Bitcoin Forum

If bitcoin is made for times like these why is everyone selling at a time like this?
China quarantined fiat FFS. 
This tells me 100% BTC is only a financial purpose and not a practical purpose overall.

Just venting a little. This selloff is nuts.

Read my post about continuous growth
https://bitcointalk.org/index.php?topic=5231583.msg53997303#msg53997303

There is no guarantee that Bitcoin will go up and no guarantee that bitcoin will go down,
no matter the circumstances.

I can guarantee that Bitcoin will either go up or go down every single day.

Correlation , enough said.
My question simply is in a time of hysteria why sell out things that will be of more value in said hard times.
Unless said items where merely marketed as a fail safe without acutally being a fail safe.

No one said Bitcoin was made for times like these...it was simply a way to transact without a central authority. All the store of value talk came after the fact

You don't have to scratch yourself if you got an itch. Nevertheless you do.

Well, if we want the dangerous volatility to be minimized, we can actually reason together and reduce that. There are lots of practical ways to do this without compromising Bitcoin principles. One of the solutions is basically similar to how governments stabilize fiat currencies, but ours will be decentralized and way more transparent. Price needs to  move up gently and down a bit.
 I sometimes wonder why people don't understand that dangerous volatility will scare off alot of regular people
And it's bad idea to fix the issue centrally. Decentralized communities should be in control of the affairs of Bitcoin/crypto, not the other way around.

I think it’s the exchange doing to profiteering from all the stoploss from naive traders. The timing is particularly accurate, definitely not possible without machine trading.

Bitcoin is not made for times like this. Bitcoin is made for financial crisis. Collapse of central banks.  Bitcoin is also not ready to replace fiat at this moment. So even if in half year time central banks collapse I dont see that Bitcoin will be useful replacement.  

What happened yesterday and what happened last year is totally normal. Same can continue this weekend and next week. It can or not. We will see. On long term all this is good for Bitcoin since it slowly destroys central banks.  Good things for Bitcoin are not just that price of Bitcoin increase. Good things are that people talk about Bitcoin and that they use it.

Not everyone is selling, some are using the drop to accumulate. I suspect the sellers are highly geared traders who have to pay for margin calls. That could be why gold went down as well.

Bitcoin wasn't created to be a hedge against market crashes, it was created to remove middlemen from money transfers over the Internet. The idea that Bitcoin is a hedge against fiat economy was always theoretical, and crypto news sites liked to fuel it with their explanations of how the price increases because of some economic or political problem in the world. At its core Bitcoin was always hugely volatile and speculative, if something can double in its price very quickly, it can also drop just as fast.


Bitcoin developers don't care about it's properties as financial instrument, they view it as a currency and work to improve it as such.

Bitcoin will be the first to rebund after central banks' helicopter money arrives. But as evidenced this time, in a crisis time, people still runs to their fiat money, this indicated that majority of people still do not understand why bitcoin is better than fiat money

Another reason is that almost everything's value is labled with fiat money, if something is purely labled in cryptocurrency, then things might be different

People are doing this to accumulate more BTC in the long term, it's simple
If a whale sells a lot of coins, people will start to panic and sell their coins too, and them the whales buy again at low prices, while the small ones leave the market or buy again but with higher prices

I only see this, there´s nothing wrong with BTC and the fundamentals, everything is working good

One of the reasons is that not all of the people believe in bitcoin, at least not yet. In times of crisis, they'd likely look for the most tested, trustable asset that has survived for decades instead of a young one that is not even a 'teenager'.

Also, bitcoin is money. Measuring the growth of transactions and unique users are probably better metrics to know how people see bitcoin in general.

yes, most of those who are selling off are those that are in panic mode especially those who are actually experiencing the coronavirus lockdown in their community. Because they might have urgent needs of their money, so they need to sell their coins to accommodate their basic needs. We can't blame them actually. but for those who can afford to store more btc in their portfolio, I think it is still a good time to buy even if it is already more than $5k. I believe we will reach again the 10k mark in the near future. movement in crypto is very fast.

for those who experienced a lot of ups and downs movement of crypto, they know better. this is just another test and we will beat again this trial in crypto. btc is already strong with this kind of challenge.

Haven't you heard of Market manipulators. Crypto markets can be easily manipulated by big Whales. They just used Corona as an opportunity to crash the market and accumulate more Bitcoin at low prices in the process. When newbs see the Crypto market crash because of Whale's dumping, they link the Crypto market with the global market and start panic sell. In the meantime, Whales accumulate more Bitcoin and push the prices up at a later period of time.
Bitcoin is a not short-term asset, look at it as a long-term.  The future is still bright. Just HODL

Bitcoin market is not yet robust enough to prevent a heavy dump when some whales decide to conspire to strike on the market so they can buy low, remember the market is still been fought against by some powerful nations who see decentralization as a means of getting financial control off their hands. With this faithful devotees are the ones trading this bitcoin and for hard-times like this, they are bound to panic because no one envisage this virus could be this devastating.

btc isnt only made at this time but btc is made long time ago and what do you mean made by ? to save us from hard crisis like this ?  still no .  let them if they sell because they are the ones that will loose and will left out nothing when the time the value recoveres and pump back again .

 china quaratined fiat is a crazy idea but this is also the reason on why no new monies enter on the crypto market resulting for the price to drop . btc can be used what you want . financial or for practical use , you name it .

I’m kinda eager to know what’s the next trading day gonna bring on the table? I think some big bankers get so trigger that the circuit breaker did nothing but dump the market wildly, it’s crazy ride along the week, just wait and prepare to be slaughtered, I hope you can get through the next Monday.

Precisely because they are using bitcoins at time like this , sending money , encashing , using it in the market, it doesn't always come with options .
There is one thing for sure , if a person is using bitcoins for everyday life he would have to sell at some point for sure because of the super limited options , I am not against this at all because at the end of the day Corona virus is causing heavy dump and unfortunately the jobs are dying , schools are closed , people still have to pay rent at the end of the day .

I believe in market manipulation by whale, they are the ones that pull that resistance out for people to panic sell and guess what? They are just making more money because of it, it never changes, the cycle continues and only the strong and have the guts will be able to survive, this ain't for the weak hearted people, remember that it has gone down to almost 3k USD, this ain't new. How I wish that this price could go down even further but look at it now, I regret not buying at around 3.7k usd.

We all know bitcoin can become more useful at times like this since the use of fiat was proven to be medium for the passing of the said virus. The use of crypto is very ideal at the moment considering the fact that no physical contact is need, even when inside your house you can make a transaction and the use of paper money or coins can also be avoided to prevent the virus from gaining much larger scale of spreading. The value keeps on falling and I think that can be one of the main reason why people are panic selling, to avoid much larger casualties from their investment. They should consider atleast that the halving is near and corona might end soon.

Many people now sell their bitcoins at such a low price that they think they can buy them later at an even lower price. And so far we see that this scenario works. Here, the main thing is to be careful and remember that bitcoin can very quickly go to growth and many will then remain out of the market.

Well, in the end, I think that the vast majority of people see cryptocurrencies as a way to get some tangible benefits, such as money or some kind of value. And not the goal, that it has 0.1 / 1/100, etc. Bitcoins or some other currency.
And so it will be until cryptocurrencies become widespread enough.

Yeah right, people with limited income do not have the capability to go on and still hold Bitcoin for their investement, it would come a time or a crisis like this pandemic that would make them need to sell some stocks to pay for their needs and foods especially when they are shut off from their financial supply. But, news says that countries are now recovering from the pandemic like in China and it might also mean for Bitcoin to retain its price before or a gradual increase in the coming months.

Keep faith in Bitcoin, the halving is coming.

Who told you that bitcoin was created for time like this? Today, bitcoin is the same financial asset as everyone else.
It is important for you to understand that people own bitcoin and people control it too. And they, as a rule, are important financial component in the first place.

Hope we have learned our lessons from this. It's time to make things more resilient and hard to manipulate. The decentralized approach remains the best way to go. Tokens backed by long-lasting decentralized physical/virtual assets should be developed. The assets should be well decentralized, controlled by their owners and should be mostly based on what can sustain holders in chaotic time.
 If token developers choose to centralized/semi-centralized things, that is fine, as long as they don't sell them as decentralized or in deceptive manner.     The most important thing is that people are sustained in hard times by themselves, and that the decentralized don't get controlled or influenced by centralized/semi-centralized.. that is bad for crypto. The three worlds/spaces should be distinct in my opinion. In the end we will know which is truely safe.

Bitcoin was made for times like this and that is EXACTLY why it dropped as well. I still think it shouldn't have dropped and I still think it should have even gone up but I do understand the reasoning behind selling bitcoin on times like this. Why was bitcoin created?

So, people wouldn't get affected by the falls of the societies economical troubles. What happened? People who have lost so much money due to corona virus and all the trouble actually sold their profitable and saved aside bitcoins to cover the difference and continue to live like nothing happened. During times when economy falls, if you are a person who didn't get affected by it thanks to bitcoin that means you are doing better than anyone else who didn't get into bitcoin. It wasn't suppose to be used like that but it does help people out on bad financial times this way as well.

Simple.
Basic essential needs for survival weights more than wealth. What's the value of money if your health was compromised?
When you die, do you think you can still use your investments?
Financial asset can be recovered, but life isn't.
With the ongoing and still continuing lockdown from all over the cities in the world, people can't think of anything but to store food, medicine, and water to sustain for months.

What's the correlation between the pandemic and the fall of Bitcoin? Well, I can say "health is wealth."

I also think that bitcoin is the safe haven in times like this but, honestly in crisis like this it's normal for people to panic and to sell bitcoin and other cryptocurrency. We cannot blame them, we need money to fight the virus and to stay safe! Lot's of jobs are being affected by it and, it means lot of income will be blocked by this crisis so there's no more choice here but to withdraw all the savings and investment and to use it for their family. Lot of countries are having problem with this virus. Let's just hope that this would end now so that everything will be back to normal.

In the last few days so far there have been thousands of people who panicked about V corona, which attacked the whole world making everyone shake their assets, especially in crypto, everything that happens is out of the minds of the people who are currently happening to bitcoin.

People think to sell and want to be made into real / fiat currency.
In this case assume Bitcoin will experience a long decline phenomenon for that people sell their assets and store them physically.

A mixture of panic and mass hysteria. It is clearly visible that people completely do not understand what is happening during the crisis, trying to find easy and simple answers for complex things.
People do not want to figure it out themselves and look for answers, but they are easily ready to go on about those who provide them with the information that they like, even if it is a dummy.

The same dummy as the idea that Bitcoin is a safe asset during a crisis.
The value of bitcoin is that during the crisis and after the crisis, its maximum number does not increase, while fiat currencies have already received a large increase in the form of printed bills.

Precisely. Bitcoin is just the same as any asset there is on the market. It has it's highs and lows. It just so happened that COVID-19 panic is something of large-scale that it had caused mass panic to all people. And this is the time where people will stock up on their supplies. So probably most investors here who sold their shares are the ones who used it for the quarantine. Most probably they'll be back when the situation becomes more stable. I repeat, bitcoin is no safe asset. It is but a profitable asset that can dump or pump like every thing else. It just depends on the market's situation and other factors which I wouldn't dig in more.

Crypto failed at establishing itself as a replacement for traditional financial tools.
Then again the biggest impact on the price of BTC have the largest whales. And they like the current position of the fintech. They made big bucks on it, why would the usher a change? Change is bad for them...
There are lots of small fish in the sea, and only a few whales, but fish have a herd mentality. And the whales will always end up feeding upon them. Facts.
Until the richest people/institutions decide that they want BTC, the price will skyrocket. (don't hold your breath).

Well, thousands of articles since last several years are telling this and branding Bitcoin as a saviour against crisis. When I read the title, I really liked it because I was expecting this question. People have to realize that Bitcoin is driven by traders psychology, not by some divine force.


I differ a little on this. Bitcoin is not same class of financial assets like stock market or even gold. It is expected from stock market to fall in such condition because traders feel that such pandemic will reduce the profits of companies so they tank the share price in advance. However, bitcoin is different. It is not dependent on the performance of any company or organisation. It is independent and its value depend upon the psychology of holders. It was interesting to see that many investors thought the value of bitcoin was overvalued and they went on to liquidate their holding.

And why they shouldn't ? If you will only go outside and see the situation you will understand why but let say we don't include this situation  , people will still sell because they also want to earn a profit but not all people are selling . Those who are selling might have thier own reasons on why they do it .  Btc is indeed built for the times like this where government is much sticter  . Seems like we are being restricted when we use centralize payment system , that is why we need a kind of decentralized payment too such as btc

Of course, a cryptocurrency that is not subject to inflation will knock out the monopoly from the hands of governments to increase the money supply.  If Bitcoin is used for its intended purpose, then in my opinion people will not suffer from the depreciation of their savings.  But it seems to me that the current period is not yet the time when cryptocurrency can fully provide stability for each user.

They might be in dire need of funds to use in the case that there is pandemic. They also might be selling it because they are speculating that the price will go down and that they will buy again later.

Well, that is how a typical bitcoin holder will do, in times where bitcoin dumping happens, there are so many people who will sell it because of being afraid that it will die soon, so in order for this bitcoin not be wasted, they will sell it to have money, how ironic that they know that bitcoin is volatile but they thinking about the die of the bitcoin.

Actually if bitcoin dumping happens selling it is not the best option, investing and holding your bitcoin it this kind of situation is the best thin that you may do because for sure if it bounce back or if it pump again you will earn so much money from investing.

There are not enough true bitcoiners on the market for this

Bitcoin didn’t stand as much as I expected, instead it kept falling and even to the level I least expected. I was thinking that $7000 was going to be the lowest rate it was heading to, but I’m surprised when I woke up to see that the price has dropped to below $4k levels, that is way more less than I expected.

I can’t even say that bitcoin is a safe haven any longer, though I never believed much on that because I know that bitcoin is a volatile asset. Gold was able to stand through the test, except as of recent when it decreased from $54000 and down to $49000. The reason I’m not much worried is because bitcoin is not the only cryptocurrency that decreased, almost every market was affected.

It is made for times like this but it is still early and Bitcoin or crypto isn't accepted by everyone yet.
We still couldn't use it to pay for everything we would need that is why they are selling it,
But if they could use it to pay for their food,medicine and bills then I don't see the point in selling it.
If we could only use it that way then for sure it would be the other way around it would drive the price up.

We are in an emergency I do not think that the price of BTCitcoin will shoot to the contrary I do not want it to be lower only that it is available to everyone.
Because it can help raise funds to address the health emergency that we are seeing as a consequence of the Coronavirus.

because mostly people invested in bitcoin are here to make financial gain and not the virtual,i mean technology that is why each time there is a market crisis expect them to sell out faster,and this is what whales wanted to happen so they can bag our money without noticing this happening.
Don't worry in the end of the day?we will win this battle because we are the Holders will benefits when the market starts to Pump again.

It's because they need to sell to payback the loss in their businesses or stock. But these massive crash are all in the initial stages, if the stocks continues to dump and the fed keeps printing Billions then we might see the money coming back to Cryptocurrency market especially with corona virus terrorizing, and cash is useless. Some countries had switched to Bitcoin and used it for purchase and payment.

Bitcoin will only become useful in times like these if its already accepted as a global currency. People are not yet ready even bitcoin itself to use it as a payment system. People are selling this time because it's their own way of accumulating more bitcoins while they are still in dips and hold them until the price starts to pump.

Not everyone are selling for sure, what you see might not cause by a big number of people panic selling.
You have to consider that the market is still young, if you know that whales do exist, you also know that they are good at, and that is market manipulation.

Look what happened days after you created the thread, did you see bitcoin pump? if yes then you are wrong that people are panic selling, and I am right that whales are just manipulating it.

There is no need to cry. People will realize sooner or later how good BTC really is. Until then we get super cheap entry prices. I am buying as much as I can, and you guys should do the same if you believe in BTC.

we have different traits here in Crypto and we cannot blame others from selling whenever the price of their currencies are falling ,including Bitcoin because investors need to Profit and they are panicking afraid of the longer effect of this Virus.

for those who can manage to HOLD then that is more that better to do but we have our own decision in investing so Respect others and do our own.

Bitcoin wasn't created for times like this mate, who told you that? Bitcoin was created so you could be free to do whatever you want with your money while all other people are equal to you and nobody is playing a better hand than you just because they are rich.

The main blockchain part of bitcoin can't be changed at all, sure rich could still manipulate the price of bitcoin but they can't manipulate the blockchain part of it, it will always stay decentralized and will never be forced to do anything people do not want to do. If you are patient about the bitcoin price as well, there is nothing making rich people more powerful in the bitcoin world. It wasn't created against pandemics or crisis or anything, it was created against the governments and bankers who work together to keep the rich richer.

As several users have pointed, bitcoin hasn't been made for times like these
Bitcoin has been made for very hard -or terminal- fiat crisis, the times when nobody, even the governments, want to have nothing to do with fiat, be it because inflationary runs or distrust in the issuers
We now have a economic depression, we can have -most likely, we will- a inflationary run as covid's aftermath, but is not the case, yet

Good or profitable? I think that would be profitable. We all know how volatile bitcoin is; with its decentralization, a lot of people do not want to use it and accept it since there are a lot of quick changes that are happening. We can't remove the volatility of it and at times like this, people would be doing more online payment rather than offline payment though they will obviously not use bitcoin since with the dump that happened, they would rather hold it or they have no other choice but to use fiat since no one accepts it.

logical. at a time like this many people prioritize payment by transfer rather than cash. of course it is good for their health. different from bitcoin despite having a function as a digital payment instrument at first, but with high volatile, more people use it as an investment

How can you say so? People are panicking because of the pandemic, lockdowns are happening , people are in quarantine and online shops are mostly closed since delivering it is almost impossible now with the strict rules of community quarantine and lockdowns. The government are allowed to markets in numbers, they need to provide for their family and they don't care whether they are using cash or online payments. Our place here is so close from lockdown, transfer? We don't even think about online payment since there are no online shops here, another thing is that only 2 shops here accepts mobile payment, some have debit but still we are going there personally so it doesn't matter.

Indeed, people are panicking now so selling their bitcoins will really be a good idea despite the consequence it may bring to your portfolio or crypto path later on. Online shops will be impossible for most countries because of the full lockdown but for those countries who are not in "Full Lockdown" the govn't surely allowed those deliveries so online payment is possible but for the rest no so selling their btc and getting fiat is a good move rather then holding yoir btc and struggle where to find money for food supplies and medicine.

Cryptocurrency is still very young we are progressing there will come a time that it will be uses on this kind of situation, but this is the first time it happens to us, after this pandemic and the adoption continues and  if this happen again by that time people are more incline to use Cryptocurrency as a method of trading.

Bitcoin function also because of its convenience and performance to a lot of transactions in the market. Also imagine how big your profit is if you invest at this volatile coin, that's why it is being compared to a gold because of its ability to store value. Bitcoins should stay as a digital currency and not a fiat currency because fiat is more handy and practical to use while bitcoin is useful if it involves a huge amount of money for a larger transactions. The reason why they sell even if it is necessary to exchange bitcoin to buy their needs, they sell because they value their greed over their lives. Those whales still think of a profit even though it is uncertain when will bitcoin be recovered from huge losses, and they prioritize bitcoin when their life is at risk.


Definitely, bitcoin is not only talks about money, it is about how people will adapt to this digital currency. Hoping that more people will know and understand the value of crypto in the market as it is really the most famous and most used cryptocurrency for investmens. Continuously promotion of bitcoin on simple things will let us give more knowledge and possible good things to happen if we achieve our goals with bitcoin. Let's just predict and create strategies so that we can be prepared and prevent being stress to its downward movement in its price. According to the saying "Just let things play out, what's supposed to happen will happen and we also need to accept the fact that our life is in control and wait for the right moment for bitcoin to happen.

Because panic sellers expected Bitcoin rallied. What did they get? - Bitcoin traded towards 4 - 6k towards $. People were scared about Bitcoin reached 0.

We have already surpass the bottom, bitcoin dump at $4000 level but it only stayed their for a very short period of time, after that, it slowly recovered until there is a big uptrend that almost bring bitcoin to $7000 again. For now, we should be happy seeing the stable price of $6600, that's the trading price for today and I hope we will improve this price soon.

Despite the corona crisis it stays at that level, I don;t know if there is some other worse case right now to make its price drop to $4000 which is what some are waiting to buy back. A  war or meteor going to hit earth perhaps might help the price drop but if there is nothing yet like this I guess I can expect price to go up to $7000. Lucky are the ones who had dumped at $10k months before Corona.

Not everyone sells the bitcoin they have. Including I still hold bitcoin that I have even though the market is down dramatically.
Those who sell bitcoin when the market goes down, just panic. But this did not last long, because at this time the market began
recovered and bitcoin prices rise again.

I don’t know where you read or heard that from, but just know that some bitcoin fans can say anything just to convince you about Bitcoin. I am not saying this to discourage you from investing in bitcoin or any other cryptocurrency. Cryptocurrency is good, but there are people who tend to exaggerate things so it seems more than what it really is. Bitcoin makes transaction easier for you by making things cheap and fast.

Anyone who is telling you that bitcoin is going to save your ass from a situation like this, well, it’s up to you whether you want to believe them or not, but left to me I would say that you shouldn’t.

Margin calls in which traders are forced to sell to top up their other leveraged trades + domino effect panic as a result of that

People should really look at those dumps as an opportunity, a chance to reinvest on bitcoin or maybe other crypto currencies since they might not see that in the long run. With a lot of holders and investors of bitcoin, they would not just let that opportunity pass by without reinvesting or buying again since it will just go back, look at what happened with the recent big dump.

I guess it is the result of the pandemic virus, because when the pandemic coronavirus started and spreads over the world it affects our daily lives. The bitcoin market is also affected on that situation because as we can see it has a greater impact on it, the bitcoin price market is go down so deeply. In my own opinion everyone is selling their bitcoins because they know that the price will continue to fall.   Many bitcoin sellers did not believe that after this crisis the price of bitcoin could be back to normal, that’s why they selling it. When you sell it now, it’s a big loss to you because the price of bitcoin is so cheap now.

How come it is not for a practical purposes? This Covid-19 pandemic killed a lot of people because some of them aren't financially stable, most of them are adults and 60+ yrs old. Plus, they don't have enough money to protect themselves from the virus. They can't buy foods, medicines, alcohol or something that they can use as a protection in everyday lives. We can help by donating our bitcoin to the community because fundraising is very essential so that people will reduce their suffering and we can save lives. Bitcoin can increase and you can recover those bitcoin that you've donated to the community in the future, instead of holding, use it in practical purposes so that it will not be useless as you wait for the bitcoin's price to increase again.

Because virus!
Virus is killing bitcoin!

Bitcoin is with pneumonia. Sell everything you have and buy fiat currency!

In crisis situations people behave irrationally, there is the fear of no liquidity, banks closed so people probably try to have as much liquidity as possible to be able to buy essential good for living.

Bitcoin has never been static. It keep fluctuating up and down and I do believe op forget at this period, people are in needy. They need money to buy foods and sanitary just to keep healthy and people will prefer selling what they have in order to get what they don't have so it is meant to be like that.

Well, Bitcoin was made like an alternative to traditional banking and payment system but it's hard to tell if anyone had in mind so specific situation like we are having now.
People are still afraid and panic selling is something that is always present, especialy in the time of crisis. Also, it's hard to predict how Bitcoin price will develope, there are no guarantees that it will go up so some think by selling they can save at least some of their money, they are not brave and patient enough to hold.

I think, it is because not all people are ready and capable of handling this crisis. Either, they are caught off guard and didn't save up for times like this or they only rely from their earnings here for their living. A lot of people like me, needs money to sustain our daily living, for our needs and supplies in our home, what more of the people that already have roles or responsibilities in their house for their family? That would need bigger amount of money to sustain their needs especially when we are now in quarantine without other source of income.

This is the time to be more practical and be alert about what changes might come because of the ongoing pandemic.

Bitcoin is considered by most professional analysts to be a risk-on asset with a high degree of volatility, so when the global markets tank likely so will any new emerging assets no matter how uncorrelated they can be from other major traditional options like Gold, Diamonds, Oil etc. so multiply the risk factor by 10 and you'll have most institutions running for the hills, however, these times might just see new interest if this asset does stay afloat and may have more upside potential for it than downside so let the next couple of weeks ride out before taking shorts out all over the place :P

We all do have our own different and valid reasons why we sell our cryptocurrencies like Bitcoin despite of the fact that at times like this using cashless with the existence of Bitcoin can be useful and essential. One of the factor that I can see is that people still tends to rely on the usage of fiat to sustain their needs of purchasing necessities to survive this crisis that is why they sell their cryptocurrencies not just Bitcoin but also other Altcoins that can be useful when sold. Also, the adaptation of using cryptocurrency to purchase good is still not well established that is why people is in need to sell or convert their cryptocurrencies into fiat to be able to use it at times like this. Also the volatility of the price of Bitcoin that is prone to get down at times like this is one of the reason why people tend to convert ir sell it to be able to make it more useful and valuable. If the adaptation of using cryptocurrency has already been well established, maybe people will not be forced to sell or convert their cryptocurrencies into fiat.

Yes, that's pretty simple, if more shops or merchants are accepting crypto or bitcoin, they don't have to sell their bitcoin but rather directly pay the merchants in bitcoin. Because not many crypto users are really rich and most of them need to buy something in this time of crisis. So are they going to suffer hunger without touching their bitcoin? I don't think so.

That's because people are trusting Fiat for their daily needs than anything else. Everyone is cashing out not only Bitcoin, but other assets/commodities like Gold and Silver too. In desperate times, people will use what's widely accepted in the mainstream world. The pandemic has turned out to be more beneficial to Fiat (sort of) than Bitcoin itself. Rest assured that this is only the beginning of a long journey filled with desperation and uncertainty. The longer the outbreak takes to disappear, the more people will be inclined into using Bitcoin for their own benefit. I guess that they haven't noticed its true benefits relative to Fiat yet. The time will come when the world's banking system will collapse, triggering a boost in crypto adoption in the mainstream world.

Personally, I wouldn't worry much about Bitcoin's price on the market since it was designed to be independent from Fiat. No matter what its price will be in the future, Bitcoin will continue to work as intended. I prefer to make payments in the most decentralized and censorship-resistant way possible, than having to rely on Bitcoin as an investment. The pioneer cryptocurrency still has its use cases for the mainstream world, despite being relatively slow in transaction processing times and somewhat expensive in fees. As long as there are many nodes and a large PoW hashrate backing the entire network, there should be nothing to worry about. What matters here is that Bitcoin is truly unstoppable and free from the likes of central banks and governments worldwide. They may try to do whatever they want to try to stop it. But it's too late, considering how big Bitcoin has become in the mainstream world.

Nonetheless, the smart money will choose Bitcoin above anything else while "weak hands" will be getting out of the game soon. Since most people are into Bitcoin for making money than believing in its core technology, it's probable that we'll see decreased demand for it until the pandemic ends. True believers of the cryptocurrency will stick on to it no matter what happens in the mainstream world. Let's hope to see the light at the end of the tunnel. Just my thoughts ;D

The real question to ask here is if BTC is made for times like these.
I think a more realistic scenario is that money is hodlt because with BTC right now it is highly inefficent to buy food or goods to satisfy the basic needs.

I don't think bitcoin was made for times like this. Bitcoin was made as an alternative to fiat currencies, although it is considered as a store of value by many. I think that is the reason why people sold their bitcoins, it is because they are afraid that bitcoin will crash during the time of this pandemic. Another thing is that, some people don't have other options but to do so in order to buy necessities for times like this.

There are many reasons that people are selling their btc for fiat is because there are businesses that are not yet accepting cryptocurrency as a means of payment. This is the case in my country though, but I think that the mobile applications that are used for transactions is making a name for themselves because they can help in making transactions cashless albeit the currency used is fiat and not cryptocurrency. You might be disappointed that people are selling their crypto but these are tough times and people are not like you who have the patience to hold, it might be their last resort or not. Atleast understand how people live their lives.

Bitcoin is not viewed by the mass as how it was intended to be used by Satoshi. Crypto today is considered an investment tool not an alternative medium of exchange. There are a lot of factors why it is not yet suitable as a medium of exchange, first, crypto is not yet accessible to all, not everyone can easily buy crypto and freely use them too but merchandise, supplies, and etc. Crypto's nature is profitable, it can be a good spurce of income if you hodl it. Due to it's volatility, using it to purchase something is not rational since price may change anytime.

The answer is simple because so far bitcoin is only traded on the market, it is not used where bitcoin was originally created as an exchange tool. Because bitcoin is only considered an asset, when a real business or economic conditions slow down, many investors sell their bitcoin to prop up the real sector.

Economic conditions when the corona pandemic struck was the first test for bitcoin. The fall in the price of bitcoin is proof that the real economy is affecting bitcoin. The conditions will be different if the main functions of bitcoin are applied in everyday life.

I accept as true with you within the current situation that folks are being harmed in some ways there's no source of labor due to the closure of everything. therein case they need to be been selling bitcoin for a short time keep with their lives. No way it's taking such measures to beat this crisis

Believe it or not people still consider bitcoin and the like as instrument of investment which purpose is only to make profit and not as a currency. It's basically the same as stock, you cash out when you need it not to mention the volatility also increase the urge to sell off for most of people. Overall, people are still afraid that crypto might not worth to hold in time of crisis or they are really in need of money.

It is exactly made for situations like these, but you got to understand the timing. Right now FIAT is still credible for purchases, and people do need FIAT to purchase supplies and such.

Then it is not the time, right?

Besides the fact that the pandemic is there, Bitcoin is not that currency that would be accepted that quickly. From being decentralized and being volatile, the government might disagree with it. People are not just using fiat since it is the fastest way to buy for their essentials but also because some of those people are not aware of the existence of Bitcoin and cryptocurrencies.

I believe now is a good time to buy BTC, XRP, ETH. These all must grow in these conditions, BTC is still relevant and seen as a crypto to hold money in long time. XRP can be used for instant daily transactions

Big slice of the pie are from investors, that's why the price is very volatile because they are good in moving the market, through manipulation.

I don't do that way, when I invest, I made sure that my allocation for personal and for emergency purpose will not be risk.
That way, I can play with the market regardless of the situation, I cash out when I am in profit, not when I need it.

Well, this is what I think.
I feel the period of economic crisis people need to be more liquid or need funds in order to maximise other investment opportunity.

That being said, not holding on to your bitcoin in time of downtown shows that there is fear in the market if bit coin will reduce drastically in value.

This is a pandemic and to be sincere, I don't think that Bitcoin is made for a time like this. If you do have enough money, there is nothing wrong with investing money in Bitcoin at this time. But for now, a lot of people are worried about food and how to survive, so nobody is really interested in investing their money in stocks or any form of assets, not even Bitcoin.

There is a lockdown everywhere and many people have lost their jobs due to the lockdown, now they are trying to manage their life with the money they have been able to gather in the past months and years they have worked. And there are those that don't even have money left at all. I wouldn't be surprised if Bitcoin should fall, because it's driven by demand and supply and it is volatile. That doesn't mean we should quit.

Unfortunately many people just try to make a bigger income with crypto so they don't understand how crypto works and the value of it in long term.

Bitcoin is correlated to the stocks that's why it had a major dump all the way to $3000 level. This mean that many Institutional investors and stock are actually holding Bitcoin and the reason they had to sell was because they had a major loss to their other portfolio's. So they had to sell they other investments to cover those losses or debts. But eventually if these traditional investors losses confidence in Bitcoin then it will decouple to stock.

Exactly. Bitcoin is still behind Fiat when it comes to merchant acceptance. Nearly every store around the world accepts Fiat, but not Bitcoin. This is probably because the pioneer cryptocurrency is volatile in price. As long as prices are unstable, Bitcoin cannot be used as a currency like Fiat. Aside from making Bitcoin faster and cheaper to use, we should focus on making governments regulate the market to provide better price stability. With greater liquidity and mainstream adoption, it's possible that Bitcoin will be used for daily payments instead of Fiat.

Until then, people will continue to use Fiat in times of need (like the ones we're facing right now). Even with social distancing, it's still possible to conduct transactions with Fiat using a credit/debit card or a payment processor like PayPal. As long as people trust Fiat, Bitcoin will be used by a very small margin. Now that governments around the world have started to print more money than usual, inflation will rise like never before. We'll reach a point where people will no longer trust central banks and Fiat currency itself, leading towards increased demand for Bitcoin and other cryptocurrencies on the market.

Nonetheless, the smart money will "hodl" Bitcoin no matter what. The halving is about to happen soon, resulting in higher prices per coin in the long term. We may not be able to avoid "sell pressure" across the market as a result of the COVID-19 pandemic. But as long as loyal supporters of the cryptocurrency buy and "hodl" their coins, nothing should go wrong. Besides, Bitcoin continues to grow in development and innovation behind the scenes. Before you know it, scalability and privacy issues will be a thing of the past on the BTC blockchain. This, alongside reduced coin issuance, should lead towards a very bright future for Bitcoin. Just my opinion :)

We are talking about Bitcoin being used.

We are not talking about Bitcoin being not relevant as an investment, we are talking about the use of it in this pandemic. Bitcoin's price is obviously relevant as it is not directly affected by the pandemic.

People are selling and it’s their choice. Some of them don’t even have patience, while some are selling because they are in need of money. You shouldn’t let the decision that others have made to influence your own decision you’re about to make , they might end up misleading you into doing what’s wrong. And I bet that some of them who sold their coins when the market dropped to below $4,000 will be regretting what they did.

They would wish that they never got to sell their coins and just left it till now. The market still bounced back to the higher price despite everything that is happening. This is not where it ends, there is still going to be more. The halving is already and we don’t know what it’s got in store for us.

In my opinion not everyone sells the bitcoin they have. Only a few people sell it, probably because they have to. They sell it because
some people have been laid off, so to buy their daily needs they are forced to sell bitcoin. But some of them still hold bitcoin. So no
need to worry, in the end the price of bitcoin will rise. Then bitcoin is not used as a payment, whereas digital currency is very well used
in pandemic corona. Because not all country legalize bitcoin.

Agreed!

Sometimes people forget the real notion behind Bitcoin and use it as more of a speculative asset instead.

In the past, the bitcoin market did not have a correlation to economic weakness and government policies because the determination of the price of bitcoin and other crypto-assets was only affected by supply and demand but the corona pandemic had an indirect effect on bitcoin and other crypto-assets. That is because of the selling action of a group of people who need cash to shop and save their businesses in the real sector due to the impact of the corona pandemic.

Increased attention of institutional and conventional investors in cryptocurrency has increased sentiment correlation with conventional assets. The few days that bitcoins are safe haven and have a high level of resilience to global sentiment seems to be diminishing.

The decline in the price of bitcoin is detrimental to many investors but the momentum is also used by many people to start investing in bitcoin (because the price is going down) so that it encourages large demand.

It's normal for prices to go all the way down the drain after a pandemic takes place in the mainstream world. This is largely attributed to fear more than anything else. It's the first time Bitcoin experiences a worldwide crisis, so we can't say for certainty that it has "failed" as a safe-haven asset. Surprisingly, Bitcoin bounced from $3k to $7.5K in just a month after the market depression. Stocks are still lower in price than they were before the COVID-19 pandemic, so this shows Bitcoin's resiliency within the mainstream world.

People will continue to sell crypto in exchange for cash as they need something that's widely accepted worldwide. The number of merchants, and businesses accepting Fiat are a lot more than those accepting Bitcoin as payment method. I know that the volatility issue is there, but anyone can simply use stablecoins to have the "best of both worlds". Bitcoin needs more time to mature in order to be recognized as a serious safe-haven asset in times of need. Weak hands will continue to sell Bitcoin if prices go down the drain. But the smart money will always buy and "hodl" Bitcoin no matter what. The decision lies on the person himself. We cannot force everyone to buy and "hodl" Bitcoin as people have the right to choose one currency from another. With the halving just a few weeks away, it's likely that Bitcoin prices will rise further across the market in the long term. Just my thoughts ;D

Different people have different way of thinking and perception towards the situation we are currently facing which is the pandemic Coronavirus and every people do also have their own way of deciding how they will use their cryptocurrencies especially Bitcoin at times like this. We cannot blame other people for selling their Bitcoins or other cryptocurrencies at time like this because we are not in their position to say that they must not do sell their assets since it was really intended to be used at times like this. Maybe they have also think of it many times before getting into a decision. It is their own choice and maybe their calling to sell their cryptocurrencies to sustain their necessities since there is no work because of the lockdown being implemented to stop the spread of the virus.

The reason why people sold was because there are many traders out there who can profit if they sell at 10k and buy back in at 4k. Thats are profit of .6 Bitcoin

The answer on this question are bitcoin's users. There is knife and it's sold with purpose to slice bread, meat and etc, it's made for times like that but some people misuse it. Maybe it's not 100% clear example but everything depends on type of user. Bitcoin was good back in 2011-2016, after that bitcoin is abused by a lot of people and it's commercialized, example of this is how mining turn into big business and how exchanges require KYC documents as time goes.
Bitcoin's price is determined by it's users and people decide how to treat it, the more positive decisions will have the effect you are looking for.

provision of passport data This is a new trend in the entire cryptocurrency market, which will continue further.  more and more resources will be required by kyc from its users, as certain requirements are imposed on them by regulatory authorities and regulatory structures, because today the issue of combating international crime and money laundering is an acute issue.  But if we talk about pricing for bitcoin, then first of all Bitcoin will be affected by large volumes of purchases or sales of this coin.  but since many people earn bitcoins, for example, through trading and use their income to pay their bills, in this case Bitcoin will always sell a certain part of users.  I believe that there is nothing prudent and surprising.

It looks more likely that there's market manipulation by whales more than anything else. Of course, COVID-19 had a negative impact over the world's economy leading stocks, precious metals, and even crypto towards a "depression". But, whales could've also "lowered" Bitcoin's price in order to obtain coins at a cheaper price. I've seen many comments around the web, where many people have predicted Bitcoin to go as low as $1k. Whales are hoping it to go all the way down the drain for profit. With a current price of over $7.5k per Bitcoin, they've would've made substantial amounts of profit by now. Average people on the other hand, have been selling their Bitcoin in exchange for cash in these times of need.

Regardless of Bitcoin's price, it's still working as intended. The pioneer cryptocurrency is useful for cross-border payments at a fraction of the cost than traditional Fiat. Besides that, development is increasing behind the scenes in order to make Bitcoin faster, stronger, and cheaper than never before. Those who still believe that Bitcoin will see the light at the end of the tunnel, will continue buying and "hodling" it no matter what happens in the mainstream world. But those who're quickly driven by negative events, would simply sell all of their Bitcoin across the market. The decision will ultimately lie on the person himself. Remember, it was never about how much a Bitcoin is worth in terms of Fiat, but rather how useful Bitcoin is relative to Fiat. Since Satoshi designed Bitcoin to be independent from the world's monetary system, it can live on its own. But that entirely depends on people themselves whenever they'd want to use Fiat as a unit of account, or only Bitcoin. Just my thoughts ;D

I think you cant buy good in your local area with bitcoins. The problem is everyone is using fiat now due to the crisis. Everybody needs physical money to buy goods that could make them survive this pandemic.

Even if everyone did sell their coins, that’s not enough reasons for you to quit. There are times when the price of Bitcoin will fall, or haven’t you heard that the price of Bitcoin is driven by demand and supply?

This is a pandemic, and there is no stock or asset that was able to stand firm at this time. Gold was able to stay a bit stable, but there was a time it fell from over $50,000 plus to around $40,000 or so, and it quickly got back up. Bitcoin did the same, after it fell down to $3800, it still got back up to $5,000 and now it has gotten to $8,800. Tell me which other asset has been able to recover as much as it did?

that is exaggerated claim mate that "Everyone" is selling a times like this.

There are some Panicking human that is not ready in this kind of situation and that same reason why they are selling but it doesnt mean that we are all doing the same because i am still holding now even when the dump happen in march yet i keep my trust and now i can see the fruits of my waiting.

You already know that the price of Bitcoin is all about the rate of demand and supply. The price dropped because of so many reasons, and the major reasons are because huge amounts of money left the market as of then. People were selling their coins, they needed money for food and other things they might need during this lockdown.

Lots of companies are now locked down and their workers are now staying at home , they have no means of income any longer. Good news is that the price is now going up and most exchanges are now showing that there are higher buying rates than selling.

Before anything else I need to say that generalization never helps, you can't say everyone sells, or everyone buys, that's not possible. We have exceptions, and in crypto we have even more exceptions, because it's the nature of blockchain, it allows anyone to be free and to do whatever, whether it's buying or selling, in any given moment.
Holders will give one answer, traders will give their own second answer, and add to that all others who don't care about holding or trading, they just have fun with their own stuff. Where are you in all that depends on you and nobody else, like I said here we are free to do what we want with our own money. And sure we can't say the same thing for our banking accounts!

Right, as bitcoin is not yet globally recognised as a medium or currency, people still need fiat and convert their btc. I saw one thread in the bitcoin discussion board saying that he sold off because he was an expat and no one to go to but to sell his stash in order to survived and I think majority did specially in March when the price crash to $3800. But definitely, at this time, only a few have been selling their btc because of the halving. On the contrary, I think the demand is high right now, as evident of the price spike in recent weeks. Yes, we need fiat, but I think when government started to help people around with stimulus package, the selling-off has stop.

Some are selling thier bitcoin maybe because they found a coin that has a greater chance to give them profit or else they sold thier bitcoin and buy back when it goes down.

There is a difference between a crash in economy and a global pandemic. The difference mainly is the fact that in 2008 crash there was nothing wrong in the world, everyone was basically living literally the same and suddenly there was a crash because banks decided that they want to over leverage the mortgage market by a big big margin and they were putting triple B's into A's and making them look like solid when the reality was default rates were going bigger.

This doesn't change anything in other countries and usually doesn't change anything USA except a few but the market crash was so big in billions that everyone got affected. Pandemic is not like that, it actually affects everyone, it is actually people being fired and not going outside, it actually changes lives of many. So, bitcoin was created as a hedge against the first one but there is nothing that could be done for the second one.

Agree. There will be some people that will sell Bitcoin on the market, while others will buy and hoard as much coins as they can. It's not surprising to see prices decline massively on the market, since we're facing a global economic crisis. Even stocks and precious metals have experienced a decline in price because of the COVID-19 pandemic. The best we could do is buy, "hodl", and wait until we reach the light at the end of the tunnel.

Despite what's happening in the mainstream world, Bitcoin is still working as intended. The halving will proceed as programmed, making Bitcoin much more scarcer than what it is right now. This translates into higher prices over the long term. Surprisingly, Bitcoin's price has increased at a fast rate in just 1 month. It jumped from $3k to just $8.7k in a blink of an eye. This shows us that Bitcoin is still admired by people worldwide. In these times of turmoil, many people are resorting to Bitcoin as a safe-haven asset. The fact that it's decentralized and outside the control of central banks and governments worldwide, allows Bitcoin to be resilient no matter what happens to the mainstream economy.

Nonetheless, if you believe in Bitcoin, you should "hodl" it for the long term. Of course, there will be times where Fiat is necessary for our daily necessities. There is no problem with selling a few Bitcoin to get some cash for these times of need. But it's important to always keep some Bitcoin for the future, in order to help support the crypto economy. Just my opinion :)

Do you have the facts on everyone, you should change it to those in needs at this time, there are "few selling" because of their needs they have no work no business and they have to rely on whatever they have, and these are the people who put all their savings to Cryptocurrency, and now they have a need to sell, and it's not everyone.

No.. It is unfair to use "only" because crypto (bitcoin in this case) really offers faster transaction and other practical features for us. I think the word "mainly" is more appropriate :D. Well, I am not a hypocrite do deny that lol. I also harness btc's volatile price to earn money. But even though we are a little bit shifting into main vision of btc, for me there's still nothing wrong about it because the opportunity of earning was already there so tendency everyone will definitely take advantage of it. Plus, there's no rule saying that we cannot use it for trading thus no need to feel guilty at all.

The price of Bitcoin is rising at an unstable rate so we should all take advantage of this without selling Bitcoin now. Maybe they are going through a lot of crises because the virus has hampered the economy and trade of many countries so they are selling their bitcoins to overcome the crisis. Bitcoin prices have risen almost half of the event Now if we invest and hold on it may not be possible to use Fiat currency to improve the financial situation by earning from Bitcoin.

There are a lot of people grabbing the opportunity to make a lot of earnings with the use of the bitcoin that's why they want to make more earnings with the use of this also with the help of the bitcoin less transaction fee and has a faster transaction with no tax by this many people will trying to adopt the use of this kind of payment it takes a lot of advantage to make more income and improve their financial funds. As today even there are a lot of people supported the use of the fiat currency because this is one of the used exchange and transaction and it's already gained a lot of reputation to the banks and traders so the people will use this. The bitcoin is just new into our world even its already exist in 2010 but today it's already become popular because of the features it has in transactions. Many people buying and selling their bitcoin today because some of them hoping that the market price of the coin will increase and some of them already earned a profit on their funds so they don't need to buy anymore. We are hoping that the use of the bitcoin becomes widely spread.

If anyone using bitcoin daily life he need to sell it at a time. Now corona virus effect whole world thats why I am not against this at every one as at the terminate of the day corona virus is causing tiring walk out on and unhappily the jobs are closing , schools are blocked , folks even cover to compensate rent at the outcome of the day .

Exactly. Not everyone sells their crypto across the market. Only those who need cash quickly in times of need (like the ones we're facing right now) will sell most (if not all) of their Bitcoin on exchanges. The smart money will always "buy and hodl" Bitcoin no matter what, since it's a deflationary cryptocurrency after all. Before you know it, you'll be able to double or even triple your investment in a few years from now. Ultimately, the decision will lie on the person himself. There will always exist people who sell Bitcoin, and people who buy Bitcoin on the market. If there's more sell orders than buy orders, you'd expect prices to go down the drain. The same thing happens vice versa.

I'd suggest that we look away from Bitcoin's prices right now, and focus on its utility. Bitcoin proves to be an excellent payment system that allows you to send money across borders at a fraction of the cost. Bank transfers are slow, costly and inefficient for the modern world. Despite Bitcoin's slow transaction speeds and high fees in the crypto/Blockchain space, it's still much more faster and cheaper than traditional payment processors of today. Buying or selling Bitcoin, depends on which situation you're facing in your daily life. It's good to "hodl" Bitcoin with expectations to make lots of money in the long term. But if you can't wait any longer, it's best to sell Bitcoin whenever you see the opportunity to do so. Stay calm and remember to never let anyone determine your decision with your Bitcoin investment. Just my thoughts ;D

Your main question should have been whether the cryptocurrency and especially bitcoin would be able to recover from the crash. And the answer that would be a yes. I know very sure that you have seen the increase we had as of recent. The price of Bitcoin was able to reach $9000 from April to this May, while other markets are still struggling at this time.

If you are thinking that Bitcoin would stand stable at a time like this, then you're making a big mistake. I believe you know that Bitcoin is a volatile asset. You don't expect such assets to remain stable when there is a whole pandemic. Some of you are always expecting too much from Bitcoin and you always want the price to keep going up.

OP, now got the answer?

Bitcoin is doing great when everything falling down and the immediate price fall on crypto market was happened due to the panic sellers and now they lost their real profits since price is going to cross $10K when we are nearing halving event.

Its just not ready to replace fiat due to its extreme volatility and government won’t recommend it in any way. But if you’re worried about the sell-off I believe its more temporary and people need bunch of cash during crisis.

Maybe bitcoin is made for this time but traders just want to speculate, they dont think about use cases so much

OP asked this question 2 months ago. The price is already climbing as the halving gets nearer. I dont think answering OP's question today is inappropriate. This thread should be close already.

Exactly. To our surprise, Bitcoin recovered in just a month or two after the pandemic's effects over the world's economy. Everything has been going down the drain, expect for Bitcoin. This shows us that Bitcoin is resilient against negative events in the mainstream world. It could prove to be the ideal safe-haven asset against Fiat in times of turmoil. Given that every 4 years Bitcoin will experience a reduction in block reward, it should become scarcer and more valuable over time. It's that scarcity which makes Bitcoin highly demanded within the crypto market.

In the beginning of the pandemic, people used to sell a lot of Bitcoin in exchange for cash to pay for their daily necessities. After all, most merchants accept Fiat over crypto. It's the go-to currency that can be easily and quickly used in emergency situations. Rest assured that once central banks collapse in their entirety, people will look for other alternatives to the existing monetary system. A decentralized peer-to-peer electronic cash which is deflationary and outside the scope of corrupt governments, is the ideal currency for the future economy.

As long as you buy and "hodl" Bitcoin, you'll be able to see great results in the future. Bitcoin has already experienced its third halving event a few days ago. I'd say we should give it some time, before making any decision that will make us regret it in the long term. There will always exist people selling on the market, while others continously buy Bitcoin no matter the circumstances. If you truly believe in Bitcoin, you'd forget about the price and focus on its utility. It's no about how Bitcoin can make us rich, but rather how useful it can be for our daily lives. And so far, Bitcoin has kept its promise of being a truly decentralized and censorship-resistant money where no one else besides you, have control of your funds. Just my thoughts ;D

I'm really confused when people say that Bitcoin was created for a time like this and should be used as a safe haven. Where and when was that said? And was it said by Satoshi Nakamoto himself or just a random person? The main thing cryptocurrency was created for was to be used as a means of peer-to-peer payment and we all know that the price is volatile.

So, how do you say that a cryptocurrency that is volatile is meant to be your safe haven? Bitcoin can be safe if you invest in it for a long term, but you shouldn't put all your hopes in it that it's going to save you, try to diversify and invest in other things like gold if you're looking for something more stable.

It's assumed it will work in times like this because its decentralized which I think already had worked for us. Its price didn't plummet to the ground unlike the stocks that the government has to intervene because everyone had dumped.

What it could mean is that we can make transactions online and without using the fiat cash that also caries viruses that helps it to spread. With BTC, we can only use phones and without physical contact.

Gold is neither your safe haven as well , for now perhaps but many more years to go then people will try to find something more liable to invest into and one of those option is bitcoin.


Not really, depending on when did you buy your bitcoin. If you bought them at 20k then it is not really showing great result for now. No one can predict or even expect bitcoin to be over 20k once again

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Not pessimistic, just saying the truth

I don't think traders are thinking about using it because the virus is hampering the country's economy and everyone is going through the crisis. Bitcoin was created for this period to overcome this situation but they are selling.

Exactly. Despite the massive sell-offs, Bitcoin has managed to retain its value across the market. It's probably because its decentralized design makes it immune to negative events in the mainstream world. Stocks are heavily manipulated because of their centralized structure, causing negative events to have a deep impact over their price. After all, stocks are directly linked to the success of mainstream companies. That's not the case of Bitcoin, as people are the ones who dictate its price and future path. With the limited supply and unmatched security Bitcoin has, I'd expect it to be used more thoroughly in times of turmoil.

This is only the beginning as people are becoming aware of Bitcoin and crypto in general. By the next crisis, crypto could stand stronger like never before. The pioneer cryptocurrency is a safe-haven asset against Fiat, because it's outside the scope of central banks and governments alike. The fact that no one controls it, makes Bitcoin very similar to Gold. In the end, people will use digital payments more thoroughly (either through Fiat or crypto) making physical cash a thing of the past. If you invest into Bitcoin now, you'll become an early investor of the technology that's bound to change the world's economy for the better. Do your own research, and you'll find out why Bitcoin is still a better option than Fiat in these times of crisis we're living in. Just my thoughts ;D

I know that bitcoin is projected to advance financial innovation and with decentralization bitcoin will stand tall without being controlled by the government. But of course we must get support from the government.

For some countries, bitcoin is still illegal as a legal payment tool and for this reason we can only use it as an asset that can be traded on commodity markets which basically must comply with government regulations. So basically, I like bitcoin to be adopted as a payment tool on a global scale and its a good thing if the government legalizes it.

I'm sure your venting is over the market has finally recovered, I guess the market is still young and not yet matured and the technology is not yet fully adopted, it is being used at this time but not the majority of all the nations are suing this technology to their advantage, maybe two or three years from now preparation will be set up for this kind of scenario, we are learning a lot of things of course.

Bitcoin may be an excellent currency to take a position in I feel they're selling their bitcoin thanks to financial problems they need also lost tons in trading Also, in many countries where Bitcoin remains illegal, the govt has not supported Bitcoin. The demand for Bitcoin in their country is declining thanks to a scarcity of legal recognition Many are selling thanks to declining demand. If Bitcoin is managed legally it'll be legalized in many countries.

Exactly. The market is still not mature, despite 11 years of crypto/Blockchain's inception back in 2009. Slowly but surely, people and mainstream governments are recognizing the true benefits of Bitcoin as a new type of asset class that's totally separate from the traditional monetary system of today. Weak hands will always sell Bitcoin as they're triggered by negative news in the mainstream world, instead of believing in Blockchain technology to change our world for the better. As long you do your part in buying and "hodling" Bitcoin, you can contribute to the crypto economy.

For the first time ever, Bitcoin and other cryptocurrencies have managed to do well in times of turmoil. In just a month since the collapse of the mainstream economy, Bitcoin has recovered to its previous price before the pandemic started. This shows us how resilient Bitcoin is no matter what happens in the mainstream world. The pioneer cryptocurrency operates 24/7 without censorship, downtime, or fraud. While prices are still volatile, Bitcoin can still be used directly without Fiat as a unit of account. Right now, jobs are paid in Bitcoin, while merchants and businesses accept it as payment method. If people start using Bitcoin directly instead of complaining at its price in terms of Fiat, things would've been different.

Nonetheless, people tend to sell their holdings of any asset in times of need. They need cash in order to fulfill their daily necessities. Rest assured, that once everything goes back to normal (hopefully), the market will be in a "positive mood". My advice to the OP is to buy Bitcoin while it's in the "red zone", to experience high gains once COVID-19 is over. Prices could stay in the "green zone" for a very long time after that, due to a bullish sentiment by everyday people. Just my thoughts ;D

They were selling, because so many people needed money because of the coronavirus pandemic, because of which they lost their jobs and livelihoods. Yes, and the whale showed up, which pretty much rocked the market. Therefore, your post was not very justified.