Btc vs dollars

[EarnOnVictor]

Presently, should we say it's good the way bitcoin its been tied to dollars? Dollars is not backed up with any resources but to my understanding, bitcoin is a product of great energy surge. We shouldn't let bitcoin tied to dollars but bitcoin standing on its own. What could decide the durability and value of bitcoin? I have some ideas..

I am patiently waiting for your idea, maybe you will be another Satoshi this time.

There's nothing we would not read on BTT, so if Bitcoin is not tied to the USD which is the most recognised currency in the whole world, what would it be tied to? First, let me correct you, Bitcoin is virtual, the USD is not, it's a national currency and it's tied to the economy of the US and the world for that matter.

Also, I've not seen any valuable asset that functions in isolation, Bitcoin as an asset can't, it has to be paired/priced with something to know it's worth. Your suggestion is unless everyone in the world spends only Bitcoin which is impossible.

[bettercrypto]

Presently, should we say it's good the way bitcoin its been tied to dollars? Dollars is not backed up with any resources but to my understanding, bitcoin is a product of great energy surge. We shouldn't let bitcoin tied to dollars but bitcoin standing on its own. What could decide the durability and value of bitcoin? I have some ideas..

Maybe you asked this question because of this article: https://blockworks.co/news/bitcoin-usd-us-economy.What are some ideas you can think of? I will wait for what you say here. Although it is also true that the US dollar does not have any backup,  all they do is print a lot so that many businesses under their regulations can borrow from the government programs they have.

Because if it's just me, Bitcoin has features that dollars don't have, first of all, its decentralization features and blockchain technology, which are the opposite of dollars, which require a third party when you do a transaction. Unlike Bitcoin, it's not like that; you know of the majority here.

[lombok]

Bitcoin is unique. Not connected to any fiat currency. Bitcoin exists as a replacement or shifter for the current centralized world financial system, Bitcoin comes with a decentralized system, has a fixed supply, a free nature that is not controlled by anyone except the Bitcoin owner himself. So here there is no connection at all between USD and Bitcoin, clearly Bitcoin is a new revolution for people who want freedom from the current financial system (fiat currency)

Exactly, it might look they are connected as we make transaction from BTC/USD in exchanges but they have no ties between each other. By just Bitcoin being decentralized itself, it and couldn't be controlled by any government, you can already concluded that BTC is impossible to have connections to USD. Only thing that government can do with Bitcoin is either legalized it for people to use it freely or will banned it if they think it would be a threat to their own currency or economy. Both might be affected by a certain issue and update causes for their value to lessen and increase but Bitcoin is more volatile and USD can be manipulated by the government so they are not the same thing but both is currency.

Both of them can actually still be manipulated through news and so on. However, the significant difference is in digital and physical and the ability to deal with inflation. Every fiat currency has great potential for inflation. In contrast to bitcoin which is able to handle that. And the most prominent greatness of Bitcoin is its 2 functions, namely currency and safe haven assets where none of this is very close to the characteristics of gold and silver which used to be a medium of exchange or currency before the existence of the fiat financial system.

[stompix]

It's why 1 BTC = 1 BTC, not 1 BTC = $34,000 or anything else.

If 1 BTC = 1 BTC, then I assume you're not hoping for anything from an ETF or the halving as even with those 1 BTC =1 BTC!
Actually, if you don't care about the value at all, what are your expectations from BTC ?  

Let's drop the act, 1BTC=1BTC only when we're in a bear market, when it's bull season is only $$$$$$$$ from dawn till dusk and all night long!
Assuming Bitcoin drops to 1000$, but since the price in $ is irrelevant, you will still think 0.03 BTC a month is good for a wage, right?

The actual value of bitcoin lies on the demand and supply, just like gold and every other real asset whereas fiat doesn't hold any value but just a promise from your central banks that this paper holds the promised value.

Oh wait, so the value of Bitcoin is backed by demand and supply, which means that is backed just as fiat!
When a fiat currency goes down is because the supply outweighs the demand by printing, like Zimbabwe or Venezuela!
The dollar is still powerful because there is demand for it, so is Bitcoin, see what you did here, you made them stand on equal footing!  

Bitcoin and dollars are like positive and negative electricity, where they cannot move forward or down equally;

OMG, what does your fridge use, positive or negative electricity?

[Japinat]

Don't assume that Bitcoin is tied to the dollar; that's a misconception. Bitcoin is a global currency, and the US is just one of the countries in the world. Bitcoin's value is closely linked to its user adoption rate, and as more people embrace Bitcoin, its value increases due to its limited supply. Bitcoin is not associated with any particular nation. If you come across such ideas, consider them false information or attempts to spread FUD intended to undermine Bitcoin's future.

The dollar is a currency created by the U.S., while Bitcoin was created for people globally. We, the users, will shape its future, so it's necessary to resist centralization, as it goes against the core purpose of Bitcoin. And lastly, US government can print endless dollars, while on one can increase the supply of bitcoin, in fact it decreases overtime due to various reasons.

[tjtonmoy]

Presently, should we say it's good the way bitcoin its been tied to dollars?

No, it's never a good thing. Decentralized things should never rely on centralized things. It loses the value of being decentralized.  Bitcoin is decentralized and you can't tie it to Dollar. Because it is centralized. We just use the value of the dollar to measure the value of Bitcoin. If you determine its value with other stuff then it will become harder to calculate. The dollar is well known and everyone knows the value of it. So it is easy to use it as a way to calculate. You can find out your gains or losses easily.

Imagine doing the same thing with Tk. Do you know what is Tk? That's my point. Even if you know, there will be many who won't know about it. 1 Bitcoin = 1 Bitcoin. That's it. Many will argue that if the price falls down to 0, then there will be no one to use Bitcoin. But what if Bitcoin breaks the tie and becomes a currency that is accepted without comparing it with the Dollar? Imagine the possibilities. It will stay the same throughout the world. We won't have to calculate this and that to determine value of something. It will be universal. One currency for the whole world.

[wheelz1200]

Presently, should we say it's good the way bitcoin its been tied to dollars? Dollars is not backed up with any resources but to my understanding, bitcoin is a product of great energy surge. We shouldn't let bitcoin tied to dollars but bitcoin standing on its own. What could decide the durability and value of bitcoin? I have some ideas..

Is that a test lol.  What kind of ideas do you have.  I mean for now since usd is one of the most pegged financial instruments in the world its easy to discern value based on usd.  I think too many people think about one taking over the other but both can and shoukd coexist for their own reasons.

[aylabadia05]

Presently, should we say it's good the way bitcoin its been tied to dollars? Dollars is not backed up with any resources but to my understanding, bitcoin is a product of great energy surge. We shouldn't let bitcoin tied to dollars but bitcoin standing on its own.

From the start, Bitcoin was not tied to the dollar, it's just that globally Bitcoin is traded in dollars because the dollar is a very popular currency and almost every country in every form of trade is measured in that currency.
The dollar is not as resilient as Bitcoin in hedging. Bitcoin was created to restore public confidence when confidence in fiat currencies fell due to the global economic crisis.

What could decide the durability and value of bitcoin? I have some ideas..

What's your idea?

[bluebit25]

Presently, should we say it's good the way bitcoin its been tied to dollars? Dollars is not backed up with any resources but to my understanding, bitcoin is a product of great energy surge. We shouldn't let bitcoin tied to dollars but bitcoin standing on its own. What could decide the durability and value of bitcoin? I have some ideas..

Please present more details about the idea you want to propose for everyone to discuss.

Previously, I also agreed with some views that bitcoin is not tied to fiat, but the reality is that we are in a society where fiat is the main tool to connect all types of assets. Given that bitcoin can be easily sold for any fiat as long as the level of liquidity is met, comparing bitcoin to the dollar seems to miss the point of what each does, despite the connection between them still existing. But the problem here is convenience, and the bad things about USD are not evident. I wonder if you have looked into what makes any fiat valuable. Between an investment asset like bitcoin today and a fiat asset, they have different issues to talk about in terms of value. For me, if I were to choose a similar object to compare with bitcoin, it would be gold.

[philipma1957]

Presently, should we say it's good the way bitcoin its been tied to dollars? Dollars is not backed up with any resources but to my understanding, bitcoin is a product of great energy surge. We shouldn't let bitcoin tied to dollars but bitcoin standing on its own. What could decide the durability and value of bitcoin? I have some ideas..

If btc was tied to the dollar it would be worth far less than it is.

[TakeItEasy]

Presently, should we say it's good the way bitcoin its been tied to dollars? Dollars is not backed up with any resources but to my understanding, bitcoin is a product of great energy surge. We shouldn't let bitcoin tied to dollars but bitcoin standing on its own. What could decide the durability and value of bitcoin? I have some ideas..

These are just every person his thoughts about it, as simple I have a brother who is good at trading and he always does day trading and also in coins like BTC or Ethereum he has been holding it for a long term and he has the ability and the will power to hold coins even for 1 years and more than that if needs. He always says that when the Bitcoin price is up then the dollar price will decrease. But I don't know under which areas he is correct enough on these things and the same things happen too many times.

When I saw the dollar price it was up due to the fall in bitcoin, where bitcoin was about $20k. But how he is managing it, I don't know the reason. Under what circumstances did he have this idea? I had also asked him many times but he didn't tell me yet.

[KingsDen]

It's why 1 BTC = 1 BTC, not 1 BTC = $34,000 or anything else.

If 1 BTC = 1 BTC, then I assume you're not hoping for anything from an ETF or the halving as even with those 1 BTC =1 BTC!
Actually, if you don't care about the value at all, what are your expectations from BTC ?  

Let's drop the act, 1BTC=1BTC only when we're in a bear market, when it's bull season is only $$$$$$$$ from dawn till dusk and all night long!
Assuming Bitcoin drops to 1000$, but since the price in $ is irrelevant, you will still think 0.03 BTC a month is good for a wage, right?

As funny as it sounds, it is true. The idea of 1 BTC = 1 BTC is always like a statement of comfort when we are in the bear market. But whenever we are in bulk market, you will begin to hear statements like, "are you aware that 1 BTC is snow equal to $70k?
It is true that bitcoin stands alone but it still needs something to measure it's value against and dollars is the more unified fiat to do that. Maybe if there is a need not to pair bitcoin and dollar, we could measure bitcoin with Gold.

The actual value of bitcoin lies on the demand and supply, just like gold and every other real asset whereas fiat doesn't hold any value but just a promise from your central banks that this paper holds the promised value.

What value are you talking about? I can even say that fiat holds more value than bitcoin because it is a legal tender and it is also tangible. It is a national identity. Gold is a real asset and not bitcoin. We are here for bitcoin because it is volatile and decentralized.

[karabiber]

Presently, should we say it's good the way bitcoin its been tied to dollars? Dollars is not backed up with any resources but to my understanding, bitcoin is a product of great energy surge. We shouldn't let bitcoin tied to dollars but bitcoin standing on its own. What could decide the durability and value of bitcoin? I have some ideas..

Do you mean that Bitcoin is tied to the dollar because the FED's decisions affect Bitcoin? Or is it wrong to think that Bitcoin is tied to the dollar, and there is no link between bitcoin and the dollar. The Bitcoin ecosystem is a completely decentralized monetary system. However, an increase in demand for cryptocurrencies based on the circulating supply of the dollar affects Bitcoin.
Bitcoin doesn't depend on anything but of course there are some factors that determine its price. Supply and demand is the most fundamental factor and political developments, technological developments, fomo and fud situations cause Bitcoin's volatility to be high. This doesn't mean that Bitcoin is tied to the dollar, it's just affected by it. In order to understand the message and philosophy of Bitcoin, it is a mistake to equate Bitcoin with the dollar.

[lovesmayfamilis]

I am patiently waiting for your idea, maybe you will be another Satoshi this time.

Come on . The OP appears on the forum in moments of inspiration for some ideas but never voices them. Look at the history of posts; every six months he is concerned about some questions, after which, apparently having received an answer, he disappears without a trace.

[DrBeer]

Presently, should we say it's good the way bitcoin its been tied to dollars? Dollars is not backed up with any resources but to my understanding, bitcoin is a product of great energy surge. We shouldn't let bitcoin tied to dollars but bitcoin standing on its own. What could decide the durability and value of bitcoin? I have some ideas..

Wrong assumptions in the beginning lead to wrong perceptions and answers.
The dollar is precisely backed
- the largest economy
- the world's key technologies.
- status as the world's main currency
- strongest policy
- strongest military
- ....

Bitcoin's "collateral" is asics and burned terra-watts of electricity, which in the end generated nothing real....

[salad daging]

Are you referring to the BTC/USD price pair in relation to the dollar?
Bitcoin is not associated with any entity and bitcoin moves because of demand and supply, so it can be called energy because the price can jump anytime so bitcoin remains bitcoin while what is associated is only in trading that we already know in all exchanges.

The dollar is only supported by the government, banks and other entities so that it becomes their value against the dollar, still they have no source that backs the dollar but the government can print dollars at any time because of their trust in the people.

One more thing I want to know your idea. Of course we are waiting.

[jeha2015]

Presently, should we say it's good the way bitcoin its been tied to dollars? Dollars is not backed up with any resources but to my understanding, bitcoin is a product of great energy surge. We shouldn't let bitcoin tied to dollars but bitcoin standing on its own. What could decide the durability and value of bitcoin?

What is certain is that Bitcoin does not depend on dollars or any money, friends. You misjudged Bitcoin, you should learn more about the history of Bitcoin and what was Bitcoin created for? Dollar is full of manipulation.

By the way, the reason why Bitcoin fluctuates is its small market capitalization and unstable regulations, once the market capitalization exceeds 10 Trillion dollars and the attacks on Bitcoin stop it will become very stable, otherwise all Fiat currencies are unstable every year between 10 to 20 % of value is lost, a currency that is volatile and gains value is better than a currency that loses value.

I have some ideas..

What ideas do you want to offer? everyone is waiting

[Huppercase]

Presently, should we say it's good the way bitcoin its been tied to dollars? Dollars is not backed up with any resources but to my understanding, bitcoin is a product of great energy surge. We shouldn't let bitcoin tied to dollars but bitcoin standing on its own. What could decide the durability and value of bitcoin? I have some ideas..

Most big assets if not all are most times tide to dollar. If you are having problem of it been tide to dollar why not make a suggestion for example, maybe since bitcoin is one of the sort wonders of the world asset, tighing bitcoin to another asset that is fully backed will do good.

There is no way bitcoin can exist without the dollar, is there an asset that is originally backed by another asset that you think it's a good enough? You want gold? What determines the price of gold, isn't it same dollar? You want to tide to s&p500 and Nasdaq? What backed this asset? What about treasury bills? They are all backed by the same currency you are trying to avoid.

I don't really see a problem here, 1btc is equal to 1btc, even if dollar should fall, bitcoin can inherently stand on it own and be use as measure of values, that's why we have sats as the smallest divisible of bitcoin. Just imagine if 1 sats can be use to buy a pasta in the store, isn't that cool? Yea I think it's.

[bitgolden]

Presently, should we say it's good the way bitcoin its been tied to dollars?

No, it's never a good thing. Decentralized things should never rely on centralized things. It loses the value of being decentralized.  Bitcoin is decentralized and you can't tie it to Dollar. Because it is centralized. We just use the value of the dollar to measure the value of Bitcoin. If you determine its value with other stuff then it will become harder to calculate. The dollar is well known and everyone knows the value of it. So it is easy to use it as a way to calculate. You can find out your gains or losses easily.

Imagine doing the same thing with Tk. Do you know what is Tk? That's my point. Even if you know, there will be many who won't know about it. 1 Bitcoin = 1 Bitcoin. That's it. Many will argue that if the price falls down to 0, then there will be no one to use Bitcoin. But what if Bitcoin breaks the tie and becomes a currency that is accepted without comparing it with the Dollar? Imagine the possibilities. It will stay the same throughout the world. We won't have to calculate this and that to determine value of something. It will be universal. One currency for the whole world.

I would say it would make sense to tie the "price" of it to dollars, because you need to understand somehow how much you need to pay to get it, but aside from that I agree. There is no situation we can just make it work without having any type of connection to dollar in the value terms otherwise we wouldn't know how much we need to pay.

If you want to go and buy some bitcoins, how would you pay to get it if we do not have it in it's dollar value as well? We are going to give gold instead? Or something else? Dollar valuation is the best one we have so far, I am saying dollars but that was the given example, I could say any other fiat too, there are many nations where they have local exchanges which you can turn from their fiat to bitcoin as well.

[jaberwock]

Presently, should we say it's good the way bitcoin its been tied to dollars? Dollars is not backed up with any resources but to my understanding, bitcoin is a product of great energy surge. We shouldn't let bitcoin tied to dollars but bitcoin standing on its own. What could decide the durability and value of bitcoin? I have some ideas..

Bitcoin is not directly tied to the US Dollar, it's just the most common pair currency being traded. If the two were tied together than you could exchange a fixed dollar amount for Bitcoin and the price wouldn't fluctuate so heavily. You can also trade bitcoin against any other currency. For example the Bitcoin/Euro market is also common and you can even find people willing to sell physical goods directly for Bitcoin. So, if you don't like the US Dollar and don't really own or use them yourself than just look at other currencies. And if you already have a lot of money in Dollars and you don't want more than just convert them into other cryptos or invest outside of the USA. The world is so connected these days that we can choose our exposure freely.

Yes it won't be possible because both are not the same currencies but other than what you have said, US dollar is the most popular currency and I think it used as a global reserve currency. But other currency pairings have also existed now in the crypto market and we can always go for them if we are more familiar with them. BTC is now popular and some countries already made it a legal tender but even if you're not among those countries, it's still possible to use your BTC to acquire another goods whether it is physical or digital. I don't think investing on many types of assets inside the USA is illegal, so there is no need for us to go outside the country only to do it.