Advantage of holding Bitcoin in time of crisis

[GigaBit]

The role of Bitcoin in our today's society that is living with high inflation rate which is ravaging across the world and robbing off people the value of their money, is something that holding Bitcoin has come to serve as a solution and as a save heaven. Now people have alternative way to move away from depending on the old Fiat bank system and total government control of their money to being in control of their own money , using Nigeria as a case study where the citizens are currently not allowed to have full access of their had earned money is something insane. Therefore someone who has like 50- 70% of his money stored in Bitcoin would not be much affected. The existence of Bitcoin has huge advantage in today's world.

Bitcoin already served its essential obligation to the citizens who embrace it with all their minds. Holding Bitcoin have saved me countless times in the act of generating profits within the hardships of the country economy. Nigeria are trying to redesignate the new currency into circulation, and that alone is causing chaos in the country with majority of Nigerians protesting and kicking against it, because the government have already made crucial ban on cryptocurrency and consider it as illegal means, but some people still go ahead and do what makes them happy and going in the space by providing the Peer to Peer also known as P2P for buying and selling of crypto assets.

If the Nigerian government observe the impact of Bitcoin as negative and wants to turn the public against Bitcoin, it could be a big mistake for that government. Because it is a decentralized system that any government can not control it but it would be better for that government to take good initiative to control it. As we have seen it happened in India. India is said to be a potential country for cryptocurrency. The government initially strongly opposed it, but later allowed its use. The Nigerian government should also consider how to regulate its positive sites. It should be remembered that the demand for bitcoins is constantly increasing worldwide, so no decision should be taken that people reject.

[jokers10]

Yes, and I can name that price right now, it is 1BTC=1BTC. We discuss bitcoin rates to USD just because USD is still more stable than bitcoin. When bitcoin will become really low volatile and become a very slowly value-adding asset we will value goods and services right in it. Who will care of inflationary fiat currencies that time? A decentralized low volatile currency will become much more popular and useful for evaluating the economy.

It all seems very correct to me only that it is wrong to refer to Bitcoin as an asset.  In the whitepaper it is declared that it is a form of peer to peer payment, no reference is made to any asset, and I think it is precisely this logic that is wrong many think of Bitcoin as if it were gold to be kept in reality it should be precisely in place of those dollars so stable.

When I say an asset talking about bitcoin I mean it in a broad sense. So dollars and other fiat currencies are assets as well. So it is just a useful term for me to talk about different kinds of financial objects. When I say an asset in this topic I definitely don't mean limiting bitcoin's usage for holding only, but still as we are at a topic about using bitcoin in a crisis it can have quality for being a defensive asset, so it can be compared with gold too, even if it definitely not the first its function.

[Abiky]

Yes, and I can name that price right now, it is 1BTC=1BTC. We discuss bitcoin rates to USD just because USD is still more stable than bitcoin. When bitcoin will become really low volatile and become a very slowly value-adding asset we will value goods and services right in it. Who will care of inflationary fiat currencies that time? A decentralized low volatile currency will become much more popular and useful for evaluating the economy.

That would be a dream come true. But people often see Bitcoin as an investment tool (not a currency), so don't count on BTC becoming the global unit of account anytime soon. It will always remain an alternative to Fiat because of the way it was designed.

In times of crisis, people will think about Fiat first (not Bitcoin). Things will change in the future as Bitcoin matures in the mainstream world. With many ways to get access to it, we can say BTC is truly unstoppable. Let's hope more countries join the "Bitcoin train", so we can be on a road towards a prosperous society in the future. Just my thoughts

[jokers10]

That would be a dream come true. But people often see Bitcoin as an investment tool (not a currency), so don't count on BTC becoming the global unit of account anytime soon. It will always remain an alternative to Fiat because of the way it was designed.
...

Of course it will take lot of time, and of course people still not often consider BTC as a currency. But "a journey of a thousand miles begins with a single step". People will use bitcoin as a currency when it become a comfortable option, when its volatility will go down and when in mostly every bakery around you'll have an option of paying for a small bun and small cup of coffee with BTC fast, cheap and secure. So it is a matter of time and further technology development.

[Odusko]

That would be a dream come true. But people often see Bitcoin as an investment tool (not a currency), so don't count on BTC becoming the global unit of account anytime soon. It will always remain an alternative to Fiat because of the way it was designed.
...

Of course it will take lot of time, and of course people still not often consider BTC as a currency. But "a journey of a thousand miles begins with a single step". People will use bitcoin as a currency when it becomes a comfortable option, when its volatility will go down and when in mostly every bakery around you'll have an option of paying for a small bun and small cup of coffee with BTC fast, cheap and secure. So it is a matter of time and further technological development.

One of the major drawbacks to bitcoin currency status is the instability of the price of Bitcoin and this reason is why most businesses have not fully integrated bitcoin payment into their payment system, and this fear of losing some percentage within a small space of time has demoralized most CEO.
Even though Bitcoin offers a secured payment, it still remains unpopular among the business community unless the investors who are simply stashing Bitcoin for the long term base.

[franky1]

ok here is a thought

lets imagine its november 2022

you have $165
you have 0.01btc ($165)

a cup of coffee is $3.30 in november
meaning you can only buy 50 coffees in november with either fiat or btc

ok
now its march 2023
you have $165
you have 0.01btc ($205)
a cup of coffee is $4 in march 2023
meaning you can only buy 41 coffees with fiat
meaning you can still buy 50 coffees with btc

[Tazzy4050]

Bitcoin is ideal for holding in times of crisis because it is safe and easy to use. You can always exchange Bitcoin for local currency without a middleman, which is not required when withdrawing from bank accounts during a crisis.

When it comes to the world of cryptocurrency, there is no bigger buzzword than Bitcoin. It’s been the star of all things crypto for years and has even gone through its own trials and tribulations, along with a spike in prices. But what if this technology could actually benefit you? With the potential to drop or rise by thousands of % in just a few minutes, it’s easy to see why people may be afraid of keeping their money on exchanges such as Coinbase or Poloniex. However, holding Bitcoin in time of crisis can go a long way in protecting your precious funds and getting them out of harm’s way quickly – which is exactly what we’ll show you how to do below.

You must be thinking there is no advantage to hold bitcoin in time of crisis but if you are forming a strategy to save your money, then bitcoin could be considered as an investment. Bitcoin has its own ups and downs. Bitcoin has been known for its volatility, however, a long-term trader will get more profit out of holding bitcoin rather than buying and selling at short term intervals.

Bitcoin is a novel and disruptive technology that has created an opportunity to invest in gold, silver and other traditional assets.

[jokers10]

One of the major drawbacks to bitcoin currency status is the instability of the price of Bitcoin and this reason is why most businesses have not fully integrated bitcoin payment into their payment system, and this fear of losing some percentage within a small space of time has demoralized most CEO.
Even though Bitcoin offers a secured payment, it still remains unpopular among the business community unless the investors who are simply stashing Bitcoin for the long term base.

Look at the charts for all time and you'll see that bitcoin rates become more stable with time. So if you want to extrapolate what we have nowadays to future it will hardly be correct. Bitcoin will lose volatility and some day it will become more stable then those fiat currencies which we consider as one of most stable as at now. Just a matter of time. I'm not too hurry and you?

[lixer]

If the Nigerian government observe the impact of Bitcoin as negative and wants to turn the public against Bitcoin, it could be a big mistake for that government. Because it is a decentralized system that any government can not control it but it would be better for that government to take good initiative to control it. As we have seen it happened in India. India is said to be a potential country for cryptocurrency. The government initially strongly opposed it, but later allowed its use. The Nigerian government should also consider how to regulate its positive sites. It should be remembered that the demand for bitcoins is constantly increasing worldwide, so no decision should be taken that people reject.

The mistake is on the people who use Bitcoin because they use it wrongly and not with their government because it is only observing them. If only those people use Bitcoin the right way, Bitcoin on their country won't be banned.

If you are on the same position of their government. Will you let your people lose money and do illegal things with Bitcoin? If you are careless and also do illegal things, yes but if I am the government I will educate my people the right way of using Bitcoin. I will gave them a second chance in short but if they repeat the same mistakes again, I will be forced to permanently ban Bitcoin in my country for good.

[D ltr]

during the current crisis there are no coins that can be relied on because the value is very unstable, and also bitcoin is not an asset for saving because we know bitcoin has not  good volatility for finance
  what has been mentioned can actually be said to be true too, but it needs to be emphasized that bitcoin is for long-term investment not to cover living expenses during the current inflationary period

[BTCBroker2016]

Adantage is that BTC always win over different assets in terms of price

[MiF]

Saving bitcoin and use it in tome of crisis? I think we have many options to save we can use banks crypto or save in our home we can make a piggy bank and place it in a very safe way, bitcoin has also a big risk if we use it as savings because when the time comes that we need money and the bitcoin is in bear status we will be force to sell it even in a very low price because of our emergency needs but if we are lucky and bitcoin is in bullish season in time of crisis then this is good it is still depend on the market situation, i suggest to save on your own way in your home or save also a little peace of money in bank for good.

[ilovealtcoins]

That would be a dream come true. But people often see Bitcoin as an investment tool (not a currency), so don't count on BTC becoming the global unit of account anytime soon. It will always remain an alternative to Fiat because of the way it was designed.
...

Of course it will take lot of time, and of course people still not often consider BTC as a currency. But "a journey of a thousand miles begins with a single step". People will use bitcoin as a currency when it become a comfortable option, when its volatility will go down and when in mostly every bakery around you'll have an option of paying for a small bun and small cup of coffee with BTC fast, cheap and secure. So it is a matter of time and further technology development.

But once bitcoin becomes stable, will people continue to use it? Honestly, from what I see, 99% of people invest in bitcoin for profit, and very few people care about its technology. So if bitcoin is stable, I doubt they will continue to use it. I believe that you and I, and everyone in the market today are interested in the bitcoin price every day.

[BenCodie]

In a scenario where the global economy is on a rapid decline (even more rapid than it already is), you can expect in the short term for adversary interests to attack Bitcoin as much as possible (in a market and media sense) in order to deter people from thinking that it is a hedge. The immediate benefit of holding Bitcoin at that time might not be too advantageous...Though this would only be short lived. Eventually the attacks (as always) will become less effective, and the result of holding Bitcoin at a time of economic crisis would prove to be the right hedge against it. That is, after all, one of the core purposes of Bitcoin.

[andriarto]

That would be a dream come true. But people often see Bitcoin as an investment tool (not a currency), so don't count on BTC becoming the global unit of account anytime soon. It will always remain an alternative to Fiat because of the way it was designed.
...

Of course it will take lot of time, and of course people still not often consider BTC as a currency. But "a journey of a thousand miles begins with a single step". People will use bitcoin as a currency when it become a comfortable option, when its volatility will go down and when in mostly every bakery around you'll have an option of paying for a small bun and small cup of coffee with BTC fast, cheap and secure. So it is a matter of time and further technology development.

But once bitcoin becomes stable, will people continue to use it? Honestly, from what I see, 99% of people invest in bitcoin for profit, and very few people care about its technology. So if bitcoin is stable, I doubt they will continue to use it. I believe that you and I, and everyone in the market today are interested in the bitcoin price every day.

I think precisely with the high volatility of bitcoin, that's the interesting part because we will get profits from bitcoin, if bitcoin becomes more stable then the function of bitcoin as an investment tool may become less attractive, apart from its main function as a currency. precisely as it is at this time that is our opportunity where there are still few users and we can buy until later the more users there will be more demand and finally the price will rise. I guess that's the main goal nowadays of people being bitcoiners

[jokers10]

But once bitcoin becomes stable, will people continue to use it? Honestly, from what I see, 99% of people invest in bitcoin for profit, and very few people care about its technology. So if bitcoin is stable, I doubt they will continue to use it. I believe that you and I, and everyone in the market today are interested in the bitcoin price every day.

Well, I don't monitor bitcoin rates every day. If anything significant will happen I'll see that from forum activity.

But okay, about if bitcoin will be interesting without volatility: definitely yes. Don't forget it is a deflationary asset so you expect that even if it is stable it will let you buy a little bit more in a year and any fiat currency (inflationary assets) will give you less in a year. The aim for inflation for US is 2%, so in 1 year 1 dollar becomes cheaper at least for 2% averagely. If bitcoin will be just stable it will give at least those 2%. So people will still be interested in using bitcoin anyway. And this even if we forget about main thing: when you trust your money to banks they control it, if you use bitcoin then control on your money stays at yours.

[Inwestour]

Now many people in different countries feel the effects of inflation, but few see the possibilities of how to protect themselves from it. Not everyone is able to understand the advantages of bitcoin in this situation, but for me personally, this is a lifeline, but there are not many of us, I mean in relation to the entire population.

I have some fiat savings, but my main investment is bitcoin and this gives me good confidence.

[xSkylarx]

That would be a dream come true. But people often see Bitcoin as an investment tool (not a currency), so don't count on BTC becoming the global unit of account anytime soon. It will always remain an alternative to Fiat because of the way it was designed.
...

Of course it will take lot of time, and of course people still not often consider BTC as a currency. But "a journey of a thousand miles begins with a single step". People will use bitcoin as a currency when it become a comfortable option, when its volatility will go down and when in mostly every bakery around you'll have an option of paying for a small bun and small cup of coffee with BTC fast, cheap and secure. So it is a matter of time and further technology development.

But once bitcoin becomes stable, will people continue to use it? Honestly, from what I see, 99% of people invest in bitcoin for profit, and very few people care about its technology. So if bitcoin is stable, I doubt they will continue to use it. I believe that you and I, and everyone in the market today are interested in the bitcoin price every day.

That is also a big question that difficult to answer even myself i was into bitcoin because its value and the profit from it . if the price stabilize for sure those people who stayed used it for their daily needs like sending and receiving transactions as they dont care whats the price on it though it doesn't mean that only 1% will stay there are still couple of people using it with its main purpose.

[Ojima-ojo]

()
That is also a big question that difficult to answer even myself i was into bitcoin because its value and the profit from it . if the price stabilize for sure those people who stayed used it for their daily needs like sending and receiving transactions as they dont care whats the price on it though it doesn't mean that only 1% will stay there are still couple of people using it with its main purpose.

The price volatility of bitcoin make it hard to be taken as a daily currency for payments and that is why most people take bitcoin as an investment, but the fact that we have other stable coins which can be use for daily transaction and fast it become more accruable to take Bitcoin as an investment.

Because if you take bitcoin as a daily transaction currency it should be done in bits-bits and not in dollar average costing.

[Smack That Ace]

That would be a dream come true. But people often see Bitcoin as an investment tool (not a currency), so don't count on BTC becoming the global unit of account anytime soon. It will always remain an alternative to Fiat because of the way it was designed.
...

Of course it will take lot of time, and of course people still not often consider BTC as a currency. But "a journey of a thousand miles begins with a single step". People will use bitcoin as a currency when it become a comfortable option, when its volatility will go down and when in mostly every bakery around you'll have an option of paying for a small bun and small cup of coffee with BTC fast, cheap and secure. So it is a matter of time and further technology development.

But once bitcoin becomes stable, will people continue to use it? Honestly, from what I see, 99% of people invest in bitcoin for profit, and very few people care about its technology. So if bitcoin is stable, I doubt they will continue to use it. I believe that you and I, and everyone in the market today are interested in the bitcoin price every day.

That is also a big question that difficult to answer even myself i was into bitcoin because its value and the profit from it . if the price stabilize for sure those people who stayed used it for their daily needs like sending and receiving transactions as they dont care whats the price on it though it doesn't mean that only 1% will stay there are still couple of people using it with its main purpose.

That's a tough question to answer, I believe if people were honest with each other to answer this question, I wouldn't be surprised when people say we're here for profit. There are still some people who invest in bitcoin, not for profit, they see bitcoin as a currency, a means of payment, but that number may not be more than 1% of the market.

I never thought about it because I believe bitcoin will never be stable, but if it happens, I will definitely find an alternative investment. And will still use bitcoin to protect its assets but will no longer focus on bitcoin as much as it is today.