Bitcoin Forum

What do you expect will be the role of bitcoin and altcoin in the upcoming global economic crisis?
i mean i read on several sites that the only way to face the next economic crisis will be to freeze and withdraw some amount of private equities.
In your opinion will this lead to a massive adoption of crypto? given the fact that they are unseizable and in the end bitcoin was born right to face the crisis of the global market of the 2008?
If so what is the best altcoin to buy and hold for the next five years?

Bitcoin is not ready for wide adoption, so role will not be huge. But this economic crisis is very important for Bitcoins future. People will always point out to it when explaining why Bitcoin is needed.

in term of secure digital payments with low transaction fees the opportunity is huge. In term of mass adoption there is long road ahead as most governments won't use decentralized model. We may see some governments issuing  centralized crypto in the future.

Crypto is here, it will be the people who should realize that crypto is a good alternative to help secure their money.

By putting their money in the bank alone, that will only be subject to inflation as there is a global crisis, it will be affected, but with crypto, as long as they choose the right coin with good liquidity, it could be a store of value and a good investment as well, they just need to be educated and must be willing to take a high risk investment.

First, the  bitcoin and altcoins would be a sure option to fiat in such time as we know that even now, bitcoin has been a choice because fiat has been termed as a source of further contact to covid-19.
For altcoins to invest on, I think after this hard time, many altcoins are likely to rise with bitcoin. So you have to wait and be ready to watch and invest in them when covid-19 is gone.

In times of crisis like this, of course we will see the same bad as the others bitcoin will become a role at times like this I think not because indeed this effect will be very comprehensive not just bitcoin and altcoin so all of that have their respective roles so we will see that reaction at covid-19 is because with the disappearance of this virus everything will return to normal.

For altcoin I'm not quite sure whether in 5 years will shine? but in bitcoin I believe in that role because this is the crypto spear of real bitcoin.
In this crisis does not guarantee that all will be good, all of it must be lost from this outbreak.

Currently the market is very unpredictable and certainly the investment needs during this period will be greatly reduced. I am not sure what will happen next, but all investors here need to consider carefully because the risk may occur at any time. Of course, this is also an opportunity to buy some cheap coins and make sure you can make a profit if everything returns to normal when the covid-19 officially ends.

We cannot leave crypto even if something happens in global crisis, only time will say the answers for all these stuff. Crypto currencies have huge potentials to reduce debit markets, also it has the capability to change an economy of a country. Just have a look on Venezuela how they changed the crisis of their Country that's how crypto is all about...Guys just believe in this crypto currency for a better tomorrow, believe me this is a precious asset...

Government will also adopt blockchain but they want it to be in thier control thats why they will never support any crypto project we have now even bitcoin. Government hate decentralisation thats why they are planning to make thier own that can be usable for them .

But for persons hates government policy should support bitcoin and adopt it no matter what government say about negative issue we have in cryptospace.

I believe the masses would get to see the importance and advantages of crypto (bitcoin and altcoins) as a good means of digital and decentralized payment for goods and services. This is because I see a lot of companies adopting the cryptocurrency as a means of making sales and purchases from them. Hence, crypto will go a long way in the global crisis. But coming to global adoption, some countries still have problem with adopting a Decentralized system of money/payment. With this, it might take a while for cryptocurrency to properly achieve a global adoption.

first we need to survive in this pandemic, then we will see what the impact will be on the economy. so far it is very difficult to make predictions of what will be in the future


this Is another very complicated issue, altcoins depend a lot on bitcoin, when the bitcoin price increases a lot and stabilizes altcoins start to increase a lot also in relation to bitcoin. But leaving my opinion I think ETH is the best option

I think you are expecting too much, mate. No doubt crypto has significant possibilities. But if the global crisis comes then crypto will have nothing to show! Look at the present condition, the world market is facing problems, isn't crypto too? Global means the whole world, crypto is not out of the global. Therefore crypto won't reduce the debit card things, crypto will have a different impact on the society!

I just read somewhere today about an article saying that Italy or a country is using blockchain to transport data. I would consider this as an adoption of crypto and not only that I think most of us will agree that it is safer now when it comes to sending and receiving money or making transaction. Online banking is good but you know at this kind of time, scammers will do their best to get your information wherein online banking is prone to that kind of thing.

I think it's the other way around that the global crisis will play a role on crypto rather than crypto somehow affect the global crisis.

Why best altcoin? Bitcoin first than any 'best' altcoin base from others perspective. As you have understood this crash that we're getting in, everyone will start to think about how to save their wealth or even recover just to break even with their losses due to the devastation of covid19.
It is the best option.

You're right! Lots of talks about this situation but come to think that BTC isnt really ready yet for such situation.We know on what we are currently facing on in talks of economic state but doesnt mean
that it will guarantee to correlate automatically into crypto's future. Lets hope for the possibility but we shouldnt expect much.

In my opinion, Its the both ways – I mean the global pandemic crisis will sure play a role on the crypto space but at the same time, Crypto can play a crucial role as well.

– The current crisis has shown that all financial markets including crypto will suffer as investors tend to panic in trying times.

– On the other hand, Bitcoin has shown that it can play a vital role in the global markets as it can facilitate money transfers even at a time where banks are shutdown. People without online banking setups are on the losing end now. But thanks to crypto, funds can be transferred regardless of the location.

As usual idealistic views will be popular due to the personal bias on the crypto society. If everyone stays at home and there is an opportunity for digitalization which is the heart of blockchain technologies. The line is to catch the opportunities in the crisis, whose who played well during the pandemic will be rewarded at the end of the "game". Sad things will happen, be prepared.

We are in bad times today and much to see that crypto is very applicable to this time but somehow people never appreciate it much instead, they are still using fiat. This will means that crypto adoption is not ready for the thing like this and not totally acceptable to the community. For the 1 decade of its, it is enough to convince people to use crypto and also in all establishments. We are expecting that there is a high demand in the market but sadly, it drops and we are failed to think about how special it is in the situation that we have been limited to interact with another person.

That means you must read this news https://cointelegraph.com/news/italian-bank-opens-bitcoin-trading-to-12-million-during-lockdown
I would like to call that if crypto will help the people from the countries are getting crisis caused by this virus instead use the global as its title. i think it will be more suitable to be seen by everyone.

If our government is in crisis then we will experience the inflation, everyone of us living in such country be affected, but if we are smart enough, we can use crypto to safeguard our money, maybe it's volatile but this is quite better compared to seeing your money losing its value.

2020 is a very difficult year for all entrepreneurs. of course running a business when the corona virus is spreading. make the world experience an economic crisis. I had earlier predicted that this year would be a very exciting year for crypto assets, especially ETH. but all vanished, after the plague struck. but I still believe that ETH will stay ahead in the next 5 years.

Its a good place to store your money if you do believe that future ahead for this investment currency will be better, the government that suffering from crisis will do everything to survive that's includes to devaluing their currency crypto is a good option if you are willing to take longer time frame.

Crypto is a good store of value if you also believed in it and it will continue to grow but it will take more time for it to happen. Crypto is a good investment too but you won't make your own profits if you are afraid to take the risks. This global crisis we have right now is an eye opener to the people that crypto can be a good currency too which is more convenient to use compared to fiat.

all investments have risks, but crypto has a greater risk than investing in other assets. we all understand and understand how the crypto market has values ​​that move dynamically and can happen at any time. that means we can profit as well as loss in the investment planning that we do.

The most powerful or one of the most powerful country which is US has printed infinite money in this crisis, this big businesses will soon suffer if they will still trust the fiat system, so I am expecting the sooner or in the long run, the adoption will grow as people will finally realize that crypto is not corrupt, their money will be safe here as long as we got a good adoption.

That is what they are planning to do by issue "central crypto in the future" but bitcoin is going to serve as digital gold. We are going to see surge in the bitcoin pricing. I strongly believe that that along the way bitcoin is going to be favour by traders and institutional investors. I see governments reducing their war against the cryptocurrencies as the paper money has failed us.

A bit of old news but for me,,, banks doing that does not help anyone adopt crypto, it only makes it easier for them.

And come on,,, do we really need banks to tell us we can use crypto for us to use it? This is the role of the banks for crypto, not the role for crypto to bring people closer. Crypto already does that, P2P!

I think the role of bitcoin and altcoin is to be an alternative payment system besides using fiat money or the other digital money. But it seems, people still afraid to use crypto as the payment system because of the volatility that will always happen every day. The massive adoption of crypto will happen if people open their eyes that a new digital payment that can be used for their daily life has present for them. I don't know which is the best altcoin to buy and hold for the next five years because the altcoin follows bitcoin price, but I can suggest you buy bitcoin and hold it for the next five years.

   In some point fiat will disappear, crypto-currencies will be the main payment system, global payment system and much more. It's
clear that many crypto-currencies are not ready for the mass usage, they still need further development.
   Crypto-currencies are the future, current global crisis will contribute to crypto-currencies mass adoption. That's not going to happen
in few days or weeks, it will be a long process that can last for years.

Well, the economy has plunged and started to fall into crisis with this disease, the value of currencies in countries can be severely devalued when companies and economic activities cannot take place, the idea of finding a place to store our currency is really an urgent solution, crypto can play such a role when it has demonstrated recovery and can increase prices sharply. But one disadvantage is that it is a virtual asset and difficult to control, I feel that gold will be safer when many crises and inflation have passed, gold has never been seriously depreciated

If we can achieve something literally right now, while the whole world is in danger and people are afraid of going out, this is the time we can do it, that way we can see crypto in a much much bigger role. If we can't take advantage of this situation, that means we are really not going to see anything prosper anytime soon neither, we are just going to see regular crypto continue like nothing happened at all.

Hopefully, we will get more of a return to bitcoin in the upcoming weeks or at least when corona is gone, but same people coming back together constantly is really not a big deal, we need to actually get a much better situation honestly and this is not it, we need more people and more money, we need people who are brand new to the market and money that never would have gone to crypto.

what do you mean upcoming?it is already happening if you don't care checking news everyday,world is in crisis since the Mid of march.
where have you read this?and do you think it is really helpful?
actually same question had been on the forum over and over since this pandemic starts to worsen the economy of the world but still we are waiting for this to take effect,but i have a feeling Crypto will really help the world this future.

The important role of bitcoin in the economic crisis is that increasingly users and all people understand the meaning of investment for the future. because what happened was a crisis of trust from users who invested in the sacrifice. but now, we also face an economic crisis caused by viruses. but actually economic turnaround is still good.

at the moment I think many people or large investors have already withdrawn some of their money from the crypto market. because as you know, the impact of this epidemic is huge for the world economy. especially for large companies that are connected with several countries. of course, they are the hardest because their efforts must be stopped for a while.

Global payment has always been a great deal of income resource for the whole world when it happens.

For example, let's say the whole world is in big trouble right now, it actually is but just assume what nations will do, when USA prints out money their nation is not going to suffer from it, they are very strong and will keep forcing other nations and buy stuff and make them buy stuff as well, so basically everything will continue just a bit worse for them but not world changing, what happens to third world nation that can't do that? They will be basically in big inflation and their money will become worthless against dollar if they print some more.

What can crypto do? They can simply work for that american company remotely and make american wages or even less and still live a good life.

Yes that is the reason why cryptocurrency is made for time like this, the money we invested in crypto some time ago might increase depends on the market trend of the certain crypto and we can use it to sustain our needs now where jobs and companies are paralyzed by the virus. After this virus ends we can surely see the huge damaged of it to our economy and it will take some time to recover so our crypto will sustain us while we are still struggling earning money the way we used to. Now i hipe people will consider adopting cryptocurrency in their lives so that they can always be prepared.

I do not think crypto will be widely used as an investment during this crisis, but it can be more used as a  payment method. Anonymous cryptocurrencies are also likely to grow in popularity.

If that Italian bank can actually make people start to deal with bitcoin, that could change SO MUCH for us.

The ideal scenario for us is that a bank will allow it, the users of that bank will get to learn about what bitcoin is and how it can be used without touching anything, the shops that work with that bank will learn how to accept bitcoin but have euro on their bank account using QR code system (so if you spend bitcoin on their shop, they can either get bitcoin or euro depending on what they want) and suddenly it will get bigger and bigger, shops will start to ask "cash or card or bitcoin?" to people and many more people will start to hear about it and learn that you can pay without touching anything and it will get bigger than just Italy and go to whole Europe! Of course that is just the optimum best what can happen, I doubt it will be like that.

I hope this could be a way to open up the mind of the people around us and appreciate crypto not only for investment but as a currency as well. This will give them an option to adopt the system or remain to the old one. The current market situation makes people acquire an online payment system which I believe that crypto is the solution for it but somehow, we can neglect that people are still not ready for this nor the other big establishment as well. Even we think that this time will see massive crypto users but still, we can't due to some barriers and truth is that we are not ready for crypto adoption.

I think that until the situation related to the spread of the virus calms down, people will not consider investments, not only in cryptocurrencies, but no investments at all. When there is confirmed information that the situation is under control, then people will calm down and will start thinking about future. Certainly, after such a big economic stagnation, the crisis on the stock exchanges will be very large, which is why investments such as in gold, diamonds, works of art and it is very possible that in cryptocurrencies may also be more attractive. This moment can be a very big chance for cryptocurrencies to increase popularity and of course to increase price.

we already have big crisis   . are you not contented with that  ? because i think you are hoping for more or maybe you are only preparing your self and imagining the posbilities that can happen in the future if ever there will be another new crisis   .  for the current crisis  , crypto were doing fine still but before , the crisis put a damage to cryptos but luckily cryptos survived those blows    . by the way  , how can you say that crypto will become indemand when you think that people are withdrawing money  ?  i guess cryptos are not exempted for those moves  .

Really? When was the last time you used it as a payment method? When did you ever pay for something or receive something in payment as crypto? See we can all sit around and talk about crypto as this and that but most people are holders and never used it once beyond to trade. That is completely pointless.

How about those gamblers who don't care if the price will dump, they just use bitcoin as a payment method to gamble because it's easy to use and there is no restriction in most gambling sites, in short they enjoy anonymous gambling and they are willing to take the risk of price volatility.

Honestly cryptocurrencies are created for the times of economic crisis. I believe crypto currencies will stay stronger in coming weeks because the world economy is moving slowly toward recession. Almost all the countries have declared lockdown which made all the business to be shut down at least for temporary basis but we cannot be sure when they will allow all the business to resume. This is happening on both developed and developing countries hence we can expect more economic slowdown in coming days but people will start believing in to crypto currencies because it is the only investment opportunities for them to secure their financial needs.

A common investor cannot invest into stocks as most of the companies are shut down these days so they need to go for alternatives investment options and gold and cryptocurrencies are the only attractive alternative investment opportunities for investors world wide. Compared to gold, anyone can easily choose cryptocurrency because of its higher ROI.

We can't deny the fact that there are people who are still willing to use this payment process to enjoy their gambling activities, such people/gamblers are there to enjoy they are not concern about anything but instead they are willing to use this payment platforms as they are seeing it as a quicker way to gamble, especially those who wanted to play anonymously,.

Unfortunately cryptocurrency did not become a protective asset at the beginning of this crisis (maybe some changes will occur later?)
Moreover, i am observing (maybe this is subjective and i am mistaken) a negative trend: cryptocurrency is increasingly used for speculation and less for payments.

It will always be like that, it's more like an asset for investment than a payment system.

But people are slowly adopting to it and investors are also using it as a payment system, we may not beat the fiat system but at least we got some people who uses crypto for their daily transaction, like gambling transactions and shopping online, these are just example but more gateway to provide faster and cheaper transaction, bitcoin might be very useful as a payment system.

Definitely we are moving toward economic crisis and I believe that cryptocurrencies will be playing vital role in securing financial needs for people. Because, we are going to experience more worst situation than what we had experienced in 2008. If that will be happening then our fiats may become worthless or at least helpless like what we have seen in Venezuela and Zimbabwe.

Recession will definitely enforce people to look for alternative investments and I believe this time most people will choose cryptocurrencies for sure which might lead crypto's marketcap into multi-fold.

Despite current financial crisis aimed covi19, governments and other financial agencies are not looking at crypto for solution. So I don't think crypto has any role to solve the economic crisis, at least not today. In my view crypto will continue to exists along side centralized financial system that's managed and owned by governments.

I doubt the second offer will be considered by high authorities due to the lack of full development by the project CEOs. The anonymous altcoins have gained popularity but this popularity is not the reason to use such version of high anonymity in our daily life.

If taken seriously, BTC and alts can prove to be the best safe-haven investments you'll ever bet your money on.


I can't say anything about alts because the higher they rise, the worse they fall but BTC will be the King in the next 5 years and almost all the Govs will accept BTC as a game changer. Though, if it's a necessity to give a name of a project that can be hodled for the next five years - Pundi X. Even if the value gets dumped these days, it will strike hard in very less days.

Hmm ... so many years have passed and you still call this technology new? It seems to me that in the modern world 10 years is a whole era and those technologies that were relevant 10 years ago very quickly lag behind progress. It seems to me that bitcoin needs a real breakthrough in the field of use (not as speculation) in the coming years, otherwise competitors will overtake it and the chances will be missed.

I strongly agree that cryptocurrency has an important role in the current global crisis due to the corona virus. By way of investment
in cryptocurrency we can make a profit, at least in a crisis like this one can get income is a good thing. Hopefully More and more
people are investing in cryptocurrency, so there will be a massive adoption of crypto. And the best altcoins to buy right now are
ETH, LTC, XRP, BNB and XTZ. The five coins if held for the next 5 years will provide a very large profit in my opinion.

No, investing in crypto is not a guaranteed solution and we can easily say invest in crypto for profit, the market is still very uncertain, there's a high risk here people might lose if they lack of knowledge. We have the experience here and in our experience we also lose money, so they need to learn and experience first before putting their, maybe for big investors crypto would be a great option but for small investors, they can't afford the risk here TBH.

Re: Role of the crypto in the incoming global crisis, based on recent time's of uncertainty from country's whose fiat has been grossly undervalued or devaluated, crypto still served as a currency that could be used and relied upon instead. Although I'm not to privy to the details of how it actually worked for those countries, but that's what I've noticed and observed so far and maybe this is would be the perfect opportunity for crypto to thrive during these times of uncertainty on a global scale more than ever before.

yeah of course . not a guarantee solution but they can still provide you some profit and it wont hurt you much if you will ony invest small amount money that you dont really needed  .  it can give you happiness also  .

 investing can be fun too aside from the fun of using cryptos for payment purposes   . using fiat now is risky and pretty boring too , we need something that is new like people invent atm's and people already use cards to dispense money   . same concept is also happening here on cryptos   .

You already stated that bitcoin was born to face the crisis in the global market therefore it is the best altcoin to buy and hold for the next five years base on your statement. But with regards to economic crisis and role of crypto, I still don't know whether crypto can solve this crisis.

But right now if I am going to stock a currency that I am going to hold for at least five years then I will surely choose the top 5 currencies as I want to play safe and the top 5 currency will not collapse that easily so I can assure that my investment will not be lost.

I'd rather take investing as a serious matter, so it's not fun for me>
What's fun is when you are enjoy in the crypto space using your bitcoin or altcoins, and for me that is for gambling.
For sure, at this stage, gambling sites will grow as people will be coming in crypto since physical casinos are close, and this is a good reason why we should invest because we are seeing an adoption here.

Playing safe is not the right term in the crypto investing, at least the safest altcoin is riskier than the risky stock share in the global stock market. Top cryptocurrencies will not have the same profitability during the bull market and the trading ability of such altcoins is not better than low marketcap altcoins. I will invest half in the low marketcap, promising, legit altcoins and hold another half for investing in the top safest altcoins.

Long term we will see huge growth in emerging markets such as in Africa and across Asia once we recover from the global crisis.

Fintech projects such as CreditCoin are already building an infrastructure to play a major role in the growth of financial systems across emerging economies, and  it is exciting to see what is in store.

But bitcoin was created as a protective tool against inflation (and therefore any crisis) is not it? I am very surprised at the diversity of opinions on this issue. It would seem that the community should think in the same way on issues of principle, but I constantly hear opposing opinions even on the simplest questions.

Not necesarily. While the upper class benefit , you have to consider coins like Creditcoin will be made for adoption by the poor. As there are more poor than rich we will see wider adoption than just a coin targetting the rich.

All that is just a matter of how to secure assets in an atmosphere of economic crisis. but I am more amenable to securing an asset to be the top altcoin which has high marketcap, because of its potential existence is more recognized and makes the coin has a price. I think it's safer. I prefer to prioritize asset security.

Slaman29, was absolutely right because the middle class and the poor are one who suffer the most while rich getting richer. However, the coin you mention was not the only project to offer this kind of services and i didnt see any solution they have to offer to the masses during global crises than to increase their debt.

Agree, man. CreditCoin to poor people? In this time of crisis were totally totally wrong, IMO, those people/family are the one who suffers the most, and the one who needs more assistance than debts. Lending them money won't bring any good in a long term basis other than a temporary benefit. I am not against CC but the timing and borrower (let us say) isn't fit with it. And one thing more, solving problems/suffering by borrowed money is way worse than staying broke 'cause it will just make you suffer more specially if you have nothing to repay with.

If there is an assistance from the government or a private sector, we know it would not be enough for poor countries.
In the Philippines alone, people will only receive more or less $150 assistance from the government for two months of under quarantine, that's the budget the government has allocate, and sadly until now it was not yet distributed.

now, if there is a platform and that is available for us, I think we can borrow but that is only the 2nd option, and at least we have a lot of options now.

the problem now is not like what happened in 2008 ago. The problem now is not because of people's trust in banks, but the problem now is due to the presence of disease. if you ask calm down good coins for the next 5 years, my answer remains on bitcoin and ethereum for sure
 

The problem it is solving for the masses is offering a decentralized solution for credit history utilizing blockchain technology. Think of a farmer in Nigeria that needs to buy a goat but is unable to get a microloan due to a lack of history. Creditcoin is solving this issue and is partnering directly with microlenders in Nigeria in order to ensure that the poor and unbanked are able to access financial services.

There are different types of speculations are going on right now with respect to how this crypto world is going to react against the upcoming global economic crisis. I am sure crypto will become more attractive when economic slowdown happening because people will not choose stocks or commodities for good returns for their capital but they will start looking into alternative investments so that they will get more returns for any given time frame.

Please remember that cryptos have been proved as one of the highly profitable alternative investment type. So, we can expect more number of investors will be turning into crypto investments. This will make bitcoin to be testing any big levels which could be even $100k too and altcoins may increase in equal ratio as well because investors will invest into altcoins also for diversification reasons.

I think that at this point people have even more reasons not to trust banks. The crisis that is coming may turn out to be catastrophic for banks around the world, as well as for saving that people hold in them. I think the crisis of the world economy that is coming is a huge opportunity for cryptocurrencies. If people don't see it this year, I hope it will happen next year and we'll see another bull run.

A lot of people may be searching about bitcoin right now, but only few of them might really turn to be a crypto user. But will already be good in terms of btc adoption. They might not invest during this pandemic, but I think they will look at crypto as another option for their future investments. What they will be worried about for newcomers is the volatility of crypto in the market. Since they are new, they don't have the full grasp of what's going on in crypto, so it would really take time for them to fully understand how crypto works.

https://businessday.ng/technology/article/aella-partners-hygeia-to-include-95-nigerians-outside-health-insurance/

Take a look at this article.

Creditcoin is working to benefit the poor with Aella Care, basically using blockchain technology to provide affordable health insurance to over 200 million uninsured Nigerians.

This would make it the largest DAPP in terms of users and the largest blockchain product

no wonder Coinbase and Y combinator invested

Personally, I am very positive about the use of cryptocurrency in everyday life, especially Bitcoin, and I also believe that the most important advantage of bitcoin is its limited amount, which makes it possible to preserve the value of each person’s financial savings.  if Bitcoin will be used by as many people as possible as a means of payment, then governments will not be able to influence their people, creating artificial inflation by increasing the number of paper banknotes.  but the fact is that cryptocurrency is distributed among people very poorly and many people will not be able to use it in everyday life for at least a few more years.  but the use of cryptocurrencies in business can take the economy of some countries to a new level and, accordingly, create new conditions for international trade and other financial relations.

What is not a bad project these days when it comes to crypto? Or rather, what does not start out as good with nice dreams and promises,,, and then turns out to be crap? What do they all have in common? An unrealistic team, unrealistic investors who are all thinking they can make easy money by dumping on other speculators.

Stay away from that unrealistic project because that is not the role of crypto though scammers are all over the market I still believe for the purpose of cryptocurrency. On a time like this, easy money won’t work because we should put money on a more established coins, that can be more safe during the global crisis.

Now covid-19 is a topic of great interest during this time and this will certainly greatly affect the economy here. In the crypto market, many new projects are delayed for a long time and the demand for investment in this market is not as much as before, so there are many risks when choosing to invest. Of course this market is still an attractive destination for everyone but must think carefully before making a decision.