Topic: Advantage of holding Bitcoin in time of crisis - page 6. (Read 1380 times)

I agree with you that keeping all your savings in bitcoin is very risky because of the volatility, I wouldn't do that either. But on the other hand, gold also has some disadvantages, if you have a large amount of gold, it will also be difficult to move. Like in the war between Russia and Ukraine or the earthquake in Turkey, if your assets are all gold, you won't have enough time to transfer them all, but with bitcoin, you absolutely can. Both are good and have pros and cons. I also prefer gold savings because it is stable and not as volatile as bitcoin in the short term.

While bitcoin gives you control over your savings, the problem is that it's very volatile and you have zero control and influence on price. If you bought bitcoin at 20K and it went down to 10K, your savings can rarely be called savings but a huge loss.
If we keep in mind that Gold is an important reserve asset and has been so historically, then I bet it would be best alternative way to save money because you'll be easily able to sell your gold jewelry for high price at any time. Also, a lot of countries are saving gold recently instead of USD, so I would stick with it.

While bitcoin gives you control over your savings, the problem is that it's very volatile and you have zero control and influence on price. If you bought bitcoin at 20K and it went down to 10K, your savings can rarely be called savings but a huge loss.
If we keep in mind that Gold is an important reserve asset and has been so historically, then I bet it would be best alternative way to save money because you'll be easily able to sell your gold jewelry for high price at any time. Also, a lot of countries are saving gold recently instead of USD, so I would stick with it.

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!

Unless he knows the risk, it doesn't matter to him if the market drops and he loses profit since he takes the risk and hopes that if he needs it, he has enough profit. There is nothing wrong with a bad market as long as the holder understands it. This won't be called savings; we call it an investment, as we are looking to have profit in the future, but it has a double purpose as we can still use it for emergencies.

If the whole wide world will see and understand that bitcoin is the best alternative way to save up their assets in times of war or difficult situations. I don't think there will be many financial hardships when war or financial crises arise in a country.

The current events occurring all over the world should be sufficient justification for many people to use bitcoin as a store of their assets, but due to how the media portrays bitcoin as a poor financial tool, people are continuing to be hesitant about it.

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.

I agree holding bitcoin during a crisis is a good idea, but i don't see how it will make the economy more stable, because everything about bitcoin is about volatility

Maybe you won't believe but you still know about crypto much earlier than majority. It is still the very early stage and you can still get lots of benefits if you know how to deal with that. Early stages are the most risky: of course you can win being among the first ones but you can lose even more easily. And as for holding bitcoin as a defensive asset you can start doing so now or even in the future as IMO it will work that way as long as we can see.

Bitcoin could be of great help in countries where inflation is high and people have poor standard of living as it acts as saving for them when fiat is not helping them a lot.They can survive tough conditions with the money they will get by selling the coins or say if acceptable making direct payments to the merchants.There has been lot of cases where people from third world countries have benefitted from usage of btc.

In these moments I wish I knew about crypto earliet

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!

In these moments I wish I knew about crypto's earliest

if you are completely assured that you will never need that money for long term ? meaning till the crisis ends? then of course you can trust bitcoin as a place where you can confidently save the money as investments also.

but if time comes that there is emergency need for that fund and the market drops badly , then you will be facing trouble though.

I fully agree with you, it makes no sense at all at the moment to save money in my country. Just yesterday I received an email from my bank that the increased the interest rate on my savings account to 0.6%, which is insane compared to the 8-10% inflation we have now for more than a year. You are losing at least 7-8% value each year for all the money that is not invested. Even for some high risk bonds where the repayment is not guaranteed the interest rate is only around 5%. In real terms you are losing money if you don't invest in stocks or bonds. That is why I kept buying more bitcoins every month for the last 12 months with the money that I would usually put in the savings account.        

Thats wrong perspective about war. If we were around the region or country where war is happening we'll understand what the real impact it had made over their living condition. Maybe there are justification, but this isn't the reality with every country continuing the war.

Just think of the recent earthquake, everything collapsed and what is left with the people is nothing. Once again from the very scratch they need to build. Bitcoin can be used as safe haven, but how it helps at our critical situation is a question. It all depends on our luck.

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!