What happens to the value of bitcoin if the dollar goes to 0? Will bitcoin also loose value because the dollar is worthless? yes, there would probably be other things to mind like world war, full panic, no internett and so on. But set these things aside. How much would a sack of potatoes cost, and with what could I buy these potatous witth(gold/bitcoin/chickens/etc.)?
Any ideas? and any ideas on how bitcoin could be independant of the dollar, or other fiat?
I see a lot of good ideas here.
The reason for this thread is to explore if there are some other ways to value bitcoin. Like many of you said, it would probably just hop over to the next largest currency. But do we want the bitcoin to allways be dependant on another currency and its inflatory politics? Many of you also said that the dollar will never go to 0 and there is no reason to worry about this. But every currency in the world is loosing value everyday. Therefore bitcoin is also loosing its value. it may be a stupid question, but would it not be better to have another way to value bitcoin so you could allways buy 1 sack of potatoes for 1 satoshi for exampel?
Depends if people and governments would choose to move in digital currencies such as Bitcoin as an alternative but at this moment, such thing would seem to still be impossible. The decline with the value of fiat currencies are due to economic situation at this point in relation with inflation across different countries. Also, there are many crypros to choose from which has a more stable value, then how can we assure that they'd choose bitcoin over the others then? Its impact with this industry is for sure a spike on its value but won't be continuous. Also, for sure government of U.S. won't allow its currency, one with the biggest ones, to be worthless so they'd probably do something about it. Bitcoin is not ready yet to be a mode of payment to normal citizens, and this is because of instability with its value wwherein a problem may arise afterwards.