Bitcoin Forum

Let me know your opinion you think USD will overtake eventually the USD dollar? 
I don't think it rational if you have more opinion explain why it an take?

I don't think we actually know how many dollars there are in expistance - many dollars also only exist virtually and have been minted by a lot of different places.

$45k is already higher than 1 though too in unit value.
We do also know how many bitcoins there are though too and everything is a lot more transparent.

I truly believe that it goes without saying that the Bitcoin will definitely overtake the USD Dollar. Why? The reason is quite simple. Bitcoin is deflationary while the USD is inflationary. Bitcoin has a limited amount that can be mined, the USD can be printed infinitely. Bitcoin has been growing in price, the dollar is  becoming worthless and in the future will become completely irrelevant.

Once the US collapses under its own inhumane system of greed and corruption, the USD Dollar will no longer be the "world currency".

What do you mean overtake? Bitcoin has limited supply so that alone tell us that it can't go and overtake any fiat for that matter.

So the answer is NO, there will be no overtaking, what we will have is like taking advantage of both fiat and bitcoin.

Just like the above user, I want to know what you mean by overtake.

If by overtake you mean that the number of Bitcoin users will surpass that of USD users, it eventually will. Time will come when Bitcoin will be used as an alternative currency in almost, if not all, countries in the world. The USD, on the other hand, is accepted in day to day transactions in very limited countries.

If by overtake you mean that Bitcoin will dethrone USD in the US, that's not going to happen. USD will stay. It may cease to be a global reserve currency in the centuries to come, but it will not be replaced by Bitcoin as the official currency of the US. It may take several forms but it will never die because of Bitcoin.

Be more specific — overtake by what metric?

If you meant by adoption, then I think it's highly unlikely. Highly more likely for bitcoin to be an asset that people hold in their portfolios than an asset that everyone actually pays with; or at least not any time soon.

its like asking 'can the Euro overtake the dollar'
its like asking 'can the Yuan overtake the dollar'

well the euro is used buy 448mill EU population
the US dollar is used by 330m population
heck the chinese yuan is used by 1400mill population

yet dollar reigns supreme still

heck. even with bitcoin. majority still 'tether' it and price it to the US dollar
im in the UK, i use pound (when not using btc) and yet the exchange rate i have to follow for the btc is the US dollar.
whereby the 'pound' exchange is a second hop of the markets

if there was an influx of british btc buyers. it wont cause a disparity on the dollar/pound rate where the pound rate moves up separate from the dollar.
because the pound rate is not separate from the dollar. its all involved with each other where the pound is just a calculation of a dollar market, not a actual separate market

(coinbase pro markets for btc-usd and btc gbp are the same candle green and reds. exact same shape market line)

Yes, there is a possibility. Just as the Internet is taking over as the main news and music channel from traditional TV and radio, so too will bitcoin overtake fiat or the dollar in a long process as it is still too early and no one will know what the future holds. But the signs are already starting to show.
nothing is impossible in the advancement of technology or anything in the 20 years and above can happen, or it could be the other way around. Just enjoy the journey while we can still enjoy it and live it while we are still around, and even if it happens or not, we don't know if we are still around. ???

I don't think that's going to happen. The network effect of USD is simply huge. It is like comparing the size of an apple to the Empire State building. The governments don't give up on their power to create money neither. If you think the governments will collapse and bitcoin will take over, well that's a nice dream to have.

Maybe you have heard of the crypto influencer speculating BTC could become a reserve currency which if it's going to be, maybe Bitcoin can overtake USD. Hard to believe.

USD might be overtaken by another fiat like EUR or CNY but not BTC. Just as how other currencies are debased by other currencies like the PESO that was debased. BTC is not for the government so BTC is always going to be the people's money.

Bitcoin will not take over the USD but the usage of fiat money (USD) may decrease over time as people start to use crypto more as a medium of exchange. However, since the government does not encourage the use of bitcoin, it may take many more years until the USD become completely obsolete.

No, bitcoin cannot overtake USD dollar because bitcoin is a decentralized currency created by Satoshi to help the world to eliminate errors and delay from users transaction. USD dollar is a centralized currency  owned and manage by the government.

The reason why decentralized currency cannot overtake centralized currency because bitcoin is a digital currency that has to be carry out through internet before it can be successful in transaction. Bitcoin is unpredictable to in the world which no body know when it will pump in the community and when it will dump in the community for people to buy and hold for future profit making. Bitcoin is not remote by any government like the way USD dollar be remote by their government for international investors to feel the impact of fiat money in their businesses.

You need to tell what exactly do you mean because overtaking does not fit in this context like of value, adoption, supply or what?

Bitcoin is set-up as an alternate to these inflatable fiat currencies which could end the centralised authority but if you say it could overtake them in terms of usage then USD is most strongest currency and widely used in global trade which is why for btc it's not possible to completely dilute its usage but it can reduce the impact.So there are many possibilities of what you might be asking so be clear about it.

Bitcoin, as the only decentralized money, is not going to overtake centralized money aka fiat of any kind. It will eventually reach mass adoption and some day it is possible that everywhere you go you could pay with bitcoin but fiat will continue to exist and dominate the payment world simply because we are living in a centralized world with a centralized government that is not going to change any time soon because there is no alternative.

If this is about value of bitcoin going above $1, then it happened ten years back itself. In Feb 2011 the price of bitcoin reached $1. Further it have risen slowly and has experienced market fluctuations to reach the current price.

If this is about bitcoin taking over the position of USD, then it won't happen for now or within specific time period. Right now bitcoin have got good level of acceptance compared to the past, but the same doesn't make it a mainstream currency. For now it serves as an alternate to USD/other traditional fiat. Maybe with the upcoming generations scenario might change as everything is getting much associated with technology.

That's a paradox to be honest, if bitcoin reaches global adoption then that only means that either fiat isn't as trustworthy to use anymore so they resort to using that as a means of payment, I think that there's little to no compromise between the two unless the government makes a way to have bitcoin coexist with bitcoin which I doubt is not going to happen.

Although I see the logic of your argument, I do not agree with it, as it is not supported by history.

The closest thing to Bitcoin that we can see historically is gold, and gold did not eliminate fiat currencies. It was the other way around, in the old days gold was used as a currency and stopped being used only as a store of value. By Gresham's law, when a valuable currency and another with little value coexist, people spend the one with little value and tend to keep the one with value. So, I think that what you express in your argument is more a wish than anything else.

I think before anybody can talk about Bitcoin overtaking any kind of fiat money,,, it must have the same characteristics that show USD use.

Everybody even outside the US demands or charges things in US dollar. Even people who use euro in national and Europe, if they bill people online or they talk about cost they equivalent it to US dollar. Never Bitcoin to what I can see except in pure crypto circles.

It's kind of unclear what overtake what you mean OP. If it was something along the lines of the general idea of Bitcoin standing above USD, then no, it won't. I've always believed in Bitcoin being an additional option/asset like the USD that people are able to use as a currency. Neither would dominate over the other nor would they actually kill each other. People would be able to pretty much use whatever currency they deem to be much comfortable. Even if Bitcoin adoption were to soar, and it was used as a currency instead of an investment (compared to now that is), it still won't make fiat disappear.

USD and bitcoin are alternatives but one is centralized and the other is decentralized, we do not have to compare both, I even still prefer to compared bitcoin with assets like gold rather than fiat that are depreciative in value.

I don't know what you meant by this, but if it is price, price can not be used, only marketcap can be used for the comparison.

Fiat and bitcoin are totally different, there is no competition.

People should see bitcoin more as an asset rather than a currency.

But then, despite the internet and how effective and efficient it has been people still use Radio station for information transfer right ?
I have nothing wrong vwith your response here, but people mostly Americans will still use their Fiat for some time, most people are still not educated enough about Bitcoin, I suggest more advocay should be carried out, people are ignorant about it.
Beautiful to see how countries are gradually accepting bitcoin and other Crypto Currencies.
I'm sure Bitcoin will solve most of their problems, that's when they'll become realistic about the merits of bitcoin.

What you should note when comparing centralized currency and decentralized currency is that the US dollar has no total supply so it can easily get minted at interval and when the need arises, and this is the root cause of inflation but Bitcoin on the other hand have a calculating supply of 21 million Bitcoin.

Also, another point to note is its values and class of operation, bitcoin can best be compared to other assets such as gold and the rest of the other assets, not The dollar if you try to do so you may get confused cause there's are several criteria you must follow to achieve such juxtaposition.

Don't you think that the volatility of bitcoin will decrease when everyone will adopt bitcoin and at that point, only a few whales cannot manipulate the market?

Government right now opposes bitcoin but when they will see everyone interested in digital currency, they have no choice but to accept it.

The future is of the bitcoin, that's what i can predict.

I don't think bitcoin will overtake the USD dollar. And the central government will not let the USD dollar be overtaken by bitcoin, because this will destroy their dollar currency that they have been fighting for in the past. Maybe In our daily life bitcoin will become a means of payment that will be used by people. but in case my government won't be able to, the dollar will still be mighty.

Overtaking in terms of being an asset? If that's the case, dollar for some reasons is like the universal fiat of most countries and there really are those people that have kept their wealth in dollar and not into their local money.

Which means, in my belief that it's already the best asset that anyone can take and it's heading to that point that everyone will look up into it as an asset that they can hold and will make them choice bitcoin over dollar.

No.It is not going to happen.Bitcoin cannot overtakes dollars because it is a decentralized digital currency,which means nobody owns and control it. Unlike dollars, it is centralized currency which  controlled by the government and the bank.Bitcoin is too volatile to used as a traditional currency and its a liilttle bit risky.. You can not assure that it will last forever.
 Its better to let the dollars take care of the traditional sense of what currency is and let bitcoin become something different.Thats it. No one will be replace..

Accepting a new payment method or a new currency does not necessarily mean the first payment method was not trustworthy. For example when Microsoft started accepting bitcoin that didn't mean they stopped trusting fiat! It just meant that there was demand to pay with bitcoin so they started accepting it.

There is also benefits for tourism, for example if your local shops accept both bitcoin and your local currency, any foreigner (a tourist) coming to your country can pay with bitcoin without having to go through the hassle of currency conversion. Again that doesn't mean local currency (fiat) is not trustworthy.