Topic: Will the next economic collapse trigger massive crypto adoption? - page 4. (Read 782 times)

If you take the bitcoin value against fiat it could be that way. But if you can trade a amount of bitcoin against xx goods  it could be sustainable next to fiat.

It is a trigger but not see it happen massively.

Yes collapse can trigger a massive adoption  because this attracts alot of potential investors as well as existing crypto investors  . the harder the collapse the more coins they will buy  but aside from that , the pump or the bull can also attract investors to invest more and they wont mind buying the coins at a higher price because in their minds they think that they can still recover the money that they  put on   .  there are still alot of factors actually that can trigger mass adoption not only these two  .

So you are saying that bitcoin can't never be stable because of the slowly of the adoption? What I do know is that bitcoin can't never be stable because there is always supply and demand, as long as the supply and demands keeps on high and low then it will never be stable no matrer what happens. So if there is some adoption which can be stable the price then it will not worth to be traded anymore

I personally feel it has to do with trust and the psychological well-being of the people then. We all know that many people believe in fiat, so if fiat fail them, will they be that psychological stable to trust and put all their assets in cryptocurreny? They  may likely go for gold, silver and diamond that have always worked in the past.
Though, it also depends if Bitcoin have create a huge impact on the world prior before the supposed economic crisis. Since they have seen it work and have considerable trust in  it, they might opt in for it thus causing mass adoption.

I wouldn't be surprised if it did lead to an adoption wave. Though, there is no real way of actually predicting the nature of the next crisis, the magnitude, and the nations it hits.

If the economic crisis led to a virtually unusable/unstable fiat currency then it would be apparent that people will seek an alternative medium of exchange, since the fiat currency they are familiar with would be crumbling in value on a regular basis due to rampant inflation. It's not an impossible scenario by any means, just look at Argentina in the past, Zimbabwe, and now, Venezuela and Turkey.

Previously, people may look towards precious metals as a store of value in that kind of scenario, but I think that this time round in an inflationary crisis people would still want to transact normally without the hassle of physical transactions, whilst maintaining the currency's independence from fiat - which bitcoin orchestrates.

So in theory, yes, adoption should increase as people lose trust of fiat, but the extent at which it happens will depend on how the crisis itself pans out.

If we see the economy goes to shit again, why do you think that people will relay on cryptocurrency to hold it up, i mean bitcoin and all the other currencies are pretty unstable and unpredictable and making them a solution to the economy at the state that they are now would be a foolish move, if the people were to resort to cryptocurrency they would create a new digital currency based on the fiat if the banking system would fail.

In the third world, there are lots of people there are that are making use of internet, but whatever . I think the most important thing (best thing) anyone can do for themselves is getting a better job. I do see some people that say they rely on cryptocurrency, that’s funny to me, cause I really don’t know how people manage to make a living out of cryptocurrency, and I don’t really know why anyone would be considering cryptocurrency as a job.

I don’t think global economic collapse is going to happen. And not many people trust in bitcoin, there are other options people might go for, since they believe that it would be a better option for them than bitcoin. If you decide to choose bitcoin as an option for saving your wealth, anything can happen and the price will drop and you would lose your money. So, are you ready to take such a risk?

It depends on when it happens,if it is gonna happen in near future then no it will not going to convince many people that cryptos can be good way to save us from further collapses because people still don't have enough knowledge about what is bitcoin.

Imagine of a massive economic collapse happened though? Fiat crashing, banks closing, finacial institutions in disarray. Would these aversge people look for an alternative? I think some will be open to it but most would just be looking for things ti settle down and normalize instead of embracing a new system.

Agree. Millennials would be the first ones to embrace new technologies. Due to this reason, it's very likely that they'll quickly get into crypto once a global economic collapse takes place in the future. On the other hand, most people from third world countries don't have access to the Internet which leaves them with only Gold and Silver as the only options to preserve their capital.

Still though, I believe that a massive downfall in the world's economy would allow cryptocurrencies to replace Fiat as the new money of the world. Given how banks and governments have become interested in Blockchain technology, I suppose that they will come up with a new digital currency solution for the world in order to solve the financial crisis. Since Blockchain tech is extremely cheap, yet efficient, it'll be such technology that will transform our economy for the better in the future.

Back in 2008, when there was a financial crisis worldwide, it wasn't a coincidence that Satoshi came up with a solution that's free from middlemen or third parties. It was for a reason, and that is to make people trust a system backed by math instead of corrupt entities.

Nonetheless, time will tell us what will happen within the next financial crisis whenever crypto will become more popular than ever, or government's digital currencies will reign supreme. Just my opinion

I don't think the masses are ready for crypto adoption yet.  There is just too much risk for the average user, once your funds are stolen there is no chance to get them returned.  Average people are dumb and they don't want to be in charge of their own security, they feel safer with banks and credit cards.  I don't agree with them but this is how average people think.

Hey crisis doesn’t have a fixed date they happen due to people not learning from their past mistakes, also there’re certain events which may trigger crisis this year. The most notable event is Brexit which shall plunge the European nations into chaos, there’s not much clarity what happens to the workers and students who stay back. The second crisis I feel is from the Asian country India, where if the ruling party is not elected markets shall crash badly, third and lastly if Kim launches a missile again we may just witness a global war.

If I am not mistaken, a crisis happens every 11 years and if the last world crisis occurred in 2008, then we should expect a new world crisis at the end of 2019 or in 2020, but this is only a guess. No one knows for sure what the situation with cryptocurrencies will be, but there is a possibility that in case of devaluation of national currencies of different countries, people will start buying cryptocurrencies in the hope that they will save their money this way. In this case, national currencies will fall even lower, and Bitcoin will rise even higher.

I personally really believe in the masterpiece created by Satoshi, bitcoin is unique rather than other currencies, besides because of its decentralization it also has extensive benefits and high credibility, I think this thing is what makes it resistant to shocks, especially unclear laws. However, if it begins to be associated with the existence of massive crypto adoption, I think this's far from a possibility as long as the government is still hostile to bitcoin and other cryptos.

Perhaps, or perhaps not. Do remember that there remains gold and silver should people want a hedge against the financial crisis. I'm more inclined to think that this incoming financial crisis will shift the world's wealth temporarily to gold and silver, with cryptocurrencies given lesser priority except for the hopefuls and risk-takers, of course. Anyhow, the next financial crisis wouldn't likely drive hordes of people into the cryptosphere and would still insist on using their obsolete fiat because that's what their governments say. One can only hope, but it simply isn't enough.

Upon reading of your giving analogy that was really good to hear on that way, I also believed that due to a limited amount of supply in crypto(bitcoin to be specific) it may divert people to cryptocurrency from fiat before economic collapse happen so that the can easily recover their fund trough converting again into fiat. Because the market always has up and down movement, it is the fundamental principle here that the supply and demand in action. When demand exceeds supply, prices go up, and when supply exceeds demand, prices go down. The resting mean price is considered to be the fair value of cryptocurrency.

Where do you keep the place of anonymous in the cryptocurrency if the price of a coin is stable and fixed 1=1 then the cryptocurrency industry will lose it potency because it design to be unstable and unpredictable, even the faint money is also unstable if you truly understand the forest market you will agree with what am saying.

The price going up or down isn't helping crypto in any way. What people need is money with a fixed unit value, where 1 unit = 1 unit regardless of what the latest forex rate is. Fiat is exactly that. Crypto is not, and might never be.

I don't have to worry about what happens today or tomorrow because I can use my money to buy what I want today, tomorrow, and the week after that. Crypto only adds problems and uncertainties as money.

I seriously believe that tokenized fiat in form of a stable fiat token is going to gain more and more ground as time goes by, because this is what offers people the convenience of crypto, and the unit value stability of fiat.

Will be hard for all people to mass adoption crypto and also after an economic collapse people will don't know what to do, and they will not invest on something they don't know how works and they will be afraid of losing money. We need more time and a lot of people to learn other people what is crypto and how to use it.

Look at Venezuela and Zimbabwe or any other country with crumbling economy - do they have mass crypto adoption? The answer is no, even though the crypto media like to report how Bitcoin is saving lives there, it's still only a very small percentage of the population that is using it, and the government is quite aware of it and takes steps to stop it - in Venezuela they've released Petro, tried to outlaw Bitcoin, police robs miners and so on.