Dethrone the Dollar

[WillyAp]

The battle cry many coiners use.
Trade is easier when using one currency.
Most people like the $ especially the living not in the US. For people with feeble currencies the $ is a safeguard for their value.

US based financial institutions cry and that although they are directly responsible for the wish to use a different system than swift.
Coins like Litecoin, Dash, BCH could fill in that spot. But none of them is doing anything in that regard.
I wonder why.

It's a chance for the crypto community

Other potential threats to the dollar still loom. The growth of alternative payment systems, and of transactions that have no need for the dollar, could accelerate, due either to overreach by Western sanctions or network effects from rising membership. Should China’s CIPS be the main beneficiary, the yuan’s fortunes might soar (though capital controls would make foreign central banks wary of relying on it as a reserve currency). For now, even within China, last year was the first in which cross-border payments in yuan edged past those made in the dollar.
Judging by the world’s previous reserve currency—the pound sterling, which declined for decades before being superseded by the dollar—such changes are likely to proceed at a glacial pace. That is, unless the transformations of the global financial system examined in this report are supercharged by a new crisis.

source: https://www.economist.com/special-report/2024/05/03/the-fight-to-dethrone-the-dollar
or alternatively https://archive.is/CC1SZ

[junmisakiro]

The battle cry many coiners use.
Trade is easier when using one currency.
Most people like the $ especially the living not in the US. For people with feeble currencies the $ is a safeguard for their value.

US based financial institutions cry and that although they are directly responsible for the wish to use a different system than swift.
Coins like Litecoin, Dash, BCH could fill in that spot. But none of them is doing anything in that regard.
I wonder why.

It's a chance for the crypto community

Other potential threats to the dollar still loom. The growth of alternative payment systems, and of transactions that have no need for the dollar, could accelerate, due either to overreach by Western sanctions or network effects from rising membership. Should China’s CIPS be the main beneficiary, the yuan’s fortunes might soar (though capital controls would make foreign central banks wary of relying on it as a reserve currency). For now, even within China, last year was the first in which cross-border payments in yuan edged past those made in the dollar.
Judging by the world’s previous reserve currency—the pound sterling, which declined for decades before being superseded by the dollar—such changes are likely to proceed at a glacial pace. That is, unless the transformations of the global financial system examined in this report are supercharged by a new crisis.

source: https://www.economist.com/special-report/2024/05/03/the-fight-to-dethrone-the-dollar
or alternatively https://archive.is/CC1SZ

Opinions differ when it comes to the utilization of cryptocurrency for transforming the existing financial system. Some individuals contend that cryptocurrency creators are issuing a "call to action" to supplant the current system. Conversely, others maintain that adopting a unified currency would streamline trade. The US Dollar holds a special place in the hearts of many, particularly those residing outside the United States, as it is regarded as a means of safeguarding their wealth. Despite the presence of cryptocurrencies like Litecoin, Dash, and BCH as potential substitutes for the Dollar, none of them have managed to achieve this feat. The reasons behind the failure of cryptocurrencies to replace the Dollar can vary, encompassing factors such as limited adoption rates, significant price fluctuations, and insufficient support from financial institutions and governments.