Can we rely on Bitcoin and other cryptocurrency?

[Ulven]

No, you cannot rely on bitcoin to meet the requirements of daily life. The fate of the cryptocurrency up to now is not widely known to most governments. But if you have additional money that you can invest in cryptocurrency, perhaps in the future, There will be an agreement between governments to adopt the cryptocurrency as a means of payment.

[Oceat]

No, you cannot rely on bitcoin to meet the requirements of daily life. The fate of the cryptocurrency up to now is not widely known to most governments. But if you have additional money that you can invest in cryptocurrency, perhaps in the future, There will be an agreement between governments to adopt the cryptocurrency as a means of payment.

It might be true but crypto currency also is helping a lot of unemployed people these days, although I don't want to put all of my faith in crypto currency and Bitcoin that would have a chance to crash someday. But for now, Bitcoin and other crypto currencies are at least giving some light to most of the people who live in a third world country. I guess Bitcoin is like a stepping stone to those who're struggling to find a stable job.

[coolcoinz]

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.

We don't really know how many people died from Covid and how many from other things, while being sick with covid at the same time. If you have a person with AIDS get pneumonia and die, what would you say was the cause of death? The direct cause would be pneumonia, but AIDS caused the failure of patient's immune system that allowed pneumonia to be fatal.

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?

No, we cannot rely on Bitcoin or any other cryptocurrency for that matter, but it's not like you can rely on your government to save you from the pandemic.

[Axelseseclevz]

Even now that we are stay at home because of losing a job, i think bitcoin  and cryptocurrency is not sufficient to rely on because the value of cryptocurrency is not stable and not all that working in crypto has a good income. We still need to think another way and  strategy on how to survive from this current circumstances caused by pandemic. Maybe you can rely in crypto if you already have a big amount of bitcoin and converted into fiat money to sustain you daily needs for a long term, because we can't go back to normal life easily especially now that there is no cure for it.

[FanEagle]

At the end of the day there is a big potential on bitcoin that can reach to those levels, I do not really think that it should be that big of a deal right now and I agree that it will take some time to reach there, but we have a huge potential. Hopefully we will get to a higher level in few years and we will become mainstream in 10-15 years.

By 2030 I would like to see bitcoin everywhere and people getting salaries in bitcoin and also people who spend bitcoin only without ever having any fiat in their pockets. So, we should be patient, we should wait, we should collect and accumulate as much bitcoin as we can and consider 2030 1st of January as the moment we will sell, if you say you will wait almost 10 years, suddenly small changes in price doesn't really matter because you have years you can wait.

[deisik]

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

Says kettle to pot

You make it look as if Bitcoin were widely used for buying goods and services. If anything, "just [the] execution of smart contracts" is everything in today's world. To buy goods and services we already have fiat, and, to be sure, Bitcoin doesn't have a lot to boast about in this department. The only area where it shines (I mean within the cryptocurrency domain) is an investment sector (i.e. when used as an alternative store of value or asset)

[Heart18]

Thank you so much for all the efforts in giving thoughts here. Please know that all your different opinions are highly valued and deeply appreciated. Upon reading all the replies here in the thread that I made, I began to realize something. And that, you all had given me a lot of good thoughts to learn on. Keep safe everyone 💖

[princesspoppy]

I don't think bitcoin can sustain our needs, in whatever aspect it may be as of now. Bitcoin is not stable and that alone gives us reason not to rely on it at this current pandemic. Although it can be used as a qay of payment for some companies and stores, still many are aware of its risks and chances to crash anytime. Another thing is, most people are still relying to cash than cryptos like btc, you need to cash out your bitcoins in order to keep up with that. Most people see it as an investment for future pump so they can make a profit and if you use it at the current situation, the chances to make a profit in the future will lose.   

[LogitechMouse]

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.

Base on the past viruses and its cure/vaccine, the average time span for a new cure to be made for public use for a new strain of virus is around 12-18 months and take note that this is just a minimum. There are still some viruses right now that still there aren't no cures but still exist. Many countries lost huge amounts of money in the past months especially in the travelling industry but some establishments are starting to re-open already so it is a good sign for the economy already.

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?

Relying on Bitcoin is possible only if:
1. You are an expert trader that is earning profit daily.
2. You are a freelancer that is accepting Bitcoin as your salary in every client that you have.

For now, the best way to lessen the economic effect from us is thru investing (at least that is my opinion).

[TEX-LXRY]

Not now but in the near future we can rely on Bitcoins and other cryptocurrencies.

We are still adopting.

TEX-LXRY

[freedomgo]

Not now but in the near future we can rely on Bitcoins and other cryptocurrencies.

We are still adopting.

TEX-LXRY

The question from the OP is :

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?

Therefore it's not about just adoption, it's about the job that currently we are working on and that would not be reliable if the market is not stable itself.
It's hard to confident of the future as the economy might collapse and crypto market might be affected, but if the opposite will happen, then we are at the right side now. 

[thesmallgod]

When you need something you either purchase it or it is given to you freely. Bitcoin is specifically designed to be used as currencies and you need to work to earn it so before your needs will be sustained you will need to have bitcoin. Thanks for some freelance and online job that you can work from your home and get paid without having to risk your life against the ravaging covid19. The other question about if bitcoin can prevent economic collapse, I do not think bitcoin can prevent that when there is continuous increase in inflation with GDP becoming lowered

[BITCOIN4X]

Therefore it's not about just adoption, it's about the job that currently we are working on and that would not be reliable if the market is not stable itself.
It's hard to confident of the future as the economy might collapse and crypto market might be affected, but if the opposite will happen, then we are at the right side now. 

Bitcoin and cryptocurrency are not stable asset because prices continue to change depending on market condition. For a certain period of time, working in cryptoworld that still earn a few dollar can help sustain the necessities of life during a crisis. But it is also not good to continue to depend on crypto without other income. Because the future of cryptocurrency cant be predicted with certainty, its good if we glance at some other opportunities in the real world.

Trade, affiliation, investment, minning, bounties, airdrop, signature campaign, and many other thing are some things that can be used as opportunities to make money to sustain the necessities of life for a while. For the long term, I think we must have a real job.

[shield132]

Still, I don't understand what magic do people see in Bitcoin. People are always dreaming about magic pills that they'll drink and will lose weight, become shredded and muscular, become euphoric and confident, charismatic, super smart, etc. Same applies with bitcoin too. Why do you think that bitcoin can solve poverty and help you in situation where you stay at home and do nothing? People look at bitcoin as a new way of pray that in reality does nothing but gives satisfaction and false hope.

Can anyone please explain me what makes something valuable? What gives money a value? Why GBP > Euro > USD ? What makes these papers valuable? When you are hungry, you need food, not papers but these papers have high value. If you can answer me on these questions in details and with arguments, hope you will answer me on why bitcoin is a magic currency that can solve every problem like you may think.

[$crypto$]

Therefore it's not about just adoption, it's about the job that currently we are working on and that would not be reliable if the market is not stable itself.
It's hard to confident of the future as the economy might collapse and crypto market might be affected, but if the opposite will happen, then we are at the right side now. 

Bitcoin and cryptocurrency are not stable asset because prices continue to change depending on market condition. For a certain period of time, working in cryptoworld that still earn a few dollar can help sustain the necessities of life during a crisis. But it is also not good to continue to depend on crypto without other income. Because the future of cryptocurrency cant be predicted with certainty, its good if we glance at some other opportunities in the real world.

Trade, affiliation, investment, minning, bounties, airdrop, signature campaign, and many other thing are some things that can be used as opportunities to make money to sustain the necessities of life for a while. For the long term, I think we must have a real job.

We should not leave a real job because it is one of the supports of our lives in the long run in cryptocurrency only in part if there is time then we can take advantage of it without having to leave a real job.
We know that all economies are difficult in any field because this is the effect of a virus so it is very troublesome for us to get more opportunities from these income, investment and trade are a while we cannot do that continuously in cryptocurrency and there are good looking for other opportunities.

I always use the signature campaign as my additional capital in the field for my future business.

[Freeesta]

I think you can count on bitcoin only as an investment. To create your own reserve fund. But I do not think that it can play a big role in preventing the collapse of the economy. Perhaps in the near future, cryptocurrency will be able to compete with the dollar, but today it is too early to talk about it.

[deisik]

Still, I don't understand what magic do people see in Bitcoin. People are always dreaming about magic pills that they'll drink and will lose weight, become shredded and muscular, become euphoric and confident, charismatic, super smart, etc. Same applies with bitcoin too. Why do you think that bitcoin can solve poverty and help you in situation where you stay at home and do nothing? People look at bitcoin as a new way of pray that in reality does nothing but gives satisfaction and false hope

Bitcoin can't solve some abstract poverty

However, it can still help some people. Moreover, it did actually help those who were lucky to jump on the bandwagon in time and then even more lucky not to jump off it before the right time. So no matter how you feel about it, that was pretty much "magic pills" as all you were required to do is sit on your hands patiently

Can anyone please explain me what makes something valuable? What gives money a value? Why GBP > Euro > USD ? What makes these papers valuable? When you are hungry, you need food, not papers but these papers have high value. If you can answer me on these questions in details and with arguments, hope you will answer me on why bitcoin is a magic currency that can solve every problem like you may think

These "papers" have value insomuch as you can exchange them for the things you mentioned. Does that count as an explanation? Regardless, feel free to ask if you have any other questions

[BITCOIN4X]

We should not leave a real job because it is one of the supports of our lives in the long run in cryptocurrency only in part if there is time then we can take advantage of it without having to leave a real job.

Of course, but there is no prohibition for anyone to totality on bitcoin and leave the real job. The decision is in their hand so making the right decision will help solve the problem.

I personally have never agreed if I have to leave my real job and totality on bitcoin even though until now it still has a high selling point. The thing that I think about the most right now is that doing both together doesnt interfere with each other in the sense that I can still go in and do my forum activities even though I am working. It also depend on yourself and the necessities of life from getting bitcoin is also not prohibited as long as the person can do it, but as I said that in the long run, real work will help the necessities of life for a long period of time.

I always use the signature campaign as my additional capital in the field for my future business.

Wow, thats one of the pretty good things about using money wisely. Good luck to you.

[Sanugarid]

At the end of the day there is a big potential on bitcoin that can reach to those levels, I do not really think that it should be that big of a deal right now and I agree that it will take some time to reach there, but we have a huge potential. Hopefully we will get to a higher level in few years and we will become mainstream in 10-15 years.

Talking a bout the potential of bitcoin, well actually there is a huge potential for now but what I am seeing is that it will be lessen as the government creates a new and alike of cryptocurrency we all know as cbdc. Not being a pessimistic about bitcoin, but aren't we too pushy for bitcoin? I mean the speculation is massive towards bitcoin, the price keeps spiking yet we only use bitcoin as an investment. But I'm also hopeful that we can get bitcoin into another level of neither investment or currency.

By 2030 I would like to see bitcoin everywhere and people getting salaries in bitcoin and also people who spend bitcoin only without ever having any fiat in their pockets. So, we should be patient, we should wait, we should collect and accumulate as much bitcoin as we can and consider 2030 1st of January as the moment we will sell, if you say you will wait almost 10 years, suddenly small changes in price doesn't really matter because you have years you can wait.

  The cashless society that we all dream of, I guess from the tech advances that we already got we are able to do this in the future but not with bitcoin which is too volatile to handle such all direction payments.

[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 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.
[/quo

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.

I highly appreciate you for sharing your thoughts here. Please bear for some mistake and my exaggeration as you said, I just want to correct it...its nearly millions of people had been killed. And Million of people were already infected especially in USA. I hope the vaccine will be created, so we won't suffer that long. Stay safe 💕