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Author Topic: When will see prices independent of USD?  (Read 163 times)
BTCforJoe
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February 09, 2018, 04:50:45 PM
 #21

This will happen gradually. See how people shifted from paper money to credit card. It took a lot of years before people fully use credit cards on almost all transactions.

The same can happen to cryptocurrency. There is not much merchandisers that accepts bitcoin or crypto. But if there will be a major adoption of merchandisers to accept crypto, then people can start shifting from credit card or fiat to crypto transactions. Then we can start disassociating fiat to crypto exchange.

So you're in favor of a fixed-value economy surrounding Bitcoin? That's the only way that bitcoin can succeed as an independently free-standing currency. One thing you're failing to realize with your credit card example is that credit cards are just another method to use currency; it doesn't replace the dollar.

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February 09, 2018, 06:17:54 PM
 #22

I really like your mindset. For me 1 BTC is just 1 BTC. No need to consider its $ price.
But keep in mind many people are here just for speculative purposes and don't care about blockchain technology, Bitcoin and so on. They think to cryptocoins just as a good way to make some dollars buying it and then sell it at a higher price. That's why people look so concerned about USD price.
If price is not really that important will you mind selling your BTC for a dollar? If not then you care about the price, the price you see in exchanges is the fair market value of bitcoin, the current price is an agreement between the sellers and the buyers of where is that price, and it is important not only for bitcoin but for everything, take water as an example, water is cheap but if there was a shortage its price will go through the roof, bitcoin despite all its technological advances is the same no matter how you look at it.



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February 15, 2018, 07:48:04 AM
 #23

I really like your mindset. For me 1 BTC is just 1 BTC. No need to consider its $ price.
But keep in mind many people are here just for speculative purposes and don't care about blockchain technology, Bitcoin and so on. They think to cryptocoins just as a good way to make some dollars buying it and then sell it at a higher price. That's why people look so concerned about USD price.
Talking back if bitcoin would tend to have 1 btc=1btc value then where does its value came from?
If we ignore the conversion rates of fiat it'll depends on the demand what people want to trade bitcoin with and the limited supply we have for bitcoin. Halving event helps a lot because it reduces the amount of bitcoins being produced every 4 years making bitcoin more valuable.

Donations here in the forum is still the same 10btc and 50 btc no one wants to spend that kind of amount now. The same thing would also happen for services that ignores fiat prices.
That will never be possible. USD and other currencies are required for proper calculation and other reasons. Despite I don’t know much of the reasons, one thing I’m very sure of is that USD is very, very important. And by the way, Bitcoin is not a real currency, it is just meant for investment purposes only and nothing else.

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February 15, 2018, 07:58:23 AM
 #24

It will happen when we use crypto currency as currency not as an investment. Smiley

But there is no relation between the bitcoin price and the USD,the price of bitcoin really based on the satoshi value,so the people need to change their mind to see bitcoin in terms of satoshi value.
And for that it needs much time because we are still at the early stages of crypto currency so we need more time to adapt to the crypto currency system fully.Until that people will see bitcoin only in terms of USDs or in their local currencies.

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February 15, 2018, 07:59:25 AM
 #25

I really like your mindset. For me 1 BTC is just 1 BTC. No need to consider its $ price.
But keep in mind many people are here just for speculative purposes and don't care about blockchain technology, Bitcoin and so on. They think to cryptocoins just as a good way to make some dollars buying it and then sell it at a higher price. That's why people look so concerned about USD price.
Talking back if bitcoin would tend to have 1 btc=1btc value then where does its value came from?
If we ignore the conversion rates of fiat it'll depends on the demand what people want to trade bitcoin with and the limited supply we have for bitcoin. Halving event helps a lot because it reduces the amount of bitcoins being produced every 4 years making bitcoin more valuable.

Donations here in the forum is still the same 10btc and 50 btc no one wants to spend that kind of amount now. The same thing would also happen for services that ignores fiat prices.
That will never be possible. USD and other currencies are required for proper calculation and other reasons. Despite I don’t know much of the reasons, one thing I’m very sure of is that USD is very, very important. And by the way, Bitcoin is not a real currency, it is just meant for investment purposes only and nothing else.

I agree this is not going to happened. People already trust usd and it is the most acceptable currency in the whole world. Lets say a country adopted bitcoin as their official currency just like any  another currency it will still be compared to other currencies of another country. Now if the whole world adopted bitcoin (which is quite impossible to happened) it will still needed to be backed up by something precious like gold to know its worth.

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February 15, 2018, 08:23:58 AM
 #26

I really like your mindset. For me 1 BTC is just 1 BTC. No need to consider its $ price.
But keep in mind many people are here just for speculative purposes and don't care about blockchain technology, Bitcoin and so on. They think to cryptocoins just as a good way to make some dollars buying it and then sell it at a higher price. That's why people look so concerned about USD price.
Talking back if bitcoin would tend to have 1 btc=1btc value then where does its value came from?
If we ignore the conversion rates of fiat it'll depends on the demand what people want to trade bitcoin with and the limited supply we have for bitcoin. Halving event helps a lot because it reduces the amount of bitcoins being produced every 4 years making bitcoin more valuable.

Donations here in the forum is still the same 10btc and 50 btc no one wants to spend that kind of amount now. The same thing would also happen for services that ignores fiat prices.
That will never be possible. USD and other currencies are required for proper calculation and other reasons. Despite I don’t know much of the reasons, one thing I’m very sure of is that USD is very, very important. And by the way, Bitcoin is not a real currency, it is just meant for investment purposes only and nothing else.
It is hard to happen by now, but its not impossible that Bitcoin value will be independent from USD. When the world are fully interconnected until its smallest corner then everything will be run digitally in everyday living of the people, all monetary transaction is course through in a single chip that every individual holds and no more real money, people will buy and transact using its unique identified chips using an apps that easy and quick for use.


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February 15, 2018, 09:26:53 AM
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 #27

When the Bitcoin acceptance will be more than 20% around the world, then we may quit saying BTC price is xxx usd. Instead the USD price will be defined in BTC and we use BTC on all transactions and payments.
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February 15, 2018, 10:45:36 AM
 #28

Here's is an old article on Why Bitcoin Value vs. The Dollar Doesn’t Matter.

https://www.ccn.com/why-bitcoin-value-doesnt-matter

Quote
So the Bitcoin value versus the dollar right now is irrelevant, since Bitcoin is not going to replace the “World’s reserve currency” regardless. Ask Bitcoin industry leaders like Andreas Antonopoulos and Cameron Winklevoss, and they’ll tell you the price doesn’t matter. As Andreas once said on a Joe Rogan Podcast, the Internet’s value is not measured in its ability to replace a number of fax machines. So why measure Bitcoin in dollars? They are totally different ecosystems. Like comparing apples to oranges, literally.

Two different ecosystems, it's not about replacing, but not being absolutely dependent. Bitcoin is heavily dependent on the fiat system, the crypto gurus with several thousands of dollars prediction, the cash flow is there, but it's mostly about expectations to withdraw thousands in fiat at a point in future. There is no circular flow of income, for buying Bitcoin, fiat is needed, but again converting it to fiat, there would be no Bitcoin economy, it would be like using unlimited supply of fiat to buy Bitcoin to cash it out for more unlimited supply of fiat.

I guess if the Bitcoin economy grows to the point where it not only acts as a stable store of value, but also a reliable medium of exchange where almost everything can be bought using Bitcoin, it would have an independent value, where the price/supply/demand is decided more based on investments, goods and services rather than fiat conversions.

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February 16, 2018, 05:13:21 AM
 #29

The entire digital currency is traded on the basis of the dollar!

There is no other currency to replace the dollar! Because the dollar is a more stable legal tender!
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February 17, 2018, 08:23:45 AM
 #30

When the Bitcoin acceptance will be more than 20% around the world, then we may quit saying BTC price is xxx usd. Instead the USD price will be defined in BTC and we use BTC on all transactions and payments.

That may be a bit too much to ask for today but you're right, btc needs to have acceptance of at least a fifth or even a quarter to be in a way independent from the dollar or any fiat currency. It may take a while before we arrive at that time since not all people who know btc are in support of it

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February 17, 2018, 08:29:22 AM
 #31

I hope never, we still need a stable currency, can you imagine entering a shop and see prices like:

Water - 0.0000011
Milk - 0.0000012
Beer - 0.000002

It would be highly impractical and not even considering cryptos volatility!
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February 17, 2018, 08:36:06 AM
 #32

I dont derstand, if you want bitcoin to be independed of USD so in what currency do you want it to depend or be based? Even gold is based of fiat if not you will be holding your bitcoin as an asset but has no definite value because there will be no currency it is based on. Eve our local currency has its equivalent in fiat. May it be USD or Euro.
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February 17, 2018, 08:59:37 AM
 #33

When the Bitcoin acceptance will be more than 20% around the world, then we may quit saying BTC price is xxx usd. Instead the USD price will be defined in BTC and we use BTC on all transactions and payments.

will become indispensable if the BTC has been consumed much by the world, the price of the bitcoin price is turned into a benchmark for fiat money, and along with it btc will be the best solution used as the world currency for the payment system
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