State influence for cryptocurrency - page 3.

ashmodeus

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Quote from: rizkyalhabsy on October 13, 2020, 02:24:19 PM

What impact will it have on cryptocurrency in a country torn by recession in the COVID19 pandemic?
some developed countries have entered recession. I just want to know what impact it will have on cryptocurrencies in your recession-ridden country

well, i just see 2 options about it.
1. positive view : investing in crypto since no one left on their country
2. negative view : instead to investing, government has blocked all way for something like that. Or another perpective, people have lost interest with any kind of investement, since its recession, of course daily expenses is the top priority, and of course if every country have a same think, disaster will be happened on crypto.

Quote from: rizkyalhabsy on October 16, 2020, 08:38:25 AM

What I meant is even some countries don't allow the use of cryptocurrencies directly for usage, but a lot of country allow the use of cryptocurrencies for investment. And that's what i meant about the investors of crypto. For example, my country allows the use of cryptocurrencies as an investment, and my country is in recession now. It is surely affecting the investor from my country, and a lot of them withdrawing their assets in crypto for their living.

of course its not an investor, it is a market participant, investor is a person that allocates capital with the expectation of a future financial return or to gain an advantage, in the simple words, no matter happen, they will keep their investement, if u talking about their dialy expenses, they must be find the other way to get it, rather than get double rekt by this situation.

Spaffin

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One way or another, today, in many countries, cryptocurrencies are outside legal jurisdiction, and thus any activity related to cryptocurrency may be subject to criminal prosecution. It is in this way that many countries are trying to influence the cryptocurrency market, but nevertheless, no government will be able to prohibit the circulation of cryptocurrency in their country, because if there is no legal market, then there will be a shadow turnover of the cryptocurrency, and this is somehow connected with a shortage of funds to the State Treasury. Thus, the only way out is to adapt the legislation to the new global trend, given the activity in the cryptocurrency market.

CASTIEL05

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Quote from: rizkyalhabsy on October 16, 2020, 08:38:25 AM

Quote from: Apes on October 15, 2020, 10:05:10 PM

Sorry i'm not getting your idea

What I meant is even some countries don't allow the use of cryptocurrencies directly for usage, but a lot of country allow the use of cryptocurrencies for investment. And that's what i meant about the investors of crypto. For example, my country allows the use of cryptocurrencies as an investment, and my country is in recession now. It is surely affecting the investor from my country, and a lot of them withdrawing their assets in crypto for their living.

Obviously speaking, the cryptocurrency investor either in legal or illegal countries located have difficulty in investing in cryptocurrency due to the pandemic. It will slow down our buying force because there are investor who will think the future phase of cryptocurrency. Maybe, the people who suffers a lot in pandemic may stop also their investment in cryptocurrency while others may continue their journey in crypto. Those who continue the journey incrypto are those who are businessman who had to shut down while in lockdown period. In order to have some passive income, they try to enter the crypto market again.But as a whole, the influence of pandemic in cryptocurrency can be consider as massive.

rizkyalhabsy

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Quote from: Apes on October 15, 2020, 10:05:10 PM

Sorry i'm not getting your idea

What I meant is even some countries don't allow the use of cryptocurrencies directly for usage, but a lot of country allow the use of cryptocurrencies for investment. And that's what i meant about the investors of crypto. For example, my country allows the use of cryptocurrencies as an investment, and my country is in recession now. It is surely affecting the investor from my country, and a lot of them withdrawing their assets in crypto for their living.

Apes

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Quote from: rizkyalhabsy on October 15, 2020, 12:57:18 PM

Quote from: Apes on October 15, 2020, 05:46:06 AM

because not many countries allow the use of cryptocurrencies directly to the public, economic recession has no effect on cryptocurrency.
however, when the economies of some countries end in recession, cryptocurrencies actually thrive.
~snip~

wow like that, but what about those who invest in cryptocurrency?
more and more who invest in the world of cryptocurrency, there must be an influence in cryptocurrency itself?
I think this crypto market has been greatly influenced by investors

Sorry i'm not getting your idea

Quote from: bittraffic on October 15, 2020, 03:05:20 PM

The pandemic has yet to be contained but the crypto market still flourished. And while more people are losing trust to the fiat currency due to the ir savings being stolen due to it beng devalued.

For countries adopting Bitcoin and cryptocurrency, I guess the crypto has the more influence. It almost become hopeless to see breaking resistances when we see price was dumped below 8K months ago but now its always going ot try the $12k again.

right. in order to reduce the pace of the pandemic, many countries sacrifice their economies and end up in recession as well as fiat currency devaluation,
when fiat is devalued people want to avoid it and chose cryptocurrency investment as a safe place, thats why cryptocurrency continues to grow lately,

because i live in a country which not adopts bitcoin for daily transactions, I can't conclude the recession influence. but as far as I know cryptocurrencies are not directly related to a recession, because the cryptocurrency economy is not managed by the government.

hatshepsut93

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Quote from: rizkyalhabsy on October 13, 2020, 02:24:19 PM

What impact will it have on cryptocurrency in a country torn by recession in the COVID19 pandemic?
some developed countries have entered recession. I just want to know what impact it will have on cryptocurrencies in your recession-ridden country

Logically, crypto would go down, because now people have less money to invest. But we don't see this happening, because recession isn't fully global and truly deep. This is why the stock market and Bitcoin are both still growing. Also Bitcoin is not strongly tied to real world events, so it could easy ignore a recession or drop, but for some other unrelated reason.

Kasabus

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Quote from: carter34 on October 15, 2020, 05:05:14 PM

Quote from: ?? on ??

All fields will be affected, cryptocurrency is no exception. because if you want to have crypto we have to buy with fiat first, the current economic recession is probably the first time in my life personally and hopefully we can all get through this well, use money as needed and not as desired.

Right to some point because fiat get affected by recession. In recession, it means that the economy has collapsed and all aspect of it including fiat that will be used to purchase cryptocurrency will be affected and the number of cryptocurrency that it can buy will reduce at the same time.

I think fiat and crypto will definitely be affected when a country is facing a recession. We might say that this pandemic has made crypto more popular and has made a significant price urge in the market but if this pandemic will still lasts longer, crypto will still be down in the end just like fiat.

michellee

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Quote from: carter34 on October 15, 2020, 05:05:14 PM

Quote from: ?? on ??

All fields will be affected, cryptocurrency is no exception. because if you want to have crypto we have to buy with fiat first, the current economic recession is probably the first time in my life personally and hopefully we can all get through this well, use money as needed and not as desired.

Right to some point because fiat get affected by recession. In recession, it means that the economy has collapsed and all aspect of it including fiat that will be used to purchase cryptocurrency will be affected and the number of cryptocurrency that it can buy will reduce at the same time.

And that can affect cryptocurrency as the crypto is not already yet used for the economy globally. People work to get money, and some buy crypto with fiat, but not many companies are willing to pay their employees using crypto. It could make the crypto is growth. But after the economy can back to the situations before, even better, the crypto will grow again. But even the pandemic is with us, the crypto can still grow, and the price of crypto is still trying to grow now.

carter34

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Quote from: ?? on ??

All fields will be affected, cryptocurrency is no exception. because if you want to have crypto we have to buy with fiat first, the current economic recession is probably the first time in my life personally and hopefully we can all get through this well, use money as needed and not as desired.

Right to some point because fiat get affected by recession. In recession, it means that the economy has collapsed and all aspect of it including fiat that will be used to purchase cryptocurrency will be affected and the number of cryptocurrency that it can buy will reduce at the same time.

Oceat

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Quote from: Oasisman on October 15, 2020, 05:19:41 AM

The pandemic and economic recession has no effect on cryptocurrency. Some people think the pandemic has good effects on Bitcoin because of it's consistent good price run from the start of the pandemic up until now, but the reality is, there has no effect.
Even without the pandemic, Bitcoin are still capable of such good price run because of the post halving hype.

Somehow the only thing that I noticed about the connection between stocks and crypto currency is when Trump got COVID-19 but after a several days the market suddenly rose then breaking the $11k resistance. This pandemic sure does made a lot of damage in terms of health and economy but the crypto market aren't affected that much. That's why lots of people might be relying crypto transaction now rather than fiat which is somehow a little inconvenient to most people due to the pandemic.

bittraffic

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Quote from: rizkyalhabsy on October 15, 2020, 12:57:18 PM

Quote from: Apes on October 15, 2020, 05:46:06 AM

because not many countries allow the use of cryptocurrencies directly to the public, economic recession has no effect on cryptocurrency.
however, when the economies of some countries end in recession, cryptocurrencies actually thrive.
The success of cryptocurrencies in this pandemic is the impact of people perspective who do not trust fiat and prefer to invest in cryptocurrencies
to secure their assets during a pandemic or be cautious of a recession.

wow like that, but what about those who invest in cryptocurrency?
more and more who invest in the world of cryptocurrency, there must be an influence in cryptocurrency itself?
I think this crypto market has been greatly influenced by investors

The pandemic has yet to be contained but the crypto market still flourished. And while more people are losing trust to the fiat currency due to the ir savings being stolen due to it beng devalued.

For countries adopting Bitcoin and cryptocurrency, I guess the crypto has the more influence. It almost become hopeless to see breaking resistances when we see price was dumped below 8K months ago but now its always going ot try the $12k again.

Alobo Realer

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Quote from: rizkyalhabsy on October 13, 2020, 02:24:19 PM

What impact will it have on cryptocurrency in a country torn by recession in the COVID19 pandemic?
some developed countries have entered recession. I just want to know what impact it will have on cryptocurrencies in your recession-ridden country

Well, I will say it will be a good time for cryptocurency if recession hit my country. The crypto market has gone so viral and getting high demand. Many people have seen it to be a quick money making investment, and fortunately it works fine for few, as such people will turn to it for source of income

rizkyalhabsy

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Quote from: Apes on October 15, 2020, 05:46:06 AM

because not many countries allow the use of cryptocurrencies directly to the public, economic recession has no effect on cryptocurrency.
however, when the economies of some countries end in recession, cryptocurrencies actually thrive.
The success of cryptocurrencies in this pandemic is the impact of people perspective who do not trust fiat and prefer to invest in cryptocurrencies
to secure their assets during a pandemic or be cautious of a recession.

wow like that, but what about those who invest in cryptocurrency?
more and more who invest in the world of cryptocurrency, there must be an influence in cryptocurrency itself?
I think this crypto market has been greatly influenced by investors

naikturun

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Quote from: Maroons on October 14, 2020, 07:59:58 PM

Quote from: naikturun on October 14, 2020, 01:58:57 PM

because the cryptocurrency in my country is not used for payment, so there is no special effect on crypto even though the economy is declining due to this pandemic, but in fact trading on my country's local exchange is still the same, there is no drastic decline.

Well for countries who don't have a good acceptance of cryptocurrency there will be almost no changes at all because it is not well entertained by many people in their so the changes will not even be visible enough to see but for countries who do have high acceptance and usage of cryptocurrency, the buying of crypto might be reduce due to the recession happening and many people might cashout their assets and turn it back to fiat because some people will lose their jobs because demand in the country will be greatly reduced, depending on the usage of the country, the more a country is active in cryptocurrency the more it will have an effect to cryptocurrency and its market.

but from some of the people who commented here, I saw that they answered that there was no serious impact or impact caused by the recession on crypto in their country. in the sense that crypto currencies may have different cash flows from others.

Apes

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because not many countries allow the use of cryptocurrencies directly to the public, economic recession has no effect on cryptocurrency.
however, when the economies of some countries end in recession, cryptocurrencies actually thrive.
The success of cryptocurrencies in this pandemic is the impact of people perspective who do not trust fiat and prefer to invest in cryptocurrencies
to secure their assets during a pandemic or be cautious of a recession.

Oasisman

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The pandemic and economic recession has no effect on cryptocurrency. Some people think the pandemic has good effects on Bitcoin because of it's consistent good price run from the start of the pandemic up until now, but the reality is, there has no effect.
Even without the pandemic, Bitcoin are still capable of such good price run because of the post halving hype.

verita1

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The rulers of the countries are drawing up economic plans to prevent the recession from affecting the economies of their countries. As we know, the pandemic was declared on March 11. In that same month, we saw the price of Bitcoin fall to $ 5,389.40, which fortunately has achieved a great recovery to date due to the trust placed by investors who believe in Bitcoin to protect their funds. If we want to know how the local crypto community is behaving, we can take a look at Binance on P2P and we can see that the price of Bitcoin remains with a good index despite the current crisis. So I think there will be no impact of Bitcoin and crypto in this recession.

CryptopreneurBrainboss

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Quote from: plvbob0070 on October 14, 2020, 12:14:57 PM

However, crypto should not always be seen as the solution to every problem the economy faces.

But that isn't the information been passed out to the general public. The industry is been praised as a solution to every problem out there. From the high returns of investment to been a safe heaven and best bet against the fiat. We're forgetting bitcoin is also another currreny and aren't no magic problem solver. Its time we start treating bitcoin as a currency and maybe the volatility rate will reduced to so extent.

While as the recession of your country economy would not have an impact on bitcoin price directly, that doesn't mean the economy state of other important countries wouldn't, like the US or Chinese. Just imagine these countries economy getting into recession, all market would dump massively. When there's recession the value of the country's currency suffering this economy meltdown get devalued, it'll have an immediate impact as the price of bitcoin trends to surge in those countries like we saw in venezuela etc. Meaning recession in a country could affect the price of bitcoin locally.

Salauddin1994

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Cryptocurrency has no effect on the state many countries have been affected by the epidemic and many countries are adopting crypto to revive their economies in the current digitally evolving era in the state cryptocurrencies and blockchain technology are simultaneously disrupting businesses and changing a paradigm in the way transactions are conducted and managed. With each passing day they are gaining momentum and the craze is on the rise due to which the man of inflation is declining and the economy is starting to rise.

MCobian

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he COVID-19 pandemic that has been running for several months, has left many countries experiencing an economic crisis.
Therefore, the government took a policy by printing money to make the economy recover immediately, but its impact makes
the country increase the amount of its debt. And if government continue to print money, it will reduce the fiat value due to inflation.
This makes investors avoid investing in the traditional market which is bound to be affected by this situation. So it is likely that
investors will start investing in cryptocurrency. Because cryptocurrency is decentralized so it should not be affected by current
economic conditions, so many investors nowadays consider cryptocurrency as a safe haven.

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