If the dollar collapses, should I use Bitcoin?
Other than the US government, major governments have significantly relied on the US Dollar to underpin the value of their own currencies since before the 1950s. The dollar also gains greater credibility in the eyes of local users, currency dealers, and international transaction participants as a result of its reserve currency position.
The dollar's demise appears pretty improbable, even with its current situation. Only the potential of greater inflation appears to be realistic among the preconditions required to induce a collapse. Because the United States is such a significant consumer, foreign exporters such as China, Japan, and more, do not want the dollar to fall.
Though the dollar's demise does appear improbable as mentioned, it can, and is becoming worth less over time, due to inflation. This is most likely a result of the government printing lots of money. The government controls the dollar, so they can do what they want with it, and they're printing a lot more money. As you probably know, the more dollars there are available, the less the dollar is worth.
So, while a dollar collapse is unlikely anytime soon, we still believe Bitcoin, in the long-term, is a better way of sending and storing money. Let's look at some of the advantages that Bitcoin provides us with:
It's hard for Bitcoins to be stolen
The only person who can modify a bitcoin's ownership address is the owner. Nobody can really steal Bitcoins unless they have physical access to the user's computer and move the funds to their account. Unlike traditional money systems, which just require a few authentication information to obtain access to funds, this system, usually, requires physical access, making it far more difficult to steal.
There is No Taxation
Because there is no method for a third party to intercept Bitcoin transactions, there is no means to construct a Bitcoin taxation system. The only method to pay a tax is if someone sends a proportion of the amount being remitted as tax voluntarily. Additionally, you shouldn't even need to pay any sort of tax on your Bitcoin, unless you sell it (at a profit).
There is little to no tracking
No one can track transactions back to Bitcoin users unless they make their wallet addresses public. The wallet owners will be the only ones who know how many Bitcoins they have. Even if the bitcoin wallet address has been made public, a new wallet address may be produced quickly. When opposed to traditional money systems, where third parties may have access to your financial data, this dramatically enhances privacy. Furthermore, even if your wallet address were to get leaked, nobody could control your funds or your wallet in any way, they'd just be able to see your wallet balance and the transactions you've made. If you're looking for anonymity, Monero (getmonero.org) may be a better option than Bitcoin for you.
Zero charge-back risk
The transaction cannot be reversed after Bitcoins have been transferred. It is difficult to restore the ownership address of Bitcoins after it has been changed to the new owner. Because only the new owner has access to the accompanying private key, only he or she has the ability to transfer possession of the coins. This assures that receiving Bitcoins is completely risk-free.
Bitcoin is simply a better option than the US dollar in the long term, because of the reasons mentioned above. If humanity continues to rely on the US dollar, we'll have weakened security, more BS, more centralization, less privacy and anonymity, less innovation, and less modernity. Society also will not be on Earth forever - we will eventually expand to outer space, and we don't think it would be very ideal to use physical paper dollar bills and coins in space. A more optimal solution would be to use a digital currency like Bitcoin, so that you can send, receive, and manage your money easily, quickly, and digitally, with minimal transaction fees and wait-time. Sure, Bitcoin may not be perfect right now, and we're mostly comparing it to its value in USD, but over time, that will inescapably change.
If you want to support Bitcoin, you can mine it using a computer software or simply just hold some Bitcoin, and use it for everyday transactions. Keep in mind that there are also other digital currencies besides Bitcoin. Each cryptocurrency has its own advantages. I, the writer of this article, find myself to be using Litecoin very often, for everyday transactions, simply because it's currently cheaper (in transaction fees) and faster than Bitcoin, however, it is less decentralized. When I am making transactions and want to stay anonymous, I usually use Monero, a privacy cryptocurrency, which we discuss in this article.
If you're into cryptocurrency just for the money, that's alright (we all like money), but we seriously recommend learning more about its technology and utility, because cryptocurrency has a very bright future. That's good news for your crypto portfolio, but, in conclusion, it's also good news for all of society, since we're slowly unlocking the doors to a new era, where cryptocurrency is the universal currency and helps us make important, secure, and private transactions on a daily basis. Fiat currency is becoming a thing of the past, and cryptocurrency is becoming the currency of tomorrow.
Just getting into crypto? Check out this article where we talk about the top 10 best exchanges you can use to exchange your USD for cryptocurrency.
