Topic: What would happen if a major financial crisis hit entire world in a few months - page 2. (Read 1457 times)

BTC relys on the internet, the bank debit card was just a optional service giving you a branch of ATM.   So if the bank was stopped you'd not get the notes but it doesnt mean the btc is lost until the bank is forced to forfeit to government.

BTC could still be used with no cash, it would just become pure trade exchange like the first pizza for btc.   There would be no reliable price in dollars or euros.  Its possible this scenario sees the highest ever worth for bitcoin as people cannot transact any other way reliably and BTC is not part of reserve banking, fiat, debt or bond markets or subject to IMF jurisdiction.
   That all sounds like a positive, cold water in an earthquake suddenly becomes a unique resource right.   That brings us back to the internet, can it suvive disruption.  If the net stayed up then btc could continue, some countries are this bad already.  Maybe ask someone in Venezuela

Actually all the world is always facing a permanent crisis, and that is why I would not expect for a dramatic  bitcoin increase at any moment. Even in the case that such a sudden failure of the current economic system would happen tomorrow, all the people would look desperately for acquiring precious metals instead of bitcoins.

It would be a tragic something but we know that it is not going to happen because we have not seen any signs from it.
It would be all over the news but what is now on the news are thing about isis.

I agree with crisis in financial system, Bitcoin will be greatly affected too.  Unless BTC had already established it's foothold as independent currency and widely accepted in any places.  But if not, I think barter system will take place.  Item for an item.

In a  financial melt down i  don't think bitcoin has enough  adoption to actually be of any use,  anyone who may have wanted to use it as a  safe  haven probably won't be able to due to not even knowing what it is.  Maybe if  more people new and trusted in it then money would flow into it and price would rise by a  good amount. 

The biggest issue is that Bitcoin is not spread enough so that we could live relying entirely on it as a currency.

For example you get a haircut and pay with Bitcoin. If the one that did haircut cannot buy food or pay for any other thing easily with Bitcoin he will have to get into the fiat. It's a long way till this widely spread happens (if ever), but till then i think it's good to have savings dispersion on 3 currencies, gold/fiat/bitcoin.

You are really naive if you believe this ...
All banks are financially connected. The 2008 crisis was only due to the US and it affected all countries in the world. Central banks have some power, but they don't have infinite funds, so they cannot go against the market forever...

Major worldwide financial crisis can not be, all markets are segmented. Financial crisis can be in one country, but not in all countries, it is not real. Even in one country financial crisis can be as very rare exception - all central banks in each country take care of such things preventing.

Yes it could hit and it has being so in the entire history of the global scenarios. So what is causing you of being afraid , it wont be new firstly and it wont be something unheard of.  OP - Also is your question pertaining to bitcoin or large as a whole?

It doesn't affect the bitcoin because once that happen, bitcoin will adopt to it's surrounding and it might have it's own value without relying to US dollar.

We are moving to a scenario where fiat conversion would not be a necessity in this whole process. You only have that problem when you convert back to fiat. If you keep everything in Bitcoin, you would pay in Bitcoin and the receiver will do the same down the chain.

We rely on these payment processors too much in my opinion, and we should move to a scenario where Bitcoin is used as the primary currency, not a commodity to convert back to fiat. ^hmmmm^

If a really MAJOR financial crysis hits the world, all the banks will bankrupt and people will loose all their

deposits.Without savings they couldn`t buy bitcoins,so the btc price will go down.

I`m optimistic and this won`t happen.

To me is just the opposite. If a financial crisis hits the world markets in a few months from now the people holding bitcoins would be the one dictating the price as many persons will be after bitcoin after they knew how much it is worth. Even in the event of bank restricting ATM-s you can still exchange bitcoin via Western Union or Money Gram and receive it in cash which would by pass your bank daily limit. So in the situation of financial crisis I think bitcoin will gain and not lose.

if you can only withdraw $60 a day. and banks go into negative interest(they take money from you). people will not stock up on fiat.

they would SPEND IT

but they would not spend it on bitcoin(initially), because of course they have a limited daily spend. so the real life priorities like food come first.

my point is people will want to secure their real life from short term hunger, dehydration, transport and shelter in order of immediate priority

EG if it hit lets say.. november 5th..
on november 6th people would buy food hoping to get more than a days worth as they are unsure about tomorrow
on november 7th  people would buy food hoping to get more than a few days worth as they are unsure about next week and probably some car fuel
the following week people would buy food hoping to have atleast a couple weeks worth

later they would want to ensure they have electric and shelter because they happened to have been fully paid up in october so not an immediate worry in the initial days since "the event".

as for bitcoins price. it would not shoot up the very next day due to people buying bitcoin as a first action.. so dont expect mass adoption.. rember $60 daily spend limit hinders mass adoption..

as for the price of bitcoin.. this can change due to "market confidence", where the prices will change even without mass user adoption... you can reference the Zimbabwe dollar as a example
bitcoin "might" end up "showing" as being worth $10,000+.. but in reality that $10,000 may only buy one pint of milk (price up but VALUE down)

I doubt that bitcoin will hit the moon I think it's the other way around,it will have a negative impact on Bitcoin people will stocks fiat more than bitcoin but I hope it will not happen and what will  be the cause of that global financial crisis..

When financial crisi occurs bitcoin will no longer have a monetary value since the demand will go down. If there are no demands it means there are no buyers then who will buy bitcoin. This will lead to the crash of bitcoin as there will be no more monetary value to it. Bitcoin will become just a digital number with no value at all. Bitcoin users hope that financial crisis worldwide will not happen.

Insanely good question actually.

BitCoin is based upon fiat currency, so if the financial apocalypse comes, then my guess will be that the price of BitCoin will go down dramatically.

We need to get into the ideology that 1 BitCoin = 1 BitCoin
(I would do the "B" but I don't know how)

And you're correct. Even with services like the Xapo, and Shift Financial debit cards, they work just like an exchange. Sell BitCoin for Fiat. If Fiat is worthless, then so is BitCoin in a way.

And in a financial meltdown that renders your prepper mentality necessary, hacking the electricity supply or finding a local freshwater source is going to be a whole lot easier (and widely practiced) than getting money to service companies. Arranging housing would be a little tougher. Anyway, you're boring, get that rest lol

lol you dont pay your rent/mortgage by the day, but you do need food, car fuel more regularly. followed by electric and water, because legally they can stop your electric and water ALOT sooner then evicting you should you be in FINANCIAL hardship..

So.......

Franky would arrange a roof over his head.......last?

And besides, OP said "financial crisis" not WWIII lol





Get some sleep. Another big shift tomorrow.