Topic: Advantage of holding Bitcoin in time of crisis - page 7. (Read 1380 times)

It all depends on the situation you are in. In a critical situation, you will need cash, and despite the war or major cataclysms, the banking system will most likely cope, since the affected party will have the financial backing of other countries. But this will not save your savings from inflation, since most likely during these periods it will be very significant. Bitcoin is good, but since you are responsible for its safety, it is also a big responsibility...

Inflation and financial crises have indeed been major concerns for many countries worldwide. Some of the reasons for these crises include political instability, natural disasters, and economic mismanagement. As a result, people have been forced to look for alternative ways to save their money and protect their assets.

Bitcoin is one of the alternative ways that some people have turned to. It is a decentralized digital currency operating on a blockchain, a public ledger that records all transactions. Bitcoin is not controlled by any central authority, meaning individuals can have greater control over their money and transactions.

However, it is important to note that Bitcoin is a highly volatile asset whose value can fluctuate widely over short periods. It also carries certain risks, such as the possibility of losing access to your Bitcoin wallet if you lose your private key or if the exchange you use is hacked. Additionally, Bitcoin is not yet widely accepted as a means of payment, and its use is still limited in many countries.

Therefore, it is important to do your research and understand the risks involved before investing in Bitcoin or any other alternative asset. Diversifying your investments and not relying solely on one asset or currency is also important. It may be wise to consult with a financial advisor to determine the best course of action for your individual situation.

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.

Yes, Bitcoin can be an alternative payment option when other traditional payment systems fail, but it also needs access to electricity and the Internet... things that are not currently available in many countries.

Also, when the global economy take a massive hit, Bitcoin is seen by some as a Store of Value, but I disagree with many of them. The reason is simply, if the global economy is struggling, people shift more of their money towards "survival" and not towards risky investment options like Bitcoin. 

If it's not an entire global crisis then decentralized transboundary asset like bitcoin can give an opportunity to get paid help from abroad when you have problems in your country as not all the countries in the world face up with the same problem at the same time. So it is a global asset representing part of global economy. And unlike any national currency is not under a pressure of probable regulation that could prevent using it at a crisis time.

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.

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.

Yes, the issue of the Turkey and Syria earthquake accident is heartbreaking and the number of losses is still increasing.
Having said that, not all the people that escape the earthquake accident in Turkey will have the privilege to recover their wallet private keys because most Bitcoin holders who keep their wallet private information offline does it through safety storage at their home, and with the earthquake that happened in Turkey, it will be hard to find the wallet information.

Do you have some proof to support this? From what I know, the majority of the officials from the government don't really like the concept of bitcoin because they don't know it. But those that have knowledge of it, have an idea of how they can take advantage of its characteristics and usage. But someone doesn't have to be specific as a government official, we can just simply convert our fiats into it if it's intended to be held and be part of a long term asset that will be converted into bitcoin.

At most times, holding is always being considered whether there's a crisis or none. But if you need to sell it and let go of it for the purpose of using it for you to be in a better position, that's what is intended to be used for.

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The fact is before I pick bitcoin as an alternative and as an investment I took almost a year to study and build my knowledge in Bitcoin volatility, security and safety applications in bitcoin.

This knowledge have helped me to navigate my way to achieving my current status, and I must say that the first step in cryptocurrency is to build knowledge and motivation level.
The Turkey and Syrians situation is quite saddening and we may not be able to measure the number of bitcoin losses at the moment,  but then anyone alive and with multiple private key storages will have a backup and access to their funds.

This is a two way street: bitcoin is learning to coexist with a traditional economy and finance but they learn to coexist with bitcoin as well. It we expect that bitcoin will play a bigger role in the future we should understand that it will be tied to economy much tighter and right, but it will make it more stable as entire economy is not so volatile as some small sector of the economy. And holding bitcoin during crisis will become one on the most reasonable strategies in the future.

Bitcoin market have begun to have closer connection with the traditional market. This means, cryptomarket have begun to coexist with traditional banks and other forms of financial services. This have made bitcoin and other cryptocurrencies have dependence over the traditional market. At time the cryptomarket too moves on the bullish side when the traditional market is good and drops down when the market is not in a better position. During the time of crisis people will be in need for money and by that time patience won't give hands, so it depends on how the market at that time. We can't be calculative whether the market is advantageous or not.

There's no doubt about Bitcoin being the best alternative but people need to be well educated about securing their Bitcoin from online theft and also prevent losing it. Do you know how many BTC holders that are in Turkey and Syria will lose their holdings to the Earthquake?


You have a point cause some people seem not to understand that Bitcoin is not the answer to every crisis or financial issue. However, I think you got him all wrong because he seems to be talking about the donation given to the Ukrainians which literally serves as a means of the people getting food.

I don't think it would be any good for those who are suffering the crisis. They need help and they need money. So how holding could help them? Bitcoin most often considered to be a long-term investment asset. But if you are in such crisis, what can you do by just holding them? Take care of the present and then think about your future if you are in crisis. I hope those people who are suffering feels the same.
I think instead of holding/hodling, using could be a better suitable word for this scenario. If they don't have access to money and can't do anything with what they own, then Bitcoin use will come in handy. But considering the fact that it is not legalized all over the world, I doubt it would be any help either.

The price of Bitcoin usually falls during this time and some government officials used to look for ways to convert there fiat into cryptocurrency using this means to hold large numbers of Bitcoins so there current situation will not affect there large amount of Bitcoin they have in there portfolio. It more profitable to hold while or during the time of crisis since the price of Bitcoin cam increase on value during this time.

It would be nice if you could give details of how you do it, perhaps a screenshot and it silences us all, it is not impossible, but it is possible to establish a profit per day and it has to be very very profitable and that the person always wins with each operation because doing 10% is enough, I don't do the trading, because I don't know how to do it, I don't know how to analyze and start inventing I wouldn't do it because I lose my capital and my capital is not very big, but if you do it you should give us clues for us to learn.

Well, inflation, regardless of the standard of living, does affect every individual who has a family to feed. Even if a person doesn't have any savings, but they do need to spend money on a daily basis to buy things to eat and stay alive, and inflation affects that greatly since such people don't earn enough. And, in countries where living of standard is low, companies or employers don't pay higher no matter how hard inflation hits the country. So things like grocery, vegetables etc. become expensive while flow of money becomes less, thus that creates problems for everyone.

Bitcoin on the other side, can surely save the investments from inflation but unfortunately it only works for the rich to save their money from devaluation while the poor suffers in hard times of crisis.

With 100$ capital, and you say you can make 5-10$ per day trading bitcoin, that means you earn 10% profit per day I don't believe what you are saying. You should keep in mind that bitcoin trading is very risky, and I have not seen anyone who can make a steady profit as you are imagining. If it becomes so easy to profit from bitcoin, then I believe not many people are losing money in the market. What the market is showing us, trading causes more losses than profits.

In your case, your absolute choice is to convert them into fiat money as you will never enjoy spending, other than converting them. It was sad but we can't do against the authorities, living with Bitcoin in your country have no sense in times of crisis.
Though I was happy that my country is legalizing the use of crypto. Yet, it was very unfortunate that only a few merchants or establishments are accepting this. It means that we still have no other option but to still convert them into our local currency...and the scenario is almost the same in your place.