Quote from: Dump3er on April 17, 2023, 11:10:13 PM

Quote from: sunsilk on April 17, 2023, 10:59:05 PM

It's because that's been the standard of conversion for gold and bitcoin. The value of these currencies might go lower but I doubt it that they will entirely go to zero and utterly be destroyed. There can be changes in terms of monetary system but these two that you've mentioned can't just be gone too quickly just as we say.

Even with current news about BRICS that's trying to de-dollarized with their economies. It's gonna to be a work in progress and won't be just applied too quickly so as usd/btc, usd/gold, eu/btc, and eu/gold.

Also with their ability to print unlimitedly, they can still do such controls with it through interest rates and just like what US did recently and still doing some of its control based on how they want to value its fiat.

Yes and the major currencies are the ones that people have an idea about in regards to purchasing power. In order for a new unit of account to establish itself, it takes a lot of time. I addition to that Bitcoin is a brand new technology, which means that people who are not familiar with it also will have issues trusting it as the new unit of account. Apart from the fact that many won't be able / like using it. It's more likely that Bitcoin will find its way into the global society with the younger generations from today. Using a phone, using wallets and so on, that is something many of the older people don't do unless it is something like Applepay where they have an idea what that is about and who is behind it. I am not saying it is better, I am only saying that a lot of people have less issues trusting it.

Whether the USD suffers from inflation or not, too many people still find it easier to judge a good in pennies or USD than in satoshis. It's also not even easy for those familiar with Bitcoin as nobody can tell for sure where its price is going, but that also has an impact because people would spend less if they know their satoshis will increase in purchasing power over time. While uncertainty is usually not a good thing, the certainly that the dollar will further be inflated gives people something to calculate with.

People assume that by just having that alliance is going to be kick out dollars and just devaluate it too easy. It's not how it goes, I'm not an economist expert but looking at that will really take time and won't come in an instant as there's a process and there's more into it.

It's true that even if bitcoin is already mainstream these days, there are still people that are doubting about its capacity and even more with its usage because all they hear is that it's a dark market thing or a scammers money without further research so we can't blame them for that.

But by the time that all of these things happen all at once and they see that bitcoin is still standing firm then that shall give the assurance that it's one good alternative as a store of value and a unit of account.