Commercially, dollar is used more than any other currency.
So all the other currencies in the world or most of them are compared to USD.
And it is the same case for the cryptocurrencies.
Topic: Why compare BTC to USD? - page 9. (Read 3106 times)
When people talk about Bitcoin price, they usually refer to its price expressed in dollars. I really don't understand why...
US Dollar is going down in price, US economy is collapsing. There are many other countries which has more Bitcoin users, like Russia, China, Japan, Philippines and the whole Eurozone. Even ICOs are forbidden in the USA. It's not a so Bitcoin-friendly country, its national currency is not so strong. So why price Bitcoin in $?
There could be many other more appropriate currencies like EUR, CNY or RUB...
US Dollar is going down in price, US economy is collapsing. There are many other countries which has more Bitcoin users, like Russia, China, Japan, Philippines and the whole Eurozone. Even ICOs are forbidden in the USA. It's not a so Bitcoin-friendly country, its national currency is not so strong. So why price Bitcoin in $?
There could be many other more appropriate currencies like EUR, CNY or RUB...
It sounds crazy but its true, US government intends to create a wall regarding bitcoin and other cryptocurrencies, they want to control every money that comes in and out their country and having a trading sites and untracable transactions is one reason for US government to forbid any cryptyo regarding things, but as we can see it truly affects their economy.
The world economy is basically measured against the dollar. I dont know where you are from but the dollar has been a pretty stable currency for years and just because ICOs are not allowed in the US does not cripple the dollar against bitcoin. Russians Chinese and Eurozone are doing well economically but the question is for how long and until when.
because USD is the most widely used currency in the world. although in a country they do not use the dollar, but they still use the dollar as their currency reference.
Ya true Dollar is the world wide currency.Since it's used by many country people, they used to convert the bitcoin to dollar. So only the all country's people used to compare the price of bitcoin. Not only that,many bitcoin is converted to dollar only.Many people predict the bitcoin will replace dollar.
When US claimed winning the ww2 everything starts with their authority so I guess that's the reason behind and I'm sure its just a pride for US and its influence bitcoin since btc is just an unknown currency before so they base their value to US and start being traded.
bitcoin is compare to the usd. because usd is centralized currency it is used in most of countries and whole world but bitcoin is decentralized currency bitcoin is not accepting in some other countries. that's why bitcoin is compare to the usd. we can't buy all things in the bitcoin form. but in usd we can buy almost things.
It's because dollar is the international currency. it start from the Bretton Woods agreement after World War 2 whose effects are still felt today. agreement to use gold as a global standard of currency value.
At that time the economic conditions of the world countries, except the United States, were destroyed by the war. This causes them to rely on loans granted by Americans. This loan is given in US Dollars as guarantee, Americans receive the gold that these countries have. The result, America automatically controlled all the gold in the world and become only the US Dollar whose value is supported by gold. it means the US Dollar has replaced gold as a source of liquidity in the world economy and became the basis of the world's financial system. The implication is that each country builds foreign exchange reserves in the form of US Dollars; Dollar reserves are required for the currency of the country concerned to be redeemable in dollars or gold. At this time is the American currency into an international currency. And now it happen to Bitcoin to.
At that time the economic conditions of the world countries, except the United States, were destroyed by the war. This causes them to rely on loans granted by Americans. This loan is given in US Dollars as guarantee, Americans receive the gold that these countries have. The result, America automatically controlled all the gold in the world and become only the US Dollar whose value is supported by gold. it means the US Dollar has replaced gold as a source of liquidity in the world economy and became the basis of the world's financial system. The implication is that each country builds foreign exchange reserves in the form of US Dollars; Dollar reserves are required for the currency of the country concerned to be redeemable in dollars or gold. At this time is the American currency into an international currency. And now it happen to Bitcoin to.
because USD is the most widely used currency in the world. although in a country they do not use the dollar, but they still use the dollar as their currency reference.
That's because of high influence American economy and American government have all over the world. So U.S. national currency, USD becomed the benchmark of fiat currencies in forex market, stock market, commodities and now even in crypto markets. I don't know if this is gonna last forever though... maybe in the next few years we'll take another currency as a benchmark, for example the Chinese one because of high power of Chinese economy.
When people talk about Bitcoin price, they usually refer to its price expressed in dollars. I really don't understand why...
US Dollar is going down in price, US economy is collapsing. There are many other countries which has more Bitcoin users, like Russia, China, Japan, Philippines and the whole Eurozone. Even ICOs are forbidden in the USA. It's not a so Bitcoin-friendly country, its national currency is not so strong. So why price Bitcoin in $?
There could be many other more appropriate currencies like EUR, CNY or RUB...
Here we should keep in our mind that before the bitcoin and also after the bitcoin USD is a famouse option to convert money from any fiat to anyone that wants in directly in bank account ( PayPal ) .US Dollar is going down in price, US economy is collapsing. There are many other countries which has more Bitcoin users, like Russia, China, Japan, Philippines and the whole Eurozone. Even ICOs are forbidden in the USA. It's not a so Bitcoin-friendly country, its national currency is not so strong. So why price Bitcoin in $?
There could be many other more appropriate currencies like EUR, CNY or RUB...
So after became the popular of the bitcoin we compared it with the doller mostly and this get trend to use btc/usd .
So here that is habbit of using the particular unit only .
Here we can understand in another way also , As we are using bitcoin currently mainly for trading but stilo we have another coin's options like ETH , BCH like coin , that is only the habbit of our mind to use the particular thing like the priority .
People usually compare BTC to USD because USD is the most used fiat currency worldwide , while Bitcoin is the most used crypto currency. So the Bitcoiners hope that BTC become more used worldwide than USD, which need some other time surely.
bitcoin can be compared to USD because most of the world's economy is based on the dollar. such as buying goods from other countries that would not be possible to use a particular country's currency, most international currencies use the dollar, as well as bitcoin because the development of bitcoin is widespread until bitcoin users can be felt in the world.
I agree with you, bitcoin can be compared to USD, because both of them are currencies and have some value, so it's normal to compare each of them, Also if we want to exchange our bitcoin to USD, we shoud know the exact amount of dollars in this actual time of buying or selling.
bitcoin can be compared to USD because most of the world's economy is based on the dollar. such as buying goods from other countries that would not be possible to use a particular country's currency, most international currencies use the dollar, as well as bitcoin because the development of bitcoin is widespread until bitcoin users can be felt in the world.
As far as I know, not everyone is bitcoin priced in USD, just in exchanges using USD as the base currency (in which you get your deposits), Kraken, BTC-E *before* and every single non-USD exchange has it in different countries,
The majority of deposits even when using European based exchanges is still in USD though, so they all need to have a pair between USD and Bitcoin, but it isn't the only one.
The majority of deposits even when using European based exchanges is still in USD though, so they all need to have a pair between USD and Bitcoin, but it isn't the only one.
When people talk about Bitcoin price, they usually refer to its price expressed in dollars. I really don't understand why...
Because US Dollar is so far the most popular currency in the world. Despite fact that economy of US is not that amazing like it used to be in the past, it is still the major power.US Dollar is going down in price, US economy is collapsing. There are many other countries which has more Bitcoin users, like Russia, China, Japan, Philippines and the whole Eurozone. Even ICOs are forbidden in the USA.
Every fiat currency purchasing power is going down, it is a natural process and it is called inflation. I wouldn't say that US economy is collapsing, it becomes a bit stagnant but it is still a power house.There are many other countries which has more Bitcoin users, like Russia, China, Japan, Philippines and the whole Eurozone.
There could be many other more appropriate currencies like EUR, CNY or RUB...
I am afraid that Rubles or CNY is not something we could use, Ruble never was considered global currency, same with Yuan and Yen.There could be many other more appropriate currencies like EUR, CNY or RUB...
Euro might be a better pick but there are troubles in EU too which might arise in the future i.e. migrant crisis.
Because everybody know what's the dollar, it's an international currency. As an example if you go to amazon or ebay and buy some products, you can only pay with dollar, not yuan or rubel. Unless you wait for bitcoin to be a legal currency in the whole world.
All depends, first and foremost from people. If they start to ignore the dollar sellers will look for ways to sell your product. If there is a demand for the purchase of goods for bitcoin the sellers to move quickly and bitcoin will become an international means of payment.
Regardless of the financial excellence of the concepts of bitcoin, Bitcoin is priced in USD ( in american exchanges) for us to know the value of our holdings in bitcoin in this moment and to enable others to buy bitcoin. if it isn't priced, Then no one can buy it as well as sell it and it will very much lose it's value, Regardless of your opinion in US and regular economies, it's still the only way to value something.
Because everybody know what's the dollar, it's an international currency. As an example if you go to amazon or ebay and buy some products, you can only pay with dollar, not yuan or rubel. Unless you wait for bitcoin to be a legal currency in the whole world.
Bitcoin from dollars is so farther. Why they comparing it? Simply, because dollar is the world currency, common known fiat. That's a dollar. Dollar and Bitcoin have inversely characteristics. Like, dollar is centralized and bitcoin is decentralized. Dollar's value or price is stable, while bitcoin's value or price is not stable at all, because of its volatility. Dollar is popular to traders and investors in our world, so that's why they compare dollars and bitcoin.
When people talk about Bitcoin price, they usually refer to its price expressed in dollars. I really don't understand why...
US Dollar is going down in price, US economy is collapsing. There are many other countries which has more Bitcoin users, like Russia, China, Japan, Philippines and the whole Eurozone. Even ICOs are forbidden in the USA. It's not a so Bitcoin-friendly country, its national currency is not so strong. So why price Bitcoin in $?
There could be many other more appropriate currencies like EUR, CNY or RUB...
I appreciate your thinking regarding this issue. but I think that this trend hasn't been build in a day. once upon a time gold was considered as the price value of every product, after that when the British were dominating whole over the world then pound was used to measure but after the 1st and 2nd world war everything has been focused on the united states. so that thier currency also has been used most of the cases. but this process will also shift very soon. US Dollar is going down in price, US economy is collapsing. There are many other countries which has more Bitcoin users, like Russia, China, Japan, Philippines and the whole Eurozone. Even ICOs are forbidden in the USA. It's not a so Bitcoin-friendly country, its national currency is not so strong. So why price Bitcoin in $?
There could be many other more appropriate currencies like EUR, CNY or RUB...
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