Topic: If bitcoin is made for times like these why is everyone selling at a time like.. - page 4. (Read 1092 times)

We all do have our own different and valid reasons why we sell our cryptocurrencies like Bitcoin despite of the fact that at times like this using cashless with the existence of Bitcoin can be useful and essential. One of the factor that I can see is that people still tends to rely on the usage of fiat to sustain their needs of purchasing necessities to survive this crisis that is why they sell their cryptocurrencies not just Bitcoin but also other Altcoins that can be useful when sold. Also, the adaptation of using cryptocurrency to purchase good is still not well established that is why people is in need to sell or convert their cryptocurrencies into fiat to be able to use it at times like this. Also the volatility of the price of Bitcoin that is prone to get down at times like this is one of the reason why people tend to convert ir sell it to be able to make it more useful and valuable. If the adaptation of using cryptocurrency has already been well established, maybe people will not be forced to sell or convert their cryptocurrencies into fiat.

Bitcoin is considered by most professional analysts to be a risk-on asset with a high degree of volatility, so when the global markets tank likely so will any new emerging assets no matter how uncorrelated they can be from other major traditional options like Gold, Diamonds, Oil etc. so multiply the risk factor by 10 and you'll have most institutions running for the hills, however, these times might just see new interest if this asset does stay afloat and may have more upside potential for it than downside so let the next couple of weeks ride out before taking shorts out all over the place

I think, it is because not all people are ready and capable of handling this crisis. Either, they are caught off guard and didn't save up for times like this or they only rely from their earnings here for their living. A lot of people like me, needs money to sustain our daily living, for our needs and supplies in our home, what more of the people that already have roles or responsibilities in their house for their family? That would need bigger amount of money to sustain their needs especially when we are now in quarantine without other source of income.

This is the time to be more practical and be alert about what changes might come because of the ongoing pandemic.

Well, Bitcoin was made like an alternative to traditional banking and payment system but it's hard to tell if anyone had in mind so specific situation like we are having now.
People are still afraid and panic selling is something that is always present, especialy in the time of crisis. Also, it's hard to predict how Bitcoin price will develope, there are no guarantees that it will go up so some think by selling they can save at least some of their money, they are not brave and patient enough to hold.

Bitcoin has never been static. It keep fluctuating up and down and I do believe op forget at this period, people are in needy. They need money to buy foods and sanitary just to keep healthy and people will prefer selling what they have in order to get what they don't have so it is meant to be like that.

In crisis situations people behave irrationally, there is the fear of no liquidity, banks closed so people probably try to have as much liquidity as possible to be able to buy essential good for living.

Because virus!
Virus is killing bitcoin!

Bitcoin is with pneumonia. Sell everything you have and buy fiat currency!

How come it is not for a practical purposes? This Covid-19 pandemic killed a lot of people because some of them aren't financially stable, most of them are adults and 60+ yrs old. Plus, they don't have enough money to protect themselves from the virus. They can't buy foods, medicines, alcohol or something that they can use as a protection in everyday lives. We can help by donating our bitcoin to the community because fundraising is very essential so that people will reduce their suffering and we can save lives. Bitcoin can increase and you can recover those bitcoin that you've donated to the community in the future, instead of holding, use it in practical purposes so that it will not be useless as you wait for the bitcoin's price to increase again.

I guess it is the result of the pandemic virus, because when the pandemic coronavirus started and spreads over the world it affects our daily lives. The bitcoin market is also affected on that situation because as we can see it has a greater impact on it, the bitcoin price market is go down so deeply. In my own opinion everyone is selling their bitcoins because they know that the price will continue to fall.   Many bitcoin sellers did not believe that after this crisis the price of bitcoin could be back to normal, that’s why they selling it. When you sell it now, it’s a big loss to you because the price of bitcoin is so cheap now.

People should really look at those dumps as an opportunity, a chance to reinvest on bitcoin or maybe other crypto currencies since they might not see that in the long run. With a lot of holders and investors of bitcoin, they would not just let that opportunity pass by without reinvesting or buying again since it will just go back, look at what happened with the recent big dump.

Margin calls in which traders are forced to sell to top up their other leveraged trades + domino effect panic as a result of that

I don’t know where you read or heard that from, but just know that some bitcoin fans can say anything just to convince you about Bitcoin. I am not saying this to discourage you from investing in bitcoin or any other cryptocurrency. Cryptocurrency is good, but there are people who tend to exaggerate things so it seems more than what it really is. Bitcoin makes transaction easier for you by making things cheap and fast.

Anyone who is telling you that bitcoin is going to save your ass from a situation like this, well, it’s up to you whether you want to believe them or not, but left to me I would say that you shouldn’t.

Not everyone sells the bitcoin they have. Including I still hold bitcoin that I have even though the market is down dramatically.
Those who sell bitcoin when the market goes down, just panic. But this did not last long, because at this time the market began
recovered and bitcoin prices rise again.

Despite the corona crisis it stays at that level, I don;t know if there is some other worse case right now to make its price drop to $4000 which is what some are waiting to buy back. A  war or meteor going to hit earth perhaps might help the price drop but if there is nothing yet like this I guess I can expect price to go up to $7000. Lucky are the ones who had dumped at $10k months before Corona.

We have already surpass the bottom, bitcoin dump at $4000 level but it only stayed their for a very short period of time, after that, it slowly recovered until there is a big uptrend that almost bring bitcoin to $7000 again. For now, we should be happy seeing the stable price of $6600, that's the trading price for today and I hope we will improve this price soon.

Because panic sellers expected Bitcoin rallied. What did they get? - Bitcoin traded towards 4 - 6k towards $. People were scared about Bitcoin reached 0.

Bitcoin function also because of its convenience and performance to a lot of transactions in the market. Also imagine how big your profit is if you invest at this volatile coin, that's why it is being compared to a gold because of its ability to store value. Bitcoins should stay as a digital currency and not a fiat currency because fiat is more handy and practical to use while bitcoin is useful if it involves a huge amount of money for a larger transactions. The reason why they sell even if it is necessary to exchange bitcoin to buy their needs, they sell because they value their greed over their lives. Those whales still think of a profit even though it is uncertain when will bitcoin be recovered from huge losses, and they prioritize bitcoin when their life is at risk.


Definitely, bitcoin is not only talks about money, it is about how people will adapt to this digital currency. Hoping that more people will know and understand the value of crypto in the market as it is really the most famous and most used cryptocurrency for investmens. Continuously promotion of bitcoin on simple things will let us give more knowledge and possible good things to happen if we achieve our goals with bitcoin. Let's just predict and create strategies so that we can be prepared and prevent being stress to its downward movement in its price. According to the saying "Just let things play out, what's supposed to happen will happen and we also need to accept the fact that our life is in control and wait for the right moment for bitcoin to happen.

Cryptocurrency is still very young we are progressing there will come a time that it will be uses on this kind of situation, but this is the first time it happens to us, after this pandemic and the adoption continues and  if this happen again by that time people are more incline to use Cryptocurrency as a method of trading.

Indeed, people are panicking now so selling their bitcoins will really be a good idea despite the consequence it may bring to your portfolio or crypto path later on. Online shops will be impossible for most countries because of the full lockdown but for those countries who are not in "Full Lockdown" the govn't surely allowed those deliveries so online payment is possible but for the rest no so selling their btc and getting fiat is a good move rather then holding yoir btc and struggle where to find money for food supplies and medicine.

How can you say so? People are panicking because of the pandemic, lockdowns are happening , people are in quarantine and online shops are mostly closed since delivering it is almost impossible now with the strict rules of community quarantine and lockdowns. The government are allowed to markets in numbers, they need to provide for their family and they don't care whether they are using cash or online payments. Our place here is so close from lockdown, transfer? We don't even think about online payment since there are no online shops here, another thing is that only 2 shops here accepts mobile payment, some have debit but still we are going there personally so it doesn't matter.