Coronavirus is very harmful to fiat currencies, not bitcoin - page 6.

panganib999

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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.

Yes I do have seen how our government have responded on the rising case of this covid-19 pandemic. Our government have extended a hand on borrowing money from the world bank just to be able to sustain the needs of its people since many individuals are directly affected by this pandemic because many establishments are close which lead to people getting jobless and tend to stay at home.

It is indeed that this pandemic is really harmful directly to the fiat currency and not into Bitcoin because we are most likely using fiat to provide direct response on this pandemic to sustain the necessities of ours to be able to survive this crisis. This Pandemic have really gone through the limitations of almost all countries affected which lead them to create a loan or borrow money just to sustain the needs of its people during this crisis we are facing right now.

Averim

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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.

In Germany for example, the deposit interest has a negative value, banks need the cash flow, to many people put money away so by increasing the budget deficit the party globe is launch in the banks.

bearexin

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Quote from: Emitdama on April 03, 2020, 03:10:46 AM

What you guys really need to understand is that adoption for bitcoin spending everywhere around the world needs to get a lot better, right now people are talking about ways to not really deal in cash and not even touch each others credit cards. Is there methods where you can do other stuff?

Like that beeping credit cards where you don't touch, or QR codes and all that for the fiat currency? Yes there is. People could have used them but they are still not really all that wise about it and its not really all that popular just yet.

So, we can take advantage of the situation and could get the bitcoin payment systems a lot more awareness. If we create that awareness, if the companies that builds bitcoin cards actually market it like "want to not touch anything? Use our bitcoin cards and have payments without touching anything", that would really work for us.

Maybe you're right, but I know that it still affects Bitcoin in the sense that fiat is the main monetary system and whenever situations like these hit people might be forced to sell their cryptocurrencies and still convert that money to fiat so that they can be able to buy food to last them till the situation is over. And when they start selling their coins it results to an increase in the price of Bitcoin.

So, I would say that this affects almost everything, though I am not sure if it was the reason why the price of Bitcoin crashed, I have seen so many cases being pointed at as the main reasons that caused the price of Bitcoin to plunge.

perfect999

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I don’t see how BTC wasn’t affected when you know for sure that everything was affected, and not just fiat, but stock market and cryptoassets like BTC, eth, BCH and the rest. The whole market faced the wrath of the corona virus and some economists used that opportunity rant about Bitcoin and call it a failure, although we know for sure that it’s not. This was just a temporary case and after a while things are getting back to where it used to be at the top. The bulls has been able to defend the price and pushed it to above $6700 as of recent.

But in coming day, bitcoin may not get impacted by the economic slow down as bitcoin got core reasons to retain its value which may help it to keep attracting investors from most other sectors as almost all other investment/trading related things are highly impacted by economic slow down. When bitcoin remains stronger it will result again in gaining more value in short term itself.

Kasabus

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Quote from: Emitdama on April 03, 2020, 03:10:46 AM

What you guys really need to understand is that adoption for bitcoin spending everywhere around the world needs to get a lot better, right now people are talking about ways to not really deal in cash and not even touch each others credit cards. Is there methods where you can do other stuff?

Like that beeping credit cards where you don't touch, or QR codes and all that for the fiat currency? Yes there is. People could have used them but they are still not really all that wise about it and its not really all that popular just yet.

So, we can take advantage of the situation and could get the bitcoin payment systems a lot more awareness. If we create that awareness, if the companies that builds bitcoin cards actually market it like "want to not touch anything? Use our bitcoin cards and have payments without touching anything", that would really work for us.

Yes. This might be the best time to promote faster adoption of crypto instead of using fiat that is more prone to virus. If all people is already educated about crypto and how it works even before this outbreak happened, the chances for adoption might be high but sad to say, people are still sticking to fiat even how disadvantaged it is to use especially in this time of corona virus. Some investors are even selling their coins in exchange for fiat.

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Quote from: naaimmd on March 29, 2020, 09:59:02 AM

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.

yes, and because of it, crypto is unpredictable and unstable. if bitcoin was stable everyone would have brought but since its rise and fall all-time people can't trust will it benefit them or they will lose money here. and we all know crypto is untraceable so the government didn't approve because they can't take tax from people which is not good for any country and most important people already doing moneylending using crypto. and I think BTC also got affected in this it was 9k and dump to 3.8k and now little stable in 6k but who knows it might dump again in 3k or pump in 9k.

That's the lapses on bitcoins on why government cannot trust this since the flactuation is very crucial and might people will lose if they put all their wealth unto this currency and unlike fiat we cannot trust tis actually since we don't know what the future brings since the flactuation is not stable and quite unpredictable.

But on the other hand Btc is really affected and we see now the effect people are now selling their hodl coins since many people are in crisis so they prefer to sell of to have fiat for their supplies and that's the reason on the big dump cames.

Emitdama

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What you guys really need to understand is that adoption for bitcoin spending everywhere around the world needs to get a lot better, right now people are talking about ways to not really deal in cash and not even touch each others credit cards. Is there methods where you can do other stuff?

Like that beeping credit cards where you don't touch, or QR codes and all that for the fiat currency? Yes there is. People could have used them but they are still not really all that wise about it and its not really all that popular just yet.

So, we can take advantage of the situation and could get the bitcoin payment systems a lot more awareness. If we create that awareness, if the companies that builds bitcoin cards actually market it like "want to not touch anything? Use our bitcoin cards and have payments without touching anything", that would really work for us.

naaimmd

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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.

yes, and because of it, crypto is unpredictable and unstable. if bitcoin was stable everyone would have brought but since its rise and fall all-time people can't trust will it benefit them or they will lose money here. and we all know crypto is untraceable so the government didn't approve because they can't take tax from people which is not good for any country and most important people already doing moneylending using crypto. and I think BTC also got affected in this it was 9k and dump to 3.8k and now little stable in 6k but who knows it might dump again in 3k or pump in 9k.

btc78

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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.

Harmful for Bitcoin also because we have already witnessed the effect but not as harmful in fiat since the whole world is now having economic crisis.
but knowing how Bitcoin stands for 10 years?
It can recover first than Fiat so yeah we must remain positive in crypto than Financial problem of each government.

Quote from: hahay on March 28, 2020, 10:33:07 PM

Indeed, it greatly affects fiat currencies but it does not rule out also anyone who holds bitcoin will sell it sooner

actually more have sold their Bitcoin weeks ago thats why we cans ee the effect in market added are those whales who already bagged our money and now waiting for another trap .

eaLiTy

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Quote from: boltz on March 27, 2020, 12:49:46 PM

Its very harmful to everything, to every domain,to every currency no matter what.

Each and every sector is affected, people are commenting about one sector is not affected or the other, what world they are living in Roll Eyes

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Quote from: boltz on March 27, 2020, 12:49:46 PM

I think the only precious thing that are not harmed are Gold & Silver as this cannot affect them. I saw some videos on youtube that have predicted this economic collapse long before corona hit the world and they said $ is gonna drop so hard and another global currency will rise... .

There was a global economic slow down for a few months and with the Virus spread and the complete lock down by different government it recession is completed and how long it will take for things to be normal is to seen, it is really hard as the number of patients keeps on rising and how long we will be forced to lock down to save our life.

Quote from: boltz on March 27, 2020, 12:49:46 PM

My thoughts are that $ cannot disappear so fast and we already have global currencies including Bitcoin.

It is a global issue and dollar nor any currency will disappear just like that and the government will come up with stimulus package to help revive the economy but it all depends upon how long this shut down is enforced and when we will have a solution for the issue we have, the fucking virus which has affected everyone irrespective of region color religious belief etc because the virus does not discriminate.

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Quote from: Viscore on March 29, 2020, 05:46:34 AM

Because bitcoin is not correlated with stocks or the government fiat or monetary system so we are not affected.
The government are printing infinite cash, this isn't good and the people would feel this in the future and money will just inflate.

In terms of investment, bitcoin should save the fiat from falling, so people should not be putting all their money in the bank, instead try to invest it, grow it and maybe put it in crypto so its value will not be lose.

The crypto market is strong, it going to be successful in the long run as people will realize and consider it as a good store of value and adoption are growing too.

We all saw what President Trump signed, more cash is coming! I believe that will lead the fiat economy into a crash,
and that is the moment where crypto-currencies will step up and save the day.
Fiat economy is unsustainable, and that is visible now more than ever before. I believe in crypto-currencies more than
I believe in fiat, I am buying when ever I can, and I believe that crypto-currencies will get out from this much stronger!

Viscore

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Because bitcoin is not correlated with stocks or the government fiat or monetary system so we are not affected.
The government are printing infinite cash, this isn't good and the people would feel this in the future and money will just inflate.

In terms of investment, bitcoin should save the fiat from falling, so people should not be putting all their money in the bank, instead try to invest it, grow it and maybe put it in crypto so its value will not be lose.

The crypto market is strong, it going to be successful in the long run as people will realize and consider it as a good store of value and adoption are growing too.

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Quote from: turkandjaydee on March 28, 2020, 10:06:55 PM

Based on my country's situation,

People need to buy medical items to keep them safe from Covid-19 which is more expensive due to limited supply and high demand, many people experience a drastic decline in income, even some people have lost their job.

So this is a very hard situation because some people have less income but at the same time, they have to prepare for more use of money if they get corona or if they just want to stay safe from it. If this also happens in every other country, then it makes sense if people tend to sell some percentage of their assets and one of them could be bitcoin.

Well depending on their location then accepting bitcoin might be troublesome to purchase these necessary items which have become so scare in the recent month(s).
They are more concerned about how to get the funds for it which is a pity.
If cryptocurrency had more mainstream point of purchase movement going on before the epidemic occurred then maybe there wouldnt be such a problem to get these different countries so separately distanced from one another it wouldnt be such a problem as it is now.
xRapid and the lightning network full onboard adoption would of been nice right about now. Embarrassed

hahay

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Indeed, it greatly affects fiat currencies but it does not rule out also anyone who holds bitcoin will sell it sooner or later because the economic situation is also very worrying because of the corona pandemic. Bad situations like this that will make panic selling happen at any time because on the other hand we realize, so many companies are closing their businesses for a while because there are rules in place to suppress the spread of the virus.

TitanGEL

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Quote from: bearexin on March 28, 2020, 03:12:02 AM

Honestly, fiat currencies are getting affected as much as bitcoin for the simple reason that they are bigger and bitcoin is smaller, so bitcoin gets affected smaller and fiat gets affected bigger but it is proportional so they get affected the same because of their size.

Nobody thinks about how liquidity is marginally lower on bitcoin, so when 200 billion dollars withdraw from stock market it goes down, when 1 billion is withdrawn from bitcoin it gets affected the same, that is the trouble here. We need a lot more people and a lot more money in bitcoin to survive these kinds of stuff and not be bothered by the small withdrawals. There are so many companies who are invested in crypto now, when they want to get out they create a panic that causes everyone to get out.

It is true that bitcoin is also affected and not only those in financial markets like stocks, indices and forex. We experienced massive dumped in previous days and it only indicates that there is also panicked that happened in this market. But the good thing is the recovery of the bitcoin which happens in days only, it only indicating that there are still a lot of buyers that who are willing to risk their money even though there is a panic.

turkandjaydee

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Based on my country's situation,

People need to buy medical items to keep them safe from Covid-19 which is more expensive due to limited supply and high demand, many people experience a drastic decline in income, even some people have lost their job.

So this is a very hard situation because some people have less income but at the same time, they have to prepare for more use of money if they get corona or if they just want to stay safe from it. If this also happens in every other country, then it makes sense if people tend to sell some percentage of their assets and one of them could be bitcoin.

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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.

The issue of coronavirus is not new and so is the government respond to it but if the government continue to deficit their budget whime add more debt this will totally do more worse to every market.

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.

Crypto currency was implemented as a solution to economic meltdown which the government are unable to fix but was never a solution during to pandemic because the situation of panic or emergency sell will occur which is what's happening now.

slashz9

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all financial sectors, whether crypto or not will be affected by this virus, you say bitcoin is okay?
I think the decrease in crypto was the highest where more than 50% in one day from 8000 $ fell to the lowest point of 3800 $.
if indeed all countries apply for debt then of course their currency exchange rate will decrease against $, for example my country's currency has weakened 10% against $ and is now recovering little by little.

bearexin

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Honestly, fiat currencies are getting affected as much as bitcoin for the simple reason that they are bigger and bitcoin is smaller, so bitcoin gets affected smaller and fiat gets affected bigger but it is proportional so they get affected the same because of their size.

Nobody thinks about how liquidity is marginally lower on bitcoin, so when 200 billion dollars withdraw from stock market it goes down, when 1 billion is withdrawn from bitcoin it gets affected the same, that is the trouble here. We need a lot more people and a lot more money in bitcoin to survive these kinds of stuff and not be bothered by the small withdrawals. There are so many companies who are invested in crypto now, when they want to get out they create a panic that causes everyone to get out.

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Everything is needed in our daily life No one can tell when someone will be needed However bitcoin has nothing to do with the virus Because of the virus people are unable to do business properly. This is the effect of the crypto market as everyone is now a house prisoner But Fiat will suffer complete loss If everything is closed the currency will stop working but Bitcoin will never stop.

Topic: Coronavirus is very harmful to fiat currencies, not bitcoin - page 6. (Read 1440 times)