Advantage of holding Bitcoin in time of crisis - page 8.

Obari

sr. member

Activity: 602

Merit: 442

I buy all valid country Gift cards swiftly.

Quote from: Ojima-ojo on February 16, 2023, 02:56:02 PM

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!

Bitcoin is digital currency which in other words can be called electronic money and mostly treated as an asset rather than an alternative to Fiat.
No matter how much Bitcoin you have, I'm very certain that you can't spend it(Bitcoin) without having to convert it to the regular Fiat accepted in your country except in few countries where it is accepted as a legal tender.

My country is going through a very huge financial crisis and I have Bitcoin, but yet it doesn't make any difference as both those that have Bitcoin and those that don't have are all going through same Fiat scarcity because I still have to convert my Bitcoin to Fiat before having to spend it.
I just want to express that Bitcoin isn't an alternative to Fiat in my local community.

Don Pedro Dinero

legendary

Activity: 1358

Merit: 1565

The first decentralized crypto betting platform

Quote from: Ojima-ojo on February 16, 2023, 02:56:02 PM

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!

The problem is that nowadays, especially if you have large amounts, you have no way of spending them other than going through centralised entities.

Quote from: crwth on February 19, 2023, 08:54:30 AM

Quote from: Macadonian on February 19, 2023, 07:51:54 AM

BTC has its advantages but also disadvantages when holding in in crisis. I think I would prefer to use BTC for holding my wealth that I do not plan on touching or withdrawing and to beat inflation but I think I would prefer to have emergency funds in fiat because it is currently easier to pay for items with fiat. If you get hit by a earthquake and you want to recover most of the local services which can help will be accepting fiat and not BTC

It's definitely understandable that people would prefer fiat when in crisis. Not a lot of people yet are still into BTC.

I think the same as Macadonian. Bitcoin as a form of savings is fine, but because it's not widespread enough nowadays, you don't have as many opportunities to spend it directly and to do so you have to go through centralised entities. That's why it makes sense to have part of your savings in cash and bitcoin as a long-term saving or investment. Over time bitcoin will appreciate in value and it will also become more widespread and there will be more opportunities to spend it directly. Hopefully more countries will declare it legal tender and you will be able to travel there or even move and spend it like you spend your fiat today.

Mr. Magkaisa

sr. member

Activity: 840

Merit: 292

- Bitcoin is good for long term investment, in this matter it is already proven and tested. Now, when it comes to daily earnings Bitcoin trading is also good if your capital is at least 100$.

Because in my experience with that amount it is possible to earn 5-10$ a day in trading activity even in the market situation it can be even higher than that. In addition to the bitcoin I accumulate every week.

samcoin

hero member

Activity: 1358

Merit: 582

Leading Crypto Sports Betting & Casino Platform

Quote from: Ojima-ojo on February 16, 2023, 02:56:02 PM

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!

I strongly agree with you, the current financial situation some countries are suffering would push people to search for a more controllable money-storing methods like crypto currencies, which will increase the adoption and usage of crypto. In our neighbor country, Lebanon, bank depositors have lost billions of dollars due to false money management policies and rampant corruption of the politicians. Now, cryptocurrencies are a widespread thing over there, especially stable coins like USDT. They could have saved their money in a better way if they had moved to crypto at an earlier time. Although Bitcoin is 1/3 of ATH, the Lebanese Lira has lost 90% of its value against the Dollar. This's not the only case in the world as there're a lot of similar cases, which proves that cryptocurrencies have the capability of saving people' money.

Odusko

hero member

Activity: 1008

Merit: 520

Leading Crypto Sports Betting & Casino Platform

Bitcoin has become the best alternative to bank and right time, we have seen how Bitcoin have to fill the vacuum left by traditional banks, but that notwithstanding we will need to know the area where Bitcoin can play a vital role in our financial life and to know the risk of self custody because in several cases one can lose access to their wallet or the seed phrase. After all, it's not what someone can carry off the heart.
So in a time of crisis, it may become impossible for a bitcoin holder to have access to their Bitcoin or the wallet phrased.

Silberman

legendary

Activity: 2534

Merit: 1338

Quote from: crwth on February 19, 2023, 08:54:30 AM

Quote from: Macadonian on February 19, 2023, 07:51:54 AM

BTC has its advantages but also disadvantages when holding in in crisis. I think I would prefer to use BTC for holding my wealth that I do not plan on touching or withdrawing and to beat inflation but I think I would prefer to have emergency funds in fiat because it is currently easier to pay for items with fiat. If you get hit by a earthquake and you want to recover most of the local services which can help will be accepting fiat and not BTC

It's definitely understandable that people would prefer fiat when in crisis. Not a lot of people yet are still into BTC. But remember, once everyone starts to really HODL and make it their preferred currency, that could definitely change things up a bit and maybe they would want BTC instead of fiat. Human nature, I believe still wants something tangible, but I hope it's not for everyone though.

In times of crisis people do what they have always done as at the time they are not thinking and they are just following their survival instincts, an example of this is when there is an economic crisis and many investors move their money to US bonds or to the US dollar, but what will happen when it is the US economy and the dollar itself creating the problems? Either those people adapt to this new reality or they are going to get destroyed, and during such crisis the best you can do is to move your wealth to hard assets.

Ptb73

jr. member

Activity: 43

Merit: 1

Of course, bitcoin is one of the best ways to escape from the crisis. The more bitcoins I have in my ownr wallet, the safer I feel. I like that only I control all my funds myself.

crwth

copper member

Activity: 2940

Merit: 1280

https://linktr.ee/crwthopia

Quote from: Macadonian on February 19, 2023, 07:51:54 AM

BTC has its advantages but also disadvantages when holding in in crisis. I think I would prefer to use BTC for holding my wealth that I do not plan on touching or withdrawing and to beat inflation but I think I would prefer to have emergency funds in fiat because it is currently easier to pay for items with fiat. If you get hit by a earthquake and you want to recover most of the local services which can help will be accepting fiat and not BTC

It's definitely understandable that people would prefer fiat when in crisis. Not a lot of people yet are still into BTC. But remember, once everyone starts to really HODL and make it their preferred currency, that could definitely change things up a bit and maybe they would want BTC instead of fiat. Human nature, I believe still wants something tangible, but I hope it's not for everyone though.

wahyuagung26

full member

Activity: 466

Merit: 159

Buzz App - Spin wheel, farm rewards

Quote from: Ojima-ojo on February 16, 2023, 02:56:02 PM

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.

There are many advantages when we hold Bitcoin, one of which is during a crisis, I'm sure this will be very helpful when we are all able to fully hold Bitcoin, the future will not be as long as we expect and at this time it is certainly one of the advantages which is good when Bitcoin is a fully owned holding Asset. in a situation like this, of course people will use it when the cash they have is inadequate for their needs.

Quote from: Ojima-ojo on February 16, 2023, 02:56:02 PM

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 terms of stating an alternative, of course it will be able to cover all matters relating to both personal and family needs, but at certain times Bitcoin will be very petrified to be a very good alternative under any circumstances, especially in a state of crisis which can help make an alternative when we made a payment and didn't have cash to be precise although this method is not applicable everywhere, but I think they can exchange it to the original currency.

Davidvictorson

hero member

Activity: 1120

Merit: 887

Livecasino.io

Quote from: Ojima-ojo on February 16, 2023, 02:56:02 PM

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!

I agree, the global economy is in a mess right now, and the nations that suffer the most are those with developing economies. They are besotted on all sides with hunger, starvation, and whatnot. While I concur with your assertion, I would point out that bitcoin is one of the best alternatives to saving your money. In other words, Bitcoin is the messiah but not the only messiah. We have real estate, precious metals, and others. Not everyone will save their money in bitcoin, even if it is the last option on earth.

Macadonian

sr. member

Activity: 467

Merit: 578

BTC has its advantages but also disadvantages when holding in in crisis. I think I would prefer to use BTC for holding my wealth that I do not plan on touching or withdrawing and to beat inflation but I think I would prefer to have emergency funds in fiat because it is currently easier to pay for items with fiat. If you get hit by a earthquake and you want to recover most of the local services which can help will be accepting fiat and not BTC

Ziskinberg

hero member

Activity: 3010

Merit: 666

Quote from: yazher on February 19, 2023, 06:40:24 AM

I see this scenario after Afghanistan has taken back by the Taliban and people went to panic and the banks were closed which is you don't have access to your money what if all you have is in the banks? you don't have some cash to spend on your essential needs?

That's why it is really recommended to have extra bitcoins for this kind of scenario or anything like it because, with bitcoins, you will be able to move or escape without them even knowing there's a bag of cash in your head. You have the means to get it whenever you like.

Most of us neglect to anticipate such things because we believe that banks are the last option for where to keep our money. We just realized the importance of having another option like the use of Bitcoin when a crisis comes. I think it was time to open our eyes and look for the benefits that we may get from crypto.

Generally, it was an opportunity given to us. Trust seems a big problem for the majority but I think we need to embrace the value of new technology like the existence of Bitcoin for this is the solution to something that we never see before.

yazher

hero member

Activity: 2268

Merit: 588

You own the pen

I see this scenario after Afghanistan has taken back by the Taliban and people went to panic and the banks were closed which is you don't have access to your money what if all you have is in the banks? you don't have some cash to spend on your essential needs?

That's why it is really recommended to have extra bitcoins for this kind of scenario or anything like it because, with bitcoins, you will be able to move or escape without them even knowing there's a bag of cash in your head. You have the means to get it whenever you like.

Henrobakkara

full member

Activity: 1512

Merit: 115

Quote from: Ojima-ojo on February 16, 2023, 02:56:02 PM

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!

Let's be realistic if you still need the banks just as a Junction or bus stop where our money can just pass through to carry out a transaction, then you still need the banks. Yes Bitcoin for me is still the best store of value and a better financial system cos it is decentralized but when you still cannot spend it on what you want when you want is still a downside.

As you should know, Nigeria is going through a serious financial crunch right now cos the Government decided to redesign the higher denominations of their currency and to a limited amount as well because they intend to go more cashless and this has thrown the country into riots in the past few weeks because of cash shortage and even with the agreeable highly level of cryptocurrency "Bitcoin" adoption by the population within the urban areas were these riots are even happening the most.

So I would say, it is not about whether you hodl Bitcoin but how easily can you spend it on your needs when you have to or during these crises without needing the Banks for that is the concern.

krishnapramod

legendary

Activity: 1470

Merit: 1079

Simply put, Bitcoin would do nothing good with inflation. You have the gold standard from the 1900s, and the hedgers. If everyone is holding, where's the transactional value? The purpose was lost.

Cryptmuster

legendary

Activity: 1904

Merit: 1176

Glory To Ukraine! Glory to the heroes!

Quote from: worle1bm on February 19, 2023, 01:27:50 AM

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.

Unfortunately, in countries with a very low standard of living, people very often do not have the opportunity to worry that inflation will eat into their savings, because they barely have enough money to survive. But if we are talking in general about investing in bitcoin during a crisis, then yes it is a great tool, especially now that the price is at such a low level, and it will not only be a good way to keep our money from inflation, but it can also be excellent investment.

Negotiation

sr. member

Activity: 1204

Merit: 270

Hire Bitcointalk Camp. Manager @ r7promotions.com

Inflation is generally dragging down the economy of every country and the standard of living is becoming difficult. This time bitcoin investment is good decision as it increases money and copes with the crisis and if the economy continues to grow slowly, bitcoin investments can increase the amount of money. Traders also maintain their opinion in various activities and can increase the amount by working at their own convenience. Bitcoin investment is more profitable than other currencies and therefore is supported by many countries around the world.

worle1bm

full member

Activity: 1834

Merit: 166

Quote from: Baofeng on February 16, 2023, 06:35:06 PM

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.

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.

Iranus

hero member

Activity: 1792

Merit: 534

Leading Crypto Sports Betting & Casino Platform

Quote from: lovesmayfamilis on February 18, 2023, 06:03:10 AM

Quote from: BitcoinPanther on February 16, 2023, 04:54:25 PM

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 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.

After all, bitcoin is just money, and Satoshi created it to serve us, not for us to worship it. I'm not against people persuading each other to hold on as long as possible because their goal is also to make the most profit. But when we need to use them, we should not hesitate to sell them, and should not hold bitcoins while we are in trouble. Investing is to give yourself a better life, not to make yourself miserable. Bitcoin is just an ordinary asset, as long as we have health and earn money, it is too easy to buy.

rat03gopoh

hero member

Activity: 2212

Merit: 670

Signature designer - start @$10 - PM me!

Quote from: Minecache on February 18, 2023, 09:51:54 PM

If it is a country with record high inflation like Venezuela or Zimbabwe...then it is clear that holding bitcoins is much better than fiat money.

It was an internal crisis specifically due to some turmoil, I'd suggest otherwise with preference that their crisis is likely to be longer and won't follow the pattern of global economic recovery. In this kind of condition, I think people need more money today, not savings for the next few years. Use bitcoin for main income and daily needs spending instead of their onw fiat.

Topic: Advantage of holding Bitcoin in time of crisis - page 8. (Read 1380 times)