Is bitcoin really a threat to the US dollar ?

in #bitcoin7 years ago

Let me start off this article by saying It is certainly no secret that there is a major move into cryptocurrency for many reasons, however, in order for these new stores of wealth to threaten the United States dollar several things would have to happen.

In order for any currency which includes a cryptocurrency to be a real threat to the US dollar, it would need to be a potential reserve currency. What this means is this cryptocurrency would need to be widely held by central banks from all over the world as to pay off international debt obligations. It would also mean that assets such as commodities, including crude oil would need to be priced in that particular cryptocurrency and not dollar-denominated.

In order for A cryptocurrency to ever become a reserve currency, there would need to be a revolution on a global scale, a war if you will against the worlds central banks, (something I personally wish would actually happen).
World central banks power exists in their ability to force their product, debt units, also known as the Fiat currency, upon the masses, and this is not something that world central banks would take lately. Wars have been fought to support the US dollar, and bring it to a reserve status. In fact the entire Vietnam war was fought for two reasons and two reasons only, and neither of them had to do with the spread of communism.
The Vietnam war was fought to 1. Establish a Fiat monetary system, and 2. To establish the petro dollar system therefore vaulting the US dollar to World reserve status. Therefore you can rest assured that world central banks would resist any new reserve currency with and by any means necessary.

The real threats to a government with regard to the use of a cryptocurrency is the governments ability to collect taxes on transactions, and law enforcements ability to fight crime transacted in a said cryptocurrency.

As for a cryptocurrency making it to a reserve status which could actually threaten the United States dollar, I think is a long shot or impossible at best, at least during our lifetimes.
Could I be wrong on this?
Sure, I'm just giving you my best thoughts on this topic however I would love to hear from you so please feel free to comment and resteem this article.images.jpgdownload.jpgdownload (1).jpg

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While I think that governments might be able to control a few cryptos, there is just too much innovation out there for people who want to be free as possible from the establishment .

I agree in some regards, but it seems that the world in which we live today is very different. With the incorporation of the internet, everything has changed. The old systems of control are now being adjusted into digital world. This brings us to cryptocurrencies, which is the next logical step for any government to implement. We are moving into a technocratic world in which energy, information, and money will be digital. Just my opinion

That's true my friend, but do others think the same ? let see what others think !
Thanks for your opinion.

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