Why bitcoin should be bullish at this moment!

Questat

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Quote from: Botnake on April 07, 2020, 09:33:15 AM

Therefore we need some big adoption that will make this market stronger and I hope to see it slowly and the price will consistently rise so we can build a strong foundation that cannot be easily manipulated.

In order to achieve a big adoption, we need to have a lot of platform in the crypto space so people will stay.
Gambling sites are one important platform that would attract adoption, but surely there will be more in the future only if altcoins will survive and succeed.

Japinat

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Quote from: whyrqa on March 24, 2020, 01:53:28 PM

Quote from: Japinat on March 24, 2020, 06:45:25 AM

You forgot to mention that there is always what we called online banking, this would not transmit virus and its way faster compared to bitcoin transaction in the blockchain. Bitcoin as a purpose of payment alone would not be the reason why bitcoin should be bullish, I am seeing a bigger money coming in the crypto space which is from investors in stocks or traditional business to hedge their funds in crypto since the economy is down, their investments will be affected.

I also very much hoped that during the coronavirus pandemic, the cryptocurrency market will show better results than it actually is. Today there is a great opportunity to attract investment in the cryptocurrency market, as businessmen will look for an alternative to reduce their losses from trading in stocks or black gold for example. In addition, one must take into account the fact that cashless payments, which means digital currencies, will be in great demand in the current situation in the world. It seems to me that in the near future we will feel the real changes in the cryptocurrency market for the better.

As now a day whole world is being affected by coronavirus people are not going outside and no one is going to work in fact the government is not allowing people to go to the office or anywhere so in this case people are referring to work and invest in online coins which are a good way to earn online I think this is the reason around us bitcoin is getting more value and price.

Investing online does not easily mean profit, these people does not have work, they need a consistent income and that is not through investing as investing has a risk and no one will be able to ensure that when they invest they easily make profit especially for those who are just new in crypto.

ethereumhunter

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Quote from: Altcoins enthusiast on March 14, 2020, 04:21:55 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 unfortunately, some people out there are not ready for the coming of the blockchain, and they still prefer by using cash or credit/debit cards. The only way they can feel safe is by using third apps in their mobile phone to order the services, whether its food, drink, or their daily needs, and they will pay using a direct payment that is available through that apps. People need to deposit the money to their account so they can use it to buy something.

But if bitcoin can be used as another payment method in that apps, that doesn't mean bitcoin will be on bullish because not all people want to use bitcoin as the payment, but some people will use bitcoin as the investment. Maybe they will use the other coins to be used as the payment.

Botnake

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Quote from: btc78 on April 07, 2020, 08:25:55 AM

this don't concern people outside crypto because we have already Hit a 20k$ level without them investing here so this is a call for all crypto investors.

I fully agree with this, we have investors here that could even make the price higher that its ATH, however, we've see the result in the past, it did not stay longer that was only due to the hype and eventually the price fell again.

Therefore we need some big adoption that will make this market stronger and I hope to see it slowly and the price will consistently rise so we can build a strong foundation that cannot be easily manipulated.

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Quote from: Kelvinid on April 07, 2020, 07:45:01 AM

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One way or another, people laid out their funds on Bitcoin in order to make good profits due to its volatility. To date, Bitcoin does not yet have that stable value, due to which it can be considered that Bitcoin is a good refuge for savings. But nevertheless, in the current situation, when the world is again on the verge of an economic crisis, which is fueled by the coronavirus epidemic, I believe that digital assets are even more profitable and in demand than it was until now. According to statistics, cryptocurrency has been one of the most popular and profitable investments since 2010.

We can't deny how people look that way and to prove that Bitcoin is really profitable. But this time, we are about to face the big challenge. We thought that this crisis will help to increase the crypto demand but it looks opposite to that and the bad thing is that, we also dump together with the global market. But of course, it doesn't mean that we live long to this situation in fact we saw the market price soars high.

Yeah I thought before that bitcoins can get a limelight when the crisis is on the road but those expectation doesn't come along since the one happening is the down side since many people decide to cash out their funds to buy goods for food security but gladly we are in good response right now after people now china is now on recovering state and people there starting to regain back to their normal life and I believe this one trigger the other whales to start to believe or stored back again some bits for future.

btc78

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Quote from: sheenshane on April 07, 2020, 08:06:35 AM

but people prefer to use fiat because not all places in the world have an internet connection.

I dont think this is appropriate because everyone that engaging to Bitcoin has all internet connection so whom are those who has no internet .

Quote from: sheenshane on April 07, 2020, 08:06:35 AM

Probably one of the hundreds of reasons might Bitcoin is not fully legal in most countries so, people cant use it as a mode of payment.

this don't concern people outside crypto because we have already Hit a 20k$ level without them investing here so this is a call for all crypto investors.

sheenshane

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Correct, there should be a bullish of Bitcoin price at this time but people prefer to use fiat because not all places in the world have an internet connection. Implementing a contactless mode of payment at this time is a very important thing while following the social distancing to avoid being infected with this pandemic covid-19.

Probably one of the hundreds of reasons might Bitcoin is not fully legal in most countries so, people cant use it as a mode of payment. However, there are too many ways to in implementing contactless payment, we have an e-banking system that might very common at this time. But at least we have witnessed now the improvement of the Bitcoin price even the pandemic was still there.

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One way or another, people laid out their funds on Bitcoin in order to make good profits due to its volatility. To date, Bitcoin does not yet have that stable value, due to which it can be considered that Bitcoin is a good refuge for savings. But nevertheless, in the current situation, when the world is again on the verge of an economic crisis, which is fueled by the coronavirus epidemic, I believe that digital assets are even more profitable and in demand than it was until now. According to statistics, cryptocurrency has been one of the most popular and profitable investments since 2010.

We can't deny how people look that way and to prove that Bitcoin is really profitable. But this time, we are about to face the big challenge. We thought that this crisis will help to increase the crypto demand but it looks opposite to that and the bad thing is that, we also dump together with the global market. But of course, it doesn't mean that we live long to this situation in fact we saw the market price soars high.

okala

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Many people did not understand that bitcoin can play the role of safe haven like gold in time of crisis like this and therefore are selling for cash in other to solve the problem that covid19 has caused. I believe when everything settle down peoples are going to regret why they sell off at this time of crisis.

sunsilk

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As now a day whole world is being affected by coronavirus people are not going outside and no one is going to work in fact the government is not allowing people to go to the office or anywhere so in this case people are referring to work and invest in online coins which are a good way to earn online I think this is the reason around us bitcoin is getting more value and price.

But it wouldn't be enough to sustain their daily needs because understanding what an investment is, it should be for the long run. And people are understanding it the wrong way when they invest in bitcoin.

It's not a quick result investment and if we're going to base the things that happened during 2017. Many got it wrong and lost money because they understood it like it was a short term investment or an overnight type of investment.

adaseb

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Most people these days rarely use cash. In China, I think most payments are done by Alipay which is by a phone. In North America we got these credit cards that have a "tap" feature and you just hold it close to the terminal and it will do it wirelessly.

Also most cash these days in most countries it made of different material that was used 20 years ago. Back then I remember it was made of a material which was paper pretty much and it could hold stains and viruses easily. These days its of a material thats similar to plastic, so it can be easily washed with a Lysol wipe if people are concerned.

I am bullish for bitcoin but this won't be the reason why people stop using cash and start using BTC.

pooya87

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As now a day whole world is being affected by coronavirus people are not going outside and no one is going to work in fact the government is not allowing people to go to the office or anywhere so in this case people are referring to work and invest in online coins which are a good way to earn online I think this is the reason around us bitcoin is getting more value and price.

it is not the "whole world" it is only happening like that in certain countries that have it the worst such as US and Italy. otherwise in other countries things have only slowed down but have not shut down entirely like those countries since they reacted to the Coronavirus in a better way and controlled it more.
and i disagree with the second part too, people aren't suddenly gain the will to invest in cryptocurrencies just because they are in self-quarantine. if anything they are now worried about their next paycheck and what is going to happen to it since they are no longer attending their job.

STT

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In a weekly momentum consideration BTC is not bullish, its falling below 2 day moving average 8 day and also a longer term bearish trend from last summer. Thats alot of snow to plow before the road is clear to the mountains of 5 figure sums such as 10k or more. 10k would be a bullish target, I'd modify that to say I'm neutral on the price near term but short term I think we go back and check support at a lower level. Till we beat a level with confidence confirm it a few times and rise with volume, doubts will continue; so not quite bullish yet.

Flip the question and give ourselves a bearish target and that'd be as low as 4500 yet (viewed in the widest track possible, volatility continuing etc.) thats within a reasonable range of movement still.
I'd be looking from 5k for value buying perhaps, I dont know the forthcoming news but we can guess there is negatives from spreading virus deaths and there isnt much bigger then untimely deaths to bring down sentiment, economic activity and monetary circulation. All that adds to pressure negatively, very possible ever afterwards we've previously sold and recovered once.

whyrqa

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Quote from: Japinat on March 24, 2020, 06:45:25 AM

You forgot to mention that there is always what we called online banking, this would not transmit virus and its way faster compared to bitcoin transaction in the blockchain. Bitcoin as a purpose of payment alone would not be the reason why bitcoin should be bullish, I am seeing a bigger money coming in the crypto space which is from investors in stocks or traditional business to hedge their funds in crypto since the economy is down, their investments will be affected.

I also very much hoped that during the coronavirus pandemic, the cryptocurrency market will show better results than it actually is. Today there is a great opportunity to attract investment in the cryptocurrency market, as businessmen will look for an alternative to reduce their losses from trading in stocks or black gold for example. In addition, one must take into account the fact that cashless payments, which means digital currencies, will be in great demand in the current situation in the world. It seems to me that in the near future we will feel the real changes in the cryptocurrency market for the better.

el kaka22

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I agree that it should be bullish, at least for now but I do understand people being afraid as well. We need people to be encouraged to buy more but all of these ups and downs make them uncertain about the short future of bitcoin, we may think that bitcoin will be 10k in the future but we are not sure when that will happen, the next 10 days or so is still undecided and looks scary to get in which is why it is not really that bullish, it is not bearish neither, people are just undecided.

However every time there is a big increase that kills a lot of short futures and I am happy with that, as long as we keep killing these type of short futures that will continue to make people doubt about the shorts and that would actually cause them to be long instead and help us.

Japinat

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You forgot to mention that there is always what we called online banking, this would not transmit virus and its way faster compared to bitcoin transaction in the blockchain. Bitcoin as a purpose of payment alone would not be the reason why bitcoin should be bullish, I am seeing a bigger money coming in the crypto space which is from investors in stocks or traditional business to hedge their funds in crypto since the economy is down, their investments will be affected.

leea-1334

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Quote from: Viscore on March 23, 2020, 11:44:43 PM

It's definitely gonna take more time before this pandemic will be over, the world is on struggle right now, every passing day, more and more people are infected, a global pandemic like this would literally destroy our economy because we are not prepared for this.

Well, for crypto market, I just hope we will not follow the performance of the stocks, even in the past, we are different as bitcoin is risky and high volatile, and sooner people will be able to find a better alternative which is crypto, and they'll eventually adopt on it, that's what we need.

It will take a lot of time for the virus to pass,,, but trust me, it will take an even longer time for the global financial system to heal. In fact, it has never had time to heal because after every crisis, they have just poured more money over the cracks, which is why every crisis is worse than the one before.

Crypto will always follow the economy in general BUT when things collapse, money collapses, crypto will not collapse. This is the difference.

figmentofmyass

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Quote from: Wilhelm on March 23, 2020, 05:23:13 PM

We have a black swan condition. All TA went out the window.
Once corona is under control and life adapts, we will continue the bullish trend...

at first, economists thought it would just be a short slowdown. now they're talking about the global economy shrinking this year, with huge GDP drops in q2. everything is pointing to a recession right now:

Quote

Morgan Stanley’s U.S. economists led by Ellen Zentner told clients in a report on Sunday that they now see American gross domestic product falling 30.1% in April-June. That will drive up unemployment to average 12.8% over the period, they said.

https://fortune.com/2020/03/23/morgan-stanley-goldman-sachs-estimate-coronavirus-economic-pain/

does that change your outlook at all, since it no longer seems like there will be a quick recovery? with no vaccine or approved treatments on the horizon and talk of seasonal recurrence, the specter of recession may be with us for quite a while.

if this is anything like 2008, then the bottom is still like 6 months out from here. Shocked

Viscore

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Quote from: Oceat on March 23, 2020, 06:18:52 PM

Quote from: Wilhelm on March 23, 2020, 05:23:13 PM

We have a black swan condition. All TA went out the window.
Once corona is under control and life adapts, we will continue the bullish trend...

Everyone is looking forward till that day come and the price may get back to normal again before the Bitcoin halving in May. As of now the price is a bit off and is holding the strong support at $6,000 level maybe after with this corona outbreak we might be able to see the Bitcoin price starting to increase again back to $10,000. Let's just hope this pandemic crisis will meet its end on or before summer.

It's definitely gonna take more time before this pandemic will be over, the world is on struggle right now, every passing day, more and more people are infected, a global pandemic like this would literally destroy our economy because we are not prepared for this.

Well, for crypto market, I just hope we will not follow the performance of the stocks, even in the past, we are different as bitcoin is risky and high volatile, and sooner people will be able to find a better alternative which is crypto, and they'll eventually adopt on it, that's what we need.

Oceat

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Quote from: Wilhelm on March 23, 2020, 05:23:13 PM

We have a black swan condition. All TA went out the window.
Once corona is under control and life adapts, we will continue the bullish trend...

Everyone is looking forward till that day come and the price may get back to normal again before the Bitcoin halving in May. As of now the price is a bit off and is holding the strong support at $6,000 level maybe after with this corona outbreak we might be able to see the Bitcoin price starting to increase again back to $10,000. Let's just hope this pandemic crisis will meet its end on or before summer.

Wilhelm

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We have a black swan condition. All TA went out the window.
Once corona is under control and life adapts, we will continue the bullish trend...

Jating

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Quote from: Altcoins enthusiast on March 14, 2020, 04:21:55 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.

Not so fast though, those that are selling needed their cash right-away.

And bitcoin currently is not yet widespread, what I mean is there are few off-line and on-line store that readily accepts bitcoin as payment. Yes it is safe because it's cashless, but we can't use it today, only few countries, like Japan or Australia or Germany could have stores that accept it. So as much as we think that bitcoin can be good at this crisis, it is not, unfortunately. On the contrary though, bitcoin has shown resilience again, Fed announces unlimited bond purchases in unprecedented move aimed at preventing an economic depression.

Smitty Werben Man Jensen

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The bullish should be started now, because the weekly candle is above the 200 MA, and that's a good thing to see, it looks like there will be a big step for bitcoin and altcoin this week, the accumulation of a few bitcoins will likely make you profit, and still set a stop lose

Botnake

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I can't agree with OP, the adoption rate of crypto is still low, and with this one day big dump, I don't think that is the reason because what OP is saying is that people stay away from paper money as it could transmit virus but these people have other options like online banking.

I think there is something else, bigger than what you think and we are about to find out that soon.

Fundamentals Of

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Quote from: Altcoins enthusiast on March 14, 2020, 04:21:55 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.

Wait a minute. Is this about Bitcoin being bullish at this moment or about blockchain being used by businesses? There seems to be too much this post wants to say. And then you suddenly jumped at those selling off at this moment because they did not study blockchain? The sense is gone.

Anyway, there are many ways to transact without using cash. Everybody knows about paypal, skrill, visa, mastercard, and so many local payment apps. This is of course options if the business transactions are not open for Bitcoin or crypto.

Reid

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It became like a landslide of people who are in panic.
Someone sold large amounts of bitcoin and then small holders followed it.

Now look at that, I just hope they already bought back what they have sold. But with all this happening about corona virus I bet they didn't.
They might spent all those money buying goods in grocery and cannot buy their way back.
This could be new investors that are buying bitcoin in risk of making some little profits.

shoreno

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thats sick . they know how to invest on it or they dicsover btc but they didnt know how it works or how the blockchain works ? even if they only knew it on thier friends or other people , they should have still make a research because they will be putting thier money it .

bitcoin is still new i guess , this is why many people are not picking it but they pick the one that is being more advertise locally . this is the reason why btc isnt bullish as what we are expecting but those local online currencies are now being hype thesedays .

Bezobraznike

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Quote from: RealMalatesta on March 16, 2020, 01:58:55 PM

If we were really ready for something like this long time ago the number of preference would have skyrocketed but we were not ready for it which is why we can't really take advantage of it neither.

Right now, if we had a lot of shops and restaurants offering bitcoin payment option and if they said would you like to pay with bitcoin to everyone because of corona, we would have increased the number a lot, it would have created this notion of "if I pay with bitcoin I won't touch anything" in people that would at least create some sort of intrigue in them even if they never imagined of using it before. However, we do not have it in many places, we still have it in select few places and mostly online which is already digital, so we can't really take advantage of the situation.

Shops and restaurants are closed! Now it's not the time for thinking about the adoption! When all this "virus" thing is behind
we will see.
Today we can't be bullish about crypto-currencies. Stock markets are going down, oil is going down, crypto-market is going
down, virus affects everyone, people are selling assets and buying goods. Situation can get worse, so future drops are possible.

RealMalatesta

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If we were really ready for something like this long time ago the number of preference would have skyrocketed but we were not ready for it which is why we can't really take advantage of it neither.

Right now, if we had a lot of shops and restaurants offering bitcoin payment option and if they said would you like to pay with bitcoin to everyone because of corona, we would have increased the number a lot, it would have created this notion of "if I pay with bitcoin I won't touch anything" in people that would at least create some sort of intrigue in them even if they never imagined of using it before. However, we do not have it in many places, we still have it in select few places and mostly online which is already digital, so we can't really take advantage of the situation.

fortunecrypto

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Quote from: Altcoins enthusiast on March 14, 2020, 04:21:55 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.

What happened three days ago is very surprising but it's a big shake up to think, until now people think that Bitcoin is a bubble and no investment is really safe, so people are always in a hurry to dump when they see the market is crashing it's a domino effect and something that can happen in any market that is highly volatile.

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Quote from: Altcoins enthusiast on March 14, 2020, 04:21:55 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.

There’s still no mass adoption so we can’t expect that bitcoin will be the best currency right now. Some users still don’t know where to spend their bitcoin and the only option for them is to convert it into fiat money. If there’s already the adoption then we can easily see bitcoin on the top of everything, but for now let’s accept that bitcoin is also dumping.

Yamifoud

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Supposedly, digital currency and bitcoin were of big help to stop the spread of this novel virus but something we need to think that not all areas are accepting this that makes a reason why people have to convert it into fiat money. But the market demand tends to slow down since most of the crypto holders are selling it at low. Well, this will be good into the part of buyers which they can accumulate more Bitcoin at cheap prices. Then, we couldn't expect to see recovery and seeing in the bullish if people will never change their mindset and keep on panic selling. This will worsen the market situation even halving is arrive.

hatshepsut93

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Touching paper money is far from being a huge vector for this disease. Plus people already use cashless payment methods like cards or smartphone apps - so people would use them even more. I seriously doubt there is any significant jump in Bitcoin payments in physical stores. And the recent price crash hit Bitcoins usability as a currency too - consumers don't like holding money that can lose such a big portion of its value in a day.

bdbountyon

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This is a hard time for crypto enthusiast in Covid-19 situation. Bitcoin price is low low AND lowest. A year ago bitcoin price drops to 3k. So, this is possible to drop below 5k now. Bitcoin is bubble. It can change its projectile in any direction. Can corona virus spread through internet? The answer is no. So, why not people trade using cryptocurrency.
Again mining is not profitable in this situation. BTC is not only currency people are mining. There are many more alternatives. So, judge yourself which cryptocurrency you will invest for multiple figure profit. I think once virus threat is over everything will be normal as usual. Don't panic or spread false information for gaining popularity.

$crypto$

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Quote from: Slow death on March 14, 2020, 06:54:13 AM

Quote from: Altcoins enthusiast on March 14, 2020, 04:21:55 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

It is true that it will be difficult for those in a country that cannot allow bitcoin as a payment even though blockchain technology can be relied on in this way so the government is wiser in responding to things like this then this will only be speculation that will not happen.

Honestly, in my country it is also difficult to make any payment using the blockchain because no one accepts the store or merchant, so they are forced to choose physical money as a need for other payments.

Bitcoin is far from a bullish word if world conditions are still like this.

Baofeng

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Quote from: Altcoins enthusiast on March 14, 2020, 04:21:55 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 merchants are accepting bitcoin to pay for goods and services. People tend to used their credit or debit card, but crypto? not at all, maybe except for few of us here, but globally adoption is still not there yet. I'm been practicing to used my bitcoin to pay for my basic bills, like internet, electricity and water. However, to buy goods here? credit card is still the prefer method if you want to go cashless.

ballerin and giroud

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We need bank account as well to deposite our money to some exchange. Do you remember that you need to send your money which is mean you buy bitcoin/altcoin first right? Where do you have money in your wallet if you didn't deposit it first? It will be same, bitcoin and altcoin will have a step for you to hold money and it could be you are infected corona virus. In other hand, became a transaction will never give a big affect for bitcoin price. The people will not gave intention to hold bitcoin/altcoin but they will use them for payment system. And the question is, does it different with money fiat utilization it means there will no give a big effect for their price?

Gozie51

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I think the reason that it is not bulling at the moment against your speculation and assumption that it should bull is simply because there is no investment. There is no investment because of panic from the ravaging the world.
Demand is key to business growth and when this is not happening often, price drop.

However, this is a good time to buy because soon the corona virus issue will be a foregone issue.

davis196

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Quote from: Altcoins enthusiast on March 14, 2020, 04:21:55 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.

So Bitcoin should be "bullish" just because you say so. Grin

Many countries are "quarantining" their paper money,people can use credit/debit cards,bank clerks can wash their hands or use gloves.You are writing a bunch of BS.Stop with the preaching.
Nobody,including you and me can't tell or predict how the crypto market would react to a certain condition.
Your forum nickname suggests that you are more into altcoins. Grin

Why are you preaching about Bitcoin adoption and why are you doing it here?If you really want to promote Bitcoin,just don't do it here.This is the main Bitcoin forum.We are supposed to be bitcoin users and supporters.Promote bitcoin somewhere else-social media,forums,offline,etc.

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That explanation of yours is not enough to make bitcoin bullish, what makes bitcoin bullish is the adoption of the people and there is no way online transaction would be bigger compared to financial transaction using paper money, maybe at this time crypto is quite very useful due to the virus but this virus would not stay forever, it will be over soon and people will be one again back to using paper money, and even if let's say they'll prefer online cash but will they use crypto over centralized payment system, I doubt no because people would still choose something that is regulated for their protection.

buwaytress

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Quote from: figmentofmyass on March 14, 2020, 06:34:43 PM

Quote from: buwaytress on March 14, 2020, 05:55:11 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, 04:21:55 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, 04:21:55 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, 04:21:55 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, 05:55:11 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, 06:07:14 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, 04:21:55 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, 04:21:55 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, 04:21:55 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, 04:21:55 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! (Read 561 times)