Will the world soon become tired of the US dollar?

[BTC_Dragon]

Fiat will eventually fail. The problem is they're trying to use inflation to "inflate away" the debt, but actual markets can only deal with that for so long. They have the money printer; we don't.

[Mauser]

Are we seeing a time where BRICS currency and cryptocurrencies are the answer to a world tired of the us dollar?

No I don't think so. The large part of BRICS countries trading directly among each other's using their own currencies makes sense. Why exchange something first into dollars and then back again? The motivation here is that the BRICS will trade more with each other and that the money they exchange will eventually be netted out. It just doesn't make any sense for the rest of the world to trade in BRICS currency, if they only buy a few things like commodities from them. Especially for western countries there would be a huge political backlash if they would suddenly accept large amounts of BRICS money, because either the money is not flowing freely and controlled by the government, or the whole government is not democratic enough. You can't promote and enforce laws at home and then turn a blind eye towards other countries. The only real alternative that would take over as the number one currency in the world to settle trade needs to be completely free.

[DrBeer]

Are we seeing a time where BRICS currency and cryptocurrencies are the answer to a world tired of the us dollar?

No I don't think so. The large part of BRICS countries trading directly among each other's using their own currencies makes sense. Why exchange something first into dollars and then back again? The motivation here is that the BRICS will trade more with each other and that the money they exchange will eventually be netted out. It just doesn't make any sense for the rest of the world to trade in BRICS currency, if they only buy a few things like commodities from them. Especially for western countries there would be a huge political backlash if they would suddenly accept large amounts of BRICS money, because either the money is not flowing freely and controlled by the government, or the whole government is not democratic enough. You can't promote and enforce laws at home and then turn a blind eye towards other countries. The only real alternative that would take over as the number one currency in the world to settle trade needs to be completely free.

Trade is direct, but most of the mutual settlements are in DOLLARS. They even calculate financial indicators in dollars
"Foreign trade turnover - $755.4 billion, including exports - $384.9 billion and imports - $370.5 billion."

Why do you think? The answer is extremely simple - because turnover in dollars is indicative, because it is an indicator of value. But for example, in the yuan, giving such indicators is numbers that no one understands and cannot be compared with anything.

By the way, let me remind you that in the global economy, where the dollar is the main currency, trade between countries is also direct. But the unit of calculation is the dollar, because... it is stable, transparent and you can buy any product on the world market for a dollar. Tell me, for example, what can you buy for yuan from India?

[WillyAp]

Fiat will eventually fail.

That is delusional. FIAT is the one ingredient that makes society possible. 

[tygeade]

even though these are all true, the US dollar still remain the most popular and dominant currency globally. Even if bitcoin is adopted globally, people will normally convert their Bitcoin to the US dollar before ever converting it to their local currency.

I don't even think that at the center of the advocacy for crypto adoption lies the plan to look for alternative to the use of the US dollar. I believe that it is more of looking for an alternative way of solving the problem associated with the over regulatory ability of the government on these centralized institution that has made the desire for global acceptance of cryptocurency or bitcoin whose decentralized nature has improved on the usual banking system to be sort after.

It's a good thing if Bitcoin will be adopted globally. Add in if it became a legal tender. I am sure people are now going to use it directly. There is no conversion needed because IMO Bitcoin is better than any other currencies out there.

For now, I think many BTC users will convert their BTC to their own local currency, if they prefer to cash out it. There is no need to convert it to dollars first if they are not in the US countries because that will only be an added cost (you know the transaction fees when making each transaction). It's only okay if the fees are small but nowadays, it was high. For some, it's indeed that crypto is only an extra payment method. They don't see this as a replacement for the other.

[tsaroz]

The world needs larger degree of polarity to get rid of US dollar which seem more possible now than ever.
US has created a rigged financial system around the world that benefits itself with IMF and World Bank. In contemporary time, they are so desperate about getting money without doing any hardwork that they repeatedly disobeys the rule they have created.
This is leading to a multipolar world order where the financial treaties and valuation occurs bilaterally  or regionally. Not a currency would be accepted everywhere. And in those time of uncertainty, crypto would bridge the economies wherever it can.

[DVlog]

USA is still the dominant power in the world but they are not unchallenged anymore. Not in economically or militarily. China emerges as one of the most influential actions alongside russia and their growth seems unstoppable. Also asian subcontinent is going to be the next financial hub of the world so there is a chance that most of the country in this region will agree on using their own currencies for cross border payments. I won't be surprise if they issue a common currencies that will be use for any kind of international trade.

[Haunebu]

I keep seeing anti-US and anti-USD threads regularly in this board these days which seem silly to a certain extent in my honest opinion since the US and USD aren't losing their respective dominant statuses anytime soon.

Anyone saying otherwise are just deluding themselves into believing the opposite frankly speaking.

[Huppercase]

Just like that, BRICS now controls almost 28% of a global economy that's worth  over $28.5 Trillion.
The economy keeps getting worse and the hike both as concerns interest rates and crypto transaction fees has increased and keeps doing so yearly.

What do you mean by crypto transactions fees has increased? Is that suppose to be a green flag for crypto adoption or what because the banks charges are the reason why we want crypto to replace the transactions of the banks but the fees are discouraging especially what has been happening aroung bitcoin mempool and the spamming of the network where it is difficult to do transactions. However, if you are trying to say that the crypto transactions has increased, then I will say that is true and it is because the investors has increased as more troop into crypto in every bullrun.

Recently, we see countries like Saudi Arabia,  the UAE that has been making waves with several investments that may include multimillion dollar soccer stars signings, building the tallest building in the world, development of tourism and attractions that bewildered the mind. Also, Iran,  Egypt and Ethiopia has officially joined BRICS and although Argentina rejected the invitation, one question is this,

Are we seeing a time where BRICS currency and cryptocurrencies are the answer to a world tired of the us dollar?

https://watcher.guru/news/brics-welcome-2024-by-officially-adding-5-expansion-nations

I'm not sure if you have heard ECOWAS, it's a coalition of different countries across Africa with common goals but today, many of them has left because there is no benefits as some of them expected from the beginning and it has deviated from the vision of the body, don't be surprise if BRICS turn out to be the same thing. It is understandable that they are still new and they are making names because we have so many bad world economy situation but to me, I see this as noise and nothing serious. They might do some of their plans but save all this their noise, they don't have much to give to the world.

US dollar will remain a top tier, perhaps another currency will fight in the future but I don't think it is going anywhere soon. There are many memorandum that is still holding US relationship with many countries, any of them that tried to walk away will feel the pressure from them because US is smart for that matter, they only give you a deal that will only make you to beg them and stick to them for years and many decades.

[sana54210]

to replace the Dollar takes a very long time. But even if the US USD is no longer a global currency. As a non-American, I don't see any problem at all, in fact I think this is a good breakthrough for the freedom of a country that no longer depends on the dollar, can use its own currency. BRISC is here to destroy the dollar monopoly system, because the dollar is one of the biggest reasons America has become a global superpower. Simply put, if the US dollar is no longer the most desired currency in the world, then the US will no longer be able to print money for free and suddenly its grip on global trade and politics loosens.

They are definitely trying to do it for that reason, there is no denying that at all, but that doesn't mean that we are going to end up with anything like that, it just doesn't work that way at all.

I believe that it would be smart to just avoid any type of confusion, it just doesn't feel that way, it doesn't really feel that smart in the end, I believe that we are going to end up with some trouble one way or another if we are not careful and should be doing it for the better. I know that people think that this BRICS currency could maybe take some of the share, but they are already big nations, what makes people think that when all those together using one currency instead of a few, would make any difference? Not like they were all using the dollar before.

[ancafe]

The global economic system is deeply Dollarised and it will be difficult to engage in any form of international trade without the dollars. Even the countries that claim that they are dedollarising still keep the currency in their reserves. It took many years and great economic and political effort to make the dollar the king of all currencies, it will take a greater effort to dethrone it.   

Not to mention that they have made regulations regarding cooperation built in trade areas that involve payments using dollars, they have a policy of buying other products using certain currencies, but there is no opportunity for other countries to buy their products using payments using their own currency. Therefore, the dollar's strength is more complex, so it is difficult for their dominance to just collapse.

The power of the dollar is also considered to be very strong because they open up more influence in other countries both in terms of politics, military and other sectors and perhaps there are many readings that we need to see why the dollar is so dominant. An attempt to dethrone the dollar from currency influence is highly unlikely and I think it would be quite difficult to do.

[DrBeer]

USA is still the dominant power in the world but they are not unchallenged anymore. Not in economically or militarily. China emerges as one of the most influential actions alongside russia and their growth seems unstoppable. Also asian subcontinent is going to be the next financial hub of the world so there is a chance that most of the country in this region will agree on using their own currencies for cross border payments. I won't be surprise if they issue a common currencies that will be use for any kind of international trade.

You can issue currency too The question is - who will accept it if it is, for example, a currency that will be accepted for payment only, for example, in China and a couple of other countries? Will they be forced to use it? HOW ?
Well, and most importantly, the objective situation is such that China is beginning to lose ground, although I agree that it is still moving by inertia. But internal problems, political conflicts, dependence on Western markets and technologies do not create a “bright future” for China.

[Coyster]

Fiat will eventually fail. The problem is they're trying to use inflation to "inflate away" the debt, but actual markets can only deal with that for so long. They have the money printer; we don't.

Inflation is currently a global issue, though it is worse off in underdeveloped countries and regions that have an unstable economy, too many governments around the world have been printing money out of thin air since the period of Covid-19 in order to solve short term problems and create long term inflation.

Notwithstanding all of these, fiat isn't going to fail, at least not the fiat currencies of countries with a stable and healthy economy, as for the countries that do not have a viable economy and with a currency that is as good as worthless, they will probably end up adopting a stronger fiat currency, like the U.S. dollar for example, as many countries do already.

[Natsuu]

USA is still the dominant power in the world but they are not unchallenged anymore. Not in economically or militarily. China emerges as one of the most influential actions alongside russia and their growth seems unstoppable. Also asian subcontinent is going to be the next financial hub of the world so there is a chance that most of the country in this region will agree on using their own currencies for cross border payments. I won't be surprise if they issue a common currencies that will be use for any kind of international trade.

The world's changing, right? USA isn't the only big player now. China, Russia, and the whole Asian scene are shaking things up. They might even come up with their own currency for global trade and we just cant stop to imagine that

[DrBeer]

USA is still the dominant power in the world but they are not unchallenged anymore. Not in economically or militarily. China emerges as one of the most influential actions alongside russia and their growth seems unstoppable. Also asian subcontinent is going to be the next financial hub of the world so there is a chance that most of the country in this region will agree on using their own currencies for cross border payments. I won't be surprise if they issue a common currencies that will be use for any kind of international trade.

The world's changing, right? USA isn't the only big player now. China, Russia, and the whole Asian scene are shaking things up. They might even come up with their own currency for global trade and we just cant stop to imagine that

They can make it up. Although they already have their own currencies, but they don't accept them for international trade..... world market
What will the new ones change, like yubli and ruani ?!!
International trade currency is an asset that is ACCEPTED and in which other market participants are INTERESTED ! Economy is not "invent your own new currency", it is much more complicated, and as a minimum for this it is necessary to have a status commensurate with the United States or the European Union.
And who are China and Russia?
China is a country with export-oriented economy, dependent on Western investments, technologies and consumption market.
Russia is a third world country with raw material economy and completely fake statuses

[EarnOnVictor]

Fiat will eventually fail. The problem is they're trying to use inflation to "inflate away" the debt, but actual markets can only deal with that for so long. They have the money printer; we don't.

People are too lousy these days with the remark that "fiat will fail," but how? Will they now be using your currency? It's time that people should reason and not just say something. If you say that the USD will fail, you might still have a point, and even at that, I mean fail as the world reserve currency. But saying the entire fiat will fail is just an aberration, it will not be possible. Okay, if fiat fails, will it be Bitcoin the world will turn to? That is not a wise thought, no country will want a decentralised asset as their only currency/legal tender. It is not only dangerous for security but also for their economy. As many would always say Bitcoin should be the world reserve currency, but in reality, Bitcoin can't fit in properly due to its characteristics, even the 21 million circulation restriction is a problem itself for it. If at all the world is trying to revolutionise, they will go for the CBDC which is still not what many of you would think. Each country would have its own and not that they will work with Bitcoin or the existing cryptocurrency that they can't control. They will make theirs centralized, and the world might then want to have the general one in place of the USD with time.

[kentrolla]

Fiat will eventually fail. The problem is they're trying to use inflation to "inflate away" the debt, but actual markets can only deal with that for so long. They have the money printer; we don't.

This is such baseless I mean if fiat fails what will replace it and why do fiat will even fail in the first place? You may say a particular currency is failing which we have seen in the past but don't generalize fiat and as long as country is ruled by government and not by crypto enthusiast. Let's say even if fiat is replaced by something else what would and who would replace fiat and how it's value will be measured? What will be the holding which guarantees the value of post fiat era? Let's not spread too much of negativity and yeah USD's dominance will be reduced especially after what's cooking up with BRICS nations about using their local currency for trade.

[Bitstar_coin]

I doubt that, I mean most third world countries currencies are practically worthless, they largely depend on the US Dollar to survive, not to mention the dwindling state of the economy. In these countries, US dollars plays a very important role in determining the economic growth since they some how tied, so the idea of such countries becoming tired of us dollars will largely depend on their ability to stand on their two feet and cut out the dependant on international aid and loans. If this hasn't happened, US dollars will continue to reign supreme.

[ichsan ardi]

Just like that, BRICS now controls almost 28% of a global economy that's worth  over $28.5 Trillion.
The economy keeps getting worse and the hike both as concerns interest rates and crypto transaction fees has increased and keeps doing so yearly.

Recently, we see countries like Saudi Arabia,  the UAE that has been making waves with several investments that may include multimillion dollar soccer stars signings, building the tallest building in the world, development of tourism and attractions that bewildered the mind. Also, Iran,  Egypt and Ethiopia has officially joined BRICS and although Argentina rejected the invitation, one question is this,

Are we seeing a time where BRICS currency and cryptocurrencies are the answer to a world tired of the us dollar?

https://watcher.guru/news/brics-welcome-2024-by-officially-adding-5-expansion-nations

Please remember, this is just my personal assumption, so what I say is what I think right now
I think yes, the purpose of creating Brics Sara Rasa is that these countries want to be free from the dollar and want new things in the world to not be tied to the US dollar anymore as a means of foreign buying and selling transactions, even some countries use the Chinese currency yuan to keep them rich. Sara, if you want to get away from the US dollar, Bitcoin and Brics are the right choice
what do you think, correct me if I'm wrong

[Abiky]

Just like that, BRICS now controls almost 28% of a global economy that's worth  over $28.5 Trillion.
The economy keeps getting worse and the hike both as concerns interest rates and crypto transaction fees has increased and keeps doing so yearly.

Recently, we see countries like Saudi Arabia,  the UAE that has been making waves with several investments that may include multimillion dollar soccer stars signings, building the tallest building in the world, development of tourism and attractions that bewildered the mind. Also, Iran,  Egypt and Ethiopia has officially joined BRICS and although Argentina rejected the invitation, one question is this,

Are we seeing a time where BRICS currency and cryptocurrencies are the answer to a world tired of the us dollar?

https://watcher.guru/news/brics-welcome-2024-by-officially-adding-5-expansion-nations

It seems so. Although, I'd say we're still early too see the USD collapse. Despite the recent turmoil, the FED has managed to retain the USD's position as the leading currency of the world (thanks to its policies). But rising national debt is what worries most, as it could lead to hyperinflation in the future. Some countries (China, Russia) has gone as far as increasing their Gold reserves to protect themselves from a USD collapse. They're even ditching the "greenback" in favor of other Fiat currencies.

The more countries abandon the USD, the faster the US hegemony will end. Either BRICS' currency or Bitcoin will become the world's next reserve currency. Whatever happens in the future, you can rest assured human society will carry along as usual. Just my thoughts