Why is bitcoin controlled by the dollar!

sana54210

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Quote from: NyeFe on July 09, 2016, 04:44:05 PM

bitcoin is mean't to be fiat independent. Why is its price/value backed by dollar, instead of the gold-standard.
In reality, we're still under the tight grips of central banks, United States, and the dollar!

This is a large issue which needs to be fixed, internally within our community and externally ...

Bitcoin isn't in any way backed by dollar or in any tight grips of central banks and especially not under United States.
Bitcoin's value is only often compared in us dollar, but in fact it is also compared in all the local currencies of their own respective countries/regions.

PokerFace3

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Quote from: ASHLIUSZ on July 10, 2016, 06:51:37 AM

Quote from: rphk on July 10, 2016, 05:12:40 AM

as i know bitcoin is independent and not controlled by fiat currency , same applies to USD also, since internationally more people use USD as conversion currency from BTC to USD , mainly it does not fluctuates based on currency but fluctuates based on demand of BTC buying and selling

Bitcoin is anti-inflationary and is designed to be a store of value. It cannot be inflated to destroy its future value to pay for debt. It is not debt-based, not controlled by usd, nor government controlled, it is governed by mathematic algorithms.

Yes bitcoin is independent, if it was controlled by the govt. or usd, you had to pay taxes for every bill you pay. This is people's money.

ASHLIUSZ

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Quote from: rphk on July 10, 2016, 05:12:40 AM

as i know bitcoin is independent and not controlled by fiat currency , same applies to USD also, since internationally more people use USD as conversion currency from BTC to USD , mainly it does not fluctuates based on currency but fluctuates based on demand of BTC buying and selling

Bitcoin is anti-inflationary and is designed to be a store of value. It cannot be inflated to destroy its future value to pay for debt. It is not debt-based, not controlled by usd, nor government controlled, it is governed by mathematic algorithms.

tyagi

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It is not correct to say that Bitcoin is "controlled by" dollar. A currency being "controlled" means that it is pegged to something else via a central party at a certain exchange rate yet you cannot exchange bitcoins for the computing power that was used to create them. Bitcoin is in this sense not controlled by anything. It is a currency in its own right. Just as gold is not controlled by anything, the same applies to Bitcoin.

The Bitcoin currency is created via processing power, and the integrity of the blockchain is protected by the existence of a network of powerful computing nodes from certain attacks

TGD

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Quote from: NyeFe on July 09, 2016, 04:44:05 PM

bitcoin is mean't to be fiat independent. Why is its price/value backed by dollar, instead of the gold-standard.
In reality, we're still under the tight grips of central banks, United States, and the dollar!

This is a large issue which needs to be fixed, internally within our community and externally ...

Nope that's not true bitcoin is currency by it self it not depends in other currency it's exchanges price what we will see, not just only dollar every other currency exchanges had there own exchange to bitcoin.

CraigWrightBTC

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i guess dollar is just currency exchange for bitcoin if we wanna exchange it, but the dollar can not control bitcoin. sometime if every one in the world use bitcoin as payment method fiat money will become nothing.

serjent05

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Bitcoin is not controlled by dollar, the same thing with other currency, it's that USD is recognized internationally and almost all currency exchange is based in USD value. As a matter of fact even i f USD depreciate, Bitcoin price doess not goes with USD being depreciated. Same goes when Bitcoin Value appreciate.

shield132

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Bitcoin isn't controlled by dollar, simply it's used worldwide. You can buy bitcoin with gbp, euro and almost every country's currency, so will you say the same about them?

rphk

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as i know bitcoin is independent and not controlled by fiat currency , same applies to USD also, since internationally more people use USD as conversion currency from BTC to USD , mainly it does not fluctuates based on currency but fluctuates based on demand of BTC buying and selling

Maesters1-

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i dont think so. do you mean that the price of bitcoin is up and down due to dollar. i think its not so. bitcoin is not under the influence of any other currency . it is independent and you can convert it in to so many other currencies.

avikz

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Bitcoin can never be independent from fiat. It can't be. You need one currency to compare its purchasing power parity.

SInce USD is one of the most strong currencies, we have picked it up to compare its purchasing power.

At the end of the day, you need to convert it to a fiat currency to get the benefit of it. So people have chosen USD.

helloeverybody

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Quote from: hermanhs09 on July 10, 2016, 02:44:21 AM

Quote from: sishendaoye on July 09, 2016, 07:19:10 PM

The bitcoin is controlled by the dollar because its depending on its market, if the dollar will fall the bitcoin also will fall without any doubts.
I think its fully depending on fiat and that is the problem right now in my eyes to be honest.

Yeah sishendaoye is right,it is like altcoins.
If bitcoins price rises,usually drops the price of altcoins,and all that is simply reversed.
it is the same link as btc-usd.

your both wrong, If the dollar dropped by 50 percent it wouldnt affect bitcoin at all. Why would it? the only tie that bitcoin has with the dollar is that a lot of people compare the price to the us dollar so if the dollar dropped then bitcoin would be stronger against it. The only reason i say the price of bitcoin in dollars on this forum is because most of the users are american but its a pain in the arse for me because whenever i check the price of bitcoin on any exchanges i use or on google i check it in my local currency.

davis196

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Quote from: NyeFe on July 09, 2016, 04:44:05 PM

bitcoin is mean't to be fiat independent. Why is its price/value backed by dollar, instead of the gold-standard.
In reality, we're still under the tight grips of central banks, United States, and the dollar!

This is a large issue which needs to be fixed, internally within our community and externally ...

Why?Because the USD is the most popular currency in the world.That`s why.

People can`t just stop using it.If the gold standard returns, the world inflation will disappear and

the economical growth will increase.Central bankers don`t want this ....

X-ray

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Quote from: NyeFe on July 09, 2016, 04:44:05 PM

bitcoin is mean't to be fiat independent. Why is its price/value backed by dollar, instead of the gold-standard.
In reality, we're still under the tight grips of central banks, United States, and the dollar!

This is a large issue which needs to be fixed, internally within our community and externally ...

this is right,maybe becaue there's no organization behind bitcoin which could organize the gold as value of bitcoin,in local exchanger around the world they use their own local currency but still based on price in dollars of few largest exchangers and i find it really silly why we count on dollars instead of gold which could possibly stabilize bitcoin's price

kryptqnick

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Quote from: xhomerx10 on July 09, 2016, 04:54:55 PM

Bitcoin isn't backed by anything but a group of miners, a network of nodes and a faithful cultish following Wink

I agree with that. Btc is backed by a belief in it, not by $, Euro, Gold or anything. And this is the way it should be. This is the idea of BTC. Not to be as non-cryptocurrencies backed up by something material

hermanhs09

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Quote from: romero121 on July 10, 2016, 02:57:00 AM

I don't think bitcoin is getting controlled by dollar. If it's so, it gets out when direct bitcoin usage increases than using after converting to fiat. Possibly till now its controlled by most miners of China.

yeah,about 40% of bitcoin is being mined in china.
But if you dont believe that dollar is heavily linked to bitcoin,just check the both chart's and you will see it buddy.

romero121

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I don't think bitcoin is getting controlled by dollar. If it's so, it gets out when direct bitcoin usage increases than using after converting to fiat. Possibly till now its controlled by most miners of China.

hermanhs09

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Quote from: sishendaoye on July 09, 2016, 07:19:10 PM

The bitcoin is controlled by the dollar because its depending on its market, if the dollar will fall the bitcoin also will fall without any doubts.
I think its fully depending on fiat and that is the problem right now in my eyes to be honest.

Yeah sishendaoye is right,it is like altcoins.
If bitcoins price rises,usually drops the price of altcoins,and all that is simply reversed.
it is the same link as btc-usd.

~Bitcoin~

legendary

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All assets need value and all of them are compared with fiat like USD, EUR, JPY etc even gold is traded in these pairs. And you are wrong in sense of bitcoin controlled by dollar, it is not traded only in dollar pair you can see btc-eur, btc-jpy trading pair also and bitcoin is not backed by dollar as you have stated.

groll

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Quote from: NyeFe on July 09, 2016, 04:44:05 PM

bitcoin is mean't to be fiat independent. Why is its price/value backed by dollar, instead of the gold-standard.
In reality, we're still under the tight grips of central banks, United States, and the dollar!

This is a large issue which needs to be fixed, internally within our community and externally ...

Well you are right in saying that it is not backed up by gold, it remains a fact that bitcoin as a cryptocurrency is not yet an official legal tender but fiat currency or paper money is. But later when society and its financial environment is ready to take on the preparations the it will pave the way for bitcoin to become the official legal tender. In order for this to come true we need the government to make a move.

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