Will Bitcoin become better

[MarjorieZimmermanGinger]

What is the gain if the US dollars is backed by Bitcoin? Is this even a possibility? This came from  Kennedy and also Trump claimed that he will make sure that Central bank digital currency won't become a thing.

What is the advantages and the disadvantages you see here? Ate these people just saying anything that they can think of? Or this is possible? The biggest liars of the century are from the politicians around the world , once they get elected they do something else.

What kind of support do you mean and how does this support work while the US Dollar has securities that encourage them to be non-identical. Trump is just trying to take advantage of the large community that exists in bitcoin, but I'm not really sure he'll be able to do that even if he returns to power. Politicians do try to influence the public to achieve their desires, but they don't actually do what they say.

There are levels of advantages and disadvantages and I think this idea will never work and I also don't understand what is meant by bitcoin backing the US dollar because bitcoin should be much more independent without anyone's influence.

Will Bitcoin become better if any of these become possible?

Bitcoin will be better with or without support from anyone because from its emergence until now Bitcoin has gained the right momentum to make it one of the best coins ever.

[Magic-Money]

The world is fast moving into technology where digital assets come to play more role in means of online payment, which is Bitcoin is a digital currency. Hence Bitcoin has many a many functions such as a digital assets investment and digital currency which no one has control over it, and the only thing that happened to Bitcoin price drop is the politicians play against Bitcoin that gives another opportunity to buy more in a dip point.

[Kristiyana]

What is the gain if the US dollars is backed by Bitcoin? Is this even a possibility? This came from  Kennedy and also Trump claimed that he will make sure that Central bank digital currency won't become a thing.

What is the advantages and the disadvantages you see here? Ate these people just saying anything that they can think of? Or this is possible? The biggest liars of the century are from the politicians around the world , once they get elected they do something else.

Will Bitcoin become better if any of these become possible?

I don't think if that will be possible because no one has full control or authority over bitcoin that is why bitcoin is not a centralized, this is not my first time of hearing something like this about Trump threatening to put and end to this digital currency. but ever since then I haven't heard anything concerning that aspect anymore, that's to show that no one has authority over digital currency had it been is that possible they would have put and end to it long time ago.

[Essential10]

Nowadays, any difficult task can be solved with the pressure of a few fingers, especially the world has advanced a lot in terms of technology. It will not be possible for anyone to take control over Bitcoin. People are interested in Bitcoin because no one controls it and they are pooling their money there. Many big major  governments have tried, but ultimately failed, to regulate Bitcoin. Above all, Bitcoin is running at a unique speed now and will go far in the future.

[CODE200]

Wouldn't being backed by anything make bitcoin a centralized currency? I don't even think that it's possible because a lot of people would be alarmed that this will happen, I mean look at it this way, if bitcoin becomes USD backed, whatever happens to USD will greatly affect the price of bitcoin and we all know how much a lot of organizations want to try their hands on destabilizing the dollar and trying to compete with it in the global markets, bitcoin is going to be greatly affected by it too. Also, a lot of people wouldn't like that idea that it's backed by the USD, a lot of people would probably sell their bitcoins because they don't want the possibility that there's a manipulation that can happen to the market.

[Baskeyairdrop]

What is the gain if the US dollars is backed by Bitcoin? Is this even a possibility? This came from  Kennedy and also Trump claimed that he will make sure that Central bank digital currency won't become a thing.

What is the advantages and the disadvantages you see here? Ate these people just saying anything that they can think of? Or this is possible? The biggest liars of the century are from the politicians around the world , once they get elected they do something else.

Will Bitcoin become better if any of these become possible?

The idea of backing the US dollar with Bitcoin is an interesting concept, but it's important to note that it currently remains highly speculative and has not been implemented on a large scale. It is not the official stance or policy of the United States government or central bank.

Advantages of such a system could include:

1. Decentralization: Bitcoin operates on a decentralized network, which means that control is distributed among many participants rather than being centralized in a single authority. This decentralization could potentially offer increased transparency and security.

2. Limited supply: Bitcoin is designed to have a finite supply, with a maximum of 21 million coins. This characteristic may provide protection against inflation and could potentially stabilize the value of the currency.

3. Global acceptance: Bitcoin is accepted by a growing number of businesses worldwide, and integrating it into a national currency could potentially facilitate international trade and transactions.

Disadvantages and challenges of backing the US dollar with Bitcoin include:

1. Volatility: Bitcoin's value has been highly volatile since its inception, experiencing significant price fluctuations. This volatility could introduce instability into a national currency system, making it challenging to maintain price stability and confidence.

2. Regulatory concerns: Bitcoin operates in a relatively unregulated environment, which raises concerns about issues such as money laundering, tax evasion, and consumer protection. Integrating Bitcoin into a national currency would require robust regulatory frameworks to address these concerns.

3. Technological challenges: Bitcoin's underlying technology, blockchain, faces scalability and efficiency issues when handling large transaction volumes. Overcoming these challenges on a national scale would require significant technological advancements.

Regarding the claims made by Kennedy and Trump, it's crucial to evaluate political statements critically. Politicians often make promises or express opinions during campaigns, but the actual implementation of such policies depends on various factors, including legal, economic, and societal considerations.

As for the impact on Bitcoin, if a major economy were to adopt Bitcoin as a backing for its currency, it could potentially increase the recognition and adoption of Bitcoin as a legitimate store of value. However, the success of Bitcoin is influenced by numerous factors beyond government policies, including market acceptance, technological developments, and regulatory frameworks.

It's important to stay informed and consider multiple perspectives when evaluating the possibilities and implications of such proposals.

[Rabata]

What is the gain if the US dollars is backed by Bitcoin? Is this even a possibility? This came from  Kennedy and also Trump claimed that he will make sure that Central bank digital currency won't become a thing.

Bitcoin is a decentralized currency that cannot be controlled by anyone. And if anyone wants to link their central currency with this improbable subject, there will surely be a collapse. Bitcoin is a highly volatile currency so it can not backed by any others fiat currencies. If the US dollar is backed by Bitcoin then a bullish period of Bitcoin would bring good news for that country but a bearish period we can see a nautical disaster from which it would never recover. A country can never rely on such a currency. If any politician comes up with such a plan, there is no doubt that the plan will come to an end. I think no one would take such a suicidal decision. Also, I don't think America would knowingly take such a wrong decision. Such comments can only be personal and are not possible at the national level.

[Hanadawa]

The world is fast moving into technology where digital assets come to play more role in means of online payment, which is Bitcoin is a digital currency. Hence Bitcoin has many a many functions such as a digital assets investment and digital currency which no one has control over it, and the only thing that happened to Bitcoin price drop is the politicians play against Bitcoin that gives another opportunity to buy more in a dip point.

Currently Bitcoin has not been used as a replacement for FIAT and I think that is not a problem because Bitcoin can be used as a safe haven for storing your money. Bitcoin is a digital currency but making Bitcoin an asset and utilizing blockchain technology in real cases are positive things to get from Bitcoin. I believe Bitcoin will get better in the future and may truly become the digital currency of the future. But talking about anonymity for now Bitcoin is not truly anonymous while you still use exchanges that ask for KYC. I personally don't have a problem with it although there are some people who want to make transactions completely anonymously.

[0t3p0t]

What is the gain if the US dollars is backed by Bitcoin? Is this even a possibility? This came from  Kennedy and also Trump claimed that he will make sure that Central bank digital currency won't become a thing.

What is the advantages and the disadvantages you see here? Ate these people just saying anything that they can think of? Or this is possible? The biggest liars of the century are from the politicians around the world , once they get elected they do something else.

Will Bitcoin become better if any of these become possible?

I don't think central banks will do or even allow that to happen, that is too risky for them given that Bitcoin is highly volatile. Also I don't trust what politicians will tell us as we all know they are only contractual if other admin will take over they will have different priority rather than this one and I don't think they all of them think the same as Trump who is a pro crypto guy.

[davis196]

What is the gain if the US dollars is backed by Bitcoin? Is this even a possibility? This came from  Kennedy and also Trump claimed that he will make sure that Central bank digital currency won't become a thing.

What is the advantages and the disadvantages you see here? Ate these people just saying anything that they can think of? Or this is possible? The biggest liars of the century are from the politicians around the world , once they get elected they do something else.

Will Bitcoin become better if any of these become possible?

I don't remember Kennedy or Trump saying anything about the US dollar being backed by BTC.
They said that they won't allow the creation of a CBDC by the Federal Reserve. This has nothing to do with the stupid idea of using BTC to backup the US dollar. This idea has been discussed multiple times on the forum and I don't want to repeat the same arguments over and over again. What do you mean by Bitcoin becoming "better"? Better than what? Fiat currency? Bitcoin is already better than fiat currency, because it doesn't lose it's value in the long term. BTC transactions would be very fast and cheap, if there wasn't any useless shit on the BTC blockchain, like Runes and Ordinals.

[wahyuagung26]

This is not possible because bitcoin is not centralized or controlled by any central authorities. Bitcoin price is derived from demand and supply and nothing more than that. That is why no central authority have the power to control bitcoin price and the reason for its huge adoption as it is totally different from fiat.

Therefore Bitcoin has fantastic value, they are not centralized and no one can control it, this supply and demand is what makes the value even better, but we think Bitcoin is a good choice so far. and not only for some reason that Bitcoin will continue to get better and better.

[MainIbem]

Therefore Bitcoin has fantastic value, they are not centralized and no one can control it, this supply and demand is what makes the value even better, but we think Bitcoin is a good choice so far. and not only for some reason that Bitcoin will continue to get better and better.

Absolutely, over the years since it's creation and in the previous halving, Bitcoin has proved itself to be a worthy asset it keeps getting better as the year goes and that's why it influences the price of other Cryptocurrencies. Well the words of those politicians might attract more investors and might even cause more citizens to turn to making investments in Bitcoin but you are right, no individual or business person or even government have control over Bitcoin, it's volatility is what influences it price and it's price would keep getting better which is already proven in different ATHs. Those who knows the potential of Bitcoin are buying more and holding for a long-term instead of having doubts if it would get better, the price of Bitcoin would keep getting better over time, it has a very great potential and it's one of the best Asset to invest on for the future.

[Blitzboy]

Politicians love to talk. Kennedy, Trump, and others play to their base by sounding tough on crypto. Bitcoin isnt going away, they know. Using Bitcoin to back the dollar? Thats quite different. Its uncertain and unlikely to happen soon. The powers that be wont easily give up the dollar's status as the world's reserve currency.

Suppose it does. What would that mean? The first benefit is that Bitcoin would gain huge legitimacy. It would endorse the world's most popular cryptocurrency by the government. That could increase demand and price due to widespread adoption. There may be drawbacks. Tying the currency to Bitcoin could cause U.S. economic turbulence. Bitcoin's price swings could affect interest rates and inflation.

Is it possible? Sure. Is probable? Not so much. Even having this conversation illustrates how far Bitcoin has come. That, my friends, is exciting.

[dezoel]

I think that can't be? Because, BTC has a limited supply only while traditional currencies has unknown or maybe have an unlimited supply as they have the machine that allows them to print money whenever they wanted to.

But if let's say it is possible for example, then I think the value of the US dollar won't be stable anymore and it now has a chance to rise higher than what it's usual value. Maybe BTC can become better too, in a way that is now more recognized by the banks and governments but this makes it look centralized in which some users dislike. Trump can ban CBDC and if you ask its advantage, I think it can make their dollar currency more stronger. About the disadvantage, obviously US citizens can't use CBDC anymore.

[thecodebear]

There would be no reason to back US dollars with Bitcoin because Bitcoin is already a digital currency. So people would just use Bitcoin instead of bitcoin-backed dollars. The reason Gold backed paper money is because Gold is extremely inefficient to use and paper money is much easier to use. But Bitcoin is already digital so there is no efficiency gain from using some other currency backed by Bitcoin, you'd just use Bitcoin. So you get no benefit with bitcoin-backed dollars over just using bitcoin itself, but you get the downside of what if the govt isn't truthful about the dollars actually being backed 100% by bitcoin.

So basically no this would never happen. The question should be, will Bitcoin ever actually REPLACE fiat (ie USD). And the answer to that is likely only if nations actually collapse and new nations are formed with Bitcoin from the start. Because I don't see any govt that controls their own currency abandoning that power to completely switch to Bitcoin. The only exception is probably countries that don't have their own currency or small countries whose own currency isn't used at all outside their nation and so it would make more sense to adopt a global currency (Bitcoin) that would kind of connect them with a larger part of the world.

[leonair]

What is the gain if the US dollars is backed by Bitcoin? Is this even a possibility? This came from  Kennedy and also Trump claimed that he will make sure that Central bank digital currency won't become a thing.

This is not possible because bitcoin is not centralized or controlled by any central authorities. Bitcoin price is derived from demand and supply and nothing more than that. That is why no central authority have the power to control bitcoin price and the reason for its huge adoption as it is totally different from fiat.

Right bitcoin is totally decentralised. so if the us dollers is backed by bitcoin then not only America all the countries in the world will suffer a lot economically if bitcoin price fall. so it not possible in any ways.
bitcoin is a strong digital assets and It will always remain as a digital payment method only its usage will increase. that's it

[oktana]

I don’t see how it is possible for Bitcoin to be backed by the US dollar because the value of Bitcoin isn’t fixed. It keeps growing and could be anything at anytime. This is the second post I see talking about Bitcoin being backed by dollar. Is there an agenda because it won’t work. Only someone who doesn’t understand how Bitcoin works that will think it can be backed by dollar.

[oemar bakrie]

everything will have its time, bitcoin and dollars have become a reference for comparison in exchange value.!  and I hope that bitcoin can continue to survive, making the dollar value more stable with digital circulation conditions becoming more widely used.

[blckhawk]

I don’t see how it is possible for Bitcoin to be backed by the US dollar because the value of Bitcoin isn’t fixed. It keeps growing and could be anything at anytime. This is the second post I see talking about Bitcoin being backed by dollar. Is there an agenda because it won’t work. Only someone who doesn’t understand how Bitcoin works that will think it can be backed by dollar.

That's the same with the dollar, the price of it doesn't really have a fixed value, it moves depending on the demand for it in the global market and the inflation rate so technically it doesn't have a fixed value. It will definitely not work because if you peg bitcoin to the dollar, wouldn't bitcoin become susceptible to the market manipulation and at the same time, the pillars of decentralization would be gone if bitcoin becomes reliant on dollar for value so I'm not sure that better is the word for when bitcoin becomes backed by the dollar.

[btc78]

Wouldn't being backed by anything make bitcoin a centralized currency?

You have got a point, actually. Maybe we are too focused on bitcoin being acknowledged by governments and being legitimize that we are forgetting its main purpose and that is to completely separate itself from the government or other institutions. I don’t think it will become centralized in nature but surely institutions will get involved which is what we don’t want anymore as crypto enthusiasts.