Topic: Advantage of holding Bitcoin in time of crisis - page 10. (Read 1380 times)

I think that's the most rational opinion I've ever heard. We need to enjoy life with all our financial capabilities, meaning we don't just live to invest. Obviously the investment is important, but anyone can get out of that long term goal and enjoy the benefits. So selling bitcoins is fine, I also do it when needed. And you are right, you only live once.

I like your opinion. Some people elevate Bitcoin to the level of a religion, regularly glorifying and chanting about it. But for me, there will be no problem if bitcoin is exchanged for fiat, if necessary. In fact, I am very surprised at those who are persistently trying to convince everyone that bitcoin is only an investment and that it is necessary to hold it to the final high point.
It looks like insanity. It is very doubtful for me to live my life, saving on everything, and hoping for a bright day. Some do not understand that people are mortal and have only one life.

I believe that you were mistaken about the start of the conflict in Ukraine. At the beginning of the conflict, citizens found themselves unable to withdraw funds from their banks. If you are not aware, banks do not have enough liquidity to meet all withdrawal requests if they are made en masse. Just prior to the conflict, people were already rushing to the ATMs to withdraw money due to the impending war, but the ATMs were quickly depleted. I can personally attest to this fact as I hosted a family for a few months during that time.

I agree with you, we should not ignore the fact that during the economic crisis of 2022, bitcoin has dropped in value and it cannot fight inflation. If you have a lot of money, then a crisis happens, bitcoin drop is a golden opportunity for us to accumulate more bitcoins, but if we are in financial difficulty holding bitcoins will only make matters worse. If someone saved all their wealth in bitcoin and during last year's crisis when bitcoin dropped more than 70% in value, I think they would fall into despair rather than bitcoin save them from inflation. Bitcoin is only an investment and not a fiat alternative under any circumstances.

That just depends on the scenario you're in and since you've put it that way, that kind of situation is unprecedented one as even the experts of any nation doesn't know when or where does the earthquake will happen. Now, personally, it's much safer to put it in a bank locker where only you have the access with it and if that is not what you wanted to do, then you probably know where to put it best as it's you who know the place better than anyone.

The war in Ukraine did not affect the payment of their funds to people by banks, Ukraine did a good job with this. The best example for this can be the recent situation in China, when people wanted to withdraw their money from the bank, it turned out that the bank did not have this money, which led to big protests. The crisis is reaching global proportions, it may not have reached its peak yet, so the desire to control money yourself is a very good idea that can save you from many problems in the future.

As long as they can meet their needs first and still have money, they can use a little money to invest in bitcoin because it will benefit them in the future. They need to adjust the amount of money between money for their living needs and investing so it doesn't interfere with the allocation of their funds so they can still invest. But if they can't meet their needs, they won't invest because their needs are urgent and they must fulfill them first. And this is why financial arrangements for our lives are very necessary to prepare our future so that it can be better and bitcoin has given us that opportunity.

OP In any crisis scenario, whether it be war or natural disasters, having full control over one's finances is an advantage that should not be underestimated. However, as was demonstrated by the Taliban's takeover of the central bank and the ensuing suffering of the people, as well as the early stages of the conflict with Russia in Ukraine, it is the people who always suffer the consequences. Bitcoin is able to address this issue, and I believe that was one of the main reasons why Satoshi had faith and made a bet. The opening lines of the whitepaper speak for themselves.

Best alternative indeed, that is the legacy of the creator, Satoshi Nakamoto. As the creator's first and foremost aim is to give the people new options to hedge themselves against the inflation. Now I know there are some risks entailed investing with it but it's somehow manageable rather than sitting doing nothing while watching your money depreciate. Be your own bank, as they said.

I bet bitcoin has been actually really helpful to the people of Russia especially this time where their country is under pressure from the UN, it's the best alternative to preserve your wealth and even get profits from it.

Agree with the OP, in this digital age we are living in, we can't leave things to chance...

We need to have contingency plans to avoid being stranded should a crisis come, like is the case with turkey & syria..

and fortunately, cryptocurrencies are the answer to all this which should be an eye opener to all, just unfortunate it had to happen in a way that disrupts people's lives.

In such a scenario, bitcoin isn't a bad choice, the only downside of it is that your financial position isn't really protected from volatility and times of a bearish market but still remains a better option than keeping money in fiat which becomes inaccessible when infrastructure is destroyed by nature etc.

Your assets will be protected if you save in bitcoins, but bitcoins do not guarantee the value of your assets in the short term. If it's savings for emergencies or future spending, it would be unwise to save in bitcoin. What will happen to your assets in 2022 when bitcoin drops more than 80% in value, and you need to use that money? You need to distinguish between saving and investing.

People won't really do so if it is a real crisis, ofcourse necessity would be prioritized. The negative side of this opportunity for affected to not be able to recover and if they can, would consume a long period of time. Investments are advantageous if the crisis is bearable. One example is what happened with pandemic wherein many businesses emerged which targeted online platforms and delivery services simply because people are not allowed to go out on certain areas. Investment in times of crisis is simply taking advantage of the situation but be sure your finances could extend that far to a point that you won't be highly affected by the crisis itself.

Please correct me if I'm wrong about what you're talking about, I'm afraid I failed to understand in response.
Here you combine natural disasters, inflation and other indicators that indicate a global crisis, then you link it to the bank's damage due to the disaster so that it is difficult for us to get financial institutions to make withdrawals or something else with the money we have in the bank. I think if it's not the bank center that's affected by the disaster, we can still access our money on the bank's mobile apps, as we know banks provide services digitally for their customers, but if it's the bank center that's damaged, I think that's something bank operators might not be able to do. provide their services and we cannot easily access our money because it is in their control.
I think in this case it can also have the same effect if it is associated with a centralized exchange that has failed, we also will not be able to access our bitcoins if we store them in a centralized exchange.

Yes, our advantage from the points discussed focuses on controlling our money, that's true and I know it very well, and switching deposit money from banks to bitcoin is a very good decision when there is a crisis because basically when there is a global crisis at that time bitcoin will experience a decline and it is the right time to make a bitcoin purchase.

Congratulations to those who already have bitcoins in times of crisis, as they can sell their bitcoins and get money to stay afloat. But other people are unlikely to even think about buying bitcoins because to survive, they struggle and have to struggle hard to earn money. People will be more concerned with saving money to buy necessities because that's the important thing they must do. But indeed, bitcoin gives us full control over our savings and we can sell it whenever we want to get money. But if the crisis has an impact on disrupting internet connections, you also can't use bitcoins like before.

I would guess that you could have a backup plan as well, and ledger has that too. Meaning, if you are owner of a hardware wallet, then you get all these seeds and all that, first of all, you could upload them somewhere online which would be unsafe but that is a simple solution to you, very easy, not safe, but very easy.

Secondly, you could just explain to them what happened and hardware wallet company may help you? I do not know if they would, but you could just write it on a piece of paper and put it somewhere that is not your house, even a bank deposit as well. All in all, there are multiple ways if you want to do it, not safe, but multiple ways nevertheless.

Surely the opinions of Turkish people will be more valid and because there are also many forum members from Turkey, their opinions should be very valid whether it is true that Bitcoin will provide them with assistance with the conditions they are currently facing.
Just curious why every event is always associated with Bitcoin and what benefits will be gained by owning it, even when there is a disaster, electricity and the internet will be hard to come by, and that is the support needed to be able to access our Bitcoin.
Bitcoin will benefit the holder in the long term but when there is a disaster it may not help at all

During crisis at most important is to survive the crisis. If you can’t survive the crisis, then what you gonna do with the funds that you stored? I agree that Bitcoins make our finances independent. That is no one else will have the control on our money. But connecting this with crisis will be very sensitive matter. People have lost lives, they have lost their loved ones, now will they care about these banks and all? Yes it might be a good example that, how you will have instant access to your money and you can spend it in form of Bitcoins, while others can’t.

Without a doubt bitcoin holds some advantages over the fiat system, but the situation at Turkey and Syria do not seem like the perfect environment for bitcoin, people lost their homes and they are barely surviving with whatever help they are getting, so I doubt the electric grid or the internet are up so they can use bitcoin.

Bitcoin is perfect when there is an economic crisis and there is a bank holiday, and while everyone using fiat exclusively cannot do anything, you can buy whatever you want with your bitcoin.

I think the best advantage is that no matter what will happen to the currency in your country, even if there will be devaluation, you won't lose your money. And even if bitcoin will go down, it will eventually come back strong. So bitcoin is probably the safest way to hold money now.

Since you're saying Bitcoin become your banks, it means you're saying you hold your Bitcoin in your hardware wallet. As we know someone will leave their hardware wallet and the seed phrase in the most safest place, also it's need to be hidden and secret. Now explain to me how you can able to get your hardware wallet or seed phrase when the earthquake destroy your house?

I believe you will not have a time to found your seed phrase because the charity organizations in your country will force you to leave the place until it's already safe enough, at that time you will scared if your house might be cleaned up by the charity organizations.