Bitcoin Forum

The btc and other crypto dont need comparsion with fiat currencies.
For example If saudis and OPEC Will sell oil and accept btc or other crypto then it's end of the dollar.
But the point is that currency in order to succeed need to have commodities relation.
The bitcoin itself is commoditie so btc cant be currency...the oil is commoditie and gold...so u cant buy food with oil or gold neither with btc yes you can but the rule is that commoditie is commoditie and currencies are currencies.
So you need currency what are the currencies?
Currencies Are now If we talking about crypto then stablecoins.
It's very real that world commodities gold oil and food Will start accepting stablecoins for payments.
The crude oil is biggest commoditie in the world with biggest market Cap so If any currency Will be dominant in OIL trade then this currency will be the king.
And likely USDT or USDC Will be used for oil trading since other country Stablecoins Are not so well developed then USD Stablecoins are developed.
But only one thing is missing.... there Are no proper network of ATM machines so people can exchange Stablecoins instantly to cash like people in brazil allready can Do it they are lucky they don't need banks it's proven that unbanked people can use USD stablecoins.
Most likely the old USD will be replaced by USDT or USDC with new digital currency the digital dollar and new cash bills Will be invented becouse in order to have legit currency widely accepted the paper bills are required aswell.
So now the brazil showing the light to other world... Slowly world start following to brazil to get Same things done and once this thing is done nobody really don't need Banks anymore, brazil can Do it then we other countries can Do it aswell.

The future is real we probably have USDT ,USDC paper versions aswell as digital ones.
Good times ahead things gona be better much better more financial freedom and more ways to earn good money

And why would it be the end of the dollar? What would they do with BTC if no one will want to accept it for their goods? Oil is only a small part of international trade conducted with US dollar. It doesn't matter that there are examples of trade being conducted in other currencies, because no currency is as close to being universally accepted as USD. Dollar has no real competition.


Bitcoin is not a commodity, because it's not being consumed by any process. You can't burn it for energy or make chemicals out of it. The only thing you can do it so send it to someone.


Why would the world need stablecoins? They are just fiat curency with extra steps which make them inefficient compared to existing systems like SWIFT or Visa.

For the fact that bitcoin is designed to freely co-exist with fiat currency without one interfering with the other or trying to push the other into existing the market since one can not survive without the others, bitcoin can not replace the US dollar but rather, bitcoin is an alternative to fiat currency and at that, both can successfully work together to provide economic stability.

@OP are you purposely derailing newbies into believing that bitcoin is not a currency?  While the definition of bitcoin everywhere simply point that it is a cryptocurrency. 
see these:
https://www.investopedia.com/terms/b/bitcoin.asp
https://bitcoin.org/en/
https://www.coinbase.com/learn/crypto-basics/what-is-bitcoin
https://en.wikipedia.org/wiki/Bitcoin

How can you explain why Bitcoin is not called cryptocurrency?  Is there any ground why you call Bitcoin only a commodity and not a currency?  I know that the Commodity Futures Trading Commission (CFTC) considers Bitcoin to be a commodity which is reasonable and i wonder why they don't consider bitcoin not a currency, but the CFTC is not the global authority to identify such a thing.

I don't care what you say or anyone else i listen only the most wealthy ones and they think btc not currency whos got most biggest wallet Will have the final word.
And Im sure you not part of hedge fund or any of the big money capital instutions

If you don't care what people say and why are you sharing your opinion here? If you like talking and listening to the richest people, then you should go to them because we don't have billionaires like you talk about here. But I suspect with your knowledge and attitude, someone rich would want to talk to you. One more thing, I want to know, are you rich? And with an attitude that doesn't respect others like you, shows that you are not a nice person either.

I know you're well meaning and all but from an outside perspective this is what it's going to sound like:

"Hey, I want to buy your oil, a commodity that was proven vital to sustain human life and society for years since the Industrial Revolution, we won't use your regular dirty Fiat, no we will use this coin with 10+ years of market tenure, and held by a few million people in the world, it's also volatile that it could zero out in a matter of days, but hey don't worry cause it's way valuable now and it could pump in value in the future!"

You see the logic? It's not gonna sit well with them, you might even get a boot in the face if you tell this to big business and oil tycoons.

Bitcoin is great and all, but it has yet to prove itself in the external market. And with the recent crackdowns on its usage from different countries across the globe, this just makes it harder for bitcoin to earn a seat in the top-tier echelons of commodities. Until we solve that issue, bitcoin and other cryptocurrencies as you put it, will not be accepted for any other purchase, especially for large-scale purchase of stores of value and commodities like oil, gold, and others.

The moment USDT, USDC, or any stablecoin for that matter grow this big, they will all be killed. Right now, governments are already implementing tighter regulations against stablecoins. So forget about these privately-issued coins being used in the future as replacements of the USD. In the first place, they can't even continue to exist if that fiat currency on which their price is pegged is already dead. They can't replace USD because they're like shadows of USD.

What is the reason to back using USDT or USDC paper versions when it's can be used in digital? nowadays the government want to push people for cashless, so it doesn't make sense we will see the paper versions.

You consider Bitcoin is a commodity because the volatility, this reason cause you still view Bitcoin price in USD equivalent, if you see anything in BTC equivalent, you will say 1 BTC = 1 BTC and it make you see no volatility in Bitcoin.

To become a currency doesn't need to be have a stable price.