Topic: Why is bitcoin controlled by the dollar! - page 2. (Read 1795 times)
BTCitcoin is backed by trust of very strong believers, US $ is just measurement of price but all people don't see price into that some are trading into their local currencies, US $ is an international currency that is why a lot of people use it for trading.
I agree with most everyone here but there are a couple good points this discussion brings to light.
For most of us, Bitcoin is priced in (not backed by) USD... just like oil and gold are priced in USD for much of the world (China and Russia are changing this). But Bitcoin is used worldwide, and we're free to value it against whatever currency or commodity we'd like. That's part of the beauty of it, Bitcoin is a means of barter and it only takes two people to decide "how much" and "of what". When the dollar loses strength (aka, becomes less desirable), people will naturally want more USD for each BTC, or they may decide they don't want USD at all and start trading BTC for something else.
The flip side is that Bitcoin is not backed by anything physical, but it is backed by the support and efforts of a fantastic community and definitely has better fundamentals than any fiat currency.
For most of us, Bitcoin is priced in (not backed by) USD... just like oil and gold are priced in USD for much of the world (China and Russia are changing this). But Bitcoin is used worldwide, and we're free to value it against whatever currency or commodity we'd like. That's part of the beauty of it, Bitcoin is a means of barter and it only takes two people to decide "how much" and "of what". When the dollar loses strength (aka, becomes less desirable), people will naturally want more USD for each BTC, or they may decide they don't want USD at all and start trading BTC for something else.
The flip side is that Bitcoin is not backed by anything physical, but it is backed by the support and efforts of a fantastic community and definitely has better fundamentals than any fiat currency.
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 ...
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 ...
At least when it is traded, it has to be quoted against fiat. Nobody is going to pay actual gold to buy bitcoins, so it doesn't make sense to quote it in terms of gold. You can quote it against a McD burger or iPhone, if you really want to.
Bitcoin is not controlled by ollar or any other currency, but we do find its value in dollar because everyone who have there own currency want to know that how much is the value of bitcoin in respect to their own currency so then they compare it with their.
we use dollar most because it is widely used currency of the world.
we use dollar most because it is widely used currency of the world.
In fact, the bitcoin relies on the dollar. in the reality, bticoin is always reliable with the dollar to getting their value. because the dollar having a big impact for another fiat currency and if bitcoin having a big value in dollar maybe it's will make a domination for another fiat too.
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 ...
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 ...
As what I've understand to your post, USD is the currency stand for bitcoin. Because like in language English is the majn language of the world ro make other people understand. And with this matter USD was made which is the standard or the default currency to trade, change, based with many other currencies value.
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.
I think its fully depending on fiat and that is the problem right now in my eyes to be honest.
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 ...
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 ...
The dollar doesn't back Bitcoin!
You could say the same about gbp, euro and cryptocurrencies:
Dollar - preev.com/btc/usd
GBP - preev.com/btc/gbp
Euro - preev.com/btc/eur
Dogecoin - preev.com/btc/xdg
bitcoin is meant 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 ...
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 is digital curency , same but not equal paypal perfectmoney okpay and etc(is fiat curency), bitcoin can't controll dollar, can control price bitcoin pair dollar is community bitcoin is not bitcoin controll price dollar
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 ...
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 is digital curency , same but not equal paypal perfectmoney okpay and etc(is fiat curency), bitcoin can't controll dollar, can control price bitcoin pair dollar is community bitcoin is not bitcoin controll price dollar
Controlled by dollar? i think its not the price of bitcoin is depends in deman and supply its not controlled by usd..
Dont relay in usd just relay how much people are buying bitcoin and how much our supply in total..
Dont relay in usd just relay how much people are buying bitcoin and how much our supply in total..
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 ...
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 ...
It seems you do not understand the Financial System...
I dont think it is backed by USD, it just happened that its always compared to USD in tsrms of its value that how I look at it but if USD drops I dont think BTC will drop like it is backed by it.
it's not controlled by the dollar. it's just a form of measurment 
Can you buy gold with USD? yes, can you buy everything with USD? yes, so why not?
it is still the gold but only in printed paper, and that doesn't make bitcoin any lesser.
it is still the gold but only in printed paper, and that doesn't make bitcoin any lesser.
Its not backed by the dollar. Its traded using the dollar. There's no practical way of trading Bitcoin without using the dollar. Sure, you can use goods and services, but it just isn't something everyone can use. There's no "fixing it" either. Its how currecny and money works.
You really think we should back Bitcoin with gold? Most of the so-called gold on the books, do not even exist. It's just a entry in a digital ledger. The last verifiable audit of gold has been done many years ago,
and if you ask the federal reserve to show you your gold, they would show you the door. I would much rather have Bitcoin backed by Bitcoin and no currency and commodity that can be faked and manipulated
by any government. How is that for a suggestion?
The last verifiable audit of gold has been done many years ago,and if you ask the federal reserve to show you your gold, they would show you the door. I would much rather have Bitcoin backed by Bitcoin and no currency and commodity that can be faked and manipulated
by any government. How is that for a suggestion?
But you can buy gold yourself and have it in your hands, why give it to a bank ? I know that once money goes into my bank everything that is in there comes out & is stored physically to spend on various things including bitcoins so atleast I know it's there, when banks go down I don't ever have to worry
You really think we should back Bitcoin with gold? Most of the so-called gold on the books, do not even exist. It's just a entry in a digital ledger. The last verifiable audit of gold has been done many years ago,
and if you ask the federal reserve to show you your gold, they would show you the door. I would much rather have Bitcoin backed by Bitcoin and no currency and commodity that can be faked and manipulated
by any government. How is that for a suggestion?
The last verifiable audit of gold has been done many years ago,and if you ask the federal reserve to show you your gold, they would show you the door. I would much rather have Bitcoin backed by Bitcoin and no currency and commodity that can be faked and manipulated
by any government. How is that for a suggestion?
Bitcoin at one stage was backed by nothing,
Bitcoin (value) is still backed by nothing. Just like the value of any major fiat currencies.
That is indeed very true, Fiats just put its trust in someone saying "OK this is how much our Dollar will be worth " lol
Bitcoin at one stage was backed by nothing,
Bitcoin (value) is still backed by nothing. Just like the value of any major fiat currencies.
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