Why bitcoin should be bullish at this moment! - page 3.

buwaytress

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Quote from: figmentofmyass on March 14, 2020, 07:34:43 PM

Quote from: buwaytress on March 14, 2020, 06:55:11 AM

Bitcoin isn't at such low prices now because people don't realise it's the better alternative to cash or any other type of money, for that matter. It is down now because economies are down.

dumping by the plus token scammers, combined with the coronavirus FUD, created a selloff of epic proportions:

And I would add on to that all the already deepening economic woes with actual commerce slowing down, trade deals being cut, imports up and exports down. Just looking at the small microcosm in my home town, without the coronavirus, the signs were already showing. Suppliers not bringing in as much or as high quality, tourism numbers dropping, exports down. Then COVID hit and everything went to literal standstill.

Who wouldn't be selling their crypto to buy food?

Hypnosis00

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Quote from: Altcoins enthusiast on March 14, 2020, 05:21:55 AM

Payment for goods and services through cash can transmit Corona virus, doing transactions through bank, especially cash deposits can also transmit the virus. The safest way that we can create values and pay for goods and services during this time still remain blockchain and those selling off at this moment are doing so because they did not spend time to study the Blockchain technology and how it works.

The question is, do all establishments accepting bitcoin as a mode of payment? It for sure, not all of them. That is why some crypto holders have to sacrifice of selling their Bitcoins at a small price just for the seek that they can make use of it to buy some stuff outside. Though a little bit disappointing about the current coz we expect a lot for halving but something we can't, we don't have any control to the market that makes things so volatile and affected to the current market issue.

criza

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This could indeed be the reason why the price of Bitcoin now is in a dump because, a lot of people are now turning to sell crypto currency or Bitcoin for payment in their necessities instead of using fiats. But, the question is, if the people are turning into using crypto currency as payment, why not a lot of people also are adopting Bitcoin or other crypto currency as payment instead of Bitcoin being sold but bought to be used in their transactions?

Maybe the answer is the people who sells Bitcoin for their payments overcomes the people who Buys Bitcoin to be used in their financial transactiona causing a massive dump in the coin's price.

mahilchii

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That's a good Idea but people should get use to it only then this will work out, because BTC should be more and more convenient as a digital payment also people are still behind the lack of knowledge in crypto currency.

Those who are making use of this are well and good but how about those who are not aware of this. At this point of time if the people across the world start using BTC as a payment method then I am sure the value will skyrocket again.

noormcs5

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Quote from: Altcoins enthusiast on March 14, 2020, 05:21:55 AM

Payment for goods and services through cash can transmit Corona virus, doing transactions through bank, especially cash deposits can also transmit the virus. The safest way that we can create values and pay for goods and services during this time still remain blockchain and those selling off at this moment are doing so because they did not spend time to study the Blockchain technology and how it works.

The problem is that not many people are aware of bitcoins and how to use them. In times, where cash dealing can be dangerous to spread the virus by touching the physical notes, people can opt for online payments through debit credit cards etc. If Bitcoins were massively used in these situations then we could have pump in bitcoin prices, but the opposite of that happened. The reason is that bitcoin is mostly used as an asset and not used as a currency.

LogitechMouse

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Quote from: Altcoins enthusiast on March 14, 2020, 05:21:55 AM

Payment for goods and services through cash can transmit Corona virus, doing transactions through bank, especially cash deposits can also transmit the virus. The safest way that we can create values and pay for goods and services during this time still remain blockchain and those selling off at this moment are doing so because they did not spend time to study the Blockchain technology and how it works.

Studying the technology doesn't mean that they will use Bitcoin already although transaction thru online is the most advisable way right now to send and receive money in different places.

Even though there are threat that cash can transmit the Virus, people have no choice because that is the most use and most accepted kind of payment now in different establishments. What they must do is that after holding some cash, they must wash their hands with soap and water or alcohol immediately so that the virus will not last longer in their hands.

Bitcoin should be bullish right now but unfortunately it doesn't. Its because the economy right now is heavily battered by the news and Bitcoin's price is still based on fiat currencies like USD, PHP etc. and since markets are down right now then so it crypto market too. After this pandemic, markets will start to recover and make a reversal but it will take months before it happens.

Botnake

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Great explanation, but will people spend at this time? the only reason why bitcoin is in demand is when more people are using them, at the current stage, people are in panic, they are pulling their investment to buy their needs as they are getting ready for the possible worst to happen in the future.
Some maybe seeing crypto as a safe haven for money, so they'll buy, but the panic selling is still bigger than the demand and that's what we are seeing now.

figmentofmyass

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Quote from: buwaytress on March 14, 2020, 06:55:11 AM

Bitcoin isn't at such low prices now because people don't realise it's the better alternative to cash or any other type of money, for that matter. It is down now because economies are down.

dumping by the plus token scammers, combined with the coronavirus FUD, created a selloff of epic proportions:

Quote from: figmentofmyass on March 14, 2020, 07:07:14 PM

some researchers think this crash had more to do with plus token scammers unloading than the coronavirus scare and decline in world markets.

plus token wallets moved another ~13k BTC into mixers last week shortly before the crash: https://twitter.com/ErgoBTC/status/1236072541808029696

it's probably safe to assume this amplified the selling pressure.

Quote from: Altcoins enthusiast on March 14, 2020, 05:21:55 AM

Payment for goods and services through cash can transmit Corona virus, doing transactions through bank, especially cash deposits can also transmit the virus. The safest way that we can create values and pay for goods and services during this time still remain blockchain and those selling off at this moment are doing so because they did not spend time to study the Blockchain technology and how it works.

i'm ordering grocery/food/supply deliveries on credit card and just avoiding physical stores. no need to use bitcoin. i don't like spending my coins after their value has been cut in half! Tongue

kentrolla

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Most of them believe there should be a bullish trend at this moment before the majority of BTC usage is increasing and expanding in daily basis also many countries have started to accept BTC as a legal asset so when the popularity increases people start buying more coins but now the market looks like a bloodbath.

Traders are pulling out money from that Bitcoin because they think there will be a better short-term opportunity to go longer in the near future.

Febo

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Quote from: Altcoins enthusiast on March 14, 2020, 05:21:55 AM

Payment for goods and services through cash can transmit Corona virus, doing transactions through bank, especially cash deposits can also transmit the virus. The safest way that we can create values and pay for goods and services during this time still remain blockchain and those selling off at this moment are doing so because they did not spend time to study the Blockchain technology and how it works.

But you can get virus on goods also so is pointless to abandon cash. Bitcoin would make sense only when paying digital services.

Lucius

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Quote from: Altcoins enthusiast on March 14, 2020, 05:21:55 AM

Payment for goods and services through cash can transmit Corona virus, doing transactions through bank, especially cash deposits can also transmit the virus.

Paper banknotes and coins are, without any doubt, one way of transmitting the virus, as it has been proven that it can survive up to 9 days on different materials. So at this point it would be very wise to avoid paying this way, and to use cards and online payments more if possible.

Unfortunately buying basic lifestyles with crypto is still a very rare exception, and people have no choice when it comes to having to buy food, they have to sell crypto even if it means a loss in terms of investment. It would be ideal if everyone could pay for their goods and services online and receive delivery to their home address, which in a particular situation would definitely reduce the spread of the virus.

I think that after this epidemic, China will accelerate further the development and introduction of its crypto (allegedly working for years on that), and maybe some other countries will follow. But even cashless society as Sweden where 98% of all transaction is digital are not immune to virus, data from 2 days ago is say there is 461 confirmed cases.

Slow death

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Quote from: Altcoins enthusiast on March 14, 2020, 05:21:55 AM

Payment for goods and services through cash can transmit Corona virus, doing transactions through bank, especially cash deposits can also transmit the virus. The safest way that we can create values and pay for goods and services during this time still remain blockchain and those selling off at this moment are doing so because they did not spend time to study the Blockchain technology and how it works.

how people in my country will pay electricity, pay water bills, buy food, pay TV and internet bills using bitcoin if in my country not even more than 3% of people know bitcoin and don't accept bitcoin as a means of payment ? look at the reality of the world, bitcoin is still far from being used as a means of payment in all countries of the world, in the midst of this crisis physical money is the only option we have

pooya87

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that is a good point but not applicable yet because bitcoin's adoption as a currency is not yet that widespread for it to be used as a form of payment.

there are other stronger reasons why bitcoin should have been bullish this month though. a couple of countries have changed their bitcoin related laws. for example India ordered their banks to lift their restrictions they were imposing on their users for buying bitcoin. France accepted bitcoin as a legal currency. and some more positive news like this. all of which lead to more adoption and increased price.

buwaytress

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Bitcoin isn't at such low prices now because people don't realise it's the better alternative to cash or any other type of money, for that matter. It is down now because economies are down.

When people are out of jobs and have to think of families, and they liquidate, and then others who don't need to panic anyway, it all tumbles down. This is bad it feels bad but it's temporary.

No one forgot Bitcoin is the better money alternative. It's just how things are now. It'll blow over.

sunsilk

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Blockchain is the technology and bitcoin is the cryptocurrency and it's already used as payment but it depends the person how he treats his bitcoin. If he's holding it for future as an investment, no can do and no one's willing to sell it at the moment.

We just have to monitor and sit down while looking at the happenings and whether it should be bullish now base on what you've said, it is speculative and no one can control the price movement of it.

Altcoins enthusiast

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Payment for goods and services through cash can transmit Corona virus, doing transactions through bank, especially cash deposits can also transmit the virus. The safest way that we can create values and pay for goods and services during this time still remain blockchain and those selling off at this moment are doing so because they did not spend time to study the Blockchain technology and how it works.

Topic: Why bitcoin should be bullish at this moment! - page 3. (Read 530 times)