Can we rely on Bitcoin and other cryptocurrency?

[shoreno]

That very much depends for what would you like to rely on Bitcoin. Buying stuff for daily needs, saving for entirenment, investing or something else.
By nature Bitcoin is risky so fully relying on it.in.any sense is risk. I think that we still need to combine Bitcoin and other cryptocurrencies with fiat money, without that it's hard to cover all our needs just with cryptocurrencies and we are exposed to too big risk.

having two currencies at hand , one is offline and one is online such as crypto and fiat are indeed can give us more stability or reliability in any condition  than compare to one currency only  , that is what i noticed lately . 

relying also means that we must save so that we can use something in the time that we need money the most   but saving is something that is hard or impossible to some people because they used thier money in unexpected events   .

[carter34]

Obviously no.

In terms of sustaining your livelihood, I don't think you will be able to do that. Cryptocurrencies are still new even though it is over a decade in existence. The problem here is that Bitcoin and other cryptocurrencies are not that adopted yet by a lot of countries. You can use it in a country as long as you convert those into fiats.

In terms of investment, it can give you some profits but not in the way that it can sustain you also, it depends on how much you've invested in it.

You're right,bitcoin can only be helpful in the country where you can exchange it into a fiat money. Although bitcoin  is not a reliable source of income but this time that we are struggling because of covid 19 pandemic,i think it will be a better way to earn while most of the peope are stay at home and lost their job. It could help to survive our foods for daily needs.

I also think that the investment aspect is what makes bitcoin popular because it can give out some profit if invested on but relying on it to perform as fiat will not happen anytime in the near years to come

[Zemomtum]

There will be a time that we can rely on  Bitcoin and cryptocurrency but not now, that time that is will in use in the agric sector, supply chain, AI and robotic, real estate etc. We are still far away from this but it will happen in phases

[jostorres]

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.

There are ways that we can rely on bitcoin, but I don’t really know about this helping to rebuild the economy .But I know for sure that bitcoin can help in contactless transaction so that there wouldn’t be more cases of people spreading the virus by touching and using paper money. Apart from that bitcoin can help companies work remotely and they can employ people from around the world and pay them using bitcoin.

I was once working for a company that was in a country different from mine and they were paying me every month using bitcoin. There are also other ways that bitcoin will be helpful. As of now due to multiple methods are available for spending bitcoins, we may rely on bitcoin alone to lead a decent life. But, we must have proper fiat reserve so that we could manage any unexpected situation if happened.

[lienfaye]

I think it depends how you're earning in crypto. It can sustain your daily needs if you're earning good amount using your skills or you have a talent where you excel and make money through it.

However if you're simply an average earner and dont have stable source of income then it cant work. We often say dont rely in your earnings in crypto and get a real job to have a stable income so doing the opposite might hard unless you are not relying on the status of the market in order to make profit.

[arwin100]

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.

There are ways that we can rely on bitcoin, but I don’t really know about this helping to rebuild the economy .But I know for sure that bitcoin can help in contactless transaction so that there wouldn’t be more cases of people spreading the virus by touching and using paper money. Apart from that bitcoin can help companies work remotely and they can employ people from around the world and pay them using bitcoin.

That's how good bitcoin is since it can make us transfer money from anywhere without touching people nor any solid object which have any contact from the other person, But this is different story if we talk about relying to earn a living with this since this could give a 2 different scenario, If we just rely on the jobs here for sure we can't assure on what will happen in the future since there are so many treats that can make the bitcoins price fall and for sure we will get affected on it if we will experience a huge fall. But if we create a good business where people can easily adopt and use our service provided then provably we can rely on it since the potential income is big and we can explore more for another ventures.

[slapper]

Actually, there are 550000 people die cause of Covid-19. But as the curve chart show and the increasing in the number of infected, it is hard to stop covid from killing more than a million. This really a nightmare to all of us since we have to suffer a huge loss in both human and the economy. This pandemic gonna extend for at least half a year

In my opinion, bitcoin and cryptocurrencies are assets in which people can buy and hold for a better economic situation. However, I doubt that bitcoin can make a huge impact to the world economy. The number of people who know bitcoin are really high, but the truth number of people who understand bitcoin as well as use it in daily life is slightly small. Moreover, in many countries, bitcoin is considered as an illegal asset which you will be arrested if you are caught using bitcoin as a currency. Therefore, only a small group of people (including some of us) are benefitted from cryptocurrencies, not the whole economy

[Janation]

Obviously no.

In terms of sustaining your livelihood, I don't think you will be able to do that. Cryptocurrencies are still new even though it is over a decade in existence. The problem here is that Bitcoin and other cryptocurrencies are not that adopted yet by a lot of countries. You can use it in a country as long as you convert those into fiats.

In terms of investment, it can give you some profits but not in the way that it can sustain you also, it depends on how much you've invested in it.

You're right,bitcoin can only be helpful in the country where you can exchange it into a fiat money. Although bitcoin  is not a reliable source of income but this time that we are struggling because of covid 19 pandemic,i think it will be a better way to earn while most of the peope are stay at home and lost their job. It could help to survive our foods for daily needs.

As I said, it will not be a good way to sustain your livelihood.

This pandemic will not just challenge the government to take care of its country but also the people on how they will be able to take care of themselves and their families. It is time for people to make their jobs convenient for them so they don't need to go outside. Maybe you can use Bitcoin as a payment to online shops or being a reseller. Barter is also a thing here in our country, that really helps other people that can't really buy things but have something that has value like fruits, vegetables, and livestock.

[rodskee]

I think it depends how you're earning in crypto. It can sustain your daily needs if you're earning good amount using your skills or you have a talent where you excel and make money through it.

If you are receiving your profits by means of either online service or trading that allows you to
keep pocketing profits.

However if you're simply an average earner and don't have stable source of income then it cant work.

it's right to say that depending from how you get bitcoin / cryptocurrency.

We often say dont rely in your earnings in crypto and get a real job to have a stable income so doing the opposite might hard unless you are not relying on the status of the market in order to make profit.

I get that, if the source itself came from your job then it can be said that you can rely on it.

[jademaxsuy]

Wow, you really rely on bitcoin and cryptocurrency for your living? I am having hard time on earning here but that is not the reason for being here in the forum. Earning few cents is just secondary objective for I am here in this forum to learn more and have fun doing reply on some complicated posts?

I do believe that bitcoin and cryptocurrency is another level of increasing economic capacity but one should not rely on it. There is no assurance of stability for you to make living.

[assa1979]

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...

Me to I wouldn't bet on bitcoin everything. Actually I already invested in it and its share is only 10% out of my whole investment portfolio
Bitcoin is extremely helpful in countries like Venezuela or developing countries of Africa.

[Spenjoyere3]

Countries must reassess their economy and its impact on life and health.
people have been severely affected by these measures and must guarantee the rights of these workers or provide them with more jobs.
Countries that have not imposed punitive measures to prevent the economy from collapsing and focusing on workers and the weak class will suffer in the future from the consequences of this epidemic, and governments may fail in the elections.

[Reatim]

what do you mean by Relying?

Because if what you are saying here is our Investment for our daily living?sorry to say but this is not since the volatility of cryptocurrency will kill our dream.

But if what you are pointing is the chance of Gaining Good profit in no specific time?then i may say yeah,because the long we can Hold our currency is the more chance of making money for the next years.

[hunter7519]

As to your question simply, yes! If you rely on Bitcoin as the premise which changes world currency for generations to come.

It’s one of the biggest exchanges people and volume wise with more than 200,000 people actively trading! It’s got a great user interface, fast loading charts, lots of cryptocoins big and small, good response time from their helpdesk if you run into some trouble you want an answer to. They have the lowest exchange fees off all exchanges, only 0.1% for buy and sell trades! They have trading competitions running from time to time when new coins get listed as well.

It’s got the major coins listed like Bitcoin, Ethereum, Litecoin, Neo, Nano, Waltonchain, VeChain, OMG but also lots of smaller high potential coins like, ETHLEND, Odyssey, Dent, Dragonchain, Elix, Oyster, DeepBrain Chain, Credits, High performance blockchain and many many more! It’s listing new coins very often and you can even vote once a month on which coin you want to be listed. It’s also one of the only exchanges that distribute GAS when keeping NEO on their platform.

There are trading pairs against BTC, ETH and USDT, NEO but also against their own KCS token. When you hold their KCS token on the platform you receive a daily dividend. They give out 50% of trading fees every day to people holding their token.

[Assface16678]

From the previous years, we don't have the bitcoin and the cryptocurrency world exist and by that, we are only using the trade of money or items just to buy all the things we need and this time they want to become digitalized all of the things right now because it is more convenient and also with the help of the blockchain all of the transactions we made are now monitored which is a good thing we can see that confirmation if we are going to get our funds or not.

Still, some of the people do not know about the use of the cryptocurrency and the bitcoin and they are still living so this is actually a bluff that we cannot live without the use of the bitcoin and the cryptocurrency, still to those people who are earning a lot with the use of it it is quite hard to them to live because this is the source of their income.

[XZERO1]

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...

That's the best way to do it, never put all your faith into just one asset and diversify your portfolio to different assets of different markets, for example you can use 50% of your portfolio and buy Bitcoin and Ethereum and you can invest the other 50% in valuable metals like gold or silver.

That way if gold crashes for example you have still crypto to make up for the possible loss, but keep in mind that crypto and gold/silver tend to follow each other sometimes so it's not 100% safe strategy but it's definitely better than just investing all in one asset.

[deisik]

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...

That's the best way to do it, never put all your faith into just one asset and diversify your portfolio to different assets of different markets, for example you can use 50% of your portfolio and buy Bitcoin and Ethereum and you can invest the other 50% in valuable metals like gold or silver

For this to work out, you need to buy physical metals

But not many people are actually willing to go that far because physical metals are pretty cumbersome to buy and store (not even speaking of the hefty premiums you would have to pay). If you are investing in paper gold (under whatever name), you are not actually diversifying your portfolio as a way to mitigate economic risks since you are still vulnerable to a systemic collapse (read, all paper will burn)

That way if gold crashes for example you have still crypto to make up for the possible loss, but keep in mind that crypto and gold/silver tend to follow each other sometimes so it's not 100% safe strategy but it's definitely better than just investing all in one asset

Gold is unlikely to crash much and for long. But if that, nevertheless, happens (without any viable reason), it will be a good day to buy hard

[Yamifoud]

I think it depends how you're earning in crypto. It can sustain your daily needs if you're earning good amount using your skills or you have a talent where you excel and make money through it.

Having crypto for a jobless people will actually give them away to survive but couldn't think that it will give a sustainable way to fill all our needs, to buy stuff and other necessities but have to look for another way.

We can't just rely upon Bitcoin, not only because of its volatility and we aren't sure of what will happen in the following days but also because our income in crypto isn't stable. In fact, joining campaign and services won't mean that it last longer sometimes is just a month or even a week. Things that we can't think of how this could become a reliable source of income. It all just temporary and it much better to have another source of income.

[FlightyPouch]

We can't really rely on bitcoin right now. It is a speculative asset and it is not that giving a good profit lately as it is stagnant these days. Though it gave people a lot of profit in the long run, it is not really reliable and dependable so better chose another way to earn a profit, take note that you need a reliable and dependable source of income these days.

[Bezobraznike]

We can't really rely on bitcoin right now. It is a speculative asset and it is not that giving a good profit lately as it is stagnant these days. Though it gave people a lot of profit in the long run, it is not really reliable and dependable so better chose another way to earn a profit, take note that you need a reliable and dependable source of income these days.

   FlightyPouch I think the answer here depends on what to rely on here. For us who doesn't have enough we can't rely to live
from our crypto-income, but there are people who are earn a lot in crypto-currencies, they can sell parts and still have a good life,
and savings in crypto-currencies.
   I don't rely on crypto-currencies now, I invest and hold them. On what I rely on is that crypto-currencies will change the economy
we know, and all who have them will have benefits from getting in early stages.