Topic: Will the next economic collapse trigger massive crypto adoption? (Read 782 times)

Fiat may work fine in the time being, but it's subject to manipulation from the government. In contrast, Bitcoin is an open system where no single entity is in control of its supply, emission rate, or digital structure. It's a form of alternative payment system in relation to Fiat or other precious metals in existence. If by any means, our economy collapses in the same way as 2008, then people will become desperate looking for other means to secure their capital.

Considering that Bitcoin and other cryptocurrencies are highly portable, censorship-resistant, and partially anonymous, they're even better than precious metals. One could easily transact in crypto, by simply having access to an Internet connection. Also, it's much more convenient (and easier) to store crypto in small places where Fiat or precious metals cannot be hidden into. Crypto can be used in harsh conditions in the real world, even if Fiat fails and precious metals (like Gold) are taken away by the government.

Nonetheless, as time goes by, Bitcoin and other cryptocurrencies will scale enough to handle most of the world's transactions. And once the next economic collapse happens, people will be ready to do the switch into something decentralized which is out of government's reach. Just my thoughts

I think crises and inflation cause people to think that Bitcoin is a new form of money that exists and works according to different rules, unlike fiat currency. But I think the crisis is not very conducive to the adoption of cryptocurrencies. The rise in Bitcoin prices has a much stronger effect on the adoption of cryptocurrencies, because rising prices attract people and they begin to talk about it more often, to be interested in and study it.

Bitcoin is demand in some troubled countries in south america lime Venezuela after their currency losses its value in hyperinflation causing their economy to collapsed. According to some online report, bitcoin trading hit an all-time high as the political tension is reaching also the boiling point. But there is still no assurance if a worldwide economic crisis will result into further adoption of bitcoin as a store of value.

with the existence of countries that adopt crypto, of course this is good news from the development of crypto. surely one day I'm sure there will be other countries that will follow the two countries and crypto will be increasingly supported, especially with the current technological sophistication.

It would be exciting to see how people will be reacting to Bitcoin once there can be a global crisis akin to 2008. Will they go for the real gold or Bitcoin its digital version?  What we are seeing in Venezuela is that there are many people who are using it to survive buying foods in nearby countries because their own fiat money bolivar is practically worthless. I am sure that there can be a big economic crash, people will look at Bitcoin as an alternative to protect their wealth though some might be discouraged by its volatility unlike the real gold. Though we should not be wishing for a crisis but once there will be it can be worth watching how the market will do with Bitcoin.

Already the situation is clearly visible in South America countries like Argentia and Venezuela country affected due to hyperinflation now crypto is main source of  transaction

That's perfectly fine. The less you mess with fiat currencies, therefore not form a threat to them, the less likely it is for them to ban Bitcoin. Governments just want their fiat currencies to be the main form of money.

That being said, Bitcoin won't likely scale to have the world or even hundreds of millions of people use it at the same time. Another thing is that doesn't have a fixed unit value, so why would people use Bitcoin over fiat?

Fiat works perfectly fine for me. No one has ever tried to prevent me from grocery shopping with my money, neither have my coffee payments been blocked. Bitcoin doesn't offer one single advantage in this specific field of use.

I am not entirely sure it will do that. I mean after all holding bitcoin is more important right now since it is going up and we do not know when it will stop, same would happen with a huge economic collapse because people want to keep their profits and not spend it on things. Will it create a huge adoption with many more people investing into bitcoin ? For sure. Will it make it like every day usage of bitcoin becomes big? I doubt so.

Everyone in the world uses fiat currency, even the most avid crypto users still pay their bills with fiat so there is no way we can stop or slow down the fiat currency in our world unless it does it to itself. Bitcoin could only survive as a side investment like gold or silver or even maybe stock markets as long as fiat currency holds the top position.

Well, Bitcoin and physical gold have their respective advantages/disadvantages. While Gold can be used offline for emergency situations, it can be easily banned by a government. On the other hand, it's quite difficult to use Bitcoin offline but it's a resilient store of value which is capable of withstanding censorship from a government. I believe that Bitcoin and other cryptocurrencies have quite an advantage over precious metals in this regard.

When the next economic collapse comes in, people will seek out for alternative ways to secure their capital. And what better way than doing so with crypto, as it provides people with complete control over their funds. It's much easier to hide private keys of a cryptocurrency, than doing so with Gold or Silver. Considering how everything is becoming interconnected, the next economic collapse might well bring an upsurge in the demand of crypto. Just my opinion

People are used to use gold and silver when that happens but we also know that in the recent past governments outlawed the possession of gold from their citizens and even commanded them to turn their gold to them for a discounted price and it is likely it is going to happen again, gold has the disadvantage that it is very difficult to conceal while this is not the case with bitcoin in which you do not need to have anything with you as long as you know your seed words and that is a great advantage under those conditions.

i think it will be , people really need transaction with more pleasure and bitcoin is the answer for me, the Anonymous system is what we need rightnow

It was obvious Venezuela was in trouble back in 2013, when the bitcoin price was only $300. The trouble is, people were reluctant to take action, I think they hoped things would improve.

By the time they did take action and started moving money into bitcoin, it was 2017, bitcoin's price was in excess of $7000 and the Venezuelan Bolivar had collapsed in value, making it too expensive to buy bitcoin unless you were rich.

As always the early movers have an advantage. After you get to a tipping point towards disaster, even if you want to protect yourself, you can't.

I am not sure if the crypto war will be adopted for investment. when the war is certainly a lot of damaged electricity and internet networks, maybe gold and silver are the choices, because they are tangible, especially now crypto does not yet have full trust

Well, Bitcoin may still struggle with volatility and lack of regulation, but it has a deflationary design which allows it to be used as a store of value. Once the inherent issues within the pioneer cryptocurrency are solved, it's expected that people will join it altogether. The Lightning Network brings exciting use cases for the Bitcoin blockchain, while the Dandellion Protocol will strengthen its privacy. Not to mention, governments have been taking a friendly stance towards Bitcoin and other cryptocurrencies, which will help attract newcomers into crypto land.

Once the next economic collapse turns in, I'd bet that more people will look for alternative ways to secure their money. Of course, we already got Gold and Silver but those are old methods of securing money which are not exactly portable as Bitcoin is. Since it's easier to store cryptocurrencies without carrying them physically (with bulky storage cases, etc), it'll be the next big thing in finance. Before you know it, people will fully transition from precious metals into Bitcoin and other popular cryptocurrencies.

After all, the benefits of using Bitcoin are numerous. But, the current situation of crypto land, will prevent mainstream adoption as we know. Hence, it might take quite some time before people will be able to fully adapt into Bitcoin and other cryptocurrencies even after the next economic collapse. Just my thoughts

I just hope they don't use the guns and alcohol combined after they miss the Bitcoin train reaching $ 100k!

I think so, but I disagree if you keep your wealth in alcohol or weapons, when inflation or collapse occurs in many countries surely many people will save their wealth in commodities that avoid the inflationary wave. gold, silver, or crypto might be the main choice.

People always use gold to stay away from crisis so bitcoin may not be the most preferred one for the tradtional people and who also don' have knowledge about cryptos.

Personally, I agree with this view that the next economic collapse that will take place worldwide will trigger crypto adaption. Bitcoin may not be considered the safest port at this time, I think, this situation will change after e few years. Physical gold and silver are traditionally preferred instruments in times of crisis, that I also have little investment in this instruments but it isn't possible to directly transfer them, also very difficult to keep hide them.

That's certainly true, mate. But cryptocurrencies can become a safe store of value if people use them more thoroughly. Not to mention, there are a few cryptocurrencies with a deflationary design (like Bitcoin) that can be used for times of survival. Of course, market liquidity is highly important in order to successfully trade any cryptocurrency at will.

However, I believe that as time passes by, people will adapt to cryptocurrencies as they become more easier to use and stable across the market. Perhaps, after the next economic collapse, Bitcoin and other major cryptocurrencies will experience a greater level of adoption as people will look towards alternative ways to preserve their capital. Knowing that decentralized cryptocurrencies do not rely on Banks or governments it's good, since it brings a level of independency over your funds.

No matter if an economic collapse happens, crypto will always be there. On the other hand, Fiat currency will suffer from such drastic events leading many people to panic worldwide. Hence, one way or the other, people will adopt crypto at a large scale in the next downturn of the world's economy. Just my thoughts

While I would like to see people learning about what to do in the case hyperinflation strikes I am not optimistic about the amount of people which will be interested in such topic, if people learned from the mistakes of those that came before us then they will avoid hyperinflation in the first place by not allowing their governments to print as much money as they want, and yet every time governments do this most citizens instead of being worried are happy about it since they receive some benefits out of this for a short period of time.