Will the US Dollar dominate bitcoin trading - page 7.

MaritiJames3

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Quote from: Bitcoinbee on June 07, 2016, 05:23:33 AM

The US dollar has been dictating most of the trades world wide from crude oil to anything. Is there a possibility that it will dominate in the trading of Bitcoin?

If I am correct the US dollar is already dominating the Bitcoin trading because most people are selling there Bitcoins against the US dollar.
I think that this is going to be the same for a long time I do not see any reason why people would trade in for a other currency.

DuckKeeper

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Will the dollar domiunate the bitcoin trading i dont think he will be able to dominate the bitcoin because both are totally different users.

DuckKeeper

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Off course it will i think that us dollars will always be better to use instead of bitcoins same as the people think bitcoins will overrule the dollar in a way i dont think that will happen.

Slark

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Quote from: CryptoBjorn on June 20, 2016, 02:45:06 AM

Quote from: avikz on June 11, 2016, 04:43:22 AM

I won't say USd is dominating bitcoin trading but you always need a benchmark to trade with anything.

USD, being the most popular currency, is set as a benchmark for most of the traders. You need something to compare your assets while being traded. So people are using USD. It is good as long as USD remains the most popular currency in the world. Otherwise trading people will find something else to be compared with.

With the US being a global currency, both Europeans and Asians compare to the dollar, it's not surprise the same applies for bitcoin.
In fact it would be wrong if there was no or less trading with the dollar. It would have mean something is wrong with bitcoin. Although I do think in time the Yuan will take over.

Both internationally as a global currency as in bitcoin trading (volume).

Did you even read any post in this thread beside op? Because 2 posts above yours you can find information that dollar is not dominant currency in bitcoin trading at all.
Yuan is already number one used currency in BTC trading if we take bitcoin exchanges volume as indicator.

Reference: http://bitcoincharts.com/charts/volumepie/

So stop spouting nonsense about dominant role of USD in BTC trading...

CryptoBjorn

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Quote from: avikz on June 11, 2016, 04:43:22 AM

I won't say USd is dominating bitcoin trading but you always need a benchmark to trade with anything.

USD, being the most popular currency, is set as a benchmark for most of the traders. You need something to compare your assets while being traded. So people are using USD. It is good as long as USD remains the most popular currency in the world. Otherwise trading people will find something else to be compared with.

With the US being a global currency, both Europeans and Asians compare to the dollar, it's not surprise the same applies for bitcoin.
In fact it would be wrong if there was no or less trading with the dollar. It would have mean something is wrong with bitcoin. Although I do think in time the Yuan will take over.

Both internationally as a global currency as in bitcoin trading (volume).

Jmild1

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Quote from: bittrojan on June 08, 2016, 12:36:16 PM

Quote from: praprata on June 08, 2016, 12:24:33 PM

Difficult to say to be honest, I think it will dominate the market of trading of the bitcoin because the dollar is right now really controlling it for a most part .

Not in Asia,US Dollar will not dominate bitcoin trading in Asia,if we look into market cap in some Asian countries,they have dominate with local currency like Chinese Yuan,Japanese Yen and Rupiah in indonesia. but in european countries,US dollar will dominate and beat Euro.

This is what I think too. As I see in asian country like China, they're more likely used Yuan than US dollar.

Snorek

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Exchange volume distribution shows clearly that over 75% of Bitcoin trading operations is conducted in CNY.
USD is second top traded currency with only 18% of market share. So I as you can see dollar is not dominating bitcoin trading at all.

Top 5 Bitcoin trading currencies are: CNY, USD, EUR, JPY, and suprisingly PLN.

cjrosero

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To God Be The Glory!

Yes it will and already happening right know. also you will never know maybe someday dollar will change bitcoin forever.

Woshib

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Quote from: Bitcoinbee on June 07, 2016, 05:23:33 AM

The US dollar has been dictating most of the trades world wide from crude oil to anything. Is there a possibility that it will dominate in the trading of Bitcoin?

It is possible that the dollar dominates the market of Bitcoins, but other currencies will still be used.
Because Bitcoin is used internationally.

Bitcoinbee

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Quote from: a7mos on June 11, 2016, 11:36:54 AM

USD is a global currency that people from all around the world trust it and use it in trading. so as long as the petro-dollar system is still powerful, US dollar will be dominating bitcoin trading

Yeah and I'm looking at it since the petrochemicals industry is still on its halfway thru being totally mind-out. We can see Mega petrochem projects on-going in the middle east and I think some of it will be completed in a year or two while cross country pipe laying are still on-going too. This means the petrochem projects are still in the process of construction.

a7mos

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USD is a global currency that people from all around the world trust it and use it in trading. so as long as the petro-dollar system is still powerful, US dollar will be dominating bitcoin trading

Pab

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Dont forget about Yuan,but there is so many of that printed green garbage,so some investors are trading in dollar,There is not so many euro users in the world,euro zone is small

avikz

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I won't say USd is dominating bitcoin trading but you always need a benchmark to trade with anything.

USD, being the most popular currency, is set as a benchmark for most of the traders. You need something to compare your assets while being traded. So people are using USD. It is good as long as USD remains the most popular currency in the world. Otherwise trading people will find something else to be compared with.

Cybertron00

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This is just my opinion but many of us converts bitcoin to US Dollars. Because of that I think US Dollars already dominated in bitcoin trading and is traded worldwide.

afriezalie

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It's hard to say no because many bitcoin users buy bitcoin with US Dollar from bitcoin markets. In this situation, of course USD will control the value of bitcoin. Although there are some markets in Asia region which accept local currency but they still refer to international market. So I guess USD is dominating bitcoin trading right now.

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Quote from: Sir_lagsalot on June 09, 2016, 02:49:00 AM

Probably not. Currently more than 50% of the bitcoin miners and corporations are from China.

this is true but other thing is that dollar is main currency in trading so think that both can coexist without hurting each other
also this is very hard and difficult to predict

Sir_lagsalot

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Probably not. Currently more than 50% of the bitcoin miners and corporations are from China. These guys control and own the supply of bitcoin, meaning that they influence most of the trading going on on the market. If the US is going to beat that, they will have to acquire more mining power, or the government will have to make a statement on the lines of "Bitcoin is awesome! Invest in it!", which will most likely never happen.

vero

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yes it could be, although it looks now this market china has been dominating bitcoin trading but I think dollar remains in control in exchange of another country.

Bitcoinbee

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Quote from: bittrojan on June 08, 2016, 12:36:16 PM

Quote from: praprata on June 08, 2016, 12:24:33 PM

Difficult to say to be honest, I think it will dominate the market of trading of the bitcoin because the dollar is right now really controlling it for a most part .

Not in Asia,US Dollar will not dominate bitcoin trading in Asia,if we look into market cap in some Asian countries,they have dominate with local currency like Chinese Yuan,Japanese Yen and Rupiah in indonesia. but in european countries,US dollar will dominate and beat Euro.

I am also looking at countries within the trading community which has rampant trading activity mostly going to asia. Is it some kind of a remittance? Since the trading value could never be considered as a big one time amount.

bittrojan

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Quote from: praprata on June 08, 2016, 12:24:33 PM

Difficult to say to be honest, I think it will dominate the market of trading of the bitcoin because the dollar is right now really controlling it for a most part .

Not in Asia,US Dollar will not dominate bitcoin trading in Asia,if we look into market cap in some Asian countries,they have dominate with local currency like Chinese Yuan,Japanese Yen and Rupiah in indonesia. but in european countries,US dollar will dominate and beat Euro.

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