Although I don't disprove the fact that we should not keep our money in bitcoin against war or economic crisis. Though to me the reason why we should invest in bitcoin is not only because of keeping it against unforeseen circumstances like war, but for securing the future by creating wealth for retirement age.
You made mention of bank shutting down and Bitcoin to be used as alternative? No matter the gravity of what happens in any economy, banks don't totally shutdown because if bank close or shutdown, you wouldn't be able to do any transaction with bank via mobile transfer even when you have money on it. You said if bank shutdown we will use bitcoin? If bank shut
down how can you sell your bitcoin for fiat? Because as far as I know, whatever transaction we do today or any Oder we placed via p2p requires a person that is operating under bank to send you Fiat. that is to tell you that having money in bitcoin does not mean you are totally free if a total shutdown of bank happens today. Except you will do your P2P directly one on one. Bitcoin is good in diverse way expecially it volatility will help you increase your portfolio even if inflation is eating up the fiat.
Topic: Investing in Bitcoin can save you in times of war - page 2. (Read 352 times)
First and foremost, we should not wish to see war even though it happens due to our politicians whose children will never come close to the frontline. During the time of war, it is very easy to even forget the storage device both hardware and even computer, this is one challenge that makes it safer to avoid war. But should the individual be able to take some of his portable belongings while scavenging for safety, Bitcoin is definitely a wonderful option since the individual is totally in control of his funds so even if the fiat banking system fails, he funds will not be lost as long as there is access to the Bitcoin wallet. Even in some recent wars, cryptocurrency have been used for donation even into the hotspot of the war where there is no commercial banking activities.
Yes you can have your Bitcoin In time of wars if you stored it in the right way....
Which means you can still lose it if you hold your coin in an exchange wallet and the exchange company gets affected on war... there might be a compensation maybe after the but that's on a very low scale.
Using a non custodial wallet to hold your coin cab still give the safety for your coin in time of war, just keep you seed phrases safe and you will be fine to withdraw your coins so far there are still active miners to mine themand include it in their various blocks .
During times of war, the banks and many business/financial sectors get really affected even when the war is over, cause it would take the banking system a while to start functioning properply again especially if the building got heavily affected, so Bitcoin is the best alternative people could use to carry out transactions and it would work perfectly since it's blockchain enables a safer and faster transactions.Which means you can still lose it if you hold your coin in an exchange wallet and the exchange company gets affected on war... there might be a compensation maybe after the but that's on a very low scale.
Using a non custodial wallet to hold your coin cab still give the safety for your coin in time of war, just keep you seed phrases safe and you will be fine to withdraw your coins so far there are still active miners to mine themand include it in their various blocks .
Yeah, storing in a non-custodial wallet is right. Well apart from war related issues, i think those that are storing their assets for a long-term purpose, shouldn't think of storing them in an exchange but a non-custodial wallet like Electrum, Atomic wallet or even coinomi those are the safest place I could recommend anyone to store their Bitcoin, which can also be very efficient during times of war.
However people should protect their seed phrase at all cost, I think the best place to safe it in a situation of war is in a mail that's secured with a two factor authenticator cause if you write it down somewhere and keep in a safe or vault your home could be affected by war and the safe destroyed or buried to the ground but you could easily log into your mail after the war and have your seed phrase.
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anything wey person go do, alternative they very important and that is the one the use and reason why bitcoin was created with the way things are going now, in times for war and any other thing? You fit no pay. And na the problem wey we they face now be this, the thing be say we need to they consider the government, How the government they view bitcoin as current, because anything wey we wan do government still they fight am say bitcoin no they allowed for some countries in the world. So wetin they be say na the government be the main issue, if you look at when they were lock down on Covid, Now you go see say, many like get another way to spend money but they no fit, but if another way they Dey go do am.
Yes o, I agree say, Bitcoin fit offer person some advantage in times of war o but, even that cef dey dependent on some things to Dey in place and I mean things like, network and functioning banking systems. You cef check am now, if you no get network, how you wan con even enter online to trade or see where you go swap/sell Bitcoin for fiat since, e no Dey readily acceptable by everyone for goods and services. Na that one cast the whole matter. E still Dey very dependent on certain services to thrive. If these services and facilities Dey cut off in times of this crisis, you go still Dey square zero.
That no mean say make you no still take up Bitcoin investment o. The war go still end and na people way no get way to rebuild and support themselves na em loose.
That no mean say make you no still take up Bitcoin investment o. The war go still end and na people way no get way to rebuild and support themselves na em loose.
When COVID came and it became impossible to hold physical meetings, zoom gained relevance and became the solution to what would have caused major problems for most companies.
war can lead to a total shutdown of banks and all financial institutions causing even those that have money inability to use their money. We saw a slight fraction of it during the scarcity of the naira and we know how bad it was and that it can get worse should banks stop functioning totally due to war.
We don't pray for war but we can't assume it can never happen so we should prepare for the worst while hoping for the best and keeping part of our investment in Bitcoin will be a sure option.
If you have Bitcoin and banks stop functioning, it's just simple to make transactions through it pending when things will go back to normal and the Bitcoin can be converted back to cash. This is the reason why it's good that even people in the market environment know about Bitcoin so they know its numerous advantages and how it can come through for us in times when our banking system can't work again.
Well you would surprised to the impact that war could have on a society and I think if the war is a big one then even the use of Bitcoin won't be possible because there are some war that can even affect the internet as a whole and Bitcoin is Internet money so you not having internet is just like also not Bitcoin itself. Take for example the Hiroshima bomb that occured years ago, I believe if such case is repeated then you would probably not be talking about Transacting with Bitcoin. war can lead to a total shutdown of banks and all financial institutions causing even those that have money inability to use their money. We saw a slight fraction of it during the scarcity of the naira and we know how bad it was and that it can get worse should banks stop functioning totally due to war.
We don't pray for war but we can't assume it can never happen so we should prepare for the worst while hoping for the best and keeping part of our investment in Bitcoin will be a sure option.
If you have Bitcoin and banks stop functioning, it's just simple to make transactions through it pending when things will go back to normal and the Bitcoin can be converted back to cash. This is the reason why it's good that even people in the market environment know about Bitcoin so they know its numerous advantages and how it can come through for us in times when our banking system can't work again.
Bitcoin is good during war for transactions because the war might affect physical banks and the rest. I could remember Russia using bitcoin during the war to purchase goods from outside the country since they have been sanctioned by UN.
Bitcoin transactions does not need a third party to hp you carry out your transaction or a middle man which makes it more unique of its p2p payment method due to the decentralized nature.
Bitcoin transactions does not need a third party to hp you carry out your transaction or a middle man which makes it more unique of its p2p payment method due to the decentralized nature.
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Yes you can have your Bitcoin In time of wars if you stored it in the right way.... Which means you can still lose it if you hold your coin in an exchange wallet and the exchange company gets affected on war... there might be a compensation maybe after the but that's on a very low scale.
Using a non custodial wallet to hold your coin cab still give the safety for your coin in time of war, just keep you seed phrases safe and you will be fine to withdraw your coins so far there are still active miners to mine themand include it in their various blocks .
Not totally against exchange because exchange is still useful for business types ... if you will be needing to exchange from time to time(from the word exchange) then exchange wallet is the best to choose to ease stress else if you will holding it for a long time and you have the sole purpose of holding only Bitcoin maybe... then get a non custodial wallet because apart from securing your coin it provides Privacy.
Yes, in time of crisis, many physical stock holders such as landed properties, stocked of goods and those holding fiats looses a lot of their values valuables.
Even during natural disasters, while lives matters most, er flew to save guide life before thinking of our belongings.
In giving benefits of doubts to persons who might argue that Bitcoin is not the best factor to make money neither does it seem the best to store values, it is still advisable if we can look into the past by which physical and stock holdings has been affected during disasters, it is worth enough to believe Bitcoin is the hedge to safeguard us from the losts of we have our values stored in there.
Talking about the scarcity OP, that was not actually a case of crisis but politics and that proves that we can be economically imprisoned by centralized commodities.
Atleast we witnessed how the governments politicizes the welfares of the masses without considering the effective crisis crisis it may course to the people.
If we had adopted the Bitcoin technology, believably we would had overcome the politics which the selfish governments played over us then.
With the store of value potentials of Bitcoin, I have come to conclude the the world would had been more developed than it is if Bitcoin has existed before its day because lost of values would had been minimal than it was.
Even during natural disasters, while lives matters most, er flew to save guide life before thinking of our belongings.
In giving benefits of doubts to persons who might argue that Bitcoin is not the best factor to make money neither does it seem the best to store values, it is still advisable if we can look into the past by which physical and stock holdings has been affected during disasters, it is worth enough to believe Bitcoin is the hedge to safeguard us from the losts of we have our values stored in there.
Talking about the scarcity OP, that was not actually a case of crisis but politics and that proves that we can be economically imprisoned by centralized commodities.
Atleast we witnessed how the governments politicizes the welfares of the masses without considering the effective crisis crisis it may course to the people.
If we had adopted the Bitcoin technology, believably we would had overcome the politics which the selfish governments played over us then.
With the store of value potentials of Bitcoin, I have come to conclude the the world would had been more developed than it is if Bitcoin has existed before its day because lost of values would had been minimal than it was.
When COVID came and it became impossible to hold physical meetings, zoom gained relevance and became the solution to what would have caused major problems for most companies.
war can lead to a total shutdown of banks and all financial institutions causing even those that have money inability to use their money. We saw a slight fraction of it during the scarcity of the naira and we know how bad it was and that it can get worse should banks stop functioning totally due to war.
We don't pray for war but we can't assume it can never happen so we should prepare for the worst while hoping for the best and keeping part of our investment in Bitcoin will be a sure option.
If you have Bitcoin and banks stop functioning, it's just simple to make transactions through it pending when things will go back to normal and the Bitcoin can be converted back to cash. This is the reason why it's good that even people in the market environment know about Bitcoin so they know its numerous advantages and how it can come through for us in times when our banking system can't work again.
war can lead to a total shutdown of banks and all financial institutions causing even those that have money inability to use their money. We saw a slight fraction of it during the scarcity of the naira and we know how bad it was and that it can get worse should banks stop functioning totally due to war.
We don't pray for war but we can't assume it can never happen so we should prepare for the worst while hoping for the best and keeping part of our investment in Bitcoin will be a sure option.
If you have Bitcoin and banks stop functioning, it's just simple to make transactions through it pending when things will go back to normal and the Bitcoin can be converted back to cash. This is the reason why it's good that even people in the market environment know about Bitcoin so they know its numerous advantages and how it can come through for us in times when our banking system can't work again.
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