Bitcoin Forum

The market behavior that see bitcoin down to $3900 and bitcoin follows stocks, commodities and oil in all time sell off on Thursday should not discourage the bitcoin enthusiasts because people did not understand that bitcoin was created for time like this.
Investors have not spent their time in studying bitcoin white paper and most of them did not have the knowledge of bitcoin be a safe haven during natural disaster like Corona virus as this is the best means of holding and transferring values without third-party involvement and services. I believe that our governments are going to see good in blockchain and promote it as the best means of using money during epidemic like Corona virus. To me this is blessing for bitcoin and the economic experts are going to see good in blockchain for the first time.

Of course, why we should be discourage, this is just part of the market behaviour, people panic is this kind of pandemic, but it the long run bitcoin can still recover from all of this scare and economic and geo-political issues.


Maybe others have read bitcoin whitepaper and not understand it because they are focused on making money here. But we will have to see how the whole "bitcoin is a safe haven" narrative will be in the next coming months specially if the epidemic is not contained.

Bitcoin was created to be money for electronic transactions that don't depend on 3rd parties to verify the txs. The 'safe haven' thing is a narrative that comes after that where people want to get rich quickly so they 'force' others to buy it.

Regardless of the price, bitcoin is still the best means of payment if you prefer decentralization.

They'll see the effeciency of bitcoin in times like this and other dire situations that we might face in the future. When banks are required to close and no transactions shall be made to stop the spreading of the virus through cash.

Being an investment becomes the main concern these days but its effeciency as a means of payment should be the major concern in times like this.

Bitcoin was created during the last global financial crisis in 2008-2009,so Satoshi Nakamoto has something in mind about creating a digital asset or currency that would be strong,wet flexible enough to resist a global financial disaster.However,our governments will never promote the blockchain.The pandemic situation doesn't matter.
Please stop with the "safe heaven" BS.If you are under quarantine,your only "safe heaven" will be your supplies of food,water and remedies and you won't care at all about cryptocurrency or stock prices.

Anybody know what’s the reason behind the last Friday sell down? I think people will just keep it in the dark so nobody would know what’s that, why don’t we ask satoshi to give their insight? That’s really a strange phenomena going on, are we going to see the same crisis in the next open trading day? I think the coming Monday is very crucial, it’s going to be a moment of truth.

If you mean for crisis time - i dont think so. Its so unstable and panic sell may destory everything. And there a lot of panic right now actually

Indeed, this would be a great chance for a lot of people to invest and buy a lot of stock of Bitcoin because of its price in a dump. Surely, Bitcoin will make a comeback in this coming months because, of the upcoming halving event that would lessen its overall supplies leading to an increase in demand and so is the price. Bitcoin this days have been in a continuous dump and still haven't retained much in its higher values this year but, I believe that this year would be great for Bitcoin so we could expect a pump in these coming months.

In addition, as a lot of countries are now quarantining fiats because of the pandemic, this could be good for Crypto community as it is more likely that people would instead use it to avoid being infected by the virus.

As people are prohibited to go outside to prevent the spreading of the virus, they can use bitcoin as a digital payment for them to not to go outside and make physical transactions. I believe that at some point, government will see the true advantages of bitcoin in our daily lives, most especially in a crisis like this. Some people thinks that bitcoin is a scam without even having some information and ideas about it so that people are scared to try. They are just focusing on using fiat currency while it is very dangerous to use it. People with the virus can touch the tangible fiat money and can infect the next holder of it. They should be knowledgeable and know how to use, hold, and promote bitcoin for a more safer transaction without a p2p. I'm hoping that the government in a more affected country uses it so that it can lessen the transmission of the virus from one person to another.

The centralized operation can be stop but bitcoin will not, bitcoin is created for the purpose of decentralization, it could be useful in any situation but at this time it will be very useful. It's been in many articles in the past, when there is an economic crisis, bitcoin is the best hedge for our money and I believe on that, but so far the market is not good, we are seeing some big dump but I know it's not something an organic action, it's the people's action who tried to manipulate the market and those weak hands who easily get panic.

True. But it is also important to create the right infrastructures for people to use their valuable bitcoins on, especially if you can't easily attract them to the Network.    There should be things built on top of Bitcoin that people should find very hard to resist. I should be able to buy/sells good things with fellow Bitcoiners in peer-to-peer or decentralization manner.. . and it should specifically be things that are harmless to people and societies.

This is the time that bitcoin is really needed by anyone, because of the virus there are so many people are afraid of going out to prevent attachment to other people, or to avoid contact from others so the virus cannot be transferred to them. By the use of the bitcoin, we can purchase something we want, we can still transact online using the payment of bitcoin.

There are so many purpose of cryptocurrency, it is more safer and more faster in terms of transaction compared to fiat currency because all things happen through online, you don't even need to go outside, go to the building that the transactions will take place.

But if the virus passed away, fiat currency will still be prepared to used by many people because we can use it anytime and anywhere, especially for the daily purposes.

Most likely, when tough measures began to be taken to prevent the spread of coronavirus, people, as always, began to actively stock up on food and other essential goods. It took money, and Bitcoin is not yet so liquid that you can directly buy for it. Therefore, it was exchanged for cash. Apparently, its price fell for this reason. It is also possible that the whales also orientated and began to lower its course. However, Bitcoin was not ready to be a reliable refuge in such situations.

I also think that the market crash for crypto are caused by corona virus. People are panic buying, and people need goods to survive this crisis. As you can see lot of market now are crashing, stock market, Forex, crypto etc. all of this are caused by corona virus, bad news is always gonna result a market crash and many people are pulling out their money from this, and some of them need the money to survive. let's just hope for this virus to be cured and I think after that everything is gong back to normal.

Only issue is we have more investors than enthusiasts so they are ready to sell at anytime to make profits or get themselves away from losses.

In long term, bitcoin may answer that is it really capable of surviving natural disasters like this until we should spread the word bitcoin more than the word corona.I see some people stick small posters in public places so people will get to know about bitcoin, as enthusiasts this is our time to spread bitcoin across the world.

Expect another big drop tomorrow.

This events has no correlation with what is happening to bitcoin, it was not made for this, it was the unfortunate circumstances that made it look like it was made for this. What bicoin really is made for is that it was a way of payment for services without the hassle of physical transaction. The investment part was latter added I think.

Then you have not given us reason that price has dropped this down in your post. As this time is suppose to show that third party transaction can be avoided to exclude contacts, true. But despite this important advantage of third party exclusion, why has price dropped ?.

indeed to anticipate the spread of the corona virus, bitcoin is an effective currency to prevent its spread. we know paper money is a good tool to transmit the corona virus, because the virus can last about 10 hours, and that makes paper money occupy the highest rank of corona distribution media. The government should consider this so that the virus does not spread widely

Bitcoin whitepaper never stated that Bitcoin is a safe haven, it says that it's a peer-to-peer digital currency. The idea that Bitcoin is a safe haven or a digital gold started floating around much later, and it was always untested. And even if there were such words in the whitepaper, it doesn't mean that it's automatically becomes true - the market decides what is a safe haven and what isn't.

As for blockchain technology, it has absolutely nothing to do with the coronavirus. Well, I'm sure some scammers will try to create a blockchain for fighting the virus, but at its core blockchain is completely unrelated.

Speaking of third parties, I lost my trust on my third party app and kept my coins on a wallet that the private key id on me. I was searching my btc on blockchain and the balance was 0, but in my app it has btc balance in it, now I know that it's not different from banks if you use 3rd party wallets, because they could freeze our accounts anytime.

I was buying btc and eth amid the dip, it is really on bargain, hoping it would go down even further but it is had to know whether it would or bounce back.

Finally, this is the time for bitcoin to help everyone who's affected by the Coronavirus because their benefits is we can buy anything through the online transaction process, especially on our medical support, compared to fiat currency so let's pay tribute to the team of mystery person who's created and invented bitcoin known as Satoshi Nakamoto.

Bitcoin in times like this will be very effective. I suppose it will be popular payment method in the future (if banks will be closed).

lol it wont happen  . banks will never get closed but it will only get modernized , as you can see banks supports mobile and online platfroms now  but with the growing success of banks  , many payment method are also being introduced and one of it is bitcoin/crypto  . right now bitcoin is already popular too and will be more popular in the times like this when there is a problem on financial  as it acts as an alternative to banks or fiats  but no one predicted events like this could happen , so i believe that bitcoin isnt created for times like this  .

I totally agree, it was created for times like this. We should be looking for a solace in bitcoin, we should have seen bitcoin doing something that could hurt the price and not sell but buy because that would have solved the issue. We should basically do what stock markets do in reverse, whenever they sell we should buy more, whenever they buy we should sell more.

If you can make a profit and a good living of your stock market investment then there is no need for bitcoin, however stock markets are volatile and sensitive, bitcoin shouldn't be and the thing that sets its foot like a tree and not move on days like this. If we can achieve that type of power that means bitcoin will be the "dooms day investment" for millions of people around the whole world.

right, the bank will still be there, and I think all decision holders are in the hands of the government. we know more countries that have not yet legalized bitcoin, and only a small portion of bitcoiner exists. although like current conditions cryptocurrency is actually suitable to dampen the development of viruses, compared to paper money, but it seems like it hasn't gone well, we know that crypto is still affected by the current conditions

It's funny to see how hamsters try to save the value of their assets with the help of Bitcoin howling from hopelessness because it did not work out.
It immediately becomes visible to people who absolutely do not understand why Bitcoin was created and what its capabilities are.

First I don't agree with bitcoin created for time like this because in general situation we use gold, countries will never bitcoin replacement gold position. All asset can be use for trade and store value ( include digital money ) and I believe economic expert only see bitcoin value but government focus on blockchain, this time economic expert could right but for long term purposes they will follow government. If currency could stable, world economic will run again and bitcoin will find their position in financial instrument.

Maybe the idea is on the view of making a transaction because we all know that there's a global threat spreading all around the world and making transactions physically is really dangerous. Maybe the idea is that it is better to make transactions using bitcoin because it is for the sake of your health to avoid being infected. The idea about the payment method in the future thinking that banks will be closed, I think that is impossible because we are really used to make a transaction using banks and we need that for making your crypto convert into fiat, it is really hard to think that we can only use crypto, yes it is possible but to think of it as of now is impossible since the adoption is not that really serious, what I mean is that there are countries that are accepting crypto but not that they are making technology to implement that they should use crypto, it is just an alternative payment as of now.

You didn't point out the main reason of BTC being a possibly great option during this Coronavirus outbreak - digitally transferrable. While fiat money (we call as cash) has all capabilities of holding an infection/virus on it and if transacted, even if a single not has an active virus on it, you'll get caught by this disease in free fund, BTC on the other hand, which is a number/an asset available digitally and can't be touched (except if you have opted for paper wallets, but still it can't get infected as it's in your own possession) can be of great help to everyone in this world who'd like to use it for the better of their financial status.

Unfortunately, there was a lot of bankers who thought bitcoin could be something so they got into bitcoin and now they are so deep inside that they could actually hurt the economy. I personally never imagined it would be like this because bitcoin was a dark money thing back in the day and not an investment thing but it did became a wall street thing in the past 3 or so years which caused this.

Now, when those bankers who lost money like crazy in the past week has gone and taken their money out of bitcoin to try to cover the costs of the stock market fall and even try to buy more of it from cheap to drop the averages down. That of course caused bitcoin to drop a lot and that was mainly causing a lot more panic that kept it going further down as well.

There is a lot of forced liquidation going on when DJIA get dump -30% from the top, a lot of overleveraged traders get their position MARGIN CALLED and force liquidation, it’s the bank that giving out 100x leverage out of cash at fault and couple with zero commission trading platform from RobinHood platform, dozen of dumb millennial traders go to the Robin Hood twitter and cry their position get locked up during the trading apps frozen and panic selling down the losing position and the impact is a couple of cascading sell down which is well expected from me weeks ago.

In theory, such drastic measures by FED will make every assets price rise, but this time the market did not react. Simply because after 2008, everyone knows that the trick is to first send money to banks and let them decide who should get money later. Without a guaranteed policy ensuring money will flow to the one that most needed, everyone's best bet is still sell

And even with a new policy in place, it is difficult to see which company will rise, since that is totally up to banks to decide. Unfortunately in such a skrewed system, people still want fiat money

but because bitcoin is still fairly new, so people will still be a little doubtful, people will still choose to invest in gold and other commodities that have existed long ago.
maybe this is a good opportunity for bitcoin if it can steal the public's attention from an extraordinary rise or surge.

Bitcoin is good and I’m happy that Bitcoin is being recognized, but I’m not going to say that what is happening is a blessing, sorry this is not a blessing. This pandemic has killed a lot of people , so it’s not any blessing. Saying that it’s a blessing a seems a bit selfish, because you’re saying it with a focus on the possible profit you will make once the price of Bitcoin starts to go up.

So, this is no blessing and moreover we don’t need situations like this for Bitcoin to grow, without a situation like this Bitcoin is still going to grow and gain adoption. I’m only hoping that the world finds a solution to this problem and end it once and for all.

Not just for a time like this , but yes Bitcoins is helping a lot of people , not just people but banks , the government , they are making *work from.home easier and more profitable *
Even if the price is low they are making the overseas transactions very easy , people are able to send and receive money from their relatives without going outside.
Well for people who used to say Bitcoins were created for a much sinister purpose and it is the method how the government will spy on us , well here is the deal mate , you gotta learn about it if you plan on surviving the quarantine and you are not a millionaire.

Yes, fiat money is a much needed thing for us in this kind of situation. We should be doubtless about spending our money in food and healthcare because our money will be worthless if we're in a bad condition. I think price movement isn't possible now because govn't will do price freeze so that people will not take advantage of this situation.

Bitcoin was a good back up asset right now! The moment the stock markets fell, every company liquidated their stocks in btc and have the cash flow to pay different busineses.
As so, crypto was a better back up than the gold which fell 6% already and that's a lot thinking that gold it's always a refuge stock to invest in.

I think bitcoin is running how world economic it self, when world economic better will push bitcoin to higher price and when world economic got crisis like now we have see bitcoin in lower price, not have chance any more to connect each other between bitcoin and economic world because both of them have connected.

If the investor can see the benefit of bitcoin, they will use bitcoin, but many of them still use the traditional way in the transactions, and only a few of them will have an open mind with the new thing that can help them to survive. During this crisis, people can use bitcoin to buy their daily needs, but unfortunately, only a few countries that already accept bitcoin/crypto and the rest of the country still use fiat to buy their daily needs. Maybe soon, crypto will be accepted in all countries so they can still buy something even if the fiat cannot be used.

Well, we can't really say that bitcoin is a safe-haven investment. It did give investors and traders profit but we all know the features of bitcoin and it is the opposite of a safe-haven investment. In terms of the blockchain technology, I read here in the forum that it is an expansive investment so I don't think they would be interested in that so easily.