Replace the dollar with a cryptocurrency. How exactly?

[BabelZZ]

I' ll take bitcoin as an example.

Is it mandatory that the value of all bitcoins is equal to the value of the world economy?

Can this value be archived before all the bitcoins are mined?

When I buy bitcoin someone will take my dollars.
So how can we technically replace all dollars with the bitcoins?
In the end will there always be someone with only dollars in their pockets or  am i wrong?

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[deadthings]

I' ll take bitcoin as an example.

Is it mandatory that the value of all bitcoins is equal to the value of the world economy?

Can this value be archived before all the bitcoins are mined?

When I buy bitcoin someone will take my dollars.
So how can we technically replace all dollars with the bitcoins?
In the end will there always be someone with only dollars in their pockets or  am i wrong?

So what me and some people think bitcoin will be the global currency, it won't beat dollar and be more popular but it will be like a dollar, so we could just pay or do some things with dollar and bitcoin at the same time.

[BartS]

I' ll take bitcoin as an example.

Is it mandatory that the value of all bitcoins is equal to the value of the world economy?

Can this value be archived before all the bitcoins are mined?

When I buy bitcoin someone will take my dollars.
So how can we technically replace all dollars with the bitcoins?
In the end will there always be someone with only dollars in their pockets or  am i wrong?

Your example is flawed because not even the dollar represents the whole world economy there are many other currencies that are very strong, what I think it is going to happen is that bitcoin is going to become one of the strongest currencies of the world and a significant amount of trade is going to move through it, it is not going to become the first world currency because governments are never going to allow that.

[Washball]

There's no need to replace dollars for bitcoins and it would not be efficient in daily life. As a cryprocurrency it would do just fine, but as the dollar, although it's one of the most important, is not the only currency, you cannot just replace it for bitcoin.

[amaral1977]

I' ll take bitcoin as an example.

Is it mandatory that the value of all bitcoins is equal to the value of the world economy?

Can this value be archived before all the bitcoins are mined?

When I buy bitcoin someone will take my dollars.
So how can we technically replace all dollars with the bitcoins?
In the end will there always be someone with only dollars in their pockets or  am i wrong?

A currency is just a debt title. Someone gets a  service from you and "writes" you a debt title. then you take that and aquire something from someone else. BTC can replace that with some advantages - It´s decentralized and not inflationary. However it has to overcome it´s scalability problems. Moreover it should be more stable, price wise and fungible to become a real currency for everyday use.

[mackstuart]

We all want to see it happening, but it would be almost impossible to see it really happening in less than 10 years, maybe more than that, or maybe we are not even going to be alive to see it happening.
It is going to be a difficult task, and no one of us knows how it will happen, because we are not even prepared to see it coming.
I mean, we all want to have a economic system based on cryptocurrencies, but it is too soon to see it happening because the world is not prepared to acostumbrate to it.
And those people who borned before the ninetees, are not even able to use a smartphone.

[margarete11]

I' ll take bitcoin as an example.

Is it mandatory that the value of all bitcoins is equal to the value of the world economy?

Can this value be archived before all the bitcoins are mined?

When I buy bitcoin someone will take my dollars.
So how can we technically replace all dollars with the bitcoins?
In the end will there always be someone with only dollars in their pockets or  am i wrong?

you are just exchanging your bitcoins for dollars  just like you are exchanging your gold to dollars , there was no need to replace dollars with gold right ? bitcoin was just like that there was really no reason to make bitcoin replace dollar.

[BabelZZ]

A currency is just a debt title. Someone gets a  service from you and "writes" you a debt title. then you take that and aquire something from someone else. BTC can replace that with some advantages - It´s decentralized and not inflationary. However it has to overcome it´s scalability problems. Moreover it should be more stable, price wise and fungible to become a real currency for everyday use.

I took bitcoin as an example but we can talk about cryptocurrency that  will solve the problem of scalability.
So are there any problem theoretically speaking substituting dollars with a cryptocurrency?

There's no need to replace dollars for bitcoins and it would not be efficient in daily life. As a cryprocurrency it would do just fine, but as the dollar, although it's one of the most important, is not the only currency, you cannot just replace it for bitcoin.

In a near future all payments will be made via smarthphones or hardware connected to the net.
So what would be the difficulty in everyday use?

So what me and some people think bitcoin will be the global currency, it won't beat dollar and be more popular but it will be like a dollar, so we could just pay or do some things with dollar and bitcoin at the same time.

So what's the point to have double currrency?

Your example is flawed because not even the dollar represents the whole world economy there are many other currencies that are very strong, what I think it is going to happen is that bitcoin is going to become one of the strongest currencies of the world and a significant amount of trade is going to move through it, it is not going to become the first world currency because governments are never going to allow that.

So it will be another currency like other?
Again what is the point?

you are just exchanging your bitcoins for dollars  just like you are exchanging your gold to dollars , there was no need to replace dollars with gold right ? bitcoin was just like that there was really no reason to make bitcoin replace dollar.

In this case i don't understand why we talk about "closing banks" "decentralized currency" if we can replace the paper money and the economy managed by bank etc etc.
In the long run ,without replacemenent ,who control the money will be on the top anywayright?

[amaral1977]

I took bitcoin as an example but we can talk about cryptocurrency that  will solve the problem of scalability.
So are there any problem theoretically speaking substituting dollars with a cryptocurrency?


Theoretically no. But the problem i see if you are looking at a simple "replacement" is all this years of accumulation of fiat and printing of new bills to maintain price. How can you replace something that as no value with something that is scarse and theoretically non inflationary. I think we can see at least a change in our finantial and monetary system, if not a small revolution.

[BabelZZ]

Theoretically no. But the problem i see if you are looking at a simple "replacement" is all this years of accumulation of fiat and printing of new bills to maintain price. How can you replace something that as no value with something that is scarse and theoretically non inflationary. I think we can see at least a change in our finantial and monetary system, if not a small revolution.

With cryptocurrency we can help change the actual financial and monetary system, you saying?
If not a total replacement at least an improvement of the actual state?

[nightfury]

I think both of these currencies share different advantages and disadvantages on their own. I think dollar will always remain to the fact that it has an advantage over any digital currencies that you can transact offline without the need of internet connection.

[BabelZZ]

I think both of these currencies share different advantages and disadvantages on their own. I think dollar will always remain to the fact that it has an advantage over any digital currencies that you can transact offline without the need of internet connection.

I think this is the fundamental point above all.

First infrastructure and then think about implementation in daily life.
Very good point.

[Icaxx]

I' ll take bitcoin as an example.

Is it mandatory that the value of all bitcoins is equal to the value of the world economy?

Can this value be archived before all the bitcoins are mined?

When I buy bitcoin someone will take my dollars.
So how can we technically replace all dollars with the bitcoins?
In the end will there always be someone with only dollars in their pockets or  am i wrong?

i think there is relation between bticoin price with value of world economy. its just different.
i think its easier if we buy something offline by dollar, its more acceptable now days.

[UCHCHILD]

If you know the demand and suppy principle it will.not be hard for you to understand this concept, why? Because it is kind of buying and selling of your share or stocks that only varies and fluctitates every time there is a transaction.
In regards of the world economh, it is right that even dolar is not the basis of world economy, abd bitcoin is decentralized cannot be counted as helping the real economy up

[tommy05]

I' ll take bitcoin as an example.

Is it mandatory that the value of all bitcoins is equal to the value of the world economy?

Can this value be archived before all the bitcoins are mined?

When I buy bitcoin someone will take my dollars.
So how can we technically replace all dollars with the bitcoins?
In the end will there always be someone with only dollars in their pockets or  am i wrong?

youre idea is wrong bitcoin was being used as a commodity just like bronze , silver and gold ! bitcoin could never replace a national currency !

[PMmesexycoins]

The total number of bitcoins shouldn't matter there, the face value as per arbitrary unit would shift as supply changes, but as a whole the cap is the same.

As for a possible transition, that's a tricky matter. Fiat has an established circulation with taxes, pensions and anything public funded. A huge part of the population are government workers or depend on the services.

[Dontme]

I' ll take bitcoin as an example.

Is it mandatory that the value of all bitcoins is equal to the value of the world economy?

Can this value be archived before all the bitcoins are mined?

When I buy bitcoin someone will take my dollars.
So how can we technically replace all dollars with the bitcoins?
In the end will there always be someone with only dollars in their pockets or  am i wrong?

If bitcoin wants to replace dollars well it will be more difficult for bitcoin to defeat dollars in very easy way there is many strategies that bitcoin do befpthat will be done all. In order to become the main currency in the whole world bitcoin needs the people to subscribe bitcoin.

[_Dawid_]

First question:
yeah, the value of all bitcoins should be equal to the value of the world economy or everything should be scale like 1:10 etc.
Second:
Maybe?
4th:
Yeah it is technicially impossible, because as you said we have only x btc so bank should have opportunity to print some btc but he can't...
last:
Yes you are right.

The one techniciall way it to steal all bitcoins from their users/owners and grade all bitcoins according to current dollars amount for everyone. And then everyone would hvae some bitcoins. like 0,00000000003  

[Zinkin]

I' ll take bitcoin as an example.

Is it mandatory that the value of all bitcoins is equal to the value of the world economy?

Can this value be archived before all the bitcoins are mined?

When I buy bitcoin someone will take my dollars.
So how can we technically replace all dollars with the bitcoins?
In the end will there always be someone with only dollars in their pockets or  am i wrong?

The price of all the Fiats are not related to its values, not even an inch of it.

This will not be possible since the cryptocurrencies are decentralized, you can monitor its price but it is impossible for you to manipulate it. And the government that doesn't that. They wanted to have profits, in order for the economy to grow.

[Flomo]

when you are sure to buy bitcoin with your dollar, that means you have learned bitcoin and understand it, trading strategy is needed to make a profit.

[fxstrike]

Dollar is political money there is political structure attached to it, unless the political structure is removed bitcoin probably can never replace dollar, probably next generation will see there is no apparent reason to have government and political structure anymore because they in future know that we are all just human having all this political structure put up around them is just hindrance of human potential development, that maybe where bitcoin can start to be widely accepted as form of complimentary or supplementary currency or maybe completely use bitcoin only


Technically or hypothetically to replace dollar with bitcoin and what dollar value for each bitcoin should we use is very hard to figure because dollar in circulation is not known due to the fact that a lot of dollar exist in accounting only (debt), but just take the fed note as example there 1463.4 billion of them

https://www.titlemax.com/discovery-center/money-finance/how-many-dollar-bill-circulated/

So each bitcoin valued at

1463400000000 / 21000000 = 69685.714285714285714285714285714 dollar

[BabelZZ]

Thanks to everyone for the answers.

If I understand correctly cryptocurrency will not replace the currencies of the world economy at least for now.
Will they only be used for online transitions or even to keep banks and large financial companies under control?

Or maybe the dollar (or other current currencies) will implement the blockchain for managing transitions and technological innovations (smart contract).

New project like "Raiden network" and "open Bazar" can have a huge impact in my opinion in the future of currency transition.

[allthingsluxury]

This is not going to happen, without a complete and utter collapse of society as we know it, which honestly, at that point I would be heavily leaning towards precious metals, at least in the short term, as governments greatest power comes from its ability to endless print fiat money out of thin air. They are not going to allow this scenario to unfold.

[miyaka26]

I' ll take bitcoin as an example.

Is it mandatory that the value of all bitcoins is equal to the value of the world economy?

Can this value be archived before all the bitcoins are mined?

When I buy bitcoin someone will take my dollars.
So how can we technically replace all dollars with the bitcoins?
In the end will there always be someone with only dollars in their pockets or  am i wrong?

One of the purpose of bitcoin is to served the unbanked, being a global currency is not mandatory by the bitcoin, it is something that the people of the world specially the Governments that will come up with one decision. the purpose of bitcoin is to act as a currency that the central banks failed to deliver to us. Why always dollar? i can buy bitcoin with yuan, euro, peso, rupee and other types of currency if you want you can trade your precious metals or assets for bitcoin, you can actually do that.

[BartS]

A currency is just a debt title. Someone gets a  service from you and "writes" you a debt title. then you take that and aquire something from someone else. BTC can replace that with some advantages - It´s decentralized and not inflationary. However it has to overcome it´s scalability problems. Moreover it should be more stable, price wise and fungible to become a real currency for everyday use.

I took bitcoin as an example but we can talk about cryptocurrency that  will solve the problem of scalability.
So are there any problem theoretically speaking substituting dollars with a cryptocurrency?

There's no need to replace dollars for bitcoins and it would not be efficient in daily life. As a cryprocurrency it would do just fine, but as the dollar, although it's one of the most important, is not the only currency, you cannot just replace it for bitcoin.

In a near future all payments will be made via smarthphones or hardware connected to the net.
So what would be the difficulty in everyday use?

So what me and some people think bitcoin will be the global currency, it won't beat dollar and be more popular but it will be like a dollar, so we could just pay or do some things with dollar and bitcoin at the same time.

So what's the point to have double currrency?

Your example is flawed because not even the dollar represents the whole world economy there are many other currencies that are very strong, what I think it is going to happen is that bitcoin is going to become one of the strongest currencies of the world and a significant amount of trade is going to move through it, it is not going to become the first world currency because governments are never going to allow that.

So it will be another currency like other?
Again what is the point?

you are just exchanging your bitcoins for dollars  just like you are exchanging your gold to dollars , there was no need to replace dollars with gold right ? bitcoin was just like that there was really no reason to make bitcoin replace dollar.

In this case i don't understand why we talk about "closing banks" "decentralized currency" if we can replace the paper money and the economy managed by bank etc etc.
In the long run ,without replacemenent ,who control the money will be on the top anywayright?

The point is that bitcoin is a better currency, right now is slower and more expensive than cash, but those problems are being worked on but once that is solved you will have a deflationary currency and not an inflationary currency, instead of losing purchasing power every day your currency will be a lot more valuable with time, this will curb the useless consumption of society and will lead to a better and more relaxed way of life.

[Bolt Brownie]

I don't think bitcoin is here to replace dollar or any other currency. I think bitcoin is here to coexist with other currencies. The power of a currency normally represents the economic power of a country, so governments can't really stop backing a currency. We will always use fiat for payments, but now we can also have bitcoin as an asset to keep our economies safe. Bitcoin is a very innovative asset that can be used as a safe haven, and that also has the potencial to be used as a currency as well, but it is not meant to replace dollar.

[filharvey]

I think that US dollar would continue to be the world reserve currency and bitcoin would not replace it.But bitcoin would be a strong currency and it would be used as a secondary payment option.Also,bitcoin being available only with a limited supply of 21 million coins which could not be increased could not be used actively for all daily needs.So,bitcoin and USD would co exist.

[dancingnancy]

I' ll take bitcoin as an example.

Is it mandatory that the value of all bitcoins is equal to the value of the world economy?

Can this value be archived before all the bitcoins are mined?

When I buy bitcoin someone will take my dollars.
So how can we technically replace all dollars with the bitcoins?
In the end will there always be someone with only dollars in their pockets or  am i wrong?

Dollar belongs to Us which has the biggest economy in the world. They don't have have to depend on another form of currency and the country's government will maintain monopoly over cash so bitcoin taking over cash is note exactly possible besides it's not stable either, it's better off as a currency used for earning money rather than replacing dollar.

[Lancusters]

I' ll take bitcoin as an example.

Is it mandatory that the value of all bitcoins is equal to the value of the world economy?

Can this value be archived before all the bitcoins are mined?

When I buy bitcoin someone will take my dollars.
So how can we technically replace all dollars with the bitcoins?
In the end will there always be someone with only dollars in their pockets or  am i wrong?

Dollar belongs to Us which has the biggest economy in the world. They don't have have to depend on another form of currency and the country's government will maintain monopoly over cash so bitcoin taking over cash is note exactly possible besides it's not stable either, it's better off as a currency used for earning money rather than replacing dollar.

If the dollar was the currency of only the United States it would be easy. But the Americans have imposed the dollar around the world. All countries use dollars and it is a problem. Bitcoin could oust the dollar from its pedestal as a reserve currency. The us economy may not survive. From the moment when I discovered bitcoin I got rid of dollars. Will do so many.

[Dudeperfect]

Nope, I don't see any scene where Bitcoin or any other cryptocurrency is replacing the traditional fiat currencies unless it is launched and labelled mandatory by the governments. Bitcoin will definitely gain the position as a mainstream payment option in the coming years and we will be able to spend it to pay the bills of goods and services but it won't replace the traditional infrastructure. We will be using both Bitcoin and fiat currencies even after 20 years from now.

[futuret]

I think that US dollar would continue to be the world reserve currency and bitcoin would not replace it.But bitcoin would be a strong currency and it would be used as a secondary payment option.Also,bitcoin being available only with a limited supply of 21 million coins which could not be increased could not be used actively for all daily needs.So,bitcoin and USD would co exist.

It is reality that the bitcoin is now being famous and the money will be the world poor currency now all the people are using the bitcoin and the future of the bitcoin is bright I can see how fast the value and the importance of the bitcoin is increasing. I can have the fun in the bitcoin if I will buy the more bitcoin I will save it till the long time, I have the bitcoin and I know other value of the bitcoin is not going to decrease ever.

[Saksham]

I' ll take bitcoin as an example.

Is it mandatory that the value of all bitcoins is equal to the value of the world economy?

Can this value be archived before all the bitcoins are mined?

When I buy bitcoin someone will take my dollars.
So how can we technically replace all dollars with the bitcoins?
In the end will there always be someone with only dollars in their pockets or  am i wrong?

Everybody is wondering how fiat coins will disappear how it can be replaced. What if a fiat coin becomes a cryptocurrency, like usdt?

[Hydrogen]

I' ll take bitcoin as an example.

Is it mandatory that the value of all bitcoins is equal to the value of the world economy?

Can this value be archived before all the bitcoins are mined?

When I buy bitcoin someone will take my dollars.
So how can we technically replace all dollars with the bitcoins?
In the end will there always be someone with only dollars in their pockets or  am i wrong?

....

I still think replacing the dollar or paper currency with bitcoin is not the best idea.

There are certain roles in which paper money is more efficient in comparison to electronic money.

Economies need things like yard sales and second hand markets for cars, bikes, motorcycles, boats, clothes et al. Cash is the most efficient and best method of fueling things like yard sales and the buying/selling of second hand goods.

People might consider how they would sell their used car, used computer or 2nd hand goods if cash were outlawed. Its much easier to sell something for paper fiat than it is to sell something for bitcoin.

[pentol86]

what do you mean about " replace"?
what does it mean to replace dollars with bitcoin thoroughly? no, bitcoin cant replace dollar. bitcoin is digital coin. and will like that forever
replace dollar will affected with global economy, until wars.. thats my opinion

[kueyen]

I' ll take bitcoin as an example.

Is it mandatory that the value of all bitcoins is equal to the value of the world economy?

Can this value be archived before all the bitcoins are mined?

When I buy bitcoin someone will take my dollars.
So how can we technically replace all dollars with the bitcoins?
In the end will there always be someone with only dollars in their pockets or  am i wrong?

Bitcoin most probably will never replace fiat currency as the standard money around the world, and it doesn't need to. I'm not sure why a lot of people are obsessed with this, on the one hand it's next to impossible, on the other hand, why would you try to replace fiat currency? Bitcoin and fiat can coexist easily.

[siegerhyme]

From what I have read and comprehended from the diversities of these two monetary matters, it is unlikely to occur. Dollars clearly have a strong structure in world economics as it is fiat money in comparison to BTC.