Most of us have lived a world of USD dominance, but history changes

[franky1]

I’ve been talking about the US losing reserve currency stats for 20 years now. I’ll admit though, it finally feels like the time is upon us. I’m sure Americans are in for a severe shock as our way of life is massively altered. I don’t think people grasp just how much of an advantage we’ve had as a result of the dollar’s status. When you think about how hard inflation is hitting people now, losing reserve currency status could send America into a depression.

heres the expectation

stage 1. print a trillion dolars and spend it knowing it has to hand back $1.X trillion in 10 years

stage 2. if $1trill is 500bill loaves of bread now.. inflate currency so its only 100bill loaves of bread

stage 3. create a CBDC which convers $1 to 0.1CBDB USD
so each $10 (1 loaf of bread) is 1CBDC USD

then stick to the termsheet of the 'print'(QE)
hand them $1.X of native $$ bank notes which are worth only 1X0bil loaves of bread. and not 5X0billl loaves

thus end of story results in having value to make things for equivalent value of 500billion loaves of bread but only have to pay back 1x0 bil loaves of bread..

and thats how when inflation happens people should not hold onto dollars and instead buy things or use a low rate fixed loan to buy things.
its why banks put interest up to tempt small poor people awy from taking advantage of the cheap value

[Stalker22]

Over the last decade, Bitcoin has catapulted into the spotlight as most popular, global cryptocurrency with billions of dollars of value. And, its mass adoption have worried many government regulators that it could destabilize national currencies or even replace the US dollar eventually. Even though some governments, such as China, have banned the trading of Bitcoins, others have been intrigued by this unprecedented innovation and are exploring ways to regulate it. However, although Bitcoin has tremendous growth potential, its volatility and relatively low mainstream adoption make it unsuitable to serve as a world reserve currency. This trend question of whether a digital currency can replace the USD remains open, but according to prominent economists, this is not likely.

[edgycorner]

Naa, Bitcoin can never be a world currency. Due to one simple fact: It's backed by nothing.

What do you think the dollar is backed by?

The US government and its economy(largest economy on god's green earth   )

US dollar has the same characteristic and value, which gold had after World War 2(when everyone was broke, and all the currency had to be backed by gold). Hard to counterfeit, fungible,verifiable, etc
A more apt version of gold in this modern era

[Ale88]

Before the USD was accepted as the world currency, there used to be the British Pound as the main currency.

And before that, the Spanish Real.

Those are the latest 3 world currencies. We're about to enter the fourth one, Bitcoin.

It will take some time, but it will happen.

Bitcoin has a very long way ahead before even be considerate as a normal currency, let alone being THE world currency. First of all we need to have way less volatility and also a better distribution since there are few people with tons of bitcoins, that's not ideal. For sure it'll be interesting to see what is going to happen within the next 20 years.

[Leviathan.007]

Before the USD was accepted as the world currency, there used to be the British Pound as the main currency.

And before that, the Spanish Real.

Those are the latest 3 world currencies. We're about to enter the fourth one, Bitcoin.

It will take some time, but it will happen.

As I remember from what I saw during my life usd was always the first and main currency in the world, being the main currency depends on many factors and I think of them is having a stable economy, during the last years comparing to many other countries in the world the USA had stable economic system buy with a high inflation rate with can be a negative point, because of that many other countries like china are fights to have their own currency as the main world currency. bu regardless of that bitcoin can be a new competitor for them because of bringing new technology and a transparent system, which can be possible in the new a few years.

[P2PECS]

Before the USD was accepted as the world currency, there used to be the British Pound as the main currency.

And before that, the Spanish Real.

Those are the latest 3 world currencies. We're about to enter the fourth one, Bitcoin.

It will take some time, but it will happen.

Many of us would like that, but I doubt that bitcoin will be widely used as a currency in the future. The most valuable thing about bitcoin is the 21 million cap and diminishing supply with halvings. That makes it more valuable as time goes on.

I think bitcoin will be used to store wealth rather than for day-to-day payments, although the two forms will coexist, as they already do today.

[KennyR]

Before the USD was accepted as the world currency, there used to be the British Pound as the main currency.

And before that, the Spanish Real.

Those are the latest 3 world currencies. We're about to enter the fourth one, Bitcoin.

It will take some time, but it will happen.

Bitcoin has a very long way ahead before even be considerate as a normal currency, let alone being THE world currency. First of all we need to have way less volatility and also a better distribution since there are few people with tons of bitcoins, that's not ideal. For sure it'll be interesting to see what is going to happen within the next 20 years.

It is too early to take into discussion of bitcoin being the global reserve currency. Even now it hasn't gained the required acceptance level to be considered as a currency. With time there is continued growth in terms of usage and acceptance.

First of all we need to understand for what reason the Spanish real, British pound usage as a reserve/world currency got away from usage. With those is the dollar's present situation can be compared. If that's happening then we can think of bitcoin taking the position of bitcoin. For now such situation haven't existed.

[m2017]

Before the USD was accepted as the world currency, there used to be the British Pound as the main currency.

And before that, the Spanish Real.

Those are the latest 3 world currencies. We're about to enter the fourth one, Bitcoin.

It will take some time, but it will happen.

I would not hope that the dollar will cease to be a global reserve currency anytime soon. Some economists predict that sooner or later the dollar will lose its position, but this is unlikely to happen so soon and it is even less likely that bitcoin will take its place.

I understand the desire of many here to see the adoption of bitcoin at the state level, but this is likely to remain a pipe dream of bitcoin-maximalists. I personally have big doubts about this, because at this stage bitcoin only interferes with governments (to control the financial flows of their citizens), which means that they will not use what directly interferes with them and is not profitable.

Naa, Bitcoin can never be a world currency. Due to one simple fact: It's backed by nothing.

What do you think the dollar is backed by?

Force, primarily economic. In general, I believe that the issue of backed by is rather a matter of faith. Faith in people in this or that paper, for example, like the dollar.

[Betwrong]

Naa, Bitcoin can never be a world currency. Due to one simple fact: It's backed by nothing.

What do you think the dollar is backed by?

The US government and its economy(largest economy on god's green earth   )

US dollar has the same characteristic and value, which gold had after World War 2(when everyone was broke, and all the currency had to be backed by gold). Hard to counterfeit, fungible,verifiable, etc
A more apt version of gold in this modern era

Maybe it's hard to counterfeit today, but technological development does not stand still, and there's a chance that in the near future very few things will be left that are "hard to counterfeit". Then things like BTC will rule the world, things that are  impossible to counterfeit.

[rby]

Bitcoin is becoming increasingly scarce and its limited supply is increasingly demonstrating the resilience of its value that cannot be ignored.

I would like to understand the concept of scarcity as regards to bitcoin. Early days of bitcoin we believed that bitcoin will definitely be scarce due to its fixed supply. I am sure that the scarcity time is yet to come. We can't comfortably say that bitcoin is scarce right now. If I have fiat, I can get relatively large amount of bitcoin as I want, especially now that it is cheap. So, what is the basis for the scarcity because we can only say a product is scarce if you can't see it to buy even when you have money or the price of it is very high.

[Lucius]

Those are the latest 3 world currencies. We're about to enter the fourth one, Bitcoin.
It will take some time, but it will happen.

If you think that the world's leading countries will accept Bitcoin as the world's reserve currency, then you are living in a great delusion - no country will give up its national currency, especially not countries like the US, China, Russia, the UK or Japan. Maybe something in that direction will happen in 100 or 200 years when the way people think today changes, but in the short term everyone will continue to fight for their national interests by protecting their currency in all possible ways.

Despite the fact that many predict the end of USD dominance, I have been listening to it all my life and I think I will listen to the same things for the rest of my life - and not much will change in this regard.

[ChrisPop]

From my and probably most of my colleagues' perspective this is the obvious move the world needs to make towards a better future. The world has flourished while banknotes were properly backed up by Gold. The turmoil began when they started leveraging the Gold reserves at unsustainable ratios.

Hopefully now that we're living in a digital world transparency will give us the signal if any government is going overboard with their reserves. (I'm supposing this in the event Bitcoin is held only as a national reserve and CBDCs or fiat currencies will continue to be used as 'transactional currency').

[Vaskiy]

When more digitisation happens the world will move towards cryptocurrency. As of now there is no good understanding about cryptocurrency among the common people. People consider it a money making tool than a currency that is more powerful than the traditional fiat because of the technology upon which this has been innovated.

To have a competence against the USD dominance is not an easy thing. Countries won't agree on this, because this can make them powerless. Hope the next generation which is completely gonna move on technology will adopt to it. Same as that happened with Spanish Rial, later with British pound and now with the USD.

[24Kt]

When more digitisation happens the world will move towards cryptocurrency. As of now there is no good understanding about cryptocurrency among the common people. People consider it a money making tool than a currency that is more powerful than the traditional fiat because of the technology upon which this has been innovated.

To have a competence against the USD dominance is not an easy thing. Countries won't agree on this, because this can make them powerless. Hope the next generation which is completely gonna move on technology will adopt to it. Same as that happened with Spanish Rial, later with British pound and now with the USD.

We don't need to compete with USD dominance, because it will be long before even the mass population will identify bitcoin as just another digital currency to use. And yes, right now, most are holding or buying bitcoin for the purpose of investments and thinking that someday they will earn good profits. But we are seeing that more and more people are joining the crypto market. Maybe, down the road, we will see more merchants accepting bitcoin or other top alts as regular payment method and people are willing to spend their crypto for day to day purchases.

[Slow death]

No matter how many centuries pass, there is no way countries like the USA and Africans, and Russia and China and so many others stop using their local currencies to use bitcoin, but what can and will happen is that all countries in the world will be using their local currencies + bitoin, this can and will happen, but saying that countries will stop using their currencies to use bitcoin will not happen. bitcoin is something very new and all countries in the world already know bitcoin and I think that even in the country that is far away there is someone from that country who has bitcoin so it is already a victory, what else do people want?

[nullama]

No matter how many centuries pass, there is no way countries like the USA and Africans, and Russia and China and so many others stop using their local currencies to use bitcoin, but what can and will happen is that all countries in the world will be using their local currencies + bitoin, this can and will happen, but saying that countries will stop using their currencies to use bitcoin will not happen. bitcoin is something very new and all countries in the world already know bitcoin and I think that even in the country that is far away there is someone from that country who has bitcoin so it is already a victory, what else do people want?

There's no need for a country to stop using their own currency to adopt a global currency.

Back in the day many countries had their own currencies but used the Spanish real for international trade.

Same with the British Pound, and today with the USD.

Over time we will see a continuous shift towards more and more digital economies, and the obvious choice to make transactions in a digital world is to use Bitcoin.

Every country will continue to have their own currency, but global trade will be done mostly with Bitcoin.

[bittraffic]

Every time a dominant currency is replaced, there is a war which means before BTC replaces USD, there could be a great WW3 also. And then a new world order again. Well at least this is what the pattern shows.

I'm however very skeptical about BTC becoming dominant around the world as world currency, countries are already having their own CBDC and usually its the country that has the strongest economy that becomes dominant and most probably its Yuan.

[dansus021]

yes i heard it a lot about world USD dominance but after the war between Russia and Ukraine we can see the USD dominance lose it thrown we can took example of Russia that world need pay their oil and gas on Rubbel and I heard in asia that china want to do same in asia region only using their country money to do trade.

bitcoin also good choice too but the price volatility is become bad for world we need something stable

[bitterguy28]

Before the USD was accepted as the world currency, there used to be the British Pound as the main currency.

And before that, the Spanish Real.

Those are the latest 3 world currencies. We're about to enter the fourth one, Bitcoin.

It will take some time, but it will happen.

We are all waiting for this, there are even many of us on whos looking for this to happen 12 years ago but we knew that this  will happen but not this soon, instead will took long time because of so much pressure from Opposing countries and those who wanted to have a big piece of cake from the profits of this market.
Hopefully this will come either next halving or the following years from that.

[Trapezium]

I don’t think Bitcoin can dominate fiat. In earlier cases, fiat replaced fiat in dominance. Bitcoin may be used parallel to fiat.