If the dollar/fiat was worthless!

[huu78]

I think if the dollar becomes 0 then bitcoin will also be affected because the dollar currency is a global currency exchange, not only bitcoin is experiencing disruption but all will be affected by the decline.

[BenCodie]

What happens to the value of bitcoin if the dollar goes to 0? Will bitcoin also loose value because the dollar is worthless? yes, there would probably be other things to mind like world war, full panic, no internett and so on. But set these things aside. How much would a sack of potatoes cost, and with what could I buy these potatous witth(gold/bitcoin/chickens/etc.)?

The value of the dollar can't really get to 0, it can infinitely devalue itself against other currencies and commodities based on rapid supply expansion (inflation) and abandonment. Bitcoin would theoretically strengthen relatively to the dollar weakening.

The reason for this thread is to explore if there are some other ways to value bitcoin. Like many of you said, it would probably just hop over to the next largest currency. But do we want the bitcoin to allways be dependant on another currency and its inflatory politics?

Bitcoin is less dependent than ever on other currency and politics/media is having less and less of an effect on its value, especially during 2023. At this stage it is safe to say that the demise of fiat money is directly correlated with the strength of Bitcoin.

Many of you also said that the dollar will never go to 0 and there is no reason to worry about this. But every currency in the world is loosing value everyday. Therefore bitcoin is also loosing its value.

Th dollar won't ever be worth 0 of itself. 1 dollar is always 1 dollar (just like 1 Bitcoin is always 1 Bitcoin). The purchasing power of that 1 dollar and its value against other currencies, like Bitcoin, is what will be effected. Bitcoin does not lose value when the purchasing power of the dollar reduces. Bitcoin strengthens.

it may be a stupid question, but would it not be better to have another way to value bitcoin so you could allways buy 1 sack of potatoes for 1 satoshi for exampel?  

Right now, Bitcoin's purchasing power is not a huge highlight because the dollar still satisfies this need and because Bitcoin is not yet adopted to a stage where there is enough data to measure its purchasing power from a local to global scale. I could safely predict however that in the near future, this will become a focal point as the dollar and other fiat currencies become too unstable or invaluable to use for products.

[Wong Gendheng]

I think if the dollar becomes 0 then bitcoin will also be affected because the dollar currency is a global currency exchange, not only bitcoin is experiencing disruption but all will be affected by the decline.

Right, if Fiat crashes, of course all commodities and investments are also crash, this is because Fiat uses are still greater than Bitcoin users, now too many people hope to replace Fiat with Bitcoin, but if you look at the facts of a small bitcoin user, it seems that the hope is needed long time.

[Sayeds56]

I think if the dollar becomes 0 then bitcoin will also be affected because the dollar currency is a global currency exchange, not only bitcoin is experiencing disruption but all will be affected by the decline.

It is premature to think that value of dollar will become zero. The role of US dollar for the world economy is very crucial and it can not be underestimated, as more than 80% of goods and services are still traded in US dollar, which highlights its dominance, as it continues to serve as leading currency for majority of the global trade.

Although Bitcoin is gaining acceptance and popularity as alternative currency, but its volatility is the main obstacle to adopt it world-wide as means of payment.

[FUCKBSVFUCK]

In my opinion, is determined by the market value of the bitcoin. This is the basis of. If the value of bitcoin is 0, then the value of bitcoin will be 0.

[demonica]

If given the scenario that dollar lost its value, it means that a big crisis happened and it will also means that other currency are also affected. If the dollar becomes worthless or like what you've said 0 in value, it's a major economic crisis affecting probably majority of other countries and their economy as well. If that is the case, Bitcoin's value will also be affected of course. If most of the economy is going down, Bitcoin will also be on the same path (tho it might not be as big as other fiat currencies). You can't say that Bitcoin will remain as is or will go on the opposite direction since we've seen that when there are crisis, the Bitcoin's price is also somehow affected.

But in really, is it really possible for dollar to become worthless just like that? I don't think so... If the dollar slowly loses its value, another currency and economy will strive to replace the dollars even before it will become worthless.

[ichsan ardi]

What happens to the value of bitcoin if the dollar goes to 0? Will bitcoin also loose value because the dollar is worthless? yes, there would probably be other things to mind like world war, full panic, no internett and so on. But set these things aside. How much would a sack of potatoes cost, and with what could I buy these potatous witth(gold/bitcoin/chickens/etc.)?

Any ideas? and any ideas on how bitcoin could be independant of the dollar, or other fiat?


I see a lot of good ideas here.

The reason for this thread is to explore if there are some other ways to value bitcoin. Like many of you said, it would probably just hop over to the next largest currency. But do we want the bitcoin to allways be dependant on another currency and its inflatory politics? Many of you also said that the dollar will never go to 0 and there is no reason to worry about this. But every currency in the world is loosing value everyday. Therefore bitcoin is also loosing its value. it may be a stupid question, but would it not be better to have another way to value bitcoin so you could allways buy 1 sack of potatoes for 1 satoshi for exampel?  

maybe if the dollar price is 0 bitcoins will definitely go up crazy a lot and if that happens it's legal bitcoin which will replace fiat money people won't believe in the name paper money because it's clear the value has dropped to 0 but you need to know the money we use every day loses value every day after I know everything about money there is no lag gold back up when money is printed I believe 100% to bitcoin because only 21 million bitcoins exist in the world and are decentralized I am sure bitcoin will definitely replace paper money but with very long time

[Raflesia]

The benchmark for bitcoin in conversion to real currency is not just dollars, so regardless of the dollar being 0 or something else, bitcoin is still bitcoin because they are indeed different and cannot be equated.
The dollar is only an exchange option for bitcoins and in this case a fall in the dollar will not affect any supply in bitcoins because they are still 21 million and that cannot be changed.

But on the other hand, when talking about the dollar right now, even though it's only talking about "if" but I think something like this will never happen, regardless of anything, they will still survive and be strong, even though they are currently in trouble.

[Gyfts]

What happens to the value of bitcoin if the dollar goes to 0? Will bitcoin also loose value because the dollar is worthless? yes, there would probably be other things to mind like world war, full panic, no internett and so on. But set these things aside. How much would a sack of potatoes cost, and with what could I buy these potatous witth(gold/bitcoin/chickens/etc.)?

Any ideas? and any ideas on how bitcoin could be independant of the dollar, or other fiat?

If the United States as a state continues to exist, then its national currency - the dollar cannot fall to zero, that is, it will absolutely depreciate. The United States has huge material reserves, a huge economy and this will not allow the dollar to depreciate. But if the dollar for some reason falls sharply in price, this should not significantly affect bitcoin. Because bitcoin is not tied to the dollar in any way. It’s just that bitcoin will practically cease to be valued in dollars and will be valued in other successful fiats - euros, pounds, yens and even yuans.

USD is an extension of the US's military strength, essentially. Take all of the natural resources the U.S. has and that isn't enough to sustain USD as a powerful country with strong currency. We've seen currencies that are tied to natural resources. When the price of those commodities drop, so does the currency. Venezuela is a perfect example of this, being one of the richest countries in the world until oil's price fell. USD is resistant to such fluctuations for the reason they have the largest military presence in the world.

[smile1218]

I think if the dollar become worthless it would be difficult to predict exactly how Bitcoin would be affected. Since Bitcoin is not tied up to any government authority, it may hold its value better than fiat currencies like the dollar. The value of Bitcoin is determined by supply and demand in the market. it may hold its value even if the dollar become worthless. Regarding the cost of sack of potatoes this would depend on  the supply and demand, availability of resources and also market condition.

[gaston castano]

The conversion is happening in dollar but it's possible that there will be other means of conversion that it would be like in Euro which it does really have. But regardless of that, bitcoin = bitcoin and that's not going to change.
Before being worried that dollar will go to zero, I am sure that there will be other means that will be proposed to the economy on how this problem is going to be addressed like bitcoin/cny is going to be the standard then since everyone is talking about the economic surge for China. As of now, everything is going to be all about speculations and no matter what happens, bitcoin's value is never going to be gone together with the collapse of the USD or any other currencies.

While it's true that the value of Bitcoin is unlikely to go to zero, it's worth noting that the cryptocurrency market can be highly volatile. The price of Bitcoin can fluctuate widely over short periods of time, which means that investing in Bitcoin can be risky.

[naikturun]

Let's not rush to judgment about news of dedollarization. There are many things that don't look good now, but I wouldn't rule out anything from the USA, everything seems to be political and the USA looks very calm. Although it may look like they are playing it safe, the dollar is still doing well despite all of the news. Although bitcoin is valued in dollar and traded in many more currencies, the impact of fiat market can be managed

It is also true that Bitcoin is often valued in dollars and traded in many other currencies. However, Bitcoin operates independently of any government or central authority, and its value is not directly tied to the performance of any fiat currency. While the impact of fiat markets on Bitcoin may be managed to some extent, it is still important to consider the potential risks and volatility associated with cryptocurrency investments.

[fauzan Ichsan]

if the dollar becomes worthless, it could happen that bitcoin will have an inflated value when converted to dollars, considering that the basis for determining the price of bitcoin occurs due to supply and demand. it can happen before that many people will divert their money to bitcoin, thus making the price soar, especially for those who have a lot of money, of course it will save it or even make it more

[Paul Pogba]

I think if the dollar becomes 0 then bitcoin will also be affected because the dollar currency is a global currency exchange, not only bitcoin is experiencing disruption but all will be affected by the decline.

Yes, it's true, the dollar has a very strong influence on world finances, if the dollar is worth 0 there will be economic and financial chaos globally because the dollar is the world's strongest money, bitcoin will also be worthless if there is a problem with the dollar.

[lizarder]

What happens to the value of bitcoin if the dollar goes to 0? Will bitcoin also loose value because the dollar is worthless? yes, there would probably be other things to mind like world war, full panic, no internett and so on. But set these things aside. How much would a sack of potatoes cost, and with what could I buy these potatous witth(gold/bitcoin/chickens/etc.)?

Any ideas? and any ideas on how bitcoin could be independant of the dollar, or other fiat?

I don't see a direct relationship between the dollar or fiat affecting bitcoin, because if this is a special reason then the dollar will have played a role in bitcoin so far, but even though the world is facing problems of economic stability such as during the Covid-19 incident bitcoin has even reached its newest ATH. Thus the notion that the dollar/fiat has any relation to the course of bitcoin is self-refuting, there is not a single case that can prove that bitcoin is directly influenced by the dollar/fiat so far.

The dollar is never limited in its creation and this is also part of the cause of recessions due to lack of stability. Moreover, a value that continues to depreciate will bring a level of instability and will affect economic stability in other sectors and even though other factors also have a role such as the value of food needs which is increasing and cannot be controlled in the market.

The reason for this thread is to explore if there are some other ways to value bitcoin. Like many of you said, it would probably just hop over to the next largest currency. But do we want the bitcoin to allways be dependant on another currency and its inflatory politics? Many of you also said that the dollar will never go to 0 and there is no reason to worry about this. But every currency in the world is loosing value everyday. Therefore bitcoin is also loosing its value. it may be a stupid question, but would it not be better to have another way to value bitcoin so you could allways buy 1 sack of potatoes for 1 satoshi for exampel?

In 2019 we were faced with major disasters around the world, Covid-19 killed all sectors of human life in the world, starting from the economy, food and industry, but try to see how bitcoin maintains its value and even in the following year bitcoin touched its highest ATH. There is a concept that was deliberately created by some world leaders, that bitcoin must continue to be issued following the dollar/fiat, so that the economic transition related to the dollar/fiat is not conditioned by anyone and they can divert the issue of fiat which continues to depreciate in value.

Honestly or not bitcoin has the same role as the journey of gold in its heyday, where the only way to dispel inflation or recession is by strengthening gold, because a value that never depreciates is a way to deal with inflation or recession, there is a lot of history in the heyday of gold that can be studied and I see the potential in bitcoin is almost equal to the level of gold in terms of tackling inflation and recession.

[Call_Me_Guru]

I think if the dollar becomes 0 then bitcoin will also be affected because the dollar currency is a global currency exchange, not only bitcoin is experiencing disruption but all will be affected by the decline.

The US dollar reading $0 can only happen in the imagination, it can't be what will be experienced in real life. The USD has been existing for too long and during the world wars, it withstood it, during the great recession and depression, it withstood it. I don't know what will be so bad to the extent that the USD will be brought down to zero, maybe if the USA stop being a nation or they change their currency. The new currency will have the power of the USD and the value will remain intact.

With the USD setting to value $0, it will draw the whole world in peril along with it, bitcoin will not be left out, I can't imagine what could cause such commotion.

[Iadegbola34]

What happens to the value of bitcoin if the dollar goes to 0? Will bitcoin also loose value because the dollar is worthless? yes, there would probably be other things to mind like world war, full panic, no internett and so on. But set these things aside. How much would a sack of potatoes cost, and with what could I buy these potatous witth(gold/bitcoin/chickens/etc.)?

It's true that Bitcoin's value is often measured against the dollar, but there are certainly ways to value Bitcoin independently of fiat currencies. For example, some people value Bitcoin based on its potential to serve as a store of value, like gold or other precious metals. Others value Bitcoin based on its utility as a medium of exchange or a platform for decentralized applications.

Regarding your question about what would happen to the value of Bitcoin if the dollar were to become worthless, it's difficult to say for sure. It's possible that if the dollar were to completely collapse, people might turn to Bitcoin as a new global reserve currency, which could potentially increase its value. On the other hand, if the collapse of the dollar were to lead to a global economic crisis or war, the value of all assets, including Bitcoin, could be negatively affected.

Therefore bitcoin is also loosing its value. it may be a stupid question, but would it not be better to have another way to value bitcoin so you could allways buy 1 sack of potatoes for 1 satoshi for exampel?  

As for your idea about valuing Bitcoin based on the price of a sack of potatoes, that's an interesting concept. However, it would likely be difficult to implement in practice since the price of potatoes (or any other commodity) can fluctuate based on a variety of factors, including supply and demand, weather conditions, and transportation costs. Nonetheless, exploring alternative ways to value Bitcoin is an important discussion to have as the cryptocurrency market continues to evolve.

[bayu7adi]

If the US dollar were to lose its value, numerous countries would face bankruptcy, particularly those holding vast quantities of US dollars. This would trigger a global economic crisis, causing investors worldwide to panic.

Bitcoin, just like stocks, would undoubtedly be affected by this situation. Its value would plummet as many would convert it to cash to prepare for the potential chaos.

However, cash withdrawn would promptly be exchanged for gold. We all know that gold is a valuable asset that withstands inflation and is more stable against economic turmoil. Therefore, many investors use gold as a checkpoint when signs of an impending economic crisis arise.