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

[Spaffin]

The answer on this question are bitcoin's users. There is knife and it's sold with purpose to slice bread, meat and etc, it's made for times like that but some people misuse it. Maybe it's not 100% clear example but everything depends on type of user. Bitcoin was good back in 2011-2016, after that bitcoin is abused by a lot of people and it's commercialized, example of this is how mining turn into big business and how exchanges require KYC documents as time goes.
Bitcoin's price is determined by it's users and people decide how to treat it, the more positive decisions will have the effect you are looking for.

provision of passport data This is a new trend in the entire cryptocurrency market, which will continue further.  more and more resources will be required by kyc from its users, as certain requirements are imposed on them by regulatory authorities and regulatory structures, because today the issue of combating international crime and money laundering is an acute issue.  But if we talk about pricing for bitcoin, then first of all Bitcoin will be affected by large volumes of purchases or sales of this coin.  but since many people earn bitcoins, for example, through trading and use their income to pay their bills, in this case Bitcoin will always sell a certain part of users.  I believe that there is nothing prudent and surprising.

[Abiky]

The reason why people sold was because there are many traders out there who can profit if they sell at 10k and buy back in at 4k. Thats are profit of .6 Bitcoin

It looks more likely that there's market manipulation by whales more than anything else. Of course, COVID-19 had a negative impact over the world's economy leading stocks, precious metals, and even crypto towards a "depression". But, whales could've also "lowered" Bitcoin's price in order to obtain coins at a cheaper price. I've seen many comments around the web, where many people have predicted Bitcoin to go as low as $1k. Whales are hoping it to go all the way down the drain for profit. With a current price of over $7.5k per Bitcoin, they've would've made substantial amounts of profit by now. Average people on the other hand, have been selling their Bitcoin in exchange for cash in these times of need.

Regardless of Bitcoin's price, it's still working as intended. The pioneer cryptocurrency is useful for cross-border payments at a fraction of the cost than traditional Fiat. Besides that, development is increasing behind the scenes in order to make Bitcoin faster, stronger, and cheaper than never before. Those who still believe that Bitcoin will see the light at the end of the tunnel, will continue buying and "hodling" it no matter what happens in the mainstream world. But those who're quickly driven by negative events, would simply sell all of their Bitcoin across the market. The decision will ultimately lie on the person himself. Remember, it was never about how much a Bitcoin is worth in terms of Fiat, but rather how useful Bitcoin is relative to Fiat. Since Satoshi designed Bitcoin to be independent from the world's monetary system, it can live on its own. But that entirely depends on people themselves whenever they'd want to use Fiat as a unit of account, or only Bitcoin. Just my thoughts

[Snappycoco]

I think you cant buy good in your local area with bitcoins. The problem is everyone is using fiat now due to the crisis. Everybody needs physical money to buy goods that could make them survive this pandemic.

[tbterryboy]

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.

Even if everyone did sell their coins, that’s not enough reasons for you to quit. There are times when the price of Bitcoin will fall, or haven’t you heard that the price of Bitcoin is driven by demand and supply?

This is a pandemic, and there is no stock or asset that was able to stand firm at this time. Gold was able to stay a bit stable, but there was a time it fell from over $50,000 plus to around $40,000 or so, and it quickly got back up. Bitcoin did the same, after it fell down to $3800, it still got back up to $5,000 and now it has gotten to $8,800. Tell me which other asset has been able to recover as much as it did?

[Reatim]

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 is exaggerated claim mate that "Everyone" is selling a times like this.

There are some Panicking human that is not ready in this kind of situation and that same reason why they are selling but it doesnt mean that we are all doing the same because i am still holding now even when the dump happen in march yet i keep my trust and now i can see the fruits of my waiting.

[bearexin]

You already know that the price of Bitcoin is all about the rate of demand and supply. The price dropped because of so many reasons, and the major reasons are because huge amounts of money left the market as of then. People were selling their coins, they needed money for food and other things they might need during this lockdown.

Lots of companies are now locked down and their workers are now staying at home , they have no means of income any longer. Good news is that the price is now going up and most exchanges are now showing that there are higher buying rates than selling.

[iv4n]

Before anything else I need to say that generalization never helps, you can't say everyone sells, or everyone buys, that's not possible. We have exceptions, and in crypto we have even more exceptions, because it's the nature of blockchain, it allows anyone to be free and to do whatever, whether it's buying or selling, in any given moment.
Holders will give one answer, traders will give their own second answer, and add to that all others who don't care about holding or trading, they just have fun with their own stuff. Where are you in all that depends on you and nobody else, like I said here we are free to do what we want with our own money. And sure we can't say the same thing for our banking accounts!

[btc_angela]

I think you cant buy good in your local area with bitcoins. The problem is everyone is using fiat now due to the crisis. Everybody needs physical money to buy goods that could make them survive this pandemic.

Right, as bitcoin is not yet globally recognised as a medium or currency, people still need fiat and convert their btc. I saw one thread in the bitcoin discussion board saying that he sold off because he was an expat and no one to go to but to sell his stash in order to survived and I think majority did specially in March when the price crash to $3800. But definitely, at this time, only a few have been selling their btc because of the halving. On the contrary, I think the demand is high right now, as evident of the price spike in recent weeks. Yes, we need fiat, but I think when government started to help people around with stimulus package, the selling-off has stop.

[tukagero]

Some are selling thier bitcoin maybe because they found a coin that has a greater chance to give them profit or else they sold thier bitcoin and buy back when it goes down.

[davinchi]

There is a difference between a crash in economy and a global pandemic. The difference mainly is the fact that in 2008 crash there was nothing wrong in the world, everyone was basically living literally the same and suddenly there was a crash because banks decided that they want to over leverage the mortgage market by a big big margin and they were putting triple B's into A's and making them look like solid when the reality was default rates were going bigger.

This doesn't change anything in other countries and usually doesn't change anything USA except a few but the market crash was so big in billions that everyone got affected. Pandemic is not like that, it actually affects everyone, it is actually people being fired and not going outside, it actually changes lives of many. So, bitcoin was created as a hedge against the first one but there is nothing that could be done for the second one.

[Abiky]

Before anything else I need to say that generalization never helps, you can't say everyone sells, or everyone buys, that's not possible. We have exceptions, and in crypto we have even more exceptions, because it's the nature of blockchain, it allows anyone to be free and to do whatever, whether it's buying or selling, in any given moment.
Holders will give one answer, traders will give their own second answer, and add to that all others who don't care about holding or trading, they just have fun with their own stuff. Where are you in all that depends on you and nobody else, like I said here we are free to do what we want with our own money. And sure we can't say the same thing for our banking accounts!

Agree. There will be some people that will sell Bitcoin on the market, while others will buy and hoard as much coins as they can. It's not surprising to see prices decline massively on the market, since we're facing a global economic crisis. Even stocks and precious metals have experienced a decline in price because of the COVID-19 pandemic. The best we could do is buy, "hodl", and wait until we reach the light at the end of the tunnel.

Despite what's happening in the mainstream world, Bitcoin is still working as intended. The halving will proceed as programmed, making Bitcoin much more scarcer than what it is right now. This translates into higher prices over the long term. Surprisingly, Bitcoin's price has increased at a fast rate in just 1 month. It jumped from $3k to just $8.7k in a blink of an eye. This shows us that Bitcoin is still admired by people worldwide. In these times of turmoil, many people are resorting to Bitcoin as a safe-haven asset. The fact that it's decentralized and outside the control of central banks and governments worldwide, allows Bitcoin to be resilient no matter what happens to the mainstream economy.

Nonetheless, if you believe in Bitcoin, you should "hodl" it for the long term. Of course, there will be times where Fiat is necessary for our daily necessities. There is no problem with selling a few Bitcoin to get some cash for these times of need. But it's important to always keep some Bitcoin for the future, in order to help support the crypto economy. Just my opinion

[smyslov]

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.

Do you have the facts on everyone, you should change it to those in needs at this time, there are "few selling" because of their needs they have no work no business and they have to rely on whatever they have, and these are the people who put all their savings to Cryptocurrency, and now they have a need to sell, and it's not everyone.

[NavI_027]

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.

No.. It is unfair to use "only" because crypto (bitcoin in this case) really offers faster transaction and other practical features for us. I think the word "mainly" is more appropriate . Well, I am not a hypocrite do deny that lol. I also harness btc's volatile price to earn money. But even though we are a little bit shifting into main vision of btc, for me there's still nothing wrong about it because the opportunity of earning was already there so tendency everyone will definitely take advantage of it. Plus, there's no rule saying that we cannot use it for trading thus no need to feel guilty at all.

[Negotiation]

The price of Bitcoin is rising at an unstable rate so we should all take advantage of this without selling Bitcoin now. Maybe they are going through a lot of crises because the virus has hampered the economy and trade of many countries so they are selling their bitcoins to overcome the crisis. Bitcoin prices have risen almost half of the event Now if we invest and hold on it may not be possible to use Fiat currency to improve the financial situation by earning from Bitcoin.

[Assface16678]

The price of Bitcoin is rising at an unstable rate so we should all take advantage of this without selling Bitcoin now. Maybe they are going through a lot of crises because the virus has hampered the economy and trade of many countries so they are selling their bitcoins to overcome the crisis. Bitcoin prices have risen almost half of the event Now if we invest and hold on it may not be possible to use Fiat currency to improve the financial situation by earning from Bitcoin.

There are a lot of people grabbing the opportunity to make a lot of earnings with the use of the bitcoin that's why they want to make more earnings with the use of this also with the help of the bitcoin less transaction fee and has a faster transaction with no tax by this many people will trying to adopt the use of this kind of payment it takes a lot of advantage to make more income and improve their financial funds. As today even there are a lot of people supported the use of the fiat currency because this is one of the used exchange and transaction and it's already gained a lot of reputation to the banks and traders so the people will use this. The bitcoin is just new into our world even its already exist in 2010 but today it's already become popular because of the features it has in transactions. Many people buying and selling their bitcoin today because some of them hoping that the market price of the coin will increase and some of them already earned a profit on their funds so they don't need to buy anymore. We are hoping that the use of the bitcoin becomes widely spread.

[BD Money365]

If anyone using bitcoin daily life he need to sell it at a time. Now corona virus effect whole world thats why I am not against this at every one as at the terminate of the day corona virus is causing tiring walk out on and unhappily the jobs are closing , schools are blocked , folks even cover to compensate rent at the outcome of the day .

[Abiky]

Do you have the facts on everyone, you should change it to those in needs at this time, there are "few selling" because of their needs they have no work no business and they have to rely on whatever they have, and these are the people who put all their savings to Cryptocurrency, and now they have a need to sell, and it's not everyone.

Exactly. Not everyone sells their crypto across the market. Only those who need cash quickly in times of need (like the ones we're facing right now) will sell most (if not all) of their Bitcoin on exchanges. The smart money will always "buy and hodl" Bitcoin no matter what, since it's a deflationary cryptocurrency after all. Before you know it, you'll be able to double or even triple your investment in a few years from now. Ultimately, the decision will lie on the person himself. There will always exist people who sell Bitcoin, and people who buy Bitcoin on the market. If there's more sell orders than buy orders, you'd expect prices to go down the drain. The same thing happens vice versa.

I'd suggest that we look away from Bitcoin's prices right now, and focus on its utility. Bitcoin proves to be an excellent payment system that allows you to send money across borders at a fraction of the cost. Bank transfers are slow, costly and inefficient for the modern world. Despite Bitcoin's slow transaction speeds and high fees in the crypto/Blockchain space, it's still much more faster and cheaper than traditional payment processors of today. Buying or selling Bitcoin, depends on which situation you're facing in your daily life. It's good to "hodl" Bitcoin with expectations to make lots of money in the long term. But if you can't wait any longer, it's best to sell Bitcoin whenever you see the opportunity to do so. Stay calm and remember to never let anyone determine your decision with your Bitcoin investment. Just my thoughts

[fullhdpixel]

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.

Your main question should have been whether the cryptocurrency and especially bitcoin would be able to recover from the crash. And the answer that would be a yes. I know very sure that you have seen the increase we had as of recent. The price of Bitcoin was able to reach $9000 from April to this May, while other markets are still struggling at this time.

If you are thinking that Bitcoin would stand stable at a time like this, then you're making a big mistake. I believe you know that Bitcoin is a volatile asset. You don't expect such assets to remain stable when there is a whole pandemic. Some of you are always expecting too much from Bitcoin and you always want the price to keep going up.

[Findingnemo]

OP, now got the answer?

Bitcoin is doing great when everything falling down and the immediate price fall on crypto market was happened due to the panic sellers and now they lost their real profits since price is going to cross $10K when we are nearing halving event.

[ecnalubma]

Its just not ready to replace fiat due to its extreme volatility and government won’t recommend it in any way. But if you’re worried about the sell-off I believe its more temporary and people need bunch of cash during crisis.