Topic: Advantage of holding Bitcoin in time of crisis - page 3. (Read 1380 times)
It depends on where the crisis took place for instance if it is in a developed country, we can say bitcoin can be a saving grace but in a developing country like mine, I don't pray for any because if it happens to hold bitcoin can't have any advantage over fiat other than you are sure your investment is secure.
I think today everyone understood what an advantage Bitcoin has, all those who took a chance and bought when the market was red today in a good plus and their expectations were justified.In those moments when everything seems to be lost, Bitcoin comes to the rescue)
Unfortunately, banks are a relic of the past, but still often used everywhere. Why should we be attached to them? My salary is first transferred to the bank, after which they carry out manipulations receiving interest, and only then the money comes to me. In any crisis, the bank will block your money, block transfers. I hope that in the future we will do without intermediary banks, they, like parasites, simply take a commission for each action. And I am glad that my money is stored in cryptocurrency, where I make decisions only for me.
Money held at a bank, is simply NOT your money at all. You're just giving away ownership rights by lending your money to such entity. Even cash (paper money) can be manipulated according to banks' own interests. With Bitcoin, that's another story. You truly "own" your coins as long as you have access to the private key or seed. There's no central authority in-charge of the cryptocurrency's monetary policy, so it's impossible to increase the supply at will. No one will be able to freeze or confiscate your funds thanks to the way Bitcoin was designed.
In times of crisis, BTC could prove to be "sound money" for those who need it the most. Unfortunately, the vast majority of people worldwide see BTC as an investment tool to become filthy rich in the future (not as a currency). The constant fluctuations in price (volatility) would force people to switch to more stable assets/commodities such as Gold or Silver. Yet, we cannot compare them with BTC because the latter is relatively new to the world. If countries keep adopting BTC as legal tender, then its use as a currency will magnify. The sky is the limit to how far BTC will go. Who knows if "hyperbitcoinization" materializes sometime in the future? Just my opinion
So not only can banks withhold your funds at any time, they also take commissions, changing the rules of the game on the go. Not to mention that if everyone wants to withdraw their funds at the same time, then no bank will have so much REAL money - banknotes. The entire banking system is now numbers on the screen, not backed by real money.
Many thanks to all the countries where cryptocurrencies are legal: Switzerland, Japan, Italy, Spain, Germany - they show the whole world that they are not afraid of bitcoin, and that they share the ideas of freedom and honesty.
I am glad that I am not only a part of this movement, but also use cryptocurrency transactions, they allow me to send money to my parents.
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So I think Bitcoin's volatility will always remain but its price will continue to rise as well.
So I think Bitcoin's volatility will always remain but its price will continue to rise as well.
How do you imagine it? Entire world GDP is about 96,510 billions USD. Bitcoin total issue is 21 million. So if bitcoin will cost around 4.5 million its capitalization will be equal to entire world GPT. It's about 200 times more than now, and 10 years ago bitcoin was about 100 USD what is 200 times less than now. So if volatility and growth will remain then in about ten years all bitcoins will cost more than everything in the Earth. It is impossible. Volatility will certainly go down in time.
But it's still called volatility, right? Even if the movement becomes slower over the time.
Anyway, it's too soon to discuss about these things and that bitcoin will be valued around $4.5 Million somewhere in the future because we are yet to cross the $100k mark, what more at least $1,xxx,xxx. Furthermore, I know that it's likely in the future that bitcoin will be valued as much as 100 times from the last ATH, but we should know as well that anything is not guaranteed and what we have right now are mere speculations only.
()
That is also a big question that difficult to answer even myself i was into bitcoin because its value and the profit from it . if the price stabilize for sure those people who stayed used it for their daily needs like sending and receiving transactions as they dont care whats the price on it though it doesn't mean that only 1% will stay there are still couple of people using it with its main purpose.
The price volatility of bitcoin make it hard to be taken as a daily currency for payments and that is why most people take bitcoin as an investment, but the fact that we have other stable coins which can be use for daily transaction and fast it become more accruable to take Bitcoin as an investment. That is also a big question that difficult to answer even myself i was into bitcoin because its value and the profit from it . if the price stabilize for sure those people who stayed used it for their daily needs like sending and receiving transactions as they dont care whats the price on it though it doesn't mean that only 1% will stay there are still couple of people using it with its main purpose.
Because if you take bitcoin as a daily transaction currency it should be done in bits-bits and not in dollar average costing.
We all know here that bitcoin is proven and tested for long term investment and if you do it as a day trading, you need a high amount of bitcoin to trade here, let's say the capital is about 100$ so that somehow you can get profit from 4$-10$ or more in a day.
I have tried this although it is not always the case because it depends on the movement of the bitcoin price on the graph. And it is also necessary to make a time frame so that you really have an aim at the end of the day.`
for us crypto users, of course, holding bitcoin is a very big desire, apart from during the economic crisis or when bitcoin is in decline but we can still control bitcoin to overcome the problem, if currently many crimes occur in our country then holding bitcoin is the safest way from the seizure of certain groups, By storing bitcoins we will be more efficient in spending something that is not so needed, of course, this is very different from holding money that is so easy for us to spend.
The price volatility of bitcoin make it hard to be taken as a daily currency for payments and that is why most people take bitcoin as an investment, but the fact that we have other stable coins which can be use for daily transaction and fast it become more accruable to take Bitcoin as an investment.
Because if you take bitcoin as a daily transaction currency it should be done in bits-bits and not in dollar average costing.
Because if you take bitcoin as a daily transaction currency it should be done in bits-bits and not in dollar average costing.
I agree that the cryptos' volatility would be the main barrier for it to be considered as a daily currency. You wont probably want your sale for a product to less of the value you set. Also, the technical aspects of it makes it overwhelming to most. But, I don't say it wont happen since it has full of potential but you should be able to understand fully how it works so you won't make any bad decisions into it.
The price volatility of bitcoin make it hard to be taken as a daily currency for payments and that is why most people take bitcoin as an investment, but the fact that we have other stable coins which can be use for daily transaction and fast it become more accruable to take Bitcoin as an investment.
Because if you take bitcoin as a daily transaction currency it should be done in bits-bits and not in dollar average costing.
Because if you take bitcoin as a daily transaction currency it should be done in bits-bits and not in dollar average costing.
I agree that the cryptos' volatility would be the main barrier for it to be considered as a daily currency. You wont probably want your sale for a product to less of the value you set. Also, the technical aspects of it makes it overwhelming to most. But, I don't say it wont happen since it has full of potential but you should be able to understand fully how it works so you won't make any bad decisions into it.
Your thoughts are correct due to some crises may be these are natural or are man made but they destroy the economy of individuals. Beside this there are large number of individuals who are jobless so for this purpose they are trying to find out another way that is possible for earning.
Now bitcoin gains the curiosity of most of people all around the globe and it not just save your money but also enhance it. People who hold bitcoin may be at risk at start because the market is not understanding for them so they don't know how to make decision according to present situations.
If a person pay attention to its rules and try to know that how to sell, when to sell, when to buy and for how much time they should hold it and what makes the price reduction and enhancements so they will easily get what they wants.
Now bitcoin gains the curiosity of most of people all around the globe and it not just save your money but also enhance it. People who hold bitcoin may be at risk at start because the market is not understanding for them so they don't know how to make decision according to present situations.
If a person pay attention to its rules and try to know that how to sell, when to sell, when to buy and for how much time they should hold it and what makes the price reduction and enhancements so they will easily get what they wants.
...
So I think Bitcoin's volatility will always remain but its price will continue to rise as well.
So I think Bitcoin's volatility will always remain but its price will continue to rise as well.
How do you imagine it? Entire world GDP is about 96,510 billions USD. Bitcoin total issue is 21 million. So if bitcoin will cost around 4.5 million its capitalization will be equal to entire world GPT. It's about 200 times more than now, and 10 years ago bitcoin was about 100 USD what is 200 times less than now. So if volatility and growth will remain then in about ten years all bitcoins will cost more than everything in the Earth. It is impossible. Volatility will certainly go down in time.
Just as you have said OP, holding bitcoin sometimes saves. I have had experience but mine is different from the case of crisis but however, the situation in which I found myself was the type that needed an urgent response from me financially and as at then, I had something but was not enough in anyway to cover up for the urgency at hand and the situation was such that would require expedite actions although I had a pending credit waiting to drop down but I had no option than to sell my bitcoin to replace it when I am credited. I had other options at hand but the time required, process and procedures involved is time consuming which means a no for me so I had to do the needful by selling my bitcoin. Just as your topic implies, indeed it is an advantage holding bitcoin because anything can happen at anytime.
Unfortunately, banks are a relic of the past, but still often used everywhere. Why should we be attached to them? My salary is first transferred to the bank, after which they carry out manipulations receiving interest, and only then the money comes to me. In any crisis, the bank will block your money, block transfers. I hope that in the future we will do without intermediary banks, they, like parasites, simply take a commission for each action. And I am glad that my money is stored in cryptocurrency, where I make decisions only for me.
Money held at a bank, is simply NOT your money at all. You're just giving away ownership rights by lending your money to such entity. Even cash (paper money) can be manipulated according to banks' own interests. With Bitcoin, that's another story. You truly "own" your coins as long as you have access to the private key or seed. There's no central authority in-charge of the cryptocurrency's monetary policy, so it's impossible to increase the supply at will. No one will be able to freeze or confiscate your funds thanks to the way Bitcoin was designed.
In times of crisis, BTC could prove to be "sound money" for those who need it the most. Unfortunately, the vast majority of people worldwide see BTC as an investment tool to become filthy rich in the future (not as a currency). The constant fluctuations in price (volatility) would force people to switch to more stable assets/commodities such as Gold or Silver. Yet, we cannot compare them with BTC because the latter is relatively new to the world. If countries keep adopting BTC as legal tender, then its use as a currency will magnify. The sky is the limit to how far BTC will go. Who knows if "hyperbitcoinization" materializes sometime in the future? Just my opinion
I don't think that stable state of market or bitcoin will ever come, because if bitcoin is stable in terms of price then I think that profit cannot be earned by trading through it. This volatility of bitcoin is its strength that allows bitcoin users or holders to earn profits through ledgers. So I think Bitcoin's volatility will always remain but its price will continue to rise as well.
Volatility is good for traders, but for holders it doesn't really matter, as holders just buy and wait for the price they want. And I don't think that bitcoin will be able to maintain this volatility forever, because the more expensive it becomes, the more it will decrease, it will be good to see this when the price reaches hundreds of thousands.
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!
What makes Bitcoin unique isn't just because it's the best way to save money but it's also the best way to invest your money. With Bitcoin you're having a double package just buy buying it. Bitcoin gives you a sense of security in the mist of been the best investment options available in the modem world. Bitcoin has a limited supply, it's is also decentralized.
With Bitcoin you're in charge of your investment as you don't need some authorization to access your money although to enjoy this, you have to be holding your Bitcoin in a decentralized wallets. There are so many available that we shoudn't be making use of a centralized wallets or exchange. Exchange were never meant to be used as wallet.
Exchange are the worst way to save your Bitcoin, not only are they centralized but they can vanish without you been compensated or refunded. Even with their centralization, they aren't regulated so they have the power to do whatever they want without any consequences.
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!
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!
Right now besides precious metals Bitcoin is our best bet! Nobody can stop us from accessing coin, so long as you're not hacked. A future without BTC looks grim, and thankfully BTC is here to stay!
That would be a dream come true. But people often see Bitcoin as an investment tool (not a currency), so don't count on BTC becoming the global unit of account anytime soon. It will always remain an alternative to Fiat because of the way it was designed.
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Of course it will take lot of time, and of course people still not often consider BTC as a currency. But "a journey of a thousand miles begins with a single step". People will use bitcoin as a currency when it become a comfortable option, when its volatility will go down and when in mostly every bakery around you'll have an option of paying for a small bun and small cup of coffee with BTC fast, cheap and secure. So it is a matter of time and further technology development.
But once bitcoin becomes stable, will people continue to use it? Honestly, from what I see, 99% of people invest in bitcoin for profit, and very few people care about its technology. So if bitcoin is stable, I doubt they will continue to use it. I believe that you and I, and everyone in the market today are interested in the bitcoin price every day.
Unfortunately, banks are a relic of the past, but still often used everywhere. Why should we be attached to them? My salary is first transferred to the bank, after which they carry out manipulations receiving interest, and only then the money comes to me. In any crisis, the bank will block your money, block transfers. I hope that in the future we will do without intermediary banks, they, like parasites, simply take a commission for each action. And I am glad that my money is stored in cryptocurrency, where I make decisions only for me.
That is also a big question that difficult to answer even myself i was into bitcoin because its value and the profit from it . if the price stabilize for sure those people who stayed used it for their daily needs like sending and receiving transactions as they dont care whats the price on it though it doesn't mean that only 1% will stay there are still couple of people using it with its main purpose.
You forget that bitcoin is a deflationary asset unlike fiat currencies. It means that if bitcoin will become stable it will still slowly grow up and fiat currencies will still go down. We all know that collateralized bond obligation can give yield even lower than inflation rate but they are still popular. A deflationary asset will give a little more than inflation rate so why wouldn't it be popular? Of course different people are interested in different types of assets but there will be someone interested in each non collapsed asset and even for some collapsed assets.
The advantages of holding Bitcoin in time of crisis are: 1. it provides a safe place to guard your wealth, 2. it offers the opportunity to diversify your investments, 3. it can act as a buffer against inflation, 4. above all else Bitcoin is a decentralized currency which cannot be controlled by any government or central bank
That would be a dream come true. But people often see Bitcoin as an investment tool (not a currency), so don't count on BTC becoming the global unit of account anytime soon. It will always remain an alternative to Fiat because of the way it was designed.
...
...
Of course it will take lot of time, and of course people still not often consider BTC as a currency. But "a journey of a thousand miles begins with a single step". People will use bitcoin as a currency when it become a comfortable option, when its volatility will go down and when in mostly every bakery around you'll have an option of paying for a small bun and small cup of coffee with BTC fast, cheap and secure. So it is a matter of time and further technology development.
But once bitcoin becomes stable, will people continue to use it? Honestly, from what I see, 99% of people invest in bitcoin for profit, and very few people care about its technology. So if bitcoin is stable, I doubt they will continue to use it. I believe that you and I, and everyone in the market today are interested in the bitcoin price every day.
That is also a big question that difficult to answer even myself i was into bitcoin because its value and the profit from it . if the price stabilize for sure those people who stayed used it for their daily needs like sending and receiving transactions as they dont care whats the price on it though it doesn't mean that only 1% will stay there are still couple of people using it with its main purpose.
That's a tough question to answer, I believe if people were honest with each other to answer this question, I wouldn't be surprised when people say we're here for profit. There are still some people who invest in bitcoin, not for profit, they see bitcoin as a currency, a means of payment, but that number may not be more than 1% of the market.
I never thought about it because I believe bitcoin will never be stable, but if it happens, I will definitely find an alternative investment. And will still use bitcoin to protect its assets but will no longer focus on bitcoin as much as it is today.
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