R u consider rich holding crypto during hyper inflation

[fullhdpixel]

I feel bad for the people of Venezuela as well but bitcoin was created to help people in those desperate circumstances, when there is hyperinflation the most valuable commodity is not food or water, it is money itself, if you have a form of money that is not losing its value at an incredible speed you have a huge advantage so anyone with access to dollars, gold or bitcoin can protect the value of their efforts and can exchange their money for a premium as everyone wants the money that person is holding.

I feel very bad for them also. it’s a challenging period for the people Venezuela I must say.

I understand the government monitors every of their transactions in Bolivars that’s their currency and it freezes the acct of those who spend more than $50 and they have to let their banks know how they made the money but it’s not able to monitor Bitcoin, so the few lucky one who own cryptocurrency would convert it to their bolivars and to buy their everyday needs, they use localbitcoins to look for buyers make use of the same bank and the wire transfer goes through immediately.

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[boyptc]

You may not that be sort of rich person but you will be able to survive in this economic crisis if you have saved the value of your money through bitcoin.

Feeling so bad for the Venezuelans, I've seen too many posts about money being thrown in the streets.

I feel bad for the people of Venezuela as well but bitcoin was created to help people in those desperate circumstances, when there is hyperinflation the most valuable commodity is not food or water, it is money itself, if you have a form of money that is not losing its value at an incredible speed you have a huge advantage so anyone with access to dollars, gold or bitcoin can protect the value of their efforts and can exchange their money for a premium as everyone wants the money that person is holding.

It's very hard for the people out there, I've watched a documentary about the situation there and just think of it, you have to pay for a hotdog sandwich with your one whole month of work!

That's very saddening.

if you put your money unto bitcoin , that money will also be lost if bitcoin experience a dump  but you can surely survived in economic crisis because all of us do still have other source of income aside from cryptos and bitcoin .

In those desperate situation, they don't have a choice but to look for something that has a better value than their currency.

why would feel bad about it ? thats not your fault  . they might be rich thats why they throw away thier money   .  you may feel angry about them instead of feeling sad because they dont value money while other parts of the countries are dying due to poverty .

You don't understand the situation there, do you?

[darewaller]

Of course, this is an automatic ticket to riches when you hold crypto during hyperinflation in a country.

It might not have any effect on the amount of crypto you are holding but it does have an effect when you intend changing it to the fiat currency because the exchange value has far appreciate than when it was bought, it only backfires when buying crypto currency that time, it makes buying of crypto way too expensive because of exchange.

The only challenge with hyperinflation in a country is that it destroys the country’s currency, so the holder has to be very fast then before any form of correction occurs.

[bering]

I'm hold my crypto but never had any experience to facing hyper inflation because economy situations in my country are quite good but maybe hold crypto before inflation would be good to avoid go bankrupt because crypto price usually not depend on the situations of particular countries but i'm curious to find the answers from venezuelan people that whether they can able to avoid being poor by holding crypto or it does not change anything

[jrrsparkles]

It can be a saviour from hyper inflation but is that going to make you rich? Don't think so because you can save the before value on crypto which doens't make your bitcoin more valuable.But you can looks like rich if there is no one from your country saved their money while hyper inflation occurs.

[BitcoinTurk]

Crypto coins are of paramount importance here, because they have become extremely ideal options for storing value like country coins. Crypto coins are also among the most sensible options to maintain the value of money, especially in hyperinflation situations, or even to provide a serious income in a possible uptrend. For this reason, even if hyperinflation is on the one hand, even the citizens with high inflation rates should be informed about this issue, so that in the event of a crisis, these individuals do not lose their value.

[upsidedown75]

Feeling so bad for the Venezuelans, I've seen too many posts about money being thrown in the streets.

why would feel bad about it ? thats not your fault  . they might be rich thats why they throw away thier money   .  you may feel angry about them instead of feeling sad because they dont value money while other parts of the countries are dying due to poverty .

The anger should not be on the Venezuelans then but the government that fail to control the inflation, every country has the tendency of actually experiencing this but the people they chose has leaders in that field has been the ones controlling inflation in some countries, so I blame their government for watching it till it got out of control, this is exactly what we say about a centralized system, it is high time now their government start looking at crypto currency as an alternative tool which could help control this.

[Kimi80]

Bad situation. But if you have crypto currency you will exchange it into a Dollar, Euro... not in bolivar. In situation of hyper inflation with Euro and Dollar, person has good chances to survive tough period. In case like that it is pure richness. Only problem could be possibility of transferring crypto into a fiat. For example, If you have cryptocurrency in your wallet and no  one to sell it, or have difficulty to 'cash it out',

[STT]

consider rich

It wont make you rich, it might allow you to avoid extreme poverty though.   Theres a very good study by Marc Faber an economist and investment manager on the effects of national inflation in Mexico and holding stocks within that time.   Stocks will adjust for inflation some but the net effect over the time period of something close to a decade was no net gain or net loss.   The figures for the stock price might rise so does the cost of bread etc.  in effect its like 0% interest on your money in the bank during normal times.

Crypto might be very similar to that, you wont gain especially.  Inflation is a form of loss and failure

[gowobonyok]

actually the expectation is always there, but always when the crypto market falls, the bounty also doesn't provide rewards, so I can't buy coins for investment. even though I had planned to buy etherum and bitcoin from the bounty reward obtained.

[awik p]

actually the expectation is always there, but always when the crypto market falls, the bounty also doesn't provide rewards, so I can't buy coins for investment. even though I had planned to buy etherum and bitcoin from the bounty reward obtained.

take advantage of the best opportunities possible, we must understand the market conditions that occur, so we don't have to stress to deal with them. any bullish or bearish market condition is an opportunity

[deisik]

consider rich

It wont make you rich, it might allow you to avoid extreme poverty though.   Theres a very good study by Marc Faber an economist and investment manager on the effects of national inflation in Mexico and holding stocks within that time. Stocks will adjust for inflation some but the net effect over the time period of something close to a decade was no net gain or net loss. The figures for the stock price might rise so does the cost of bread etc.  in effect its like 0% interest on your money in the bank during normal times

I think this is what should be expected

If we assume that inflation is not a thing onto itself but rather an inevitable result and outcome of overall economic decline and downturn. In such circumstances you would not really expect a lot of companies to prosper, which necessarily affects their profits and as a consequence the valuation of their stocks, in a negative way, obviously, and oftentimes with a vengeance at that (read, the scale of the stock market crash may easily exceed the inflation rates)

[Coyster]

You can maybe be considered rich if you do not convert your coins to the already depreciating currency(due to inflation)
Inflation devalues money and increases cost of living in general,selling your coins at that time(and converting to fiat)could even mean losses for you.

[brotherwood12]

if bitcoin was accepcted by most of country in the world , no matter what rightnow price ,  i will consider rich by holding cryptocurrency rightnow

[Caladonian]

actually the expectation is always there, but always when the crypto market falls, the bounty also doesn't provide rewards, so I can't buy coins for investment. even though I had planned to buy etherum and bitcoin from the bounty reward obtained.

take advantage of the best opportunities possible, we must understand the market conditions that occur, so we don't have to stress to deal with them. any bullish or bearish market condition is an opportunity

It can be converted as opportunities when we know how to make a perfect timing entering this market, holding coins will determine your fate, as time will passed by and the value will rise high again, how many coins that you've store will measures your wealth when the bull brings the new high inside this industry, make sure you are ready when that time comes.