Topic: If bitcoin is made for times like these why is everyone selling at a time like.. (Read 1049 times)

They were selling, because so many people needed money because of the coronavirus pandemic, because of which they lost their jobs and livelihoods. Yes, and the whale showed up, which pretty much rocked the market. Therefore, your post was not very justified.

Exactly. The market is still not mature, despite 11 years of crypto/Blockchain's inception back in 2009. Slowly but surely, people and mainstream governments are recognizing the true benefits of Bitcoin as a new type of asset class that's totally separate from the traditional monetary system of today. Weak hands will always sell Bitcoin as they're triggered by negative news in the mainstream world, instead of believing in Blockchain technology to change our world for the better. As long you do your part in buying and "hodling" Bitcoin, you can contribute to the crypto economy.

For the first time ever, Bitcoin and other cryptocurrencies have managed to do well in times of turmoil. In just a month since the collapse of the mainstream economy, Bitcoin has recovered to its previous price before the pandemic started. This shows us how resilient Bitcoin is no matter what happens in the mainstream world. The pioneer cryptocurrency operates 24/7 without censorship, downtime, or fraud. While prices are still volatile, Bitcoin can still be used directly without Fiat as a unit of account. Right now, jobs are paid in Bitcoin, while merchants and businesses accept it as payment method. If people start using Bitcoin directly instead of complaining at its price in terms of Fiat, things would've been different.

Nonetheless, people tend to sell their holdings of any asset in times of need. They need cash in order to fulfill their daily necessities. Rest assured, that once everything goes back to normal (hopefully), the market will be in a "positive mood". My advice to the OP is to buy Bitcoin while it's in the "red zone", to experience high gains once COVID-19 is over. Prices could stay in the "green zone" for a very long time after that, due to a bullish sentiment by everyday people. Just my thoughts

Bitcoin may be an excellent currency to take a position in I feel they're selling their bitcoin thanks to financial problems they need also lost tons in trading Also, in many countries where Bitcoin remains illegal, the govt has not supported Bitcoin. The demand for Bitcoin in their country is declining thanks to a scarcity of legal recognition Many are selling thanks to declining demand. If Bitcoin is managed legally it'll be legalized in many countries.

I'm sure your venting is over the market has finally recovered, I guess the market is still young and not yet matured and the technology is not yet fully adopted, it is being used at this time but not the majority of all the nations are suing this technology to their advantage, maybe two or three years from now preparation will be set up for this kind of scenario, we are learning a lot of things of course.

I know that bitcoin is projected to advance financial innovation and with decentralization bitcoin will stand tall without being controlled by the government. But of course we must get support from the government.

For some countries, bitcoin is still illegal as a legal payment tool and for this reason we can only use it as an asset that can be traded on commodity markets which basically must comply with government regulations. So basically, I like bitcoin to be adopted as a payment tool on a global scale and its a good thing if the government legalizes it.

Exactly. Despite the massive sell-offs, Bitcoin has managed to retain its value across the market. It's probably because its decentralized design makes it immune to negative events in the mainstream world. Stocks are heavily manipulated because of their centralized structure, causing negative events to have a deep impact over their price. After all, stocks are directly linked to the success of mainstream companies. That's not the case of Bitcoin, as people are the ones who dictate its price and future path. With the limited supply and unmatched security Bitcoin has, I'd expect it to be used more thoroughly in times of turmoil.

This is only the beginning as people are becoming aware of Bitcoin and crypto in general. By the next crisis, crypto could stand stronger like never before. The pioneer cryptocurrency is a safe-haven asset against Fiat, because it's outside the scope of central banks and governments alike. The fact that no one controls it, makes Bitcoin very similar to Gold. In the end, people will use digital payments more thoroughly (either through Fiat or crypto) making physical cash a thing of the past. If you invest into Bitcoin now, you'll become an early investor of the technology that's bound to change the world's economy for the better. Do your own research, and you'll find out why Bitcoin is still a better option than Fiat in these times of crisis we're living in. Just my thoughts

I don't think traders are thinking about using it because the virus is hampering the country's economy and everyone is going through the crisis. Bitcoin was created for this period to overcome this situation but they are selling.

Gold is neither your safe haven as well , for now perhaps but many more years to go then people will try to find something more liable to invest into and one of those option is bitcoin.


Not really, depending on when did you buy your bitcoin. If you bought them at 20k then it is not really showing great result for now. No one can predict or even expect bitcoin to be over 20k once again

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Not pessimistic, just saying the truth

It's assumed it will work in times like this because its decentralized which I think already had worked for us. Its price didn't plummet to the ground unlike the stocks that the government has to intervene because everyone had dumped.

What it could mean is that we can make transactions online and without using the fiat cash that also caries viruses that helps it to spread. With BTC, we can only use phones and without physical contact.

I'm really confused when people say that Bitcoin was created for a time like this and should be used as a safe haven. Where and when was that said? And was it said by Satoshi Nakamoto himself or just a random person? The main thing cryptocurrency was created for was to be used as a means of peer-to-peer payment and we all know that the price is volatile.

So, how do you say that a cryptocurrency that is volatile is meant to be your safe haven? Bitcoin can be safe if you invest in it for a long term, but you shouldn't put all your hopes in it that it's going to save you, try to diversify and invest in other things like gold if you're looking for something more stable.

Exactly. To our surprise, Bitcoin recovered in just a month or two after the pandemic's effects over the world's economy. Everything has been going down the drain, expect for Bitcoin. This shows us that Bitcoin is resilient against negative events in the mainstream world. It could prove to be the ideal safe-haven asset against Fiat in times of turmoil. Given that every 4 years Bitcoin will experience a reduction in block reward, it should become scarcer and more valuable over time. It's that scarcity which makes Bitcoin highly demanded within the crypto market.

In the beginning of the pandemic, people used to sell a lot of Bitcoin in exchange for cash to pay for their daily necessities. After all, most merchants accept Fiat over crypto. It's the go-to currency that can be easily and quickly used in emergency situations. Rest assured that once central banks collapse in their entirety, people will look for other alternatives to the existing monetary system. A decentralized peer-to-peer electronic cash which is deflationary and outside the scope of corrupt governments, is the ideal currency for the future economy.

As long as you buy and "hodl" Bitcoin, you'll be able to see great results in the future. Bitcoin has already experienced its third halving event a few days ago. I'd say we should give it some time, before making any decision that will make us regret it in the long term. There will always exist people selling on the market, while others continously buy Bitcoin no matter the circumstances. If you truly believe in Bitcoin, you'd forget about the price and focus on its utility. It's no about how Bitcoin can make us rich, but rather how useful it can be for our daily lives. And so far, Bitcoin has kept its promise of being a truly decentralized and censorship-resistant money where no one else besides you, have control of your funds. Just my thoughts

OP asked this question 2 months ago. The price is already climbing as the halving gets nearer. I dont think answering OP's question today is inappropriate. This thread should be close already.

Maybe bitcoin is made for this time but traders just want to speculate, they dont think about use cases so much

Its just not ready to replace fiat due to its extreme volatility and government won’t recommend it in any way. But if you’re worried about the sell-off I believe its more temporary and people need bunch of cash during crisis.

OP, now got the answer?

Bitcoin is doing great when everything falling down and the immediate price fall on crypto market was happened due to the panic sellers and now they lost their real profits since price is going to cross $10K when we are nearing halving event.

Your main question should have been whether the cryptocurrency and especially bitcoin would be able to recover from the crash. And the answer that would be a yes. I know very sure that you have seen the increase we had as of recent. The price of Bitcoin was able to reach $9000 from April to this May, while other markets are still struggling at this time.

If you are thinking that Bitcoin would stand stable at a time like this, then you're making a big mistake. I believe you know that Bitcoin is a volatile asset. You don't expect such assets to remain stable when there is a whole pandemic. Some of you are always expecting too much from Bitcoin and you always want the price to keep going up.

Exactly. Not everyone sells their crypto across the market. Only those who need cash quickly in times of need (like the ones we're facing right now) will sell most (if not all) of their Bitcoin on exchanges. The smart money will always "buy and hodl" Bitcoin no matter what, since it's a deflationary cryptocurrency after all. Before you know it, you'll be able to double or even triple your investment in a few years from now. Ultimately, the decision will lie on the person himself. There will always exist people who sell Bitcoin, and people who buy Bitcoin on the market. If there's more sell orders than buy orders, you'd expect prices to go down the drain. The same thing happens vice versa.

I'd suggest that we look away from Bitcoin's prices right now, and focus on its utility. Bitcoin proves to be an excellent payment system that allows you to send money across borders at a fraction of the cost. Bank transfers are slow, costly and inefficient for the modern world. Despite Bitcoin's slow transaction speeds and high fees in the crypto/Blockchain space, it's still much more faster and cheaper than traditional payment processors of today. Buying or selling Bitcoin, depends on which situation you're facing in your daily life. It's good to "hodl" Bitcoin with expectations to make lots of money in the long term. But if you can't wait any longer, it's best to sell Bitcoin whenever you see the opportunity to do so. Stay calm and remember to never let anyone determine your decision with your Bitcoin investment. Just my thoughts

If anyone using bitcoin daily life he need to sell it at a time. Now corona virus effect whole world thats why I am not against this at every one as at the terminate of the day corona virus is causing tiring walk out on and unhappily the jobs are closing , schools are blocked , folks even cover to compensate rent at the outcome of the day .

There are a lot of people grabbing the opportunity to make a lot of earnings with the use of the bitcoin that's why they want to make more earnings with the use of this also with the help of the bitcoin less transaction fee and has a faster transaction with no tax by this many people will trying to adopt the use of this kind of payment it takes a lot of advantage to make more income and improve their financial funds. As today even there are a lot of people supported the use of the fiat currency because this is one of the used exchange and transaction and it's already gained a lot of reputation to the banks and traders so the people will use this. The bitcoin is just new into our world even its already exist in 2010 but today it's already become popular because of the features it has in transactions. Many people buying and selling their bitcoin today because some of them hoping that the market price of the coin will increase and some of them already earned a profit on their funds so they don't need to buy anymore. We are hoping that the use of the bitcoin becomes widely spread.

The price of Bitcoin is rising at an unstable rate so we should all take advantage of this without selling Bitcoin now. Maybe they are going through a lot of crises because the virus has hampered the economy and trade of many countries so they are selling their bitcoins to overcome the crisis. Bitcoin prices have risen almost half of the event Now if we invest and hold on it may not be possible to use Fiat currency to improve the financial situation by earning from Bitcoin.