Topic: Investing in Bitcoin can save you in times of war (Read 377 times)

COVID and war are two different things, during covid19 people still have the opportunity to buy things from any place other choices but they are not permitted to come closer to each others for safety purposes. But when it comes to war, first thing is the capital city that is been targeted, anything that makes the capital to be affected by war means that the whole country is also affected.
Bitcoin can help during time if war but the important thing is if you have the opportunity to locate the area you hide your seed keys. Most people won't listen or try to think of anything like war happen because most of them will want to run for their life's and the other about everything, that's why during the civil war most parents leaves their children behind and ran away. So Bitcoin can help during war but it's only if you are opportune to reach were your seed phrase is. Few people don't keep their seed phrase close to them because the areas were they stay might not be secured.

omo eh! War no be wetin you fit tell wetin go fit help you or not when e finally burst out oh. E get as e go even happen self you no go reason anything about your Bitcoin because at that time, Bitcoin or no Bitcoin no go even matter. You don de were casala burst out when people even run leave thier children because them no de in the right state of mind? E get some wars when go even happen when even though you get your Bitcoin or fiat e no go even matter because you no go see food buy or wetin you fit exchange your Bitcoin for. Everybody go de reason how him wan take survive and the least thing to think of na thier digital asset.

But see the aspect when I think say this matter fit help well. Let's assume that during the war it led you to leaving all your possession in your country and you're forced into a strange country where you don't have their currency and have to transact and start up life afresh. If you've stored a portion of your wealth in Bitcoin, it's going to be just easy to do a P2P transaction into the countries local currency and start up your life from there. Such kind of previledges isn't possible for someone that's dependent on the banking system in storing his wealth.

Yes that's very true, like you said earlier let us not wish for bad events to occur, because war to an extend can affect everything except this war is not globally, because if peradventure it happens globally it might interfere with the Internet connection and this will disrupt people from accessing the Internet  and for those using  Bitcoin  it will be difficult for them to access their Bitcoin  account, but if the war is just in one's country then any individual making use of Bitcoin has a huge advantage as they will still have something to fall back to after the war or disaster is over instead of start from scratch just like others who does not have any investment. So it is advisable to have a volatile asset like Bitcoin and an investment like Bitcoin.

The pose of gravity between war and pandemic or disease outbreak(COVID 19) is very different. In my own opinion, bitcoin will be good to posses as an assets during times like this. During a scenario like war bitcoin will be more of advantage because its not a physical assets that can be destroyed or having the burden to carry from one place to another unlike gold, silver and real estate etc, bitcoin can easily be accessible or control by knowing the details to access it from anywhere. But during time of war, Network can pose a major challenge in the acceptance of Bitcoin as day to day exchange for services.  The major concern of individuals in this moment will be food and shelter, people will prefer fiat over bitcoin as a means of exchange because its acceptable generally. The majority of individuals not having access to bitcoin is more than those that have access to it, so it will be difficult for it to be accepted  generally for exchange but can be possessed as value assets during times of war.

The most advantage of bitcoin during war in Nigeria at now is the character that it can be for storing values. Considering the number of bitcoiners in our locality, its means of payments would always favour those who had been in the system before the crisis.
Let's say at the perceive of crisis, even non bitcoiners can take the risk to convert their physical assets and funds to bitcoin and have it secured from losts of damages by the crisis. Although such time of war either during or after the war, it could prompt more of Nigerians to accept bitcoin for means of payments either by considering the current ugly situation or recalling the past of the war which they suffered from not having means of payments.
So it's really going to be a learning in a hard way for Nigerians.

Op you get very good and valid point, Bitcoin Na the saviour to all those kind conditions. This Na one of the reasons why Bitcoin an better invention, any small thing you go hear say bank no get network and all of that. Though is war start the price of Bitcoin go drop due to the bad new but yet Bitcoin is the best alternative for transaction for those kind times. One thing wey you supposed to consider also Na your seed phrase, war Na even wey dey cause destructive disaster and e fit affect your seed phrase or your device wey your wallet dey inside. But e still better pass to keep all your money for bank.

This part of your post make more sense but na when bitcoin dey on bull we go see the benefit because the coin wey you dey hodl self go dey rise in value but if bear hit your hodling, na drop e dey dey do on a daily and you know go too happy especially if you no intend to hodl am long and newbies dey really feel bad with such then you go dey see plenty question for thread.

However, the thing wey me I think for this matter of hodling btc against say maybe e better to retain value against fiat na to keep am for tether and with that e go retain its value on steady but if you like to hodl in btc then no worry about dropping of the value.

We don't rightly pray for war to occur because it is very disastrous and people are always on pressure to do what they aren't meant to do or supposed to due to the condition at hands. Sometimes the strength of the war can cause a total short down of that country where means of having stable electricity supply could be very hard and if you have a bitcoin the way to process it could be very hard except that person relocate to the area where he can have electricity and internet to process their payment before possibly converting them to fiat. Again during war you can lose your complete access to your wallet maybe could be misplaced and your asset are completely or entirely lost except if you have a strong and a solid way of backing your asset up.

COVID 19 is a mere pandemic that doesn't have the gravity that comes with a serious war but even at that, it disrupted alot of sectors and led people to struggle seriously before Getting things done or even doing any form of financial transactions as banks where shut down and what was only possible was the use of POS in local areas combine with the mobile banking system that was also available. No one is praying for serious cases of war that could lead to the bombardment of major bank building which could lead to a temporary closure of banks to minimize lost. But in reality, those kind of things aren't impossible to happen.it can happen and if it does happen, since we already have the knowledge of Bitcoin and it use, it's going to be much easier to use it in such instance.

It all depends on the nature or magnitude of the war in question. If the war gets worse and more intense, accessing your bitcoin could be the worse way one would store his money particularly if the person needs to access the funds at the brink of the war. Because to get your bitcoin, you will need your mobile phones and possibly an internet connection. What would be more accessible will be raw cash at hand. Because that's what is readily available for use at that pressing point. Imagine you're able to access your bitcoin, you still need to convert it to Naira before you can finally use it.

Storing money in Bitcoin is not a bad idea but on a second thought what if during the war someone misplaced his seed phrase due to mind not being at rest. I don't think war or crisis will make bank to shutdown totally, shutting down bank totally will depend on the magnitude of the war and of which we are not expecting something like soon. Moreover, no matter how the war big reach whether we store money for Bitcoin or not people go still survive, people go still buy and sell after all during that COVID-19 people were buying and selling but in a low key. Note one of the characteristics of human na adaptation ( the ability to get used to a particular situation).

The main reason I love Bitcoin is that no government policy can affect one's Bitcoin and no crisis can affect one from accessing his or her Bitcoin so Bitcoin is very good to invest in, like you said no one is praying for evil but let's just be guided.
One thing about Nigeria is that your investment here can be in problem at anytime because of how the government of this country is functioning anything can happen no one believed what happened years back we ever be possible where people were not given full access to there money in cash if such a thing can happen then anything can happen were your investment in the country can be affected or your savings in a bank.
Bitcoin has given us a wonderful opportunity and I urge everyone to embrace it.

I was just laughing reading your piece if I am sincere with you, jokes apart, what you wrote has enough faults and I think you wrote this only to justify Bitcoin without looking at the basis of reality and the true economic side of the story.

To start with, who told you that Bitcoin would even survive during the war in terms of price and stability? In case you don't know, Bitcoin is not a safe-haven asset, but if you doubt this, why not go and compare its chart (past and present) with safe-haven assets and also do that for the risk appetite assets? I've been following this up since 2022 when I joined Bitcointalk due to how people have mistaken facts until now that reputable economic sites are aligning with my natural view about this. For the record, Bitcoin is a risk-on asset, and this type of asset is the worst affected during the war and not otherwise as you viewed it. Bitcoin could be so discouraging to even own at that time due to the huge disadvantage that the price fluctuation on the bearish side will cause.

On another point, we should pray that war should not happen, because if it does, the unexpected will happen. You are saying that you will transact with Bitcoin during war, what if they've just bombed the server of your wallet host? What about the internet facilities cut off one way or another? The only reliable means of exchange during the war is physical, which is where Gold/precious metals, physical cash and other valuables will win this time.

Anything internet can only be reliable when there is peace, my brother!

The usefulness of Bitcoin can not be over emphasized as it's benefits are too numerous to mention, Bitcoin being decentralized makes it more interesting let alone it ability of enabling borederles transactions, offering protection against inflation, preserving privacy and creating investment opportunities. However, it is only ignorant that will not allow alot of people not see the true picture, potentials that Bitcoin holds hence, am so glad that am able to see this light that Bitcoin has brought to the global economy.

I go agree with you foe some areas because in the time war many Banks go close and you no go fit get back your money again and if you go another country because of the war then you no go fit take your money back until you come back and when the war e don finished.
But if you keep your money foe bitcoin, anywhere you go, you go fit use am. Even though you no get account in the country, you can transfer di coins to someone whey you know and sell the coins in the country currency and collect di money and spend it to survive. Therefore e dey good to keep our money foe bitcoin in time of war and make sure we save save seed phrase in a save place.

During war cash is usually scarce and people might not really give attention to cash at that period so the government can even initiate because people will not even have access to banks during war. Because even the emotional break down people will experience will not make them think of cash, I don't think any country have actually used that initiative but with time. And Russia is not fully in support of bitcoin and since somtimes their use to be packed for refuges but it won't be even enough because the supplies are usually not enough and shops are even going to be closed even if you want to use bitcoin as a means of payment only few and they might even be expensive because of the war. I don't even see a need for p2p instead they can just have a specific quantity of bitcoin to be equivalent to the price of what want to be purchased. Russia actually needs to be sanctioned because they always feel they can act on their own which is not suppose to be and that is why you see putin and the north Korea president are very close they both have similar character.

Investing in Bitcoin can save you in times of war and many more even during unfavorable economic instability.If you could remember during the Covid 19 period,where people were told to isolate themselves from each other,the trading volume of Bitcoin was high because it served as an alternative to make payments online without getting close to anyone.During wars traditional banking systems are not 100% guaranteed and also Bitcoin because it's volatile, but the reason why Bitcoin is preferred as an alternative during all sort of crisis is because it's users are allowed to transact with the p2p platform regardless unlike traditional banking system that can stop you from making transactions most especially in the face of crisis and in a traditional banking system you ability to carry a successful transaction relies on a centralized authority.

War is a thing that many people loses things including landed properties and money. It's also helps some people and doesn't favour many people. But what you said is the truth, if we save our money on Bitcoin it will help us allot more because during the time of war may business will shortdown and a lot of properties will be destroyed banks and other big properties of the government will be the first things that will be destroyed before other minor things. If something like war happen it will affect everyone because many people in saves money in the bank and people life savings are there. During covid19 and cashless policy we all witnessed what happened. The truth is that anything that's controllable have disadvantage because those who controls it will do it in such away that it will affect those that are using it. Fiat is not a thing anymore should depend on because if anything like war should happen everyone who's keeping money on fiat will suffer from it as government will use it to condition everybody.

Op, i agree that when there is war, btcoin serves as the best option, during war Bitcoin can even pump due to scarcity of cash but in the aspect of making purchase with it, there may be limitations, I already know that many firms don't accept Bitcoin as their mode of payment so what do we do in such situation? Most times during total shutdown online banking never get restricted, the only problem people encounter is mainly the cash aspect due to government restrictions, normally Bitcoin is a good store of wealth both in the presence or absence of war.
Op there is an important thing you should consider, during war, people don't consider much about transactions although if you have a holding in Bitcoin better because if you are lucky enough to leave the country, you can exchange your Bitcoin for you to be able stand financially again but that depends on the amount you are holding. The major problem of war victims is food, shelter and clothing, when all these are present that's when individual can remember Bitcoin, although I understand what you meant but war outbreaks is not a good experience because it makes people to forget things and concentrate on securing their life first before any other thing.

Although it's true that in certain circumstances when the use of fiat might face some level of limitations bitcoin use can become eminent, the issue will still be that Bitcoin doesn't just work independent of the fiat. For you to make use of Bitcoin in times of war, it has to be converted to fiat which according to the context you're bashing your narrative from, has stopped working.

During war, what's more important to victims of war is food, water, shelter, and any other means that aid their survival. To get these which will all contribute to saving you during times of war,  you need fiat to buy them and not Bitcoin as you would need to get food items from the locals most of which don't accept Bitcoin as a legal tender. Extreme wars get to stages when you can't even make use of your wealth even when you have it. in countries like Ukraine and regions like Gaza that have witnessed battles where the only way of survival is to depend on aid from NGOs not because the individuals in those regions are poor but because the lack of safety in those environments makes it practically impossible for businesses to exist when means that even though you have your wealth stored in Bitcoin or fiat, you can't still make use of it.

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.

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.

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.

 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.

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.

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.

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.

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.

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.