Bitcoin Forum

I was just browsing around the economics section, and again full of de-dollarization, the dollar is dying, bla bla, I was curious what are the people who hate the dollar that much using instead.

A quick look in the service section had a bit strange feeling since, well.. you all know how this looks, 22 campaigns here paying a fixed sum in $ and only 2 in BTC:
https://bitcointalk.org/index.php?topic=615953.3480
https://www.talkimg.com/images/2024/04/12/jnu6z.png

Looking at coingecko all the stablecoins are $ and a tiny bit of gold and euros

https://www.talkimg.com/images/2024/04/12/jnZkq.png

So if obviously everyone is still even around here pricing everything in USD, at least in private, do you know the price of one BTC in any other currency than the USD and your own?
And when I say you know, I mean by heart, not making the exchange math in your mind, one BTC is 70k , 1 Euro is 1.1 USD so then, or something like this!

Just one tiny experiment, wonder if the outcome is any different than what I imagine!

But I'll tell you what happens with those that pay in Bitcoin because supposedly 1BTC=1BTC (https://bitcointalk.org/index.php?topic=5406203.msg60563677#msg60563677). What happens is that if the price of Bitcoin in dollars goes down, or if you prefer, if Bitcoin loses purchasing power, the payment in Bitcoins is the same, so the company actually saves money. And if the Bitcoin price goes up, the rates are adjusted. The only one that endured for a long time without doing this was CM, until it was a scandalous thing, there were jealous people who started to protest and CM ended up paying in dollar equivalence. I am not saying this because of those two in specific, it is what usually happens.


I sometimes look at it in Euros, but mostly in US Dollars. As we have discussed in other threads, the dollar is a depreciating currency, but most of the ones that try to compete against it are much worse. It is still the world's reference currency and the safe haven currency no matter how much people try to say otherwise. Sure it is not as strong as it was 30 years ago but it is nowhere near as bad as it is being portrayed.

Yep, as you mentioned about stablecoins, I suddenly realized that I also have to use USD as the unit to calculate even if I later convert it to fiat form. But I'm not sure because when looking back on binance there is still a lot of liquidity for other

https://www.talkimg.com/images/2024/04/12/jnMof.png

 stablecoinsmaybe they are not popular or updated on cmc, cgk,... because they are only based on management from the existing platform.

It's obvious for most people to evaluate global/international stuffs in USD equivalent, it's why USD is really hard to be overtaken by other currency.

USD is one of many strong fiat out there, even though it's depreciated i.e. the value decrease overtime, but people still trust it.

People who live in third world countries didn't hate USD, instead they choose to invest in USD because their local currency is worse than USD.

People who live in first world countries hate USD because they have plenty choice investment that growth better than just hand their money on banks.

1 BTC = 1 Tesla Model X  ;D

Double-checking this only seems to apply for the US market though. Also cars arguably don't count as currency.

I roughly know the BTC prices of various digital services, but these are super blurry because they keep changing all the time due to being USD and EUR-denominated so they are hard to remember.

USD is our reserve currency for the entire world. There are many reasons that constituent to why USD has been chosen to be the reserve currency but a few of them would be its strong economy and their demographic.

Even though it is the reserve currency, it is not in fact the strongest currency in the world. Anyway the reason why most people use USD as the “default” currency is because it is the reserve currency and it is easier to concert x to usd or usd from x.

This still shows the impact of USD to the financial system.

BRICS misson is to looking for ways many countries (especially China and Russia etc) will not depend on United States dollars so that they will be able to make US sanction not to have much effect. They are still on it but dollar remains the dominant currency.

United States dollars remain the most traded currency even till now and it makes up almost 88% in total in 2023, just as it was since many years ago.

The highest among the reserve currencies is also still the United States dollars. It account for $58.41 in 2023. https://en.m.wikipedia.org/wiki/Reserve_currency

How about bitcoin pair with fiat? United State dollars accounts for 71.45% of the total world's reserves. https://www.investopedia.com/tech/top-fiat-currencies-used-trade-bitcoin/

Dollarization occurred naturally, BRICS mission will be hard to achieve.

$ is used because it is most popular fiat currency and it is easier for companies, signature campaign managers and participants to know what they will pay and receive.

Participants or guests can use fiat currency converters to convert $ to other fiat currency or to gold, silver.

I think I understood what you want but it will cause to inconvenience for some related entities (company, manager, participant). Some campaigns have their pay rate directly in BTC but some others want to have a fix pay rate in $, then convert it to BTC for payment. I guess companies and managers have reasons for this choice, convenience.

De-dollarization is not in their mind.

Talking about de-dollarization was possible during the Petrodollars in 70s and 80s of the last century, when economies began to grow and countries wanted to rise. It was possible for the dollar to be replaced, but the dollar is currently permeated in economies and the attempt to replace it came too late.
What happened with Russia made many countries afraid, so alliances like BRICS are realistic and will expand, but they will not change the fact that the dollar will not be replaced except by a world war.

USD and my local currency PHP(Philippines Peso) is what I’m using to convert Bitcoin price but mainly USD since I just multiply the price of Bitcoin in USD by 55 to get the approximately value in PHP.

USD is the currency which is always the default currency of site like coinmarketcap and coingecko but there’s a feature under the hamburger tab to change the default currency to the currency that you preferred.

Even in language we are using US English language as common language here in the forum. US sets everything as global default.  :D

Well firstly, to answer the question of the topic, I kinda have a range estimate for Bitcoin price in my local currency which is naira. However the problem is even when it comes to value fluctuation USD is a better currency at keeping a stable rate compared to Naira. In fact Nigerian naira is so volatile that almost a 100% of major exchanges online especially import and export are based on the dollar. Therefore it's almost unimportant to keep updated on the price of Bitcoin straight to Naira, instead most persons take not of the Bitcoin to Dollar price and then they can make use of the dollar to naira since it's quite easier that way.

The undoubtable fact is that a great percentage of the world's exchanges are done using an estimation of dollar price or value. This is mainly because of political dominance and the overall size of the US economy compared to many others. However although USD is quite stable, others like  Kuwaiti dinar and Gibraltar pound are more stable although they are used in almost no global exchanges.

I think stompix is kind of relating it to BRICS and how people are saying BRICS mission could be fulfilled. We know that the main reason for BRICS is dedollarization but using some means to make other countries looking for ways to join the organization.

Here is another dedollarization news I read not quite long: China’s yuan replaces US dollar, euro as Russia’s ‘primary’ foreign currency for overseas economic activity (https://amp.scmp.com/economy/global-economy/article/3250599/chinas-yuan-replaces-us-dollar-euro-russias-primary-foreign-currency-overseas-economic-activity) while I have been reading about BRICS mission since some years ago.

Here in Croatia official currency is euro and every time I see bitcoin price in euro I get confused and have to calculate the price in dollars.  :D

And basically all the Croatian people I know that are into crypto also refer to price in dollars when talking about bitcoin.

Actually this is the main reason I don't know the price of bitcoin in my local currency by heart, earlier February/March I was quite aware of it but now the volatility of naira makes it hard to know though the Naira has been appreciating in value recently especially against dollar.

This is the same for Nigerians while majority are aware of the depreciation of USD we continue to stick with this norms in relating to prices especially in cryptocurrency and majority _{if not all} of exchanges or platform like conigecko by default shows price in relation to USD.

So, USD again, lol!  ;D Cause the price of a Tesla S looked like this:

https://www.talkimg.com/images/2024/04/12/jnriv.png


That's one funny thing when I go outside the Eurozone but still in the EU, everyone knows the prices of more expensive things in euros, houses, cars, everything, but when it comes to Bitcoin they all quote the price in $, probably the only stuff that they know the price in USD. Funny but also pretty weird!


You mistyped "making fun of" in that sentence!  8)
Cause you know it's quite funny to hear people preaching about the death of the dollar and then joining a signature that basically pays in $.
I keep wondering why nobody is offering payments in Iranian rials or Indian rupees!


The Kuwaiti dollar is pegged to a basket of currencies, the euro and the USD have the largest share so you can't call it being more stable than.
Also, the Gibraltar pound is pegged to the value of the British pound.

TBH, I don't even know BTC's price even in my own currency. And sometimes I'm surprised when I see BTC price in EURO, because at first I think that it's USD.

Dedollarization is the goal for BRICS currency initiative and it is for a new world order where the USD isn't a major currency for trade and transactions that is the reason for BRICS being created.
It's just funny sometimes when I reason out this BRICS currency issue, because the currency proposed to be used  is nothing more than the Chinese currency,  Yen.

I know the price of dollar to Naira rate without think much, but the price of Bitcoin in my local fiat which is the Naira, is what I fail to know by heart unless am swapping from BTC to USD or checking the conversion rate before trading it.

I will tell you this run this experiment on a millions of people and the results will be the same. Although have the platforms for bitcoin price estimation with the option of getting the price in my countries currency but yet still I go dollar, because I am accustomed already to the dollar rate and I know it’s not only me having this problem.

If you ask me how do I see a dedollarization, I will say it’s something that isn’t close a near future. The only thing I see with brics pushing this is basically just to weaken the US political power and not the currency itself. They fell this is what give them central power and since they use it against countries they place sanctions on, the BRICS might believe by introducing a new currency people will have a way round it.

I wouldn’t say it’s not possible but it’s adoption and denouncing of dollar will still take decades from here

I'm from Europe and I've know bitcoin for a while, I remember that the first times I bought something of course it had to be in euros because of the bank transfer, so at that time I was checking more the price in euro without actually paying too much attention at the price in US dollars. Now since I don't care about cashing out I mainly look at the price in dollars, I always keep an eye on the euro/dollar exchange rate but I don't check bitcoin's price in euro anymore.

Actually I checked against the European prices first only to realize how much more expensive they are over here.

Actually actually I don't even care that much about Teslas, it's just that a couple weeks ago I've heard the price mentioned somewhere and immediately thought "huh, so 1 Bitcoin" ;) Definitely wouldn't have remembered it without such a straightforward "exchange rate" though.

Frankly, I don’t know the cost of bitcoin in other traditional currencies other than the dollar. I have no idea how much it costs in national currency. I don't understand why I need to know this and complicate everything. National currencies are very unstable and fluctuate greatly in price against the dollar; in fact, these are less stable recolored dollars. It’s easier to count everything in dollars: real estate, food, services, basically everything. So why separate bitcoin from usual economic worldview? I will continue to count in dollars, as before.

The United States dollars have been the reserved currency used by many countries over the years but due to the sanctions that the United States government have been issuing to some countries (more especially those countries that are involved in war) have made them consider moving away from the USD. Even the BRICS alliance that consist of countries like Brazil, Russia, India, China, South Africa (Egypt, Ethiopia, Iran and the United Arab Emirates - new members that joined this 2024) are also considering dumping the USD for other currency as their reserved.

Similar discussion was made here (https://bitcointalk.org/index.php?topic=5471752.0) some time ago in the politics and society session

Sure but you never can tell since the BRICS have formed an alliance, the can achieve using other currency rather than the USD to trade among themselves without being affected by the USD but the only problem they would have is when they will not be able to get some things within themselves then it will be difficult to sort help from America.

Just like many others have said, I don't even know the price of Bitcoin in my local currency because I never check its price in any other currency than USD, and that isn't only for Bitcoin but almost everything we look at over the internet or anything that we know is international. We check their price in USD first and then convert the amount into our local currency to see how much it costs, but the first currency that we check it against is always USD, so far.

Those who talk about de-dollarization need to realize that USD is still the international reserve currency for most of the countries in the world, and the whole world uses USD for most of their trades and stuff they do online or internationally and there is no shame in hiding this because it's the reality.

In my opinion, I don't think that people who are making such comments really hate the dollar(although, some may); they are only saying the facts, because if the dollar was not really de-dollarizing like people often talk about it, then no one would talk about it in the first place, and the thing is that the dollar had more value years ago when there was less printed dollar cash.

Also, in terms of digital Fiat currency, tether is the strongest and it is the most commonly used online, and because it is mostly used, people will still talk about it all the time. Whether good or bad, people must talk about it. Many people talk against Bitcoin, but yet they are still investing in it secretly. The thing is that other Fiat currencies have also devalued, but people don't talk about them all the time because they are not universal like USDT. 

Apart from the dollar and my local currency, I don't know the actual value of Bitcoin in other currencies, and that's because it's only the two currency I am using frequently.

That's true. Croatia entered  Eurozone at the start of 2023 but for many years before that we were expressing value of everything more expensive (like houses, apartments, cars etc) in euro, and before that it was Deutsche Mark.


I think that's mostly because we got used to to track it that way. CMC/Coingecko and all the other price tracking apps show price in dollars so naturally all of us got used to that.

I must say this is very hard to say because in every conversion we need to get the dollar equivalent before putting to whatever we needs to, let say for example BTC/NGN is very difficult to get so easily. Then what next?
We need to BTC/USDT, and then USDT/NGN before possibly we can get so quickly the BTC/NGN in normal heart guessing. So, Is very hard to do away with the usdt since is every easier to get calculated with than another currency in version to btc or any other cryptocurrencies.

Does this data show how much is a tesla in each country? I thought it was how many in average have bought tesla. Obviously much richer countries like Monaco have paid a lot.

Using tesla to think of bitcoin’s price is a nice idea and I might use it in the future   ;D

Nope.  And also just like a typical American I only speak English--I say that half in jest, but it seems to be the case.

I've not looked at that campaign thread you linked to in a long, long time, stompix.  It's been so long that I forgot what section it's in and wouldn't even have dreamed of finding it via bitcointalk's lovely search engine, so thanks.  Not to get off-topic but it's unfortunate that most campaigns pay a USD equivalent amount of bitcoin instead of just a fixed BTC rate.  No doubt it's because of the massive run up in bitcoin's price over the last couple of years, and it's understandable but....if projects are raking in a lot of money and are crypto-based, they ought to pay their plebian, peasant, pissant campaign participants in BTC/post or BTC/week or whatever.

I'm grumpy.  Another American trend these days.

USD and AUD. It's cool seeing BTC over 100k in AUD.

I never look at the BTC price chart alongside currencies other than USD. If I do, it's usually USDT, but since 1 USDT is approximately equal to 1 USD, the BTC price is ultimately often calculated in USD because USD is the most widely used currency in the world. Traders also often analyze the market based on BTCUSD even though they are using many different local currencies. This also shows that the crypto market is actually helping to promote USD on a global scale.

Sometimes, I also like to refer to BTC/XAU, which means the BTC price in Gold. The price chart is quite interesting but I think it is not really valuable for technical analysis and investment.

This talk of a weakening or falling US dollar has been around for many decades already. It has already been an issue long before I was born. Until now, the USD remains the king among fiat currencies. Just like any fiat currency, the strength of the USD rises and falls, but so far it hasn't died yet. The world hasn't de-dollared yet. One challenge might have appeared after another, but the USD has remained strong more or less. That's despite all the abuses and shortcomings from those who controlled it. I'm not saying it won't eventually die, but perhaps it won't be happening anytime soon.

Anyway, other than the USD and my local currency, the price of Bitcoin in other fiat currency isn't familiar to me. Although I encounter news once in a while about its price in other fiat, it doesn't stay in my head for long.

Those people don't know what they're talking about, de-dollarization isn't something that only one or a group of countries would be able to pull, this is actually a collective effort that would require the help of all the countries in the world and that's never going to happen because as much as there are enemies to the US, there's also allies to the US and I don't get why they're so mad about the dollar going down in value when that would mean that there's more value for bitcoin and we would get more out of bitcoin and even if the value of dollar goes down, most currencies that would be converting on them would get more out of the dollar. And it's also not because of de-dollarization that has lead to bitcoin becoming more valuable, it's just that there's more demand for bitcoin that the price of it is just increasing. As @Darker45 have mentioned, we'd have seen the dollar fall a long time ago if there's really something like that happening which will never happen because I don't think that the US government would ever want that to happen, they keep on raising the debt ceiling and printing money to prevent that right?

The main problem is the US central bank or the Federal Reserve. The Fed is not only failing in the economic background but also losing the trust of other central banks of the world which trust the fed considers to be its eternal right. The dollar is assumed to remain attractive to alternative currencies forever. The global monetary and trading system is governed by the dollar. The dollar is the main medium of exchange in the global monetary system.

It is not that we calculate bitcoin valuation in USD but actually, it is human nature that they need to compare the value in terms of a stable currency and at the moment USD or USDT is the stable currency and hence we calculate bitcoin in terms of USDT.

Many people won't even know exactly how much is the price of bitcoin in terms of their local currency but they will only remember it in terms of the dollars. US dollar has been the world's global currency for many decades and it is not easy for anyone to bypass this currency and calculate in terms of other currencies. Times are changing quickly but for now, Dollar is still the industry standard and monetary valuation is still done in terms of dollars.

Forex traders are the people that are more familiar with other Fiat currency other than the US dollar but what a cryptcurrency users only  knows best is the BTC/USDT. I am not a forex traders, the only Fiat I know off head is BTC - USDT. Even for our local currency, I have to do a little maths before I can know the correct value of 1 BTC to our currency. All the time I am buying BTC, I first need to buy USDT before I can then buy BTC with it, it's not my fault that I can not know the price of one BTC to other currency, even on centralized exchange, BTC/USDT is most common traded asset.

So the one currency mentioned is ..another dollar!  ;D


The funny thing is that the Chinese currency is the yuan, and the yen is Japanese, so there you have it, with people not even knowing the name of how it is supposed to replace it?


If de dollarization would indeed happen other than in Chinese and Russian propaganda clips you would have at least soembody here quoting the price of one BTC in yuan or rubles but, as you can see there is propaganda and there is reality.