As this year's G8 summit gets underway, the traditional talk of replacing the dollar as the global reserve currency is rising raucously once more.But for the forex trader looking to weigh up the pros and cons of betting against the dollar as this longstanding debate continues, the Wall Street Journal reports that there are three important questions to ask: Is the dollar doomed? Does it matter? And what can you do about it?Investment reporter Brett Arends clarifies that even if the dollar does lose its position as the most actively traded currency, a cheaper greenback may not be as disastrous as some quarters predict.While overseas goods would increase in price for US buyers, export prices would fall, making US businesses more competitive on international markets."More competitive businesses stateside should, in due course, create more jobs. If anything, for most of Main Street, a weaker dollar ought to be a net gain," he predicts.Meanwhile, Reuters has advised that the euro is likely to be the most formidable contender to the dollar's title as it has now usurped the yen to become the most actively traded currency after the dollar.