Can we rely on Bitcoin and other cryptocurrency?

[maydna]

For a country that already accepts bitcoin as another payment system, they can rely on bitcoin. But the other country, I don't think so because they need to accept and use bitcoin as the option for the payment system. It will depend on each government to accept and use bitcoin, and as long as they don't allow crypto/bitcoin to be used for their people, people cannot use it to pay something.

But people already have another option for the payment system. They already use digital money to replace the paper money to make a transaction. So they don't think that they can move to bitcoin to pay that thing because they already have the best option to pay. They will use bitcoin for the investment than to buy their daily needs because the volatility of the bitcoin price itself makes them scared.

[arwin100]

If you are worried about the status of bitcoin and other cryptocurrency in current situation then you shouldn't be, you see bitcoin is quitely running good compare to the other investments option right now and I'm sure many people are looking at bitcoins right now as good alternative that's why we never see a quite downfall. We can still rely on bitcoins but act correctly by now since the price stabilize and monitor the market if you want to trade so that you will possibly gain from small volatility happening right now.

[freedomgo]

Rely? NO.

Cryptoworld is a world where there's a risk and reward, though we can work here but there is no job security unlike in the real world where we have an employer-employee relationship where we can assure the protection of the government.

If we can work here, then just have to be thankful, but never rely on it as we don't know if it will succeed or will crash.

[sheenshane]

It's completely no for me.

If you are talking about investment allocation of your all asset I won't consider relying upon only on Bitcoin. Investors understand what is a golden rule in investment, don't put all your eggs in one basket, because in any form of investment there was always a risk and Bitcoin consider as a high risk but also might a high return of profit if you know how to manage.

In payments, Bitcoin often uses as a payment method. If you have cash while Bitcoin price is on crash it's better to use your cash than the Bitcoin that losing value. Therefore, investors treat Bitcoin as a valuable asset to hold not to spend.

[deisik]

Cryptoworld is a world where there's a risk and reward, though we can work here but there is no job security unlike in the real world where we have an employer-employee relationship where we can assure the protection of the government

That's an illusion of safety

When you are stuck in an employer-employee relationship, as you call it, you can be kicked out at any moment for a plethora of reasons. Your company may go bust, you may cross paths with an abusive and vindictive boss, you may do something stupid on your own, or whatever. The truth is that there is no real protection unless you are the boss. Indeed, when you just start out on your own, you feel scared and intimidated. But with time, you are going to become more and more independent as more and more options turn up here and there. Seriously, who is more independent, Warren Buffett or the people he hires and fires as he sees fit?

[MCobian]

In a corona virus situation like now we can rely on bitcoin and cryptocurrency to help prevent the spread of the corona virus.
By conducting financial transactions using bitcoin, because transactions with bitcoin do not need to make physical contact.
Transactions with bitcoin only require mobile phones and an internet connection. Bitcoin and cryptocurrency can also be relied
upon to produce money from home.

[davis196]

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 millions 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 if this pandemic will last long? As I've heard from the news, there's a new swine flu disease discovered in China again 😢 and has a Pandemic potential that the experts need to keep eye on.

Can we rely on Bitcoin?Yes,of course we can.I'm relying on Bitcoin for around 4 years and I've never been disappointed.
COVID-19 killed millions?I think you are exaggerating a little bit.Maybe COVID-19 will kill millions in the next few years.Nobody knows how this virus will mutate and will the pharmaceutical companies create a working vaccine against it.
Can Bitcoin prevent the economy from a collapse?No.Nothing can prevent the economy from collapsing.
We just have to adapt and find a way to survive.We can't stop the upcoming economic crisis.

[Paycoinzzz]

Even if the pandemic persists and inflation occurs with fiat money, cryptography will not save us. You can see that when the stock market crashed, so did bitcoin. By the end of February we have also seen the entire financial market collapse. So do not be too hopeful about bitcoin or promote it, you will easily be trapped in the fomo mentality and your pocket will be empty soon. Be alert and keep cash now, it will be very helpful next year.

[stompix]

Can we rely on Bitcoin?Yes,of course we can.I'm relying on Bitcoin for around 4 years and I've never been disappointed.

You've relied on bitcoin alone, and it has provided you all you need?
Or..
Have you relied on people offering and demanding services for bitcoin and on people investing in bitcoin?

Billions rely on fiat, they get paid in fiat does that fiat money is providing them with anything? No!
Without people offering and buying services related to bitcoin you will not have a dime, without those services earning money from their customers you won't have offers from them, without clients to pay for those there won't be anything to gain from.

If you design a logo and get paid in bitcoin is not bitcoin that gets you money, is that company who needs a logo and pays you.
If that company doesn't have clients it won't require a logo and you won't get a job, bitcoin or not.

If the entire world economy goes down and there will be not even enough money to buy food there won't be any services around here anymore, there will be no people offering BTC  for signatures, there won't be any exchanges as there is nobody using them. And you can chew on your addresses and I highly doubt they have enough calories.

[imstillthebest]

In a corona virus situation like now we can rely on bitcoin and cryptocurrency to help prevent the spread of the corona virus.
By conducting financial transactions using bitcoin, because transactions with bitcoin do not need to make physical contact.
Transactions with bitcoin only require mobile phones and an internet connection. Bitcoin and cryptocurrency can also be relied
upon to produce money from home.

only if you network connection and your electicity is reliable too  . mostly internet is the problem of many users on most country , the covid situation also contributes on the issue of thier networks causing thier internet to disconect if not slowed dramatically   .

 so how can you transact and use btc/crypto with that kind of internet  . electricity do rarely have an issue but idk to some far away places where electricity is limited and the network coverage is also limited too on those areas   

[Kong Hey Pakboy]

In my own opinion, it will be difficult for us to rely on bitcoin and other cryptocurrencies because not all of us have fixed earnings and it is not enough to provide our daily needs and pay our monthly bills. But using cryptocureencies as a virtual payment could help a country to prevent or to lessen virus cases.

[Sanugarid]

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.

With bitcoin's position right now I don't think it can sustain the economy, plus the main fact that we all know where bitcoin is heading, it is going to be a next class investment/asset. Looking in bitcoin as a currency is negative, no one even spend it unless needed, this is also why I am very skeptical with bitcoin being the revolutionized currency to be adopted by the banks. We can rely on bitcoin in just one thing, and that is a store of value although it is on high risk when doing that because  of volatility.

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.

Not totally irrelevant, I agree that bitcoin has less use-case compare to some altcoins but the thing is somewhere down the road there are people who are open to crypto especially bitcoin and they are adopting it.

[dothebeats]

If you're already set on cash and you can survive for the next few months with what you've got, then maybe placing it on cryptocurrencies and bitcoin could be worthwhile considering that there are a lot of people who are already investing in crypto and are seeing its potential as a hedge against an economic downturn. It depends really on your current financial state. If you are one of those many people who are living by making ends meet, I suggest that you stick to cash and not think of diverting your current assets into bitcoin and just ensure that you can survive for long. If not, go ahead and stock bitcoins and go long.

[stiffbud]

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...

The economy going down and with COVID to accelerate the upcoming recession I think it will be best not to buy stocks or any other investments and either invest in cryptocurrencies or in precious metals like gold and silver. The ones who will be having a lot of cash with them in savings will suffer the most because at the time of a recession the value of fiat reduces a lot because of the inflation and falling economy.
For me bitcoin and crypto are even better than investing in precious metals unlike you, at least cryptocurrencies will gain a lot of value when people realize that the fiat is worthless in case of a recession and will opt for cryptocurrencies.

[adzino]

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 millions 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.

Rely on bitcoin and cryptocurrencies for what? If you think bitcoin will magically help us to sustain our economy and rebuild it, then you are wrong. I mean like how is it going to help anyway? Like by holding coins? That is what most people do. Hold their coins for profit. This is not going to help in anyway.
And the virus can be seen. It is microscopic. The media always tries to create attention, so don't fall for those "threats" they are talking about. They always tries to exaggerate things.

[sandra_x]

With or without the pandemic, there are always ways you can profit from the cryptocurrency ecosystem, you just need to horn some specific skills (trading, project development, effective portfolios, community development etc) and exercise some patience to reap rewards

[Ridwan Fauzi]

You can rely on bitcoin if you just using for investment purpose, look at when the pendemic came almost crypto market and even stock market were crash simultaneously. Although at that time, bitcoin was in the strong uptrend we just close to privious all timr high, but in the fact we just crash and now far form all time high.

Greatfully, when use bitcoin and know how to make money beside through investment like trading you maybe able to rely on bitcoin and using it as your source income. Yeah I believe most crypto user out there do trading during they are quarantined. Because, you can still get profit although the bitcoin price is decreasing, using future market you can do this thing in some exchanges like binance and OKEx.

 

[hatshepsut93]

Not totally irrelevant, I agree that bitcoin has less use-case compare to some altcoins but the thing is somewhere down the road there are people who are open to crypto especially bitcoin and they are adopting it.

When did any altcoin had more use cases than Bitcoin? It never happened, even if Ethereum has more transactions, those transactions are just execution of smart contracts and moving tokens, they aren't a real world use for buying goods and services.

Relying on Bitcoin to survive the pandemic is extremely risky, buy trying to do so with alts is just plain stupid.

[bearexin]

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.

Like seriously, I also saw the news yesterday . They said that the flu was discovered in swine. I just don’t understand what’s wrong with these people? I just don’t get it to be sincere. This time around they better be open to the world about the flu and not try to cover everything up just like they did with Covid-19 and before we knew what was happening it has already become a pandemic.

I just hope that they don’t try the same nonsense this time around. And if this other flu is going to spread, is better they start earlier now and keep that particular state on lockdown and solve that problem once and for all and not let it escape to other countries.
And as for what you should invest your money in, Bitcoin is already a good choice, unless you want to be buying gold.

I do not really see any other asset that will be better than Bitcoin, and that’s what I am going for and a particular token that is backed by precious metal. Done my research.

[plvbob0070]

We cannot always expect that Bitcoin or cryptocurrency will always be an answer to every problem we face economically. Let's be honest, crypto is still at its starting point for mass adoption and how can we expect that bitcoin will be a big help in preventing the economy to collapse? If you are working in the "crypto world", I guess it may help you to sustain your needs for now or for a short term, but there is no assurance that it will last for too long since jobs and even bitcoin itself isn't stable. So don't depend too much on Bitcoin income if you want a stable and longer way of sustaining your needs.

Covid-19 is already a big threat to every one of us and I don't think we are still capable of handling another threat to our health and economy. I hope this won't grow like the current pandemic we have.