Topic: If bitcoin is made for times like these why is everyone selling at a time like.. - page 3. (Read 1049 times)

People are selling and it’s their choice. Some of them don’t even have patience, while some are selling because they are in need of money. You shouldn’t let the decision that others have made to influence your own decision you’re about to make , they might end up misleading you into doing what’s wrong. And I bet that some of them who sold their coins when the market dropped to below $4,000 will be regretting what they did.

They would wish that they never got to sell their coins and just left it till now. The market still bounced back to the higher price despite everything that is happening. This is not where it ends, there is still going to be more. The halving is already and we don’t know what it’s got in store for us.

We are talking about Bitcoin being used.

We are not talking about Bitcoin being not relevant as an investment, we are talking about the use of it in this pandemic. Bitcoin's price is obviously relevant as it is not directly affected by the pandemic.

Exactly. Bitcoin is still behind Fiat when it comes to merchant acceptance. Nearly every store around the world accepts Fiat, but not Bitcoin. This is probably because the pioneer cryptocurrency is volatile in price. As long as prices are unstable, Bitcoin cannot be used as a currency like Fiat. Aside from making Bitcoin faster and cheaper to use, we should focus on making governments regulate the market to provide better price stability. With greater liquidity and mainstream adoption, it's possible that Bitcoin will be used for daily payments instead of Fiat.

Until then, people will continue to use Fiat in times of need (like the ones we're facing right now). Even with social distancing, it's still possible to conduct transactions with Fiat using a credit/debit card or a payment processor like PayPal. As long as people trust Fiat, Bitcoin will be used by a very small margin. Now that governments around the world have started to print more money than usual, inflation will rise like never before. We'll reach a point where people will no longer trust central banks and Fiat currency itself, leading towards increased demand for Bitcoin and other cryptocurrencies on the market.

Nonetheless, the smart money will "hodl" Bitcoin no matter what. The halving is about to happen soon, resulting in higher prices per coin in the long term. We may not be able to avoid "sell pressure" across the market as a result of the COVID-19 pandemic. But as long as loyal supporters of the cryptocurrency buy and "hodl" their coins, nothing should go wrong. Besides, Bitcoin continues to grow in development and innovation behind the scenes. Before you know it, scalability and privacy issues will be a thing of the past on the BTC blockchain. This, alongside reduced coin issuance, should lead towards a very bright future for Bitcoin. Just my opinion

Bitcoin is correlated to the stocks that's why it had a major dump all the way to $3000 level. This mean that many Institutional investors and stock are actually holding Bitcoin and the reason they had to sell was because they had a major loss to their other portfolio's. So they had to sell they other investments to cover those losses or debts. But eventually if these traditional investors losses confidence in Bitcoin then it will decouple to stock.

Unfortunately many people just try to make a bigger income with crypto so they don't understand how crypto works and the value of it in long term.

This is a pandemic and to be sincere, I don't think that Bitcoin is made for a time like this. If you do have enough money, there is nothing wrong with investing money in Bitcoin at this time. But for now, a lot of people are worried about food and how to survive, so nobody is really interested in investing their money in stocks or any form of assets, not even Bitcoin.

There is a lockdown everywhere and many people have lost their jobs due to the lockdown, now they are trying to manage their life with the money they have been able to gather in the past months and years they have worked. And there are those that don't even have money left at all. I wouldn't be surprised if Bitcoin should fall, because it's driven by demand and supply and it is volatile. That doesn't mean we should quit.

Well, this is what I think.
I feel the period of economic crisis people need to be more liquid or need funds in order to maximise other investment opportunity.

That being said, not holding on to your bitcoin in time of downtown shows that there is fear in the market if bit coin will reduce drastically in value.

Big slice of the pie are from investors, that's why the price is very volatile because they are good in moving the market, through manipulation.

I don't do that way, when I invest, I made sure that my allocation for personal and for emergency purpose will not be risk.
That way, I can play with the market regardless of the situation, I cash out when I am in profit, not when I need it.

I believe now is a good time to buy BTC, XRP, ETH. These all must grow in these conditions, BTC is still relevant and seen as a crypto to hold money in long time. XRP can be used for instant daily transactions

Then it is not the time, right?

Besides the fact that the pandemic is there, Bitcoin is not that currency that would be accepted that quickly. From being decentralized and being volatile, the government might disagree with it. People are not just using fiat since it is the fastest way to buy for their essentials but also because some of those people are not aware of the existence of Bitcoin and cryptocurrencies.

It is exactly made for situations like these, but you got to understand the timing. Right now FIAT is still credible for purchases, and people do need FIAT to purchase supplies and such.

Believe it or not people still consider bitcoin and the like as instrument of investment which purpose is only to make profit and not as a currency. It's basically the same as stock, you cash out when you need it not to mention the volatility also increase the urge to sell off for most of people. Overall, people are still afraid that crypto might not worth to hold in time of crisis or they are really in need of money.

I accept as true with you within the current situation that folks are being harmed in some ways there's no source of labor due to the closure of everything. therein case they need to be been selling bitcoin for a short time keep with their lives. No way it's taking such measures to beat this crisis

The answer is simple because so far bitcoin is only traded on the market, it is not used where bitcoin was originally created as an exchange tool. Because bitcoin is only considered an asset, when a real business or economic conditions slow down, many investors sell their bitcoin to prop up the real sector.

Economic conditions when the corona pandemic struck was the first test for bitcoin. The fall in the price of bitcoin is proof that the real economy is affecting bitcoin. The conditions will be different if the main functions of bitcoin are applied in everyday life.

Bitcoin is not viewed by the mass as how it was intended to be used by Satoshi. Crypto today is considered an investment tool not an alternative medium of exchange. There are a lot of factors why it is not yet suitable as a medium of exchange, first, crypto is not yet accessible to all, not everyone can easily buy crypto and freely use them too but merchandise, supplies, and etc. Crypto's nature is profitable, it can be a good spurce of income if you hodl it. Due to it's volatility, using it to purchase something is not rational since price may change anytime.

There are many reasons that people are selling their btc for fiat is because there are businesses that are not yet accepting cryptocurrency as a means of payment. This is the case in my country though, but I think that the mobile applications that are used for transactions is making a name for themselves because they can help in making transactions cashless albeit the currency used is fiat and not cryptocurrency. You might be disappointed that people are selling their crypto but these are tough times and people are not like you who have the patience to hold, it might be their last resort or not. Atleast understand how people live their lives.

I don't think bitcoin was made for times like this. Bitcoin was made as an alternative to fiat currencies, although it is considered as a store of value by many. I think that is the reason why people sold their bitcoins, it is because they are afraid that bitcoin will crash during the time of this pandemic. Another thing is that, some people don't have other options but to do so in order to buy necessities for times like this.

The real question to ask here is if BTC is made for times like these.
I think a more realistic scenario is that money is hodlt because with BTC right now it is highly inefficent to buy food or goods to satisfy the basic needs.

That's because people are trusting Fiat for their daily needs than anything else. Everyone is cashing out not only Bitcoin, but other assets/commodities like Gold and Silver too. In desperate times, people will use what's widely accepted in the mainstream world. The pandemic has turned out to be more beneficial to Fiat (sort of) than Bitcoin itself. Rest assured that this is only the beginning of a long journey filled with desperation and uncertainty. The longer the outbreak takes to disappear, the more people will be inclined into using Bitcoin for their own benefit. I guess that they haven't noticed its true benefits relative to Fiat yet. The time will come when the world's banking system will collapse, triggering a boost in crypto adoption in the mainstream world.

Personally, I wouldn't worry much about Bitcoin's price on the market since it was designed to be independent from Fiat. No matter what its price will be in the future, Bitcoin will continue to work as intended. I prefer to make payments in the most decentralized and censorship-resistant way possible, than having to rely on Bitcoin as an investment. The pioneer cryptocurrency still has its use cases for the mainstream world, despite being relatively slow in transaction processing times and somewhat expensive in fees. As long as there are many nodes and a large PoW hashrate backing the entire network, there should be nothing to worry about. What matters here is that Bitcoin is truly unstoppable and free from the likes of central banks and governments worldwide. They may try to do whatever they want to try to stop it. But it's too late, considering how big Bitcoin has become in the mainstream world.

Nonetheless, the smart money will choose Bitcoin above anything else while "weak hands" will be getting out of the game soon. Since most people are into Bitcoin for making money than believing in its core technology, it's probable that we'll see decreased demand for it until the pandemic ends. True believers of the cryptocurrency will stick on to it no matter what happens in the mainstream world. Let's hope to see the light at the end of the tunnel. Just my thoughts

Yes, that's pretty simple, if more shops or merchants are accepting crypto or bitcoin, they don't have to sell their bitcoin but rather directly pay the merchants in bitcoin. Because not many crypto users are really rich and most of them need to buy something in this time of crisis. So are they going to suffer hunger without touching their bitcoin? I don't think so.