Why is bitcoin controlled by the dollar!

[sishendaoye]

The bitcoin is controlled by the dollar because its depending on its market, if the dollar will fall the bitcoin also will fall without any doubts.
I think its fully depending on fiat and that is the problem right now in my eyes to be honest.

[x4]

bitcoin is mean't to be fiat independent. Why is its price/value backed by dollar, instead of the gold-standard.
In reality, we're still under the tight grips of central banks, United States, and the dollar!

This is a large issue which needs to be fixed, internally within our community and externally ...
 

As what I've understand to your post, USD is the currency stand for bitcoin. Because like in language English is the majn language of the world ro make other people understand. And with this matter USD was made which is the standard or the default currency to trade, change, based with many other currencies value.

[JeffBrad12]

In fact, the bitcoin relies on the dollar. in the reality, bticoin is always reliable with the dollar to getting their value. because the dollar having a big impact for another fiat currency and if bitcoin having a big value in dollar maybe it's will make a domination for another fiat too.

[YTBitcoin]

Bitcoin is not controlled by ollar or any other currency, but we do find its value in dollar because everyone who have there own currency want to know that how much is the value of bitcoin in respect to their own currency so then they compare it with their.

we use dollar most because it is widely used currency of the world.

[aso118]

bitcoin is mean't to be fiat independent. Why is its price/value backed by dollar, instead of the gold-standard.
In reality, we're still under the tight grips of central banks, United States, and the dollar!

This is a large issue which needs to be fixed, internally within our community and externally ...

At least when it is traded, it has to be quoted against fiat. Nobody is going to pay actual gold to buy bitcoins, so it doesn't make sense to quote it in terms of gold. You can quote it against a McD burger or iPhone, if you really want to. 

[Nitroshock]

I agree with most everyone here but there are a couple good points this discussion brings to light.

For most of us, Bitcoin is priced in (not backed by) USD... just like oil and gold are priced in USD for much of the world (China and Russia are changing this).  But Bitcoin is used worldwide, and we're free to value it against whatever currency or commodity we'd like.  That's part of the beauty of it, Bitcoin is a means of barter and it only takes two people to decide "how much" and "of what".  When the dollar loses strength (aka, becomes less desirable), people will naturally want more USD for each BTC, or they may decide they don't want USD at all and start trading BTC for something else.

The flip side is that Bitcoin is not backed by anything physical, but it is backed by the support and efforts of a fantastic community and definitely has better fundamentals than any fiat currency.

[amiryaqot]

BTCitcoin is backed by trust of very strong believers, US $ is just measurement of price but all people don't see price into that some are trading into their local currencies, US $ is an international currency that is why a lot of people use it for trading.

[groll]

bitcoin is mean't to be fiat independent. Why is its price/value backed by dollar, instead of the gold-standard.
In reality, we're still under the tight grips of central banks, United States, and the dollar!

This is a large issue which needs to be fixed, internally within our community and externally ...



 

Well you are right in saying that it is not backed up by gold, it remains a fact that bitcoin as a cryptocurrency is not yet an official legal tender but fiat currency or paper money is. But later when society and its financial environment is ready to take on the preparations the it will pave the way for bitcoin to become the official legal tender. In order for this to come true we need the government to make a move.

[~Bitcoin~]

All assets need value and all of them are compared with fiat like USD, EUR, JPY etc even gold is traded in these pairs. And you are wrong in sense of bitcoin controlled by dollar, it is not traded only in dollar pair you can see btc-eur, btc-jpy trading pair also and bitcoin is not backed by dollar as you have stated.

[hermanhs09]

The bitcoin is controlled by the dollar because its depending on its market, if the dollar will fall the bitcoin also will fall without any doubts.
I think its fully depending on fiat and that is the problem right now in my eyes to be honest.

Yeah sishendaoye is right,it is like altcoins.
If bitcoins price rises,usually drops the price of altcoins,and all that is simply reversed.
it is the same link as btc-usd.

[romero121]

I don't think bitcoin is getting controlled by dollar. If it's so, it gets out when direct bitcoin usage increases than using after converting to fiat. Possibly till now its controlled by most miners of China.

[hermanhs09]

I don't think bitcoin is getting controlled by dollar. If it's so, it gets out when direct bitcoin usage increases than using after converting to fiat. Possibly till now its controlled by most miners of China.

yeah,about 40% of bitcoin is being mined in china.
But if you dont believe that dollar is heavily linked to bitcoin,just check the both chart's and you will see it buddy.

[kryptqnick]

Bitcoin isn't backed by anything but a group of miners, a network of nodes and a faithful cultish following  

I agree with that. Btc is backed by a belief in it, not by $, Euro, Gold or anything. And this is the way it should be. This is the idea of BTC. Not to be as non-cryptocurrencies backed up by something material

[X-ray]

bitcoin is mean't to be fiat independent. Why is its price/value backed by dollar, instead of the gold-standard.
In reality, we're still under the tight grips of central banks, United States, and the dollar!

This is a large issue which needs to be fixed, internally within our community and externally ...

this is right,maybe becaue there's no organization behind bitcoin which could organize the gold as value of bitcoin,in local exchanger around the world they use their own local currency but still based on price in dollars of few largest exchangers and i find it really silly why we count on dollars instead of gold which could possibly stabilize bitcoin's price

[davis196]

bitcoin is mean't to be fiat independent. Why is its price/value backed by dollar, instead of the gold-standard.
In reality, we're still under the tight grips of central banks, United States, and the dollar!

This is a large issue which needs to be fixed, internally within our community and externally ...




 

Why?Because the USD is the most popular currency in the world.That`s why.

People can`t just stop using it.If the gold standard returns, the world inflation will disappear and

the economical growth will increase.Central bankers don`t want this ....

[helloeverybody]

The bitcoin is controlled by the dollar because its depending on its market, if the dollar will fall the bitcoin also will fall without any doubts.
I think its fully depending on fiat and that is the problem right now in my eyes to be honest.

Yeah sishendaoye is right,it is like altcoins.
If bitcoins price rises,usually drops the price of altcoins,and all that is simply reversed.
it is the same link as btc-usd.

your both wrong, If the dollar dropped by 50 percent it wouldnt affect bitcoin at all. Why would it? the only tie that bitcoin has with the dollar is that a lot of people compare the price to the us dollar so if the dollar dropped then bitcoin would be stronger against it. The only reason i say the price of bitcoin in dollars on this forum is because most of the users are american but its a pain in the arse for me because whenever i check the price of bitcoin on any exchanges i use or on google i check it in my local currency.

[avikz]

Bitcoin can never be independent from fiat. It can't be. You need one currency to compare its purchasing power parity.

SInce USD is one of the most strong currencies, we have picked it up to compare its purchasing power.

At the end of the day, you need to convert it to a fiat currency to get the benefit of it. So people have chosen USD.

[Maesters1-]

i dont think so. do you mean that the price of bitcoin is up and down due to dollar. i think its not so. bitcoin is not under the influence of any other currency . it is independent and you can convert it in to so many other currencies.

[rphk]

as i know bitcoin is independent and not controlled by fiat currency ,  same applies to USD also, since internationally more people use USD as conversion currency from BTC to USD , mainly it does not fluctuates based on currency but fluctuates based on demand of BTC buying and selling

[shield132]

Bitcoin isn't controlled by dollar, simply it's used worldwide. You can buy bitcoin with gbp, euro and almost every country's currency, so will you say the same about them?