Bitcoin Forum

During the heavy boom of bitcoin last year, when it went to $20,000ATH. I had a thought within me if countries that normally rely on US dollars for their international transactions could crash the dollar in their country when the government agree to direct bitcoin conversions to the fiat of any nations her citizens where going to import goods and services from instead of first converting to dollars and at the point of purchase, they convert back to the other country's currency for onward purchase.

For example, Nigeria is a country that relies heavily on imported goods from other countries since the country is riddled with ineffective government officials. They usually will put pressure on the US dollars forcing their local currency called Naira to fall heavily against the US dollars and other major currencies of the world. However, the naira is been supported or pegged from dramatic free fall in the FX market by defending it with sales from crude oil which the country has in abundance but been mismanaged, as I write, the country has no functional petroleum refinery, so they depend on imported petroleum products majorly from the UK.

Now, my question is that is it possible for the country's naira to strengthen against the dollars when they limit by 80% their dependent on the US dollars and allow business men to adopt bitcoin as means of international transactions?  I want to hear from you.

This really seems an impossible feat to achieve in the long run. Also this seems to be a bad idea for the market rather than something good instead.

Actually this is not possible; at least in the short run it is totally impossible. You cannot reduce your dependence overnight. Moreover such sudden limits will also worse the situation of this country. Allowing crypto currency will have impact but it will need time to see its significance.

Bitcoin is the digital currency of of upcoming digital world. It’s so popular already among the peoples worldwide which has almost 0% fees. So it can be possible by Btc to beat fiat money one day.

It is not so easy to crash and in fact it is impossible now to do. Moreover such restriction will not prove beneficial for this country as it has so much dependence on these US dollars. It needs to take some long term decision to change the situation or reduce the dependence.

I don’t think there is any way to crash USD by Btc. Btc is rising against USD but USD is not falling against it. Bitcoin and dollar both will exist side by side and the govt. will take their fees from in their issued money.

Well, while it's too early to talk about such an outcome of events, it is theoretically possible. Bitcoin is too weak (due to extremely modest capitalization). However, it can change quite a bit during a certain amount of time. And already under such conditions, the dollar may change to bitcoin. So we will observe.

This will be near impossible in the short run to be achieved to be honest. Dependency cannot be lowered down overnight. This will in fact worsen the overall of the economy. To have an impact we need some time to let the significance sink in.

 As I predict it can be possible  for bitcoin to crash us dollar. The prices of bitcoin will be upward within a short time so I believe that it is possible. It can adopt if prices will stable in a good rate.

I hope that someday a decentralized cryptocurrency like Bitcoin takes out the dollar. The “common man” will certainly benefit from that. But don't get too excited we are a long way from taking out the government’s filthy mammon.

The answer is yes, Bitcoin has the ability to make US dollar crash but there are a lot of 'buts' and 'ifs' that we will require to answer that question. Firstly the mass adoption is required and also the government taking the risk of crashing it's own currency should be there for Bitcoin to triumph over Dollar.

I think it might do so if bitcoin can be easily spent

A country like Nigeria cannot solely cause the crash of U.S dollar. Huge amount of support is needed and a lot more countries need to boycott Dollar in order to make it crash. The case with Bitcoin is very similar. People need to adopt Bitcoin on a mass scale otherwise crashing U.S dollar is not possible.

Naira, the currency of Nigeria is not as strong as U.S Dollar. So, it is easier for it to go down when people are opting to use dollar instead of Naira. But, using Naira, abandoning USD won't make much difference to the reputation and price of U.S dollars. Same goes for Bitcoin, if it rises beyond the popularity of USD they it can definitely take it down.

Day by day bitcoin is becoming more popular around the world,that it can be a regular need later for everyone. Though there are many country who has accepted bitcoin for exchanging currency, there will be more to go.

The future is not so far when people will exchange local currency with bitcoin. Recently some banks of Europe has been started accepting bitcoin. Soon there will be more bank who will follow them.

No it can't crash or affect the dollar because they are bith different in nature, btc  is digital currency while dollars is fiat, making use of our btc on trading will only end up cashing out in dollars and use for our routine as btc cant be accepted physically like dollars.

this has always been a bothering and cosistent question, and i believe there is nothing like bitcoin crashing the USD or Replacing it. bitcoin is simply going to be an adoption and when its integrated into the world by general acceptance it will be used a s curency and every other one will also remain. so one wont crash another.

Yes I think it would be take effect on Dollars as well as Gold price will falling but Digital money adoption is a smart move for all of us. We are in 21st century and need to change the way we spend money and live. Time is come so we have to be unite and take a part in this revolutionary currency BITCOIN by the creator of this forum!  8)

I think the need is now becoming more realistic among the people. Bitcoin is becoming more popular day by day. One day it will be a local currency like dollar and euro.

Bitcoin for now is the infamous currency because of the high value of it and it easy to use because it is very easy to use and convet it in many currency , Bitcoin can be used as main currency of the world and the dollar will stop using as global currency.

and I believe that bitcoin will not be the dominant currency. I'm sure that I will come up with another more interesting crypto currency - as the main payment system

Will be 2 dollars:
1. Dollar for USA
2. International Dollar
Trump will make cash exchange in 7 days only for USA residents, deposits will be translated with some rules.
Then International Dollar crash about 10000X

Possibly. It will happen anytime soon. The only way it could crash the US dollar would be if most Americans adopted Bit Coin and stopped using the Dollar.  Very few people understand what Bit Coin is or what it does. Even fewer are willing to buy it or use it for transactions. Also, if global trades start using bitcoin then that will big hit to dollar.
I hope that someday a decentralized BitCoin takes out the dollar. The “common man” will certainly benefit from that. But don't get too excited we are a long way from taking out the government’s filthy mammon.