Can we rely on Bitcoin and other cryptocurrency?

South Park

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Quote from: Traderbtcc on August 03, 2020, 02:24:28 AM

I can't promise you that bitcoin will sustain your needs during this pandemic,so NO you can't rely on bitcoin, since it is a very speculative investment I can't give a 100% guarantee, we should just thank our lucky stars that we are able to work and earn some money in the crypto world, but crypto alone can't save us, so we still need everything to go back to normal.

PS: bitcoin can not prevent a country's economy from crashing, its not a "magical asset" Lol.

Bitcoin is a great tool and in the case of a massive financial crisis it will be an asset worth holding but as you say it is not a magical tool, one of the things many of those that predict such crisis never say is that under those circumstances there will be massive chaos and crime happening on the streets and even if you were smart enough to hold bitcoin before the crisis that does not change the horrible conditions we will have to live through or that your coins can be stolen the old fashioned way.

Salauddin1994

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If investing in bitcoin is not conducive to improving our economy, it is helpful to solve the financial problems of the people living in the crisis caused by the epidemic. Due to the virus, many people are losing their jobs and turning to online work due to which the demand for crypto is increasing. However, you do not have to be completely dependent on it, you have to have skills in other jobs. The crypto market is not stable. Don't get frustrated when it comes to getting up and down.

carter34

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Quote from: JuSayCo on August 03, 2020, 11:17:28 AM

Maybe, I guess in the future if I could have much bitcoin in my wallet, I could say then that I am secured.

Still from most comments , if you finally decide to put all your money in buying bitcoin, you might be taking same risk that you are trying to avoid. Diversification is the solution to financial strength. So that even when price go down, you still have other source of income away from cryptocurrency .

JuSayCo

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This is just a perfect question for a newbie here in Cryptoworld.Thank you for making out this thread because I began to learn now upon reading all the comments here, that we can't really rely on completely to Bitcoin especially during this time. For just a newbie like me, I learned now that I still need to find some other alternative ways to earn and sustain my needs and refrain from thinking that I could get everything though digital currencies while working for several hours a day. Maybe, I guess in the future if I could have much bitcoin in my wallet, I could say then that I am secured.

lienfaye

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Quote from: Eugenar on July 29, 2020, 05:24:11 AM

Even though bitcoin or other cryptocurrency is a big benefit, we still really need fiat currency, both things are important and both things have their own purposes. For me fiat currency is good for daily lives, the example you want to buy a snack at sari store then you cant use your cryptocurrency because they don't accept it, then that is why fiat currency is important because that is the only currency that you can use to purchase things you want.

No doubt fiat is still the primary currency and essential to make a living. However during this time some places are in lockdown and we cant work to earn money, what we can do is to find other resources to gain profit. Crypto can give us an income but if you're an average investor and waiting for bullish market it might be hard to rely alone on your crypto income. So having other ways to earn like offering skills or apply as a freelance worker can be an effective way to maximize your earnings to sustain your daily needs. So plan and strategy are needed here.

Traderbtcc

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Quote from: Heart18 on July 03, 2020, 05:31:37 PM

We are fully aware that the whole world now is combatting the war of the unknown, or this Covid-19 that cannot be seen but killed nearly a million of people across the globe. And we are in this battle for over half a year now, but still, the Cure is so hard to be found. So devastating as it was, as the losses rises each day in all kinds as often mentioned.

Sadly, we do not know yet, when all this chaos be over.

Indeed these are trying times not just for one person or a country, but for everyone all over the world, but I believe pretty soon the storm will will be over, so we can all go back to our normal lives.

Quote from: Heart18 on July 03, 2020, 05:31:37 PM

For some individuals working in Cryptoworld like me, can we rely on Bitcoin to sustain our needs?

I can't promise you that bitcoin will sustain your needs during this pandemic,so NO you can't rely on bitcoin, since it is a very speculative investment I can't give a 100% guarantee, we should just thank our lucky stars that we are able to work and earn some money in the crypto world, but crypto alone can't save us, so we still need everything to go back to normal.

PS: bitcoin can not prevent a country's economy from crashing, its not a "magical asset" Lol.

wiss19

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Quote from: n0ne on July 27, 2020, 08:24:05 PM

People have given up their day jobs and has moved full-time into cryptocurrency related earnings and career. These are people with high investment as well as after learning about the market. A common man too can make something out of cryptocurrency, but in between should not look for big profits ending into a big loss. Most of them relying on Bitcoin and other cryptocurrencies keep on practicing trading which is the base where the money flow of cryptocurrencies were found.

Even I work for crypto related projects but I have managed my job by work from home basis and I do these crypto projects as a side income and I take them absolutely seriously but I mean you should never quit your job because in case just suppose you don't have enough work then there is something you can rely on and get back to.

I can proudly say that with so many blockchain based project coming everyday there is a good demand for blockchain-developers and they are paid quite nice because I often help projects find developers and I know what they are being paid.

reliable

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Quote from: Eugenar on July 29, 2020, 05:24:11 AM

Even though bitcoin or other cryptocurrency is a big benefit, we still really need fiat currency, both things are important and both things have their own purposes. For me fiat currency is good for daily lives, the example you want to buy a snack at sari store then you cant use your cryptocurrency because they don't accept it, then that is why fiat currency is important because that is the only currency that you can use to purchase things you want.

Bitcoin and crypto currency are a very good thing that has happened in this digital world. Though fiat will continue to exist, but the use will continue to fall of cash in coming years. Globally we will see crypto will have benefits as easy to transfer and no need to carry to wait for days for the transfer to happen unlike fiat from one country to another.

perfect999

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Quote from: South Park on July 27, 2020, 12:57:48 PM

When the ico craze was at its full power there were many people that earned a fortune with those bounty campaigns not only as their coins went up in value but many of them cheated those campaigns and obtained more coins than they should, but since then everything has changed and those campaigns are nowhere near as profitable as they were before and anyone thinking about relying in such campaigns should change his mind as there is no way to get a reliable income with them anymore.

I don't think bounty hunters were ever in profit because even when the ICO business was at it's peak the people earning the most were either the ICO founders as they would collect massive amounts from investors. Also investors would profit a lot because there were decent projects but bounty hunters I don't think ever got paid too much and the coins they got from their work were either never listed on the exchanges and those that were listed they had poor value for the coin initially as all the hunters would dump their coins.

To survive in the current situation and to live with bitcoins and crypto based income, one may do freelancing jobs and there are many things to do as a freelancer because if you are good at researching you can write articles about various upcoming ICOs.

abhiseshakana

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Quote from: South Park on July 31, 2020, 01:59:02 PM

We will have to see how bitcoin moves under those circumstances, after all it is entirely possible that at the beginning of such crisis the price of bitcoin goes down as those that have lost their money in the traditional markets begin to sell their bitcoin in order to cover their losses and then the price of bitcoin eventually recovers and skyrockets as people lose confidence in fiat currencies, now that I think about it this could explain the crash we saw in March and the recovery we are seeing right now.

If the battle between Trump and globalists represented by Joe Bidden is won by globalists, the government's policies and approaches to cryptocurrency will change greatly. Globalists and their programs will get support like in the Clinton and Obama era.

In the Clinton period, the globalists moved their factories in the name of efficiency to China and several countries in the world. The Clinton era was the golden era of the baby boomers of the globalists. Globalists exploded to dominate the world peaked when Obama became president. These globalists have supported their manufacturing system in China because the Democrat Party is naturally close to the current Chinese leader Xi Jing Ping. America is a heavy on the private country with a support system in China benefiting capitalists who share efficiency. As for Trump, a nationalist, the practice is capital flight. For globalists, the important thing is less important and they believe that with one global government and one algorithm-based currency, manipulation can be eliminated and hegemony can be eliminated.

jostorres

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Quote from: Lasky366 on July 29, 2020, 09:40:34 AM

Bitcoin & others cryptocurrency is a good way to save your assets but don't think we should rely on it fully. Growth of cryptocurrency still progressing good but still not much people knew about it.So we can take bitcoin & cryptocurrency as a passion not recommend to take this as a profession.

Actually there are galore of jobs if you have the required skills. Now a days there are god number of projects being developed on the blockchain technology and one can easily find a sustainable job if they are a blockchain developer. I have seen that there is almost a scarcity of back end developers for blockchain projects and there are large number of smart contracts,etc being deployed every day so actually working for bitcoins does have a big scope in future. because blockchain technology is not just limited to bitcoins and in fact more and more real life project are being developed on this technology.

Bitcoin gave the world the blockchain technology but now it can be used in a number of ways and not just limited to bitcoins. I was reading an article earlier and I saw they somehow implemented electronic voting with the help of blockchain technology so there are countless possibilities with the technology we have now.

South Park

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Quote from: Argoo on July 31, 2020, 12:41:03 PM

Cryptocurrency can be counted on in the sense that with the coming global economic crisis, it should show itself as a financial instrument that is not subject to inflation of conventional currencies. In practice, this means that when the currency of states due to the coronavirus pandemic falls in price and inflation rises, and the cryptocurrency does not experience such a fall, then people will start investing in cryptocurrency and therefore its price should rise.
This will be the first time a global economic crisis has broken out with the existence of a cryptocurrency. Well, it looks like we will soon be able to see if such reasoning is correct.

We will have to see how bitcoin moves under those circumstances, after all it is entirely possible that at the beginning of such crisis the price of bitcoin goes down as those that have lost their money in the traditional markets begin to sell their bitcoin in order to cover their losses and then the price of bitcoin eventually recovers and skyrockets as people lose confidence in fiat currencies, now that I think about it this could explain the crash we saw in March and the recovery we are seeing right now.

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Quote from: Argoo on July 31, 2020, 12:41:03 PM

Cryptocurrency can be counted on in the sense that with the coming global economic crisis, it should show itself as a financial instrument that is not subject to inflation of conventional currencies.

It's not being influenced due to its decentralized nature, it's good financial instrument where you can control on your own way but subject
to volatilities.

Quote from: Argoo on July 31, 2020, 12:41:03 PM

In practice, this means that when the currency of states due to the coronavirus pandemic falls in price and inflation rises, and the cryptocurrency does not experience such a fall, then people will start investing in cryptocurrency and therefore its price should rise.

People who are seeking for alternate ways and see the advantages of decentralized market will come and invest indeed.

Quote from: Argoo on July 31, 2020, 12:41:03 PM

This will be the first time a global economic crisis has broken out with the existence of a cryptocurrency. Well, it looks like we will soon be able to see if such reasoning is correct.

We will see if how strong this system can perform and be ready once the global industry start to adopt and use this chain.

Argoo

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Cryptocurrency can be counted on in the sense that with the coming global economic crisis, it should show itself as a financial instrument that is not subject to inflation of conventional currencies. In practice, this means that when the currency of states due to the coronavirus pandemic falls in price and inflation rises, and the cryptocurrency does not experience such a fall, then people will start investing in cryptocurrency and therefore its price should rise.
This will be the first time a global economic crisis has broken out with the existence of a cryptocurrency. Well, it looks like we will soon be able to see if such reasoning is correct.

FlightyPouch

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Quote from: carter34 on July 28, 2020, 10:58:49 AM

Quote from: n0ne on July 27, 2020, 08:24:05 PM

People have given up their day jobs and has moved full-time into cryptocurrency related earnings and career. These are people with high investment as well as after learning about the market. A common man too can make something out of cryptocurrency, but in between should not look for big profits ending into a big loss. Most of them relying on Bitcoin and other cryptocurrencies keep on practicing trading which is the base where the money flow of....

The volume of cryptocurrency is rising and this is because more investors are buying in. The covid-19 hard time has made people out of jib and they have hugely moved into crypto and online investment. We are going to see more volume increase with time during the end of this year.

I don't understand how will these people rely on bitcoin and other crypto currencies since we all know that mostof them are volatile. They will not be able to get income that they could use to suatain their safety and get their essentials during this pandemic. They might be able to get a profit but that is not enough.

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Quote from: Vishnu.Reang on July 29, 2020, 07:18:17 AM

Anyone who invest in Bitcoin or in some of the other cryptocurrencies need to remember that their value is purely based on speculation. They don't exist in the physical form and therefore the risk involved here is very high. Theoretically there is even a chance of these assets becoming completely worthless. There are people out there who have 100% of their portfolio comprised of cryptocurrency. But it is not something that I would do or condone.

Look while I agree that since bitcoins are not centralized so there is always a higher risk when investing because you cannot hold someone responsible for any problems in future. But that said since the bitcoins are decentralized the power lies in the hands of us investors and traders who can make the price zero or millions because no one is controlling it brings true benefits and a scarcity in future because of the fixed number of coins to be mined and hence the demand is going to increase honestly speaking.

I would never suggest to rely on any asset let it be bitcoins or anything because relying on any asset for future is a very passive approach and I always like to think that we should have active earnings to compete in the current scenario. You should be ready for adverse conditions and being pessimistic is sometimes a good idea so that you prepare for the worst.

TIDOVEE

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Please,this pandemic is ending and will end itself very soon. The only help Bitcoin could do is to be available for a spend for survival especially for those who lost their jobs and those who couldn't even go to work in the lock down. I don't think it has a solution for the pandemic. What I had suggested was if their will be a raise of opportunity to relief those who were really stranded. But at this time, those who will survive are already surviving.

Janation

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Quote from: n0ne on July 27, 2020, 08:24:05 PM

People have given up their day jobs and has moved full-time into cryptocurrency related earnings and career. These are people with high investment as well as after learning about the market. A common man too can make something out of cryptocurrency, but in between should not look for big profits ending into a big loss. Most of them relying on Bitcoin and other cryptocurrencies keep on practicing trading which is the base where the money flow of cryptocurrencies were found.

Cryptocurrencies are not that reliable thay is why it is better for them to find a job with stable income.

Doesn't mean the price is going up means it will go continuously like that. No one knows what will be the movement of the price but all we know is thag it can give a income. But an income you should not rely and expect to give you weekly and monthly income you can use to sustain yourself.

raidarksword

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I believe in the process of adoption requires years and for me bitcoin is doing a great job reaching towards its mission propagating the ideology of it to the world despite the pandemic we are experiencing right now. It may hard to overcome this pandemic but we must be positive always that vaccine will be available soon enough this year or maybe next year. It's good news too to see market is going stable again and bitcoin is going back to its track and Ethereum showing great run as well as some altcoins are showing off.

Lasky366

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Bitcoin & others cryptocurrency is a good way to save your assets but don't think we should rely on it fully. Growth of cryptocurrency still progressing good but still not much people knew about it.So we can take bitcoin & cryptocurrency as a passion not recommend to take this as a profession.

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