In a Bitcoin Disaster where would you move your Money?

[audaciousbeing]

If there is enough time to move my coins I am definitely moving to FIAT because aside from bitcoin which is the only crpto currency I trust, there is nothing else I can do coupled with the fact that other crypto currencies depends on bitcoin which means when bitcoin is going down then other crypto will be affected as well,. Which means I am left with no option than to convert to Fiat which  is what I have to fall back to.

[chixka000]

I guess i wont worry too much anymore lol because in the current situation only small percentage of my amounts are being stored and i usually cash it out for my personal needs so if ever this called hypocrite thing happens i would not lose too much at all

[n0ne]

If such a scenario happens a panic will be experienced among the users. Sure they'll tend to sell their bitcoin for less price. I'll make use of the opportunity and will buy as much possible, because I trust in bitcoin that it grows even after fall or technical problems.

[Pursuer]

it depends on what the disaster is, maybe it looks like a disaster but in reality it is mostly good and new change. in any case I need to examine the situation and see if I can choose a majority chain if it seems suitable to me, or the other chain or give up and go back to fiat. but like some others said, I wouldn't consider your list of altcoins as something worthy of my investment for long term.

[Rahar02]

I am curious that in the hypothetical scenario of Bitcoin splitting into 2 (which is less and less hypothetical), or other big disasters (51% attack, quantum hackers,etc), where would you move your money? Bitcoin is currently the reserve currency, and it's safe to store in it some money, but if some disaster happens, then it will no longer be safe, so I am curious where people would go, what would be the alternative to BTC?

There are of course some of the top 10 coins, which would qualify in my view:

• Fiat Currency: Which is like cashing out of the crypto world, not really an alternative to BTC
• The majority chain: the split of BTC that would have the most nodes, miners, merchants and users behind it
• ETH: Which has the closest market cap to BTC, and the most users after BTC
• Ripple: Which has banking integration and a somewhat stable price
• LTC: Which is the closest to BTC in terms of code similarity
• Monero: Which is has privacy implemented in it
• Dash: Which is has low fees, privacy and a democratic consensus mechanism

So which one is it for you?

I will withdraw and convert it into fiat as the official payment that we use in daily transaction.
Other coins may not get my trust as bitcoin is the best cryptocurrency, if it fail, what will others become?
I may consider about another majority chain, but only some parts of my funds obviously.

[megynacuna]

I wouldn't entertain any disasters when it comes to my finances so I will treat Bitcoin as a commodity and not a currency in this scenario and will not hesitate to sell them all out for fiat-(possibly the US dollar)as it has proved to be stable and widely used for a long time.

[abel1337]

If a bitcoin disaster happen And I am needed to transfer my money. I will convert my bitcoin into local currency . If banning of bitcoin is the disaster, surely I cant convert my money into local currency. I will just trade my bitcoin into paypal/Payeer and transfer it yo my bank account.

[deisik]

I am curious that in the hypothetical scenario of Bitcoin splitting into 2 (which is less and less hypothetical), or other big disasters (51% attack, quantum hackers,etc), where would you move your money? Bitcoin is currently the reserve currency, and it's safe to store in it some money, but if some disaster happens, then it will no longer be safe, so I am curious where people would go, what would be the alternative to BTC?

There are of course some of the top 10 coins, which would qualify in my view:

• Fiat Currency: Which is like cashing out of the crypto world, not really an alternative to BTC
• The majority chain: the split of BTC that would have the most nodes, miners, merchants and users behind it
• ETH: Which has the closest market cap to BTC, and the most users after BTC
• Ripple: Which has banking integration and a somewhat stable price
• LTC: Which is the closest to BTC in terms of code similarity
• Monero: Which is has privacy implemented in it
• Dash: Which is has low fees, privacy and a democratic consensus mechanism

So which one is it for you?

By the same name ("disaster") you put together events some of which can hardly be called that. For example, if Bitcoin gets forked, it may actually turn out beneficial in the long run. Wasn't Litecoin essentially a Bitcoin fork back then? On the other hand, it will all depend upon how much other coins may be affected. If they all should get affected, you'd better cash out into fiat, of course...

And short Bitcoin to earn some money along the way

[20kevin20]

Not only that I don't trust altcoins except Monero, but I also know that their prices depend on Bitcoin too. If it falls, they fall. There's no other choice. So I would personally go back to fiat, which would then be the "safest" one when it comes to the stability of the price. But a Bitcoin destruction would cause like an 'earthquake' for all the currencies anyways ..

[genos]

If there is enough time to move my coins I am definitely moving to FIAT because aside from bitcoin which is the only crpto currency I trust, there is nothing else I can do coupled with the fact that other crypto currencies depends on bitcoin which means when bitcoin is going down then other crypto will be affected as well,. Which means I am left with no option than to convert to Fiat which  is what I have to fall back to.

Yeah it is very good reason. The price of alternative coin is depending with price of bitcoin. So escape your money into alternative coin Will only be bad for you. On the contrary if we put money in dollars or Fiat. Then our money will be safe because Bitcoin will not have any impact on the dollar and fiat

[chixka000]

I am curious that in the hypothetical scenario of Bitcoin splitting into 2 (which is less and less hypothetical), or other big disasters (51% attack, quantum hackers,etc), where would you move your money? Bitcoin is currently the reserve currency, and it's safe to store in it some money, but if some disaster happens, then it will no longer be safe, so I am curious where people would go, what would be the alternative to BTC?

There are of course some of the top 10 coins, which would qualify in my view:

• Fiat Currency: Which is like cashing out of the crypto world, not really an alternative to BTC
• The majority chain: the split of BTC that would have the most nodes, miners, merchants and users behind it
• ETH: Which has the closest market cap to BTC, and the most users after BTC
• Ripple: Which has banking integration and a somewhat stable price
• LTC: Which is the closest to BTC in terms of code similarity
• Monero: Which is has privacy implemented in it
• Dash: Which is has low fees, privacy and a democratic consensus mechanism

So which one is it for you?

By the same name ("disaster") you put together events some of which can hardly be called that. For example, if Bitcoin gets forked, it may actually turn out beneficial in the long run. Wasn't Litecoin essentially a Bitcoin fork back then? On the other hand, it will all depend upon how much other coins may be affected. If they all should get affected, you'd better cash out into fiat, of course...

And short Bitcoin to earn some money along the way

The other funny thing is that well in my own opinion those certain alt coin except for fiat that has been stated will be having the disaster and die first before it goes to bitcoin's disaster lol

[senyorito123]

If there is enough time to move my coins I am definitely moving to FIAT because aside from bitcoin which is the only crpto currency I trust, there is nothing else I can do coupled with the fact that other crypto currencies depends on bitcoin which means when bitcoin is going down then other crypto will be affected as well,. Which means I am left with no option than to convert to Fiat which  is what I have to fall back to.

Yeah it is very good reason. The price of alternative coin is depending with price of bitcoin. So escape your money into alternative coin Will only be bad for you. On the contrary if we put money in dollars or Fiat. Then our money will be safe because Bitcoin will not have any impact on the dollar and fiat

Yeah very well said, that's my plan also IF there is enough time to move my coins also. Exchanging BTC to FIAT will be the alternative way to save your BTC balance. But what if the time is not enough to move your BTC to FIAT? What shall we do about our BTC? And a BTC disaster will gonna happen if there is not enough BTC out there right?

[robelneo]

If bitcoin become disaster i will probably exchange it all into fiat currency and wait bitcoin to be fix its problem, i don't want to lose money since i had family already and had kids this is the only sideline i had where i can earn money.

I'll do the same too,fiat is safe investment always and you can spend it right away,but I'd wait for Bitcoin to come back again,there will always be a crypto currency existing,because people have seen how it works and how effective it is in case bitcoin face  problem we always have a replacement for Bitcoin but I'm not sure if majority will adopt it...

[dhampir-D]

If there is a Bitcoin disaster, before it would happen I will convert it to Fiat. Good thing is that my Wallet is 2 in 1 which it also has a Fiat Wallet. I would convert my Bitcoin to my Fiat Wallet before the disaster happen and when the price has fallen down Ill convert it back again to Bitcoin in that way I have increased the quantity of my Bitcoin and will profit from it once it goes back up again. Of course it will take time but it is not risky at all.

I think many users would do the same thing, especially people who have made enough money in crypto. But the main reason for them, obviously, would not be the fact that they made lots of money, because if there was potential for better investments, they would certainly do it. Instead, I think the main problem is that there are few currencies that are worth investing in. And to answer the OP, I would consider investing in Litecoin or Monero, under current market conditions.

[angaper]

Why to move my money from a potentially failed bitcoin to another altcoin? It doesn't make sense to me because if bitcoin falls, all other coins will fall too since they will prove to be unreliable ways to store our money. So I would look for traditional options as dollars or metals.

[deisik]

Why to move my money from a potentially failed bitcoin to another altcoin? It doesn't make sense to me because if bitcoin falls, all other coins will fall too since they will prove to be unreliable ways to store our money. So I would look for traditional options as dollars or metals.

Traditional options are always there. But they don't offer hefty returns compared to what Bitcoin gives. Apart from that, whether other coins would be worth investing in would obviously depend on the exact reasons behind Bitcoin "disaster". For example, if this pitiful event happens due to miners and developers quarreling with each other and the rest of humanity, the other cryptocoins would almost certainly profit from it. Really, why should they fail in that case? On the contrary, they would rather profit from such events even if now it is still a far cry from anything like what is mentioned in the OP...

And if the shit eventually hits the fan in the Bitcoin camp, they will likely soar, not collapse (at least, the most powerful of them)



The throne is never empty

[deisik]

Firstly i will be sad.... But i will move to diamond i think, gold, and real estate, or art are others possibilities... because the diamond will always have value. The price is totally disconnected from currencies, laws, States and the performance of other assets. The diamond exists physically and its real. The reserves run out and are expected to reach their maximum around 2030, while the demand is constantly increasing.

I'm afraid that the days of diamonds as an investment asset are numbered

Today's technologies allow to make synthetic diamonds which are as good or even better than natural diamonds. It is just the market being controlled by one monopoly, De Beers, and no one among producers of synthetic diamonds is being particularly interested in crashing the market that the price keeps high. This state of affairs may last for years, but personally, I would refrain from investing in these highly overvalued pieces of crystal carbon since they may lose most of their value any day

[dothebeats]

Will be moving my coins to fiat, some money into some other altcoins out there that will be as big as bitcoin and has the potential to move major markets and give profits to its investors. After moving my money to fiat, I would be buying shares of some companies that I find interesting (such as some local startups here) and would also invest in a food-related business just to diversify my holdings.

[sportis]

You mean fork?

I would just keep using Bitcoin.

o.O

I assume you're basically questioning what would we do if there was a fork that created an altcoin. I'd most likely keep my coins where they are, unless the altcoin in question proved to be significantly better than Bitcoin.

Yes but there would be a lot of panic, and we could end up with 2 coins like ETH and ETC.

So where would people put their coins then? The majority coin would be the default solution, but if it drops back to say 50$, then it would be a disaster.

So maybe diversify? This is what I am trying to find out here.

That seems to me, OP has the fear segwit will not succeed so there is not consensus and may be will have a hard fork with results the same with ethereum. At first I will stay to crypto currencies because I believe that only with this form of currency people are really free from banks. Secondly, I will go with Monero because imo has some very important features but I will keep a wait and see policy. Third according the course of bitcoin I will come back or I will stay at Monero.

[target]

I will move my btc to ETH as I always did in the past.  I have been moving the rest of my bitcoin to some coins like XMR when seeing the price continues to grow that its going to crumble when its almost over bought, its then time to move to ETH or XMR. Its going to hit two birds in one stone. The two ETH and XMR drops a bit when btc price rise and if these altcoins price are up once again. This will mean you gain every inflation.