Is Bitcoin a Safe Haven Asset?

[Moeda]

In the ongoing epidemic of the Coronavirus, Bitcoin is considered a safe treasure that has not shown any positive signs of flight. Then the question arises as Is Bitcoin really a safe haven asset?

Safe for investment? Yes
Safe holding? Depends (platform).
Blockchain system safe? Yes.
Price Fluctuations? Yes.
Vulnerable to hackers? No (platform).

The corona epidemic did not have a negative effect on Bitcoin. Price fluctuations often occur, depending on how those big whales process information to raise the price of Bitcoin or drop.

The platform used is a question about asset security. Because not all platforms are safe for Bitcoin. If you have assets to hold, I suggest using the official platform. www.bitcoin.com supports several other digital assets.

Hacker problem? Bitcoin has been running for 10 years, only a small portion of wallets are attacked by hackers. This is not necessarily a mistake on the wallet (platform), it may be that the Bitcoin users are being careless. This happened at the very beginning Bitcoin was created.

Even today there is a thread about the Bitcoin wallet being hacked, occurring in 2010. And the next transaction is in 2020. The question is that the wallet is hacked, or the wallet owner is awake from his sleep (finding the private key again).

If you want to invest in Bitcoin, you must keep abreast of developments about Bitcoin. The price of Bitcoin is very high, losses are already in sight. But how do we process it from loss to become profit.

[ShowOff]

Bitcoin is a safe asset only if you understand the following points:

• You must have a secure wallet to store your bitcoins. Bitcoin is the best solution for you to carry out transactions anywhere easily and of course this convenience is accompanied by good security as long as you dont make mistakes and use them properly. Secure your wallet, because your wallet is your money and your money is your responsibility and when you have full control over the wallet, you must use it properly. Read more for secure your wallet
• Bitcoin prices are not stable. Bitcoin has unstable prices and can change quickly whether it goes up or down. If you want to maintain the stability of your money or savings, then bitcoin is not something recommended. Consider volatility if you want to invest.
• Transaction cant be canceled. If you want to make a transaction then check all the details of the destination address, the amount that you will send correctly because after you click send you cannot cancel it and that means your money is already someone else and You must know this.
• Bitcoin is not anonymous. You must make several efforts to protect your privacy on bitcoin. Even though your identity is unknown, all of your transaction history will remain on the network forever "permanently". However, there is a possibility that the identity of the owner can be revealed even though using a mixer. Need justification.
• Unconfirmed transactions are not safe. Read more
• Bitcoin is an experimental currency. Even though it is still experimental, bitcoin continues to be actively developed and every improvement will be interesting and can also create new challenges as adoption increases.
• Tax and government regulations. Although bitcoin is a currency, not all countries can accept bitcoin as a legal payment tool and usually these countries have regulations on legal currencies to spend. Taxes can also still be imposed on bitcoin users if a country has adopted bitcoin as a means of payment and in the form of income, sales, payroll, and capital gain taxes for anything that has value including bitcoin. Following those rules is important if you are under the jurisdiction of a country.

Reading References: https://bitcoin.org/en/you-need-to-know


Here are some points that you must understand if you want to use bitcoin in the form of investment or trading. Now, bitcoin is safe or insecure depending on how you use it and if you use it correctly, you will get security from it.

[Swordsoffreedom]

~snip
Here are some points that you must understand if you want to use bitcoin in the form of investment or trading. Now, bitcoin is safe or insecure depending on how you use it and if you use it correctly, you will get security from it.

Agreed, Bitcoin will be a safe haven asset only when you will know how to use it properly. Security comes first, if you want to hold Bitcoin for a long time, I would say it is better to use a hardware wallet. Whenever the price of Bitcoin drops below 6000, I bought some bitcoin and stored them in my hardware wallet. It has not disappointed me so far, every time I was able to make a good profit. So, it works as a safe haven asset for me.

[ShowOff]

-snip-

Security is the main thing for every bitcoin user and bitcoin is a safe asset as long as the user does not make a mistake. Loss of assets, hacked wallet, loss of private key, and various other problems that cause the loss of bitcoin is a form of user carelessness that fails to secure its bitcoin assets.

There are many suggestions and steps to secure our assets that have been shared by forum contributors to all bitcoin users and we just need to do it . Only a few mistakes can cause us to lose this valuable asset. Basically the wallet and all funds in it is our responsibility to secure it and and the security of your bank account in real life.

[jhonjhon]

Yep, bitcoin is really profiting when you are buying at a perfect time (or when in the bear season). But don't forget how volatile it was that could make it not safe.
The known risk in crypto is also a reason why people aren't giving much interest in investing crypto for they know that they will possibly lose their money at any time especially when you don't have enough knowledge in here. And talking about how the pandemic affects the market, well, it changes its course at the first but we are turning back to normal.

[fiulpro]

Essentially nothing is a safe heaven , even not Fiat , right now at the time of the pandemic we have seen some major changes and the ups and downs , therefore I do think nothing can be regarded as a safe heaven .
Bitcoins is very volatile plus it is dependent on the people how they treat their share of the Bitcoins and therefore we cannot just make an assumption and expect them to keep holding for a long while.
Plus we have whales here who can drop down the price by 50% , if all of them decides to move out .
But at the same time I do think that , Bitcoins is an amazing invention and people are able to use it for their day to day activities , so I hardly think anyone will abandon Bitcoins anytime soon . But then again , we cannot do anything regarding this .

[Yamifoud]

Bitcoin has soared this week, climbing to $10,000 and revving up the market ahead of the closely-watched halving next week. The bitcoin price has now erased all its coronavirus crash losses, up almost 40% since January 1—and putting it on track to be one of the year’s best performing assets.

It was really good to see that the market has already reached at $10k for quite sometimes after the hard drop because of the coronavirus becoming pandemic. It was then given to the extent how halving affects the market flows and makes a push to move higher but this not gives the assurance of being considered as a safe haven asset for that we know Bullish could also be changed into bearish even in that day.
Believing to it volatile in nature, I couldn't consider Bitcoin to be a safe haven asset, only I think as a profitable market but not it gives safety assurance to all crypto holders.

[EdenDice]

Bitcoin is one of the top investment no doubt, but I don't think it's a safe haven type investment. After investing, you can't sleep by ignoring the market, you have to look at the price so you can sell at high and earn profits! But most of the time bitcoin price remains low. If you did buy at 3800$, then Bitcoin is a safe haven already, but if you go for invest now, then you are taking a little bit risk!

[Spaffin]

Bitcoin is one of the top investment no doubt, but I don't think it's a safe haven type investment. After investing, you can't sleep by ignoring the market, you have to look at the price so you can sell at high and earn profits! But most of the time bitcoin price remains low. If you did buy at 3800$, then Bitcoin is a safe haven already, but if you go for invest now, then you are taking a little bit risk!

I believe that it is China in the near future that will revolutionize Bitcoin as a safe haven.  until recently, the Chinese government was bad at cryptocurrencies and banned Bitcoin mining in the country.  but there is an opinion that in the near future the Chinese government will be able to change the status of Bitcoin, since economic problems in the country, as well as around the world, are forcing the Chinese government to seek safe refuge, because there is a real fear of a global recession.  Today, many Chinese investors are already investing in bitcoins, because there are big concerns that the yuan will lose value due to the aftermath of the trade war.  Thus, one of the strongest countries can actually use Bitcoin to save its economy.

[DevilSlayer]

Bitcoin is one of the top investment no doubt, but I don't think it's a safe haven type investment. After investing, you can't sleep by ignoring the market, you have to look at the price so you can sell at high and earn profits! But most of the time bitcoin price remains low. If you did buy at 3800$, then Bitcoin is a safe haven already, but if you go for invest now, then you are taking a little bit risk!

Considering bitcoin as safe haven asset is not good idea because its value is changing due to its nature which is being volatile. Look what happened before, it crashed like other securities so we should not consider it as an asset that is safe. Everything depreciate even gold so we should be aware that prices moves in a trend. We should remove to our head the term safe haven especially if we are going to make investment because some of people are getting hyped when they thought that bitcoin is a safe haven.

[MCobian]

In my opinion bitcoin is a safe haven asset, the same as gold. So bitcoin is indeed very good for investment choices. But because of the price
of bitcoin which is volatile, bitcoin is safe for long-term investment. So if you plan on investing for a period of 5-10 years, bitcoin is your right
choice as a safe haven asset.

[Twentyonepaylots]

Bitcoin is one of the top investment no doubt, but I don't think it's a safe haven type investment. After investing, you can't sleep by ignoring the market, you have to look at the price so you can sell at high and earn profits! But most of the time bitcoin price remains low. If you did buy at 3800$, then Bitcoin is a safe haven already, but if you go for invest now, then you are taking a little bit risk!

Considering bitcoin as safe haven asset is not good idea because its value is changing due to its nature which is being volatile. Look what happened before, it crashed like other securities so we should not consider it as an asset that is safe. Everything depreciate even gold so we should be aware that prices moves in a trend. We should remove to our head the term safe haven especially if we are going to make investment because some of people are getting hyped when they thought that bitcoin is a safe haven.

Bitcoin is an asset but not safe haven, let's just compare the basic ones and the most discussed among all topics, bitcoin and gold, Gold is a safe haven and an asset since gold can store a value and it maintained its value over a long time period, it is volatile yes but it is very low that you would not even feel it when it drops, on the other side bitcoin, it is an asset because it can store a value but not a safe haven since it is very volatile, there is no word safe for something uncertain and volatile.

[ShowOff]

Bitcoin is an asset but not safe haven,

You cant measure the security of bitcoin only with its unstable price, but you must also consider security and convenience when making transactions and as stated in its innovation, bitcoin is an asset that makes it easy for you to make transactions wherever you are and when you are connected to the internet.

on the other side bitcoin, it is an asset because it can store a value but not a safe haven since it is very volatile, there is no word safe for something uncertain and volatile.

You wont even be recommended to save your money on bitcoin because the price is never stable. But you can make bitcoin a profitable investment asset only by exploiting market fluctuations.

[dnprock]

I think there are two things that are true with Bitcoin's price:

1. Its price is going up due to its limited supply.
2. Its price is volatile due to its limited supply.

This is Bitcoin's design and therefore, its consequential properties. You can view it differently: an uncorrelated asset, a safe haven, a Store of Value. If your time horizon is long (5-10 years), Bitcoin can be all of those. But if your time horizon is short, Bitcoin is none of those.

[wozzek23]

Some people are going to tell you NO, and I know why; it's because they are fond of investing for a short term and at the end, since Bitcoin is a volatile asset, these people will end up losing their money. Well, if you ask me, the truth is that bitcoin is a safe haven and that's only for a long term and not short term. If you're going to be investing in Bitcoin for a short term, then you're not investing in it as a safe haven rather you're using it to make quick money which might not really work for you. Check out the bitcoin chart from 2008 to this 2020, you will see that it has been a steady growth from year to year.

The recent pandemic outbreak has proved bitcoin is one of the safest heaven asset because bitcoin faced a very big panic sell due to the pandemic but it got recovered in less than two months of time whereas most other big stocks yet to resume their recovery process.

[amishmanish]

While reading this question, A quote appeared in my feed in the advertising space like they occur these days in forum:

Your bitcoin is secured in a way that is physically impossible for others to access, no matter for what reason, no matter how good the excuse, no matter a majority of miners, no matter what

In today's world when money is numbers on a ledger with a free mandate to print as much as anybody can and potential of its value dropping or it getting confiscated, Bitcoin is people's money supported by institutional buying as well as peer to peer exchange/ movement. It is secured by mathematics and 130 Exahash of computing power. It is widely recognized and has been a social phenomena for over a decade now. On top of that, it has maintained its value through the worst pandemic of the last 100 years. It definitely is a safe haven.

On top of that, if you compare its costs on the fronts of a.) Storage b.) Security and c.) Mobility compared to other safe havens, it is much better than Gold, Bundles of Cash or a Swiss bank account.

[Yourhomeboy]

Bitcoin is safe in the brain that it can be with you wherever you go to in the world. It's accessible anytime, No need to move it around like Gold. Your coins are private and can only be accessed by you. It grows faster than any other digital assets and such fast growth will add to the value of bitcoin as a haven Asset.

[Natsuu]

Bitcoin is one of the top investment no doubt, but I don't think it's a safe haven type investment. After investing, you can't sleep by ignoring the market, you have to look at the price so you can sell at high and earn profits! But most of the time bitcoin price remains low. If you did buy at 3800$, then Bitcoin is a safe haven already, but if you go for invest now, then you are taking a little bit risk!

Considering bitcoin as safe haven asset is not good idea because its value is changing due to its nature which is being volatile. Look what happened before, it crashed like other securities so we should not consider it as an asset that is safe. Everything depreciate even gold so we should be aware that prices moves in a trend. We should remove to our head the term safe haven especially if we are going to make investment because some of people are getting hyped when they thought that bitcoin is a safe haven.

Bitcoin is an asset but not safe haven, let's just compare the basic ones and the most discussed among all topics, bitcoin and gold, Gold is a safe haven and an asset since gold can store a value and it maintained its value over a long time period, it is volatile yes but it is very low that you would not even feel it when it drops, on the other side bitcoin, it is an asset because it can store a value but not a safe haven since it is very volatile, there is no word safe for something uncertain and volatile.

Indeed idea. Bitcoin isn't consider a safe haven asset in terms of its price. The price of bitcoin isn't stable and most of the time it changes. Bitcoin is one of the good and best asset yet you can't make sure what comes in the future knowing the idea of bitcoin. But ofcourse it is also depend on the person and its strategy. If you want bitcoin to be your best asset, you must learn and know some idea and knowledge on how to avoid loosing a lot of assets investment in bitcoin.

Gold or physical miney is a safe haven asset knowing it for its value that is stable and may not change for how many years may passed. Money isn't that essy to earn and it is not good for us to risk it in some unsure ways of earning even storing it or investing somewhere.

[crzy]

Bitcoin is safe in the brain that it can be with you wherever you go to in the world. It's accessible anytime, No need to move it around like Gold. Your coins are private and can only be accessed by you. It grows faster than any other digital assets and such fast growth will add to the value of bitcoin as a haven Asset.

Unfortunately we can't still use bitcoin all over the world, well I hope that to happen. Bitcoin is a good investment, I just don't know if its a real safe haven until we experience it. I do have my investment with bitcoin and so far its working good but still people believes on gold to be a good safe haven, hoping that bitcoin will prove to be one as well.

[meetdavis1157]

Yes bitcoin is a good safe heaven cos investor and trader looks into it just like gold and it's has deep history from the origin