The United States Dollar is not only the official currency of the United States of America but also a global currency for international trade and commerce. Some countries are trying to use Bitcoin instead of USD for global trade. Can Bitcoin actually replace USD as a global currency? Do you think Bitcoin is better than USD for international trade and commerce?
Is Bitcoin Better than USD for Global Trade
- Thread starter nomad
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I don't really think any one is better than each other and they all serve a very essential purpose, it now solely depends on the Payment gateway the person transacting wants to utilize for his or her business dealings.
For now not, because Bitcoin still has high volatility, also the value of Bitcoin is still influenced by the SEC interest rate, so the value of Bitcoin is still affected by the USD, Bitcoin currently also has a relationship with Wallstreet. So in my opinion at this time Btc cannot be used as a global currency.
The United States Dollar is even the standard that bitcoin and other cryptocurrency is measured. No crypto can make the dollar not to be relevant. Bitcoin would evolve to a global currency but can never replace the United States Dollar.
Most people don't use USD because they don't have a wallet that supports it. PayPal only works for some countries for example. While crypto wallets are almost available worldwide. That is why most people these days trade with Bitcoin and not USD.
It will not be easy for bitcoin to replace USD in international trade except in illegal business. USD have more legitimacy than bitcoin but the table may turn tomorrow. Let's watch and see.
I think I will say that USD is more preferable to trade compared to bitcoin cryptocurrency, reason being that bitcoin is a highly volatile business, anything can happen at any given time, but with USD I don't think it will happen easily.
Bitcoin may be better in some specific areas die to its features and numerous advantages, but when it comes to stability, USD is much more better than it, oewing to the fact that bitcoin as a crypto currency is highly volatile.
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Bitcoin may be better in some specific areas die to its features and numerous advantages, but when it comes to stability, USD is much more better than it, oewing to the fact that bitcoin as a crypto currency is highly volatile.
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I have given you personal message too, I have some RIF to exchange.
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Bitcoin has its own benefits, while US dollar is old enough to use in thousand of ways, time tested and proven good and clear record.
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I don't think bitcoin is better than USD coin in terms of global trade, the only time it can compete with USD is due to its high volatility, as it may increase very high for a very short period of time, apart from that, USD is more better in terms of stability.
Now a days bitcoin in getting acceptance in the world better thsn ever, and many investors use bitcoin for online trading but i don't think that bitcoin will replace usd, its because usd have more acceptance than bitcoin and its stable and controlled by governments.
Of course, bitcoin has not yet replaced the dollar, but it is all going in this direction, and in my opinion, the United States does not like it very much, because it is losing control over the world market, although it is a big plus for small countries such as El Salvador, for example, to stand out
