Bitcoin Forum

What will be the medium of exchange for the world economy after the collapse of the dollar?

It all depends on what services are going to be available after the dollar is removed from reserve currency status. If there are still a lot of internet services up, then Bitcoin will likely be a pretty good candidate for a medium for trade. If there is any sort of war resulting from that, then you should expect for gold to be considered more valuable. Bitcoin would more than likely appear to be a trinket for most people.

If all these collapses, just prepare those water and salt. They'd be the next valuable thing if such thing happen. If war happens, water to drink and salt for food use will be very much needed.

I will always prefer Bitcoin between Both of them because the main reason is that I am a low money/Bitcoin holder So I will use Bitcoin to invest my money to get sudden profit .
Here everyone knows that the growth in  price of gold is like a turtle movement .

When the dollar collapses, if it collapses, then chances are the best interim medium of exchange is going to be gold. It is a resource that has recognized value everywhere, and it is most definitely something people are willing to pay for. Bitcoin, on the other hand, is more niche and not as exchangeable as a PM such as gold. While Bitcoin is great for a society like the one we have, it doesn't really prosper without a highly connected community.

Huh? Who the hell uses gold as a currency? This isn't ancient Rome. Anyways, bitcoins are finite and are clearly a better option because they aren't so horrible for the environment to mine vs gold. People can spend bitcoins, where the hell can I spend a gold nugget?

In order to be considered for a medium of exchange, the replacement would have to have a fairly stable purchasing power.  Gold will not have a stable purchasing power in the USD collapse scenario and neither will Bitcoin.  The US gov't will enact measures in an attempt to stabilize the currency and it will continue to be the medium of exchange.  Failing that, perhaps the Yuan, the Ruble, or (heaven forbid) the Euro will replace it but the alternative will most definitely be a fiat currency.  In this scenario, gold will be hoarded and its value will moon (wrt any fiat currency).

If that happened, I think bitcoin can't replace it for now because we know it has also limitations. They will still choose continue using what they have and that is the fiat only. Bitcoin is a cypto currency that suits only its function online.

In my opinion, if dollar collapse, no country will ever dare use bitcoin as the best alternative. They might create dollar v2.0 just to replace the dollar now that is collapsing. It is also possible that they will switch to gold since gold has been around for a very long time and has been used since the ancient times. The chance of them using bitcoin as an alternative when dollar collapse seems lesser than they using gold when it happens but most probably they will create new dollar.

It depends when OP believes that USD will collapse; If this happens in nearby future then another fiat will take his place. Euro is very weak after eurozone crisis and China waits with RMB just to maintain their economic growth. Older people and not familiar with digital coins will use gold at first and bitcoins the youngers. In the distant future maybe people have fiat money as souvenirs from the past.

i choose bitcoin for the best alternative, because i see that bitcoin can be one solution for the new economic and bitcoin can reach all people without any differences and beside that, bitcoin have many benefit that we already knew.

The world economy is an abstraction in and of itself

It is just a useful concept which stems from considering separate economies of various countries such as the US, the EU, China, Russia, etc as one whole. In this way, the question doesn't make much sense since all these countries are using the own currencies. Yes, the US uses the US dollar apparently, so the correct question should be more like what the US is going to use after the collapse of the US dollar? I think that they will just switch from Benjamins to Donalds, and that's pretty much all there's to it (provided the US itself doesn't disintegrate in the process, of course)

ofcourse it will always be the gold we all know that gold nowadays disappearing and it could also be a accessories and its a good investment. while bitcoin currency was not stable as you expecting. and anytime bitcoin currency could disappear too. thats why i prefer gold as an alternative than bitcoin currency.

Bitcoin is, of course, off the table

But with gold it remains to be seen. If the US dollar crashes, things go from bad to worst with the US itself being dissolved, and there is a need for a currency intended to settle international accounts (which is a big if, as I said before), the governments may agree to return to a kind of gold exchange standard (new Bretton Woods but now without the US) and set up a unit of account backed up by physical gold, which would be used on an international scale for clearing trading imbalances between countries

Really it happens many people will be thinking which currency to choose because bitcoin is not completely implemented every part of the world, where as gold is every where. I hope many people will divert to gold until bitcoin is implemented in part of the country. Still bitcoin will be used because it has more efficient features when compared to gold because we can move bitcoins to every part of the world. Where as gold we cannot move there are lot of security reasons behind it.

Well majority of us surely selects bitcoin since we used to use this currency at this moment, but i dont think more people would adopt it for now nor government since surely they have a plan B for that and make a way to recover up their economy and revivef again the USD, this speculation or thoughs is just a dream and will not come in reality so wake up guys not everybody knows bitcoin and might people would prefer another known thing rather than this one.

of course bitcoin, people will remember when it will it 10k and none will talk about old shitty gold and fiat currency, bitcoin will be the new standard the facto for all country

most of countries using dollar as international currency because dollar as the biggest currency in the world and if dollar collapsed i think most of countries in the world including my country will experience a financial crisis and gold or bitcoin isn't the best alternative as dollar replacing and in my opinion there is no currency could be the replacing dollar and if this really happening maybe gold or bitcoin will became not valuable anymore and we must prepare to the chaos in the world

If ever this happen, Gold may take place for dollar and bitcoin will be like gold. However whatever gold that will be under trading market will be virtual gold so manipulators will just control supply of virtual gold just like they control the supply of dollar and add up more virtual gold without real backup if needed. So ultimately best alternative will be bitcoin.

Lol, water and salt but no food?  The plan is drown people with water then dump salt on them and eat them?

Bitcoin, the digital currency is the first world, one day when the dollar will collapse, it will exceed the value of money, to replace the dollar!

Collapse of dollar is not gonna happen, unexpectedly if it happens too gold will be preferred as an alternative. The reason is the acceptance as a form of investment among the entire world. Bitcoin is very young to reach people, as we are just 2-5% of world population.

There's a lot of things that actually can replace USD but the question is would the US allows it to happen, it would be surprising if it did happen, but in a hypothetical scenario like this I would say bitcoin will be much more viable option than gold simply because it's easier to store and transfer bitcoin unlike gold.

The rise of China is nothing but collapse of dollars. So, it may happen at any time and at any aspect too. Usually wall street investors just look for alternate investments when their country stocks are not promising. It means not just currency market but total US economy is being measured through dollars.

The age of bitcoin system will not be a concern when it will be having considerable market cap. Hopefully investors are going to consider bitcoin as a most promising investment vehicle in near future.

This can hardly be the cause for the US dollar collapse if it should happen for real

The rise of China you refer to is the direct result of the trade between China and the US, and China is the largest trade partner of the US at that. The American importers pay for the Chinese goods with the US dollars, with which the Central bank of China buys the US debt. They can't just get rid of this pile of debt they have accumulated through all these years since it would mean the inevitable collapse of China itself. As you can see, the rise of China is firmly tied to the use of the dollar, not its collapse, by any means

This is like the 4th topic about Gold or Bitcoin that I have seen this week, why the sudden craze for asking this?
Ok, I guess this is a little different topic as you are asking which is better to use as a currency. Now obviously gold is not gonna become the currency of future it was the currency of past, its very clear if you compare which to be better currency then yes its Bitcoin. But even if USD collapses some other fiat will take its place like EUR.

The chinese currency will be the best alternative. ;D Just kidding.

The returning of the gold standart might be a good option ,but the central bankers won`t allow it.

I think we will find another currency to replace dollar, bitcoin can't be alternative because some of the country banned it and most of the people in the world not really know bitcoin and bitcoin has tendency to has price swing, so for big scale transaction it is really a risky to used bitcoin, and gold maybe can become a good substitute, but a different currency will be more efficient

it will always be the gold. remember gold is the best alternative that bitcoin. because even bitcoin price is growing too remember gold will never disappear its preciousness. thats why gold price is rising even its more than a years because the price of bitcoin is rising and growing upon its age. while bitcoin was depending on its economy and market/trading. and ofcourse its investors also. without investors the bitcoin will not grow as its price right now.

If Dollar collapsed, i think bitcoin is the best alternative. Because bitcoin is digital money and if all people and the government adopt bitcoin, the price of bitcoin will increase and bitcoin can replace dollar. Bitcoin will also create the physic unit, like paper or a coin. It's sounds great though.

I think that in the case of dollar's collapse the most of people will chose gold but not bitcoin. It will happen the mostly because of not so many people know about bitcoin and if there are people who know, there are those people who just don't understand how bitcoin work and think about it something pessimistic.

Gold will be the main choice for the average person as that is what they know and trust as it's something physical that they can hold in their hands.

That is the advantage of Gold over Bitcoin, plus the fact that governments will do everything to support the value of Gold as they hold the majority of the Gold in the world.

I am glad I have taken a decent position into Bitcoin. Gold is also an interesting option, but not when I have to pay a premium of 10% which I find ridiculous.

I understand that stores selling Gold want to make profit, but this way they are only creating a huge distance between a potential buyer and themselves. Greedy bastards.

Yeah exactly, there are many allegation nowadays regarding the crashing of dollars like what if it going slow,
dollar will never be crashed or collapsed, and up stated is correct

Dollar has been the international currency for too long and that is mainly for the us to on the top of the economy of the word , so if the dollar collapsed the >Euro might take its pace since it is the second currency on the market , i don't see governments using bitcoin as an international currency because that does not serve the benefits of some countrys and because if they use bitcoin china will become the leader of the economy.

I guess silver would be way to go if that happens.
Or oil? I dont know for sure but there will always be some options to fill minuses.

If there are these two option, i think bitcoin is solution, remember greece fiat collapsed? Bitcoin replaced it, although there are just for a temporary use.

Gold can be an option, but the exchange system will be back to thousands years ago, and since people think it's commodity, but in fact gold is money.

Anyway i think government will not let their fiat collapsed, if it's happens they will create fiat V2.

First, dollar won't ever collapse as the State are super power and they have strong economics foundation.
Assume that dollar collapse, still there are some better currencies such as Euro or Pound as they have higher exchange rate.
Bitcoin in the future will be a good option as international major currency if the market cap getting bigger and has highest stable price, we do expect that.

There is no need to travel thousands of years back in time

The system with gold as money had been pretty well thought out and was active some 100 years ago. If we are going to return to gold standard as many are suggesting, there is no need to use real, physical gold for most of transactions. The system that had been in use a hundred years ago (so-called gold exchange standard) was based on paper money fully backed up by gold, and real gold was used only for settling accounts between countries and separate banks. There would be little to no issues to use this system again today with digital fiat 100% backed up by gold

Bitcoin will never replace dollar even if dollar collapse, the government will find a way to replace it with the same dollar but not crypto currency especially the decentralized one. Even with bitcoin faring well against other currency, the decentralization makes it unattractive to the government.  They might adopt the technology but am sure they will leave out decentralization and anonymity.

I think the main problem is either one of these two options;

[1] The sellers are indeed greedy as they charge insane premiums.

[2] You are looking at amounts as low as a few grams of Gold, up to perhaps something in the range of 50 grams. In this case it's normal to see that the prices are way higher than the exchange rates. That's the same here with me. The higher the amount of Gold in grams you look to buy, the closer the purchase amount will be to the normal exchange rate.

In that regard, a 10% premium isn't all that bad if you are buying it from a website or physical store.

If thing happened so gold will be chosen to be an alternative one for its already accepted by everyone, and yes bitcoin is still young and still reaching by other, yet not that known as gold.

I think it makes no sense. Even if Dollar crashes, what is almost impossible in my opinion, people won't migrate to gold, people will use another currency, probably a new one would be created to replace Dollar. Anyway I don't see any reason for this happen in the next 50 years. Dollar is one of the most stable coins of the world. Dollar rules the world.

Gold can stand up to say that human history has always been the case, is the law. While bitcoin is trying to break the rules of the people. The more difficult to break the law breaking after the impact of the greater, bitcoin so, life is also so. Bitcoin has the nature of venture capital, although its success or failure is uncertain, but I think that throughout the long history, more important than a success or failure of more than one is the right direction to try again and again.

When dollar collapsed, in my opinion gold will be the best alternative to it as a medium of exchange all over the world. Although bitcoin really have potential right now, people will choose gold since it has been around for a very long time whereas bitcoin is here only for years that for others will be hard to trust because it might lose value unlike gold which for them have proven its worth. By that time though I think bitcoin will also be used as another medium of exchange but not the main one.

Gold is always an alternative even dollars are still stable, but if such scenario will happen then most of the smart people might put their money in bitcoin and that will be great for the community and worst for dollar. Either way, I don't see the collapse of dollar happening in the future, it's a strong currency and will continue to be strong.

Gold can be replacing currency if somehow nobody want to used currency anymore to become the transaction tool, bitcoin is not a good option because bitcoin amount is not enough to be used as international currency in large scale

Then it's most likely something like that. I look to buy no more than 50GR of Gold since it's quite expensive already when you also calculate in that 10% premium.

I am planning to buy around 25-50GR of Gold every year which I want to hold as some sort of store of value, but also in case something happens where Gold will be the standard for whatever timeframe.

Diversifying isn't all that bad when you just stick to no more than 2 or 3 investment options/tools. If you diversify too much, then you'll easily lose track of things.

Whether gold and bitcoin are suitable to replace any currency that have been existing until now.
Gold is so valuable and has been used for centuries as medium of exchange which is so precious based on its benefits.
Bitcoin is often called digital gold, we know that bitcoin would be the greatest digital currency in the future and has been proven more valuable over time. There are so many advantages that bitcoin offering to users and already redefined money with blockchain technology.

Dollar will not collapse, USD is one of largest world currency, and Bitcoin users are very small part from whole world market. Blockchain wallet have 10+ millions users, it is nothing in fact for whole world.

The question was a hypothetical one, so you should not really be arguing against the hypothetical question.

Regards the issue at hand, I think gold is the better option here. Bitcoin might be quite more profitable to hold however if you are looking to store money then probably gold is much more stable as a vessel for finance. However, gold's value will probably increase by a whole lot if USD collapses.

I think gold is good alternative because when we say gold it is a really higher profit than a bitcoin then we all know gold will make you profit there are no risk in gold i think unlike bitcoin maybe next day will gone just saying

The time we say goodbye to USD is definitely coming some day but it can be a very remote future. At that time some other country might become the strongest and we will be just orientating on its currency. So, there might not even be this situation of collapse causing much of panic, because people will get used to some other currency at that time anyway. Gold or bitcoin? If the time is good and people are peaceful then btc. If it is war everywhere then gold.

Yes, even though Gold is a divisible currency tool, it's not on the same level as Bitcoin when it comes to buying small amounts. If I want to buy like 0.05BTC, then at current rates of $792 it would cost me $39.60 + 0.20% fee will bring it to $39,68, but that's something I consider to be peanuts. If I want to buy 1 gram of Gold, I end up paying nearly 50% over the actual Gold price. With Gold you're subject to paying insanely high premiums if you just stick to small amounts (which is perfectly understandable due to the kilo price of Gold). If you really want it, then go for it, but I personally don't really see the need of it. Better wait for the price of Bitcoin to come down a little more, and invest your money there.