Do you think Bitcoin has an identity crisis now?

[davide72]

This is a very difficult period for the world, most likely there will be a global recession, I don't think there is any problem with bitcoin but if world finance suffers, unfortunately, bitcoin also suffers a lot about this situation.

This is what I believe as well. I don't think its necessarily a bitclin issue, but right now a world issue. I don't think bitcoin is mainstream enough for people to choose to put their money in rkght now compared to things like fiat. Especially during a recession.

Unfortunately, it is a very dangerous and unexpected situation for global finance and we are still at the beginning, therefore, everything is very uncertain for the moment. If the
 big financial market should recover in the future I am sure that bitcoin will resume its race otherwise I see it very hard at the moment that the cryptocurrency market can recover fast. The situation is much more serious than what people think in this forum

[Sadlife]

Bitcoin's true purpose will be proven when the financial crisis goes extremely severe and fiat currencies loses its value, people will start to shift their interest towards protecting their money. The flash crash occured because people needed to cover losses, if the banks continues money printing then this would inflate and lower the purchasing power of paper money. Then from there we would see Bitcoin will decouple from stock.

[desertfox470]

This is a very difficult period for the world, most likely there will be a global recession, I don't think there is any problem with bitcoin but if world finance suffers, unfortunately, bitcoin also suffers a lot about this situation.

This is what I believe as well. I don't think its necessarily a bitclin issue, but right now a world issue. I don't think bitcoin is mainstream enough for people to choose to put their money in rkght now compared to things like fiat. Especially during a recession.

Unfortunately, it is a very dangerous and unexpected situation for global finance and we are still at the beginning, therefore, everything is very uncertain for the moment. If the
 big financial market should recover in the future I am sure that bitcoin will resume its race otherwise I see it very hard at the moment that the cryptocurrency market can recover fast. The situation is much more serious than what people think in this forum

I also don't think everyone should hope for a financial crisis in hopes of the price of bitcoin going up. I'd like to see the price rise, but not at the expense of normal people not knowing about it or their currency being worthless.

[Assface16678]

Bitcoin's true purpose will be proven when the financial crisis goes extremely severe and fiat currencies loses its value, people will start to shift their interest towards protecting their money. The flash crash occured because people needed to cover losses, if the banks continues money printing then this would inflate and lower the purchasing power of paper money. Then from there we would see Bitcoin will decouple from stock.

From the previous weeks the market price of the bitcoin fall down immediately and that was not good news because it is a huge loss to the people who made a lot of investment to make more earning and they need to do is holding their coins because it is not good if they are trying to withdraw their funds immediately, and today after the crisis we are facing about the virus it is quite recovering for a while and this is a good sign for good changes because the volume of the bitcoin again will continuously increasing and also when the market price of the coin fall there is a chance that many investors again will grab the opportunity to make more investment because by using the buy low and sell high you can make a lot of income, still we are hoping to the market price of the bitcoin to make profitable again.

[TheGreatPython]

Have you ever read the story of those that started making use of bitcoin at first and became millionaires? If you check the reason why they started making use of Bitcoin, they always say that it’s because they saw it as a good asset that will likely yield profit in the future.

And they were right , it’s an investment and I don’t think there is a single person here that just put their money in Bitcoin and then decided to leave it there and hope that it will be adopted one day in the world lol, everyone here is always worried when they are losing their money in Bitcoin and they are happy when they are making profit, that’s the truth, anyone that denies it a big liar. But, that doesn’t stop BTC from being adopted anyway, though not as to replace fiat.

[Yatsan]

Have you ever read the story of those that started making use of bitcoin at first and became millionaires? If you check the reason why they started making use of Bitcoin, they always say that it’s because they saw it as a good asset that will likely yield profit in the future.

Those who believed in early days of bitcoin surely hit their dreams to be a millionaire or even a billionaire if they are already a millionaire that time. Did Satoshi really made a currency or an investment? We would not know but the thing is he coined it as cryptocurrency that just so happened that the price is increasing due to demand and supply. Not to argue if it is currency or investment.

And they were right , it’s an investment and I don’t think there is a single person here that just put their money in Bitcoin and then decided to leave it there and hope that it will be adopted one day in the world lol, everyone here is always worried when they are losing their money in Bitcoin and they are happy when they are making profit, that’s the truth, anyone that denies it a big liar. But, that doesn’t stop BTC from being adopted anyway, though not as to replace fiat.

So it's both? I don't really mind if it is currency or investment coz I always have it in my wallet, I use it whenever I want but I'm also basing with the price. Regardless of what bitcoin is capable of there will be a day of change, where all people would live alongside with bitcoin as a currency and digital investment that's for sure.

[jrrsparkles]

I disagree that bitcoin is failed to face this situation, no its actually doing better than stocks.We are about 20% of loss since this spread but stocks and other things were about 40% so bitcoin can able to withstand at some point while others are falling and more over we are witnessing green for last few days which means bitcoin is recovering and can show what it is capable of crisis situation.

[pawanjain]

As I mentioned it a few times, nothing is going to be changed till we can't take it as 1 BTC = 1 BTC, we everyone take it as investment, including me. I doubt we have a single person here who is here to accomplish the goal of BTC as a currency. So, how can it be?

The first thing that came into my mind while I was the reading the OP was that there would never be a crash in bitcoin if bitcoin's price was not compared to USD or any fiat currency. It is only because of comparing it to fiat that people portray that bitcoin is crashing.
If we completely boycott fiat and use cryptocurrencies alone then there would never be a chance where we would say that BTC has crashed.
It's value should be used in terms of Satoshis alone and that is what Satoshi's vision was which by the way most of us have forgot.

[cotton ball]

I think not yet crisis of bitcoin right now although price dump, did you remember when China banned bitcoin transaction as legal currency and many ICO project banned in their country? how dump bitcoin price but can back again to higher price and start new era with bitcoin touch on higher level price.

[DooMAD]

Perhaps it would help if we could outline an "identity" that we all agree on?  People will probably argue for the rest of time on whether it's appropriate to call it a "currency", "asset", "digital gold", "safe haven", "store of value", or whatever other phrases get bandied about.  Each and every one of those terms can conceivably be disputed depending on the current circumstances.  We need a description no one can dispute.

What if we described it as a global safe deposit box?

The fiat value of the contents you keep in a safe deposit box can change, much like the fiat value of bitcoins.
Only the person with a valid key can access the safe deposit box, much like the bitcoins in your wallet.

Seems like a better "identity" than those other popular phrases people use.

[Spaffin]

Perhaps it would help if we could outline an "identity" that we all agree on?  People will probably argue for the rest of time on whether it's appropriate to call it a "currency", "asset", "digital gold", "safe haven", "store of value", or whatever other phrases get bandied about.  Each and every one of those terms can conceivably be disputed depending on the current circumstances.  We need a description no one can dispute.

What if we described it as a global safe deposit box?

The fiat value of the contents you keep in a safe deposit box can change, much like the fiat value of bitcoins.
Only the person with a valid key can access the safe deposit box, much like the bitcoins in your wallet.
Seems like a better "identity" than those other popular phrases people use.

You are absolutely right, because Bitcoin has individual technical characteristics, among which a very important feature of Bitcoin is its limited number.  Unlike fiat funds, Bitcoin will never be subject to inflation and this is a big advantage of Bitcoin over any other currencies.  Today we are still only at the beginning of the development of the cryptocurrency market and the world is only beginning to learn all the possibilities of the cryptocurrency, although this process is much slower than we would really like.  But if society will use Bitcoin to the full as a means of payment in everyday life, then it can even be called a real storehouse for its savings.  But one way or another today, many investors consider Bitcoin as a very successful investment, especially if it was possible to buy Bitcoin at a bargain price.

[squatter]

Perhaps it would help if we could outline an "identity" that we all agree on?  People will probably argue for the rest of time on whether it's appropriate to call it a "currency", "asset", "digital gold", "safe haven", "store of value", or whatever other phrases get bandied about.  Each and every one of those terms can conceivably be disputed depending on the current circumstances.  We need a description no one can dispute.

We'll never agree on one primary use case. Why don't we just call it "money?" The definition seems all-encompassing:

The main functions of money are distinguished as: a medium of exchange, a unit of account, a store of value and sometimes, a standard of deferred payment.

Gold and fiat currency are just different forms of money. Why can't the same idea apply to Bitcoin? Everything else is just marketing.

[barumbado]

I dont think so.Bitcoin has already establish its identity itself.Even now that the price of btc arent stable and dump i still considered it as a safe haven.

[DooMAD]

I dont think so.Bitcoin has already establish its identity itself.Even now that the price of btc arent stable and dump i still considered it as a safe haven.

I guess for most people, their perception of whether or not Bitcoin is safe haven will depend on what price they bought in at.  I've been around since 2013, so it feels pretty damn safe for me, but people who bought in at a higher price than I did naturally won't feel as "safe".

[Swordsoffreedom]

I dont think so.Bitcoin has already establish its identity itself.Even now that the price of btc arent stable and dump i still considered it as a safe haven.

I guess for most people, their perception of whether or not Bitcoin is safe haven will depend on what price they bought in at.  I've been around since 2013, so it feels pretty damn safe for me, but people who bought in at a higher price than I did naturally won't feel as "safe".

Those who lose hope and attempt to sell their BTC when they see bearish market, they will never be successful anymore. I don't think that bitcoin has an identity crisis now. As we can see, the price of Bitcoin has dropped a bit and this is not the first time this is happening. This type of dump has happened before so, now the price is a bit lower though we hope everything will be fine after coronavirus outbreaks.

[elenag1142]

This week has been a fierce week, I dread about what is going to occur in my nation on the grounds that my money has lose an incentive against the usd in light of the very fact that we intensely depend on raw petroleum for our economy and now raw petroleum has smashed, we'll have a spending deficiency, which suggests my legislature must get to fund the financial limit in any case there'll be a big emergency, this is not simply bitcoin alone, the frenzy on the earth caused all of those , humanities are frightened.

[hermawan9416]

Absolutely not. Bitcoin is not like anything in the current market.