Pricing in Dollar - Pricing in Bitcoin

[aoluain]

I'm pretty sure we all (or the majority) price Bitcoin in Dollars regardless of which
country we are in, I stand to be corrected on this though.

We are all certain that the Dollar and other FIAT are going to crash in the near future
or after we get to grips with this pandemic and financial aid ends. When this happens
we wont be pricing Bitcoin in Dollars.

What will we be using, Chinese Yuan?

or will we be pricing everything in Bitcoin?

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[The Sceptical Chymist]

I don't know what country you live in, but I'm pretty sure that the Chinese value bitcoin in Yuan, not USD (though I could be mistaken about that).  I'd always assumed that bitcoin was priced in whatever local currency you're dealing with.

As to your question, if the US dollar hyperinflates (and man, I'm really hoping it doesn't in the near future) then obviously bitcoin is not going to be valued in USD primarily--though it still could, it would just be a mess to do the daily conversions.  But think about how payment processors like Bitpay operate.  They value bitcoin in terms of whatever fiat currency the item you're buying is priced in, so USD would have to be one of them.

This is making my head spin, because I hate thinking about how much trouble the US dollar is in, and I don't see how the government is going to undo the mess they've put all the US citizens in with all the money printing, stimulus, and everything else.  But at least bitcoin isn't affected by any of that--that's the good news, but only if you own bitcoin. 

[Gozie51]

When this happens
we wont be pricing Bitcoin in Dollars.

What will we be using, Chinese Yuan?

I thought you are advocating that fiat will collapse and is Yuan a crypto, no but a fiat like dollar. Dollar is usually majorly priced against any other commodity, asset or cryptocurrency because it is generally accepted and operated by the international trade as a measurement for pricing. Yuan can be uses within the Chinese setting. For fiat collapse, it won't affect major currency like USdollar because they understand control system. Also the use of cryptocurrency like bitcoin isn't going to collapse dollar because it is traditional whose operation like other fiat is backed by the country government.

[Lucius]

The US dollar is still a currency that has a great impact on the world level, not only because it is really worth something, but because there are few who can turn their backs on it - yet behind that currency is the world's largest military power, which we all know is very easy on the trigger.  If we look at history then we can see that behind all similar monetary projects always stood the world's largest military powers as was the case with the British Empire which was very powerful, militarily and commercially.

Of course, in international trade, the US dollar is used when it comes to cryptocurrencies, because that is how we all understand each other without the need for someone else to convert our local currencies into theirs and vice versa. Even some local exchanges (specifically in my country) have prices expressed in US $, regardless of the fact that our payments/withdraws are in local currency - but I think it's just an extra income for an exchange that calculates the exchange rate (dollar to local currency) always in a way to earn on conversion.

Nowadays, it doesn't make sense for someone to express prices exclusively in BTC, people would still want to know how much it is in their currency or US $, because we are far from being able to see that something costs 0.01 BTC, and pay the same without thinking how much is that actually cost.

[mu_enrico]

I'm pretty sure we all (or the majority) price Bitcoin in Dollars regardless of which
country we are in

Nope, we use IDR in major Indonesian local exchanges.

We are all certain that the Dollar and other FIAT are going to crash in the near future
or after we get to grips with this pandemic and financial aid ends.

Nope, no one can predict the future (except Prophets if they exist). It would be best if you use the phrase "I am certain" instead of "we are all certain" since everyone has their own opinion. Of course, this contemporary fiat and monetary system will be replaced by something new in the future, but I don't know when and how.

What will we be using, Chinese Yuan?

or will we be pricing everything in Bitcoin?

If the fiat currency fails, most likely, people will use hard money temporarily.

[Coyster]

What will we be using, Chinese Yuan?

Wouldn't that be if the Chinese Yuan doesn't hyperinflate as well, the United States have prolly taken poor but necessary decisions such as printing more money during this pandemic, decisions that'll definitely come back to roost, but so also have other countries, China as well, they all have been/will be in the future affected by the pandemic in one way or another, so in a couple of years time, it's not just going to be the U.S. facing the brunt of a falling Fiat currency (inflation), but somewhat all the currencies of the world.

But the thing is, the United States and their Dollar is so powerful, and despite how bad it prolly looks, I wouldn't predict a state of hyperinflation in the United States, neither do I think their Fiat will come of worse than other countries, pricing of Bitcoin I think will still be done in the U.S dollar and it's general acceptability worldwide will still stand.

[Charles-Tim]

Hyperinflation is not the reason why bitcoin will not be represented in dollars on must exchanges, bitcoin is represented in dollars because it is the most useful fiat currency in the world. Even, if hyperinflation occured, that does not mean anything will change, it does not affect bitcoin but US dollar, but I am not thinking this is going to happen, many precautions would have been in place before US will make certain moves, do not be surprised after the whole thing happen but yet the US dollar still remain one of the strongest fiat currencies.

I'm pretty sure we all (or the majority) price Bitcoin in Dollars regardless of which
country we are in, I stand to be corrected on this though.

If the price of your local fiat currency decreased while dollar and bitcoin remain constant, will the price of bitcoin not increase in your local fiat. Do not let the US dollar representation on exchanges or other platforms you have seen it to confuse you, bitcoin is just priced in your local currency.

[Flowzer]

I think even Dollar or any fiat crash, the Bitcoin still paired with them since our real payment transaction still use fiat of course.
But maybe XAU(Gold) be nice to be paired with Bitcoin. You can invest gold by Bitcoin or invest bitcoin by Gold, isnt it good?

[Vatimins]

     I kind of agree with this since most of the people I know outside of my country uses USD primarily in pricing their bitcoins and then using their own country's currency to price USD, I do not know if I expressed that right but yes, I also am guilty of doing this since it is pretty much easier and makes me feel so excited after pricing my bitcoin in USD then figuring out how much this is worth now in my country's currency. Although the excitement slowly fades when you get used to it and can already guess how much it would be in your currency, it still is fun for me from time to time.

[aoluain]

I don't know what country you live in, but I'm pretty sure that the Chinese value bitcoin in Yuan, not USD (though I could be mistaken about that).  I'd always assumed that bitcoin was priced in whatever local currency you're dealing with.

As to your question, if the US dollar hyperinflates (and man, I'm really hoping it doesn't in the near future) then obviously bitcoin is not going to be valued in USD primarily--though it still could, it would just be a mess to do the daily conversions.  But think about how payment processors like Bitpay operate.  They value bitcoin in terms of whatever fiat currency the item you're buying is priced in, so USD would have to be one of them.

This is making my head spin, because I hate thinking about how much trouble the US dollar is in, and I don't see how the government is going to undo the mess they've put all the US citizens in with all the money printing, stimulus, and everything else.  But at least bitcoin isn't affected by any of that--that's the good news, but only if you own bitcoin. 

Im in the EU and I check the Bitcoin value in Dollars because most of the crypto
commentary I get is centered on Dollar pricing.

I dont have any answers but its interesting to hear what people think.

So if/when the Dollar hyperinflates I suppose people would continue as they are

[tyz]

We are all certain that the Dollar and other FIAT are going to crash in the near future
or after we get to grips with this pandemic and financial aid ends. When this happens
we wont be pricing Bitcoin in Dollars.

The question is, what do you mean by crash? Fiat currencies like the dollar will be around for a long time. They will only lose their value more and more. When my grandfather was young there was an ounce of gold for around $50, today you pay almost 40 times as much. It will be similar with Bitcoin and many cryptocurrencies. Their value will continue to rise, but not necessarily because the inner value of crypto is increasing, but because Bitcoin is limited and inevitably has to increase in value against inflation of fiat money.

[coolcoinz]

We do not price Bitcoin in dollar because we want to. It's just the most universal fiat money that people around the world recognize and know its rough value. I price everything in EUR, but on this forum I use USD pricing because I know the value of EUR in USD so I can quickly go from one to the other in a conversation. I know that for people from Asia and Africa it's much easier to price things in USD and for Europeans both fiats are pretty similar, thus I talk about BTC using USD pricing.
USD crash is going to happen one day, but it won't make American switch to BTC or anything else. It will surely make BTC price explode, but it won't change people's habits and the way they see things. For them their morning coffee that used to cost $2 will now cost $5, but it's still going to be $.

[cabalism13]

What will we be using, Chinese Yuan?

Might be cool if we will be using the Japanese Yen instead of that Chinese Yuan.
But I doubt everyone would be happy to accept that as there are still some currencies out there that has much acceptable due to its high value, and yes one of them is EURO.

The question is, what do you mean by crash?

He might mean that FIAT will be unusable due to bitcoins having a strong number of value like that of GOLD. (maybe?)

[LUCKMCFLY]

I'm pretty sure we all (or the majority) price Bitcoin in Dollars regardless of which
country we are in, I stand to be corrected on this though.

We are all certain that the Dollar and other FIAT are going to crash in the near future
or after we get to grips with this pandemic and financial aid ends. When this happens
we wont be pricing Bitcoin in Dollars.

What will we be using, Chinese Yuan?

or will we be pricing everything in Bitcoin?

I think that it will continue to be priced in Dollars, the reason is simple, in the world there is a hegemony of the dollar, this comes from the end of the Second World War, in case it is not the dollar, the closest would be the Euro, it is for To avoid this type of conflict, it is necessary to diversify our money so that it does not lose value, this can be with investment in Gold, Real Estate, Bitcoin, Digital Gold, I think it is the best option to be able to assimilate BTC / Dollar.

[paxmao]

It is a question I have though about: is bitcoin rising or is it that the rest of the currencies are just monopoly money. in my view pricing in bitcoin would be difficult at this moment. The fight is now between the USD and the RMN or Yuan.

These two are de-facto the reserve currency, but given how the FED and the CBC are printing money there might be a case to compare prices with the bitcoin equivalent.

[DarkIT]

I'm pretty sure we all (or the majority) price Bitcoin in Dollars regardless of which
country we are in, I stand to be corrected on this though.

We are all certain that the Dollar and other FIAT are going to crash in the near future
or after we get to grips with this pandemic and financial aid ends. When this happens
we wont be pricing Bitcoin in Dollars.

What will we be using, Chinese Yuan?

or will we be pricing everything in Bitcoin?

Since usd is accepted in many of country. So bitcoin is calculated in terms of Dollar. If you want to see the current value with respect to your money or Yuan. You can use of google convertor. It's accurately with respect to bitcoin.I had not support of USD or US economy. We are a global citizens, so we depend on most of other country currency.

[bocyaj]

We do not price Bitcoin in dollar because we want to. It's just the most universal fiat money that people around the world recognize and know its rough value. I price everything in EUR, but on this forum I use USD pricing because I know the value of EUR in USD so I can quickly go from one to the other in a conversation. I know that for people from Asia and Africa it's much easier to price things in USD and for Europeans both fiats are pretty similar, thus I talk about BTC using USD pricing.
USD crash is going to happen one day, but it won't make American switch to BTC or anything else. It will surely make BTC price explode, but it won't change people's habits and the way they see things. For them their morning coffee that used to cost $2 will now cost $5, but it's still going to be $.

Dollar is not only the universal fiat.But also the dominant forest reserve in many of the countries. The forest reserve can be sold to balance the value of that country fiat towards the dollar. If the European countries get into the cryptocurrency, we can expected the value of 100k$.

[suzanne5223]

When this happens
we wont be pricing Bitcoin in Dollars.

What will we be using, Chinese Yuan?

I thought you are advocating that fiat will collapse and is Yuan a crypto, no but a fiat like dollar. Dollar is usually majorly priced against any other commodity, asset or cryptocurrency because it is generally accepted and operated by the international trade as a measurement for pricing. Yuan can be uses within the Chinese setting.

I agreed with what you said because Dollar is a global currency and the statistics of the year 2014 shows that Dollar was used for over 51% international trading. Besides, most crypto market cap and trading volume listing site provide market price in Dollar and some Asia exchange site does the same either.

For fiat collapse, it won't affect major currency like USdollar because they understand the control system.

Every economic practitioner understand that fiat will collapse sooner or later and that does not exclude the Dollar though it may not be affected like others fiat that's why institutional investors join crypto. Do you think they easily join crypto because they like it? Remember they once said negative things about crypto which show their hatred toward Bitcoin.

[magneto]

I'm pretty sure we all (or the majority) price Bitcoin in Dollars regardless of which
country we are in, I stand to be corrected on this though.

We are all certain that the Dollar and other FIAT are going to crash in the near future
or after we get to grips with this pandemic and financial aid ends. When this happens
we wont be pricing Bitcoin in Dollars.

What will we be using, Chinese Yuan?

or will we be pricing everything in Bitcoin?

In the foreseeable future, the USD is still going to be the dominant global reserve currency and the default unit of account for financial assets.

But the CNY is going to be posing a real formidable threat. With the launch of the digital CNY, this process has accelerated. I suggest that you take a glance at Ray Dalio's piece on the CNY potentially becoming a global reserve currency - he essentially predicted that it would be a matter of time.

BTC will and is already a unit of account for a particular niche of people, but until the fiat system implodes ultimately, this is not going to occur on a widespread scale.

[dothebeats]

USD remains to be a strong force when it comes to economic power. It still holds a viable position when it comes to economic matters even when it seems to be tanking, for the most part. Also, I'm pretty sure the fiat masters wouldn't really want to make their toy unwanted by the whole world so they will try to spec it out depending on the world's needs.

As for bitcoin valuation, the next most viable currency is certainly CNY, though I'm sure most will pretty much have a hard grasp on that reality given how much they are stuck to the USD.