Is Bitcoin a safe haven?

[tiCeR]

You can't actually figure out this bitcoin to be safe because it's still susceptible of being volatile at any possible situations.
Even banking system wouldn't be considered safe, you're still facing the risk when saving money on them due to tendency of having bankruptcy or economic crisis.
If you're wiser enough and a long term holder, choosing Bitcoin as your alternative haven instead of fiat can be a best choice compared from other low ranked coins.

You can't only look at volatility to answer OP's question in my opinion. Yes we all know what a safe haven is per definition and what it is usually meant to provide to its users, but you can assess something as either being a safe haven or not from a much broader perspective. When you only look at volatility, my grandma would never call Bitcoin a safe haven, but when you look at it from a political perspective or from the possibilities Bitcoin offers to its users beyond just speculative profits, Bitcoin can indeed be deemed a safe haven in many regards. The discussion surrounding the safe haven characteristic of Bitcoin should go way beyond price stability.

[TheUltraElite]

I think bitcoin is the safest place to store assets, even safer than keeping them in a bank, as long as the key is not shared with others, hold on tight and hide the key, then your assets will remain safe.

And then when the country you live in declares bitcoin as "outlawed" then what are you going to do? Leave the country?

Logically speaking to reduce the risks associated with speculative assets, one should not put their entire portfolio in one which seems to be safe. In that way in case the above scenario happens you still have other investments to look forward to. [1]

But then if the scenario happens in reality, free speech groups will start rallying - still depending on your country things might vary.
[1] Note that by other investments I do not mean Altcoins. Rather fiat markets of your choice.

But in last 2 years things changed in my country and now there are a whole lot of peoples getting into the bitcoins and it has became very popular now.

Judging from your username, India I presume? Well I know the situation here, bitcoin is still a grey area but the exchanges are working with the government to make sure the bitcoin awareness increases among the youth here, which is a good thing.

[isaac_clarke22]

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Well gold is surely regulated by Feds and I am not sure how you would feel that your investment is under monitored by authorities. It is not your gold in the first place, and anytime they would take it away from you.
In Bitcoin, it is your own money unless you use custodial wallets which is the usual "Not your keys, not your coins".

[Distinctin]

I think bitcoin is the safest place to store assets, even safer than keeping them in a bank, as long as the key is not shared with others, hold on tight and hide the key, then your assets will remain safe.

don't choose the wrong btc wallet too because many have problems because they choose the wrong btc wallet.  storing btc for a long time must have a mature choice in order and the most important thing is the wallet, bitcoin is a safe haven and you have to keep your private key and password safe.

Even if bitcoin has its own bulls and bears, i still think that bitcoin is a safe haven not just a currency but more of an asset. Its a good store of value that we can keep for long term even if we know volatility will always be present.

And bitcoin will never be safe of course if you can't be more responsible in keeping it. Once you have your private key, keep it in your hard storage. As long as never share the password, it'll always be safe. Safer than what we have experienced in banks.

[amihada]

the security of bitcoin is no doubt eth and bsc wallets are very safe as long as the key is only you who know, eth and bsc wallets have no loopholes to infiltrate if someone can take your assets it means that your key is already in the hands of someone else, therefore the key is better either stored on paper, don't save it on a laptop or android that is connected to the internet network can be seized by hackers.

[mckinleeanael07]

BTC is a pretty good cryptocurrency that can be invested for a long time. In terms of technology as well as a very strong community, currently BTC is one of the most popular coins and is noticed by many big investors, in the future I believe that BTC will be the safest investment place.

[lightning0]

Bitcoin is the best way to store wealth and will be more secure than the traditional banking system. Investing in Bitcoin can get more benefits.
When banks all over the world face serious problems and governments fall into a serious crisis, Bitcoin will become a safe way during the crisis.

However, the price of Bitcoin is unstable and volatile, and there will be periods of bull and bear markets. Using Bitcoin cannot be an absolute safe haven.

[S A KHAIR]

Even if bitcoin has its own bulls and bears, i still think that bitcoin is a safe haven not just a currency but more of an asset. Its a good store of value that we can keep for long term even if we know volatility will always be present.

Right, till now you will not get any other good way of investment which one is considered as safe haven. For bitcoin, it is super volatile if you compare it with well-known competitor Gold. if you can ignore this volatility problem then you will get bitcoin as the best safe haven in the world. Ignore the volatility then bitcoin is more profitable for long-term holding rather than Gold.

[dzonikg28]

Even if bitcoin has its own bulls and bears, i still think that bitcoin is a safe haven not just a currency but more of an asset. Its a good store of value that we can keep for long term even if we know volatility will always be present.

Right, till now you will not get any other good way of investment which one is considered as safe haven. For bitcoin, it is super volatile if you compare it with well-known competitor Gold. if you can ignore this volatility problem then you will get bitcoin as the best safe haven in the world. Ignore the volatility then bitcoin is more profitable for long-term holding rather than Gold.

But in what regard is Gold a competitor here? I wouldn't say it is a competitor in regards to investment characteristics and opportunity. Bitcoin outperformed Gold by hundreds of times and probably will by dozens of times in the future as well. Bitcoin is a very different asset than Gold and despite the fact that they can both be used for investments, the individual investor profile of someone buying Bitcoin is probably a bit different from the typical Gold investor. I am not saying you can't hold both, but if you had to draw a line between the two, there are a few very strong distinctive points one could come up with between a typical Gold or Bitcoin investor.

[goolesby]

Bitcoin users have complete control over their transactions, it is impossible for sellers to make unwanted charges or get noticed as is the case with other payment methods. Payments with Bitcoin can be made without providing personal identification for the payment process. This provides strong protection from identity thieves. Bitcoin users can also protect their money with backup and encryption.

[Text]

The pros and cons of storing and using Bitcoin will never be lost.  Yes, we consider it a store of value because we know what it can bring back in terms of income when the price rises.  But even if we admit it or not, there is still more risk to the security of Bitcoin compared to using the traditional banking system.  We know that handling Bitcoin is a bit complicated because with just a little mistake we can lose it.  Especially for beginners who do not have enough knowledge, things to do and avoid such as losing private keys or being sent to the wrong wallet address.  But with banks, we have a claim because they hold the details of every transaction, so they can verify and confirm the real owner.

[Subbir]

Bitcoin is extremely positive within the crypto market the worldwide blockchain project is presumably to eventually reach 1,000,000 dollars per bitcoin price because people are losing faith in government currency. Coronavirus is accelerating the decline in economic process there's no banking industry in bitcoin transactions. there's an immediate peer-to-peer exchange between two users online electronically. a way called cryptography is employed to secure transactions.

[bryant.coleman]

Bitcoin users have complete control over their transactions, it is impossible for sellers to make unwanted charges or get noticed as is the case with other payment methods. Payments with Bitcoin can be made without providing personal identification for the payment process. This provides strong protection from identity thieves. Bitcoin users can also protect their money with backup and encryption.

Well.. Bitcoin transactions are anonymous and that is the reason why government authorities are not really excited about such payments. They would like everyone to complete the KYC, before making such payments. But it is not very practical. If someone says that I need to do my KYC before making a payment of $10, then I would simply refuse to make the payment and go to some other store. And KYC in this case involves sending the scanned copy of your passport or national ID card to completely unknown people. In the past, there were many incidents of such documents ending up in dark market.

[Abiky]

The characteristics of Bitcoin make it an extremely attractive investment. Bitcoin transactions do not require third-party authentication and can be free from the control of governments or banking systems around the world.
In times of crisis, people are uncertain whether banks can continue to operate, and confidence in the banking system or its government support often falls to the point of bank runs, and there is little reason to believe that banks will continue to operate. Bitcoin is global, so there is no reason to doubt that it will continue to operate. This means that if there is an economic recession, banks and governments will face solvency issues, making their services somewhat risky, and Bitcoin looks more stable. Bitcoin is outside the banking system, although its price fluctuates, cryptocurrencies can sometimes provide better long-term stability than real-world currencies that are more volatile.
...

Will Bitcoin eventually become a safe haven for the banking system?

Bitcoin is already a safe haven for the banking system. The added scarcity, high-level of security, and censorship-resistance, makes Bitcoin the best sound money the world has ever seen. That is of course, if you use Bitcoin regardless of its price relative to Fiat. But most people measure Bitcoin's value relative to Fiat, greatly defeating its purpose as a safe-haven asset.

One thing for sure is that volatile prices on the market makes Bitcoin a terrible store of value. You'll never know when your Bitcoins will be worth zero if all goes down the drain in an instant. Not like Gold, where its price is relatively stable. If it wasn't by that, Bitcoin would've replaced Gold already. Volatility might no longer become an issue if the market becomes more regulated. Higher liquidity should stabilize crypto prices relative to Fiat. At least, Bitcoin works as intended by being a decentralized cryptocurrency anyone can use worldwide without any restrictions whatsoever. As long as we have an alternative to the current banking system, nothing else matters. Just my opinion

[awik p]

Although bitcoin is a safe place, it carries risks too. and I think investing in bitcoin has a high risk, so we must have prior knowledge about bitcoin before investing, so that later we will not be disappointed. although it is a high risk, but if we know the characteristics of bitcoin, then that risk can be controlled, so basically bitcoin is a safe place to invest

[Questat]

Although bitcoin is a safe place, it carries risks too. and I think investing in bitcoin has a high risk, so we must have prior knowledge about bitcoin before investing, so that later we will not be disappointed. although it is a high risk, but if we know the characteristics of bitcoin, then that risk can be controlled, so basically bitcoin is a safe place to invest

Bitcoins investment is risky and it was not safe at all due to its volatility. And you can never change that stance as there is no way also to stop its volatility. I'm sure you will disagree with me but it was not an issue nor I'm making this a big deal because some just realize it once they experience losses. And sadly, I'm on this bad experience. But I'd never have to blame the market as it was my decision to invest in crypto and in Bitcoin. So if we think it was a safe haven, that was your or their thinking, but for me, it was not.

So just invest the money that you can afford to lose so no more regrets to happen if ever there something wrong happen on you.

[Robinson66]

In encrypted currency, if you are a reasonable person, you will definitely understand that Bitcoin is the only encrypted asset that can be used as a guarantee. Other encrypted assets may also capture, but most of them still have a lot of risks.
For other mainstream encrypted currencies, you may take many years to prove that you can use more people as a safe port.
If Bitcoin is really a "risk opening" asset, its income will be separated from other encrypted assets.

[Rajamuda]

It would be safe if indeed the banking system could adapt to all the characteristics of Bitcoin, but here's the problem can banks do that? I think it still considering a lot of things related to Bitcoin decentralization and price fluctuations. What is clear is that Bitcoin is a safe haven for humans, when they want to make a profit, especially in terms of investing or just keep it with the aim of saving money so that it is not used excessively, because in the long term, of course, it can still promise opportunities at higher prices.

[marymclean]

To be honest, when Elon Musk withdrew a significant part of bitcoin from his turnover, and then bitcoin crashed, I really started to worry about my bills. Everyone around is saying that bitcoin will be replaced by a new currency or will disappear at all. It was terrifying for me, and I started making inquiries online, listen to famous traders and crypto bloggers. As a result, I found an interesting article about cryptocurrency signals, and I began to analyze their forecasts daily. After some time, I realized that the system remains stable, and it is worth waiting for better times when the rate will rise.

[nurilham]

To be honest, after Elon Musk withdrew a significant part of bitcoin from his turnover, and then bitcoin crashed, I really started to worry about my bills.

Why you should be worried? The impact lasts in a short time, maybe around a few weeks. After that, the Bitcoin price will be increasing again. It is normal if there are FUDs or more supply in the market, the price tends to drop a moment. But it won't last a long time (not for years), then the price will increase again gradually. Moreover, if there is positive news about Bitcoin, the price will increase easily.