Topic: If bitcoin is made for times like these why is everyone selling at a time like.. - page 2. (Read 1049 times)

No.. It is unfair to use "only" because crypto (bitcoin in this case) really offers faster transaction and other practical features for us. I think the word "mainly" is more appropriate . Well, I am not a hypocrite do deny that lol. I also harness btc's volatile price to earn money. But even though we are a little bit shifting into main vision of btc, for me there's still nothing wrong about it because the opportunity of earning was already there so tendency everyone will definitely take advantage of it. Plus, there's no rule saying that we cannot use it for trading thus no need to feel guilty at all.

Do you have the facts on everyone, you should change it to those in needs at this time, there are "few selling" because of their needs they have no work no business and they have to rely on whatever they have, and these are the people who put all their savings to Cryptocurrency, and now they have a need to sell, and it's not everyone.

Agree. There will be some people that will sell Bitcoin on the market, while others will buy and hoard as much coins as they can. It's not surprising to see prices decline massively on the market, since we're facing a global economic crisis. Even stocks and precious metals have experienced a decline in price because of the COVID-19 pandemic. The best we could do is buy, "hodl", and wait until we reach the light at the end of the tunnel.

Despite what's happening in the mainstream world, Bitcoin is still working as intended. The halving will proceed as programmed, making Bitcoin much more scarcer than what it is right now. This translates into higher prices over the long term. Surprisingly, Bitcoin's price has increased at a fast rate in just 1 month. It jumped from $3k to just $8.7k in a blink of an eye. This shows us that Bitcoin is still admired by people worldwide. In these times of turmoil, many people are resorting to Bitcoin as a safe-haven asset. The fact that it's decentralized and outside the control of central banks and governments worldwide, allows Bitcoin to be resilient no matter what happens to the mainstream economy.

Nonetheless, if you believe in Bitcoin, you should "hodl" it for the long term. Of course, there will be times where Fiat is necessary for our daily necessities. There is no problem with selling a few Bitcoin to get some cash for these times of need. But it's important to always keep some Bitcoin for the future, in order to help support the crypto economy. Just my opinion

There is a difference between a crash in economy and a global pandemic. The difference mainly is the fact that in 2008 crash there was nothing wrong in the world, everyone was basically living literally the same and suddenly there was a crash because banks decided that they want to over leverage the mortgage market by a big big margin and they were putting triple B's into A's and making them look like solid when the reality was default rates were going bigger.

This doesn't change anything in other countries and usually doesn't change anything USA except a few but the market crash was so big in billions that everyone got affected. Pandemic is not like that, it actually affects everyone, it is actually people being fired and not going outside, it actually changes lives of many. So, bitcoin was created as a hedge against the first one but there is nothing that could be done for the second one.

Some are selling thier bitcoin maybe because they found a coin that has a greater chance to give them profit or else they sold thier bitcoin and buy back when it goes down.

Right, as bitcoin is not yet globally recognised as a medium or currency, people still need fiat and convert their btc. I saw one thread in the bitcoin discussion board saying that he sold off because he was an expat and no one to go to but to sell his stash in order to survived and I think majority did specially in March when the price crash to $3800. But definitely, at this time, only a few have been selling their btc because of the halving. On the contrary, I think the demand is high right now, as evident of the price spike in recent weeks. Yes, we need fiat, but I think when government started to help people around with stimulus package, the selling-off has stop.

Before anything else I need to say that generalization never helps, you can't say everyone sells, or everyone buys, that's not possible. We have exceptions, and in crypto we have even more exceptions, because it's the nature of blockchain, it allows anyone to be free and to do whatever, whether it's buying or selling, in any given moment.
Holders will give one answer, traders will give their own second answer, and add to that all others who don't care about holding or trading, they just have fun with their own stuff. Where are you in all that depends on you and nobody else, like I said here we are free to do what we want with our own money. And sure we can't say the same thing for our banking accounts!

You already know that the price of Bitcoin is all about the rate of demand and supply. The price dropped because of so many reasons, and the major reasons are because huge amounts of money left the market as of then. People were selling their coins, they needed money for food and other things they might need during this lockdown.

Lots of companies are now locked down and their workers are now staying at home , they have no means of income any longer. Good news is that the price is now going up and most exchanges are now showing that there are higher buying rates than selling.

that is exaggerated claim mate that "Everyone" is selling a times like this.

There are some Panicking human that is not ready in this kind of situation and that same reason why they are selling but it doesnt mean that we are all doing the same because i am still holding now even when the dump happen in march yet i keep my trust and now i can see the fruits of my waiting.

Even if everyone did sell their coins, that’s not enough reasons for you to quit. There are times when the price of Bitcoin will fall, or haven’t you heard that the price of Bitcoin is driven by demand and supply?

This is a pandemic, and there is no stock or asset that was able to stand firm at this time. Gold was able to stay a bit stable, but there was a time it fell from over $50,000 plus to around $40,000 or so, and it quickly got back up. Bitcoin did the same, after it fell down to $3800, it still got back up to $5,000 and now it has gotten to $8,800. Tell me which other asset has been able to recover as much as it did?

I think you cant buy good in your local area with bitcoins. The problem is everyone is using fiat now due to the crisis. Everybody needs physical money to buy goods that could make them survive this pandemic.

It looks more likely that there's market manipulation by whales more than anything else. Of course, COVID-19 had a negative impact over the world's economy leading stocks, precious metals, and even crypto towards a "depression". But, whales could've also "lowered" Bitcoin's price in order to obtain coins at a cheaper price. I've seen many comments around the web, where many people have predicted Bitcoin to go as low as $1k. Whales are hoping it to go all the way down the drain for profit. With a current price of over $7.5k per Bitcoin, they've would've made substantial amounts of profit by now. Average people on the other hand, have been selling their Bitcoin in exchange for cash in these times of need.

Regardless of Bitcoin's price, it's still working as intended. The pioneer cryptocurrency is useful for cross-border payments at a fraction of the cost than traditional Fiat. Besides that, development is increasing behind the scenes in order to make Bitcoin faster, stronger, and cheaper than never before. Those who still believe that Bitcoin will see the light at the end of the tunnel, will continue buying and "hodling" it no matter what happens in the mainstream world. But those who're quickly driven by negative events, would simply sell all of their Bitcoin across the market. The decision will ultimately lie on the person himself. Remember, it was never about how much a Bitcoin is worth in terms of Fiat, but rather how useful Bitcoin is relative to Fiat. Since Satoshi designed Bitcoin to be independent from the world's monetary system, it can live on its own. But that entirely depends on people themselves whenever they'd want to use Fiat as a unit of account, or only Bitcoin. Just my thoughts

provision of passport data This is a new trend in the entire cryptocurrency market, which will continue further.  more and more resources will be required by kyc from its users, as certain requirements are imposed on them by regulatory authorities and regulatory structures, because today the issue of combating international crime and money laundering is an acute issue.  But if we talk about pricing for bitcoin, then first of all Bitcoin will be affected by large volumes of purchases or sales of this coin.  but since many people earn bitcoins, for example, through trading and use their income to pay their bills, in this case Bitcoin will always sell a certain part of users.  I believe that there is nothing prudent and surprising.

The answer on this question are bitcoin's users. There is knife and it's sold with purpose to slice bread, meat and etc, it's made for times like that but some people misuse it. Maybe it's not 100% clear example but everything depends on type of user. Bitcoin was good back in 2011-2016, after that bitcoin is abused by a lot of people and it's commercialized, example of this is how mining turn into big business and how exchanges require KYC documents as time goes.
Bitcoin's price is determined by it's users and people decide how to treat it, the more positive decisions will have the effect you are looking for.

The reason why people sold was because there are many traders out there who can profit if they sell at 10k and buy back in at 4k. Thats are profit of .6 Bitcoin

Different people have different way of thinking and perception towards the situation we are currently facing which is the pandemic Coronavirus and every people do also have their own way of deciding how they will use their cryptocurrencies especially Bitcoin at times like this. We cannot blame other people for selling their Bitcoins or other cryptocurrencies at time like this because we are not in their position to say that they must not do sell their assets since it was really intended to be used at times like this. Maybe they have also think of it many times before getting into a decision. It is their own choice and maybe their calling to sell their cryptocurrencies to sustain their necessities since there is no work because of the lockdown being implemented to stop the spread of the virus.

It's normal for prices to go all the way down the drain after a pandemic takes place in the mainstream world. This is largely attributed to fear more than anything else. It's the first time Bitcoin experiences a worldwide crisis, so we can't say for certainty that it has "failed" as a safe-haven asset. Surprisingly, Bitcoin bounced from $3k to $7.5K in just a month after the market depression. Stocks are still lower in price than they were before the COVID-19 pandemic, so this shows Bitcoin's resiliency within the mainstream world.

People will continue to sell crypto in exchange for cash as they need something that's widely accepted worldwide. The number of merchants, and businesses accepting Fiat are a lot more than those accepting Bitcoin as payment method. I know that the volatility issue is there, but anyone can simply use stablecoins to have the "best of both worlds". Bitcoin needs more time to mature in order to be recognized as a serious safe-haven asset in times of need. Weak hands will continue to sell Bitcoin if prices go down the drain. But the smart money will always buy and "hodl" Bitcoin no matter what. The decision lies on the person himself. We cannot force everyone to buy and "hodl" Bitcoin as people have the right to choose one currency from another. With the halving just a few weeks away, it's likely that Bitcoin prices will rise further across the market in the long term. Just my thoughts

In the past, the bitcoin market did not have a correlation to economic weakness and government policies because the determination of the price of bitcoin and other crypto-assets was only affected by supply and demand but the corona pandemic had an indirect effect on bitcoin and other crypto-assets. That is because of the selling action of a group of people who need cash to shop and save their businesses in the real sector due to the impact of the corona pandemic.

Increased attention of institutional and conventional investors in cryptocurrency has increased sentiment correlation with conventional assets. The few days that bitcoins are safe haven and have a high level of resilience to global sentiment seems to be diminishing.

The decline in the price of bitcoin is detrimental to many investors but the momentum is also used by many people to start investing in bitcoin (because the price is going down) so that it encourages large demand.

Agreed!

Sometimes people forget the real notion behind Bitcoin and use it as more of a speculative asset instead.

In my opinion not everyone sells the bitcoin they have. Only a few people sell it, probably because they have to. They sell it because
some people have been laid off, so to buy their daily needs they are forced to sell bitcoin. But some of them still hold bitcoin. So no
need to worry, in the end the price of bitcoin will rise. Then bitcoin is not used as a payment, whereas digital currency is very well used
in pandemic corona. Because not all country legalize bitcoin.