Coronavirus is very harmful to fiat currencies, not bitcoin - page 3.

Fredomago

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Quote from: jademaxxiss012 on November 18, 2020, 07:23:57 AM

Yes, I agree 100% and that is why many people are converting their fiat to bitcoin after seeing a good result to it as it grows its market price over a period of time. This is somewhat the best way to avoid getting hit by an inflation rate where most fiat currency value is being depleted due to economy crisis or most of the economy in every country is down.

A good reason why we are seeing this current strong bull run, institutional investors and businesses are seeing the after effects of this pandemic, and with such cases, they'll seeing the potential of this crypto currency as a good for for investment as it wasn't affected by
any depletion which may take place to any fiat money from different countries.

Good thing that we are able to invest with bitcoin and continue to enjoy the growth of our investments. With new players around it
will add more adoptions that may create much wider impacts to this market.

Negotiation

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The virus has caused the economy including the fiat currency to plummet bitcoin has no effect the corona virus has taken people's lives a long way that's why the government needs to allocate more to the medical sector to prevent the virus from invading. If the helpless and poor people get free treatment they will be able to improve their health even if he is afflicted with the disease he cannot go to the doctor properly due to lack of money in he suffers from poor health.

Ridcan

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you were right in your predictions. Bitcoin was not affected. even those who invested in bitcoin during this process turned out to be profitable. countries' deficits increased, health spending increased. Those who allocate more budgets to the defense industry every year now have to spend more on health expenditures.

cotton ball

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it is definitely dangerous but there are still many people around the world using fiat money and it is still used for buying and selling there is not even a solution in many countries all still use fiat money for transactions where people have been dependent on using fiat money until now This and it has been the case for a long time whether there is a solution someday to throw away fiat money with more perfect currency. actually, bitcoin can also be a solution for exchanges but there are still many countries that prohibit it.

jademaxxiss012

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Yes, I agree 100% and that is why many people are converting their fiat to bitcoin after seeing a good result to it as it grows its market price over a period of time. This is somewhat the best way to avoid getting hit by an inflation rate where most fiat currency value is being depleted due to economy crisis or most of the economy in every country is down.

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Quote from: GelatikKembar on November 18, 2020, 02:57:35 AM

Quote from: countryfree on March 13, 2020, 06:52:26 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.

every country will indeed have a recession, because this corona virus makes a country lack their financial,
the finances of a country are very much affected by this pandemic, many export sectors have died, jobs become difficult, and several other financial cases, and make a country have to print more money or they have to debt from other countries,
but Bitcoin will not fall because of all that, the supply cannot increase no matter what and this is its specialty

You need to remember that the price of bitcoin was only $3000 in March. And the main event in March was the Coronavirus. It affected the price of bitcoin strongly but thank to the halving, we are capable to see the price of bitcoin recovering significantly

Bitcoin is somehow bound to the global economy. You cant deny it. Our economy is built from countries, countries are built from people. And it is inherent that people use bitcoin. If there is an economic crisis, they probably sell most of their asset for safety

GelatikKembar

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Quote from: countryfree on March 13, 2020, 06:52:26 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.

every country will indeed have a recession, because this corona virus makes a country lack their financial,
the finances of a country are very much affected by this pandemic, many export sectors have died, jobs become difficult, and several other financial cases, and make a country have to print more money or they have to debt from other countries,
but Bitcoin will not fall because of all that, the supply cannot increase no matter what and this is its specialty

Ozero

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This conclusion is indeed not devoid of some sense. Cash cryptocurrency turned out to be a carrier of the coronavirus, and governments began to disinfect it or keep it in storage for a certain time. All fiat currencies of states are now under the threat of significant inflation if unprecedented quarantine measures taken by governments lead to a global economic crisis.
The cryptocurrency was subject to a significant drop in price only during the initial period of the spread of information about the appearance of the coronavirus. It can only benefit from the global economic crisis as a deflationary tool.

peter0425

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i thought this was a joke lol,because how can an online currency can be affected by Virus Grin

And also this pandemic people forced to look for payment options that needs no physical action so i think some of them consider bitcoin since this is not that popular as others.

Quote from: Sergio_CA on November 10, 2020, 03:47:08 PM

It depends on the point of view, this is because in the short term cryptocurrencies can have substantial volatility, but when we compare it in the long term we realize that there are many cryptocurrencies that have had a considerable price increase, so I think that volatility can be a good time in increase our position, especially Bitcoin, Ethereum, among others.

but at least not the word "Harmful" as what OP says in effect to fiat.

proTECH77

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Yes, bitcoin is Still rising in the market that is making their investors name it, as the best currency among other currencies in the world just because they way it pump, through out the pandemic where other cryptocurrencies where reducing in the market that was causing some investors loses in their Investment.
Many government are now responding to what corona virus has caused to the life of humanity, in the country and to find solutions to it by requesting for high budget to end the hardship in the country. The central bank will do everything possible to listen to government demand for more fiat money so that the government can do what will bring the economy and other sectors back to normal in the country.

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Quote from: nomenclatur on November 17, 2020, 04:33:50 AM

Quote from: countryfree on March 13, 2020, 06:52:26 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.

fiat currency is always problematic and very risky for transmission if it occurs, it will be faster to infect the people who hold the fiat money and it will be worse making each transmission very fast if it is held by people who have exposed to the virus the right solution at the right time This pandemic is a digital currency such as bitcoin to facilitate actual transactions, but some countries have not given enough room for bitcoin to be more developed for payment.

Your argument to support bitcoin is very poor in this case. It's an era of digital technologies but have you heard anything about cards? VISA/Master cards? You can just take your card near to pos terminal, in reality there isn't any physical contact between you and any 3rd parties, it's just PayWave transaction. It's the safest method of payment, great alternative of cash. So, bitcoin isn't something that can escape us from this virus. It's great on it's own and it's even great that price went up instead of fall like it happened to every fiat currency.

nomenclatur

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Quote from: countryfree on March 13, 2020, 06:52:26 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.

fiat currency is always problematic and very risky for transmission if it occurs, it will be faster to infect the people who hold the fiat money and it will be worse making each transmission very fast if it is held by people who have exposed to the virus the right solution at the right time This pandemic is a digital currency such as bitcoin to facilitate actual transactions, but some countries have not given enough room for bitcoin to be more developed for payment.

marcous

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Quote from: AndySt on November 10, 2020, 05:45:45 PM

Quote from: erikoy on November 10, 2020, 08:29:32 AM

Yes, fiat now had been not doing well and its purchasing power had depleted because people are more needing food rather than money. If the pandemic will going to continue then high chance that it can no longer be use and it will have no value no more. People will going to plant for their living if they wanted to get food to eat. Hopefully this will not going to happen because many people will get affected by it especially us the poor.

Let us hope that the pandemic will not be prolonged to such an extent that the absolute majority of the population will be forced to engage in subsistence farming and natural exchange. Almost all the existing cases of hyperinflation and total depreciation of money occurred against the background of civil conflicts and the destruction of state structures, but now there is no such thing, and we hope that the state authorities will keep the situation under control and prevent long-term chaos and unrest.

In addition to the increasing number of violations in the world economy, crime is also increasing everywhere because of this pandemic. The government must immediately follow up in handling covid 19.The whole world wants this Covid to immediately disappear so that life can be normal as usual.

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Quote from: countryfree on March 13, 2020, 06:52:26 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.

Fiat demand is decreasing because people choose to stay at their home holding their gadget and doing a lot of staff thru online, due to these most of the transaction are done online and digital currencies are at most use. These suddenly changes bought a drawbacks in the economy of every each country and are now undergo recession.
So in order for an economy to survive the government will finds its way to got to used of digital currencies that will soon affect the crypto currencies in a positive way.

darewaller

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We always knew that bitcoin was something that would be prevention towards high inflation and bad economy management, that is why it was created to begin with. Satoshi didn't created bitcoin because he just wanted to have fun, he created it because he knew (and many before him that failed) governments and companies are horrible at managing economies and currencies.

But when you have a currency that is managed by everyone equally at the same time with absolutely no ownership by anyone and can't change or print or do anything because it is decentralized, you will have a much better currency. Some people still do not understand the idea of bitcoin perfectly, there are still friends who keep asking how it works, but when the world understands its power fully, we are going to see it become huge.

KnightElite

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Quote from: AndySt on November 10, 2020, 05:45:45 PM

Quote from: erikoy on November 10, 2020, 08:29:32 AM

Yes, fiat now had been not doing well and its purchasing power had depleted because people are more needing food rather than money. If the pandemic will going to continue then high chance that it can no longer be use and it will have no value no more. People will going to plant for their living if they wanted to get food to eat. Hopefully this will not going to happen because many people will get affected by it especially us the poor.

Let us hope that the pandemic will not be prolonged to such an extent that the absolute majority of the population will be forced to engage in subsistence farming and natural exchange. Almost all the existing cases of hyperinflation and total depreciation of money occurred against the background of civil conflicts and the destruction of state structures, but now there is no such thing, and we hope that the state authorities will keep the situation under control and prevent long-term chaos and unrest.

Actually, there is already a control in different economies because we are already in the last quarter of the year where people got used to the "new normal". At the 1st quarter of the year 2020, a lot of financial market is keep crashing and cryptocurrency market is part of it because a lot of people want to liquidate their position and they want to just stay with cash but after many months, the economy bounces back wherein we are now on the way of fully recovery. The virus actually pushes the people and a lot of merchants to adopt digital payment system after the WHO statements about the possible infection of covi-19 through using fiat money.

jademaxxiss012

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Yes, fiat currency is directly affected by the corona virus but I do not think it will.not affect bitcoin. As of the moment money beimlng stored.in bitcoin are safe but if this continue and money will be no more value I doubt that bitcoin will still have value too. The bitcoin is exchange through fiat currency that enable us to buy with and bitcoin still not adapted and use to buy our daily needs. Bitcoin will be going to affected as well fiat currency collapse.

AndySt

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Quote from: erikoy on November 10, 2020, 08:29:32 AM

Yes, fiat now had been not doing well and its purchasing power had depleted because people are more needing food rather than money. If the pandemic will going to continue then high chance that it can no longer be use and it will have no value no more. People will going to plant for their living if they wanted to get food to eat. Hopefully this will not going to happen because many people will get affected by it especially us the poor.

Let us hope that the pandemic will not be prolonged to such an extent that the absolute majority of the population will be forced to engage in subsistence farming and natural exchange. Almost all the existing cases of hyperinflation and total depreciation of money occurred against the background of civil conflicts and the destruction of state structures, but now there is no such thing, and we hope that the state authorities will keep the situation under control and prevent long-term chaos and unrest.

Kavelj22

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Quote from: noorman0 on November 10, 2020, 07:26:34 AM

Quote from: mezzaluna on November 10, 2020, 05:23:47 AM

Quote from: countryfree on March 13, 2020, 06:52:26 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.

That is true because if the Corona Virus has a significant effect on Bitcoin, it would be noticeable on its value but nothing has change even the virus has spread. Bitcoin's value is only affected on the supply and demand on circulation and also the number of users taking interest on it might also affect its value. Fiat currencies would be affected because its used mostly in daily lives and it would also shut down some businesses that only transacts using fiat.

Have a look at the Bitcoin chart from March to April.

The price of Bitcoin experienced a decline when the first global lockdown started around the world.
When a recession occurs, people will not think about saving wealth, but how the wealth is spent to survive. This phenomenon has proven to have a major effect on the economy including bitcoin, even though it will not kill bitcoin itself.

Exactly!

Like any other product used a store of value for humans. When those humans feel unsecure, they will spend every option to stay alive and this is how price dropped. And this has nothing to the nature of bitcoin itself.

We are in the second wave with covid, which is more harmful, but that people start adapting with a pandemic reality, the price chart is back to normal.

Sergio_CA

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It depends on the point of view, this is because in the short term cryptocurrencies can have substantial volatility, but when we compare it in the long term we realize that there are many cryptocurrencies that have had a considerable price increase, so I think that volatility can be a good time in increase our position, especially Bitcoin, Ethereum, among others.

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