Replace the dollar with a cryptocurrency. How exactly?

[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

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[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.