Quote from: RosieBoyd29 on July 28, 2018, 07:37:22 AM

Quote from: Cepat Kaya on July 24, 2018, 11:42:20 PM

as we know, the dollar is now rising, from the rise in the dollar it turns out that the price of Bitcoin is also rising, so what I ask here is that this is related to the dollar increase? or just coincidence?

I think it's just a coincidence, or just one dollar is threatening Bitcoin.

It has been suggested that countries around the world would like to use Bitcoin to replace USD to limit US currency risk and avoid US sanctions - This can not happen because the dependency of payment is natural, if not dependent on USD, it may be other currencies. If Bitcoin can replace the dollar in international transactions, then countries are ultimately dependent on Bitcoin or another virtual currency, which is a vicious circle. Another point that makes Bitcoin difficult to replace the US dollar is its limited currency, only about 21 million Bitcoin in the world to exploit. Therefore, it can not meet the needs of international transactions thousands of times.

In my opinion, Bitcoin may affect the role of the dollar as a currency accepted by countries around the world but can not threaten the dollar. As mentioned above, Bitcoin does not have a national force behind it, as the United States has an economy with annual GDP of trillions of dollars, and Bitcoin is not protected by any state. Meanwhile, the value of Bitcoin is being converted into USD, so it is not possible to Bitcoin threaten the dollar.

Yeah that's a good point. It would have a hard time replacing the currency because of how the current payment systems are established. Think about international banking networks, like the SWIFT system or visa and mastercard. They've got the whole world dependent on their systems that it's not easy for bitcoin to just step in and take over. And, so many companies have such strict compliance policies that they would never dream of sending a payment in any other form than an electronic wire transfer.

Bitcoin is denominated in USD, so it will always be measured in value against it. That's about as far as it will go though, from what I can see.