What will a coin cost if the USA abandon the US dollar today and switch to BTC? - page 2.

mm2543363580

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Quote from: The Cryptovator on November 29, 2021, 07:09:46 AM

It will not happen. How are you wondering a centralized government will replace their Centralized native fiat with decentralized cryptocurrency Bitcoin? Centralized & Decentralized aren't friends with each other, it's always conflict. Rather than the USA could launch a native coin which would replace USD if in case of the world totally move to digitalization. How do you think the total supply of Bitcoin is enough to replace of the total circulation of USD?

It will never happen and unrealistic thought by the way.

There are trillions of USD in circulation, even US govt has no idea how many USD are there in circulation as they keep on printing notes every now and then (since US dollar is backed only by the US government). Today USA is super power so we see USD as global currency, may be tomorrow China takes over as super power we will see Chinese Yuan in circulation. I do agree that the centralized governments will never accept the decentralized crypto.

Swordsoffreedom

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It will never happen that the US dollar will disappear because the economy of most of the countries of the world depends on the economy of USA. But if we imagine that this could happen, it is certain that the demand and price of Bitcoin will increase a lot. Because 9 out of 10 people in the USA have an idea about Bitcoin. If the announcement comes, everyone will be desperate to buy Bitcoin. At the same time, other countries of the world will also take initiative to adopt Bitcoin. One day, the value of Bitcoin will surpass the value of Gold, which too was beyond imagination. So there is nothing wrong with imagining that Bitcoin will replace fiat money.

Kakmakr

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It will make a huge difference in the Bitcoin price, but it will also NEVER happen... because the power of the US Dollar as a global reserve currency will never be relinquished by the USA .. over other countries. Wink

The US government know how to manipulate the price of the US Dollar (Printing it like toilet paper) ...and they cannot do that with Bitcoin.

There are also a strong sentimental link to the US Dollar and the politicians know this, so it will be political suicide to do this. We saw the outcry from a section of the El Salvador public, when their government accepted Bitcoin as legal tender. Roll Eyes

fiulpro

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Quote from: 95Bolu on November 29, 2021, 05:11:03 AM

If we take every dollar in existence and make the existing quantity of BTC equal that amount of value, what will a coin cost in the (now-defunct) dollar?

Just wondering what will happen if a large economy switch to Bitcoin

There are many things that can happen, both positive and negative at the same time I do think some of the things that can impact the bitcoin environment are :

1. People switching to bitcoins means the Volatility have to go down, since they would be using it on a regular basis.

2. The government might try and centralize the whole economy, which would mean sooner or later there would be more impositions.

3. The value of Bitcoins might undergo price correction since now companies might switch to other cryptocurrencies which might provide them more benefits. Without volatility it might be hard keeping in the investors.

franky1

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it would move from 30,000 loaf of bread value.. to more loaves of bread value

tulusikhlas

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Instead, this is just a supposition and it may not happen if the US itself cannot be separated from the Dollar. Then if Bitcoin is pegged based on the number of dollars in circulation, then the value contained in Bitcoin itself is no longer decentralized and is only considered a function of paper money. How much Bitcoin supply is currently unmined and that can't cover all the circulation of the Dollars they print.

The Cryptovator

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It will not happen. How are you wondering a centralized government will replace their Centralized native fiat with decentralized cryptocurrency Bitcoin? Centralized & Decentralized aren't friends with each other, it's always conflict. Rather than the USA could launch a native coin which would replace USD if in case of the world totally move to digitalization. How do you think the total supply of Bitcoin is enough to replace of the total circulation of USD?

It will never happen and unrealistic thought by the way.

Ozero

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Quote from: 95Bolu on November 29, 2021, 05:11:03 AM

If we take every dollar in existence and make the existing quantity of BTC equal that amount of value, what will a coin cost in the (now-defunct) dollar?

Just wondering what will happen if a large economy switch to Bitcoin

If the US dollar were still pegged to the country's gold and foreign exchange reserves, then this would make some difference. So, what's the difference for the bitcoin price how many paper dollars have been printed before this time? And the transition of the US government from its dollars to bitcoins cannot be implemented in principle. The US government will never make such a decision, otherwise it would be a disaster not only for the United States, but for the entire world financial system, which is based on a planned economy.

95Bolu

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If we take every dollar in existence and make the existing quantity of BTC equal that amount of value, what will a coin cost in the (now-defunct) dollar?

Just wondering what will happen if a large economy switch to Bitcoin

Topic: What will a coin cost if the USA abandon the US dollar today and switch to BTC? - page 2. (Read 227 times)