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Author Topic: Will the next economic collapse trigger massive crypto adoption?  (Read 631 times)
incomefromcoins
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May 12, 2019, 06:47:39 AM
 #101

Already the situation is clearly visible in South America countries like Argentia and Venezuela country affected due to hyperinflation now crypto is main source of  transaction
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CryptoBry
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May 12, 2019, 02:02:15 PM
 #102

Already the situation is clearly visible in South America countries like Argentina and Venezuela country affected due to hyperinflation now crypto is main source of  transaction

It would be exciting to see how people will be reacting to Bitcoin once there can be a global crisis akin to 2008. Will they go for the real gold or Bitcoin its digital version?  What we are seeing in Venezuela is that there are many people who are using it to survive buying foods in nearby countries because their own fiat money bolivar is practically worthless. I am sure that there can be a big economic crash, people will look at Bitcoin as an alternative to protect their wealth though some might be discouraged by its volatility unlike the real gold. Though we should not be wishing for a crisis but once there will be it can be worth watching how the market will do with Bitcoin.
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May 12, 2019, 04:43:58 PM
 #103

Already the situation is clearly visible in South America countries like Argentia and Venezuela country affected due to hyperinflation now crypto is main source of  transaction
with the existence of countries that adopt crypto, of course this is good news from the development of crypto. surely one day I'm sure there will be other countries that will follow the two countries and crypto will be increasingly supported, especially with the current technological sophistication.



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jonaire99
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May 13, 2019, 08:39:25 AM
 #104

Bitcoin is demand in some troubled countries in south america lime Venezuela after their currency losses its value in hyperinflation causing their economy to collapsed. According to some online report, bitcoin trading hit an all-time high as the political tension is reaching also the boiling point. But there is still no assurance if a worldwide economic crisis will result into further adoption of bitcoin as a store of value.

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May 13, 2019, 04:02:16 PM
 #105

I think crises and inflation cause people to think that Bitcoin is a new form of money that exists and works according to different rules, unlike fiat currency. But I think the crisis is not very conducive to the adoption of cryptocurrencies. The rise in Bitcoin prices has a much stronger effect on the adoption of cryptocurrencies, because rising prices attract people and they begin to talk about it more often, to be interested in and study it.
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May 15, 2019, 02:35:13 AM
 #106

That's perfectly fine. The less you mess with fiat currencies, therefore not form a threat to them, the less likely it is for them to ban Bitcoin. Governments just want their fiat currencies to be the main form of money.

That being said, Bitcoin won't likely scale to have the world or even hundreds of millions of people use it at the same time. Another thing is that doesn't have a fixed unit value, so why would people use Bitcoin over fiat?

Fiat works perfectly fine for me. No one has ever tried to prevent me from grocery shopping with my money, neither have my coffee payments been blocked. Bitcoin doesn't offer one single advantage in this specific field of use.

Fiat may work fine in the time being, but it's subject to manipulation from the government. In contrast, Bitcoin is an open system where no single entity is in control of its supply, emission rate, or digital structure. It's a form of alternative payment system in relation to Fiat or other precious metals in existence. If by any means, our economy collapses in the same way as 2008, then people will become desperate looking for other means to secure their capital.

Considering that Bitcoin and other cryptocurrencies are highly portable, censorship-resistant, and partially anonymous, they're even better than precious metals. One could easily transact in crypto, by simply having access to an Internet connection. Also, it's much more convenient (and easier) to store crypto in small places where Fiat or precious metals cannot be hidden into. Crypto can be used in harsh conditions in the real world, even if Fiat fails and precious metals (like Gold) are taken away by the government.

Nonetheless, as time goes by, Bitcoin and other cryptocurrencies will scale enough to handle most of the world's transactions. And once the next economic collapse happens, people will be ready to do the switch into something decentralized which is out of government's reach. Just my thoughts Grin


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