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Author Topic: My question about bitcoins economical shift  (Read 375 times)
Dudeperfect
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October 08, 2018, 02:59:58 PM
 #61

Since Bitcoin and every other cryptocurrency need the basic knowledge of the user regarding technology but considering the literacy rate across the globe, it's almost impossible that cryptocurrencies replacing fiat currencies anytime in near future. On the other hand, the value is determined by the law of demand and supply irrespective of the value of the currency that we hold in fiat form. That means if the demand for Bitcoin is increasing after 5 years, we will have to pay a certain amount of money such as $50K for per Bitcoin according to the value of that particular fiat currency.

Even today we have to pay 15,45,35,438 Vietnamese dong to acquire 1 Bitcoin and the same Bitcoin can be acquired with the sum of 2,009 Kuwaiti Dinar. That's how the law of demand and supply works and the value is exchanged.
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junglist.massive
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November 16, 2018, 03:11:48 PM
 #62

I think USD isn’t weak now, instead the USD is pressing down other currencies with its strength. Maybe you have heard there are inflation in some world currencies this week caused or exacerbated by the current strength of the USD. The USD users also have very high expectations on the economic growth of the United States.
 
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November 16, 2018, 03:30:06 PM
 #63

when the currency collapses. gold and precious materials will become common objects for valuing other things. This is similar to the primitive. However, it is almost impossible for all coins to collapse. If that happens, I think Bitcoin is not a safe solution either. By the value of bitcoin is still priced through currency.
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November 16, 2018, 11:58:00 PM
 #64

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Many saing that when the usd will fall the btc can fall too.
But i guess it will be quick down fall for btc and then up again.


But the problem is btc is not backed up by nothing secure.

At least now btc is backed by fiat somehow...and fiat is backed by debt and people are the collateral for debt so.

Btc value comes from just because of limited coins??
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Why would bitcoin fall when USD falls? Bitcoin is not backed by some fiat. These two currencies are not interlinked in any major way, in fact bitcoin is completely independent from the US dollar as opposed to a lot of national currencies.

In fact, I would imagine that if there were indeed hyperinflation in USD alone which is unlikely looking at it right now, or somehow the USD exchange rate plummets which is again, unlikely, then BTC should go up in terms of USD due to the fact that its real value should not change as its supply has not changed, at least noticeably.

You're wrong about bitcoin's value coming from limited coins, though. I believe that similar gold, bitcoin's value derives from its ability to serve as global online currency, and people's trust in it as the first decentralised crypto. This value shouldn't be affected by fiat movement.
patarfweefwee
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December 17, 2018, 01:41:29 PM
 #65

First of all, i don't think that Fiat can be totally erased in our economy at all. If it does, then we would've already placed a value on products in relation to crypto currency because everyone will be using it and the price of bitcoin or the prevailing crypto currency will be stable like any other. No need to ask what measuring stick we will use to place a value on crypto currency.

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December 17, 2018, 01:50:50 PM
 #66

The replacement currency will have it's own value. People will not link a fiat currency to Bitcoin, but would rather demand payment in Bitcoin. Just like trading in the old days, where I traded 4 oranges for 1 peach or 16 shells for a coconut.  Grin

This is basically how all countries linked value to currencies. The one person determine the value of his or her item and they request a specific amount of Satoshi for payment and the other person agree or disagree with that valuation.  Wink

A new currency was born.  Shocked

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