Investing in Bitcoin can save you in times of war

[Yucky]

When COVID came and it became impossible to hold physical meetings, zoom gained relevance and became the solution to what would have caused major problems for most companies.

war can lead to a total shutdown of banks and all financial institutions causing even those that have money inability to use their money. We saw a slight fraction of it during the scarcity of the naira and we know how bad it was and that it can get worse should banks stop functioning totally due to war.

We don't pray for war but we can't assume it can never happen so we should prepare for the worst while hoping for the best and keeping part of our investment in Bitcoin will be a sure option.

If you have Bitcoin and banks stop functioning, it's just simple to make transactions through it pending when things will go back to normal and the Bitcoin can be converted back to cash. This is the reason why it's good that even people in the market environment know about Bitcoin so they know its numerous advantages and how it can come through for us in times when our banking system can't work again.

[EluguHcman]

Yes, in time of crisis, many physical stock holders such as landed properties, stocked of goods and those holding fiats looses a lot of their values valuables.
Even during natural disasters, while lives matters most, er flew to save guide life before thinking of our belongings.

In giving benefits of doubts to persons who might argue that Bitcoin is not the best factor to make money neither does it seem the best to store values, it is still advisable if we can look into the past by which physical and stock holdings has been affected during disasters, it is worth enough to believe Bitcoin is the hedge to safeguard us from the losts of we have our values stored in there.

Talking about the scarcity OP, that was not actually a case of crisis but politics and that proves that we can be economically imprisoned by centralized commodities.
Atleast we witnessed how the governments politicizes the welfares of the masses without considering the effective crisis crisis it may course to the people.

If we had adopted the Bitcoin technology, believably we would had overcome the politics which the selfish governments played over us then.

With the store of value potentials of Bitcoin, I have come to conclude the the world would had been more developed than it is if Bitcoin has existed before its day because lost of values would had been minimal than it was.

[promise444c5]

~

Yes you can have your  Bitcoin In time of wars if you stored it in the right way....

Which means you can still lose it if you hold your coin in an exchange wallet and the exchange company gets affected on war... there might be a compensation  maybe after the but that's on a very low scale.
Using a non custodial wallet to hold your coin cab still give the safety for your coin in time of war, just keep you seed phrases safe and you will be fine to withdraw your coins so far there  are still active  miners to mine themand include it in their various  blocks .

Not totally  against  exchange  because  exchange  is still useful for business types ... if you will be needing  to exchange from time to time(from the word exchange) then exchange wallet is the best to choose to ease stress  else if you will holding  it for a long time and you have the sole purpose of holding only Bitcoin  maybe... then get a non custodial  wallet because  apart from securing your coin  it provides Privacy.

[Ruttoshi]

Bitcoin is good during war for transactions because the war might affect physical banks and the rest. I could remember Russia using bitcoin during the war to purchase goods from outside the country since they have been sanctioned by UN.

Bitcoin transactions does not need a third party to hp you carry out your transaction or a middle man which makes it more unique of its p2p payment method due to the decentralized nature.

[DaNNy001]

When COVID came and it became impossible to hold physical meetings, zoom gained relevance and became the solution to what would have caused major problems for most companies.

war can lead to a total shutdown of banks and all financial institutions causing even those that have money inability to use their money. We saw a slight fraction of it during the scarcity of the naira and we know how bad it was and that it can get worse should banks stop functioning totally due to war.

We don't pray for war but we can't assume it can never happen so we should prepare for the worst while hoping for the best and keeping part of our investment in Bitcoin will be a sure option.

If you have Bitcoin and banks stop functioning, it's just simple to make transactions through it pending when things will go back to normal and the Bitcoin can be converted back to cash. This is the reason why it's good that even people in the market environment know about Bitcoin so they know its numerous advantages and how it can come through for us in times when our banking system can't work again.

Well you would surprised to the impact that war could have on a society and I think if the war is a big one then even the use of Bitcoin won't be possible because there are some war that can even affect the internet as a whole and Bitcoin is Internet money so you not having internet is just like also not Bitcoin itself. Take for example the Hiroshima bomb that occured years ago, I believe if such case is repeated then you would probably not be talking about Transacting with Bitcoin.

[Mr.right85]

Yes o, I agree say, Bitcoin fit offer person some advantage in times of war o but, even that cef dey dependent on some things to Dey in place and I mean things like, network and functioning banking systems. You cef check am now, if you no get network, how you wan con even enter online to trade or see where you go swap/sell Bitcoin for fiat since, e no Dey readily acceptable by everyone for goods and services. Na that one cast the whole matter. E still Dey very dependent on certain services to thrive. If these services and facilities Dey cut off in times of this crisis, you go still Dey square zero.
That no mean say make you no still take up Bitcoin investment o. The war go still end and na people way no get way to rebuild and support themselves na em loose.

[Dzwaafu11]

~~snip~~

anything wey person go do, alternative they very important and that is the one the use and reason why bitcoin was created with the way things are going now, in times for war and any other thing? You fit no pay. And na the problem wey we they face now be this, the thing be say we need to they consider the government, How the government they view bitcoin as current, because anything wey we wan do government still they fight am say bitcoin no they allowed for some countries in the world. So wetin they be say na the government be the main issue, if you look at when they were lock down on Covid, Now  you go see say, many like get another way to spend money but they no fit, but if another way they Dey go do am.

[Princess Leah]

Yes you can have your  Bitcoin In time of wars if you stored it in the right way....

Which means you can still lose it if you hold your coin in an exchange wallet and the exchange company gets affected on war... there might be a compensation  maybe after the but that's on a very low scale.
Using a non custodial wallet to hold your coin cab still give the safety for your coin in time of war, just keep you seed phrases safe and you will be fine to withdraw your coins so far there  are still active  miners to mine themand include it in their various  blocks .

During times of war, the banks and many business/financial sectors get really affected even when the war is over, cause it would take the banking system a while to start functioning properply again especially if the building got heavily affected, so Bitcoin is the best alternative people could use to carry out transactions and it would work perfectly since it's blockchain enables a safer and faster transactions.

 Yeah, storing in a non-custodial wallet is right. Well apart from war related issues, i think those that are storing their assets for a long-term purpose, shouldn't think of storing them in an exchange but a non-custodial wallet like Electrum, Atomic wallet or even coinomi those are the safest place I could recommend anyone to store their Bitcoin, which can also be very efficient during times of war.

 However people should protect their seed phrase at all cost, I think the best place to safe it in a situation of war is in a mail that's secured with a two factor authenticator cause if you write it down somewhere and keep in a safe or vault your home could be affected by war and the safe destroyed or buried to the ground but you could easily log into your mail after the war and have your seed phrase.

[Moreno233]

First and foremost, we should not wish to see war even though it happens due to our politicians whose children will never come close to the frontline. During the time of war, it is very easy to even forget the storage device both hardware and even computer, this is one challenge that makes it safer to avoid war. But should the individual be able to take some of his portable belongings while scavenging for safety, Bitcoin is definitely a wonderful option since the individual is totally in control of his funds so even if the fiat banking system fails, he funds will not be lost as long as there is access to the Bitcoin wallet. Even in some recent wars, cryptocurrency have been used for donation even into the hotspot of the war where there is no commercial banking activities.

[Samlucky O]

Although I don't disprove the fact that we should not keep our money in bitcoin against war or economic crisis. Though to me the reason why we should invest in bitcoin is not only because of keeping it against unforeseen circumstances like war, but for securing the future by creating wealth for retirement age.

You made mention of bank shutting down and Bitcoin to be used as alternative? No matter the gravity of what happens in any economy, banks don't totally shutdown because if bank close or shutdown, you wouldn't be able to do any transaction with bank via mobile transfer even when you have money on it. You said if bank shutdown we will use bitcoin? If bank shut
down how can you sell your bitcoin for fiat? Because as far as I know, whatever transaction we do today or any Oder we placed via p2p requires a person that is operating under bank to send you Fiat. that is to tell you that having money in bitcoin does not mean you are totally free if a total shutdown of bank happens today. Except you will do your P2P directly one on one. Bitcoin is good in diverse way expecially it volatility will help you increase your portfolio even if inflation is eating up the fiat.

[Marvelockg]

Although it's true that in certain circumstances when the use of fiat might face some level of limitations bitcoin use can become eminent, the issue will still be that Bitcoin doesn't just work independent of the fiat. For you to make use of Bitcoin in times of war, it has to be converted to fiat which according to the context you're bashing your narrative from, has stopped working.

During war, what's more important to victims of war is food, water, shelter, and any other means that aid their survival. To get these which will all contribute to saving you during times of war,  you need fiat to buy them and not Bitcoin as you would need to get food items from the locals most of which don't accept Bitcoin as a legal tender. Extreme wars get to stages when you can't even make use of your wealth even when you have it. in countries like Ukraine and regions like Gaza that have witnessed battles where the only way of survival is to depend on aid from NGOs not because the individuals in those regions are poor but because the lack of safety in those environments makes it practically impossible for businesses to exist when means that even though you have your wealth stored in Bitcoin or fiat, you can't still make use of it.

[Promocodeudo]

When COVID came and it became impossible to hold physical meetings, zoom gained relevance and became the solution to what would have caused major problems for most companies.

war can lead to a total shutdown of banks and all financial institutions causing even those that have money inability to use their money. We saw a slight fraction of it during the scarcity of the naira and we know how bad it was and that it can get worse should banks stop functioning totally due to war.

We don't pray for war but we can't assume it can never happen so we should prepare for the worst while hoping for the best and keeping part of our investment in Bitcoin will be a sure option.

If you have Bitcoin and banks stop functioning, it's just simple to make transactions through it pending when things will go back to normal and the Bitcoin can be converted back to cash. This is the reason why it's good that even people in the market environment know about Bitcoin so they know its numerous advantages and how it can come through for us in times when our banking system can't work again.

Op, i agree that when there is war, btcoin serves as the best option, during war Bitcoin can even pump due to scarcity of cash but in the aspect of making purchase with it, there may be limitations, I already know that many firms don't accept Bitcoin as their mode of payment so what do we do in such situation? Most times during total shutdown online banking never get restricted, the only problem people encounter is mainly the cash aspect due to government restrictions, normally Bitcoin is a good store of wealth both in the presence or absence of war.
Op there is an important thing you should consider, during war, people don't consider much about transactions although if you have a holding in Bitcoin better because if you are lucky enough to leave the country, you can exchange your Bitcoin for you to be able stand financially again but that depends on the amount you are holding. The major problem of war victims is food, shelter and clothing, when all these are present that's when individual can remember Bitcoin, although I understand what you meant but war outbreaks is not a good experience because it makes people to forget things and concentrate on securing their life first before any other thing.

[Su-asa]

War is a thing that many people loses things including landed properties and money. It's also helps some people and doesn't favour many people. But what you said is the truth, if we save our money on Bitcoin it will help us allot more because during the time of war may business will shortdown and a lot of properties will be destroyed banks and other big properties of the government will be the first things that will be destroyed before other minor things. If something like war happen it will affect everyone because many people in saves money in the bank and people life savings are there. During covid19 and cashless policy we all witnessed what happened. The truth is that anything that's controllable have disadvantage because those who controls it will do it in such away that it will affect those that are using it. Fiat is not a thing anymore should depend on because if anything like war should happen everyone who's keeping money on fiat will suffer from it as government will use it to condition everybody.

[Fiasem20]

Investing in Bitcoin can save you in times of war and many more even during unfavorable economic instability.If you could remember during the Covid 19 period,where people were told to isolate themselves from each other,the trading volume of Bitcoin was high because it served as an alternative to make payments online without getting close to anyone.During wars traditional banking systems are not 100% guaranteed and also Bitcoin because it's volatile, but the reason why Bitcoin is preferred as an alternative during all sort of crisis is because it's users are allowed to transact with the p2p platform regardless unlike traditional banking system that can stop you from making transactions most especially in the face of crisis and in a traditional banking system you ability to carry a successful transaction relies on a centralized authority.

[RockBell]

Bitcoin is good during war for transactions because the war might affect physical banks and the rest. I could remember Russia using bitcoin during the war to purchase goods from outside the country since they have been sanctioned by UN.

Bitcoin transactions does not need a third party to hp you carry out your transaction or a middle man which makes it more unique of its p2p payment method due to the decentralized nature.

During war cash is usually scarce and people might not really give attention to cash at that period so the government can even initiate because people will not even have access to banks during war. Because even the emotional break down people will experience will not make them think of cash, I don't think any country have actually used that initiative but with time. And Russia is not fully in support of bitcoin and since somtimes their use to be packed for refuges but it won't be even enough because the supplies are usually not enough and shops are even going to be closed even if you want to use bitcoin as a means of payment only few and they might even be expensive because of the war. I don't even see a need for p2p instead they can just have a specific quantity of bitcoin to be equivalent to the price of what want to be purchased. Russia actually needs to be sanctioned because they always feel they can act on their own which is not suppose to be and that is why you see putin and the north Korea president are very close they both have similar character.

[DiMarxist]

I go agree with you foe some areas because in the time war many Banks go close and you no go fit get back your money again and if you go another country because of the war then you no go fit take your money back until you come back and when the war e don finished.
But if you keep your money foe bitcoin, anywhere you go, you go fit use am. Even though you no get account in the country, you can transfer di coins to someone whey you know and sell the coins in the country currency and collect di money and spend it to survive. Therefore e dey good to keep our money foe bitcoin in time of war and make sure we save save seed phrase in a save place.

[Tmoonz]

Bitcoin is good during war for transactions because the war might affect physical banks and the rest. I could remember Russia using bitcoin during the war to purchase goods from outside the country since they have been sanctioned by UN.

Bitcoin transactions does not need a third party to hp you carry out your transaction or a middle man which makes it more unique of its p2p payment method due to the decentralized nature.

The usefulness of Bitcoin can not be over emphasized as it's benefits are too numerous to mention, Bitcoin being decentralized makes it more interesting let alone it ability of enabling borederles transactions, offering protection against inflation, preserving privacy and creating investment opportunities. However, it is only ignorant that will not allow alot of people not see the true picture, potentials that Bitcoin holds hence, am so glad that am able to see this light that Bitcoin has brought to the global economy.

[EarnOnVictor]

I was just laughing reading your piece if I am sincere with you, jokes apart, what you wrote has enough faults and I think you wrote this only to justify Bitcoin without looking at the basis of reality and the true economic side of the story.

To start with, who told you that Bitcoin would even survive during the war in terms of price and stability? In case you don't know, Bitcoin is not a safe-haven asset, but if you doubt this, why not go and compare its chart (past and present) with safe-haven assets and also do that for the risk appetite assets? I've been following this up since 2022 when I joined Bitcointalk due to how people have mistaken facts until now that reputable economic sites are aligning with my natural view about this. For the record, Bitcoin is a risk-on asset, and this type of asset is the worst affected during the war and not otherwise as you viewed it. Bitcoin could be so discouraging to even own at that time due to the huge disadvantage that the price fluctuation on the bearish side will cause.

On another point, we should pray that war should not happen, because if it does, the unexpected will happen. You are saying that you will transact with Bitcoin during war, what if they've just bombed the server of your wallet host? What about the internet facilities cut off one way or another? The only reliable means of exchange during the war is physical, which is where Gold/precious metals, physical cash and other valuables will win this time.

Anything internet can only be reliable when there is peace, my brother!

[Reincarnated Sat]

The main reason I love Bitcoin is that no government policy can affect one's Bitcoin and no crisis can affect one from accessing his or her Bitcoin so Bitcoin is very good to invest in, like you said no one is praying for evil but let's just be guided.
One thing about Nigeria is that your investment here can be in problem at anytime because of how the government of this country is functioning anything can happen no one believed what happened years back we ever be possible where people were not given full access to there money in cash if such a thing can happen then anything can happen were your investment in the country can be affected or your savings in a bank.
Bitcoin has given us a wonderful opportunity and I urge everyone to embrace it.

[sotelorene]

Storing money in Bitcoin is not a bad idea but on a second thought what if during the war someone misplaced his seed phrase due to mind not being at rest. I don't think war or crisis will make bank to shutdown totally, shutting down bank totally will depend on the magnitude of the war and of which we are not expecting something like soon. Moreover, no matter how the war big reach whether we store money for Bitcoin or not people go still survive, people go still buy and sell after all during that COVID-19 people were buying and selling but in a low key. Note one of the characteristics of human na adaptation ( the ability to get used to a particular situation).