Bitcoin Forum

I have watch analysis on YouTube by different economy think tank how the US dollars is getting weak by the day because of the ever rising USA national debt profile, they huge own the Chinese government trillions of dollars, the government of China has been asking USA government to pay them their debt, but they are not willing to pay. An analyst predicted that the US government is not going to pay China the debt, saying "should the US government offer to pay the trillions of dollars debt, it will spell doom to the US economy and further weaken the dollar or even bring it to its kneel". Because of the aforementioned economic saga, the Chinese government together with some other power blocks are willing to bye pass the US dollars during trade by dealing directly with their local currencies rather than the US dollars. In the recent times, the President of Russia has expressed the willingness to ditch the US dollars.

Should the US dollars greatly loss value and become less use by world economic powers, something else has to move in to replace the green paper(US dollars). Of course, the United States won't like to loss to any country, am thinking maybe the world could just adopt the bitcoin as the world reserve currency, since it's owned by no one and controlled by none.

Guys, what do you think, will the world likely be willing to adopt the bitcoin as the world currency in the event of the US dollars collapse?

The possibilities are there to adopt bitcoin but I don't think it is going to play the role of fiat also but solely as cryptocurrency or digital currency. But my question is to the last part of where you alluded that the US dollar is collapsing or in the event of its collapse. Please, how did you arrive at that analysis and conclusion?

And that is why also many analysts are saying it will be the third world countries who will be in top by now.
Regarding the effects on crypto currencies specially bitcoin, I do think there might be a large impact with it.
China have been known as one of the controversial countries regarding bitcoin. Negative or positive, whatever it is could all affect it.

There may be instances that group of people dont have any idea about it and will just be introduced because of its negative side, but there might be a positive outcome within it.

If the USD collapses the value of bitcoin will peak in a short. Even when USD is strong, we've reached massive growth in the past. Right now we require time, because it isn't that easy to make something go mainstream. From the beginning it has got high volatility which isn't suitable for a mainstream transaction medium. Bitcoin's glorious days can be experienced in this year.

if usd collapses there will be a "nasa coin" a "virgina coin" an "ohio coin" etc. and they will likely be dominated by either the euro, russian rouble or the chinese yuan.

In other words, there is really no guarantee that if ever there can be collapse of the dollar that people will be moving to Bitcoin in a big way. I am sure that cryptocurrency and Bitcoin for that matter can be benefited but it does not mean that there will be an outright shift to Bitcoin. Why? When there can be a collapse people will really be afraid and since Bitcoin is quite volatile there can be no love on the first sight. This is the reason why there is a big need to make things better for Bitcoin right now so that in the eventually of an economic chaos in the USA it is already ready to take advantage of that development. I am hoping to be wrong though.

The collapse of the USD doesn't automatically mean that the majority of people are going to move to bitcoin. While yes, some may do, but majority(especially the non tech-savvy people)? Probably not; though I definitely hope they give bitcoin a shot. My number one issue with this is bitcoin being stolen from the non tech-savvy simply because of the lack of knowledge in how to protect their funds.

It's highly unlikely that US dollars will collapse to such an extent where the world population need to find a replacement. However, even if anything of that sort happens, bitcoin is simply not be taken as a replacement of USD. Bitcoin network is not capable to handle such high volume. Also the decentralized nature of the network doesn't make it a good fit to replace a centralized fiat currency, the backbone of our financial system (the Banking cartel) won't let it happen. Rather they will resort to yellow metal if USD collapses. I don't see any hope for bitcoin in this situation.

I am a bitcoin and blockchain lover, but it doesn't stop me to speak about reality!

The fall of the USD doesn't necessarily translate to cryptocurrencies being the replacement qorld currency. Remember, we still have the CNY since the Chinese is also one of the superpowers of the world. I'd love to see bitcoin being utilized not only by normal persons but also by the governments as well, especially on using it on their reserves to replace dollar and co-exist with gold. Anyway, let's be real: no matter how much USD suffers, it'll stay here for far too long knowing how many heads are working together just to make the USD stay afloat amidst all the threats against it.

The interest of the USA might be different from other countries around the world concerning the adoption and acceptability of cryptocurrencies. Remember what happened years ago concerning the SEC and ETF, the question is; Who will control the digital currency? Who is likely to have the secrete data from the blockchain? remember, the world power are owning and likely to seek for bail-out fund; Will they just submit to Chinese or Russian to be in total control?

No Bitcoin wont be adopted by any country instead of its own currency.
They would not be able to control it because its decentralised.

Bitcoin at the moment wouldnt be able to handle all the transactions on
an hourly basis let alone a daily one.

The limited supply of bitcoin and not being able to "print more" is not a
desirable thing for a country looking to use it.

Nope, that's not the solution at all if there is inflation or something like this that could threaten a country's economic growth. Every currency must have and will experience the deepest level of decline in value. Here we prove that each currency can return to the value it should be, not to be divided but by continuing and working on things to make that value better at current condition.

I am not sure that the US dollar will collapse where we know that it is the strongest, yes maybe that is only a small decrease when in the future it will return to normal, Bitcoin is not the main solution to be a savior in any way, the nature of decentralization is very difficult for some countries are holding full and in control, don't be too hasty to see the price of Bitcoin soaring quickly, just waiting for time to talk about a very good and very good increase in the power of encouragement so it's not easy to just go down.

no!
simply because bitcoin is not ready for that kind of huge adoption surge. not to mention that something like that is not going to happen overnight. maybe in a couple of years, for example in 2015, we can see that happening but not before.
besides governments are not so keen on using something decentralized and out of their control. they prefer to use something they can control as much as possible and fiat is the thing to offer that. so if anything they will either switch to another fiat or start a centralized cryptocurrency copying the idea of bitcoin.

Bitcoin just slowly conquer the world. Next wave can be again 20000$ or even more. But we need to wait 1 or 2 year more or maybe just 6 months.

This topic belongs to the Economy sub-forum.
Anyway,you are underestimating the power of the USD economy.China wants to export goods to the USA,so they won't risk the US economy to collapse.Bitcoin isn't an alternative to the USD alone,bitcoin is an alternative to the entire fiat money financial system.

Bitcoin will first conquer the smaller economies like in south america and africa. After it is more widely accepted then bigger economies would be more accepting to bitcoins. USD will always be around, despite their trillions of dollars of debt

Most likely, we are going to this, that Bitcoin will become a world currency, many already consider it a world currency, and many are delighted with its independence despite the instability in the course. We are going to big changes, and not only in the economy, so it may well be that the dollar is pushed to the bottom of the scab.

Bitcoin total dollar equivalent is currently about $60 billion, although it has reached an all time high of over $200 billion. This is not sufficient to cater for reserves of nations of adopted.
There is the issue of scalability as well. Bitcoin is not yet matured as a currency to support the global financial system, and it doesn't need the dollar to collapse in order to get recognition.

There are so many possibility in this community and only the market can decide.
After all this currency were made for the people. they are the only one to decide whether the coin price will rise or not.
It will always depend on the market's demand and not to any speculation.

It will absolutely be very difficult for non tech-savvy people  to cope with the adoption of bitcoin having been used to fiat  and lack of knowledge in the transactions of btc is going to spell doom to them as you rightly said there are a lot of challenges ahead if possibly the US dollar is ditched for bitcoin and its subject to global recognition by counties willing to adopt it however that is going to be a plus for btc users if eventually China carried out their threat definitely the price of btc will pump.

Am still yet to get how the price of the dollar has any connection to the price rise of bitcoin.
The price of dollar is just a medium to evaluate or describe the price of bitcoin

Those are just assumptions. Do you really think USD is going to collapse quite easily? There are other countries that depends on the US fiat currency. Even if that happens, think about the people who knows less or nothing at all about bitcoin. They will be facing some hard time trying to understand its usage. Lets not hope that US dollar collapse as we don't want to see any kind of global crisis.

America will never ever replace usd with bitcoin. According to John Williams, bitcoin did not passed the requirements to become a currency. While USD is a 'currency' while bitcoin is a 'cryptocurrency'.

It's a matter of time for btc to be truly adopted world wide. But nobody knows when this will happen or how the price might fluctuate in the future,  no matter what crypto gurus/expert think.

All the crypto gurus are either sunning themselves on their private islands or are now working 3 jobs to pay back their trading losses and mortgages.

I think some people got greedy, so instead of investing $5k, then when it was worth $10k taking the initial $5k out, they let it all ride. Now it's worth $1k and they're regretting it.

obviously . usd is a symbol of american country while bitcoin is new and not an official currency . but many people keeps on saying that bitcoin will replace anything 

oh that was bad to hear but im going to disagree with him . if bitcoin didnt pass the requirements to become a currency then why we are still continuing to use it  as a currency ?

bitcoin and usd are both currency the only difference is that bitcoin is a virtual one and usd is a physical one  .

As of now we cannot predict the true outcome of the future. Still what we've been experiencing for the past three days gives a happiness. It isn't just because of the price increase, but a forward push has got initiated which has been expected to take place long back itself. Another thing is the crossing of $3500 price barrier. Hope this will continue to break $4000 at the earliest.

At the rate that the US government and citizens are going deeper into debt every year, they would need a Govcoin with a coin cap of 1,000,000,000,000,000,000 coins that can be divided into 1,000,000 smaller units.  :P 

Yes, I have seen some documentaries that has mentioned that a large amount of assets in the USA are owned by some Chinese companies and individuals from China. The Chinese will also lose a lot, if they decide to follow that route and stop trading with the USA as we saw with the latest trade wars.  ::)

I would have suggested the euro as a replacement but after brexit europe is looking like a weaker place. The chinese yuan is not an international currency, so bitcoin is a good candidate

This is possible because if USD falls. at some point the United States will look for currencies that are not owned or mobilized by a country and bitcoin is the option. I only have opinions but if this happens it will be extraordinary

The dollar is the US fiat currency...so I do not think that USA of all country will sit down with hands akimbo and watch it's currency fall .
It is just my opinion .
But should incase the dollar falls beyound expectations, bitcoin can  be considered  even though it wouldn't be able to replace Fiat and function maximally like one.

I still have much faith in Bitcoin because it's decentralized and people now want a more tailored and individual approach to their finances and also they feel freer having a stake in a currency that isn't controlled by any single entity. Although there will be subsequent blockchains and currencies much more developed technologically than Bitcoin, Bitcoin was the first of its kind and ideologically it is much loved by those who hail for freedom of thought and freedom-oriented people in general. I think that Bitcoin will still hold a place in many people's hearts well into the future and I hope one day my Son and his Kids if he ever has any, adopt this technology and embrace it as passionately as I have done.

China is collapsing faster than America. America's economic growth is the highest in the world right now. China can't hold 2% growth without lying.

But more accurately, the world economy is collapsing because fiat is flawed currency from the nationalistic early 1900s era. I think bitcoin will dominate, but it appears with Baakt etc that WallStreet fully intends to own the future.

No, the change will be too abrupt, what we are going to see next after the dollar falls is either a global currency backed by the strongest currencies around the world or we are going to begin to see countries keeping their reserves not only in dollars but in other currencies as well, at the end the effect will be the same but this system is going to be even more unstable and countries will face a decision and they will probably begin to back their currencies with gold and silver, but at that point it will be too late.

People will begin to see they have been lied and the system was designed to help the people at the top to remain at the top and when that happens the opportunity of bitcoin will finally come.

Everyday, Bitcoin takes leaps that could see it becoming a mainstream currency in the near future. On daily basis, we see national economies crumbling. Like the US, My country is also in huge debt which could cripple our economy in one swift move. When that happens, I want to be part of the next financial revolution. I know Bitcoin is the next big thing. It's only a matter of time now.

if your analysis turns out well then it is definitely a great thing for bitcoin as that means bitcoin will become fully adopted for countries all across the globe which will make its price pump up. well lets watch closely as events unfolds

Thinking Bitcoin will have an actual impact on this matter is INSANE to say the least.
While this blockchain tech applied to currency is new, fancy and very valuable. It won't be able to actually compete with fiat in the foreseeable future.

I don't think that USD will simply collapse though, there's too much at stake and I'm sure that US will prevent it because of the devastating effect it can bring not only to the country but through the world economics as well.

As much as we like bitcoin to be a single world currency, I don't think it not that very simple and would just happen overnight. I'm not saying it's not possible, but it would takes years to be accomplished, imho.

It's amazing to see that you think after the US dollar comes bitcoin.
I really doubt that optimism bitcoin has not yet gotten that acceptance to be the one to replace the US dollar if it crumbles

It seems to me that in your post there is just the answer to your question as to whether countries will be ready to accept Bitcoin as a world currency. I do not know whether this will happen or not, but the US will definitely oppose it. Now the dollar is the world currency and in the dollar pass more than 60% of all transactions in the world. The United States has the ability to buy goods abroad for dollars that have not been secured for a long time. Previously, the dollar was provided with gold, now it is provided with oil. To be precise, the agreement with Saudi Arabia, oil is sold in dollars. This was followed by all countries of the world, and now almost all oil is sold for dollars. If you deprive the United States of the privilege of settlements in the dollar on a global scale, the US economy will collapse.

Well of course US, won't let that happen. (USD to fall) but if that actually happens in the future, I don't think the one who'll replace it will let bitcoin be the currency. Why? Because it's decentralized. The government probably won't accept it since they will have no authority. Addition to that, it'll be hard because of its volatility.
About your analysis, it could be possible maybe through time? And when the society already accepted bitcoin worldwide.

Indeed we are compared to the start of bitcoin when only the enthusiast appreciate bitcoin and the blockchain when the day when it was launched. We have the opportunity now to see the adaption of bitcoin all over the world that makes us the few that knows might happen in the futures cryptocurrency transactions in all the industries around the world.

If the bitcoin was adopted as the world reserve currency, that would probably only happen in 10 years, so bitcoin has to prove that it can survive 10 years from now. Governments do not yet have laws on bitcoin and there is still no mass adoption. First we need clear regulations on bitcoin, then we will see the mass adoption and then maybe we will see bitcoin as the world reserve currency

There is much speculation as to where that price will go; most think it can only go up due to more interest--demand in this instance. An I completely support that.
Looking back into bitcoin cycles, it always shows fluctuations after a certain period of time and then comes back with a surprise.
It might not reach the moon in 2019 but the prices are definitely going to rise in 2019. Bitcoin might go on the top in 2020. It's going to take some time.

There are big possibilities that bitcoin will climb up again and retain its status before as there are so many great news in the community in different part of the world.
But we should wait more and lets see what will SEC do on the ETF. remember more demand and hold will get us quicker to what we are wishing for.

Well as a bitcoin enthusiastic, I support if the world want to make bitcoin into a reserve currency, but because its not own by anyone I afraid there will be a lot of manipulation in the price, which I think could be bad, but in other hands putting bitcoin as reserve currency could make the grow become significant and give easiness for everyone to use, I think there are more positive advantages if bitcoin is used as a reserve currency

If US think of this today then maybe they would realize that going to cryptocurrency would be the next best move for their dollars future before its too late.

Who knows what will happen next but it's obvious that digitalization is the big thing as of now.

Whenever there is a financial crisis, I think bitcoin's price will hit the top since people would rather invest in a developing currency rather than a weak currency.
If the content in the OP is true then there are very good chances that people will adopt the Bitcoin technology and will buy bitcoins when US dollar falls in price.
There are good chances for bitcoin to go to the top in future since financial crisis keeps happening from time to time.

Even fiat is being digitalized and yeah it seems that the future is primed for a digital revolution. But that'll take a longer time for me. The current system is where majority of our transactions are rooted. And a transition may take probably several years.

People would rather buy a developing currency you got that right but they would also buy a commodity like gold over this developing currency. In a big monetary crash people will dump fiat currencies and buy physical goods like gold and silver coins, bars, even cars because you can move them around and they retain value better than fiat.

I still think that people's view of the dollar and bitcoin is still different, especially for people who lack knowledge of technology, if the price of the dollar really collapses, I believe that people will replace it with fiat money in other countries, maybe yuan or euro. bitcoin is still considered a high-risk coin, and there are still many of them who consider bitcoin only a coin of investment assets not currency, so the conclusion of the collapse of the dollar does not guarantee that people switch completely to bitcoin because cryptos and fiat currencies can only be used side by side instead to replace each other.

It's possible n fact some US states have already passed a bill legalizing and treating cryptocurrency as money, I think 2 to 4 states have already done so and many more coming but it will still take some time before that happens and not at this market condition.

If US Dollar lossing the power, people will thinking about alternative currency and bitcoin can be that alternative. Current news, bitcoin can use for transaction without internet and i think it just waiting government regulation. If government regulate bitcoin, perhaps people who use bitcoin for transaction in merchant will rising

Yes, maybe they will use something similar to Ripple backed with something. But can take time to adopt some people arent that tech-savvy.

Bitocins glorious days might just not be close it will take more time than we think, bitcoin's glorious day was when it peaked to 20,000$ and I don't see that happening soon. Market isn't going very smooth I guess. So we might just have to wait for some time to see bitcoin coming back to its old days.

if other countries would bypass the usage of u.s dollar and instead use the bitcoin or other crypto currency as medium of payment this would generate huge price surge of crypto prices and i think this would much better than  using a u.s. dollar which run by only one government. bitcoin is decentralized and it is not controlled by any one unless  if you have plenty of it which i think china are also accumulating this coin and will pump anytime soon in the right time

It's true. Bitcoin is not here just waiting for an economy to collapse so it can be used. The goal of bitcoin is for the trustless transactions and convenience for the users. OP is downgrading the bitcoin with the scenario when it's supposed to be invented to be more than that.

While you are waiting for impossibility .my answer for the question is the world will accept bitcoin as worldwide currency without dollar being bypassed.

Long before cryptocurrency was born,USD is already here and even after crypto gone(though impossible also to haplen)this fiat woll still remain.so theres nothing to expect but the adoption of bitcoin will happen in iur generations

It looks like crypto is about to be an excuse to start political conflict. It's understandable USA likes to hold control of the situation but so the other parties. And perhaps soon currency issue might serve as another way of sanctioning each other.

I heard the news too from some source. US dollars is getting weaker it seems. It is more likely that China and Russia will lead to the rejection of dollars because we know how Russia's and China's are getting stronger each day. As for cryptocurrency. People won't migrate to Bitcoin immediately. Since the risk is still high enough, they won't do it but they will consider it.

We live in a debt-based economy and the debt keeps pilling up. US is chief when it comes to this , keep pilling up debt and raising the debt ceiling. Ideally this should make alternative currencies such as bitcoin much more powerful but governmemt seem to always play the smart one on everybody-suppressing the growth of bitcoin.Eventually, bitcoin will soar

the possibility of a collapse of the US dollar is very unlikely, because the dollar is an international currency and all countries when trade between countries must use dollars, this makes the position of the dollar very strong. if the dollar collapses then all the business world will collapse. if crypto has the potential to replace the dollar, it is only an alternative payment.

I agree with that. I don't really understand why a lot of people here seem to be very sure of a dollar collapse when the backlash of that can potentially be catastrophic and may take a long time before the economy can recover. I don't think crypto by itself can save us from that.