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When the pandemic hit, the US dollar was as mighty as ever. Despite talk of faltering American supremacy, the dollar ruled as the medium of international trade, the anchor against which other nations value their currencies, and the “reserve currency” most central banks hold as savings.
Before the US, only five powers had enjoyed the coveted “reserve currency” status, going back to the mid-1400s: Portugal, then Spain, the Netherlands, France and Britain. Those reigns lasted 94 years on average. At the start of 2020, the dollar’s run had endured 100 years. That would have been reason to question how much longer it could continue, but for one caveat: the lack of a successor.

Read the article @ https://www.ft.com/content/ea33b688-12e0-459c-80c5-2efba58e6f1a

At the time of writing this thread there was no paywall at Financial Times for this article  ;)

Bitcoin can certainly provide an alternative.  It is more likely that statism or authoritarianism (socialism, fascism, communism, totalitarianism etc) will undermine the dollar with bitcoin being there to pick up the pieces vs bitcoin causing it.

As soon as they start debasing fiat currency, it is lost.  

The dollar hasn't hit a century of being fiat yet, a reserve currency based on some objective value can last as long as the political class doesn't debase it.

Whether Bitcoin existed or not, the Dollar will end the Dollar's reign.    ::)

Fiat currencies don't last forever.  They can't.  With all debt-based money, eventual failure is an integral part of the recipe.  It's just how they function.  Some last longer than others, but they will all approach worthless at some point.

Fiat currencies won't last forever. But that is applicable for cryptocurrencies as well. The US Dollar has survived for more than two centuries, ever since it's introduction in 1792. Do you really think that any of the cryptocurrencies may last that long? Advancement in quantum computing will make the current technology for cryptocurrencies obsolete within the next few decades.

Maybe you read this article on Google Discover on your smartphone like I did? Otherwise, no subscription means no reading.

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I can only agree that the US dollar will come to an end to be the world's reserve currency, as the article states that it has happened with other currencies that once had that status (UK, Spain, Netherlands). However, it is not very likely that in the near future Bitcoin will be the one to end $ reign, because I don’t think most countries in the world will agree to use something they can’t control.


Well, not only will computer technology advance, it is to be expected that cryptocurrencies will also improve in the sense that they become resistant to new challenges. If someone today could say with certainty that in, say, 20-30 years, the security of Bitcoin will be compromised by quantum computers, how would that affect anyone who wants to invest in Bitcoin in the long run?

If you search only Bitcoin Discussion board for "quantum" you will get 5 pages of results, and in more or less everyone the conclusion is that Bitcoin will be able to cope with new security challenges.

Of course, it is very difficult to answer the question, but it seems that way. In fact, if we look at such widespread acceptance of digitalization in this pandemic era, Bitcoin could be the new ruler of the era. People now even make their calls digitally. Of course, digital currencies such as bitcoin will gain importance.

I do not know, I read it on my laptop yesterday not on my smartphone and now the article is under a paywall: I should have copied it here altogether.
About the dollar my only fear is that the end of the dollar means the end of the US supremacy which implies probably some war... ::)

For what reason do you think this could happen? It is strange to me that anyone really thinks that the US is preserving world peace while sending military forces to attack sovereign countries causing hundreds of thousands of deaths in the name of some kind of democracy. For me personally, it doesn't matter what happens to the dollar, it should only be a problem for the US - people need to start thinking about how to strengthen their national currencies and look for alternatives.

Can Bitcoin be an alternative, can the Euro become the world's new reserve currency, or will something else take this place?

More likely the Federal Reserve will end the Dollar's reign,by mass printing more dollars.
Anyway,the US dollar might not be a world's reserve currency after 10-20 years,but it will remain the national currency of USA,as long as USA continues to exist in the next centuries.
USA still has the strongest economy in the world,which means that the US dollar will still be very strong,even though it won't be a reserve currency for many central banks around the world..

People are different in their taste of the medium of transaction. Also, people hardly give up their habits. At the same time, there is so much centralized power that backs the dollars. It is a hard job to do to break the kingdom of USD. Yes, bitcoin or other cryptocurrencies have the potential of overcoming the dollar but unlikely it will happen in near future. It takes time for people and the financial system to adapt to changes. At some point in our lives, yes cryptocurrencies will end the reign of dollar.

^ In my own opinion, even though your question is a little bit tricky. Well, I don’t believe that bitcoin will end the dollar’s reign. We have to think that central banks that run the dollar have limited resources. Cause they don’t. What I believe is bitcoin can Co-exist with Dollars next big move. And that is running their currency in digital. This is what I strongly believe and I already made research about this.

We still haven't seen a single government using Bitcoin as a reserve currency, many of them haven't even fully legalized/regulated it. Without it, Bitcoin can't become a replacement for US dollar. Plus, US dollar is also a very popular method for international trade, and Bitcoin with its less than 1 million transactions per day simply can't scale for that. If US dollar had fallen today, some other fiat currency would take its spot, most likely Euro.

I think that dollar will destroy itself at some point. It will probably take another 100 years but at some point the inflation will make it so that you'll pay 100 USD for a coffee and buying a normal house will cost you millions.

At that point Bitcoin will probably be forked multiple times and worth millions of dollars per coin or completely forgotten. Whatever happens, it won't be soon.

Again, Bitcoin was never made to end Dollar, and even if it was better at dollar, it's still a currency that has its advantages. A coexistence between the two is more like it, but with Dollar adopting more and more of what Bitcoin is, all the while being under a centralized organization. The factor of it being under an organization is unavoidable imo, since the population of Earth has a herding tendency, in which we need someone to lead us, to literally let them handle most of the bothersome matters while others only do the most miscellaneous of tasks. Well, it may be different from the dollar that we know right now, but it would most likely just originate from the dollar itself and would be renamed just to show that the government has evolved and improved.

No, I don't think so. Bitcoin won't ever replace the US dollar as a reserve currency, if indeed it becomes one. That won't happen. Bitcoin might become a major global currency someday but for as long as governments and central banks exist, reserve currencies will always be fiat.

The US dollar will eventually lose its power as the top reserve currency but it will never be due to Bitcoin. Neither will Bitcoin be the next in rank.

Bitcoin still has some problems that cannot replace conventional currencies. In general, bitcoin only exists as an alternative currency, especially for digital currency. Bitcoin is considered to only fulfill several requirements for the function of the currency, namely only as a means of payment. Bitcoin has no underlying and is not centralized and is not regulated by anyone.

Although currently the use of the digital currency bitcoin has increased significantly, Bitcoin is still unable to replace the conventional currency. Bitcoin is only an alternative means of payment, bitcoin's very volatile nature is also a problem.

Not necessarily. I'm definitely not saying that the U.S. Dollar will reign forever, but the Zimbabwean Dollar and the Venezuelan Bolívar didn't necessarily implode due to not having a limited supply, but because their government/central bank intentionally or unintentionally fucked up their currency through hyperinflation.

Also, you can use Bitcoin without internet. Though probably not the best solution currently, it's still an alternative: https://blockstream.com/satellite/

Zimbabwe and Venezuela are special case, they have a lot of money supply because their government is incompetent and corrupt, I do think that if the increase in supply was planned and was efficient, it will bore different results. The other problem with bitcoin besides the accessibility is the inherent volatility that it possess, if the prices were as stable as a fiat currency, I think that the mass adoption for a reserve currency could have happened ten years ago.

Now you say this, I was thinking about the price of dollars nowadays. It just doesn't get up like the past few years. It remains on $1 = 48.2 PHP back on the days when I'm not using BTC yet, it won't go down from 50+ PHP now it doesn't have any impact to get up to that high price anymore. I wonder if it's gonna go down below that for the next few years then that would be the end of it I guess.

I personally don't think bitcoin has the power to end Dollars reign! It's too small compared to the US economy whose size is approximately 22 trillion. And if you look at the market cap of the entire crypto market, its only 625 billion USD. So bitcoin and the cryptos don't have the power to overcome the dollar supremacy in any way! Yes, bitcoin to some extent give financial freedom to the adopters and possibly end some dependencies on the banking system, but we still have a long way to go!

There is a reason for moving to a debt based economy, is to maintain the supremacy of US! China is trying to catch up but US is still far ahead in the game! So I don't see any reason for bitcoin to end Dollar's reign anytime soon!

Bitcoin won't end the dollar's reign, government policy will. It is not that Bitcoin is good, it is our system, where economics is being centrally planned, is bad, inefficient, and flawed. History made it evident that central planning simply doesn't work, no single party can know what to produce, in what time, in what quantities. Any government intervention distorts the real picture, market prices, it confuses both producer and consumer.

The same applies to money. Money is a measurement system, it is language, with the help of which the market is communicating. When central planners try to control and manage this language, what they do is change the meaning of words, add new letters to the alphabet, confuse everything. The market cannot communicate properly because language is broken. Bitcoin is a new language, they cannot control it, they cannot make changes in it, its alphabet is set in stone. It is up to the market to decide which language to speak. Hope we will come to the right decision.

That is not impossible but due to the fact that the economy and the government should save the country and its people, that would be difficult to happen. Of course, every nation wants it best for its country. The government officials, capitalists and even comonners will not let their country die. I have never encoubtered a fiat money lose its value because i think thats another material that would be symbolize the identity of a country.

Very nice comment! Especially the second paragraph! I will definitely use it to explain Bitcoin to some people around me, very simple to understand! And I completely agree with the last sentence, I would just add one thing, the market will decide and that means people, we are all part of the market!

If we follow that logic, Bitcoin won't end dollar's reign, people will do that! It's the end line! If the majority of people decide to use better language, that can help in setting up better communication, more trustworthy, that will be the end of the old languages! Traditionalist will try to hold their values, but they will not last long, new generations are coming, and new generations are digital as they can be...even before they make first steps!

I am not a Bitcoin maximalist! I give chances to some other amazing crypto projects that can really help in creating a better world! The world is big enough for Bitcoin and alts!

The status of the US dollar as the world's reserve currency, in my opinion, was not lost because of bitcoin. 

By the time the Covid-19 pandemic began, the idea of ​​globalism had already been discredited.  Large-scale US trade wars with Russia and China unfolded.  This undermined the status of the US dollar as the world's reserve currency.  Why did the US choose the path of isolationism?  It is difficult for me to answer this question ...

In 2008-2009 there was a global financial crisis.  Probably, the reasons for it have not been eliminated.  The problems of 2008 were solved with the help of unlimited money issue. 

It was after the 2008-2009 financial crisis that Satoshi Nakamoto created Bitcoin.  Perhaps Bitcoin will be able to eliminate the causes of the global financial crisis and make our world a better place.

https://media.tenor.com/images/b611f0cc41da32d3623500fc995698ac/tenor.gif

Bitcoin can be a global currency or could be a reserver currency but can't end any existing currency because the dollar is the monetary unit of western countries that is leading and powerful. It'll be only possible if this digital currency, bitcoin, influenced all of those countries that use dollar to make bitcoin as the primary currency.

The majority of the people in western countries use dollar and let's assume that some investors of cryptocurrency still use dollar for other transactions. So now, let's think about how bitcoin will reign if the dollar's influence is impossible to forget? You know it's hard, mate.

Also, think about those people or organization that still uses traditional transactions than digital? How can we influence them to use bitcoin?

For now it can be a good investment or as source of income when we do trading but once its supplies reached it can be use the way fiat use digitally or how mobile bank works. If many agencies or government will use it as a mode of payment it can influence more users to try and lessen the use of fiat.

How bitcoin could do this with so low TPS?

The dollar has endured for a number of years and even though there are challenges here and there, it kept enduring but nevertheless no one knows the future and what could possibly end the dollar reign. Nevertheless, on a more serious note, it would be hard for Bitcoin or any cryptocurrency to end the dollar's reign; it is true that Bitcoin is of great value and has been like that for years wherein its value and potential keeps increasing as seen by the interests of institutional investors etc, but yet it is right to understand that Bitcoin will act as an alternative to fiat, giving support in whichever way possible but not here to end the use of fiat or the reign of dollar, the United States will not allow it nor any country as well. Lastly, Bitcoin is highly decentralized, as it can't be controlled then no government will give it the power to end the use of their fiat.

I also think that Bitcoin represents a viable alternative as a reserve currency against the dollar. It has gained a lot of ground without a doubt but everything takes time so for now it is not marking the end of the dollar due to his dominance in the international market.
Unless everyone loses trust in the dollar and prefers to use bitcoin for their exchanges as some experts think.
Bitcoin in this pandemic has managed to raise its confidence among investors allowing advance to digital technology and the way we view finance. Now Bitcoin will make itself heard more globally.

As long as America is still a country with a strong economy, I still believe the US Dollar will survive and will still be used for international trade.
I also believe Bitcoin will not end the Dollar reign, because confidence in the US Dollar is still high. After all, the number of countries that accept
Bitcoin as payment is very small, so there is no way Bitcoin will replace the US Dollar. Bitcoin still has to prove that it can function like a fiat thing,
but the fact is Bitcoin is still widely used as a digital asset, compared as currency.

Nailed it buddy. Comparison of BTC to USD is very wrong at the first place. USD has a stable while BTC is so volatile, Besides the low TPS. BTC price volatility only shows that it can't be use as a normal currency that can be use for daily transaction. Normally people convert BTC to fiat at the moment transaction made to control the rate of the BTC.

I don't think so. Bitcoin becomes more popular as a store of wealth, but due to its decentralized nature Bitcoin won't be accepted by the governments. Digital Yuan has more chances to end the dollar dominance.

Yes bitcoin become popular as is, to those who really wants trading investing and of course because of it's price since bitcoin is in ATH. Government wants to accept bitcoin but in 1 condition they want to have a full power or control to it even it is decentralized i think they want to put a bigger tax since the price of bitcoin is higher, As you can see USD has more power than other currency since they had a total share of wealth and sharing to the countries which is dollar and not done by Yuan if ever this happens maybe euro is much more chances to dominance dollars since they are in rank 2, If you're going to see all the market cap dollar has its supremacy than other's since bitcoin is just starting its own and building more to become its best and maybe in the next 10-20 years this will happen.

You can keep saying about the dollar, but what I see is hodlers were telling the same in 2015 and became sodlers in 2017. So if you want to hide behind your finger then do that but you aren't convincing anyone. The dollar will still be what you are looking for, otherwise you wouldn't care about the price of Bitcoin but only for adoption and developments.
Were you a hodler? Did you sell at least half to have more dollar or euro whatever your currency is?

US does not have a strong economy in my opinion, they are more on having a strong foreign policy. It will survive because the capitalist that are behind the curtains pulling strings will not allow for the dollar to die. Let me put it this way, as long as the country has a strong foreign policy then it will survive. With the current market cap, I think that it will still be far from possible that we will be using bitcoin as a form of currency, as you said that it is an asset, I think more of it as barter system when we are buying products and services with bitcoin.

well its true that fiat currencies would not be here forever and online transactions are now promoted across the globe ,
but this doesn't points that BTC could possibly overcome the dollar domination in near future .
maybe  when the society is more advanced and people would treat  a highly fluctuating value crypto currency BTC for not just investment as it is being used now .
we can all admit that the fluctuating value has  made BTC more of an  asset than a crypto currency .

This is true, but as long as America is going strong its currency will continue to reign. It will last longer than any other fiat currency. Knowing Bitcoin's largest market is America, we can possibly say that Bitcoin might go along with the dollars reign and possibly go beyond dollar since its an international currency. Bitcoin can reach anywhere as long as there is internet. There is no limit unlike dollar which is limited to the growth of america.

Fiat currency existed way before the cryptocurrency entered the scene but it doesn't necessarily mean that bitcoin or other crypto cannot outrun or dominate it. For now, we know how strong the dollar currency is but time will come where bitcoin's reign will take over its position upon being the top and most powerful currency of the present. Technology keeps on innovating each day and time will come where a transition would take place in relation with the use of fiat currency into cryptocurrency, it might be near actually if we'll observe how the world runs today.

I am sure that the successor to the dollar has already appeared, the logic of history says that it permanently replaces the old system with a new system, and the time has come to end the old system, but the problem is that governments do not want this new successor, i.e. Bitcoin because it is decentralized and cannot be controlled by the government, so They are trying to find another alternative, and they may find it temporarily in the central digital currencies, as many governments such as China do, which have already begun to produce the digital yuan.

i don't think that it this possible for the cryptocurrency to eliminate the reign of the hard cash like dollar or pound. but it is possible that the whole market will shift to online business and trading because of the future globalization and increasing demands of online things.
but this may not be applicable to the whole world because of the lack of technological advancements. so it is not possible for online cryptocurrencies to end the dollar hard cash era.

For me it depends on the technology we embrace from physical to digital and it will evolve until the next trend and adoption of currencies. Nowadays, we are approaching to cashless so we don't yet what is next.

Fully converted to digitalization and cashless mode of payment? That is too early to think that. Fiat money will still there, only we have this cashless payment option to cut a long line and hassles but this is not enough to stop using it. Banks could be in trouble if that will happen and I don't think that they allow it nor the government will support such changes. 

Indeed, the era of a currency that was produced by nations could not easily collapse just because of the emergence of virtual currencies such as bitcoin, the government will not allow this alternative to happen, for a strong economic country like the US, they will stop bitcoin if it really threatens them. Besides, the knowledge about bitcoin is still very limited as you say, many people are still unclear about the use and purpose of bitcoin, even for bitcoin users, Bitcoin has always been a tool to invest and accumulate, widely used currency has never been a concept for bitcoin

The US dollars has been in reign for a very long time without any currency taking over, but surely it won't reign forever, it will be replaced by another currency but I don't think bitcoin will be the currency to put an end to the US dollar reign. Bitcoin is a digital currency which is controlled by no one and up till date it's still stand as a threat to many governments, it's obvious that many government will surely fight against bitcoin being the global currency

I think this is too early to say, global trade is happening in USD and is the strongest currency in the world and BTC will not and can not replace dollar in global trading. Bitcoin mass adaptation is still very far and with its volatility and limited supply it can never end USD reign.

to end it and replace the USD government would not be possible, that's an obvious fact. But Bitcoin is able to compete with FIAT and become an optional payment system to choose from. The mass adaptation of bitcoin is still not fully implemented, only a few companies are using it. As recently trending, Tesla bought $ 1.5 billion in bitcoins which then made the price of bitcoin rise drastically.
FIAT and Bitcoin will continue to co-exist, and regulations vary from country to country.

Bitcoin will not be able to take over the reign of the dollar...
USDT is a stable coin that is deliberately circulated as an alternative payment via cryptocurrency. but the thing that suits me is 'Bitcoin will take over the reign of gold'.

will never happen, because the government will not want to adopt something they have no control over. bitcoin will not be able to replace FIAT at any time. so forget about thinking like this. the government will go to great lengths to make their currency the number one choice, one way is to make crypto burdensome regulations, as it is today.

"Very little famous"? You are kidding right? It is no longer unknown. I bet almost everyone has heard about bitcoin. The news is everywhere. Social media, mainstream media, magazines and where ever you go, you will see and read about crypto currencies. Walk around a crowded city and you will see a Bitcoin ATMs one after another.
Big companies are investing in bitcoin. Well known and famed people are talking about it. It's no longer a "secret".
It won't. At least not in the next few decades.

Bitcoin can not end any currency, since bitcoin is as yet very little famous among us. Half of the world doesn't know what actually bitcoins is and those who know about bitcoin accuse it of a scam. Also, how would we purchase bitcoin if the cash gets end?. We won't be able to exchange. For me, dollars or any cash ought not to end. It might make a few issues and hurt the bitcoin itself as well.

I am of the opinion that bitcoin cannot and will not end dollars reign. At best, both will exist side by side, complementing each other.
One of your point of argument is that dollar is stronger because other currencies are pegged against it. You should, however, also realize that bitcoin itself is also pegged against the US dollar which give the dollar an edge over bitcoin.
Bitcoin can't also be number one currency as it's too young for that. Half of the world do not have a clue as to what bitcoin is and even half of those that know consider as scam. Bitcoin is still growing and maybe, just maybe, it might become the number one currency.

Quite plausible, although bitcoin is still a topic that is being covered by countries and is being talked about a lot on social networks but in general, things are still not correct, even many media are exaggerating about bitcoin, and when bitcoin faces a large currency community like the dollar, with support from the United States, it is difficult for bitcoin to have a chance of winning. Ultimately, bitcoin is just the source of digital currency investments, real values are not stable and accurate, it cannot live independently without the currency of the world, keeping the same position as now is better

Even if the whole world knows about bitcoin, there isn't enough for everyone and bitcoin has a big shoe to fill in if it were to replace dollar as a standard reserve currency for many countries, many will try to accumulate as much and there will be not enough bitcoin to go around. We need to realize that what we are asking is impossible to be honest, bitcoin replacing dollar is BS because bitcoin hitches its value on dollars.

Bitcoin will probably help or speed things up, hopefully replacing its reserve currency status, but even if bitcoin wasn't here, the dollar is toasting. You can replace a dollar with a fiat if you want..

This is true, hardly, almost every country mainly uses fiat, and because of how volatile Bitcoin is, I don't think that it can replace dollar, and with over centuries, USD has been existing ever since, although, with technology rapidly evolving, so does crypto, it's not impossible for Bitcoin to reign over dollar and fiat.

It's too early to say Bitcoin will end the dollar reign, because until now there are still many countries that haven't accepted Bitcoin as payment.
Moreover, the US Dollar is still the choice for international trade, so the popularity of the US Dollar is still above Bitcoin. Therefore I'm not sure
Bitcoin will end the dollar reign, a more plausible possibility Bitcoin will co-exist with the dollar. After all, the government can't possibly let Bitcoin
replace the dollar. But it's possible that in the future Bitcoin will end the dollar reign, but it takes a while for this to happen.

I hate to say this but Bitcoin will never replace the US dollar as the world’s reserve currency. Elon Musk’s Tesla did mention that they want to include Bitcoin in their balance sheet. The city mayor of Miami is also pushing for businesses to accept Bitcoin as well. It’s not easy for them to end the dollar’s reign though, and it will not happen very soon enough. 

Perhaps this will happen, but not as soon as we would like it to be. As someone wrote above, some countries have not yet accepted Bitcoin as a payment method, and this is indeed the problem. But I enjoy seeing that more and more people are talking about bitcoin, many companies are entering the crypto industry.

As i have also bet so, bitcoin do have its own significance in an area where it belongs but that doesn't mean that it will surpass or worst end the dollar's reign because dollar still a fiat currency. Though we couldn't predict when the dominance of dollar currency in the world market would lasts but still dollar was a fiat currency and it also excell in an are where it belongs. Maybe bitcoin could become one of the currency exists in the world hopefully.

We're really not sure about that. We all know how dollar lasted, and bitcoin, a cryptocurrency (we all do know that its price is unstable) will be reigning over it. Bitcoin is not even known yet by the whole world. It has a very long way to go before we can say the statement the OP has stated. There are lots of factors to consider before this can be concluded.

The thing that is for sure is that the bitcoin will not end the dollar reign and bitcoin will be just an alternative currency and will never be an main currency. I don't think that the reign of Dollars will end because if this happens then probably bitcoin will be not an efficient as like as before. Remember that bitcoin is also depending on dollar meaning the value of bitcoin is based on dollar so if dollar ends then the price of bitcoin may probably ends also.

Not any reason why make bitcoin end and replace by USDT because many investor looking most working way how to increase money and have the same function like bitcoin, I think USDT have any few percent price change but with using bitcoin you can get much profit and always have higher chance with bitcoin price change, you can check today, tomorrow or next year how bitcoin value from now.

It serve the purpose being use as alternative to this financial institutions, bitcoin will continue as it is, it won't
replace dollar maybe not for now.

If ever adoption take place, it will still needs lots of time before most people around the world will understand
this new system, for now the reign still the same for dollar.

Does it really need a successor? No it doesnt because dollar run wouldnt just endured 100 years but rather on upcoming decades and centuries to come as long government do exist.
In the mindset on believing that bitcoin is ending up on dollars reign then they should at least consider on comparing both things.There's no way for a digital currency(decentralized)
would ever replaced a thing that had been used and trusted up on very long years.
It not just right to presume up things about replacing stuff because in no matter what angle we do tend to check or see then those probabilities are nearly to 0%.

Think of it this way:

Parachutes generally don't crash planes.  Life rafts generally don't sink ships.  They're simply a means to escape the scene of the accident in relative safely.  Bitcoin is a bit like that, except not just for emergencies.  You can use it outside of a crisis too.

That said, depending on your stance, you could technically argue that the global financial crisis has been ongoing since 2007 and has shown no signs of abatement.  Maybe it's fair to say no one has ever used Bitcoin outside of an emergency?   ;D

The US dollar reign won't be forever as nothing under the earth or on this planet earth will last forever. In time to come, i mean in future there will be more alternative coins that will definitely top some of these top fiats currencies, though they might not be Bitcoin per se but something with finite supply and can be regulated by countries. Bitcoin can't be regulated, therefore countries are afraid in mingling with the technology.

It is hard to comprehend by our minds because a change in the global monetary system happens so rarely, but we must be aware of the fact that we have entered a new era. Fiat currencies and our current financial system is old and needs a major upgrade.

The change is needed as economies around the world are so fragile right now. Bitcoin and DeFi represent solutions to the reorganisation of monetary structures and debts around the world.

One of the most scariest things about Bitcoin and cryptocurrencies is the fact that it is a step into the unknown and uncertain. A lot of people that do support Bitcoin didn't at first. I didn't decide to get involved into Coinbase had first opened up its doors. Yes, I know, I missed the ticket to the moon, like many others before me. I do believe cryptocurrency may be the future of currency, because it is a paradigm shift in the way we do things in finance.

That won't be possible becasue the US dollars has world powers behind it. The only thing the dollar should be afraid of should be one of the fiats currency that will first make entrance into the digital currencies. Bitcoin won't bring an end to the dollar but will definitely help the currencies in future. Maybe war will be that which will bring the US dollar to an end IMO, but can't see that means which the war will erupt.

In my own observation about this situation, bitcoin to day has not enough power to supplanted dollar as the king or primary currency in the whole world, because dollor is more popular than bitcoin.

Bitcoin will supplanted dollar if all people in this world stop using dollars or even other local currency and use bitcoin as one and only currency , but I think i this thing will happen, maybe after more years and generation if the government pass a laws commanding their people to use bitcoin instead of using their local money.

In fact, we don't even know if the dollar will NOT last, it's been here for a period of time that's already longer than some economists predicted, it's truly been the first global money that everyone accepts everywhere (for good and for bad), and there is just so much interest in it I can't see it going away.

It's even still if you go to Bitcoin marketplace, everything still priced in dollars!

it's just a matter of time. or maybe dollar will perpetuate it's fiat status on the expense that it declines in exchange. bitcoin is a globally recognized currency and USDT is relatively fairer than dollar. we all know that America has printed multitudes of dollars, very sensational and dishonest. others countries will certainly try every means to dodge dollar and choose bitcoin!

emmm...I don't think dollar will be that strong as you said. since the authorities get crazy in money printing, they will know that dollar will devalue consequently. :( and other counties are not fools who still accept the current exchange rate...

The dollar will end the dollar's reign. Why would you hold dollars if it can be printed without limits ? Some countries are forced by the US to trade in dollars, oil producing countries for example, but I see this changing. There is no reason for the dollar to have any role when an European country buys something from the Middle East, for example.

I don't think, bitcoin will end the reign of Dollar. But what I know for sure is as time passes more adoption will be recorded. Covid-19 was a special catalyst to the increased in price.

I think no because the bitcoi currency is lack of authority no government can control the bitcoin unless government will ban it but i think bitcoin its hard to banned because of the potential of its It will never replace dollar because of many reasons.

Bitcoin may strike central bank obsolescence and destroy inflation barriers to make the social economy more flexible as a decentralized bank, but it will not be a measure to  annihilate money dollars.  The dollar remains the strongest fiat currency, the required coffers are creating retention and authority, it involves many governance issues in order to bring stability to the people.  The problem lies in the weakness of the banks in the process of stabilizing and maintaining the economy.

And if the US Government Seizes all bitcoin of all US citizens, and then backs the US $ with it,
then your conclusions of the dollar demise are void.   :D

I've seen you make some stupid posts before, but this one truly is special.  You really must be running out of arguments if this is the straw you're clutching at.  The infinitesimally small chance of this happening aside, there will never be enough bitcoins to back all the money they keep printing.

Is this even possible, US government seizing all the citizens bitcoin and backing it with dollar as bitcoin exists on wallets for which you can't tell who has or uses one following the anonymous nature of cryptocurrency investors.
Should the above scenario be possible, it could have serious effect on a negative base to bitcoin.
Well, dollar will always rain supreme being the resrved currency so long as America remains as world power.

Considering history is something you always been clueless too.
The fact that the US Government seized gold in the 1930s is beyond your limited understanding.

Also your failure to understand the number of bitcoin is not limited at all.
Bitcoin is inflated to the right side of the decimal so fools like you think their is a limited supply.
By having Bitcoin at 8 decimal places to the right of zero, this give the current bitcoin a 2.8 quadrillion supply of bitcoin not the 21 million supply that a moron such as yourself believes. In addition, moving even further to the right inflates bitcoin supply as moving to the 12 decimal place to right of zero (like LN is doing) increases the bitcoin supply to 28000 quadrillion supply.

So the US could print all day long while the adding decimals to the right of zero in bitcoin, and you still would be clueless.

---

In the US, KYC/AML are standard, and the majority of people purchased bitcoin from an exchange or used a credit card /debit card so there are records, easily accessible by the US Gov.
Bitcoin is not a anon , as they would have you believe, have you ever order a product or service with bitcoin to your home address, then you just linked your name to bitcoin address and all bitcoin address info is visible on the public blockchain.

Yes the dollar will always be the supreme reserved currency as at anytime , it could be backed by the resources that America could gain access too.  Not to mention, using a quantum computer to seize access of satoshi's bitcoins, if they set their minds to it.

 

Lately there has been a lot of talk about the fall of the dollar's hegemony as an international currency. In discussions, cryptocurrencies are very often touched upon as one of the ways to solve this problem, however, many analysts are wondering if cryptocurrencies are chosen as a replacement for the dollar, will cryptocurrencies be able to solve the same problems that the dollar had? This is a really very good question and probably at the moment no one can say for sure what will replace the dollar, maybe it will be BTC or other cryptocurrencies, or maybe the world will again return to currencies pegged to gold. All this is likely to become clear and we will find out what lies ahead.

Government can do the unimaginalble things.  That includes seizing properties and alike with a reason of something like they are doing it for the "people".  So yeah, the event like confiscating Bitcoin isn't far to happen.


I believe adding maximum supply for Bitcoin is very possible since it is only a program that anyone with authority can modify.  As long as developers reach a consensus of adding supply to it, then it will happen.  But adding 0 to the right after a decimal point won't change the fact that BTC has a 21m limit in numerical terms of being a whole number.


The first part is true but the latter part is kinda debatable since it is yet to happen.

Physical gold is far easier to seize than something like a seed phrase when employing encryption to its full potential.  I could disguise my private keys within images or other media and send them to any corner of the planet I choose.  Anyone who has had their BTC confiscated simply wasn't taking all the precautions they could have taken.



It is already well established that division does not create more of something.  If you believe you can prove otherwise, please do us all a favour and cut yourself in half.

Not all things will remain on their original position to last forever. Everything that we see right now are just temporary. Maybe those can make it in on a very long run but still certain limitations or ending will comes for everything changes through time. Now with Dollar, we cannot say that its reign will end because of Bitcoin's existence for crypto and fiat are two different types of currencies. Dollar will come to its end no matter what happen for it have already lasted for too long. It might get into extension and we cannot say whether it will sooner or later. Same concept applies with cryptocurrencies. Not all can be permanent but sure many things will just be temporary so better make good use and seize the moment.

Bitcoin won't be the end of it, but we are heading into a multipolar reserve currency world and crypto in general offers an interesting solution to that. Whether or not major countries decide to use it as such is an open question.

You seem to miss the point,  that if you are locked up in jail , you will give them what they want.
You are one of the nutjobs that think encryption will protect you , until they hit you with a wrench,


:D

Oh Dumb&mad,

When One Biological Cell Divides, after the division their are TWO.  https://medlineplus.gov/genetics/understanding/howgeneswork/cellsdivide/
Just because your limited mind can't comprehend bitcoin supply is increased by division does not change the reality, that it is.

FYI:  Simple Math for you.
1/½ = 2
1/¼=  4
1/.00000001        = 100000000          
1/.000000000001 = 1000000000000
See there, division does create more.  :D

During the pandemic, the US dollar was as mighty as ever. The dollar ruled as the medium of international trade and the reserved currency most central banks hold as savings. There are contenders. Europe had hope for the Euro, introduced in 1999. But the currency has failed to gain the world trust irrespective of the high value. The pandemic has made bitcoin sound like pure digital hype.   Surprisingly its price swings four times higher than gold.  From its launch in 2009, bitcoin builders have aspired to establish it as "digital gold." its price has more than quadrupled since March, making it one of the hottest investments of 2020.  Trusted or not, bitcoin will gain progress on its ambitions to replace the dollar as a medium of exchange. Moreover smaller businesses are starting to use bitcoin in international trade, particularly where dollars can be hard to come by or the local currency is unstable. And in recent weeks paypal and its venmo subsidiary have started storing bitcoin with an eye towards accepting it as payment next year.The Bitcoin surge may still prove to be a bubble, but even if it pops, this year's rush to cryptocurrencies should serve as a warning to government money printers especially the dollar.

The global economic development have shattered during the long shutdown, and slowly things have begun to change slowly. Everything in the world is temporary, and things will change slowly. Dollar has reached the position through its long journey. Bitcoin is in its very early days. The growth in the very short time period is the one that has made people to discuss about Bitcoin end the dollar's reign. When things change, we can expect big difference in the market. Maybe by that time we can have more advancement taking bitcoin to the mainstream usage.

The dollar and bitcoin are completely different concepts, bitcoin is a cryptocurrency, the dollar is fiat money, they have different purposes. It seems to me that Dolar will never win, we are already witnessing decades of his domination, I do not think that the government will so easily give up its world currency to Bitcoin, even if there are reasons for this.

They'd have to identify everyone first.  If they still haven't caught all the people engaged in illegal peer-to-peer filesharing and copyright infringement, what chance do you think they have of catching all users of Bitcoin?  They might catch a few and make an example of them, but they can't stop it completely.



FTFY

More pieces does not mean a larger quantity.  Were you educated at all?

If you can't understand your own simple math or what the quotients of your rudimentary formulae represent, then maybe you should go back to school (unless, of course, you are in fact a schoolkid of below-average intelligence, in which case you need to try harder in class).

dollar wont win against btc ? are you sure with that ? because your next sentence tells how great the dollar was . also if you think that dollar is different to btc why will you think that it cant win but actually bitcoin and dollar arent totally different because i think that they based the concept of btc to dollar ( not its centralize feature ) but because dollar is a money or a currency .

 to be clear both of them really have a little differences and that makes us choose if what side we are in so btc or usd cant really end each others live's  .

If you think about it, even if a country wanted to adopt BTC as its currency, it would be very difficult. Basically all people and companies in the country would have to change their current fiat money for BTC.

When there was the gold standard, in practice the dollar wasn't really backed by gold, it was just a convention that the bank would give you gold for your dollars. If people actually all tried to do it there would have been a problem. For Bitcoin to be adopted, you would need to do that.

Unless we go for some new paper money backed by bitcoin, that would be interesting.

It is a wonder , that you can tie your own shoes.

Yes Numb nuts, in the virtual world more pieces does increase supply.

One Bitcoin division by  .25            means their are 4 tradable pieces.
One Bitcoin division by  .00000001 means their are 100000000  tradable pieces

That is a increase in tradable supply of 99999996 pieces that can be sold or traded.

It is a shame you are just too fucking stupid to comprehend reality or math.

 8)

Let's pretend for a second that the US Government were completely insane and tried to do what you described.  It's hardly going to be a "backed" currency if they're constantly printing a greater number of dollars whilst at the same time dividing the number of bitcoins they're "backing" them with into smaller and smaller fractions.  Your entire premise is utterly moronic.  It would only serve to draw more attention to the fact that the value of the currency is constantly diminishing.  But please, keep arguing semantics about how fractions of a whole are magically greater than the whole.


//EDIT:


The whole point was that I'm not worried about them.  Your ridiculous scenario about the US was entirely lacking in logic, just like every other post you've ever made.  You couldn't make a valid point if your life depended on it.

What I believe, Bitcoin will not end the dollar's reign. No country wants to devalue its currency whether it's dollar or yuan. They will make Bitcoin an asset or commodity like Gold. I know people want to like it but this is true. Still, we want fiat to spend money not bitcoin. Bitcoin will compete with Gold, not with the dollar. They won't this happen as they will lose the superpower tag which I believe no country wants it. They are 2 countries that are competing right now USA and China and they will make sure that Bitcoin doesn't come their way. Also, normal people have no knowledge about Bitcoin, how it works. For them Fiat is everything.

 :D

US Government, will outlast you, so I suggest you quit worrying about them.  ;)

As far , using Division to increase supply,
you have to look no further than Lightning Network which is planing to allow 12 places to the right of the decimal instead of the standard 8.
Plus you already have some exchanges offering 9 places to the right of the decimal in the trading of some alt pairs with bitcoin.

So as usual, your fantasy world and reality have very little in common.

Might I suggest you just go cuddle with WindFury/Tman and quit interrupting the grown-ups when we are talking with your lack of understanding.  8)

Bitcoin is unlikely to replace the dollar as a global currency. This is also said by one of the highest rated analysts of foreign currencies.

The global currency is the one that facilitates cross-border trade, including investment and international debt markets. Global central banks hold foreign exchange currencies to protect against significant fluctuations in exchange rates, as well as in exchange rates. I think we are a long way from when Bitcoin will be able to do that.

If you look at bitcoin it is probably the best currency to replace any dominating currency for international trade and the only negative aspect you can tell is the high volatility and you cannot expect a currency to have really huge volatility and the traders will not trust anything that changes the valuation in a short period. If we overcome all those negatives then bitcoin could be a good alternative.

Bitcoin is a failure at transaction capacity because the core devs have limited it.

You can buy a $20 meal with the US dollar and not pay any transaction fees.
Bitcoin , you have to pay $20 plus a transaction fee of $5 to $20 dollars, only morons will do that.

US dollar has unlimited transaction capacity without paying a miner's variable transaction fees,
Bitcoin can't replace any fiat currency in it's present pitiful state.

As today's current situation, dollar decreased from its reigning value for over several years. Yet, Bitcoin's value rises above from what we've been expecting and take note that the pandemic is still active while bitcoin's spreading its supremacy as a digital currency. For me, the current situation tells us that there's a possibility for bitcoin to replace us dollar and still bitcoin needs to have more progress from time to time.

As I would see it, despite the fact that your inquiry is somewhat interesting. Indeed, I don't accept that bitcoin will end the dollar's rule. We need to believe that national banks that run the dollar have restricted assets. Cause they don't. What I accept is bitcoin can Coexist with the Dollar's next huge move. Furthermore, that is running their cash in computerized. This is the thing that I firmly accept and I previously made an examination about this.

Bitcoin can certainly give an elective. It is more likely that statism or dictatorship will weaken the dollar with bitcoin being there to choose up the pieces vs bitcoin causing it. As before long as they begin corrupting fiat cash, it is misplaced. Any kind of fiat still not old system of being fiat however,Before it there was barter system a save cash based on a few objective esteem can final as long as the political course doesn't degrade it.

As far as I know, dollar domination cannot be ended easily.  A lot of news has been circulating that China will issue digital yuan but I think it's too late because USDT (United States dollar) which is actually backed up with real dollars has been circulating in crypto markets.  So it will be very difficult to end the domination of the dollar for now.

China is known to have one of the most stable economy in the world following there productivity and all but then, its going to take a lot for either the Chinese Crypto Yuan nor bitcoin to take over from dollar. America would never allow that. Besides, the dollar reign as a reserved currency is backed by some gold reserve that keeps its value relative, a quality bitcoin itself represents as it's market has some synonymous relationship with the gold but then, cryptocurrency is still unwelcomed in some nations so, it being the reserved currency would simply mean general acceptance or some nation's won't be having reserves.

No doubt that today dollar is a global currency and it rules the economy of many countries as well as today BTC is far from becoming a dominant currency that can replace dollar. Think that can happen only if dollar will hyper-inflate and the world central bank can do nothing with this. In such case BTC can help because it's limited so it can’t inflate. Nevertheless I can hardly imagine how all that will work worldwide so as there is too little amount of BTC in comparison to seven billions of people.