Can we rely on Bitcoin and other cryptocurrency?

[lixer]

For some individuals working in Cryptoworld like me, can we rely on Bitcoin to sustain our needs and help prevent the economy collapse as this Pandemic continues?
As I've just heard from the news, there's a new swine flu disease which is a threat discovered in China again 😢 and has a Pandemic potential that the experts need to keep eye on.

I believe the swine flu is definitely under control and won't spread like the Covid-19 since it was discovered early.
They will find a way to handle it, and if that was the case with Covid-19 it wouldn't have gotten to a level of becoming a pandemic.

So, let's hope that this one wouldn't be spreading too much. And as for relying on Bitcoin, it depends on what you mean; are you referring to relying on it as an investment or in another way? As an investment we can't tell what will be the outcome, investments always carry risks. But there are jobs you can do that will pay you in BTC. If we are lucky the price of Bitcoin will start growing soon.

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[STT]

I count only one type of volatility which is price inaccuracy and leads to both up and down, sometimes at the same time.

If you need a hedge you're going to have to use cash or precious metals (gold, silver or platinum)...

I don't think bitcoin yet has a reputation not to crash bad...

Even gold can sell off, maybe to the degree that it can half if we take the 1970's price action as a template for any volatile market.   That was even within a bullish period so I imagine the same is possible for crypto.   The reason is gold is cash and similarly, BTC will used as cash and sent for a sell when people need it which in economic pullback is often possible.
   The sell off in gold like March is not something that lasts but still it can disturb people enough that they trade poorly and end up with FIAT which invariable loses value no matter what.

[bits4books]

And yet, why do you mention only btc? There are other very decent coins and much faster/better to use than BTC. Maybe it's time to finally let go of Bitcoin and move on to a new better world? It looks like you continue to manually build a fire for cooking every time in the times  where everyone is already using induction stoves and microwaves.
No, I'm not downplaying the merits of BTC in the field, but I dare say it's time for us all to move on.

It seems to me that one of the most important benefits that cryptocurrency will give to humanity is the eradication of inflation, because the government will not have the ability to print paper money. But this will happen only in a certain future, since due to the high volatility of the cryptocurrency, its mass adoption is delayed. Nevertheless, cryptocurrency is still one of the most attractive and profitable investments, and you need to take advantage of this moment.

And from the problem of inflation, we will then come to the problem of lack of money. Government will never use money that they couldn’t control. So, what the difference between print a little more papers because the economy does not have enough funds for calculations, or add another sign (tenth) after the decimal point of the whole coin?

[nasipadang]

It should be understood that there is a loss in the crypto industry, you can not always rely on bitcoin because of its fluctuating value which can lose you at any time. Indeed there may be some people who rely on bitcoin and can sustain their lives, but it is not that easy to do. Especially if you associate with the world economy or country, because bitcoin will not easily help provide a solution to the country's economic crisis.

[FlightyPouch]

Cryptocurrency has two type of volatility: long and short volatility. In this type of situation (pandemic) we find ourselves in, cryptocurrency won't be of help cos we need steady income to survive than waiting long for profits.
Are you ought to, to invest in bitcoin with your upkeep money? If yes, feel free to do that but don't expect a uplift of price soon

The price is a decent one and during the pandemic it has also been stabilized around 9k.
Cryptocurrencies and Bitcoin is a good alternative for remote working and making income while traditional companies are closing one after the other. The future is online and bitcoin is the fuel for this change.

Bitcoin can give income to these individuals that are working home, it gave profits to people who invested on it for a long time now but they can't always rely on bitcoin since getting a profit from it still takes time. We are talking about a profit that can sustain a family, unless you have a huge amount of investment in bitcoin, you will not be able to rely on it.

[South Park]

Can we rely on fiats anymore? Printers are running on 110% in the USA and Europe and some others might follow soon. BTC´s current range movements could indicate a certain stability but eventually it is poised to break out, high likely on the lower end first and than with momentum up, up and away to new hights. The fact that more and more institutional investors join the bandwagen is good news and the scarcity makes it a competative asset for every serious big players portfolio. BTC already has a good reputation, in comparison certainly, so chances are good more and more people will trust cryptos and join the party thus again strengthen the network and community

For the time being we need to rely on fiat as most businesses in any country accept fiat and most of them do not accept cryptocurrencies however I think we are reaching a breaking point, governments are resolving every single crisis by just printing more money, it is as if they do not know any other trick, but what it is going to happen when the crisis itself is caused by printing too much money? At that point they will have no way to solve that crisis, but people like us will have bitcoin to helps us deal with it.

[Casdinyard]

If being reliant means that it will make funds for you to spend on your daily necessities in life, then it is a no. We already know that the price and behavior of the market is very volatile to just depend your daily necessities only on Bitcoin and into any other cryptocurrencies in the market. Well there are times that you can earn a handful or tons of money if you were really good at trading and investing but those were just like sprouting and not stable. Being reliant on cryptocurrencies will give you sometimes good and bad results. At the first time you got in here, you must treat this as a secondary source of income and not a primary one because of its volatility.

If you do want to be reliant into something that will give you stable source of income for funding your daily necessities, better seek for job and since we are on the pandemic, it is still hard to work since job opportunities are very rare. But before the pandemic, you must have come to think of it that earnings in cryptocurrency are not always good all the time so you must have always save every cent to have something to spend at times like this.

[Genemind]

We cannot fully rely on crypto since there is no assurance if you will earn something or not. Even if you are earning crypto because of a job, it is not stable. Everything in crypto is about risk. Find a job for stable income for your necessities. I understand that it's difficult to find a stable job now due to a lot of people were laid-off, seek for opportunities and don't just rely on crypto.

[jademaxsuy]

We cannot fully rely on crypto since there is no assurance if you will earn something or not. Even if you are earning crypto because of a job, it is not stable. Everything in crypto is about risk. Find a job for stable income for your necessities. I understand that it's difficult to find a stable job now due to a lot of people were laid-off, seek for opportunities and don't just rely on crypto.

It never I think happen that one can really trust and rely on earnings in cryptocurrency just by doing bounty hunting. This is not a gambling where you have to spend your time doing task and then get scammed by the team promoting the project. I think there are still many of them doing this stuff and never get tired. In my case I learn lesson that doing bounty campaign is noy really helpful to mae gains or profits unless if one i ls skilled and being paid with btc. thay would be good then if a project pays btc rather than tokens.

[Lorence.xD]

We cannot fully rely on crypto since there is no assurance if you will earn something or not. Even if you are earning crypto because of a job, it is not stable. Everything in crypto is about risk. Find a job for stable income for your necessities. I understand that it's difficult to find a stable job now due to a lot of people were laid-off, seek for opportunities and don't just rely on crypto.

Reliance doesn't make things better, bitcoin is also volatile so you can't put all your eggs in one basket, we never know when it will skyrocket or dump but I can say for sure that you should not put all your eggs in one basket, diversify your financial endeavors so you can still have a constant cash flow even if there is a downtime in one of your investment, cryptocurrency is a promising financial tool but that does not mean you should worship it.

[panganib999]

We cannot fully rely on crypto since there is no assurance if you will earn something or not. Even if you are earning crypto because of a job, it is not stable. Everything in crypto is about risk. Find a job for stable income for your necessities. I understand that it's difficult to find a stable job now due to a lot of people were laid-off, seek for opportunities and don't just rely on crypto.

Exactly. You hit it at the very point. Even if you are earning with cryptocurrency there is no really sense for you to just rely on what cryptocurrency can give to you because the income in here is not stable to support or fulfill your needs in daily life basis. Even if you are earning enough from cryptocurrencies, still it would be much better to seek for a stable job to earn stable income and just treat cryptocurrency as your secondary source of income or your back up source of fund.

Reliance in crypto will give you no good because you will just get frustrated to think that you are only having income for quite some time. Unlike having a stable job that will provide you stable income to sustain all your needs. We can expect earning from cryptocurrency but being reliant and contented on what you can get from it would not be an enough reason because you will never know when you will need money so it is still a best choice to find a stable job that will sustain all the necessities and do not just rely on what cryptocurrency can offer.

[SacriFries11]

I don’t see that its a best choice to rely in bitcoin and other currency since there no insurance for me to have permanent job here and the payout is still not enough to sustain what I needed. We still need to find a regular job and use our skills. Small businesses have no access to internet which need to transfer their coin and some countries are not yet modernize. Knowledge about crypto is not yet spread throughout the world. Countries banned the use of cryptocurrency because of illegal activities related to it. There are points need to consider before we could totally rely in cryptocurrency. It’s not impossible, we just not in the right time. 

[South Park]

We cannot fully rely on crypto since there is no assurance if you will earn something or not. Even if you are earning crypto because of a job, it is not stable. Everything in crypto is about risk. Find a job for stable income for your necessities. I understand that it's difficult to find a stable job now due to a lot of people were laid-off, seek for opportunities and don't just rely on crypto.

It never I think happen that one can really trust and rely on earnings in cryptocurrency just by doing bounty hunting. This is not a gambling where you have to spend your time doing task and then get scammed by the team promoting the project. I think there are still many of them doing this stuff and never get tired. In my case I learn lesson that doing bounty campaign is noy really helpful to mae gains or profits unless if one i ls skilled and being paid with btc. thay would be good then if a project pays btc rather than tokens.

When the ico craze was at its full power there were many people that earned a fortune with those bounty campaigns not only as their coins went up in value but many of them cheated those campaigns and obtained more coins than they should, but since then everything has changed and those campaigns are nowhere near as profitable as they were before and anyone thinking about relying in such campaigns should change his mind as there is no way to get a reliable income with them anymore.

[STT]

Some of the answer to this question is in the contrast to alternatives.    Always the market will look for the most efficient solution, theres been alot of talk recently on processing capacity and greater systems then BTC.   Generally BTC wins out because it has the highest security and sufficient capacity to satisfy demand most of the time, its still something which needs development or I would expect another solution to take over.
   The biggest point in valuation of BTC and surprise its had in exceeding any price people expected is because main market currencies, the dollar world reserve currency is not entirely stable or reliable in its value.  This then gives credit to any regular system of exchange even the wild west of new age Bitcoin money.   Thats my theory why crypto does so well because people cant trust governments not to waste value in national paper markets by distortion and stimulus, there is excess liquidity it leaks value and of course inflation in all prices will occur.

[n0ne]

People have given up their day jobs and has moved full-time into cryptocurrency related earnings and career. These are people with high investment as well as after learning about the market. A common man too can make something out of cryptocurrency, but in between should not look for big profits ending into a big loss. Most of them relying on Bitcoin and other cryptocurrencies keep on practicing trading which is the base where the money flow of cryptocurrencies were found.

[carter34]

People have given up their day jobs and has moved full-time into cryptocurrency related earnings and career. These are people with high investment as well as after learning about the market. A common man too can make something out of cryptocurrency, but in between should not look for big profits ending into a big loss. Most of them relying on Bitcoin and other cryptocurrencies keep on practicing trading which is the base where the money flow of....

The volume of cryptocurrency is rising and this is because more investors are buying in. The covid-19 hard time has made people out of jib and they have hugely moved into crypto and online investment. We are going to see more volume increase with time during the end of this year.

[kemoglo]

People have given up their day jobs and has moved full-time into cryptocurrency related earnings and career. These are people with high investment as well as after learning about the market. A common man too can make something out of cryptocurrency, but in between should not look for big profits ending into a big loss. Most of them relying on Bitcoin and other cryptocurrencies keep on practicing trading which is the base where the money flow of cryptocurrencies were found.

Saying that relying on bitcoin isn't possible is not a informed sentence (not about you, but about OP), basically, as you do say, many people have moved full time into cryptocurrency related careers, and that speaks volumes of the potential cryptocurrency brings into the table. Not everyone in the area trades either, I know a fair share of people who don't trade for example but earn in bitcoin exclusively for example.

[ultrloa]

People have given up their day jobs and has moved full-time into cryptocurrency related earnings and career. These are people with high investment as well as after learning about the market. A common man too can make something out of cryptocurrency, but in between should not look for big profits ending into a big loss. Most of them relying on Bitcoin and other cryptocurrencies keep on practicing trading which is the base where the money flow of cryptocurrencies were found.

Saying that relying on bitcoin isn't possible is not a informed sentence (not about you, but about OP), basically, as you do say, many people have moved full time into cryptocurrency related careers, and that speaks volumes of the potential cryptocurrency brings into the table. Not everyone in the area trades either, I know a fair share of people who don't trade for example but earn in bitcoin exclusively for example.

All depends on what you are doing  since if you just rely on it and work without knowing the technicalities and what type of jobs you can work on it then you will never rely on bitcoins but if you are knowledgeable and can able to market your skills or build a business by using crypto for sure you can create a money source from this.

[Eugenar]

Even though bitcoin or other cryptocurrency is a big benefit, we still really need fiat currency, both things are important and both things have their own purposes. For me fiat currency is good for daily lives, the example you want to buy a snack at sari store then you cant use your cryptocurrency because they don't accept it, then that is why fiat currency is important because that is the only currency that you can use to purchase things you want.

[btc78]

We are fully aware that the whole world now is combatting the war of the unknown, or this Covid-19 that cannot be seen but killed nearly a million of people across the globe. And we are in this battle for over half a year now, but still, the Cure is so hard to be found. So devastating as it was, as the losses rises each day in all kinds as often mentioned.

Sadly, we do not know yet, when all this chaos be over.

For some individuals working in Cryptoworld like me, can we rely on Bitcoin to sustain our needs and help prevent the economy collapse as this Pandemic continues?
As I've just heard from the news, there's a new swine flu disease which is a threat discovered in China again 😢 and has a Pandemic potential that the experts need to keep eye on.

Why only relying in BItcoin alone?when there are other crypto that may give us good chance to profit?
the search for crypto currency is increasing because of covid19 but this not stand only for bitcoin instead other top 10-20 currency as well.

Even though bitcoin or other cryptocurrency is a big benefit, we still really need fiat currency, both things are important and both things have their own purposes. For me fiat currency is good for daily lives, the example you want to buy a snack at sari store then you cant use your cryptocurrency because they don't accept it, then that is why fiat currency is important because that is the only currency that you can use to purchase things you want.

Of course because Mass adoption is still denied for all of us,but at least we have opportunity compared to other people that has no idea about what crypto is all about,or those denying this market even that they are seeing some positive about this.