Topic: Advantage of holding Bitcoin in time of crisis - page 11. (Read 1380 times)

With or without crisis, the problems with saving money in the banks are numerous. Whether crises are natural or political or economic or whatever, money in the banks could be locked indefinitely. In many parts of the world, withdrawals from ATMs and banks have maximum limits. In some, that limit is extremely low. Sometimes, withdrawals are not even allowed. We have seen scenes in Lebanon and even in China where extreme actions were committed by account owners just to get access to their own money.

Bitcoin fixes this.

People thought that time that the price would drop due to the pandemic, which was wrong. Due to the pandemic, it has become more powerful as a lot of people are using it, and the adoption is also very massive because bitcoin was known when it hit its ATH, which is why a lot of people jump into it. It's because of the pandemic that people got known also for crypto, as they can earn profit on it by trading or investing because people can't get out, which is why they spend their time on learning.

Just like what happened in Bitcoin last 2020. When WHO declares COVID-19 outbreak around the world. It made a big impact to our economy and most people thought Bitcoin affected by this. Instead, it's an opportunity to buy Bitcoin because the price went down to take liquidity before it went up higher. So if there's a crisis, we should take it as an advantage for Bitcoin.

I think it’s important you point out that this isn’t necessarily the case for everyone in the world. There are some places where people have plenty of access to funds in their bank accounts. I do agree though that for many nations owning bitcoin provides a level of financial freedom that they may otherwise not have access to.  Governments can’t stop bitcoin, plain and simple.

There are advantages, but in order to hold Bitcoin during times of crisis one is supposed to be able to circumvent some of the impacts of the crisis, otherwise if the crisis affects us personally, we could face a problem and then be forced to sell or ask for a loan, using our satoshis as collateral.

It is about priorities.


Well, here in my country we had one year when we reached an annual inflation of 4500%, so you do not have to imagine, you can just ask me whenever you feel like reading a horror story. 

I really don't think That bit coin can help in all situation or crises, let's take for instance in a country where war and other conflict is currently going on do you really think that people will care more about their Bitcoins over their lives? I don't think so . In times like this, purchasing of items like food, water, and shelter won't really depend more on Bitcoin transactions. During such crisis, in a civilized country the government of such country's will see to it that it's people are well treated and provided for. They will have nothing to think of more or less Bitcoins. Although on the positive side, such held Bitcoins can come in handy after crisis, it can be a fresh start for those who lost everything. It can act as a purchasing power, a new beginning

This is somehow directly referring to my country condition presently, there's a financial crisis where we do not longer have access to cash anymore, even though we hold bitcoin how we sells to buy food, transportation and the rest. The country is in a state of perplexity, everyone is stranded due to our Naira redesign the old notes are no longer accepted as a legal tender 500, and 1000 Naira old notes are no longer to be used anymore couple with bad Network, transfer are no longer going through.

bitcoin is great for those who know how to handle and manage it. however, let us think of other people who are not yet educated with crypto market. and that population is still huge up until today. hence, a lot are still sticking to their banks. but once people got acquainted with crypto and learn the ropes, they would be grateful for knowing this industry. people should not be afraid of exploring new things and technology. sometimes it is here for very good reasons.

Agreed, not just the market fluctuation. Bitcoin being deflationary makes it best against the traditional fiat. The usage of bitcoin helps in all situations and we need to make use of the characteristics than just staying idle out of fear and with the mind that doesn't take risk.

Bitcoin have helped people all over the world at different circumstances through its growth as well as the volatile market that lets people earn something out of the difference between buying and selling unlike the market trend of bitcoin.

If I'm not mistaken, bitcoin has proven itself to be a good hold in countries like Zimbabwe hyperinflation problem which started decades ago and shown again in 2018. So yeah, I would tend to agree in which people may have live to a country wherein it's money is not doing good, it's being to hedge your wealth in bitcoin and see how it goes at least in the next 4 years. So it's one way to preserve once capital, and so you relieved yourself of the pressures and on the contrary you might be looking to grow your money at the same time investing on BTC.

That's true and we have saw on how good it was for many crisis. Not just with these incidents from Turkey and Syria, not just with Ukraine and Russia but also even with a pandemic.

Although it's not for everybody that sees volatility isn't an opportunity. But for us that sees it as an opportunity is looking forward that it's one of the greatest asset that we can ever have.

Not just increasing in value overtime but also its characteristic as a deflationary asset is one we can bank on.

Bitcoin is not good for savings because of its volatility and if there’s a crisis, you can’t be so sure that cryptocurrency will be the safe haven, remember during the pandemic and the war? People are panicking and the cryptomarket is down as well.

Keeping your keys might also be your another problem, you have to make sure during the crisis you have this with you or else your wallet will be hacked or be wasted at all. I still see Bitcoin as a good investment for long term, I just don’t see this as a best option during crisis because usually, cash is still the best option.

Having bitcoin for a store of value is one thing as it serves as a form of investment but, not so much for a currency and don't really stand out in the absence of financial institutions as its yet to be used globally or even locally for a means of exchange by the various merchants that are operational in a region.
You still very much need financial institutions to keep up with the task of having some acceptable currency for a legal tender within your jurisdiction.

Bitcoin could make l8fe a lot easier with the fact that, you get to stay off the radar of having your accounts frozen, limited withdrawals and more controls by creating limits. Other than these, you'll still need financial institutions to keep the fiat in circulation at the time.

There are some kinds of crisis where the amount of money you have will not matter because there will nothing to buy and no one to sell. The situation in Turkey and Syria is close to that with many people's number one concern becoming how to survive and not how to save.

A lot can even still happen in a crisis, still using the situation of things in Turkey and Syria, Imagine how many persons have lost their personal phones and computers and also access to where their keys are saved for easy retrieval, for people who stored them in a physical location maybe on paper, or inscribed somewhere and kept thinking it was safe. Many people in crisis are also at the danger of loosing their bitcoins.

Now imagine your wallet was at home on the first floor of a 15 stories high collapsed building! 
Please do tell me how you would react if all your coins would be there or on a laptop that has been crashed by the rubble while the building collapsed.
Can we stop for a moment taking advantage of every tragedy to pump up bitcoin, just a thought, nothing special, you know, maybe not using the death fo 30 000 people and counting for personal gains and ego.

Just a question, does holding Bitcoin give them access to good food?  I wonder how can holding Bitcoin help these people in accessing good food?  Isn't it more convenient to them if they have cash to pay for their food?  As far as I know, there isn't much retail stores that accept Bitcoin as payment, and there are still many suppliers that are not into Bitcoin.  So I wonder, what change does it gives holding Bitcoin against holding cash in hand?


Isn't fiat donation helping them the same way Bitcoin donation helping them?

The only thing I see holding Bitcoin become advantage is that it can increase in price in the long run, meaning if you are holding $100 worth of BTC today, there is a possibility that in then next years you will be holding more than $100 but there is also a possibility that you can hold less if the price of Bitcoin crash.

In time of crisis and people have no way to earn money, I do not think people will hold on their Bitcoin when they don't have money to spend for their needs, they will eventually cash out to pay for rents and bills.  I am not negative about holding Bitcoin but I am just saying the obvious when crisis arises, unless you have lots of money that you do not need to touch your cryptocurrency holdings.

I think if you're in a country with high inflation and a tendency to use banks to rob the people, Bitcoin is a floatation device in a sea of horrific financial conditions.  I couldn't imagine living in a country with 100%+ inflation.  It's hard enough in the US with inflation where it is.  Having your savings taken from you by your bank, or inflated away to nothing by your government is a real problem that a lot of people face.  This is hard for westerners to comprehend, but I think as corruption becomes more clear in the west and governments become more desperate, the value that Bitcoin has for everyone will become quite apparent. 

There are many advantage to holding Bitcoin apart from what you have mentioned so let's just stick to what works for us. The current crisis between Russia and Ukraine had deprived many people of there right and acces to good food.

 We might not not the effect now until we get a grasp of what people that are there are suffering. War is not something we should encourage but the use of Bitcoin since had been helping many Ukraine citizens on donation and free will to help the injured and dead Ukraine soldiers.

The global economy is facing a crisis of inflation and other internal financial crisis, such as what we are witnessing right now with recent bad occurrences around the world in Turkey and Syria a lot of people have been mad homeless and government infrastructures such as banks have been destroyed as a result of the earthquake and other natural and man made disasters that has happened in various regions.

This situation has forced many into financial hardship and the unavailability of financial institutions and services, in fact in some countries a lot of financial crisis is currently being experienced.

With most depositors no longer have access to their money through to the high centralization of the financial institutions leaving all the power over their finances in the hand of the central banks.

This crisis has forced many to start looking for an alternative way to save the money, and bitcoin is the best store of value at this point, with Bitcoin, you have total control over your finances and Bitcoin help to reduce the bank to becoming just a Junction or bus stops were our money can just pass through to carry out a transaction or exchange aside from that.

Bitcoin is the best alternative way to save money, with Bitcoin you have control over your savings because it's your wallet and your key and you are your banks!