Advantage of holding Bitcoin in time of crisis

[Ndabagi01]

The global economy is facing a crisis of inflation and other internal financial crisis, such as what we are witnessing right now with recent bad occurrences around the world in Turkey and Syria a lot of people have been mad homeless and government infrastructures such as banks have been destroyed as a result of the earthquake and other natural and man made disasters that has happened in various regions.

The recent events in Turkey and Syria, which resulted in many people losing their lives and properties, including infrastructures that aid people's money, are a call for a decentralized financial system. Even if you do not save the majority of your money in cryptocurrency, you can save about half of it there. This can be in the form of stable coins like USDT if you are concerned about losing funds due to market volatility.

Having another means of saving that is accessible at any time should be prioritized by all in order to be able to deal with such crises in the future. May God help those affected by this crisis to recover, to have a better aid and means of good living again.

[panganib999]

The global economy is facing a crisis of inflation and other internal financial crisis, such as what we are witnessing right now with recent bad occurrences around the world in Turkey and Syria a lot of people have been mad homeless and government infrastructures such as banks have been destroyed as a result of the earthquake and other natural and man made disasters that has happened in various regions.
Bitcoin is the best alternative way to save money, with Bitcoin you have control over your savings because it's your wallet and your key and you are your banks!

Now imagine your wallet was at home on the first floor of a 15 stories high collapsed building! 
Please do tell me how you would react if all your coins would be there or on a laptop that has been crashed by the rubble while the building collapsed.
Can we stop for a moment taking advantage of every tragedy to pump up bitcoin, just a thought, nothing special, you know, maybe not using the death fo 30 000 people and counting for personal gains and ego.

Agreed. Not to sound like a pessimist or what but it just sucks that oftentimes people leverage unfortunate events like these to insinuate anything crypto-related for their own gain. Maybe let the people grieve? Nevermind it being bitcoin-related or whatever, just the fact that lives are lost and properties are damaged, and these people sees opportunities to turn it into some upsell for crypto doesn't sit right with me. Although I get it, some will inevitable turn to bitcoin for things like these but it doesn't warrant bitcoin supporters to force their toxic ideologies over those who suffered.

On the bright side, I do see the opportunities that bitcoin could offer during untimely crises like these. But I doubt that will be the first of your concern especially when blood is shed and more than your savings are in jeopardy. Oh well, I hope I didn't sound so cynical.

[Rigon]

Since you're saying Bitcoin become your banks, it means you're saying you hold your Bitcoin in your hardware wallet. As we know someone will leave their hardware wallet and the seed phrase in the most safest place, also it's need to be hidden and secret. Now explain to me how you can able to get your hardware wallet or seed phrase when the earthquake destroy your house?

I mean to answer your question earthquake is a natural disaster. No one can say exactly when it will happen. We know that using hardware wallets is very secure. But if your hardware wallet is destroyed in an earthquake, it will be very difficult to recover your seed fraction. A medium you can use to easily recover your hardware wallet seed phrase is to Gmail Google Docs. If you can keep google docs, you will get your hardware wallet seed phrase only when you login to your Gmail on another phone.

[Iroh]

The only advantage of holding bitcoin in times of crisis that comes to mind is the ease and convenience of holding your funds. You could conveniently move with your funds from place to place. Much easier and safer than moving about with huge amounts of cash.
In times of any crisis, undeniably fiat is the most preferred means of any transaction so it’s also good to have a lot of that.
In my opinion, the only advantage I can think of is the ease and convenience you have to move with it and send funds to family and loved ones.

[jossiel]

That's true and we have saw on how good it was for many crisis. Not just with these incidents from Turkey and Syria, not just with Ukraine and Russia but also even with a pandemic.

Although it's not for everybody that sees volatility isn't an opportunity. But for us that sees it as an opportunity is looking forward that it's one of the greatest asset that we can ever have.

Not just increasing in value overtime but also its characteristic as a deflationary asset is one we can bank on.

Agreed, not just the market fluctuation. Bitcoin being deflationary makes it best against the traditional fiat. The usage of bitcoin helps in all situations and we need to make use of the characteristics than just staying idle out of fear and with the mind that doesn't take risk.

Bitcoin have helped people all over the world at different circumstances through its growth as well as the volatile market that lets people earn something out of the difference between buying and selling unlike the market trend of bitcoin.

Aside from helping those transfers where it will take for quite some time before the receiver receives it. There goes the few minutes of waiting time until the transaction is confirmed and arrives to the receiver.

And then, being an investment, this is what bitcoin truly helped a lot of us. We sold it when it's quite high and then we still buy it whenever it goes down. That's how it goes on this market and all the advantage of it isn't a secret.

It's volatility makes everyone enjoy the ride and someone who's too afraid from it will miss those greener days if they depend on their fear.

[nimogsm]

If we talk about the situation that happened in Turkey, the bitcoin vault could also suffer like everything else, unless a copy with all passwords and keys happens to be in your pocket.For a crisis or other situation, it is always possible to get savings both in cash and in cryptocurrency and access to which can be obtained not only from one device.

[_BlackStar]

The only advantage of holding bitcoin in times of crisis that comes to mind is the ease and convenience of holding your funds. You could conveniently move with your funds from place to place. Much easier and safer than moving about with huge amounts of cash.

Even without the crisis, bitcoin holders also have this facility from bitcoin, so I don't totally agree with you.
I thought of something more reasonable, holding bitcoins during inflation is the best alternative for a store of value. The price of bitcoin which fluctuates all the time allows its holder to profit in the long term, while the value of fiat currency continues to fall. But there is always a risk that must be considered because not everyone can afford to take loss when the market turn down.

I also think about the possible short-term profits that holders or traders can get. The need for more money in times of inflation makes them look for alternatives to make money, they trade or maybe invest to make profit. Bitcoin has more traction on its value than its innovation.

[Jody.Drummer]

The global economy is facing a crisis of inflation and other internal financial crisis, such as what we are witnessing right now with recent bad occurrences around the world in Turkey and Syria a lot of people have been mad homeless and government infrastructures such as banks have been destroyed as a result of the earthquake and other natural and man made disasters that has happened in various regions.
Bitcoin is the best alternative way to save money, with Bitcoin you have control over your savings because it's your wallet and your key and you are your banks!

Now imagine your wallet was at home on the first floor of a 15 stories high collapsed building! 
Please do tell me how you would react if all your coins would be there or on a laptop that has been crashed by the rubble while the building collapsed.
Can we stop for a moment taking advantage of every tragedy to pump up bitcoin, just a thought, nothing special, you know, maybe not using the death fo 30 000 people and counting for personal gains and ego.

I agree with this. Even if indeed we are in bitcoin but don't have to use all means to make this a profit. At least don't take advantage of humanity or tragedies like this to pump up and convince ourselves about bitcoin. At least we have to be conscientious to put it aside first and not just focus on bitcoin in every condition.
Even though we really like bitcoin, not everything has to be associated with bitcoin, including conditions like what happened in Turkey and Syria, I think this is clearly a bit outrageous.

[Oilacris]

If we talk about the situation that happened in Turkey, the bitcoin vault could also suffer like everything else, unless a copy with all passwords and keys happens to be in your pocket.For a crisis or other situation, it is always possible to get savings both in cash and in cryptocurrency and access to which can be obtained not only from one device.

We arent that dumb on not to know about those circumstances or probabilities which we know that it couldn't really still wiped out that kind of risk even with just keeping your private keys whether it would be written on a piece of paper or would really be holding up some ledger/nano wallet.

On times of crisis specially at wars then you cant really assure the safety on having no losing it.It is really that very situational but somewhat it is really true that it does have that advantages over
on handling fiat but i do agree on the fact that it would be better on having both most of the time yet considering  that Bitcoins or crypto isnt really that accepted
everywhere or anywhere.

[danadc]

The advantage is evident, in countries with crises it is the best advantage you have, in the country where I am from the one that has bitcoin things can be made easier because if they have inflation it is the perfect mechanism to endure, I don't see any other better option What happens is that most people do not believe much in bitcoin and believe that they are going to steal it because having the money digitally is not very reliable for them. When you have this type of uncertainty, you need someone to talk to you about bitcoin and its scope.

[nimogsm]

If we talk about the situation that happened in Turkey, the bitcoin vault could also suffer like everything else, unless a copy with all passwords and keys happens to be in your pocket.For a crisis or other situation, it is always possible to get savings both in cash and in cryptocurrency and access to which can be obtained not only from one device.

We arent that dumb on not to know about those circumstances or probabilities which we know that it couldn't really still wiped out that kind of risk even with just keeping your private keys whether it would be written on a piece of paper or would really be holding up some ledger/nano wallet.

On times of crisis specially at wars then you cant really assure the safety on having no losing it.It is really that very situational but somewhat it is really true that it does have that advantages over
on handling fiat but i do agree on the fact that it would be better on having both most of the time yet considering  that Bitcoins or crypto isnt really that accepted
everywhere or anywhere.

On February 24 last year, I woke up to explosions that were heard in my city. And the first thing I did was turn on my PC and make sure that I have a reserve of all the records that are needed on the flash drive if I'm going to be evacuated from the city.I also gave the backup information to my relatives who live in another country, just in case.Now the reserves of cash and food are already like a habit, and while there is an opportunity, I continue to accumulate savings in cryptocurrency.

[lionheart78]

Agree with the OP, in this digital age we are living in, we can't leave things to chance...

We need to have contingency plans to avoid being stranded should a crisis come, like is the case with turkey & syria..

and fortunately, cryptocurrencies are the answer to all this which should be an eye opener to all, just unfortunate it had to happen in a way that disrupts people's lives.

How can be the cryptocurrency to be the answer to all if you are living in a country where cryptocurrency is banned?  I am sure people who are living in a country where cryptocurrency is ban don't have any choice but to avoid holding it because they will be charge of something illegal if they are caught holding the forbidden thing.

I think holding cryptocurrency is good for those who are living in a crypto-friendly country but not in the hostile one.  I believe the advantage of holding Bitcoin is dependent on how the person's country react about Bitcoin.

Bitcoin is the best alternative way to save money, with Bitcoin you have control over your savings because it's your wallet and your key and you are your banks!

In such a scenario, bitcoin isn't a bad choice, the only downside of it is that your financial position isn't really protected from volatility and times of a bearish market but still remains a better option than keeping money in fiat which becomes inaccessible when infrastructure is destroyed by nature etc.

Isn't cryptocurrency on a wallet can't be accessible if your password and private key are destroyed by nature?

[Botnake]

There are advantages, but in order to hold Bitcoin during times of crisis one is supposed to be able to circumvent some of the impacts of the crisis, otherwise if the crisis affects us personally, we could face a problem and then be forced to sell or ask for a loan, using our satoshis as collateral.

It is about priorities.

I think if you're in a country with high inflation and a tendency to use banks to rob the people, Bitcoin is a floatation device in a sea of horrific financial conditions.  I couldn't imagine living in a country with 100%+ inflation.  It's hard enough in the US with inflation where it is.  

Well, here in my country we had one year when we reached an annual inflation of 4500%, so you do not have to imagine, you can just ask me whenever you feel like reading a horror story.  

Bitcoin has clearly more advantages especially hodling it in times of inflation. Not only it will be a hedge against inflation, but knowing crypto can’t be manipulated by the government just like what they did to fiat, then it will be one good thing to beat inflation. But I guess hodling both fiat and bitcoin are way much better in order not to be completely affected with the high rising inflation.

[Iroh]

I also think about the possible short-term profits that holders or traders can get. The need for more money in times of inflation makes them look for alternatives to make money, they trade or maybe invest to make profit. Bitcoin has more traction on its value than its innovation.

Yes,, there is the possible short term profits and there is also times of inflation where bitcoin has proved useful.
I was actually thinking of the scenario the OP used. The natural disaster that has occurred in both Turkey and Syria is massive and devastating. I had thought the easy and safe mobility of your funds would be better worth bitcoin. Also, you could easily send and receive aid from anyone, anywhere. I guess bitcoin has its uses, advantages and for a number of crisis.

[Fivestar4everMVP]

I believe the world is seeing and hearing all that is happening in Nigeria right now with the new cashless society the government of Nigeria, together with the central bank of the country, have pushed all the citizens of the country into, right now, there is serious hunger and hardship in the country, there is a high scarcity of physical notes in the entire country and several business owners have blatantly refused to adopt to the new system of payment which is by transferring money through the internet of paying with a point of sale machine.
For me, this is the best time in my life, many have lost access to their money on their various banks, but I currently have full access to all my money because I stopped saving my money with the banks few years after discovering bitcoin and cryptocurrencies, today, I can boost that my money is securely held in bitcoin, and some other major and promising altcoins, it is time all should come to the knowledge of cryptocurrencies, and begin to safe in bitcoin and some other crypto, stop saving in fiat in the banks.

[Hispo]

But I guess hodling both fiat and bitcoin are way much better in order not to be completely affected with the high rising inflation.

Actually, the whole point of holding Bitcoin while living in a highly inflationary economy is not having FIAT at all, so one won't lose money to the increasing inflation.
Holding both FIAt and Bitcoin can be applied to countries with relatively small inflation like USA or Europe, but if we talk about Argentina or Venezuela, it is a different story.

Also, I believe you meant "volatility" instead "inflation" there at the end of that phrase?

[jerry0]

Where do those people hold their coins when moving around?

[Minecache]

But I guess hodling both fiat and bitcoin are way much better in order not to be completely affected with the high rising inflation.

Actually, the whole point of holding Bitcoin while living in a highly inflationary economy is not having FIAT at all, so one won't lose money to the increasing inflation.
Holding both FIAt and Bitcoin can be applied to countries with relatively small inflation like USA or Europe, but if we talk about Argentina or Venezuela, it is a different story.

Also, I believe you meant "volatility" instead "inflation" there at the end of that phrase?

This is true, I think holding bitcoin during the inflationary period depends on the level of inflation in your country. If it is a country with record high inflation like Venezuela or Zimbabwe...then it is clear that holding bitcoins is much better than fiat money. But if you are living in inflationary countries like the US or countries with 5-7% inflation, holding bitcoins in times of crisis is no more productive than fiat. Bitcoin has lost 70% of its value during the 2022 crisis, while the inflation of fiat currency is only 7%, it is clear that fiat is still safer.

[ethereumhunter]

Before the crisis came around the world, people could use bitcoin to store their money instead of keeping it in the bank and control and control our money. And when we can't access our account to withdraw money at the bank, we can use bitcoin to be exchanged for fiat and use it to help survive.

But if our country doesn't allow crypto, we certainly can't use crypto and still survive on fiat, even if that means we must go through many difficulties before we can hold the fiat. And lucky for us who can use crypto freely because we can still prepare ourselves before a crisis comes in our country so that we can use fiat and crypto to support each other to survive.

[rat03gopoh]

If it is a country with record high inflation like Venezuela or Zimbabwe...then it is clear that holding bitcoins is much better than fiat money.

It was an internal crisis specifically due to some turmoil, I'd suggest otherwise with preference that their crisis is likely to be longer and won't follow the pattern of global economic recovery. In this kind of condition, I think people need more money today, not savings for the next few years. Use bitcoin for main income and daily needs spending instead of their onw fiat.