne5223

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Quote from: Gozie51 on March 05, 2021, 08:17:56 AM

Quote from: aoluain on March 05, 2021, 07:54:08 AM

When this happens
we wont be pricing Bitcoin in Dollars.

What will we be using, Chinese Yuan?

I thought you are advocating that fiat will collapse and is Yuan a crypto, no but a fiat like dollar. Dollar is usually majorly priced against any other commodity, asset or cryptocurrency because it is generally accepted and operated by the international trade as a measurement for pricing. Yuan can be uses within the Chinese setting.

I agreed with what you said because Dollar is a global currency and the statistics of the year 2014 shows that Dollar was used for over 51% international trading. Besides, most crypto market cap and trading volume listing site provide market price in Dollar and some Asia exchange site does the same either.

Quote from: Gozie51 on March 05, 2021, 08:17:56 AM

For fiat collapse, it won't affect major currency like USdollar because they understand the control system.

Every economic practitioner understand that fiat will collapse sooner or later and that does not exclude the Dollar though it may not be affected like others fiat that's why institutional investors join crypto. Do you think they easily join crypto because they like it? Remember they once said negative things about crypto which show their hatred toward Bitcoin.

bocyaj

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Quote from: coolcoinz on March 05, 2021, 12:19:26 PM

We do not price Bitcoin in dollar because we want to. It's just the most universal fiat money that people around the world recognize and know its rough value. I price everything in EUR, but on this forum I use USD pricing because I know the value of EUR in USD so I can quickly go from one to the other in a conversation. I know that for people from Asia and Africa it's much easier to price things in USD and for Europeans both fiats are pretty similar, thus I talk about BTC using USD pricing.
USD crash is going to happen one day, but it won't make American switch to BTC or anything else. It will surely make BTC price explode, but it won't change people's habits and the way they see things. For them their morning coffee that used to cost $2 will now cost $5, but it's still going to be $.

Dollar is not only the universal fiat.But also the dominant forest reserve in many of the countries. The forest reserve can be sold to balance the value of that country fiat towards the dollar. If the European countries get into the cryptocurrency, we can expected the value of 100k$.

DarkIT

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Quote from: aoluain on March 05, 2021, 07:54:08 AM

I'm pretty sure we all (or the majority) price Bitcoin in Dollars regardless of which
country we are in, I stand to be corrected on this though.

We are all certain that the Dollar and other FIAT are going to crash in the near future
or after we get to grips with this pandemic and financial aid ends. When this happens
we wont be pricing Bitcoin in Dollars.

What will we be using, Chinese Yuan?

or will we be pricing everything in Bitcoin?

Since usd is accepted in many of country. So bitcoin is calculated in terms of Dollar. If you want to see the current value with respect to your money or Yuan. You can use of google convertor. It's accurately with respect to bitcoin.I had not support of USD or US economy. We are a global citizens, so we depend on most of other country currency.

paxmao

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It is a question I have though about: is bitcoin rising or is it that the rest of the currencies are just monopoly money. in my view pricing in bitcoin would be difficult at this moment. The fight is now between the USD and the RMN or Yuan.

These two are de-facto the reserve currency, but given how the FED and the CBC are printing money there might be a case to compare prices with the bitcoin equivalent.

LUCKMCFLY

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Quote from: aoluain on March 05, 2021, 07:54:08 AM

I'm pretty sure we all (or the majority) price Bitcoin in Dollars regardless of which
country we are in, I stand to be corrected on this though.

We are all certain that the Dollar and other FIAT are going to crash in the near future
or after we get to grips with this pandemic and financial aid ends. When this happens
we wont be pricing Bitcoin in Dollars.

What will we be using, Chinese Yuan?

or will we be pricing everything in Bitcoin?

I think that it will continue to be priced in Dollars, the reason is simple, in the world there is a hegemony of the dollar, this comes from the end of the Second World War, in case it is not the dollar, the closest would be the Euro, it is for To avoid this type of conflict, it is necessary to diversify our money so that it does not lose value, this can be with investment in Gold, Real Estate, Bitcoin, Digital Gold, I think it is the best option to be able to assimilate BTC / Dollar.

cabalism13

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Quote from: aoluain on March 05, 2021, 07:54:08 AM

What will we be using, Chinese Yuan?

Might be cool if we will be using the Japanese Yen instead of that Chinese Yuan.
But I doubt everyone would be happy to accept that as there are still some currencies out there that has much acceptable due to its high value, and yes one of them is EURO.

Quote from: tyz on March 05, 2021, 12:09:22 PM

The question is, what do you mean by crash?

He might mean that FIAT will be unusable due to bitcoins having a strong number of value like that of GOLD. (maybe?)

coolcoinz

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We do not price Bitcoin in dollar because we want to. It's just the most universal fiat money that people around the world recognize and know its rough value. I price everything in EUR, but on this forum I use USD pricing because I know the value of EUR in USD so I can quickly go from one to the other in a conversation. I know that for people from Asia and Africa it's much easier to price things in USD and for Europeans both fiats are pretty similar, thus I talk about BTC using USD pricing.
USD crash is going to happen one day, but it won't make American switch to BTC or anything else. It will surely make BTC price explode, but it won't change people's habits and the way they see things. For them their morning coffee that used to cost $2 will now cost $5, but it's still going to be $.

tyz

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Quote from: aoluain on March 05, 2021, 07:54:08 AM

We are all certain that the Dollar and other FIAT are going to crash in the near future
or after we get to grips with this pandemic and financial aid ends. When this happens
we wont be pricing Bitcoin in Dollars.

The question is, what do you mean by crash? Fiat currencies like the dollar will be around for a long time. They will only lose their value more and more. When my grandfather was young there was an ounce of gold for around $50, today you pay almost 40 times as much. It will be similar with Bitcoin and many cryptocurrencies. Their value will continue to rise, but not necessarily because the inner value of crypto is increasing, but because Bitcoin is limited and inevitably has to increase in value against inflation of fiat money.

Topic: Pricing in Dollar - Pricing in Bitcoin - page 2. (Read 490 times)