Pages:
Author

Topic: How will financial crisis affect crypto? - page 5. (Read 1701 times)

member
Activity: 1358
Merit: 81
December 19, 2020, 02:45:20 AM
#56
After seeing venezuela switch to crypto it is clear where the future is. They switched to both bitcoin and Dash, no mention of other coins, not sure about the petro so it's btc all the way

Venezuelans still use their local currency. The news of using crypto in commerce is that of some stores such as supermarkets, pharmacies, pizzerias among others located in the main cities of the country. But not all users pay with crypto is the reason why I say that most Venezuelans pay for their goods and services in the traditional way.
Regarding this news I would say that we are in a pilot project that is beginning to work as people learn and are motivated to use cryptocurrencies.
sr. member
Activity: 854
Merit: 264
Crypto is not a religion but i like it
December 19, 2020, 02:27:24 AM
#55
Bitcoin was created in the midst of the financial crisis that occurred in 2008, Satoshi Nakamoto wanted to create a different system from the Bank.
So Bitcoin will not be affected by the financial crisis, because like Gold. Bitcoin is also very good as a store of value. The most recent example is
the economic crisis that occurred this year due to the COVID-19 pandemic which has no effect on Bitcoin, even the demand for Bitcoin is increasing
and the price of Bitcoin continues to rise. So Bitcoin is indeed one solution to overcoming the economic crisis.

You lose one very important fact. In order for BTC to work as Satoshi intended, you need to pay with it in isolation from fiat currencies and without looking at its rate.
And as mentioned above, if you want to use BTC equivalent to its value in fiat currency, then in a full-scale crisis, it will be difficult for you to find a buyer for your coins because no one will have money. Or, as already mentioned above, there will be such hyperinflation that even if BTC will cost an infinite amount of fiat money, but this money will either not be able to buy anything or the goods will correspond to inflation and will have a lot of numbers on the price tag.
hero member
Activity: 2618
Merit: 548
DGbet.fun - Crypto Sportsbook
December 18, 2020, 10:32:50 PM
#54
The cryptomarket and the network together was predicted to get affected, but the independent functioning of the market stood strong. When the world encountered financial crisis out of the pandemic experts predicted for a big crash of cryptomarket. To the expectation things have taken place in the opposite way. Rather than the growth this year there is increased large scale companies participation. This will keep the market progressive and doesn't let it fall.
member
Activity: 924
Merit: 12
December 18, 2020, 08:12:38 PM
#53
I think does't affect crypto well that's great crypto, not infected with the financial crisis people will turn to crypto. all believe that crypto is the future of digital money, but I don't want to be in a financial crisis everything is cruel and starving others
And this is what exsactly happened during the corona virus outbreak...many  crypto analysts expect that crypto prices will collapse because many people will turn crypto to fiat to manage the period but we didnt seen any think like this
legendary
Activity: 3248
Merit: 1179
December 18, 2020, 01:46:01 AM
#52
...
I would not be so categorical and i think that the global economy is still waiting for some recovery in the coming years due to the recovery and overcoming the consequences of the pandemic. But then, indeed, the world economy will face difficult times and a worsening of the crisis, because the pandemic has shifted the focus and brought other factors to the fore, but the accumulated problems and imbalances have not gone away and will show themselves in all their glory in the future.

Well I don't know where are you from, and that's important, it can help me understand your perspective! Maybe I am categorical, but it's how I "feel the reality around". When i started with bitcoins +5 years ago I could buy the whole Bitcoin with my salary, almost 1.5 to be accurate (the price was around $170, my salary was little over $250)! Now my monthly salary is higher, around $400, but look where BTC is? And in all this time my salary is losing value, inflation eats it, everything is more expensive than before... I just think people are sick from banks and politicians, we need a better system and that's crypto! The one that will be more fair.
Global economy will never recover, at least not for everyone! And I think that recovery wasn't a plan, this system is designed to have rich on the top and slaves on the bottom, kings and slaves, or whatever... why would we want to keep living like that in the 21st century? Can we share with each other? Can we stop worrying about wars and focus on nature around, on our kids? Do we need to continue to trust banks and governments to create more guns with our money, so we can kill each other?...I can say a lot more, but if you understand what I wish to say this is enough I think!
sr. member
Activity: 1638
Merit: 300
December 17, 2020, 06:38:38 PM
#51
Actually it depends on what causes the emergency. For me the emergency will come within the decade,year or not but it'll result in collapse of fiat as we know it. In the event that dollar dies, the world economy will be harmed as hell, and it'll be difficult to think that unused fiat can illuminate the issue. Since they are normally constrained and decentralized. Of course, instability could be a gigantic drawback, but at slightest hyperinflation is scarcely conceivable, and there are no specialists that can truly mess things up and cause another emergency.Mainly analyzers declare that in future financial crisis will boom the crypto and people will adopt crypto at maximum.

The decentralization of crypto currency separates bitcoin from currencies and other stocks and assets that are greatly affected by this pandemic. Without it, there is no doubt that we will not be seeing this price increase. The fact that we reached $20K and it is still going strong means that a lot of people are so drawn by it to invest. Road to $30K?
legendary
Activity: 2184
Merit: 1012
December 17, 2020, 06:31:29 PM
#50
I think "turn around and see for yourself" is the best answer on the question from the headline! Is it enough for people that BTC is being traded above $20k? While the global economy is on artificial respiration devices (with all this money printing around), crypto is having momentum, once again! And I see this as moving one more step forward!
There will be some pull back, I think that, and I see many others are waiting for that moment, but that will not affect the crypto in general, we will see a new bottom, and it will be higher than ever before. Just be patient, crypto will grow a lot more, while for global economy I think the opposite!
I would not be so categorical and i think that the global economy is still waiting for some recovery in the coming years due to the recovery and overcoming the consequences of the pandemic. But then, indeed, the world economy will face difficult times and a worsening of the crisis, because the pandemic has shifted the focus and brought other factors to the fore, but the accumulated problems and imbalances have not gone away and will show themselves in all their glory in the future.
legendary
Activity: 3248
Merit: 1179
December 17, 2020, 04:28:42 PM
#49
Actually it depends on what causes the emergency. For me the emergency will come within the decade,year or not but it'll result in collapse of fiat as we know it. In the event that dollar dies, the world economy will be harmed as hell, and it'll be difficult to think that unused fiat can illuminate the issue. Since they are normally constrained and decentralized. Of course, instability could be a gigantic drawback, but at slightest hyperinflation is scarcely conceivable, and there are no specialists that can truly mess things up and cause another emergency.Mainly analyzers declare that in future financial crisis will boom the crypto and people will adopt crypto at maximum.

I think "turn around and see for yourself" is the best answer on the question from the headline! Is it enough for people that BTC is being traded above $20k? While the global economy is on artificial respiration devices (with all this money printing around), crypto is having momentum, once again! And I see this as moving one more step forward!
There will be some pull back, I think that, and I see many others are waiting for that moment, but that will not affect the crypto in general, we will see a new bottom, and it will be higher than ever before. Just be patient, crypto will grow a lot more, while for global economy I think the opposite!
sr. member
Activity: 910
Merit: 253
Hodlers Network
December 16, 2020, 05:22:00 PM
#48
Actually it depends on what causes the emergency. For me the emergency will come within the decade,year or not but it'll result in collapse of fiat as we know it. In the event that dollar dies, the world economy will be harmed as hell, and it'll be difficult to think that unused fiat can illuminate the issue. Since they are normally constrained and decentralized. Of course, instability could be a gigantic drawback, but at slightest hyperinflation is scarcely conceivable, and there are no specialists that can truly mess things up and cause another emergency.Mainly analyzers declare that in future financial crisis will boom the crypto and people will adopt crypto at maximum.
sr. member
Activity: 2436
Merit: 455
December 15, 2020, 07:03:19 AM
#47
Financial crisis will give a great opportunity for bitcoin to grow and be invested on by investors. The instability of fiat currency now and the unfortunate crisis that is expected to happen soon in the future will pave way for bitcoin to strive. Bitcoin will serve as another platform where people could put their investments in the fear of losing if that crisis happens. Right now, bitcoin's price is increasing and really showing off based on the recent reports and price predictions. However, it still remains volatile.

Bitcoin is now next in line with gold. Btc has decentralize nature which means that financial crisis won't negatively affect bitcoin's condition that much compared to its effect on central organizations. There's a little percentage to be worried about. Although don't get me wrong. I'm not implying here that bitcoin is crisis-proof and would not be totally shaken by such event. It's just that it won't have big impact to rattle the users and investors.
hero member
Activity: 2954
Merit: 533
Leading Crypto Sports Betting & Casino Platform
December 14, 2020, 05:44:21 PM
#46
After seeing venezuela switch to crypto it is clear where the future is. They switched to both bitcoin and Dash, no mention of other coins, not sure about the petro so it's btc all the way
Bitcoin has become the main currency as a replacement for the dollar to be used to fill their daily needs. Venezuela's currency worth nothing and so many stores in venezuela accepting bitcoin as the best option to get the dollars. There are so many people who are moving to mine or get bitcoin and dash. The covid is not affecting the crypto but it did give a big discount for the buyers in Q1 of this year.
Crypto is not getting any impact from the pandemic.
sr. member
Activity: 1876
Merit: 318
December 14, 2020, 04:10:37 PM
#45
Bitcoin was created in the midst of the financial crisis that occurred in 2008, Satoshi Nakamoto wanted to create a different system from the Bank.
So Bitcoin will not be affected by the financial crisis, because like Gold. Bitcoin is also very good as a store of value. The most recent example is
the economic crisis that occurred this year due to the COVID-19 pandemic which has no effect on Bitcoin, even the demand for Bitcoin is increasing
and the price of Bitcoin continues to rise. So Bitcoin is indeed one solution to overcoming the economic crisis.
full member
Activity: 1344
Merit: 110
SOL.BIOKRIPT.COM
December 14, 2020, 03:07:02 PM
#44
It looks like the downtrend on the financial system is inevitable. How do you think this will affect crypto? People used to refer to gold in the past, will they move to crypto this time instead?
I kinda think, that the upcoming crisis actually gives crypto a chance.

If I were right, Crypto in the first place was born out of the financial crisis, I remember those times when I was still in college and many people lost their ba Jobs, home and that's why Bitcoin was made. It was to counter hyper inflation due to economic failure of the government, at least they have an alternative for gold and which is new and has a high volatilty. People these days wanted to try something new, they want to break the chain.
hero member
Activity: 1148
Merit: 555
December 14, 2020, 11:12:47 AM
#43
Bitcoin is becoming more popular and more people are beginning to join the crypto community. I watched a video quite recently of Robert Kiyosaki talking about how much btc he has and why he prefers bitcoin to gold and stocks.
member
Activity: 616
Merit: 11
After seeing venezuela switch to crypto it is clear where the future is. They switched to both bitcoin and Dash, no mention of other coins, not sure about the petro so it's btc all the way
legendary
Activity: 1652
Merit: 1057
I think the only problem is not finding money to buy.
The situation for example in Venezuela, yeah the price of bitcoin skyrocketed but its also very difficult to find people that would buy your bitcoin.

Do you really think someone who had 1 bitcoin before all that happened found a buyer right away for their bitcoin when this situation happened ? No, the volume dropped significantly, like nowhere else. That is why when the financial crisis hits the globe (like 2008 one) the price of bitcoin will certainly go up but it will also drop in volume a lot as well. That is the reason it would be a very dangerous market that is prone to manipulation by people with a lot of money who can buy or sell bitcoin in bulk to change the market in their favor. Lets hope we never see those days.
legendary
Activity: 1568
Merit: 1002
I think does't affect crypto well that's great crypto, not infected with the financial crisis people will turn to crypto. all believe that crypto is the future of digital money, but I don't want to be in a financial crisis everything is cruel and starving others
legendary
Activity: 2646
Merit: 1106
DGbet.fun - Crypto Sportsbook
With crypto it isn't assured, what we deny on is just like gambling. Financial crisis happen quite often, but the same won't have a big effect on bitcoin. With gold it has got a backed value, while crypto is all about trust. With this I believe bitcoin won't experience any collapse as it's market is independent from the world market.
legendary
Activity: 1526
Merit: 1179
The whole thing could collapse and it would have no impact on btc, 1 btc = 1 btc
That's a very weak point and doesn't only apply to Bitcoin. My 100 gram gold bar is still a 100 gram gold bar, even if in the worst case scenario every economy and fiat currency in the world implodes.

I would even say that my gold bar will hold more real world value than Bitcoin where we are right now. Gold has nothing to prove, while Bitcoin on the other hand has everything to prove in terms of being a developed asset.
hero member
Activity: 924
Merit: 502
Financial crisis won't make any impact upon bitcoin in the short or in the long, as it is associated with technology only the issues that arise with the blocks will create some sort of congestion. The previous thing happened with the transaction fee, which further slowly got resolved. Crypto market is independent of other digital markets that don't function solely.

With my other side of opinion mate, bitcoin really is independent body of currency but I don't think those investors who've been a part of bitcoin's growing economy cannot feel the circumstances behind financial crisis of fiat. The investments of bitcoin was from fiat money, so if you find it hard for bitcoin price to increase; well financial crisis was mainly one factor to consider. If a person who wasn't able to let his asset gain a good returns for fiat investments, how much more if he chooses digital currency knowing that it was also more risky compared to how fiat cash works. The crisis really affected crypto, because if a person whose the potential asset holder won't earn good enough to fund crypto holding; it couldn't established strong financial foundation on crypto.
Pages:
Jump to: