Bitcoin and international conflict | Bitcointalksearch.org

Ozero

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Quote from: pinggoki on February 24, 2022, 06:46:32 AM

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Why is bitcoin losing value at a time of conflict? Isn't it intended to do the opposite?

Pretty simple, if you're from a region that has conflict, you're better off with fiat than bitcoin so you trade that bitcoin for fiat and hopefully it would be enough for you to survive for awhile at least until the aides and help come which might take a long time because in a war, most resources are focused on offensive and defensive efforts of the country.

Now one of my friends lives in Ukraine, which is occupied by advancing Russian troops. He says that only paper money circulates there now. Banks have suspended their work and non-cash money cannot go. For the same reason, you cannot use cryptocurrency, since you need to cash out through your bank account. Maybe that's why this war does not affect the price of the cryptocurrency.

NelfiNovita

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Quote from: KaliLinux on February 25, 2022, 03:59:53 AM

I understand what you are saying but people need fiat to pump into Bitcoin investment for that to happen and I see people saying that the Russia/Ukrian war is affecting Bitcoin but is this really the case?
I just wanted to check that highlighted question, is it really this present conflict that is affecting the price of Bitcoin and other cryptocurrencies, or is Bitcoins price going along the normal TA determined price.

I wanted to put this here first so that we can comprehend it from a wider perspective

but my focus is zooming in on a couple of days here, the green circle and arrow marked price still look like it is still trading along the resistance dotted redline around $39k+.

The market has been having little flash dips since before the war started and it is not different from what we saw with the Bitcoin price within the past few days. Not unless there is something else I missed I would say, Bitcoin is just having its normal market pattern and not under the influence of this Russia/Ukraine crisis.

Yes, I also think the same as you said, the war that occurred in Russia and Ukraine did not affect the price of Bitcoin because there are still many other countries that hold very large amounts of bitcoin. From the graph I saw, it was time for the Bitcoin price to rise after a very sharp decline, this is what makes me believe that the Bitcoin price increase has nothing to do with the war between Russia and Ukraine.

noormcs5

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Quote from: blatchcorn on March 08, 2022, 02:18:49 AM

Quote from: batang_bitcoin on March 08, 2022, 01:53:22 AM

There's still that belief but it's just being portrayed by the media. Despite with the adoptions that we're seeing, they never fail to tell that it was once used for illegal transactions as if the fiat has never been used for it. But anyway, we can count on it that the perspective and view of the majority have been changing because bitcoin has been useful not just for individuals but also in countries that are experiencing and conflicts just like these two who has been closed with their transfers as the banks have frozen their operations.

Illegal activities are going on since the human life started, even today money laundering through fiat is a major concern worldwide. Just as fiat is double edge sword i.e. has both good and bad usage likewise BTC has both good and bad usage too. The only reason why BTC is facing criticism from governments is because they cant control its decentralized nature.
I would say for people of Ukraine, BTC is a safe heaven to store there assets till the time war is over. Everyone of us still need fiat for our daily livings. For war hit people, neither fiat nor BTC can lessen there miseries.

The governments just use the excuse that with bitcoin money laundering is easy and therefore it is an evil currency. Anyone tell them when there was no bitcoin, were there no money laundering. Why do they forget that they could not stop money laundering through fiat money also. With bitcoin, everything is transparent on blockchain while there are many ways to use fiat without the knowledge of anyone.
The main reason for government to oppose bitcoin is that they cannot control it or print it to their benefit.

oHnK

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Quote from: batang_bitcoin on March 09, 2022, 05:48:47 PM

And they would put the blame on bitcoin for those illegal activities which is also happening to fiat. The government and the media would just need to have someone to blame for.
But good things comes to bitcoin these days, everyone is starting to be delighted with what's happening on it because its decentralization is being known and people are becoming aware of this certain issue about privacy and the distinction of its usage for fiat and bitcoin.

Those who blame Bitcoin for brokering illegal activities are unclear and ambiguous. Weak literacy in society should be strengthened. But what the Government should think about is how such conditions can be reduced but not disturbing the users, isn't this one of the greatest achievements for them because of course the presence of Btc is an expansion of the international scene.

lepbagong

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Quote from: Sebas.tian on March 10, 2022, 12:04:57 AM

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When there is a conflict there will be uncontrolled inflation so that the presence of bitcoin and cryptocurrencies is the best solution to avoid inflation, because of decentralization, no one can control bitcoin so this makes the demand for bitcoin increase significantly.

Bitcoin is a decentralized currency which country inflation cannot stop not to pump to solve people challenges in the country. Even the government cannot make bitcoin to lose value because bitcoin is different from fiat money that conflict can cause to lose value because is a centralized that is control by the government. Many people has engaged themselves in bitcoin investment because is a decentralized currency that pump at anytime and dump at anytime without taking any permission from the government authority. Many people has used decentralized to solve their problem during the pandemic that took over 3 years and some months in the country.

because the nature of bitcoin is very good, so every time there is a problem, it is not just a conflict but many internal problems in the country, resulting in inflation, of course there is a solution that bitcoin can do to overcome this problem in the internal state, so as to be able to solve the problem to be able to recover inflation. alone.

but even though it is decentralized, it is not that there will be no impact on the price experienced by bitcoin if there is a conflict problem experienced by a large country which is well known for its very active use of crypto in that country.
because the conflict made many bitcoin holders afraid and let go of their investment which resulted in the bitcoin price being greatly affected and it would be corrected, although usually not for too long but something like that would be bad news for bitcoin.

Sebas.tian

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When there is a conflict there will be uncontrolled inflation so that the presence of bitcoin and cryptocurrencies is the best solution to avoid inflation, because of decentralization, no one can control bitcoin so this makes the demand for bitcoin increase significantly.

Bitcoin is a decentralized currency which country inflation cannot stop not to pump to solve people challenges in the country. Even the government cannot make bitcoin to lose value because bitcoin is different from fiat money that conflict can cause to lose value because is a centralized that is control by the government. Many people has engaged themselves in bitcoin investment because is a decentralized currency that pump at anytime and dump at anytime without taking any permission from the government authority. Many people has used decentralized to solve their problem during the pandemic that took over 3 years and some months in the country.

batang_bitcoin

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Quote from: blatchcorn on March 08, 2022, 02:18:49 AM

Quote from: batang_bitcoin on March 08, 2022, 01:53:22 AM

There's still that belief but it's just being portrayed by the media. Despite with the adoptions that we're seeing, they never fail to tell that it was once used for illegal transactions as if the fiat has never been used for it. But anyway, we can count on it that the perspective and view of the majority have been changing because bitcoin has been useful not just for individuals but also in countries that are experiencing and conflicts just like these two who has been closed with their transfers as the banks have frozen their operations.

Illegal activities are going on since the human life started, even today money laundering through fiat is a major concern worldwide. Just as fiat is double edge sword i.e. has both good and bad usage likewise BTC has both good and bad usage too. The only reason why BTC is facing criticism from governments is because they cant control its decentralized nature.
I would say for people of Ukraine, BTC is a safe heaven to store there assets till the time war is over. Everyone of us still need fiat for our daily livings. For war hit people, neither fiat nor BTC can lessen there miseries.

And they would put the blame on bitcoin for those illegal activities which is also happening to fiat. The government and the media would just need to have someone to blame for.
But good things comes to bitcoin these days, everyone is starting to be delighted with what's happening on it because its decentralization is being known and people are becoming aware of this certain issue about privacy and the distinction of its usage for fiat and bitcoin.

blatchcorn

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Quote from: batang_bitcoin on March 08, 2022, 01:53:22 AM

There's still that belief but it's just being portrayed by the media. Despite with the adoptions that we're seeing, they never fail to tell that it was once used for illegal transactions as if the fiat has never been used for it. But anyway, we can count on it that the perspective and view of the majority have been changing because bitcoin has been useful not just for individuals but also in countries that are experiencing and conflicts just like these two who has been closed with their transfers as the banks have frozen their operations.

Illegal activities are going on since the human life started, even today money laundering through fiat is a major concern worldwide. Just as fiat is double edge sword i.e. has both good and bad usage likewise BTC has both good and bad usage too. The only reason why BTC is facing criticism from governments is because they cant control its decentralized nature.
I would say for people of Ukraine, BTC is a safe heaven to store there assets till the time war is over. Everyone of us still need fiat for our daily livings. For war hit people, neither fiat nor BTC can lessen there miseries.

batang_bitcoin

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I think bitcoin is no longer labeled as a tool for criminals

There's still that belief but it's just being portrayed by the media. Despite with the adoptions that we're seeing, they never fail to tell that it was once used for illegal transactions as if the fiat has never been used for it. But anyway, we can count on it that the perspective and view of the majority have been changing because bitcoin has been useful not just for individuals but also in countries that are experiencing and conflicts just like these two who has been closed with their transfers as the banks have frozen their operations.

24Kt

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Quote from: dezoel on March 06, 2022, 01:37:04 PM

Some people are saying that if you’re in the region where there is conflict that fiat is the best to hold, but I don’t think I agree with this. Fiat might seem like a good option, and of course it’s good, I am not doubting that, but Bitcoin is also a good asset to hold in such time.

A country in conflict would have their economy dwindling , and as the economy continues to fall the fiat you are holding is losing its value and Bitcoin gains more value. Sure it’s important that you have fiat or cash at hand or bank, because you never know what you might encounter and for the fact that we use fiat for almost every spending we make, but it is good to hold some bitcoin so that you can save value.

You need fiat to survive like for buying food and supplies. But if you have a handful amount more than what you need for basic expenses, converting them into crypto during the war would be a good move. As you can cash out your crypto anywhere there is crypto-exchange outside the war zone. And it is easier to carry a small hardware wallet or if you have your keys like in electrum. And the government won't know you have some stash in crypto.

Right now, we should not expect that we will be seeing the impact of this war. Maybe after few months or so, we will see what this war will do to crypto. But I am more on the side that it will boost the adoption and so the price will increase in the next coming months.

dezoel

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Some people are saying that if you’re in the region where there is conflict that fiat is the best to hold, but I don’t think I agree with this. Fiat might seem like a good option, and of course it’s good, I am not doubting that, but Bitcoin is also a good asset to hold in such time.

A country in conflict would have their economy dwindling , and as the economy continues to fall the fiat you are holding is losing its value and Bitcoin gains more value. Sure it’s important that you have fiat or cash at hand or bank, because you never know what you might encounter and for the fact that we use fiat for almost every spending we make, but it is good to hold some bitcoin so that you can save value.

Woodie

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Why is bitcoin losing value at a time of conflict? Isn't it intended to do the opposite?

In times of conflict like what is currently happening in the northern side of the world... This is an issue of trying to punish Russia for all the crimes against Ukraine that has to deal with all the sactions that are been thrown at them. And because bitcoin doesn't fall under the control of one country its difficult to link ita bearishness to the conflict as these are traits it has been exhibiting for years but then again Russia been a technological country people could be pulling out of bitcoin to try and not allow these guys to find a parallel source of stable financing.

erep

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Quote from: doomloop on February 24, 2022, 11:06:51 PM

It all depends, I think that Fiat is most likely to be important at a time like that. And why I think so is because despite what you will be needing is shelter and food, you would still need money to purchase food and to pay for shelter, although that really depends in some situation. But, mostly you’d be needing cash and that is what most people would think.

In conditions of conflict, it is very important to choose fiat for basic needs when the government is late in distributing food. Unless there is a service or merchant accepting bitcoin payments it may be an alternative to using bitcoin but in conflict conditions it is not possible to have a crypto acceptance service even though P2P.

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But that doesn’t make Bitcoin any less important, they are all good, and I don’t really think it is that much necessary for anyone to be selling their Bitcoin unless maybe you do not have much money in your bank account and you feel that you need to sell some of the bitcoins that you have to kind of cover up for what you are lacking at the moment.

If no conflict means no decision to change fiat currency from bitcoin, all expect long term investment but conditions do not allow, then the option is to change btc to fiat currency to meet basic needs Basically, if bitcoin is part of an asset then I am very sure they don't 100% convert it to fiat.

RealMalatesta

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The fact is that whether there is a conflict or not, FUD about Bitcoin will be always exsited. And sometimes it is aimed to make the price of Bitcoin drop enough, using Bitcoin and accusing it as a manner for criminals, and many others that will create negative thoughts of Bitcoin nd the dropped price of BTC itself.

That’s a good point. Even if there was no conflict, the price of Bitcoin was going to drop. It’s normal and it happens every time, so I don’t think it has anything to do with the conflict as of recent. The thing is that whenever this happens, there usually used to be an event that takes place and people will try to tag the drop in the value of Bitcoin to the events that has taken place.

But, the truth is that whether these happens or not, the price will keep fluctuating up and down. And we know that after everything that the value of Bitcoin is still going to increase later on as it has been doing over the years now, so it's definitely a better choice for a long term.

GreatArkansas

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Quote from: Tashana on March 05, 2022, 02:25:24 AM

At present, Bitcoin only conflicts with the US dollar. As long as it wants to become a currency in the world, it will conflict with Bitcoin.

I don't think so because Bitcoin is decentralized, no country owns or controls Bitcoin. So it's not only with the US dollar. I think you just said this because we all know how the United States of America is a huge and powerful country.
For me, all the conflicts are normal, it is an international conflict indeed, also think about not only Bitcoin is affected by these, but even the non-crypto market is also affected.

Gyfts

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Bitcoin has a strong correlation with the other global markets, so if war breaks out and causes uncertainty in the markets, the price decreases. That isn't supposed to be a bad thing necessarily, Bitcoin isn't a global currency as of yet so of course it would be influenced by wars in Eastern Europe breaking out. Though I'd say crypto is more resilient to the uncertainty of war because it doesn't rely on stability of government for it's function. Fortunately you saw a quick rebound after Russia's invasion.

ninis45

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Quote from: Tashana on March 05, 2022, 02:25:24 AM

At present, Bitcoin only conflicts with the US dollar. As long as it wants to become a currency in the world, it will conflict with Bitcoin.

The decentralized nature of bitcoin is a conflict between several government officials of a country, not bitcoin against the US dollar or fiat because it wants to become one of the world's currencies in fact. and bitcoin to international conflicts in terms of ownership ratios are two sides that benefit from fiat in terms of storage and utilization rather than fiat which tends to experience a slump and even cannot be used in conflict-affected countries

Fatunad

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Quote from: Tashana on March 05, 2022, 02:25:24 AM

At present, Bitcoin only conflicts with the US dollar. As long as it wants to become a currency in the world, it will conflict with Bitcoin.

Bitcoin doesnt conflict anything because it was never intended to be on that way.It is just people do really have that kind of positivity or hopes that it would replace fiat anytime soon
which is really that impossible if you do ask me or even majority of people on the community would say the same.No surprising about regulation issues or complaints about its decentralization
behavior or feature which people love the most and it is really just that government doesnt really like on dealing on something which cant be controlled.

Tashana

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At present, Bitcoin only conflicts with the US dollar. As long as it wants to become a currency in the world, it will conflict with Bitcoin.

Luzin

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Quote from: Flexystar on March 04, 2022, 12:02:01 PM

The dilemma of bitcoin short and long term investment is never gonna clear through our minds. Frankly speaking for us bitcoin is still primitive. It’s not because we don’t trust it or something, but it’s all because of the way bitcoin behaves and secondly the way Government/bank institutes are behaving about it. Mind it, it’s tough to stay steady about it because for every person the decision of their government matters a lot though bitcoin is world wide public asset. Just take an example of Canadian protestors and how their bank accounts were ceased. We are helpless in that case. So short and long, things are messy all the time.

There are two sides we have to look at. Bitcoin can be a solution for those affected by economic doubt from countries that provide the doubt of economic disconnection. But beyond that bitcoin is very weak because officially Bitcoin has no regulation and recognition as a currency. It may be very complicated, because bitcoin will not be separated from government regulation. So there is still a relationship with government agencies so to make him stand alone is impossible at this time.

Topic: Bitcoin and international conflict (Read 605 times)