Will the next economic collapse trigger massive crypto adoption?

[goaldigger]

Since the last financial crisis back in 2008, Bitcoin has emerged as a new alternative payment system for the world. The creator of this revolutionary cryptocurrency had a good mindset since he/she designed a system free from corrupt governments’ manipulation and centralized control. The benefits that Bitcoin's Blockchain provides are numerous that can transform our economy for the better. However, there's a possibility that a next financial crisis or global economic collapse will happen in the future as Banks and governments worldwide inflate Fiat currency.

Of course, Fiat will transition towards becoming a digital currency backed by worldwide central banks. But when the next crisis comes, I believe that people will resort towards cryptocurrencies as a safe-haven for their investments.

Which is why, it makes me wonder whenever such crisis will trigger a massive adoption of crypto in the future? Any thoughts about this?

Cryptocurrencies are doesnt affected by inflation so if there would come a time that financial crisis will strike again in the country, people will surely turn all to it. People wants to survive and having crypto with them makes them feel secured. Its being decentralized really helps this way. But anyways, i wish there would be no crisis happen.

[jrrsparkles]

Since the last financial crisis back in 2008, Bitcoin has emerged as a new alternative payment system for the world. The creator of this revolutionary cryptocurrency had a good mindset since he/she designed a system free from corrupt governments’ manipulation and centralized control. The benefits that Bitcoin's Blockchain provides are numerous that can transform our economy for the better. However, there's a possibility that a next financial crisis or global economic collapse will happen in the future as Banks and governments worldwide inflate Fiat currency.

Of course, Fiat will transition towards becoming a digital currency backed by worldwide central banks. But when the next crisis comes, I believe that people will resort towards cryptocurrencies as a safe-haven for their investments.

Which is why, it makes me wonder whenever such crisis will trigger a massive adoption of crypto in the future? Any thoughts about this?

Cryptocurrencies are doesnt affected by inflation so if there would come a time that financial crisis will strike again in the country, people will surely turn all to it. People wants to survive and having crypto with them makes them feel secured. Its being decentralized really helps this way. But anyways, i wish there would be no crisis happen.

venezuela's hyper inflation can be taken as an example for this where people starts to use when their country's maoney loses its value so for sure people will transfer to crypto if there is an economical crisis on ther country.We need to educate the people in the right way for the adoption to happen or thei might not aware of an alternative slution when they got hit by inflation.

[d1ceplayer]

The threat of the collapse of the economy already triggered cryptocurrency adoption because they know that if there will be an economic collapse then they are ready because they already put their money in their precious investments that can survive this economic collapse and that is by investing into some solid cryptocurrency like bitcoin.

I'm as bullish on crypto as anyone but if you really want to protect against a collapse you would put most of your money into gold, guns, and alcohol.

You may be as bullish as anyone on crypto, but does not mean you are a crypto believer, what you have just said shows that you are not a crypto believer, and the reasons why you found yourself here is just because you came for the money.

Since those things you mentioned were enough to save the world if economy crisis, then why are you in crypto investment and why not Gold, guns and alcohol line and let’s see how far you get with them. We are talking of what can save the economy digitally, the 3 things you mentioned, we even know of gold, how can they completely save. See Venezuelans, they are running to crypto now to salvage their situation and not those things you mentioned.

[romero121]

What's the need of thinking about economic collapse, it is time to strengthen the economic situation prevailing over the world. The economic crisis most of the time happens when the corruption of government and the politicians go beyond the limit. When that gets eradicated automatically the economy gets strengthened. This can be achieved with the Blockchain technology along with the cryptocurrencies usage which provides a transparency in the usage of funds on each and every activities.

[GregH37]

Cryptocurrencies are doesnt affected by inflation so if there would come a time that financial crisis will strike again in the country, people will surely turn all to it. People wants to survive and having crypto with them makes them feel secured. Its being decentralized really helps this way. But anyways, i wish there would be no crisis happen.

No one also wishes or prays for the worst to happen, Those people who are building missile weapons and other dangerous weapons too are not wishing to use it, they are only preparing it down in case something happens.

We don’t wait till something happens before we prepare for it, if we can reason it, then it can happen, that is why they need to prepare for the worst to happen in this economy, and since they already seen a solution already, they can use this crypto tool to prevent such occurrence, they need to turn to crypto right now and use it as a weapon to prevent economic crisis.

[Yakamoto]

Since the last financial crisis back in 2008, Bitcoin has emerged as a new alternative payment system for the world. The creator of this revolutionary cryptocurrency had a good mindset since he/she designed a system free from corrupt governments’ manipulation and centralized control. The benefits that Bitcoin's Blockchain provides are numerous that can transform our economy for the better. However, there's a possibility that a next financial crisis or global economic collapse will happen in the future as Banks and governments worldwide inflate Fiat currency.

Of course, Fiat will transition towards becoming a digital currency backed by worldwide central banks. But when the next crisis comes, I believe that people will resort towards cryptocurrencies as a safe-haven for their investments.

Which is why, it makes me wonder whenever such crisis will trigger a massive adoption of crypto in the future? Any thoughts about this?

Cryptocurrencies are doesnt affected by inflation so if there would come a time that financial crisis will strike again in the country, people will surely turn all to it. People wants to survive and having crypto with them makes them feel secured. Its being decentralized really helps this way. But anyways, i wish there would be no crisis happen.

venezuela's hyper inflation can be taken as an example for this where people starts to use when their country's maoney loses its value so for sure people will transfer to crypto if there is an economical crisis on ther country.We need to educate the people in the right way for the adoption to happen or thei might not aware of an alternative slution when they got hit by inflation.

The people in Venezuela get extra shafted by their government because they didn't have a lot of money before their economic collapse, at least when you compare them to western standards, and because of this they were often left with too little money to buy other stores of value, or have access to them, in the case of Bitcoin and cryptos at large. Now I could be talking out my ass about that, but that's what I understand from the various facts about their country I've read. Inflation in excess of what we have now should make anyone cautious and consider placing money into other stores of value as soon as possible. An interesting website I found where you can kind of gauge when to be cautious is called didthesystemcollapse (.com). Obviously, I haven't seen the system collapse yet, so I don't know how accurate it is, but it might be something interesting to look into in the future.

[South Park]

venezuela's hyper inflation can be taken as an example for this where people starts to use when their country's maoney loses its value so for sure people will transfer to crypto if there is an economical crisis on ther country.We need to educate the people in the right way for the adoption to happen or thei might not aware of an alternative slution when they got hit by inflation.

While I would like to see people learning about what to do in the case hyperinflation strikes I am not optimistic about the amount of people which will be interested in such topic, if people learned from the mistakes of those that came before us then they will avoid hyperinflation in the first place by not allowing their governments to print as much money as they want, and yet every time governments do this most citizens instead of being worried are happy about it since they receive some benefits out of this for a short period of time.

[Abiky]

I believe cryptocurrencies are good assets for someone to work for their passive earning way. It's always good to take precautions instead of waiting for the economic collapse to happen. Yes, crypto coins will save you but not many people even know how to trade or use these digital coins efficiently. you simply can not rely on the coins for your survival but it can surely help you in your bad times if taken the good decisions.

That's certainly true, mate. But cryptocurrencies can become a safe store of value if people use them more thoroughly. Not to mention, there are a few cryptocurrencies with a deflationary design (like Bitcoin) that can be used for times of survival. Of course, market liquidity is highly important in order to successfully trade any cryptocurrency at will.

However, I believe that as time passes by, people will adapt to cryptocurrencies as they become more easier to use and stable across the market. Perhaps, after the next economic collapse, Bitcoin and other major cryptocurrencies will experience a greater level of adoption as people will look towards alternative ways to preserve their capital. Knowing that decentralized cryptocurrencies do not rely on Banks or governments it's good, since it brings a level of independency over your funds.

No matter if an economic collapse happens, crypto will always be there. On the other hand, Fiat currency will suffer from such drastic events leading many people to panic worldwide. Hence, one way or the other, people will adopt crypto at a large scale in the next downturn of the world's economy. Just my thoughts

[CTRLX]

Personally, I agree with this view that the next economic collapse that will take place worldwide will trigger crypto adaption. Bitcoin may not be considered the safest port at this time, I think, this situation will change after e few years. Physical gold and silver are traditionally preferred instruments in times of crisis, that I also have little investment in this instruments but it isn't possible to directly transfer them, also very difficult to keep hide them.

[Findingnemo]

Personally, I agree with this view that the next economic collapse that will take place worldwide will trigger crypto adaption. Bitcoin may not be considered the safest port at this time, I think, this situation will change after e few years. Physical gold and silver are traditionally preferred instruments in times of crisis, that I also have little investment in this instruments but it isn't possible to directly transfer them, also very difficult to keep hide them.

People always use gold to stay away from crisis so bitcoin may not be the most preferred one for the tradtional people and who also don' have knowledge about cryptos.

[BeGoods]

The threat of the collapse of the economy already triggered cryptocurrency adoption because they know that if there will be an economic collapse then they are ready because they already put their money in their precious investments that can survive this economic collapse and that is by investing into some solid cryptocurrency like bitcoin.

I'm as bullish on crypto as anyone but if you really want to protect against a collapse you would put most of your money into gold, guns, and alcohol.

I think so, but I disagree if you keep your wealth in alcohol or weapons, when inflation or collapse occurs in many countries surely many people will save their wealth in commodities that avoid the inflationary wave. gold, silver, or crypto might be the main choice.

[jjjfff]

The threat of the collapse of the economy already triggered cryptocurrency adoption because they know that if there will be an economic collapse then they are ready because they already put their money in their precious investments that can survive this economic collapse and that is by investing into some solid cryptocurrency like bitcoin.

I'm as bullish on crypto as anyone but if you really want to protect against a collapse you would put most of your money into gold, guns, and alcohol.

I just hope they don't use the guns and alcohol combined after they miss the Bitcoin train reaching $ 100k!

[Abiky]

Personally, I agree with this view that the next economic collapse that will take place worldwide will trigger crypto adaption. Bitcoin may not be considered the safest port at this time, I think, this situation will change after e few years. Physical gold and silver are traditionally preferred instruments in times of crisis, that I also have little investment in this instruments but it isn't possible to directly transfer them, also very difficult to keep hide them.

Well, Bitcoin may still struggle with volatility and lack of regulation, but it has a deflationary design which allows it to be used as a store of value. Once the inherent issues within the pioneer cryptocurrency are solved, it's expected that people will join it altogether. The Lightning Network brings exciting use cases for the Bitcoin blockchain, while the Dandellion Protocol will strengthen its privacy. Not to mention, governments have been taking a friendly stance towards Bitcoin and other cryptocurrencies, which will help attract newcomers into crypto land.

Once the next economic collapse turns in, I'd bet that more people will look for alternative ways to secure their money. Of course, we already got Gold and Silver but those are old methods of securing money which are not exactly portable as Bitcoin is. Since it's easier to store cryptocurrencies without carrying them physically (with bulky storage cases, etc), it'll be the next big thing in finance. Before you know it, people will fully transition from precious metals into Bitcoin and other popular cryptocurrencies.

After all, the benefits of using Bitcoin are numerous. But, the current situation of crypto land, will prevent mainstream adoption as we know. Hence, it might take quite some time before people will be able to fully adapt into Bitcoin and other cryptocurrencies even after the next economic collapse. Just my thoughts

[andriarto]

The threat of the collapse of the economy already triggered cryptocurrency adoption because they know that if there will be an economic collapse then they are ready because they already put their money in their precious investments that can survive this economic collapse and that is by investing into some solid cryptocurrency like bitcoin.

I'm as bullish on crypto as anyone but if you really want to protect against a collapse you would put most of your money into gold, guns, and alcohol.

I think so, but I disagree if you keep your wealth in alcohol or weapons, when inflation or collapse occurs in many countries surely many people will save their wealth in commodities that avoid the inflationary wave. gold, silver, or crypto might be the main choice.

I am not sure if the crypto war will be adopted for investment. when the war is certainly a lot of damaged electricity and internet networks, maybe gold and silver are the choices, because they are tangible, especially now crypto does not yet have full trust

[alyssa85]

The people in Venezuela get extra shafted by their government because they didn't have a lot of money before their economic collapse, at least when you compare them to western standards, and because of this they were often left with too little money to buy other stores of value, or have access to them, in the case of Bitcoin and cryptos at large.

It was obvious Venezuela was in trouble back in 2013, when the bitcoin price was only $300. The trouble is, people were reluctant to take action, I think they hoped things would improve.

By the time they did take action and started moving money into bitcoin, it was 2017, bitcoin's price was in excess of $7000 and the Venezuelan Bolivar had collapsed in value, making it too expensive to buy bitcoin unless you were rich.

As always the early movers have an advantage. After you get to a tipping point towards disaster, even if you want to protect yourself, you can't.

[brotherwood12]

i think it will be , people really need transaction with more pleasure and bitcoin is the answer for me, the Anonymous system is what we need rightnow

[South Park]

Personally, I agree with this view that the next economic collapse that will take place worldwide will trigger crypto adaption. Bitcoin may not be considered the safest port at this time, I think, this situation will change after e few years. Physical gold and silver are traditionally preferred instruments in times of crisis, that I also have little investment in this instruments but it isn't possible to directly transfer them, also very difficult to keep hide them.

People always use gold to stay away from crisis so bitcoin may not be the most preferred one for the tradtional people and who also don' have knowledge about cryptos.

People are used to use gold and silver when that happens but we also know that in the recent past governments outlawed the possession of gold from their citizens and even commanded them to turn their gold to them for a discounted price and it is likely it is going to happen again, gold has the disadvantage that it is very difficult to conceal while this is not the case with bitcoin in which you do not need to have anything with you as long as you know your seed words and that is a great advantage under those conditions.

[Abiky]

People are used to use gold and silver when that happens but we also know that in the recent past governments outlawed the possession of gold from their citizens and even commanded them to turn their gold to them for a discounted price and it is likely it is going to happen again, gold has the disadvantage that it is very difficult to conceal while this is not the case with bitcoin in which you do not need to have anything with you as long as you know your seed words and that is a great advantage under those conditions.

Well, Bitcoin and physical gold have their respective advantages/disadvantages. While Gold can be used offline for emergency situations, it can be easily banned by a government. On the other hand, it's quite difficult to use Bitcoin offline but it's a resilient store of value which is capable of withstanding censorship from a government. I believe that Bitcoin and other cryptocurrencies have quite an advantage over precious metals in this regard.

When the next economic collapse comes in, people will seek out for alternative ways to secure their capital. And what better way than doing so with crypto, as it provides people with complete control over their funds. It's much easier to hide private keys of a cryptocurrency, than doing so with Gold or Silver. Considering how everything is becoming interconnected, the next economic collapse might well bring an upsurge in the demand of crypto. Just my opinion

[wuvdoll]

I am not entirely sure it will do that. I mean after all holding bitcoin is more important right now since it is going up and we do not know when it will stop, same would happen with a huge economic collapse because people want to keep their profits and not spend it on things. Will it create a huge adoption with many more people investing into bitcoin ? For sure. Will it make it like every day usage of bitcoin becomes big? I doubt so.

Everyone in the world uses fiat currency, even the most avid crypto users still pay their bills with fiat so there is no way we can stop or slow down the fiat currency in our world unless it does it to itself. Bitcoin could only survive as a side investment like gold or silver or even maybe stock markets as long as fiat currency holds the top position.

[BitHodler]

Bitcoin could only survive as a side investment like gold or silver or even maybe stock markets as long as fiat currency holds the top position.

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.