Advantage of holding Bitcoin in time of crisis

[AnonBitCoiner]

There is risky situations in cryptocurrency, investment in cryptocurrency is not a bad idea it can enhance your business but the main risky thing is to save all your money in crypto because you don't know that what will happen next to this token.

Yes this is a fact that bitcoin is greater opportunity to make money because as compared to the other coins the bitcoin is good option and enhance in price rather than reducing. Although the price of each and every coin decreases as the market fluctuates but the bitcoin does not goes as low to become a lowest of the token.

The cryptocurrency reduces in price it does not necessarily intended to the fact that its buying will become favorable because they must goes up as well as in dip so opportunity not always a sign of benefit.

[justdimin]

If the whole wide world will see and understand that bitcoin is the best alternative way to save up their assets in times of war or difficult situations. I don't think there will be many financial hardships when war or financial crises arise in a country.

The current events occurring all over the world should be sufficient justification for many people to use bitcoin as a store of their assets, but due to how the media portrays bitcoin as a poor financial tool, people are continuing to be hesitant about it.

Thats wrong perspective about war. If we were around the region or country where war is happening we'll understand what the real impact it had made over their living condition. Maybe there are justification, but this isn't the reality with every country continuing the war.

Just think of the recent earthquake, everything collapsed and what is left with the people is nothing. Once again from the very scratch they need to build. Bitcoin can be used as safe haven, but how it helps at our critical situation is a question. It all depends on our luck.

It is good for both rebuilding your life again, because you invested and made some profits, but it is good for donations as well, people all around the world helped Ukraine during war and now Turkey and Syria with their earthquake as well, in tune of millions of dollars.

I remember reading about Ukrainians who fled the nation during the war, would have hard time passing through the borders with valuables, and that is why they put all their money into bitcoin and moved anywhere they want and then they ended up with cashing it out, this way they wouldn't be carrying anything at all, it wouldn't be an issue to "carry" it because it's basically online or at most a usb ledger nano that's it.

[kelechi]

In these moments I wish I knew about crypto earliet

[Questat]

I fully agree with you, it makes no sense at all at the moment to save money in my country. Just yesterday I received an email from my bank that the increased the interest rate on my savings account to 0.6%, which is insane compared to the 8-10% inflation we have now for more than a year. You are losing at least 7-8% value each year for all the money that is not invested. Even for some high risk bonds where the repayment is not guaranteed the interest rate is only around 5%. In real terms you are losing money if you don't invest in stocks or bonds. That is why I kept buying more bitcoins every month for the last 12 months with the money that I would usually put in the savings account.        

With a small interest rate on our money while they are benefiting more from us this will lead to me decided not to deposit to them but rather use it for investment. With the huge inflation rate that we currently experience, it definitely no sense to have those rates. And the best option now is to invest in something that could give us more money even though we take high risk and responsibility. Like in investing Bitcoin could provide us a more satisfying return than the banks can do.

[xSkylarx]

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!

if you are completely assured that you will never need that money for long term ? meaning till the crisis ends? then of course you can trust bitcoin as a place where you can confidently save the money as investments also.

but if time comes that there is emergency need for that fund and the market drops badly , then you will be facing trouble though.

Unless he knows the risk, it doesn't matter to him if the market drops and he loses profit since he takes the risk and hopes that if he needs it, he has enough profit. There is nothing wrong with a bad market as long as the holder understands it. This won't be called savings; we call it an investment, as we are looking to have profit in the future, but it has a double purpose as we can still use it for emergencies.

[Ojima-ojo]

In these moments I wish I knew about crypto's earliest

You can still consider yourself early because this great financial tool calls Bitcoin here to stay and just a decade ago its development was launched, so at that, we can still say we are early adopters and how we take the risk now will determine what the future holds tomorrow.

The most appropriate thing to do right now is to concentrate on building skills related to Bitcoin and digital assets, even though your attention should be on Bitcoin alone.

Don't get distracted by the so-called altcoins, because they are high assets.

[GideonGono]

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.

This situation has forced many into financial hardship and the unavailability of financial institutions and services, in fact in some countries a lot of financial crisis is currently being experienced.

With most depositors no longer have access to their money through to the high centralization of the financial institutions leaving all the power over their finances in the hand of the central banks.

This crisis has forced many to start looking for an alternative way to save the money, and bitcoin is the best store of value at this point, with Bitcoin, you have total control over your finances and Bitcoin help to reduce the bank to becoming just a Junction or bus stops were our money can just pass through to carry out a transaction or exchange aside from that.

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!

Best alternative to keep your money I don't consider it as savings for me it is an investment.
And yes it is much better than leaving your money on Bank at least in crypto you have so many options on how to cash out your money.

[Captain Corporate]

I had the misfortune of having this type of situation at first, and I can't really begin to explain how much it helped to make it through this period. Between so many bad stuff and all those terrible stuff, we ended up being a bit more at risk than anything else. I have to deal with something that is a bit more dangerous if I didn't hold bitcoins. I know that its not going to be as simple as people think it is, but at the end of the day you have to grind during your good days, in order to have less problem on your bad days, that's how it should always been, force yourself on good days instead of spending silly, so you don't get worse during your bad days and turn them into alright days.

[jokers10]

In these moments I wish I knew about crypto earliet

Maybe you won't believe but you still know about crypto much earlier than majority. It is still the very early stage and you can still get lots of benefits if you know how to deal with that. Early stages are the most risky: of course you can win being among the first ones but you can lose even more easily. And as for holding bitcoin as a defensive asset you can start doing so now or even in the future as IMO it will work that way as long as we can see.

[Cookdata]

If I'm not mistaken, bitcoin has proven itself to be a good hold in countries like Zimbabwe hyperinflation problem which started decades ago and shown again in 2018. So yeah, I would tend to agree in which people may have live to a country wherein it's money is not doing good, it's being to hedge your wealth in bitcoin and see how it goes at least in the next 4 years. So it's one way to preserve once capital, and so you relieved yourself of the pressures and on the contrary you might be looking to grow your money at the same time investing on BTC.

Bitcoin could be of great help in countries where inflation is high and people have poor standard of living as it acts as saving for them when fiat is not helping them a lot.They can survive tough conditions with the money they will get by selling the coins or say if acceptable making direct payments to the merchants.There has been lot of cases where people from third world countries have benefitted from usage of btc.

Specifically, the smart one. Those who don't know when to buy and sell might purchase bitcoin and still be in hell due to inflation(2022 as an example). Without a question, bitcoin has been used as a protection against inflation, but not everyone is aware of how to use this resource effectively.

There are people who have been known in their journey with bitcoin with anxiety, they do not know when to buy, they have been caught many times at the top of all times high and proven to them that bitcoin is the best class anyone could use as a hedge against inflation is always difficult, they have brand bitcoin as a scam, funny enough they always come back when they hear another hype of bitcoin instead of them to buy lowkey when everyone is selling.

[Artem Sereda]

In these moments I wish I knew about crypto earliet

Maybe you won't believe but you still know about crypto much earlier than majority. It is still the very early stage and you can still get lots of benefits if you know how to deal with that. Early stages are the most risky: of course you can win being among the first ones but you can lose even more easily. And as for holding bitcoin as a defensive asset you can start doing so now or even in the future as IMO it will work that way as long as we can see.

I agree holding bitcoin during a crisis is a good idea, but i don't see how it will make the economy more stable, because everything about bitcoin is about volatility

[jokers10]

I agree holding bitcoin during a crisis is a good idea, but i don't see how it will make the economy more stable, because everything about bitcoin is about volatility

Why do you expect bitcoin should stabilize an economy?! Low expectations on that. Modern economy was built on a base of inflation, derivatives and fiat money, so bitcoin is not a part of this economy, it is an alternative and makes economy to adapt to it. So it has rather destabilizing effect on old economy, but if we need a new economy we should overcome an old one. It will not be fast and old economy will stay for really long, but elements of a future new economy are being implemented slowly right now. And bitcoin volatility will go down but it will not stabilize an old economy anyway. We are "stabilizing" our money for the time of a crisis, it is a different.

[Gyfts]

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!

Bitcoin is not good for savings because of its volatility and if there’s a crisis, you can’t be so sure that cryptocurrency will be the safe haven, remember during the pandemic and the war? People are panicking and the cryptomarket is down as well.

Keeping your keys might also be your another problem, you have to make sure during the crisis you have this with you or else your wallet will be hacked or be wasted at all. I still see Bitcoin as a good investment for long term, I just don’t see this as a best option during crisis because usually, cash is still the best option.

Partially true but also consider that the value of all assets went down. Stocks, real estate, crypto, etc.

If your putting some of your net worth into crypto for the sake of long term savings, then it isn't particularly relevant if crypto has a bad single year. Unless you need to liquidate those crypto assets or spend it directly, then individual yearly performances don't matter -- you'll experience growth over many years.

When there's a crisis, nothing is safe. Applies to fiat currency too. But, you can mitigate crisis by diversifying your assets.

[btc78]

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!

If the whole wide world will see and understand that bitcoin is the best alternative way to save up their assets in times of war or difficult situations. I don't think there will be many financial hardships when war or financial crises arise in a country.

but we also knew how would war affect the system . and specially in our world now that if war happens? everything will be destroyed comparing to what happened in WW1-WW2 now? world will gone once we have WW3.

The current events occurring all over the world should be sufficient justification for many people to use bitcoin as a store of their assets, but due to how the media portrays bitcoin as a poor financial tool, people are continuing to be hesitant about it.

supporting this , Bitcoin is the only place where we can be assured of safeties but of course inside our OffLine wallets and be sure that we will keepit safe as well.

[bitterguy28]

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!

if you are completely assured that you will never need that money for long term ? meaning till the crisis ends? then of course you can trust bitcoin as a place where you can confidently save the money as investments also.

but if time comes that there is emergency need for that fund and the market drops badly , then you will be facing trouble though.

Unless he knows the risk, it doesn't matter to him if the market drops and he loses profit since he takes the risk and hopes that if he needs it, he has enough profit. There is nothing wrong with a bad market as long as the holder understands it. This won't be called savings; we call it an investment, as we are looking to have profit in the future, but it has a double purpose as we can still use it for emergencies.

if we are talking about the HOLDERS then there is nothing care about the price of market because there is no chance they will sell in low , holders keep looking for up and that will happen only once they are contented about the profit.
I as holder also? is not concern about the price now as if I can close my eyes about the recent price instead will look back again once there is greening market.

[Synchronice]

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!

While bitcoin gives you control over your savings, the problem is that it's very volatile and you have zero control and influence on price. If you bought bitcoin at 20K and it went down to 10K, your savings can rarely be called savings but a huge loss.
If we keep in mind that Gold is an important reserve asset and has been so historically, then I bet it would be best alternative way to save money because you'll be easily able to sell your gold jewelry for high price at any time. Also, a lot of countries are saving gold recently instead of USD, so I would stick with it.

[jokers10]

While bitcoin gives you control over your savings, the problem is that it's very volatile and you have zero control and influence on price. If you bought bitcoin at 20K and it went down to 10K, your savings can rarely be called savings but a huge loss.
If we keep in mind that Gold is an important reserve asset and has been so historically, then I bet it would be best alternative way to save money because you'll be easily able to sell your gold jewelry for high price at any time. Also, a lot of countries are saving gold recently instead of USD, so I would stick with it.

We all know that there were several times in history when government expropriated gold. And crisis time is most suitable for gov to take such decision. And if so it will be not so easy not only to exchange your gold but even to keep holding it. Each asset you try to use for savings have its own disadvantages. For instance if you'll be forced to flee from your home it will be harder to take your gold with you than to take several hidden words hiding your bitcoins. Of course it is not an ideal variant as well, but gold isn't too.

[Tony116]

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!

While bitcoin gives you control over your savings, the problem is that it's very volatile and you have zero control and influence on price. If you bought bitcoin at 20K and it went down to 10K, your savings can rarely be called savings but a huge loss.
If we keep in mind that Gold is an important reserve asset and has been so historically, then I bet it would be best alternative way to save money because you'll be easily able to sell your gold jewelry for high price at any time. Also, a lot of countries are saving gold recently instead of USD, so I would stick with it.

I agree with you that keeping all your savings in bitcoin is very risky because of the volatility, I wouldn't do that either. But on the other hand, gold also has some disadvantages, if you have a large amount of gold, it will also be difficult to move. Like in the war between Russia and Ukraine or the earthquake in Turkey, if your assets are all gold, you won't have enough time to transfer them all, but with bitcoin, you absolutely can. Both are good and have pros and cons. I also prefer gold savings because it is stable and not as volatile as bitcoin in the short term.

[Inwestour]

I agree with you that keeping all your savings in bitcoin is very risky because of the volatility, I wouldn't do that either. But on the other hand, gold also has some disadvantages, if you have a large amount of gold, it will also be difficult to move. Like in the war between Russia and Ukraine or the earthquake in Turkey, if your assets are all gold, you won't have enough time to transfer them all, but with bitcoin, you absolutely can. Both are good and have pros and cons. I also prefer gold savings because it is stable and not as volatile as bitcoin in the short term.

If we are talking about cataclysms, as it recently happened in Turkey, then with great destruction, the seed phrase and the hardware wallet may also be lost, there are always risks, this must be taken into account. Or you need to create several copies of the seed phrases and store them in different places to prevent such an outcome.

If we are talking about gold, then no one will keep a large amount of gold at home, it is not convenient and dangerous. If it is stored in a bank vault, then you have at least some guarantees from the bank, although I don’t believe in them either.

You are probably right that you don"t need to invest everything in one thing, diversification will help you sleep more peacefully.

[SquallLeonhart]

We all know that there were several times in history when government expropriated gold. And crisis time is most suitable for gov to take such decision. And if so it will be not so easy not only to exchange your gold but even to keep holding it. Each asset you try to use for savings have its own disadvantages. For instance if you'll be forced to flee from your home it will be harder to take your gold with you than to take several hidden words hiding your bitcoins. Of course it is not an ideal variant as well, but gold isn't too.

This hasn't been done in any of the democratic nations for a long time now, I can't remember last time this has ever happened, not in my life time at least, sure maybe in nations like china or Russia it could have happened because they are run with dictatorship, but can't remember any west nation that took peoples gold and used it to make the nation "better".

In any case, gold is still not that good compared to bitcoin, even if no government ever takes your gold bitcoin is still better in the end, since at the end of the day we are talking about bitcoin being better than gold when you compare them at default levels. Bitcoin is better than anything to be fair.