Topic: Will the world soon become tired of the US dollar? - page 4. (Read 1080 times)

What do you mean by crypto transactions fees has increased? Is that suppose to be a green flag for crypto adoption or what because the banks charges are the reason why we want crypto to replace the transactions of the banks but the fees are discouraging especially what has been happening aroung bitcoin mempool and the spamming of the network where it is difficult to do transactions. However, if you are trying to say that the crypto transactions has increased, then I will say that is true and it is because the investors has increased as more troop into crypto in every bullrun.


I'm not sure if you have heard ECOWAS, it's a coalition of different countries across Africa with common goals but today, many of them has left because there is no benefits as some of them expected from the beginning and it has deviated from the vision of the body, don't be surprise if BRICS turn out to be the same thing. It is understandable that they are still new and they are making names because we have so many bad world economy situation but to me, I see this as noise and nothing serious. They might do some of their plans but save all this their noise, they don't have much to give to the world.

US dollar will remain a top tier, perhaps another currency will fight in the future but I don't think it is going anywhere soon. There are many memorandum that is still holding US relationship with many countries, any of them that tried to walk away will feel the pressure from them because US is smart for that matter, they only give you a deal that will only make you to beg them and stick to them for years and many decades.

I keep seeing anti-US and anti-USD threads regularly in this board these days which seem silly to a certain extent in my honest opinion since the US and USD aren't losing their respective dominant statuses anytime soon.

Anyone saying otherwise are just deluding themselves into believing the opposite frankly speaking.

USA is still the dominant power in the world but they are not unchallenged anymore. Not in economically or militarily. China emerges as one of the most influential actions alongside russia and their growth seems unstoppable. Also asian subcontinent is going to be the next financial hub of the world so there is a chance that most of the country in this region will agree on using their own currencies for cross border payments. I won't be surprise if they issue a common currencies that will be use for any kind of international trade.

The world needs larger degree of polarity to get rid of US dollar which seem more possible now than ever.
US has created a rigged financial system around the world that benefits itself with IMF and World Bank. In contemporary time, they are so desperate about getting money without doing any hardwork that they repeatedly disobeys the rule they have created.
This is leading to a multipolar world order where the financial treaties and valuation occurs bilaterally  or regionally. Not a currency would be accepted everywhere. And in those time of uncertainty, crypto would bridge the economies wherever it can.

It's a good thing if Bitcoin will be adopted globally. Add in if it became a legal tender. I am sure people are now going to use it directly. There is no conversion needed because IMO Bitcoin is better than any other currencies out there.

For now, I think many BTC users will convert their BTC to their own local currency, if they prefer to cash out it. There is no need to convert it to dollars first if they are not in the US countries because that will only be an added cost (you know the transaction fees when making each transaction). It's only okay if the fees are small but nowadays, it was high. For some, it's indeed that crypto is only an extra payment method. They don't see this as a replacement for the other.

That is delusional. FIAT is the one ingredient that makes society possible. 

Trade is direct, but most of the mutual settlements are in DOLLARS. They even calculate financial indicators in dollars
"Foreign trade turnover - $755.4 billion, including exports - $384.9 billion and imports - $370.5 billion."

Why do you think? The answer is extremely simple - because turnover in dollars is indicative, because it is an indicator of value. But for example, in the yuan, giving such indicators is numbers that no one understands and cannot be compared with anything.

By the way, let me remind you that in the global economy, where the dollar is the main currency, trade between countries is also direct. But the unit of calculation is the dollar, because... it is stable, transparent and you can buy any product on the world market for a dollar. Tell me, for example, what can you buy for yuan from India?

No I don't think so. The large part of BRICS countries trading directly among each other's using their own currencies makes sense. Why exchange something first into dollars and then back again? The motivation here is that the BRICS will trade more with each other and that the money they exchange will eventually be netted out. It just doesn't make any sense for the rest of the world to trade in BRICS currency, if they only buy a few things like commodities from them. Especially for western countries there would be a huge political backlash if they would suddenly accept large amounts of BRICS money, because either the money is not flowing freely and controlled by the government, or the whole government is not democratic enough. You can't promote and enforce laws at home and then turn a blind eye towards other countries. The only real alternative that would take over as the number one currency in the world to settle trade needs to be completely free.

Fiat will eventually fail. The problem is they're trying to use inflation to "inflate away" the debt, but actual markets can only deal with that for so long. They have the money printer; we don't.

Actually, you would be surprised on how much of control the United States has lost over the value of their currency, Thurs why they have tried to regain some of that control through the use of increasing interest rates.
Though, I agree with you that a complete replacement of the USD as a global currency is very unlikely to happen any time soon. Countries around the world have no intention or reason to ban the use of USd and exclude themselves off International Trading and commerce.

Even if BRICS decides to issue their own currency, they would have a long path ahead before accumulating the same degree of confidence and widespread use the USD has nowadays.
I don't know why so many people has been suggesting the end is near for the USA dollar, when it has managed to survive prior economical and political crises.

Probably. I can see the whole world gravitating towards other currencies on the market now that the US Dollar's showing signs of weakness but at the same time, it will take an enormous amount of time and power for the whole planet to actually be influenced into switching to another currency, and even then the topic of what currency they're going to replace the USD with is going to be up there, which I also suspect is the very reason why they haven't gone so far as to implement such strategies yet.

The Chinese Yuan is a good candidate for this, but the fact that they keep only to themselves and artificially deflate their economy by not allowing their 1% to cash out on their Chinese Yuan earnings would make it moot. Ruble is out of the discussion, and so is the British Pound. Dinar and Saudi's national currency could be great candidates for all I know but further research is needed to back this statement.

There is a possibility but I doubt that it will happen anytime soon.

Remember that USA is a hegemonic country- it has complete and absolute power over the value of its Dollar from all over the world. If you consider all other currencies, Dollar is the most dominant and consistent as its value retains or increases on some countries.

The only way that I think that can weaken the dollar is when countries will prohibit its transaction and circulation. Another thing, if you close its trade markets with international countries and companies, this will severely weaken its value, thereby another currency will take over.

While this situations may happen, I doubt that it will happen in the near future given that USA is still the dominant country in the whole world. They have access to at least everything when it comes to economic crisis, political wars, etc.

Sorry to say, I see no valid point here. You are the one who says that the global economy is being affected, are the BRICS not affected too? How can they now be the Messiah? You also said that cryptocurrency fees are high, even though it is that of BTC and Ethereum I can point to at the moment, so how is it saving the world again? Well, there is no miracle the BRICS would do, and mind you, many countries in the organization are also with the US alliance organizations, so there is nothing special about BRICS. It was only formed as to weaken the world power of the US and the Western allys which I believe seems to be working but it will not work since most of the countries there will only do double standard and some would be in core alliance with BRICS over time while others will be for the US organizationd of old.

But for the cryptocurrency, I think it is not as easy as you say, it has been used by many of the countries that are sanctionrd by the US and the Western allys but no country can entirely try cryptocurrency if they want their economy to grow. And if they create their own digital currency on a blockchain, it can't be as trustworthy for other countries since they will centralize it. That makes cryptocurrency to be problematic for them on its own.

This is where I think China has more than just an agenda in making the Yuan the BRICS currency for now. It makes sense still, but targeting it at the dollar so as to destroy any monopolistic plan behind the worlds dependence on the use of dollar for transactions, is one good way to combat its economic control over the world countries.

Shouldn't a new currency be created instead to be used as BRICS currency?

Although BRICS is thinking about launching its currency, the success of this happening is very limited because China is opting for the Yuan to trade, and so are the other main members.
The chances are that at some point in the future, the dollar's monopoly might get challenged, but they will not replace the USD until and unless there is a centralized currency for trade between the member nations.

I do agree that it is not going to be benefiting other nations when they use the dollar, but also the power of dollar came from the fact that it was a stable currency. In a world with so many nations that had destabilization, dollar was the single currency they knew they could count on.

Now I am not saying dollar is destabilized, because it is still the most powerful currency in the world, but also need to realize that they printed almost 50% of the dollars in the world at the last 5 years or so. That ain't normal for dollar standards, that changes things. This could make the developing or underdeveloped nations look out for BRICS currency, only if they can benefit from it, if they can't, then there is no point in changing teams at this moment.

I also don't have a problem if BRICS is able to displace the US dollar in the world trade and political arena so that almost all countries in the world will also see how this new condition occurs and the benefits will be felt by many people. But because the US dollar is firmly entrenched in the global trade and political sectors, of course the BRICS need time to fight to be able to shift the US dollar to all global sectors that have existed so far.

Indeed, to replace the Dollar takes a very long time. But even if the US USD is no longer a global currency. As a non-American, I don't see any problem at all, in fact I think this is a good breakthrough for the freedom of a country that no longer depends on the dollar, can use its own currency. BRISC is here to destroy the dollar monopoly system, because the dollar is one of the biggest reasons America has become a global superpower. Simply put, if the US dollar is no longer the most desired currency in the world, then the US will no longer be able to print money for free and suddenly its grip on global trade and politics loosens.

I don't buy the idea of BRICS countries creating a decentralized currency to replace the US dollar,their aim is to reduce the dependency and reliance of citizens on the usage of the US dollar.

The US dollar is still by far the most used currency and remains capable for conducting international businesses.My question is which better alternative can be reliable as the US dollar because If the new currency is not seen as being as stable or as liquid as the dollar, it could lead to economic instability and hinder financial transactions.Therefore it can lead to a big global economical crash which will make some countries find it difficult to regain their financial/economical stability.

It has became the standard of many countries and with BRICS, I think that it's going to take time with the Chinese Yuan being their main standard and flag bearer of this alliance.

I am for any change that's going to be beneficial for most people but as much as I can see, there's no clear winner here if the concern is all about the people.

These interests are just for their superpowers, economical boasts and status although citizens are affected but it's not all about the people.