Can we rely on Bitcoin and other cryptocurrency?

[Heart18]

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.

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[jackg]

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... Its probbay better than some stocks but not all, some places like the utilities and commodities should do well I wouldn't put all of my faith in crypto it'd be a bit like buying an airline stock...

[Upgrade00]

can we rely on Bitcoin to sustain our needs and help prevent the economy collapse if this pandemic will last long?

How can Bitcoin sustain your needs? If you mean using it to make daily payments, this is presently not sustainable in most places as it's not yet widely accepted as a medium of exchange. It is also not a tool to prevent the collapse of the economy, it's a decentralized currency with a speculative value.

there's a new swine flu disease discovered in China again 😢 and has a Pandemic potential that the experts need to keep eye on.

There has been a growing threat from zoonotic diseases for a while now, this excerpt is taking from an article posted about four years ago, it discusses the situation and probable causes;

According to the report released in May by the United Nations Environment Program, 60 per cent of all infectious diseases in humans are zoonotic and on average a new infectious disease transmitted by animals emerges in humans once every four months. These statistics are terrifying, and the report predicts that they’re only going to get worse if the “critical relationship between a healthy environment and healthy people” is not maintained.

So what is the root cause? For a start, zoonotic disease can be prompted or worsened by changes in the environment like new land use or climate change. Increasing human populations, especially urban ones in developing countries, can also contribute, as this results in an enormous upsurge in demand for milk and meat, which results in more breeding.

[hatshepsut93]

For some individuals working in Cryptoworld like me, can we rely on Bitcoin to sustain our needs and help prevent the economy collapse if this pandemic will last long?

Cat Bitcoin "sustain your needs"? No, Bitcoin is a highly speculative investment and there's no guarantee that the price will keep rising in short term. There's no guarantee that it won't crash again, like it did when the stocks crashed. And Bitcoin-based economy is really tiny, so it's very hard to find some online job that pays in Bitcoin.

Bitcoin totally can't prevent a collapse of any economy, because it has literally zero influence on macroeconomics. Without wide adoption, it's irrelevant to the world.

[YOSHIE]

Of course you should be able to distinguish Bitcoin & Cryptocurrency in using it as a basic reference for you, if you use Bitcoin, of course it can be relied upon, but if you use other Cryptocurrency, not necessarily reliable.

Main reason;
• For now the more popular one that is often used in every country for payment tools is Bitcoin, of course Bitcoin can be made as a mainstay that can be used by many people.
• but for other cryptocurrency, not necessarily reliable, it is recommended that you be very careful in using it, although crypto capitalization is increasing, for that the fluctuation is unreliable, another reason is: there is no country in the world that currently controls digital currencies as legal payments.

So, in conclusion, Bitcoin can be relied upon for the time being made an investment or an asset of the future, but for other cryptocurrency, it cannot be relied upon to be an asset or investment in the future as I mentioned above.

[romeojasmin13]

It depends on how many bitcoins you have now. Anyway you will have to cashout your coins. Cryptocurrency solely can't save the economy, but it can show us the new path.

[Negotiation]

Both crypto and bitcoin are good at investing Bitcoin investment can not only reduce the damage to the country's economy but also has a lot of potentials to recover the economy. However, we cannot rely entirely on Bitcoin and cryptocurrency because Bitcoin is not a stable currency Therefore it is better to use Bitcoin for long-term investments. You have to do other things besides crypto.

[AmoreJaz]

For some individuals working in Cryptoworld like me, can we rely on Bitcoin to sustain our needs and help prevent the economy collapse if this pandemic will last long?

Cat Bitcoin "sustain your needs"? No, Bitcoin is a highly speculative investment and there's no guarantee that the price will keep rising in short term. There's no guarantee that it won't crash again, like it did when the stocks crashed. And Bitcoin-based economy is really tiny, so it's very hard to find some online job that pays in Bitcoin.

Bitcoin totally can't prevent a collapse of any economy, because it has literally zero influence on macroeconomics. Without wide adoption, it's irrelevant to the world.

atm bitcoin adoption is still very small so there's really no way it can prevent the collapse of any economy. only small percentage of crypto users can sustain their needs just by dealing with bitcoin or crypto, trading/mining/crypto-related jobs and other means do not have the guarantee of how much you will earn at a given period of time. very few crypto users are fortunate to have a good stash of crypto..

[Wexnident]

No. Bitcoin isn't a magical asset that could help prevent the collapse of an economy, especially with how long it has already shown evidence of collapsing soon. Plus, with how Bitcoin's status as a speculative asset, one couldn't really guarantee it as a safe place. Ofc, there's a chance it may actually benefit you instead, with its price growing instead of falling, but the chances are also the same for its price falling instead. Additionally, your using Bitcoin for yourself, to save yourself from the collapse, and with how only a limited number of people actually think of such, the collapse of economy would still continue, but you can afford to save yourself if you continue to believe in BTC (that is, if BTC doesn't also collapse).

[mersal]

If you hold atleast few hundred bitcoins then I will say it is more than enough for you to survive till end of your life but I don't know what is the meaning of working on crypto world, if you are getting paid in bitcoin for your work then it may not be enough because even if bitcoin has value you may lose your job at any time so having more savings is indeed for not to worry about your retirement plans.

[raidarksword]

Vaccine is all we need and that's it everything will be fine as soon as we have it.  Despite the struggle of our world economy due to the pandemic, we have to endure it just to survive at all cost. Bitcoin is unpredictable and we people on crypto world should not rely on it because anything can go wrong today or even tomorrow we don't know. So, it's best to make a practical balance to avoid loses in bitcoin investment or any crypto currency you are holding right now.

[abhiseshakana]

Bitcoin and another cryptocurrency will not be able to support the economy from collapse, because it is only a tool and not a solution. The main buffer of the world economy is the system created by its creator. The economy will become all-digital, but bitcoin is not a buffer. System makers will make cryptocurrencies to continue dollar dominance. But there is information circulating at this time, that some time in the future there will continue to be tensions between globalists and nationalists.

Globalists want to create an algorithm-based currency system so that there is no manipulation on all sides. Globalists assume that the existence of multi-currency causes inequality and global economic problems that lead to poverty and hunger. These globalists are very anti-nationalism and assume cross-interest between countries is the cause of the global order.

[Haunebu]

What you are saying doesn't make a lot of sense op. Bitcoin has not even gone mainstream yet and only a small percentage of the world population have adopted it primarily for investment reasons. Relying on BTC or other crypto under current conditions doesn't make a lot of sense.

FIAT is still King and will probably stay that way for a long time. Physical note demand has dropped, but there are plenty of digital payment methods available as alternatives.

Even a pandemic like COVID cannot improve crypto adoption rates drastically within a short span of time. Factors like volatility, TX fees etc play a bigger role in this aspect.

[mindrust]

Rely on completely? No.

Should you have some exposure? Yes.

It is worth taking some risk. Don't overdo it and you'll be fine.

[Botnake]

Crypto will just stay, you see what's happening to the market now, we are even better compared to some countries economy or to stocks which we can easily compare.

Just be optimistic that crypto will survive and grow and do your best with your job so you'll be able to enjoy earning online receiving crypto as your salary.

While our economy struggles, that would result to a high unemployment rate, so whatever you enjoy now, you should be thankful as you are one of the lucky person who still have a job despite of the crisis we are all facing.

[yhiaali3]

This question can be answered from two sides. The first side is specific to governments and is currently not ready to accept or deal with Bitcoin, and therefore I do not think that Bitcoin will be a solution to prevent the collapse of the economy for governments because Bitcoin is decentralized.
As for people, I think it will be a good way to preserve the value of their money. In the event of the collapse of the economy and the collapse of the currency of any country.
In fact, this is happening in my country now. We are currently suffering from the collapse of the national currency, so people have resorted to exchange the currency for dollars or gold. As for me, I store my money with bitcoin and then convert it into dollars and then convert it into a national currency and this preserves the value of my money.

[jossiel]

The total infection all around the globe is 11 million and out of those people, people who still have something to put on their table are the lucky ones. So as long as you'll able to do something like that then you can depend on it temporarily.

But completely depending on it as a whole is a different story. You just can't rely to it because the volatility is too high, you need to look for other source that you can depend with your day to day basis.

[Latviand]

However, we cannot rely entirely on Bitcoin and cryptocurrency because Bitcoin is not a stable currency Therefore it is better to use Bitcoin for long-term investments. You have to do other things besides crypto.

Bitcoin is really hard to manipulate especially that volatility is not the only problem in making bitcoin as your asset.
There are a lot of factors that can affect the price of bitcoin such as oil, and other commodities in the market.

That's why relying on bitcoin is not a good decision and that's the reason why governments are not giving a chance for cryptocurrency to become legalized in their country.

Investing your money to open a small business and make it grow will help you become more independent without the use of cryptocurrency. You can use your bitcoin to start a business, by that while you are holding your cryptocurrency, you are also making profit out of your businesses.

[AniviaBtc]

There are people who are trusting bitcoin so much that they don't even try to explore the use of cryptocurrency. There are other coins that will help us earn profits and not only this bitcoin, but it is true that the profit in using bitcoin is extremely high compared to other coins. But I don't see this bitcoin as the priority right now as there are no improvements in its price right now.

I knew about cryptocurrency and bitcoin for almost 3 years and I really saw how this assets help me and the economy grow. I still want to see more in using bitcoin and I know that there is something more in bitcoin that we need to see. Right now, during this pandemic, we should really rely in bitcoin because some businesses are not open.

[deisik]

However, we cannot rely entirely on Bitcoin and cryptocurrency because Bitcoin is not a stable currency Therefore it is better to use Bitcoin for long-term investments. You have to do other things besides crypto.

Bitcoin is really hard to manipulate especially that volatility is not the only problem in making bitcoin as your asset.
There are a lot of factors that can affect the price of bitcoin such as oil, and other commodities in the market

You probably meant easy to manipulate, right?

That's why relying on bitcoin is not a good decision and that's the reason why governments are not giving a chance for cryptocurrency to become legalized in their country

I don't see the connection here

Relying on bitcoin may not be a good decision overall (though that largely depends on an individual and his goals). However, I don't think that's the reason why governments are not legalizing it as a functional currency in their countries. Governments are afraid of competition, but competition would make Bitcoin stronger (not sure about fiat currencies), and that means more adoption and less room for manipulation as well as volatility