If bitcoin is made for times like these why is everyone selling at a time like..

[Shasha80]

Not everyone sells the bitcoin they have. Including I still hold bitcoin that I have even though the market is down dramatically.
Those who sell bitcoin when the market goes down, just panic. But this did not last long, because at this time the market began
recovered and bitcoin prices rise again.

[wozzek23]

If bitcoin is made for times like these why is everyone selling at a time like this?
China quarantined fiat FFS. 
This tells me 100% BTC is only a financial purpose and not a practical purpose overall.

Just venting a little. This selloff is nuts.

I don’t know where you read or heard that from, but just know that some bitcoin fans can say anything just to convince you about Bitcoin. I am not saying this to discourage you from investing in bitcoin or any other cryptocurrency. Cryptocurrency is good, but there are people who tend to exaggerate things so it seems more than what it really is. Bitcoin makes transaction easier for you by making things cheap and fast.

Anyone who is telling you that bitcoin is going to save your ass from a situation like this, well, it’s up to you whether you want to believe them or not, but left to me I would say that you shouldn’t.

[coingecko]

Margin calls in which traders are forced to sell to top up their other leveraged trades + domino effect panic as a result of that

[FlightyPouch]

Not everyone sells the bitcoin they have. Including I still hold bitcoin that I have even though the market is down dramatically.
Those who sell bitcoin when the market goes down, just panic. But this did not last long, because at this time the market began
recovered and bitcoin prices rise again.

People should really look at those dumps as an opportunity, a chance to reinvest on bitcoin or maybe other crypto currencies since they might not see that in the long run. With a lot of holders and investors of bitcoin, they would not just let that opportunity pass by without reinvesting or buying again since it will just go back, look at what happened with the recent big dump.

[Kurokonobasuke]

I guess it is the result of the pandemic virus, because when the pandemic coronavirus started and spreads over the world it affects our daily lives. The bitcoin market is also affected on that situation because as we can see it has a greater impact on it, the bitcoin price market is go down so deeply. In my own opinion everyone is selling their bitcoins because they know that the price will continue to fall.   Many bitcoin sellers did not believe that after this crisis the price of bitcoin could be back to normal, that’s why they selling it. When you sell it now, it’s a big loss to you because the price of bitcoin is so cheap now.

[AniviaBtc]

If bitcoin is made for times like these why is everyone selling at a time like this?
China quarantined fiat FFS. 
This tells me 100% BTC is only a financial purpose and not a practical purpose overall.

Just venting a little. This selloff is nuts.

Bitcoin is not made for times like this. Bitcoin is made for financial crisis. Collapse of central banks.  Bitcoin is also not ready to replace fiat at this moment. So even if in half year time central banks collapse I dont see that Bitcoin will be useful replacement.  

What happened yesterday and what happened last year is totally normal. Same can continue this weekend and next week. It can or not. We will see. On long term all this is good for Bitcoin since it slowly destroys central banks.  Good things for Bitcoin are not just that price of Bitcoin increase. Good things are that people talk about Bitcoin and that they use it.

How come it is not for a practical purposes? This Covid-19 pandemic killed a lot of people because some of them aren't financially stable, most of them are adults and 60+ yrs old. Plus, they don't have enough money to protect themselves from the virus. They can't buy foods, medicines, alcohol or something that they can use as a protection in everyday lives. We can help by donating our bitcoin to the community because fundraising is very essential so that people will reduce their suffering and we can save lives. Bitcoin can increase and you can recover those bitcoin that you've donated to the community in the future, instead of holding, use it in practical purposes so that it will not be useless as you wait for the bitcoin's price to increase again.

[fabiorem]

Because virus!
Virus is killing bitcoin!

Bitcoin is with pneumonia. Sell everything you have and buy fiat currency!

[Averim]

If bitcoin is made for times like these why is everyone selling at a time like this?
China quarantined fiat FFS. 
This tells me 100% BTC is only a financial purpose and not a practical purpose overall.

Just venting a little. This selloff is nuts.

In crisis situations people behave irrationally, there is the fear of no liquidity, banks closed so people probably try to have as much liquidity as possible to be able to buy essential good for living.

[thesmallgod]

Read my post about continuous growth
https://bitcointalk.org/index.php?topic=5231583.msg53997303#msg53997303

There is no guarantee that Bitcoin will go up and no guarantee that bitcoin will go down,
no matter the circumstances.

Bitcoin has never been static. It keep fluctuating up and down and I do believe op forget at this period, people are in needy. They need money to buy foods and sanitary just to keep healthy and people will prefer selling what they have in order to get what they don't have so it is meant to be like that.

[bitbunnny]

Well, Bitcoin was made like an alternative to traditional banking and payment system but it's hard to tell if anyone had in mind so specific situation like we are having now.
People are still afraid and panic selling is something that is always present, especialy in the time of crisis. Also, it's hard to predict how Bitcoin price will develope, there are no guarantees that it will go up so some think by selling they can save at least some of their money, they are not brave and patient enough to hold.

[Lomberjack]

I think, it is because not all people are ready and capable of handling this crisis. Either, they are caught off guard and didn't save up for times like this or they only rely from their earnings here for their living. A lot of people like me, needs money to sustain our daily living, for our needs and supplies in our home, what more of the people that already have roles or responsibilities in their house for their family? That would need bigger amount of money to sustain their needs especially when we are now in quarantine without other source of income.

This is the time to be more practical and be alert about what changes might come because of the ongoing pandemic.

[moonblocks]

If bitcoin is made for times like these why is everyone selling at a time like this?
China quarantined fiat FFS.  
This tells me 100% BTC is only a financial purpose and not a practical purpose overall.

Just venting a little. This selloff is nuts.

Bitcoin is considered by most professional analysts to be a risk-on asset with a high degree of volatility, so when the global markets tank likely so will any new emerging assets no matter how uncorrelated they can be from other major traditional options like Gold, Diamonds, Oil etc. so multiply the risk factor by 10 and you'll have most institutions running for the hills, however, these times might just see new interest if this asset does stay afloat and may have more upside potential for it than downside so let the next couple of weeks ride out before taking shorts out all over the place

[panganib999]

We all do have our own different and valid reasons why we sell our cryptocurrencies like Bitcoin despite of the fact that at times like this using cashless with the existence of Bitcoin can be useful and essential. One of the factor that I can see is that people still tends to rely on the usage of fiat to sustain their needs of purchasing necessities to survive this crisis that is why they sell their cryptocurrencies not just Bitcoin but also other Altcoins that can be useful when sold. Also, the adaptation of using cryptocurrency to purchase good is still not well established that is why people is in need to sell or convert their cryptocurrencies into fiat to be able to use it at times like this. Also the volatility of the price of Bitcoin that is prone to get down at times like this is one of the reason why people tend to convert ir sell it to be able to make it more useful and valuable. If the adaptation of using cryptocurrency has already been well established, maybe people will not be forced to sell or convert their cryptocurrencies into fiat.

[Twinkledoe]

We all do have our own different and valid reasons why we sell our cryptocurrencies like Bitcoin despite of the fact that at times like this using cashless with the existence of Bitcoin can be useful and essential. One of the factor that I can see is that people still tends to rely on the usage of fiat to sustain their needs of purchasing necessities to survive this crisis that is why they sell their cryptocurrencies not just Bitcoin but also other Altcoins that can be useful when sold. Also, the adaptation of using cryptocurrency to purchase good is still not well established that is why people is in need to sell or convert their cryptocurrencies into fiat to be able to use it at times like this. Also the volatility of the price of Bitcoin that is prone to get down at times like this is one of the reason why people tend to convert ir sell it to be able to make it more useful and valuable. If the adaptation of using cryptocurrency has already been well established, maybe people will not be forced to sell or convert their cryptocurrencies into fiat.

Yes, that's pretty simple, if more shops or merchants are accepting crypto or bitcoin, they don't have to sell their bitcoin but rather directly pay the merchants in bitcoin. Because not many crypto users are really rich and most of them need to buy something in this time of crisis. So are they going to suffer hunger without touching their bitcoin? I don't think so.

[Abiky]

If bitcoin is made for times like these why is everyone selling at a time like this?
China quarantined fiat FFS. 
This tells me 100% BTC is only a financial purpose and not a practical purpose overall.

Just venting a little. This selloff is nuts.

That's because people are trusting Fiat for their daily needs than anything else. Everyone is cashing out not only Bitcoin, but other assets/commodities like Gold and Silver too. In desperate times, people will use what's widely accepted in the mainstream world. The pandemic has turned out to be more beneficial to Fiat (sort of) than Bitcoin itself. Rest assured that this is only the beginning of a long journey filled with desperation and uncertainty. The longer the outbreak takes to disappear, the more people will be inclined into using Bitcoin for their own benefit. I guess that they haven't noticed its true benefits relative to Fiat yet. The time will come when the world's banking system will collapse, triggering a boost in crypto adoption in the mainstream world.

Personally, I wouldn't worry much about Bitcoin's price on the market since it was designed to be independent from Fiat. No matter what its price will be in the future, Bitcoin will continue to work as intended. I prefer to make payments in the most decentralized and censorship-resistant way possible, than having to rely on Bitcoin as an investment. The pioneer cryptocurrency still has its use cases for the mainstream world, despite being relatively slow in transaction processing times and somewhat expensive in fees. As long as there are many nodes and a large PoW hashrate backing the entire network, there should be nothing to worry about. What matters here is that Bitcoin is truly unstoppable and free from the likes of central banks and governments worldwide. They may try to do whatever they want to try to stop it. But it's too late, considering how big Bitcoin has become in the mainstream world.

Nonetheless, the smart money will choose Bitcoin above anything else while "weak hands" will be getting out of the game soon. Since most people are into Bitcoin for making money than believing in its core technology, it's probable that we'll see decreased demand for it until the pandemic ends. True believers of the cryptocurrency will stick on to it no matter what happens in the mainstream world. Let's hope to see the light at the end of the tunnel. Just my thoughts

[BTCLiz]

The real question to ask here is if BTC is made for times like these.
I think a more realistic scenario is that money is hodlt because with BTC right now it is highly inefficent to buy food or goods to satisfy the basic needs.

[princesspoppy]

I don't think bitcoin was made for times like this. Bitcoin was made as an alternative to fiat currencies, although it is considered as a store of value by many. I think that is the reason why people sold their bitcoins, it is because they are afraid that bitcoin will crash during the time of this pandemic. Another thing is that, some people don't have other options but to do so in order to buy necessities for times like this.

[Lorence.xD]

There are many reasons that people are selling their btc for fiat is because there are businesses that are not yet accepting cryptocurrency as a means of payment. This is the case in my country though, but I think that the mobile applications that are used for transactions is making a name for themselves because they can help in making transactions cashless albeit the currency used is fiat and not cryptocurrency. You might be disappointed that people are selling their crypto but these are tough times and people are not like you who have the patience to hold, it might be their last resort or not. Atleast understand how people live their lives.

[Genemind]

Bitcoin is not viewed by the mass as how it was intended to be used by Satoshi. Crypto today is considered an investment tool not an alternative medium of exchange. There are a lot of factors why it is not yet suitable as a medium of exchange, first, crypto is not yet accessible to all, not everyone can easily buy crypto and freely use them too but merchandise, supplies, and etc. Crypto's nature is profitable, it can be a good spurce of income if you hodl it. Due to it's volatility, using it to purchase something is not rational since price may change anytime.

[abhiseshakana]

The real question to ask here is if BTC is made for times like these.
I think a more realistic scenario is that money is hodlt because with BTC right now it is highly inefficent to buy food or goods to satisfy the basic needs.

The answer is simple because so far bitcoin is only traded on the market, it is not used where bitcoin was originally created as an exchange tool. Because bitcoin is only considered an asset, when a real business or economic conditions slow down, many investors sell their bitcoin to prop up the real sector.

Economic conditions when the corona pandemic struck was the first test for bitcoin. The fall in the price of bitcoin is proof that the real economy is affecting bitcoin. The conditions will be different if the main functions of bitcoin are applied in everyday life.