Topic: Will the world soon become tired of the US dollar? - page 6. (Read 1080 times)

Not so easy.  BRICS has been introduced in few countries. I don't think in the current situation the dollar will suffer because of it. They are far from being introduced in their own country, but gaining recognition in the global market.  Some countries are completely against BRICS.  So there is nothing to think about it.  BRICS expansion is long overdue.

I don't look into this situation in a way with says that the world is tired of US dollars. It's not really easy. Even though bricks countries accounts for 28% of the global trade, majority of it are being settled using US dollar. So the dominance of US dollar is still there.

But personally I believe that countries are trying to find ways to reduce their dependency on US dollar. For example, India and Saudi Arabia has started oil trade in local currency. I am sure that more countries will join this band wagon soon. But my fear is that US will then start using war to maintain their dominance. That is not going to be good for the world.

They are fighting against use dollar and this cause another cold war in the world. But we must say the truth, dollar is the cause of the inflation in the world. We are about to die finished because of the inflation in my location and when you ask them why, they would say it is because of the high dollar rate. And because of that they are are increasing their goods to meet up the high cost of things from the warehouse. And as it is I am not in support of dollar. Dollar being the giant currency in the world would have making things easy for the poor countries to use but they are trying to control the currencies of the poor countries.

But BRICS cannot take over dollar because even cryptocurrency I snot using it and cryptocurrency is an alternative digital currency to the dollar. But when BRICS has strong influence in their jurisdictions then dollar rate will reduce in those countries.

I don't think the dollar will weaken against the BRICS currency anytime soon. And even if it ever happens in the future, we still have to wait a few ages. It is true if you look at the history, it will be seen that never a nation or state could hold power forever, power changes with time. As such, I can say that we may see another currency in the near future instead of the USD.
But for now I don't think it's possible yet. It is true that a good percentage of the world's economy has joined bricks, but I don't think it will be possible because most of the countries that support Bricks are under-development countries.So for now what I can say is yes bricks will a good competition with Dollar.

If that happens, we will see World War 3.

It start from invasion to gather more power, there are two big nations in the end which are the East and the West.

US will not being silent if the East are using BRICS instead of USD because US is always want to control and dominating the whole nations.

Different people will have a different problem, for people who live in Zimbabwe or Venezuela, it's definitely better to hold in USD, but the problem wasn't solved yet since USD is an inflationary asset too.

There are more than 65 countries peg their currencies to dollar and we all know that majority of the worlds trade were in dollars so I think this makes any sense.

Well, cryptocurrencies has a lot of potentials nowadays or even in the future but enthusiasts only trust Bitcoin and BRICS countries may have millions of it on their possession as we all know they have trust issues of their own and this is the reason why they possibly have Bitcoin as contingency funds. One thing is that people don't like centralized digital currency that is controlled by these oligarchs.

I can describe it as the wound of an arrow shot into everyone's leg. If you want to pull it out, it will definitely hurt and hurt, but you have to pull it out. Similar to the influence of the USD in the economy, it is deeply ingrained in many countries and the overall influence is huge, so the change to independence is a long process for us to take a stance and adapt to change. I see in recent years the economic growth of some new regions and the weakening of places where they were previously considered centers, perhaps a more balanced distribution on a large scale.
Although there will be disagreements and competition or conflicts, there will come a time when we will all have harmony.

Way too simplified, they are all sellers, for a business to work out well you need also buyers. Most people hating the $ don't know that there are many people seeing it as a currency worth saving in. Zimbabwe, Venezuela come to mind. 

Up until now, I haven't seen any official statement from any BRIC spoke person that they want to make their own currency. But even now, some of the BRIC countries already not using USD for trading among themself, they use their own national currency. And I doubt that for now any country would use cryptocurrency for bilateral trading.

And I personally don't think that BRIC need their own unified currency, it will be redundant moreover if it will only be used on interna BRIC countries transaction, and not to other countries outside of BRIC.

The BRICS economies (Brazil, Russia, India, China, and South Africa) are growing in influence it is unlikely that the USD will soon stop being the world reserve currency. The USD's status is rooted in the stability of the US economy, its huge financial markets & the mass use of the currency in international trade. Cryptocurrencies are gaining popularity they are still relatively new & face regulatory challenges. It would require significant shifts in global economic dynamics, financial & political agreements for the USD to be replaced as the world reserve currency in the near future.

If we are to go by this analogy, how many altcoins have been able to do this, do you know how many shitcoins that people said would be the "next Bitcoin", but right now they are either worthless or completely out of the market.
Mind you that the "BRICS countries" do not have a unified currency, all member nations have their individual currencies, so amongst these currencies, which do you think is going to render the dollar "dead" and become the world's reserve currency?

I wouldn't consider multimillion dollar soccer star transfers an "investment". The rich countries in the Persian gulf are trying to build a tourist industry, but who is going to visit those destinations? Mostly Americans and Europeans, who are paying with dollars and euro.
It's normal for the US dollar to be facing a global decline in transactions. The world is moving towards a financial system, that won't be dominated by one or two currencies. National currency settlements might be replacing the US dollar. The BRCIS currency is still a concept.
I don't believe that cryptocurrencies will be mass adopted as a payment method in international import/export transactions.

The BRICS nations now control a large part of global GDP, signaling a shift. Watching Saudi Arabia and the UAE diversify their economies with such ambition Their sports, tourism, and infrastructure expenditures are changing their global stature. Diversification and the growth of BRICS (Iran, Egypt, and Ethiopia) change the global economic balance. Could this be the start of a more diversified global economy with less dollar-dependence?

Cryptocurrencies are a new asset class that challenges traditional finance. We like their decentralization and financial inclusion potential. Let's not ignore the obstacles. Cryptocurrencies face regulatory acceptability, volatility, and security difficulties. Are they ready to replace the dollar? Perhaps not now. They're part of a bigger discussion about money and global finance's future. A world where digital currencies are important alongside the dollar is becoming more likely. The US dollar's supremacy is unlikely to change, but the financial landscape is becoming more complex. This change is interesting and surprising

I think that's a narrow-minded perspective. What BRICS is doing with maybe making a new reserve currency isn't about kicking the dollar out completely.  Its about having options so the dollar isn't the only thing holding everything up.  Sure the dollar would still play a big role but taking some pressure off it could make the whole system less fragile.

Having everything tied to the dollar might seem convenient, but it opens up countries to get slammed whenever the U.S.  changes stuff with the dollar's value.  If things get too connected, problems can spread easy.  I think countries want to have a backup plan if the dollar takes a hit one day.  Spreading things around more means there's less chance of a crisis spreading everywhere.  More tools in the toolbox, you know? That's how Im seeing BRICS' motivations anyway.



Only shitcoins and fork coins want to compete with Bitcoin for the top spot, legitimate cryptos have their own use cases that are not meant to compete against Bitcoin.

The US dollar has a strong argument in such a case because as rightly said, it is the world's most used currency both for international and with national boundaries.
What the BRICS countries by my thoughts are simply doing is nothing more than creating an alternative to an almost monopolized dollar currency, with the hopes that the currency would compete with the dollar, thus dropping or restricting the power it has over the world economy.
It is just like other cryptos are doing to compete against Bitcoin for top most valuable coin of the future.

No! When you talk of "BRICS currency" you're talking about the individual currencies of the member nations, and TBH none of them is stronger than the dollar, and neither do any of these member nations have a better economy than the U.S. economy. The dollar isn't going to go into oblivion as some people envisage (or rather just wish). Do not believe the propaganda that is being spread about the U.S. and the U.S. dollar, there is no currency that is as yet fit to replace it as the world's reserve currency.

Go tot the market place section on this forum:
https://bitcointalk.org/index.php?board=5.0

Count the numbers of topics that are about payments in $ and the numbers of topics with payment in Brics shitcurrencies!
Then substract the brics ones from the dollars one, which is pretty simple since the brics one is zero!
The result is the numbers of years you're going to have to wait for something to replace the $! 


As per responses,  the forum is already tired of these!
Everyone here knows the price of one BTC is $45k but less than 1% know what's the price in those alternative currencies if it's not their national one.
The dollar is here to stay no matter how much the russian and chinese propaganda wants it dead!

Don't you people get tired of this propaganda? Every day we see new questions like this. Some even claim the US dollar is dead. Why does everything have to be exaggerated this much?

Are the BRICS countries going to have one currency that all member states can use freely across borders? Or they're still going to use their local currencies.
No single country in BRICS has a currency with a higher value than the dollar, but apparently, it's only the dollar that's dying. Even the Chinese yuan does not have more value than the dollar and this is the dollar at its lowest apparently. The dollar at its lowest still has more value than the Chinese yuan at its strongest.

All I see is failed countries looking for who to blame for their misfortune and China is exploiting that. Why do you ask a sovereign country allow the US and it's dollar to have that much control over you? If you build your currency to be higher than the dollar would you feel that much burden in the international market?

Currently, countries would still choose the dollar as their reserve currency over the yuan. Let's not make it look like only the American economy is facing challenges and exaggerate alone, China and Russia have their issues they're also dealing with.
This is simply a fight for who to come out on top,  don't for a second think any one of them cares about other countries more.

To answer your question, if I were to choose between $100 and ¥100, every one of us here would pick $100.
If I had to choose between $100 and ¥710 (the worth of $100) I'd still choose $100 because if I want to hold it, the dollar will increase by more % than the yuan and if I want to sell it, the dollar would be easier to sell at a good price.

Dollar dominance may weaken over time. But still the dollar will be really needed for international and world transactions. Even in crypto itself, we are used to US dollars. So it is very difficult to get rid of our habit of dependence on the US dollar. But we don't know if that is 20 years later from now. Maybe the world will change. Likewise in the global economic order. We don't even know whether BRICS will get stronger at that time or weaken again. But what I can say in the near term is that the Dollar will still remain strong and people will not get bored quickly. But in the long term maybe that can happen.

Because both of them might just not be backed by any gold then there shouldn't be any reason to use both at all. Yet here we are using USD and then sooner some of the people in the BRICS  countries may also use their own.

The world will not be tired of USD, but I think the East will use the BRICS currency while the West will use the USD. We're witnessing Argentina where President Milei follows the same path as El Salvador using the USD abandoning their own currency.