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

[James1970]

Maybe bitcoin is made for this time but traders just want to speculate, they dont think about use cases so much

[ryap12]

OP asked this question 2 months ago. The price is already climbing as the halving gets nearer. I dont think answering OP's question today is inappropriate. This thread should be close already.

[Abiky]

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.

Exactly. To our surprise, Bitcoin recovered in just a month or two after the pandemic's effects over the world's economy. Everything has been going down the drain, expect for Bitcoin. This shows us that Bitcoin is resilient against negative events in the mainstream world. It could prove to be the ideal safe-haven asset against Fiat in times of turmoil. Given that every 4 years Bitcoin will experience a reduction in block reward, it should become scarcer and more valuable over time. It's that scarcity which makes Bitcoin highly demanded within the crypto market.

In the beginning of the pandemic, people used to sell a lot of Bitcoin in exchange for cash to pay for their daily necessities. After all, most merchants accept Fiat over crypto. It's the go-to currency that can be easily and quickly used in emergency situations. Rest assured that once central banks collapse in their entirety, people will look for other alternatives to the existing monetary system. A decentralized peer-to-peer electronic cash which is deflationary and outside the scope of corrupt governments, is the ideal currency for the future economy.

As long as you buy and "hodl" Bitcoin, you'll be able to see great results in the future. Bitcoin has already experienced its third halving event a few days ago. I'd say we should give it some time, before making any decision that will make us regret it in the long term. There will always exist people selling on the market, while others continously buy Bitcoin no matter the circumstances. If you truly believe in Bitcoin, you'd forget about the price and focus on its utility. It's no about how Bitcoin can make us rich, but rather how useful it can be for our daily lives. And so far, Bitcoin has kept its promise of being a truly decentralized and censorship-resistant money where no one else besides you, have control of your funds. Just my thoughts

[wiss19]

I'm really confused when people say that Bitcoin was created for a time like this and should be used as a safe haven. Where and when was that said? And was it said by Satoshi Nakamoto himself or just a random person? The main thing cryptocurrency was created for was to be used as a means of peer-to-peer payment and we all know that the price is volatile.

So, how do you say that a cryptocurrency that is volatile is meant to be your safe haven? Bitcoin can be safe if you invest in it for a long term, but you shouldn't put all your hopes in it that it's going to save you, try to diversify and invest in other things like gold if you're looking for something more stable.

[enhu]

I'm really confused when people say that Bitcoin was created for a time like this and should be used as a safe haven. Where and when was that said? And was it said by Satoshi Nakamoto himself or just a random person? The main thing cryptocurrency was created for was to be used as a means of peer-to-peer payment and we all know that the price is volatile.

So, how do you say that a cryptocurrency that is volatile is meant to be your safe haven? Bitcoin can be safe if you invest in it for a long term, but you shouldn't put all your hopes in it that it's going to save you, try to diversify and invest in other things like gold if you're looking for something more stable.

It's assumed it will work in times like this because its decentralized which I think already had worked for us. Its price didn't plummet to the ground unlike the stocks that the government has to intervene because everyone had dumped.

What it could mean is that we can make transactions online and without using the fiat cash that also caries viruses that helps it to spread. With BTC, we can only use phones and without physical contact.

[arallmuus]

So, how do you say that a cryptocurrency that is volatile is meant to be your safe haven? Bitcoin can be safe if you invest in it for a long term, but you shouldn't put all your hopes in it that it's going to save you, try to diversify and invest in other things like gold if you're looking for something more stable.

Gold is neither your safe haven as well , for now perhaps but many more years to go then people will try to find something more liable to invest into and one of those option is bitcoin.

As long as you buy and "hodl" Bitcoin, you'll be able to see great results in the future.

Not really, depending on when did you buy your bitcoin. If you bought them at 20k then it is not really showing great result for now. No one can predict or even expect bitcoin to be over 20k once again


Not pessimistic, just saying the truth

[Negotiation]

Maybe bitcoin is made for this time but traders just want to speculate, they dont think about use cases so much

I don't think traders are thinking about using it because the virus is hampering the country's economy and everyone is going through the crisis. Bitcoin was created for this period to overcome this situation but they are selling.

[Abiky]

It's assumed it will work in times like this because its decentralized which I think already had worked for us. Its price didn't plummet to the ground unlike the stocks that the government has to intervene because everyone had dumped.

What it could mean is that we can make transactions online and without using the fiat cash that also caries viruses that helps it to spread. With BTC, we can only use phones and without physical contact.

Exactly. Despite the massive sell-offs, Bitcoin has managed to retain its value across the market. It's probably because its decentralized design makes it immune to negative events in the mainstream world. Stocks are heavily manipulated because of their centralized structure, causing negative events to have a deep impact over their price. After all, stocks are directly linked to the success of mainstream companies. That's not the case of Bitcoin, as people are the ones who dictate its price and future path. With the limited supply and unmatched security Bitcoin has, I'd expect it to be used more thoroughly in times of turmoil.

This is only the beginning as people are becoming aware of Bitcoin and crypto in general. By the next crisis, crypto could stand stronger like never before. The pioneer cryptocurrency is a safe-haven asset against Fiat, because it's outside the scope of central banks and governments alike. The fact that no one controls it, makes Bitcoin very similar to Gold. In the end, people will use digital payments more thoroughly (either through Fiat or crypto) making physical cash a thing of the past. If you invest into Bitcoin now, you'll become an early investor of the technology that's bound to change the world's economy for the better. Do your own research, and you'll find out why Bitcoin is still a better option than Fiat in these times of crisis we're living in. Just my thoughts

[skarais]

~~~
If you invest into Bitcoin now, you'll become an early investor of the technology that's bound to change the world's economy for the better. Do your own research, and you'll find out why Bitcoin is still a better option than Fiat in these times of crisis we're living in. Just my thoughts

I know that bitcoin is projected to advance financial innovation and with decentralization bitcoin will stand tall without being controlled by the government. But of course we must get support from the government.

For some countries, bitcoin is still illegal as a legal payment tool and for this reason we can only use it as an asset that can be traded on commodity markets which basically must comply with government regulations. So basically, I like bitcoin to be adopted as a payment tool on a global scale and its a good thing if the government legalizes it.

[fortunecrypto]

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'm sure your venting is over the market has finally recovered, I guess the market is still young and not yet matured and the technology is not yet fully adopted, it is being used at this time but not the majority of all the nations are suing this technology to their advantage, maybe two or three years from now preparation will be set up for this kind of scenario, we are learning a lot of things of course.

[Subbir]

Bitcoin may be an excellent currency to take a position in I feel they're selling their bitcoin thanks to financial problems they need also lost tons in trading Also, in many countries where Bitcoin remains illegal, the govt has not supported Bitcoin. The demand for Bitcoin in their country is declining thanks to a scarcity of legal recognition Many are selling thanks to declining demand. If Bitcoin is managed legally it'll be legalized in many countries.

[Abiky]

I'm sure your venting is over the market has finally recovered, I guess the market is still young and not yet matured and the technology is not yet fully adopted, it is being used at this time but not the majority of all the nations are suing this technology to their advantage, maybe two or three years from now preparation will be set up for this kind of scenario, we are learning a lot of things of course.

Exactly. The market is still not mature, despite 11 years of crypto/Blockchain's inception back in 2009. Slowly but surely, people and mainstream governments are recognizing the true benefits of Bitcoin as a new type of asset class that's totally separate from the traditional monetary system of today. Weak hands will always sell Bitcoin as they're triggered by negative news in the mainstream world, instead of believing in Blockchain technology to change our world for the better. As long you do your part in buying and "hodling" Bitcoin, you can contribute to the crypto economy.

For the first time ever, Bitcoin and other cryptocurrencies have managed to do well in times of turmoil. In just a month since the collapse of the mainstream economy, Bitcoin has recovered to its previous price before the pandemic started. This shows us how resilient Bitcoin is no matter what happens in the mainstream world. The pioneer cryptocurrency operates 24/7 without censorship, downtime, or fraud. While prices are still volatile, Bitcoin can still be used directly without Fiat as a unit of account. Right now, jobs are paid in Bitcoin, while merchants and businesses accept it as payment method. If people start using Bitcoin directly instead of complaining at its price in terms of Fiat, things would've been different.

Nonetheless, people tend to sell their holdings of any asset in times of need. They need cash in order to fulfill their daily necessities. Rest assured, that once everything goes back to normal (hopefully), the market will be in a "positive mood". My advice to the OP is to buy Bitcoin while it's in the "red zone", to experience high gains once COVID-19 is over. Prices could stay in the "green zone" for a very long time after that, due to a bullish sentiment by everyday people. Just my thoughts

[FanatMonet]

They were selling, because so many people needed money because of the coronavirus pandemic, because of which they lost their jobs and livelihoods. Yes, and the whale showed up, which pretty much rocked the market. Therefore, your post was not very justified.