Coronavirus is very harmful to fiat currencies, not bitcoin - page 10.

julius caesar

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Quote from: countryfree on March 13, 2020, 07:52:26 AM

Have you seen how governments responded to the corona virus?

Quite simply, in Italy, the US and elsewhere, they will increase their budget deficit, and add debt. In my understanding, that's very bad for fiat currencies, while BTC will remain unaffected, thanks to the lockdown on money supply.

Actually there are some news that the said virus can be transmitted thru the usage of paper money? I am not quite sure actually. I think that is possible so I would like to suggest the usage of crptocurrency or digital money to be able to transact online. It is better to avoid the person to person transaction and avoid being infected by the virus.

criza

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Well, as the virus continue to invade and spread among countries, this could possibly affect the standing of Bitcoin in the market for the time being. But, I think it would not affect it greatly as the virus could be over just after 2-3 months because, a lot of countries now are gradually overcoming the virus such as China. But, base from the standing of Bitcoin in the present it goes into a dump even with the virus threatens the people to use fiat, this might be a sign that it has little to no impact at all.

Rafael_Carrero

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Coronavirus is a disaster which affected crypto and the broader tech industry too. So it's harmful for Bitcoin too. Decentralization and limited supply help the crypto be more resistant than fiat.

CHENIEN

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Coronavirus is scarier than storm which is secretly attacked by people and killing one by one, with this opportunity we don't know the cure except of maintaining the power of our immune system that because we can't see on what the virus form, therefor the fiat currency affected globality which is probably some people are hesitant to hold money.

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Quote from: Blackdeath on March 14, 2020, 12:46:01 PM

Quote from: AniviaBtc on March 14, 2020, 12:31:47 PM

Quote from: jakelyson on March 13, 2020, 12:52:26 PM

Quote from: countryfree on March 13, 2020, 07:52:26 AM

Have you seen how governments responded to the corona virus?

Quite simply, in Italy, the US and elsewhere, they will increase their budget deficit, and add debt

It is turning into a global crisis, I do not think they have other options.

Quote from: countryfree on March 13, 2020, 07:52:26 AM

In my understanding, that's very bad for fiat currencies, while BTC will remain unaffected, thanks to the lockdown on money supply.

Say that to the current price. 12.47% down in 24 hours, that is a huge drop. The crisis brought by COVID-19 should not affect bitcoin but it still affects the holders. We are just humans, we get scared, we panic and we panic sell. Hope we recover from this crisis soon.

Fiat currency circulates faster than digital currency and it is a tangible thing that can be passed from one person to another. You don't know how old a fiat money is, so you have no idea if that is still not contaminated by the virus. According to Gan Kim Yong, the COVID-19 can be passed if a person with the virus coughs and touched a certain surface and that surface is touched by another person and then touched his face. There's a direct and indirect process, we all know that money is one of the most contaminated because I'm sure that everyone already touched it from time to time.

So we need to wash our hands with soap for 15 - 20 seconds and wash it again with alcohol. Also avoid touching our faces after we touched a fiat money and always be mindful of our actions. I suggest to use your bitcoin if it is necessary and you really need something pay for your goods.

This Corona virus is really more harmful in fiat currencies than cryptocurrencies because the virus could be pass on to you if the last person who touch the money is contaminated or infected by the virus, that is why you should be clean to yourselves and boost your immune system for you to avoid getting infected by the corona virus.

by exchanging banknotes, then a virus that can last for 10 hours on inanimate objects can be transmitted quickly, making it difficult to deal with it, therefore wHO supports digital transactions to avoid direct contact with someone, like cryptocurrency, at least reduce the spread of the virus widely

kenanajkunic

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Quote from: countryfree on March 13, 2020, 07:52:26 AM

Have you seen how governments responded to the corona virus?

Quite simply, in Italy, the US and elsewhere, they will increase their budget deficit, and add debt. In my understanding, that's very bad for fiat currencies, while BTC will remain unaffected, thanks to the lockdown on money supply.

Too bad that Bitcoin (and other cryptocurrencies) are not being recognized by the masses. For now BTC is mostly being used by investors and people who are HODLing. We need to somehow make BTC more accepted and less of a taboo to people. And i think that until people become more accepting of cryptocurrencies that they will never be used for their initial purpose (and that is to make money decentralized and not controlled by the government)

But that's just my take on it

abhiseshakana

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Quote from: fudster on March 14, 2020, 11:01:25 AM

I doubt something will change in 2-3 months though. If we are talking about halving then yes the supply will be lessen but who cares about bitcoin when they can't spend it. The dumps will keep on going til we see the corona virus are contained in every country that's affected. China had made it but that's how good they are at solving problems, what about Italy, what about the rest?

Lucky are the ones who lives in the remote islands who people are just living out of harvesting the ocean because they are not going to suffer scarcity.

The coronavirus pandemic provides us with valuable lessons that disaster beats anything. We may have early detection devices for disasters but nature always gives surprises that we cannot understand. This is proof that we cannot control nature. Even the falling price of bitcoin makes many people doubt about the halving process, whether the halving can trigger bullish run or not?

As long as an area, city or country, if the population is independent and very little dependent on other areas, then they will survive the plague. It's just that sometimes we only think of being independent after a problem occurs. The situation will be different if we already have preparations and simulations responding to global disasters and epidemics such as Corona.

Blackdeath

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Quote from: AniviaBtc on March 14, 2020, 12:31:47 PM

Quote from: jakelyson on March 13, 2020, 12:52:26 PM

Quote from: countryfree on March 13, 2020, 07:52:26 AM

Have you seen how governments responded to the corona virus?

Quite simply, in Italy, the US and elsewhere, they will increase their budget deficit, and add debt

It is turning into a global crisis, I do not think they have other options.

Quote from: countryfree on March 13, 2020, 07:52:26 AM

In my understanding, that's very bad for fiat currencies, while BTC will remain unaffected, thanks to the lockdown on money supply.

Say that to the current price. 12.47% down in 24 hours, that is a huge drop. The crisis brought by COVID-19 should not affect bitcoin but it still affects the holders. We are just humans, we get scared, we panic and we panic sell. Hope we recover from this crisis soon.

Fiat currency circulates faster than digital currency and it is a tangible thing that can be passed from one person to another. You don't know how old a fiat money is, so you have no idea if that is still not contaminated by the virus. According to Gan Kim Yong, the COVID-19 can be passed if a person with the virus coughs and touched a certain surface and that surface is touched by another person and then touched his face. There's a direct and indirect process, we all know that money is one of the most contaminated because I'm sure that everyone already touched it from time to time.

So we need to wash our hands with soap for 15 - 20 seconds and wash it again with alcohol. Also avoid touching our faces after we touched a fiat money and always be mindful of our actions. I suggest to use your bitcoin if it is necessary and you really need something pay for your goods.

This Corona virus is really more harmful in fiat currencies than cryptocurrencies because the virus could be pass on to you if the last person who touch the money is contaminated or infected by the virus, that is why you should be clean to yourselves and boost your immune system for you to avoid getting infected by the corona virus.

AniviaBtc

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Quote from: jakelyson on March 13, 2020, 12:52:26 PM

Quote from: countryfree on March 13, 2020, 07:52:26 AM

Have you seen how governments responded to the corona virus?

Quite simply, in Italy, the US and elsewhere, they will increase their budget deficit, and add debt

It is turning into a global crisis, I do not think they have other options.

Quote from: countryfree on March 13, 2020, 07:52:26 AM

In my understanding, that's very bad for fiat currencies, while BTC will remain unaffected, thanks to the lockdown on money supply.

Say that to the current price. 12.47% down in 24 hours, that is a huge drop. The crisis brought by COVID-19 should not affect bitcoin but it still affects the holders. We are just humans, we get scared, we panic and we panic sell. Hope we recover from this crisis soon.

Fiat currency circulates faster than digital currency and it is a tangible thing that can be passed from one person to another. You don't know how old a fiat money is, so you have no idea if that is still not contaminated by the virus. According to Gan Kim Yong, the COVID-19 can be passed if a person with the virus coughs and touched a certain surface and that surface is touched by another person and then touched his face. There's a direct and indirect process, we all know that money is one of the most contaminated because I'm sure that everyone already touched it from time to time.

So we need to wash our hands with soap for 15 - 20 seconds and wash it again with alcohol. Also avoid touching our faces after we touched a fiat money and always be mindful of our actions. I suggest to use your bitcoin if it is necessary and you really need something pay for your goods.

20kevin20

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Gold will be unaffected (supply-wise) too, so will any other asset except fiat. So what's the point? All assets are going to be affected when it comes to their price. There are too many people selling literally anything to get cash ASAP.

Governments are trying to take any measure possible to hide the hole of debt we've entered. It's a hide-it-until-you-can't game they're trying to play. Let me tell you something: once the real side of economy is going to pop to the surface and people will start facing the reality (which is terrible), that's when the real market chaos begins. As far as I'm concerned, out of 10 friends of mine, not even 2 or 3 see the real threat behind this virus. That's scary.

When I'll mention here that out of 10 friends of mine at least 7 have finally woken up, you'll know the real economical game has already begun. I expect the downfall of many assets people have previously believed in, but only for a few months. After these months, the rich and patient will take action.

Fiat will most likely go into hyperinflation if it hasn't already. Purchasing power is already theoretically lost.
One day, the scarce assets will prevail.

fudster

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I doubt something will change in 2-3 months though. If we are talking about halving then yes the supply will be lessen but who cares about bitcoin when they can't spend it. The dumps will keep on going til we see the corona virus are contained in every country that's affected. China had made it but that's how good they are at solving problems, what about Italy, what about the rest?

Lucky are the ones who lives in the remote islands who people are just living out of harvesting the ocean because they are not going to suffer scarcity.

Magkirap

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Quote from: fiulpro on March 14, 2020, 04:13:07 AM

The problem is , Fiat is connected with bitcoins and vice versa , economy at the end of the day is all connected and therefore any problems in one will cause a great deal of loss for the other too .
I do think Corona Virus is harmful for the cryptocurrencies too .
Speaking from a personal point of view , am also gonna take out my money due to Quarantine and prices getting higher than normal .

Indeed, currency whether its cryptpcurrencies or the fiat currencies, its all connected to our economy and i yes it is like a building where if one foundation has been damaged it will bring damage to the whole building and that is what's happening right now, the virus is affecting the fiat currency and look what effect does it brings to crypto, were experiencing dumps right now but of course this is just a challenge for humanity, to test us and i do hope for the next copule of months that the crypto market will be back to normal as well as each countries economy.

gentlemand

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Quote from: NavI_027 on March 14, 2020, 07:42:41 AM

This will happen if, and only if, the situation gets worse. Hearing in news that one's economy collapse after 2-3 months is not impossible especially for those affected poor countries because they will definitely have a hard time to bring solution upon such problem. It that happens then everything will fall, like a domino effect.

It's happening right now. Almost everyone here has little to fear from the disease. It's the hysteria and economic paralysis that they're going to feel and it's already rolling. I know of people in tourism who block book their whole year around now. They've already laid their staff off as there are no bookings for this year.

Hopefully in a month or two people will realise the world isn't ending. All the same there will be a large hit that'll take quite some time to digest.

NavI_027

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Quote from: gentlemand on March 14, 2020, 06:40:52 AM

Quote from: Scotslass on March 14, 2020, 06:05:05 AM

Why wouldn't you put in more money due to high chances of all markets growth in nearest 2-3 months?

In 2-3 months imagine how many businesses will have gone bust and how many people will be unemployed. Entire industries will basically stop operating and I doubt there are many that can afford to shut down, wait it out and then fire up again as if nothing has happened. That aspect has only just begun.

This will happen if, and only if, the situation gets worse. Hearing in news that one's economy collapse after 2-3 months is not impossible especially for those affected poor countries because they will definitely have a hard time to bring solution upon such problem. It that happens then everything will fall, like a domino effect.

I know stressing ourselves due to current happenings is normal but let's don't forget to be optimistic. Focus on the bright side. The fact that mankind able to find ways on curing the disease and as long as there are people recovering then that's enough to be thankful to God. He will bless us

.

gentlemand

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Quote from: Scotslass on March 14, 2020, 06:05:05 AM

Why wouldn't you put in more money due to high chances of all markets growth in nearest 2-3 months?

In 2-3 months imagine how many businesses will have gone bust and how many people will be unemployed. Entire industries will basically stop operating and I doubt there are many that can afford to shut down, wait it out and then fire up again as if nothing has happened. That aspect has only just begun.

Before that there'll be a lot of selling pressure from people who need to get through this period of time. Selling pressure now and no income to buy in future adds up to a pretty gross looking few months.

Scotslass

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Quote from: fiulpro on March 14, 2020, 04:13:07 AM

The problem is , Fiat is connected with bitcoins and vice versa , economy at the end of the day is all connected and therefore any problems in one will cause a great deal of loss for the other too .
I do think Corona Virus is harmful for the cryptocurrencies too .
Speaking from a personal point of view , am also gonna take out my money due to Quarantine and prices getting higher than normal .

Why wouldn't you put in more money due to high chances of all markets growth in nearest 2-3 months?

fiulpro

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The problem is , Fiat is connected with bitcoins and vice versa , economy at the end of the day is all connected and therefore any problems in one will cause a great deal of loss for the other too .
I do think Corona Virus is harmful for the cryptocurrencies too .
Speaking from a personal point of view , am also gonna take out my money due to Quarantine and prices getting higher than normal .

adzino

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Quote from: countryfree on March 13, 2020, 07:52:26 AM

Have you seen how governments responded to the corona virus?

Quite simply, in Italy, the US and elsewhere, they will increase their budget deficit, and add debt. In my understanding, that's very bad for fiat currencies, while BTC will remain unaffected, thanks to the lockdown on money supply.

Like in what terms will bitcoin remain unaffected? If you are talking about the price, then I am sorry you are wrong. Look at the price. It is already completely drowning deep with the whole market bleeding red very badly. Most people here use crypto currency as a store of value, not as a currency that can be used as a day to day transaction. The way corona virus has affect the price of stockmarket, is completely similar to the way it affected the crypto market.

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Quote from: countryfree on March 13, 2020, 07:52:26 AM

Have you seen how governments responded to the corona virus?

Quite simply, in Italy, the US and elsewhere, they will increase their budget deficit, and add debt. In my understanding, that's very bad for fiat currencies, while BTC will remain unaffected, thanks to the lockdown on money supply.

On the contrary. Its the fact that the whole thing becoming a pandemic worldwide that has caused mass panic worldwide, and the stock market is already facing the consequences and now the crypto market.

I mean, since yesterday, the degree and rate of volatility has been so significantly larger, as compared to the anything that has happened in the past year. Wherever there is a huge situation, there is a bigger issue in the markets, and panic selling is definitely a given.

I will just say, the markets will be back up soon, the precautions that are being taken is extremely well done, and the spreading of the virus will reduce, and the markets will become normal again.

gentlemand

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Quote from: johnyj on March 13, 2020, 10:32:12 AM

The problem is that cryptocurrency does not provide a immediate relief of the concern, because it is considered as an asset, which you always have to sell it first then get fiat money to spend.

Of course. This is a longer term boon, definitely not a short term one. Bitcoin is going to get fucking hammered just like everything else. When the smoke clears you can bet your bippy that economies will be even weirder, more skewed and more zombified than they already are which is really saying something.

It's at that point that more people come to a realisation as to whether anything is worth anything and look around for something straight edge and cast iron like BTC. It's going to be a nice while yet before it starts to happen though.

Topic: Coronavirus is very harmful to fiat currencies, not bitcoin - page 10. (Read 1440 times)