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Niya (OP)
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August 26, 2017, 08:57:48 AM |
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When people talk about Bitcoin price, they usually refer to its price expressed in dollars. I really don't understand why...
US Dollar is going down in price, US economy is collapsing. There are many other countries which has more Bitcoin users, like Russia, China, Japan, Philippines and the whole Eurozone. Even ICOs are forbidden in the USA. It's not a so Bitcoin-friendly country, its national currency is not so strong. So why price Bitcoin in $?
There could be many other more appropriate currencies like EUR, CNY or RUB...
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aleksej996
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August 26, 2017, 10:05:08 AM |
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It isn't really something to do with Bitcoin, it has to do with the world economy.
Whole world is largely pricing things in USD. A lot of country currencies are priced in USD. Oil is priced in USD and many more. They have most of the worlds economy and an old currency, so they stayed on top for use in trading.
World is just used to pricing things in USD. changing to EUR would be a little weird, mostly for Americans and even people in Asia. People really aren't aware of what other currencies are worth, but everybody knows the dollar.
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Captimiz
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August 26, 2017, 10:09:44 AM |
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When people talk about Bitcoin price, they usually refer to its price expressed in dollars. I really don't understand why...
US Dollar is going down in price, US economy is collapsing. There are many other countries which has more Bitcoin users, like Russia, China, Japan, Philippines and the whole Eurozone. Even ICOs are forbidden in the USA. It's not a so Bitcoin-friendly country, its national currency is not so strong. So why price Bitcoin in $?
There could be many other more appropriate currencies like EUR, CNY or RUB...
USD is the most stable fiat currency and giving a BTC to USD puts a price on bitcoins that the majority of people will be able to understand. If we were to give rates as "BTC to Gold" or "BTC to Silver" then people would have to go and google the prices for Gold and Silver and that would be even less convenient for people. Most people have some idea what the conversion of their local currency to USD is. |
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RoommateAgreement
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August 26, 2017, 10:10:30 AM |
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i agree with the above poster, it is a very common thing in the world to talk about the value of stuff in USD when you are talking globablly and we all know that bitcoin is global so we need some unit of value that is more global than JPY, CNY or even EUR.
if i say bitcoin is 7000 CNY majority of people will have to open up a website to convert CNY to a currency that they can understand if 7000 is big or small. but if i say bitcoin is 1200 USD majority will know i am talking about 8 months ago.
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Buying the dip...
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steampunkz
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August 26, 2017, 10:12:30 AM |
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In my opinion I think USD or $ is being compared to BTC BTC because of USA is one of the top Leaders in many industrial business like in currency, products, technologies, Also all around the world many people communicate to each other or any race like asian, europe, black speaks the number 1 language that is English.
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CoinFoxs
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August 26, 2017, 10:36:53 AM |
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USD is familiar to everyone, in online market almost all payments are done in bitcoins same in the case with USD all offline payments are done in Dollars and it is the most stable fiat currency of all time. And also accepted in many countries of world in offline stores. That is the reason why bitcoin expressed its price in USD.
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Xavofat
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August 26, 2017, 11:45:22 AM |
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In general international markets and other currencies are measured against the dollar because it is seen as a reserve currency. Also, to buy or sell BTC, a person has to trade with fiat (unless they buy potatoes with fiat and then trade them against the dollar, but that seems unlikely).
All modern capitalist economies have boom/bust cycles. If the US dollar falls against other currencies for a while, it doesn't mean much.
PS: some people do measure against other currencies depending on what country they're from.
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Intersan
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August 26, 2017, 12:02:12 PM |
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I think this is because the dollar is the top currecny and they want to aim on what dollat have now. Dollar is ine of the demand currency, and most of the countries used the dollar so if the bitcoin become legalise it can compete to the other currency like dollar.
This time dollar is successful and it is so loud around the world, this will the want of bitcoin to become popular. Like dollar, bitcoin have a chance to become top this is because of benefits and uses in the user.
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n4poleon
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August 26, 2017, 12:08:40 PM |
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Well, you have choices. Generally you want to translate it to any fiat currencies because that's where most people liquidate it, and usually you are using a US-based service which is maybe the default translation would be in USD. When your argument is USD devaluing, tell you what, all fiat currencies are devaluing. Moreover, you can't price a product by BTC because volatility.
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Janation
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August 26, 2017, 12:11:09 PM |
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I think this is because the dollar is the top currecny and they want to aim on what dollat have now. Dollar is ine of the demand currency, and most of the countries used the dollar so if the bitcoin become legalise it can compete to the other currency like dollar.
This time dollar is successful and it is so loud around the world, this will the want of bitcoin to become popular. Like dollar, bitcoin have a chance to become top this is because of benefits and uses in the user.
That is right, it is also said that it is like the international currency it is because US Dollars is the most traded currency of all the Currencies. There are also Yen and Euro but still, USD is at top. You can say it is the equivalent of BItcoin in Digital Currencies, you can read more here in this Link. |
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Palodar
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August 26, 2017, 12:15:44 PM |
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I think this is because the dollar is the top currecny and they want to aim on what dollat have now. Dollar is ine of the demand currency, and most of the countries used the dollar so if the bitcoin become legalise it can compete to the other currency like dollar.
This time dollar is successful and it is so loud around the world, this will the want of bitcoin to become popular. Like dollar, bitcoin have a chance to become top this is because of benefits and uses in the user.
That is right, it is also said that it is like the international currency it is because US Dollars is the most traded currency of all the Currencies. There are also Yen and Euro but still, USD is at top. You can say it is the equivalent of BItcoin in Digital Currencies, you can read more here in this Link. No doubt, when we download wallet apps for bitcoin mostly it involves a convertion in USD. Usd is the basis of all currency all over the world. Your countries fiat iis also based on USD so as btc also. |
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makulo123
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August 26, 2017, 12:17:40 PM |
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Yes, USD is soo big that currency that it makes it the golden standard for comparing prices. Commodities, ETFs, stocks, cryptos, ... they are largely priced in USD to make it even more simple to understand the value of such divident. Funny is, that the US debt-ie economy is soo big that these prices are largely just fantasies compared to the real price of USD backed by gold (well, if there is such thingie as gold in US economy).
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ymirymir
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August 26, 2017, 12:23:15 PM |
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When people talk about Bitcoin price, they usually refer to its price expressed in dollars. I really don't understand why...
US Dollar is going down in price, US economy is collapsing. There are many other countries which has more Bitcoin users, like Russia, China, Japan, Philippines and the whole Eurozone. Even ICOs are forbidden in the USA. It's not a so Bitcoin-friendly country, its national currency is not so strong. So why price Bitcoin in $?
There could be many other more appropriate currencies like EUR, CNY or RUB...
I think it's because most people consider dollar as one of the most stable currency. I think most of the things in this world are expressed in dollars because it's one of the most dominant currency. A lot of people are using dollar and most transactions are in dollars. |
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QFT
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August 26, 2017, 12:25:47 PM |
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When people talk about Bitcoin price, they usually refer to its price expressed in dollars. I really don't understand why...
US Dollar is going down in price, US economy is collapsing. There are many other countries which has more Bitcoin users, like Russia, China, Japan, Philippines and the whole Eurozone. Even ICOs are forbidden in the USA. It's not a so Bitcoin-friendly country, its national currency is not so strong. So why price Bitcoin in $?
There could be many other more appropriate currencies like EUR, CNY or RUB...
But EUR is as bad as USD? Maybe not literally yet... but if you believe USD will collapse then so will EUR. |
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Blakscorpion
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CryptoFan
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August 26, 2017, 12:29:37 PM |
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If you want to know the value of a currency, you are forced to compare it to another one.
And the dollar is one of the most used currency in the world.
But to answer your question, no the bitcoin is not always compared to the dollar. It's probably due to your location or the articles you read. Because you can find comparison with EUR or Yuan... etc
I don't think that the fact that the dollar is in a good or bad shape, is really relevant. Which is relevant is to base your comparison with a currency which is used all around the world and stable.
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WaterPower
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August 26, 2017, 12:33:44 PM |
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Because USD is one of the most comonly used currencies in the world, and is what most people use to talk about the price. This car is 34000 grand usd, my house is 400k usd etc. etc
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Queenofbitcoin
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August 26, 2017, 12:37:51 PM |
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United State Dollar is widely used in the world, Bitcoin as this past few years been in as a legit competitor especially the price. This two is always been comparable even before.
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krishnapramod
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August 26, 2017, 12:50:34 PM |
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When people talk about Bitcoin price, they usually refer to its price expressed in dollars. I really don't understand why...
US Dollar is going down in price, US economy is collapsing. There are many other countries which has more Bitcoin users, like Russia, China, Japan, Philippines and the whole Eurozone. Even ICOs are forbidden in the USA. It's not a so Bitcoin-friendly country, its national currency is not so strong. So why price Bitcoin in $?
There could be many other more appropriate currencies like EUR, CNY or RUB...
Its not only BTC to USD, almost all currencies are compared against USD because USD is the world’s primary reserve currency, a lot of countries hold reserves of the USD. |
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Colt22
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August 26, 2017, 09:28:52 PM |
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In my opinion I think USD or $ is being compared to BTC BTC because of USA is one of the top Leaders in many industrial business like in currency, products, technologies, Also all around the world many people communicate to each other or any race like asian, europe, black speaks the number 1 language that is English.
Yes you are right. English, the language of US is spoken in all over the world. People of most of the world try to go there to make their future good. Their language, technology, currency almost everything I considered as a standard in most of the countries. Additionally USD is also one the most expensive currency in the world. so USD is taken as a standard to compare other currencies and also the bitcoin. |
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aakashsangwan
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August 26, 2017, 09:33:06 PM |
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As USD is the currency that is accepted mostly all over the world and it is also a very stable currency, so I believe that's why bitcoin is compared to USD.
And local exchanges also list the bitcoin vs local currency pair on the exchange too along with the btc /USD pair.
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