Can Bitcoin save us

[Cookdata]

With global markets headed towards an economic downturn once again, I'm reminded of why Bitcoin was created in the first place... centralized financial institutions cannot be trusted.
But as the fiat currencies like the dollar continue to deteriorate in value, it's becoming increasingly clear we need a real alternative.

It seems Bitcoin Core has embraced the digital gold narrative, which fails to achieve the original goal of P2P electronic cash. Do these developers really know better?

Do you think developers now have a say on the value Bitcoin now hold? I'm asking you! If you say the technical aspect of Bitcoin, the community developers knows better what to do and how to improve on that but the same financial institutions Satoshi warn us about are the same people Bitcoin elites now praise and all for what, they have bought Bitcoin and only care about the value and not really the primary things stated on the Bitcoin Whitepaper.

Look at people like Blackrock and Microstrategy, they are buying and holding Bitcoin and everyone knows about it, this are billions of values and some venture capitals hold it too including the centralized exchange teams, they all have Bitcoin comcertrate in one place but what can you do about it and decentralization? Just hope they don't do the opposite one day otherwise, we are all screw. I still remember what Do Kwon did to Bitcoin for creating a stable shitcoin pegged with Bitcoin, ended badly. The institutional investors now controls here than we ever think.

[ranochigo]

Bitcoin is very sensitive and can have strong volatile due to fiscal policies or the financial markets as you said. However, those are just short-term volatile, but if we zoom out and look at the bigger picture in the long term. I think bitcoin is still a good inflation hedge.

Looking at the chart, we see that bitcoin's growth rate is impressive over the long term, and if we think it's not a good inflation hedge, that's not fair to bitcoin.

Objectively speaking, gold has a far longer history and has been through several economic cycles. At the current stage of Bitcoin’s growth, I wouldn’t consider it to have gone through more than one economic cycle.

If you’re actually looking at the long term, I would extend it to a few decades. Bitcoin is quite subjected to information gap, and that’s why you see the trend for Bitcoin to be increasing year on year. People find Bitcoin to potentially be a better currency and they decide to invest in it as time goes by.

Remember, economic cycles lasts quite a couple of years. It would only be fair after it has been through a few, and that adoption is stable.

[EL MOHA]

Currently, the price of Bitcoin interacts with global variables. When the Corona pandemic occurred, the price collapsed completely like the global economies, and today the price is on a sharp decline, just like other economic indicators. At some point in the future, Bitcoin will not be affected by political variables, and then it can be considered a safe haven for countries but for now it is a good long-term investment.

It is clear and People need to know this, bitcoin is simply just like other asset although decentralized and not central government can sit on its authority but the price of it is still dependent on the demand and supply chain just like every other assets, if there is an economic down turn people look towards there savings for emergencies and bitcoin isn’t saved from that, in fact it is the most common asset that people will first go to liquidate when they hear of economic crises because of its volatility, only people who invested what they don’t need or people who can hodl for a very long term will be able to hold.

Once upon a time, everyone believed that digital cryptocurrencies were what would bring freedom. But look now at how distorted all the truths we believed in before have become: we trade on exchanges with the KYC, and we can do nothing about hiding our data. We were forced to come out of the shadows.
We also all use completely centralized stablecoins, which their creators freeze at their own expense. It's all sad.

That’s why we keep saying bitcoin wasn’t designed to be anonymous but rather pseudonymous because you can choose how you wish to treat, even though they are people who provide KYC today there are still people who go total anonymous with bitcoin, the only trace is the transaction from their addresses on the blockchain.

[ChiBitCTy]

With global markets headed towards an economic downturn once again, I'm reminded of why Bitcoin was created in the first place... centralized financial institutions cannot be trusted.
But as the fiat currencies like the dollar continue to deteriorate in value, it's becoming increasingly clear we need a real alternative.

It seems Bitcoin Core has embraced the digital gold narrative, which fails to achieve the original goal of P2P electronic cash. Do these developers really know better?

Bitcoin was not created because we can't trust financial institutions, it was created as an alternative (centralized) currency that was void of government control (central banks).  Sure it in a way was created because we can't trust man financial institutions, but more so just banks here.

Bitcoin is not an alternative to general investing, ie not a replacement for the stock market.  Also not to mention bitcoin has taken quite a beating itself of late (past few days).

[m2017]

With global markets headed towards an economic downturn once again, I'm reminded of why Bitcoin was created in the first place... centralized financial institutions cannot be trusted.
But as the fiat currencies like the dollar continue to deteriorate in value, it's becoming increasingly clear we need a real alternative.

I also remember very well why bitcoin was created. I remember the 2008 crisis and the consequences that bitcoin was created to overcome. I remember how bitcoin was characterized in  white paper (electronic digital money). But I also know how bitcoin is used (a speculative instrument, not a means for p2p payments). Therefore, I assume that bitcoin is unlikely to be used as an alternative to the traditional financial system in the event of a global economic downturn. And I believe that this is due to the fact that the traditional financial system has already penetrated the BTC-system in the following way. Large amounts of money have already been invested by institutional investors in bitcoin, which means that the consequences of the global financial crisis will affect bitcoin. Under such circumstances, investors will be forced to withdraw money from investments in bitcoin, which will directly affect the bitcoin rate. Or, simply put, the price will fall and the asset will become less valuable, meaning it will not be suitable for the role of a safe haven.

[Webetcoins]

With global markets headed towards an economic downturn once again, I'm reminded of why Bitcoin was created in the first place... centralized financial institutions cannot be trusted.
But as the fiat currencies like the dollar continue to deteriorate in value, it's becoming increasingly clear we need a real alternative.

It seems Bitcoin Core has embraced the digital gold narrative, which fails to achieve the original goal of P2P electronic cash. Do these developers really know better?

I don't understand why you are reminded of why Bitcoin was created after seeing the global markets heading towards an economic downturn. That is definitely not why Bitcoin was created. Bitcoin was created to work as a peer-to-peer electronic cash so that people can send and receive money to one another without having to rely on a centralized financial institution, Bitcoin is decentralized, I hope you know that, and none of this has changed.

Bitcoin is still the same old thing, you can use it to send and receive money without anyone knowing about it unless you tell them about it or you have your wallet attached to a centralized account where you either sent or received Bitcoins which may link the transaction to you, but that's a different thing.

Bitcoin wasn't created so that it could become highly valuable and be able to fight economic downturns or provide a safe haven for people running away from inflation, it has become this way but that wasn't the primary purpose.

[legendbtc]

Bitcoin is very sensitive and can have strong volatile due to fiscal policies or the financial markets as you said. However, those are just short-term volatile, but if we zoom out and look at the bigger picture in the long term. I think bitcoin is still a good inflation hedge.

Looking at the chart, we see that bitcoin's growth rate is impressive over the long term, and if we think it's not a good inflation hedge, that's not fair to bitcoin.

Objectively speaking, gold has a far longer history and has been through several economic cycles. At the current stage of Bitcoin’s growth, I wouldn’t consider it to have gone through more than one economic cycle.

If you’re actually looking at the long term, I would extend it to a few decades. Bitcoin is quite subjected to information gap, and that’s why you see the trend for Bitcoin to be increasing year on year. People find Bitcoin to potentially be a better currency and they decide to invest in it as time goes by.

Remember, economic cycles lasts quite a couple of years. It would only be fair after it has been through a few, and that adoption is stable.

I agree with you in saying that we need to wait for bitcoin to go through a few more economic cycles to make an accurate assessment of it. And if we evaluate it fairly, it is clear that bitcoin still cannot compare to gold in terms of inflation hedge or safe haven. But is it fair to look at its growth over the last 15 years and what it has done during the Covid pandemic and say that it is not a hedge against inflation? 15 years is not too long for the world economy, but in the past 15 years, has any asset had such incredible growth as bitcoin?

It's not as good as gold but at least it deserves to be considered another option besides gold.

[ranochigo]

I agree with you in saying that we need to wait for bitcoin to go through a few more economic cycles to make an accurate assessment of it. And if we evaluate it fairly, it is clear that bitcoin still cannot compare to gold in terms of inflation hedge or safe haven. But is it fair to look at its growth over the last 15 years and what it has done during the Covid pandemic and say that it is not a hedge against inflation? 15 years is not too long for the world economy, but in the past 15 years, has any asset had such incredible growth as bitcoin?

It's not as good as gold but at least it deserves to be considered another option besides gold.

Inflation hedge is different, because we consider relatively mature assets primarily. It simply doesn’t make sense for us to compare crypto because much of the growth is propelled by the information gap.

When comparing against a class of inflation hedge, looking at performance is the wrong metric. We are looking for assets which can consistently do so. In the inflation shock of 2021, Bitcoin actually didn’t serve as a good inflation hedge.

Similarly, Bitcoins fluctuation also doesn’t fit under the definition of safe haven. There are different macro aspects and traits that an asset class should have in both the categories that you’ve mentioned.

[Viscore]

Here's the thing, I don't want you to go out there thinking that bitcoin's gonna be the solution to your poverty or your financial issues, because while it can definitely do that, it puts unnecessary pressure and strain upon yourself that it comes to a point where you self-destruct on you and everything that you've built up from that point forward that's related to bitcoin or cryptocurrencies for that matter, when things don't go your way. I've seen this happen one too many times with a lot of people who assume that just cause they've invested in cryptocurrencies, they're already bound to be rich or whatever.

I still suggest you get into some sort of employment, and use investments and cryptocurrencies to slowly build your wealth up, and don't just focus on one facet, employ as much ways to earn as you can, only by then will you really achieve financial freedom.

Absolutely right. Bitcoin cannot save our financial issues if we focus on it solely, but having a stable job and a reliable and profitable investment like bitcoin, in less time we will achieve financial security and stability. However, of course, everything comes with proper financial management so that everything you earned will not go being wasted.

[oemar bakrie]

the only thing that can save us is patience when the price of bitcoin decreases, we must be prepared to experience mental pressure such as being ready to accept losses when the price of bitcoin decreases, and we need to believe that in the future bitcoin will be able to advance even further in line with digital developments from time to time starting to advance.

[Yatsan]

With global markets headed towards an economic downturn once again, I'm reminded of why Bitcoin was created in the first place... centralized financial institutions cannot be trusted.
But as the fiat currencies like the dollar continue to deteriorate in value, it's becoming increasingly clear we need a real alternative.

It seems Bitcoin Core has embraced the digital gold narrative, which fails to achieve the original goal of P2P electronic cash. Do these developers really know better?

I can tell you that Bitcoin was never designed to be an asset of huge value or even hedge against economic shocks and turmoil. It was a platform that self-developed into such a platform, and its main calling in life is that being a digital finance platform to facilitate unmediated transactions. If I remember correctly, it was initially created as a peer-to-peer electronic money system, it should have been able to provide a decentralized alternative to traditional financial institutions, helping people deal directly without intermediaries. That is, with the maturity of bitcoin, increasingly designed as "digital gold," rather than just being used as a shortcut to exchange. It should have been due to the fact that, as I said, during the period of economic uncertainty, bitcoin was a particularly well-suited store of value due to its low trading volume and freedom. It is probably a focus on making bitcoin a store of value if the fact that the marketing machine of a digital gold legend was distracting people from the original business objectives bodes.

[Huppercase]

With global markets headed towards an economic downturn once again, I'm reminded of why Bitcoin was created in the first place... centralized financial institutions cannot be trusted.
But as the fiat currencies like the dollar continue to deteriorate in value, it's becoming increasingly clear we need a real alternative.

It seems Bitcoin Core has embraced the digital gold narrative, which fails to achieve the original goal of P2P electronic cash. Do these developers really know better?

I hope you know that dollar economy performance is far better than some other currency. I see people say dollar is this and that but when I see my own country dollar, I give up on it.  Not because I support dollar but I will rather take a country with 3% dollar inflation that for another one that is battling with 32% all this while but at the same time, I understand people that are coming from a place where dollar is used as a measurement against Bitcoin.

Bitcoin remains the best and alternative to every investment today because it's the only one true currency that doest give into inflation, don't seek for anyone permission before it can be used. This is why Bitcoin remain the best investment anyone will ever try and see the true meaning of investment, you don't need to see anyone u like the traditional finance that may even tell you to follow due to protocol before you can be allow to make investment with your own money.

[Solosanz]

Bitcoin can save you if you're rich, but if you're not rich then it's money that can save you.

Why I say "money"? because most companies pay their workers in fiat instead of Bitcoin, so you need to collect fiat as much as you can and then convert it to Bitcoin to protect your wealth.

Bitcoin isn't a magic money that can give anyone for free.

[C10H15N]

You say "Economic Downturn" like it's a bad thing rather than a normal part of the economic cycle.

What will "save" you is preparing yourself financially for the downturn by reallocating assets and purchasing undervalued assets that will be "on sale".

Of course, if you're a wage slave dependent on income from working then you will be screwed with an unstable income that will not keep pace with inflation.  

[TheUltraElite]

I have been hearing economic downtrend for the last four years. Accepted its going down but we are also collecting bitcoin and hoping that its price eventually goes up, did it go up? It did but neither did the economy completely collapse. Either of these events are not mutually exclusive.

We should target to accumulate bitcoin and continue to run this fiat economy as long as we live, because I am sure considering the average age of the members of this forum, none of us will survive to see that day when bitcoin is the basis of the economy, it can only work hand in hand with fiat.

However if your monthly income in fiat is already low, you are not going to be able to accumulate much bitcoin in the first place.

[AmoreJaz]

You say "Economic Downturn" like it's a bad thing rather than a normal part of the economic cycle.

What will "save" you is preparing yourself financially for the downturn by reallocating assets and purchasing undervalued assets that will be "on sale".

Of course, if you're a wage slave dependent on income from working then you will be screwed with an unstable income that will not keep pace with inflation.  

Look for other alternative income generating options also. You can have your major source of income but it is best to have contingencies or other options to go to if something goes wrong with the major source. Diversify your assets also. So even if inflation hit your assets, each asset will have its market trend and so you won't be totally affected by its impact.

Better check other options such as -
> acquiring of different tangible assets
> tend your own garden, so you don't need to buy some of your needs from the market
> can have multiple jobs and earn from them
> sell some of unused items to de-clutter and earn from it
> sell your services, your expertise

[mindrust]

We can't know that but it is better to own some crypto to be sure. If you own 5% bitcoin in your total assets then you are already in a better position than many people who don't own any  bitcoins. You don't have to go "all-in", just own some and you will be good imo. The percentage varies for every person but I think 5 to 10% is pretty ideal for a lot of people. That 5% will not make you rich probably but it might save your life in an emergency situation which is way more important than getting rich.

[summonerrk]

You need to think about the future twenty steps ahead, and save Bitcoins.
I know one influencer who approached saving very wisely: in addition to his cryptocurrency portfolio, he put aside 1 bitcoin for each of his children. And I think that this is very correct, although if you think about cryptocurrencies in the very long term, then it is not a fact that we will see many more long and thorough falls in the price of Bitcoin.

[jaberwock]

With global markets headed towards an economic downturn once again, I'm reminded of why Bitcoin was created in the first place... centralized financial institutions cannot be trusted.
But as the fiat currencies like the dollar continue to deteriorate in value, it's becoming increasingly clear we need a real alternative.

It seems Bitcoin Core has embraced the digital gold narrative, which fails to achieve the original goal of P2P electronic cash. Do these developers really know better?

The reality is that we know fiat gets lower and lower in value and it is not a secret so it won't be really that troublesome if that ends up being true, because we know that's the case and we will be able to actually do something about that. Whereas, we know that bitcoin will get higher in value, that's how it works and we are going to see that move better, there is no denying that neither, we should be considering how to get better with time and get more bitcoin.

Accumulating bitcoin isn't easy, we are not all getting paid in thousands and thousands, we barely live, we just survive, so it is not really fair to us that we are expected to accumulate a lot, but everyone has their own level, if you can only afford to get 50$ then do that.

[BIT-BENDER]

Let's be reminded Bitcoin owes us no favour to change the economical negative situation of the world that is for your government and the decision they take to improve the Economical situation of the country, the best tool is to vote wisely when ever the time comes. Even if a nation fully accepts Bitcoin, if there are more financial decisions made in that country Bitcoin can't save them.

We should not expect Bitcoin to solve all our problems but we can be assured of freedom with the autonomous system of crypto-currency.