Can Bitcoin overtakes USD dollar?

[dhru9]

Let me know your opinion you think USD will overtake eventually the USD dollar? 
I don't think it rational if you have more opinion explain why it an take?

[jackg]

I don't think we actually know how many dollars there are in expistance - many dollars also only exist virtually and have been minted by a lot of different places.

$45k is already higher than 1 though too in unit value.
We do also know how many bitcoins there are though too and everything is a lot more transparent.

[goldkingcoiner]

I truly believe that it goes without saying that the Bitcoin will definitely overtake the USD Dollar. Why? The reason is quite simple. Bitcoin is deflationary while the USD is inflationary. Bitcoin has a limited amount that can be mined, the USD can be printed infinitely. Bitcoin has been growing in price, the dollar is  becoming worthless and in the future will become completely irrelevant.

Once the US collapses under its own inhumane system of greed and corruption, the USD Dollar will no longer be the "world currency".

[TravelMug]

Let me know your opinion you think USD will overtake eventually the USD dollar? 
I don't think it rational if you have more opinion explain why it an take?

What do you mean overtake? Bitcoin has limited supply so that alone tell us that it can't go and overtake any fiat for that matter.

So the answer is NO, there will be no overtaking, what we will have is like taking advantage of both fiat and bitcoin.

[Darker45]

Just like the above user, I want to know what you mean by overtake.

If by overtake you mean that the number of Bitcoin users will surpass that of USD users, it eventually will. Time will come when Bitcoin will be used as an alternative currency in almost, if not all, countries in the world. The USD, on the other hand, is accepted in day to day transactions in very limited countries.

If by overtake you mean that Bitcoin will dethrone USD in the US, that's not going to happen. USD will stay. It may cease to be a global reserve currency in the centuries to come, but it will not be replaced by Bitcoin as the official currency of the US. It may take several forms but it will never die because of Bitcoin.

[mk4]

Be more specific — overtake by what metric?

If you meant by adoption, then I think it's highly unlikely. Highly more likely for bitcoin to be an asset that people hold in their portfolios than an asset that everyone actually pays with; or at least not any time soon.

[franky1]

its like asking 'can the Euro overtake the dollar'
its like asking 'can the Yuan overtake the dollar'

well the euro is used buy 448mill EU population
the US dollar is used by 330m population
heck the chinese yuan is used by 1400mill population

yet dollar reigns supreme still

heck. even with bitcoin. majority still 'tether' it and price it to the US dollar
im in the UK, i use pound (when not using btc) and yet the exchange rate i have to follow for the btc is the US dollar.
whereby the 'pound' exchange is a second hop of the markets

if there was an influx of british btc buyers. it wont cause a disparity on the dollar/pound rate where the pound rate moves up separate from the dollar.
because the pound rate is not separate from the dollar. its all involved with each other where the pound is just a calculation of a dollar market, not a actual separate market

(coinbase pro markets for btc-usd and btc gbp are the same candle green and reds. exact same shape market line)

[bitzizzix]

Yes, there is a possibility. Just as the Internet is taking over as the main news and music channel from traditional TV and radio, so too will bitcoin overtake fiat or the dollar in a long process as it is still too early and no one will know what the future holds. But the signs are already starting to show.
nothing is impossible in the advancement of technology or anything in the 20 years and above can happen, or it could be the other way around. Just enjoy the journey while we can still enjoy it and live it while we are still around, and even if it happens or not, we don't know if we are still around.

[mindrust]

Let me know your opinion you think USD will overtake eventually the USD dollar? 
I don't think it rational if you have more opinion explain why it an take?

I don't think that's going to happen. The network effect of USD is simply huge. It is like comparing the size of an apple to the Empire State building. The governments don't give up on their power to create money neither. If you think the governments will collapse and bitcoin will take over, well that's a nice dream to have.

[cabron]

Maybe you have heard of the crypto influencer speculating BTC could become a reserve currency which if it's going to be, maybe Bitcoin can overtake USD. Hard to believe.

USD might be overtaken by another fiat like EUR or CNY but not BTC. Just as how other currencies are debased by other currencies like the PESO that was debased. BTC is not for the government so BTC is always going to be the people's money.

[noormcs5]

Let me know your opinion you think USD will overtake eventually the USD dollar? 
I don't think it rational if you have more opinion explain why it an take?

Bitcoin will not take over the USD but the usage of fiat money (USD) may decrease over time as people start to use crypto more as a medium of exchange. However, since the government does not encourage the use of bitcoin, it may take many more years until the USD become completely obsolete.

[Sebas.tian]

Let me know your opinion you think USD will overtake eventually the USD dollar? 
I don't think it rational if you have more opinion explain why it an take?

No, bitcoin cannot overtake USD dollar because bitcoin is a decentralized currency created by Satoshi to help the world to eliminate errors and delay from users transaction. USD dollar is a centralized currency  owned and manage by the government.

The reason why decentralized currency cannot overtake centralized currency because bitcoin is a digital currency that has to be carry out through internet before it can be successful in transaction. Bitcoin is unpredictable to in the world which no body know when it will pump in the community and when it will dump in the community for people to buy and hold for future profit making. Bitcoin is not remote by any government like the way USD dollar be remote by their government for international investors to feel the impact of fiat money in their businesses.

[worle1bm]

Let me know your opinion you think USD will overtake eventually the USD dollar? 
I don't think it rational if you have more opinion explain why it an take?

You need to tell what exactly do you mean because overtaking does not fit in this context like of value, adoption, supply or what?

Bitcoin is set-up as an alternate to these inflatable fiat currencies which could end the centralised authority but if you say it could overtake them in terms of usage then USD is most strongest currency and widely used in global trade which is why for btc it's not possible to completely dilute its usage but it can reduce the impact.So there are many possibilities of what you might be asking so be clear about it.

[pooya87]

Bitcoin, as the only decentralized money, is not going to overtake centralized money aka fiat of any kind. It will eventually reach mass adoption and some day it is possible that everywhere you go you could pay with bitcoin but fiat will continue to exist and dominate the payment world simply because we are living in a centralized world with a centralized government that is not going to change any time soon because there is no alternative.

[n0ne]

If this is about value of bitcoin going above $1, then it happened ten years back itself. In Feb 2011 the price of bitcoin reached $1. Further it have risen slowly and has experienced market fluctuations to reach the current price.

If this is about bitcoin taking over the position of USD, then it won't happen for now or within specific time period. Right now bitcoin have got good level of acceptance compared to the past, but the same doesn't make it a mainstream currency. For now it serves as an alternate to USD/other traditional fiat. Maybe with the upcoming generations scenario might change as everything is getting much associated with technology.

[Obito]

Bitcoin, as the only decentralized money, is not going to overtake centralized money aka fiat of any kind. It will eventually reach mass adoption and some day it is possible that everywhere you go you could pay with bitcoin but fiat will continue to exist and dominate the payment world simply because we are living in a centralized world with a centralized government that is not going to change any time soon because there is no alternative.

That's a paradox to be honest, if bitcoin reaches global adoption then that only means that either fiat isn't as trustworthy to use anymore so they resort to using that as a means of payment, I think that there's little to no compromise between the two unless the government makes a way to have bitcoin coexist with bitcoin which I doubt is not going to happen.

[Poker Player]

I truly believe that it goes without saying that the Bitcoin will definitely overtake the USD Dollar. Why? The reason is quite simple. Bitcoin is deflationary while the USD is inflationary. Bitcoin has a limited amount that can be mined, the USD can be printed infinitely. Bitcoin has been growing in price, the dollar is  becoming worthless and in the future will become completely irrelevant.

Although I see the logic of your argument, I do not agree with it, as it is not supported by history.

The closest thing to Bitcoin that we can see historically is gold, and gold did not eliminate fiat currencies. It was the other way around, in the old days gold was used as a currency and stopped being used only as a store of value. By Gresham's law, when a valuable currency and another with little value coexist, people spend the one with little value and tend to keep the one with value. So, I think that what you express in your argument is more a wish than anything else.

[leea-1334]

I think before anybody can talk about Bitcoin overtaking any kind of fiat money,,, it must have the same characteristics that show USD use.

Everybody even outside the US demands or charges things in US dollar. Even people who use euro in national and Europe, if they bill people online or they talk about cost they equivalent it to US dollar. Never Bitcoin to what I can see except in pure crypto circles.

[Wexnident]

It's kind of unclear what overtake what you mean OP. If it was something along the lines of the general idea of Bitcoin standing above USD, then no, it won't. I've always believed in Bitcoin being an additional option/asset like the USD that people are able to use as a currency. Neither would dominate over the other nor would they actually kill each other. People would be able to pretty much use whatever currency they deem to be much comfortable. Even if Bitcoin adoption were to soar, and it was used as a currency instead of an investment (compared to now that is), it still won't make fiat disappear.

[Charles-Tim]

Let me know your opinion you think USD will overtake eventually the USD dollar? 

USD and bitcoin are alternatives but one is centralized and the other is decentralized, we do not have to compare both, I even still prefer to compared bitcoin with assets like gold rather than fiat that are depreciative in value.

$45k is already higher than 1 though too in unit value.

I don't know what you meant by this, but if it is price, price can not be used, only marketcap can be used for the comparison.

That's a paradox to be honest, if bitcoin reaches global adoption then that only means that either fiat isn't as trustworthy to use anymore so they resort to using that as a means of payment, I think that there's little to no compromise between the two unless the government makes a way to have bitcoin coexist with bitcoin which I doubt is not going to happen.

Fiat and bitcoin are totally different, there is no competition.

People should see bitcoin more as an asset rather than a currency.