Will bitcoin end the dollar’s reign?

[witcher_sense]

Bitcoin won't end the dollar's reign, government policy will. It is not that Bitcoin is good, it is our system, where economics is being centrally planned, is bad, inefficient, and flawed. History made it evident that central planning simply doesn't work, no single party can know what to produce, in what time, in what quantities. Any government intervention distorts the real picture, market prices, it confuses both producer and consumer.

The same applies to money. Money is a measurement system, it is language, with the help of which the market is communicating. When central planners try to control and manage this language, what they do is change the meaning of words, add new letters to the alphabet, confuse everything. The market cannot communicate properly because language is broken. Bitcoin is a new language, they cannot control it, they cannot make changes in it, its alphabet is set in stone. It is up to the market to decide which language to speak. Hope we will come to the right decision.

[Debonaire217]

Whether Bitcoin existed or not, the Dollar will end the Dollar's reign.   

Fiat currencies don't last forever.  They can't.  With all debt-based money, eventual failure is an integral part of the recipe.  It's just how they function.  Some last longer than others, but they will all approach worthless at some point.

That is not impossible but due to the fact that the economy and the government should save the country and its people, that would be difficult to happen. Of course, every nation wants it best for its country. The government officials, capitalists and even comonners will not let their country die. I have never encoubtered a fiat money lose its value because i think thats another material that would be symbolize the identity of a country.

[iv4n]

Bitcoin won't end the dollar's reign, government policy will. It is not that Bitcoin is good, it is our system, where economics is being centrally planned, is bad, inefficient, and flawed. History made it evident that central planning simply doesn't work, no single party can know what to produce, in what time, in what quantities. Any government intervention distorts the real picture, market prices, it confuses both producer and consumer.

The same applies to money. Money is a measurement system, it is language, with the help of which the market is communicating. When central planners try to control and manage this language, what they do is change the meaning of words, add new letters to the alphabet, confuse everything. The market cannot communicate properly because language is broken. Bitcoin is a new language, they cannot control it, they cannot make changes in it, its alphabet is set in stone. It is up to the market to decide which language to speak. Hope we will come to the right decision.

Very nice comment! Especially the second paragraph! I will definitely use it to explain Bitcoin to some people around me, very simple to understand! And I completely agree with the last sentence, I would just add one thing, the market will decide and that means people, we are all part of the market!

If we follow that logic, Bitcoin won't end dollar's reign, people will do that! It's the end line! If the majority of people decide to use better language, that can help in setting up better communication, more trustworthy, that will be the end of the old languages! Traditionalist will try to hold their values, but they will not last long, new generations are coming, and new generations are digital as they can be...even before they make first steps!

I am not a Bitcoin maximalist! I give chances to some other amazing crypto projects that can really help in creating a better world! The world is big enough for Bitcoin and alts!

[Smartprofit]

The status of the US dollar as the world's reserve currency, in my opinion, was not lost because of bitcoin. 

By the time the Covid-19 pandemic began, the idea of ​​globalism had already been discredited.  Large-scale US trade wars with Russia and China unfolded.  This undermined the status of the US dollar as the world's reserve currency.  Why did the US choose the path of isolationism?  It is difficult for me to answer this question ...

In 2008-2009 there was a global financial crisis.  Probably, the reasons for it have not been eliminated.  The problems of 2008 were solved with the help of unlimited money issue. 

It was after the 2008-2009 financial crisis that Satoshi Nakamoto created Bitcoin.  Perhaps Bitcoin will be able to eliminate the causes of the global financial crisis and make our world a better place.

[finaleshot2016]

Bitcoin can be a global currency or could be a reserver currency but can't end any existing currency because the dollar is the monetary unit of western countries that is leading and powerful. It'll be only possible if this digital currency, bitcoin, influenced all of those countries that use dollar to make bitcoin as the primary currency.

The majority of the people in western countries use dollar and let's assume that some investors of cryptocurrency still use dollar for other transactions. So now, let's think about how bitcoin will reign if the dollar's influence is impossible to forget? You know it's hard, mate.

Also, think about those people or organization that still uses traditional transactions than digital? How can we influence them to use bitcoin?

[dimonstration]

This will not happen because for the past many years since Bitcoin was created many people assumed that Bitcoin will be the end of the fiat. Although it is very convenient and very safe to use the electronic transactions but the fact is that the use of fiat specially the dollar currency is still the most usable form of payment in the whole world. So for me Bitcoin is just as an investment that will always depending to dollar currency.

For now it can be a good investment or as source of income when we do trading but once its supplies reached it can be use the way fiat use digitally or how mobile bank works. If many agencies or government will use it as a mode of payment it can influence more users to try and lessen the use of fiat.

[DraGonD]

How bitcoin could do this with so low TPS?

[irixo10]

The dollar has endured for a number of years and even though there are challenges here and there, it kept enduring but nevertheless no one knows the future and what could possibly end the dollar reign. Nevertheless, on a more serious note, it would be hard for Bitcoin or any cryptocurrency to end the dollar's reign; it is true that Bitcoin is of great value and has been like that for years wherein its value and potential keeps increasing as seen by the interests of institutional investors etc, but yet it is right to understand that Bitcoin will act as an alternative to fiat, giving support in whichever way possible but not here to end the use of fiat or the reign of dollar, the United States will not allow it nor any country as well. Lastly, Bitcoin is highly decentralized, as it can't be controlled then no government will give it the power to end the use of their fiat.

[verita1]

I also think that Bitcoin represents a viable alternative as a reserve currency against the dollar. It has gained a lot of ground without a doubt but everything takes time so for now it is not marking the end of the dollar due to his dominance in the international market.
Unless everyone loses trust in the dollar and prefers to use bitcoin for their exchanges as some experts think.
Bitcoin in this pandemic has managed to raise its confidence among investors allowing advance to digital technology and the way we view finance. Now Bitcoin will make itself heard more globally.

[MCobian]

As long as America is still a country with a strong economy, I still believe the US Dollar will survive and will still be used for international trade.
I also believe Bitcoin will not end the Dollar reign, because confidence in the US Dollar is still high. After all, the number of countries that accept
Bitcoin as payment is very small, so there is no way Bitcoin will replace the US Dollar. Bitcoin still has to prove that it can function like a fiat thing,
but the fact is Bitcoin is still widely used as a digital asset, compared as currency.

[TGD]

How bitcoin could do this with so low TPS?

Nailed it buddy. Comparison of BTC to USD is very wrong at the first place. USD has a stable while BTC is so volatile, Besides the low TPS. BTC price volatility only shows that it can't be use as a normal currency that can be use for daily transaction. Normally people convert BTC to fiat at the moment transaction made to control the rate of the BTC.

[charlesmichel1]

I don't think so. Bitcoin becomes more popular as a store of wealth, but due to its decentralized nature Bitcoin won't be accepted by the governments. Digital Yuan has more chances to end the dollar dominance.

[Noctis Connor]

I don't think so. Bitcoin becomes more popular as a store of wealth, but due to its decentralized nature Bitcoin won't be accepted by the governments. Digital Yuan has more chances to end the dollar dominance.

Yes bitcoin become popular as is, to those who really wants trading investing and of course because of it's price since bitcoin is in ATH. Government wants to accept bitcoin but in 1 condition they want to have a full power or control to it even it is decentralized i think they want to put a bigger tax since the price of bitcoin is higher, As you can see USD has more power than other currency since they had a total share of wealth and sharing to the countries which is dollar and not done by Yuan if ever this happens maybe euro is much more chances to dominance dollars since they are in rank 2, If you're going to see all the market cap dollar has its supremacy than other's since bitcoin is just starting its own and building more to become its best and maybe in the next 10-20 years this will happen.

[Altcoinsintel]

You can keep saying about the dollar, but what I see is hodlers were telling the same in 2015 and became sodlers in 2017. So if you want to hide behind your finger then do that but you aren't convincing anyone. The dollar will still be what you are looking for, otherwise you wouldn't care about the price of Bitcoin but only for adoption and developments.
Were you a hodler? Did you sell at least half to have more dollar or euro whatever your currency is?

[zanezane]

As long as America is still a country with a strong economy, I still believe the US Dollar will survive and will still be used for international trade.
I also believe Bitcoin will not end the Dollar reign, because confidence in the US Dollar is still high. After all, the number of countries that accept
Bitcoin as payment is very small, so there is no way Bitcoin will replace the US Dollar. Bitcoin still has to prove that it can function like a fiat thing,
but the fact is Bitcoin is still widely used as a digital asset, compared as currency.

US does not have a strong economy in my opinion, they are more on having a strong foreign policy. It will survive because the capitalist that are behind the curtains pulling strings will not allow for the dollar to die. Let me put it this way, as long as the country has a strong foreign policy then it will survive. With the current market cap, I think that it will still be far from possible that we will be using bitcoin as a form of currency, as you said that it is an asset, I think more of it as barter system when we are buying products and services with bitcoin.

[Rishabh riyz]

well its true that fiat currencies would not be here forever and online transactions are now promoted across the globe ,
but this doesn't points that BTC could possibly overcome the dollar domination in near future .
maybe  when the society is more advanced and people would treat  a highly fluctuating value crypto currency BTC for not just investment as it is being used now .
we can all admit that the fluctuating value has  made BTC more of an  asset than a crypto currency .

[fishbonez11]

Whether Bitcoin existed or not, the Dollar will end the Dollar's reign.   

Fiat currencies don't last forever.  They can't.  With all debt-based money, eventual failure is an integral part of the recipe.  It's just how they function.  Some last longer than others, but they will all approach worthless at some point.

This is true, but as long as America is going strong its currency will continue to reign. It will last longer than any other fiat currency. Knowing Bitcoin's largest market is America, we can possibly say that Bitcoin might go along with the dollars reign and possibly go beyond dollar since its an international currency. Bitcoin can reach anywhere as long as there is internet. There is no limit unlike dollar which is limited to the growth of america.

[sapnu]

Fiat currency existed way before the cryptocurrency entered the scene but it doesn't necessarily mean that bitcoin or other crypto cannot outrun or dominate it. For now, we know how strong the dollar currency is but time will come where bitcoin's reign will take over its position upon being the top and most powerful currency of the present. Technology keeps on innovating each day and time will come where a transition would take place in relation with the use of fiat currency into cryptocurrency, it might be near actually if we'll observe how the world runs today.

[yhiaali3]

I am sure that the successor to the dollar has already appeared, the logic of history says that it permanently replaces the old system with a new system, and the time has come to end the old system, but the problem is that governments do not want this new successor, i.e. Bitcoin because it is decentralized and cannot be controlled by the government, so They are trying to find another alternative, and they may find it temporarily in the central digital currencies, as many governments such as China do, which have already begun to produce the digital yuan.

[natalia stark]

i don't think that it this possible for the cryptocurrency to eliminate the reign of the hard cash like dollar or pound. but it is possible that the whole market will shift to online business and trading because of the future globalization and increasing demands of online things.
but this may not be applicable to the whole world because of the lack of technological advancements. so it is not possible for online cryptocurrencies to end the dollar hard cash era.