Topic: Cryptocurrency in the next financial crisis - page 3. (Read 836 times)

We cannot compare the prices and market value of these assets as they have their own respective values and uses. Bitcoin and cryptocurrency is technically a currency on the internet. And in this regard, its transaction volume is comparatively more higher than the transactions in Gold and Silver that is mainly made for jewelries, conductors, and with other practical purpose. Bitcoin is an crypto asset, while gold and silver is a physical asset.

I think that if we are talking about an event similar to the one in 2008, maybe slightly more significantly (that is, a global economic crisis), then I'd choose Bitcoin to store my money. It can go down along with everything else, sure, but I am confident that it can recover from the drop, whereas the top fiat currencies might not (they lost too much value through the years already, so a big push might lead to their collapse). Gold might be not a bad idea, but it's just something about me and gold that I don't really value it and feel like having it. If we are talking about a Nuclear War kind of event, I'd buy warm clothes, non-spoiling food, anesthetics, clean water, weapons for protection and some philosophy books like Plato's dialogues not to degradate significantly and not to get crazy (assuming the internet is down).

One example is the Hongkong crisis but I'm glad that it was resolved if I am from Hongkong and I see crisis going from bad to worse I could convert my assets to Cryptocurrency and fly to other countries that are Crypto friendly, authorities will never know that I will be bringing out all my assets outside, because they have no way of knowing it, you can hold all your private key in a USB or in an encrypted email.

We're not going back to the stone age era. Even if we experience financial crisis, we ain't going back to that era because that's very different from today. The government may find something that'll solve the problem and crypto can be an option to that. If a certain country experienced that situation, its allies would help them right??

But let's look at the situation in Venezuela where they're having a crisis, they aren't really adopting crypto that much...

Crypto is a disruptive juggernaut in the financial world. Combining the two most scalable fields of the last forty years, tech and finance, it can “eat the world” in an instant. This is why I’m long crypto, including dominant Bitcoin. Yet this also creates ruinous hazards! You can Read More About In Cryptoknowmics .

I will not agree that all fiat currencies will be worthless but I do agree that there will be some fiat currency that will suffer from inflation and will be useless.  If there will be global economic recession the currency that will suffer the most is the US dollar. And if that will occur people will be migrating to cryptocurrency to save their asses from the economic break down. And if that thing will happen a new fiat currency will replace US dollar in the financial market and that new fiat currency will now be backing up cryptocurrency replacing the US dollar.

Internet can not be erased in our technology these days, most of our daily works are dependent on the internet and this is a digital era in which internet plays a big role in the society, even if there is a big war that is coming, internet will remain and it could only be erased if the Government will literally destroyed all of the physical source of the Internet like the Satellites in the space.

Without internet is like without Electricity, the whole world would be blackout and everything will be slow and will disorderly misfunctions.

FIAT is actually money that has no price, it's just a piece of paper that happens to be recognized by everyone,
the real money is actually dinars and dirhams, it cannot be replaced by anything, because from ancient times until now it will still exist, whereas cryptocurrency is actually only an answer by our economy now, and in my opinion cryptocurrency is the future, and FIAT should join cryptocurrency because decentralization can take away our privacy rights.

gold and paper money have long been used as a transaction tool, but the value of money is increasingly worthless. only gold can be used as an investment whose value is not affected by inflation. I believe in all parts of the world feel things where money is increasingly worthless.
This concern is also associated with cryptocurrency which is increasingly declining in price, is this related to the circulation of fiat currency which is increasingly worthless.

yeep, you are right guys .. we are heading to a situation like you said every day the price of an item is increasing, while the value of fiat currency is getting destroyed. when that happens, we won't be able to survive. except currency transfers in precious metals or cryptocurrencies. it will save us.

it is a very difficult thing for us to think about if there is economic damage in the future but only a few people believe that someday paper currencies may no longer be traded, it will be like the previous period where people only used dinars and dirhams in return for the necessities of daily life so as not to starve to death, or they will adapt to bitcoin and cryptocurrency if at that time there was still an internet network.

For paper money of world states to suddenly become completely useless, a global catastrophe must happen. If the paper money of the state becomes useless, not so much hyperinflation occurs, the state itself should practically collapse and cease to exist. I think that at the same time the Internet will disappear, and with it the cryptocurrency. Therefore, cryptocurrency can only exist in a high-tech society. If a global catastrophe happens, the satellites will fall and the Internet will disappear. If the Internet and cryptocurrency exist, then the national money of states will certainly exist. Therefore, I do not think that cryptocurrency will ever save us from a return to barter relations.

I think in the doomsday situation as you described it is possible there is no internet network guys, all back to the stone age it could possibly happen. For example, if everything is completely destroyed and there is an asteroid that crashed into the earth and the electricity network is all dead including the internet, bartering goods to get food can happen. But this is just an illusion, yes, I hope this world remains safe and everything is safe, so that we can continue to work and keep the earth from being destroyed

in the case of such crisis I don't think that any of cryptocurrensy  will survive. in order to use them you need internet, electricity, computers - all such stuff won't be available at all, or there will be shortage of it, and that is why it will be useless..
but there are some really important stuff you will need and it can be used as barter - cigarettes, patrons, conserves, chocolate..
these things will be really valuable!
 

Problems related to financial crisis, we can learn from history when it happened in 2008. When the global financial crisis occurred that made all countries experience economic problems, in 2009 bitcoin appeared with its blockchain technology. After that the global crisis began to subside, this is evidence that cryptocurrency could be one solution to the financial crisis. That way it's clear for example a few years in the future there will be a next financial crisis, we don't need to panic because as long as there is cryptocurrency with technology blockchain can be a solution.

That's a possibility but still far and unlikely to happen. You're right that cryptocurrencies would be the thing if this would happen since if financial crisis would happen, all these currencies would crash and people will seek for alternatives to where they'll put their funds. But I don't think it's going to happen soon and I don't hope it will. Bitcoin will gain popularity and it's much better if done on a steady manner than just a bubble that would burst once the crisis was over.

If crisis would lead to total crash and no recovery, then cryptocurrency would come into play and may replace existing currencies. But we're still far from it.

I agree with you, sir CryptoDoomslayer_69, there are many brewing pots all around the world right now and we don't know yet exactly when things will get worse but years from now things will be exploding right before our eyes. I am talking about the global economy and our changing political landscape. A great conflagration is about to occur that can affect all mankind...will it be another world war?



This is the reason why I am learning to farm skills so that if the money I am holding would have nothing to buy then I can still have something to eat and live, and then be a witness to this part of our history. Don't worry, I am going to update you guys in this forum for developments.
Yes, we can go back to the barter system, that has no problem with me so that people will go back to being producers and providers. Don't worry about it, humans are known to be great improviser at least we have YouTube to watch for some guidance on many how-tos. Are we returning to becoming primitive soon?




In the doomsday scenario, I think everything will be worthless and storing gold/silver can be a problem as they can be the reason why some robbers can be after you. Nah, better store up foods and since we might not have any internet connection at that time then there is a problem connecting to our wallets. I am not so sure if people will even prefer to accept Bitcoin at this situation...maybe there is a bigger chance that foods can become the currency which is true yes in the barter system. Now, I still have to ask if CZ is willing to open Binance if there will be nuclear attacks all over.

Of the three Gold & Silver or using Cryptocurrency, the latter is the best option, it is the most sought and with high potential assets eight now, I agree that as long as the internet is existing we will have Cryptocurrency it's now part of our modern way of life, it's gives us equality whether we are living in a first world country or a third world, but I highly recommend that you not put all your eggs in one basket, you must also include gold silver must put more on Cryptocurrency.

Contrary to views that crytpo might flourish in the event if an economic crisis. I am highly skeptical about that. If the traditional payment system which is fiat gets so devalued, then it's dragging cryptocurrencies alongside with it because no one will have the resources to afford or keep up with its requirements and that becomes a problem on both ends.

Even if un-backed fiat currencies are replaced, government issued currencies aren't going away.

I think we'll go back to some variant of the gold standard, where legal tender is pegged to hard commodity value. Decades from now, I could even see government money being backed by BTC.