Bitcoin Forum

It's been  established that during a conflict or a huge crisis of any sort, hard cash is nowhere to be found or would be of very little value.
The ongoing energy crisis, being an economic problem trickles down and  affects the life of the ordinary person. Jobs lost, Prices of goods, services rendered would get really pricey or/and they wouldn't be any money in people's hands at all.
With btc, the ordinary person could avoid the backlash of these crisis and come out fine. Hopefully people would realize that hard cash can't be trusted all the time and look elsewhere, perhaps to btc.

Fiat cannot be trusted but it is also difficult to do completely without the Fiat. Every thing gets affected at some point in time. Even btc faces challenges at hard times. So it is the duty of man to grow with any technology at anytime invented to solve problems. For now btc is the most reliable currency to people that knows about it and trust it. While some people do not trust bitcoin a bit, they casted their hope on the Fiat which they know.
Btc will become the ultimate anytime we can be able to pay for goods, services, jobs etc directly from btc without the fiat.

For me, what you write is more wishful thinking than anything else. There has been some case in Ukraine where there was no money because ATMs were not working or something like that and a person managed to buy a second hand car in Bitcoin.

But that is far from the norm, and even less so in crises without wars. In a crisis what people lack is liquidity, and that is what they are looking for, so they sell assets and everything goes down. And still today, as much as it pains us, the most liquid thing is cash.

Two Danish journalists did it a few weeks ago in Ukraine. They had no other way to leave the country, so I guess they found someone willing to sell them their car in exchange for some BTC.

But Bitcoin isn't going to help much in a war-torn country. Look at a city like Mariupol, for example. A place with no food, electricity, heating, or water. The last thing on their mind is thinking about acquiring Bitcoin or even fiat. They have no place to spend it. You can't buy food and heating with Bitcoin if there is nothing for sale and if the shops are empty. With no internet and electricity, crypto won't help them. Priorities change in situations like that.

Bitcoin can't help you buy food in a destroyed city, but it's much more easier to carry crypto than fiat with you when you run away from a war. A person can have problems on a border if he carries a lot of fiat, but no one will ever ask you how much Bitcoin or crypto you "carry" with you.

This is and such is found in the case scenario of Russia's Rubble, if it were to be bitcoin, such can never happened.


Currently now, Russia's duputy minister for energy affairs urge the government to legalize bitcoin mining (https://finbold.com/russias-deputy-energy-minister-urges-to-legalize-crypto-mining-as-soon-as-possible/) in other to recover from some of the sanctions placed, Russia is  only left with the option of bitcoin to circumvent.

I quite agree that having cash is very important and necessary especially during conflict areas. But what happens when cash is of very low value due to bad government policies over the years. During a crisis, the currency would be be worthless. What use is the high liquidity rate of an almost worthless currency.
Cash is awesome also but it would be nice to have its purchasing power not fail you when it's needed the most

Why would hard cash fail? It's actually the most resilient form of money, because it doesn't depend on electricity or Internet. It's Bitcoin


This is extremely naive. When a person loses their job, or even worse, their home, it's very hard to recover from that during crisis. Bitcoin savings can help in short term, but they don't solve all the problems.

You are also making an assumption that Bitcoin will not be affected by crisis or that it will go up. In reality Bitcoin just as easily can go down. Bitcoin didn't prove itself to be a reliable safe haven yet.

I think it would feel that it is not controllable into how many you could print because the government wants an influx of money to save some corporate businesses or something that they have an interest in. But when it comes to being sure of value and not being affected by inflation, bitcoin could save you and profit you some money.

Maybe the best way is to have it in multiple assets or something.

Ordinary person still needs to turn that btc into hard cash though. Those bills, groceries, rent, etc. They are the ones that will thirst the most for hard cash. You could possibly make deals to pay with Bitcoin but it's really probably going to be as difficult to convince a landlord, shopkeeper, utility company to accept Bitcoin as it is to ask them to accept gold, if not even more difficult.

Bitcoiner here, but really, not sure how it'll rescue me if hard cash fails where I am. Might even argue I'd be better off with gold (or a replacement fiat).

You're talking about Ukraine and Russia right? look at Hryvnia's price it's still stable and Ruble is recovering. So your post above is wrong and it's only on your assumptions, the fact goes different.

Now talking about Bitcoin can save Ukrainian and Russian due to crisis, how can Ukrainian use Bitcoin to pay foods when the stores doesn't accept Bitcoin yet? how can Russian use Bitcoin to convert to fiat when they got many sanctions, not to mention Russia's bank planning to ban Bitcoin.

It's little value because you can barely buy anything because in a war, everything is destroyed and that's why you cannot almost use it to buy your stuff.

Sadly, in these situations, there's still a need to have cash because not every store that you can meet elsewhere if you're on the ground being affected by war will accept btc as payment.

First of all, Bitcoin is not the answer to everything and you need to remember without the internet you can not execute Bitcoin transactions. In a time of conflict or crisis where the internet services provider has also been affected BTC cant do anything either but it is a good call for financial freedom and liberation.
hard cash is called fiat currency in the cryptocurrency ecosystem.

Well, in times of war..... governments control the printing of money and they control the value of the money. Some times they cannot control the value of the money and you get hyperinflation ...where the buying power of your "cash" drop dramatically. (Zimbabwe)

So in times like that... people are given the option to safeguard the value of their Fiat currency by converting it into Bitcoin. This will protect it's value, depending on when they have bought it.... and how much liquidity they have.  ;)

Yeah, I didn't think of the internet being down and not able to do any transactions online. I understand what you talking about not having to depend on btc.
I didn't know hard cash is called fiat currency in the cryptocurrency ecosystem. I do now. Thanks

imagine a war scenario, people are surrounded by the enemy and need to flee immediately, they look in the safe and remove all fiat and successfully flee and then manage to buy something to eat, if it was with bitcoin how would the person do it? would run to get the cell and then? how many merchants would he encounter along the way in a scenario of war and destruction? bitcoin is a good thing, but there are things that bitcoin cannot do and that only fiat can do, in the same way that there are things that fiat can't do and that bitcoin can be more appropriate, that's why I think you should use both stuff

cash failure in a transaction may occur frequently or the specified limit is limited so we are free to switch to using bitcoin as a transfer tool in a transaction whose limit is unlimited, sometimes bitcoin also has an advantage when the cash we do is in trouble, but not much those who are trying to switch from cash to digital currency so not many have adopted bitcoin widely because they don't know the real basics of bitcoin such as cryptocurrencies

Bitcoin indeed to the rescue, when other means of saving money fails.
In recent and past wars that have occurred, you’ll see a case or scenario that a person lost all his savings in the bank because of bankruptcy caused by the adverse effects of such wars. If one has a bitcoin, no matter the situation of the war your savings will still be with you as you hold the key to them.

Honestly I’m not sure I agree with you here. In all honesty in times of major conflict money of any kind will become quite worthless. At that those types of times you’d be better off having medical items, fishing lines, guns/ammo etc. I also think if money is still being excepted the US dollar still carries quite a bit of value. Just my two on this take.

Bitcoin to save when cash fails, I agree with your review because the proof is when Ukraine and Russia are at war, then bitcoin is the main destination for investors and big companies, even donations received through crypto currency are very large The world is completely internet, although it is impossible to replace fiat currency with any currency, but at least bitcoin is a savior when fiat currency is in big trouble.