Can Bitcoin save us

[knowngunman]

Bitcoin acts as emergency savings and we can use the insurance money as per our needs just like Bitcoin acts as a reserve currency for me and my family. I basically depended myself and my family on Bitcoin to a large extent.  So if I give my opinion then I must say Bitcoin helps us.

I'm getting confused here because I don't understand what you mean by "you and your family depend on bitcoin to a large extent". Is there anything that bitcoin is doing for people and I'm not aware of it? Is it not alternative currency devoid of government control again?

Bitcoin as an emergency savings? I think you are having a wrong perception about bitcoin if you hold bitcoin for emergency case instead of holding for the future. Have you imagined having emergency when the entire market is bleeding blood or when the blockchain is congested and you need a higher fee to escalate your transaction? You really want to use bitcoin to solve emergency situation during such period? You'll definitely regret using bitcoin for your emergency.

[BALIK]

Bitcoin acts as emergency savings and we can use the insurance money as per our needs just like Bitcoin acts as a reserve currency for me and my family. I basically depended myself and my family on Bitcoin to a large extent.  So if I give my opinion then I must say Bitcoin helps us.

I'm getting confused here because I don't understand what you mean by "you and your family depend on bitcoin to a large extent". Is there anything that bitcoin is doing for people and I'm not aware of it? Is it not alternative currency devoid of government control again?

Bitcoin as an emergency savings? I think you are having a wrong perception about bitcoin if you hold bitcoin for emergency case instead of holding for the future. Have you imagined having emergency when the entire market is bleeding blood or when the blockchain is congested and you need a higher fee to escalate your transaction? You really want to use bitcoin to solve emergency situation during such period? You'll definitely regret using bitcoin for your emergency.

If he really uses bitcoin as an emergency savings, I wonder how he will survive and get through the economic crisis of 2022. If I remember correctly, during the 2022 bear season, which was also a period of economic crisis, the value of bitcoin fell more than 75% from its all-time high in 2021. If his savings were in bitcoin, it might not lose 75% but it would lose a significant amount of value. I am amazed at how he solved the problem and was able to survive until now.

No offense but I guess he doesn't know what he's talking about.

Meanwhile people who save are smart but money saved will just decrease in value but bitcoin rises so if you want to save money for emergency purposes it is better to put it into bitcoin to make sure that it fights against inflation.

Is Bitcoin really a good inflation hedge when during the inflation peak in 2022, Bitcoin fell from $69,000 to $15,000? What happens when you need money for an emergency while your savings are in bitcoin and the value has plummeted?

[Obari]

Bitcoin or Bitcoin core has not embraced the "digital gold narrative". Bitcoin has been consistent from when it was created till now, the narrative came about due to features in the network that has always been present. Bitcoin is also not a global solution to economic downturn.

I'm not certain what question you're asking at the end, but this is not a technical question, you can move it to Beginner's & Help board

Topic already moved to the appropriate board and at first I really got confused over his questions and questions like this make it seem a lot of people are putting so much pressure on bitcoin and expecting a project that is relatively new as compared to our local fiats and still battling a lot of government restrictions to fight and correct all of our economic issues which isn’t right.

My point is that, we should let bitcoin work in its capacity and not expecting it solve all global problems as it’s just a digital currency.

[Abiky]

Bitcoin acts as emergency savings and we can use the insurance money as per our needs just like Bitcoin acts as a reserve currency for me and my family. I basically depended myself and my family on Bitcoin to a large extent.  So if I give my opinion then I must say Bitcoin helps us.

Bitcoin does work as an "emergency fund". It helps us during times of need. Especially with the way it was designed. Deflationary, and extremely-limited. The media often labels Bitcoin as the "next digital Gold". It could replace or surpass Gold in the future.

Of course, BTC is not a "miracle worker". You can either get rich or go broke with it. Depends on how you use it. Just spend less than what you earn, and there should be nothing to worry about. It's all about following the right strategy to stay ahead of inflation. I sure hope everyone adopts Bitcoin to help decentralize the mainstream economy. Perhaps, governments will go as far as ditching Fiat in favor of BTC? Only time will tell.

[MarjorieZimmermanGinger]

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.

A group of people believe that Bitcoin can provide a new direction for humanity in many of the problems that fiat has created, so Bitcoin was created to preserve value and for the freedom of people to determine their financial direction better. Bitcoin is a solution to the problems faced by fiat and we can use it as an alternative in any effort related to preserving value. Bitcoin is not a global solution to the economic downturn that is happening and it is not an accurate narrative because not all countries embrace the freedom to determine their financial direction in bitcoin in particular and there are still limitations.

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?

There are dozens of people using p2p payment methods at any given time during bitcoin's development, so what kind of failures are you referring to and the bitcoin network is still decentralized today.

[icalical]

Bitcoin acts as emergency savings and we can use the insurance money as per our needs just like Bitcoin acts as a reserve currency for me and my family. I basically depended myself and my family on Bitcoin to a large extent.  So if I give my opinion then I must say Bitcoin helps us.

I'm getting confused here because I don't understand what you mean by "you and your family depend on bitcoin to a large extent". Is there anything that bitcoin is doing for people and I'm not aware of it? Is it not alternative currency devoid of government control again?

Bitcoin as an emergency savings? I think you are having a wrong perception about bitcoin if you hold bitcoin for emergency case instead of holding for the future. Have you imagined having emergency when the entire market is bleeding blood or when the blockchain is congested and you need a higher fee to escalate your transaction? You really want to use bitcoin to solve emergency situation during such period? You'll definitely regret using bitcoin for your emergency.

Bitcoin is definitely not the best option in case of emergencies. During market crashes or when the blockchain is highly congested, high transaction fees combined with slow confirmation times have become a real headache. Moreover, with such high volatility in the value of Bitcoin, it is really a bad idea to rely on it if you need stable access to funds. If you sell during a dip-if, as you put it, the market is bleeding-you will definitely incur big losses, not really suitable for an emergency fund. Holding Bitcoin long-term is more in line with its strengths-letting it appreciate over time, rather than using it in urgent situations.

[Marvell1]

I'm getting confused here because I don't understand what you mean by "you and your family depend on bitcoin to a large extent". Is there anything that bitcoin is doing for people and I'm not aware of it? Is it not alternative currency devoid of government control again?

Bitcoin as an emergency savings? I think you are having a wrong perception about bitcoin if you hold bitcoin for emergency case instead of holding for the future. Have you imagined having emergency when the entire market is bleeding blood or when the blockchain is congested and you need a higher fee to escalate your transaction? You really want to use bitcoin to solve emergency situation during such period? You'll definitely regret using bitcoin for your emergency.

Bitcoin is definitely not the best option in case of emergencies. During market crashes or when the blockchain is highly congested, high transaction fees combined with slow confirmation times have become a real headache. Moreover, with such high volatility in the value of Bitcoin, it is really a bad idea to rely on it if you need stable access to funds. If you sell during a dip-if, as you put it, the market is bleeding-you will definitely incur big losses, not really suitable for an emergency fund. Holding Bitcoin long-term is more in line with its strengths-letting it appreciate over time, rather than using it in urgent situations.

So far, bitcoin's unpredictable volatility has made it suitable for investment-speculation only, nothing more, nothing less. It has yet to act as a store of value, a hedge against inflation, or a safe haven to protect its asset value. Its volatility will indeed give us more opportunities to make profits when investing, but if we use it for other cases it will obviously cause more disadvantages or benefits.

Indeed, using bitcoin as an emergency fund is the worst idea I have ever heard, I hope nothingtodo knows what he is doing with his money by letting bitcoin become the family savings.


Bitcoin may be considered a phenomenon in the world financial market today, but it is not a god that can save us from all the troubles this world brings. It's just an investment, a currency, we shouldn't over exaggerate.

[YUriy1991]

Bitcoin was not created to replace fiat. Rather, it is meant to be a viable alternative, and it Is achieving that gradually. If not for this periodic attack of the mempool by ordinals, Bitcoin transactions is cheaper than fiat transactions.

Of course. BTC as another alternative investment that is interesting and provides a level of comfort for those who have owned it for the long term, but if someone is still a typical conservative investor, they might prefer to stay away from BTC and prefer stable and safe assets such as gold or silver. One thing that is still on the mind today is why the price of bitcoin is certain to be higher regardless of the periodic mempool attacks by the ordinal in the future because of other factors, namely the uncertainty of the value of fiat currencies.

[Oluwa-btc]

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?

Surely we know about the economic downturn and how Bitcoin existence have been of great importance to the World economy but we wait for government policies inorder to accept the use and the unstable rates of fiat curencies it's more reason the need for adoption of Bitcoin should not be underestimated but meanwhile Bitcoin core and Bitcoin itself are definitely two different things, and you should be definite in your explanations cause Bitcoin core is a full node wallets for validating transactions and blocks.

[betswift]

Bitcoin was not created to replace fiat. Rather, it is meant to be a viable alternative, and it Is achieving that gradually. If not for this periodic attack of the mempool by ordinals, Bitcoin transactions is cheaper than fiat transactions.

Of course. BTC as another alternative investment that is interesting and provides a level of comfort for those who have owned it for the long term, but if someone is still a typical conservative investor, they might prefer to stay away from BTC and prefer stable and safe assets such as gold or silver. One thing that is still on the mind today is why the price of bitcoin is certain to be higher regardless of the periodic mempool attacks by the ordinal in the future because of other factors, namely the uncertainty of the value of fiat currencies.

Yeah, some people prefer traditional ways of investment, and some see BTC as a superior choice - it boils down to what each person believes in and what he sees as more viable for himself.
Overall two can be used for investment, but BTC has more potential.

[Negotiation]

Bitcoin was not created to replace fiat. Rather, it is meant to be a viable alternative, and it Is achieving that gradually. If not for this periodic attack of the mempool by ordinals, Bitcoin transactions is cheaper than fiat transactions.

Of course. BTC as another alternative investment that is interesting and provides a level of comfort for those who have owned it for the long term, but if someone is still a typical conservative investor, they might prefer to stay away from BTC and prefer stable and safe assets such as gold or silver. One thing that is still on the mind today is why the price of bitcoin is certain to be higher regardless of the periodic mempool attacks by the ordinal in the future because of other factors, namely the uncertainty of the value of fiat currencies.

Bitcoin's underlying technology particularly its blockchain plays an important role in its valuation innovations that increase the security, scalability and efficiency of Bitcoin transactions can positively affect its price. In times of economic uncertainty or inflation, Bitcoin is often seen as a safe haven like gold. Bitcoin is a very good currency long term investment gives good returns but Bitcoin is not valid in all parts of the world so people will prefer to use fiat currency even if there is uncertainty in the value of fiat currency cash circulation is still high.

[betswift]

Bitcoin was not created to replace fiat. Rather, it is meant to be a viable alternative, and it Is achieving that gradually. If not for this periodic attack of the mempool by ordinals, Bitcoin transactions is cheaper than fiat transactions.

Of course. BTC as another alternative investment that is interesting and provides a level of comfort for those who have owned it for the long term, but if someone is still a typical conservative investor, they might prefer to stay away from BTC and prefer stable and safe assets such as gold or silver. One thing that is still on the mind today is why the price of bitcoin is certain to be higher regardless of the periodic mempool attacks by the ordinal in the future because of other factors, namely the uncertainty of the value of fiat currencies.

Bitcoin's underlying technology particularly its blockchain plays an important role in its valuation innovations that increase the security, scalability and efficiency of Bitcoin transactions can positively affect its price. In times of economic uncertainty or inflation, Bitcoin is often seen as a safe haven like gold. Bitcoin is a very good currency long term investment gives good returns but Bitcoin is not valid in all parts of the world so people will prefer to use fiat currency even if there is uncertainty in the value of fiat currency cash circulation is still high.

..Though with the recent world events, all the coins dropped in price, as well as BTC up to 2%.
So, market is still a bit vulnerable to events like that, so people should be ready for that.

[sarmrakib]

The fluctuation is the main reason behind it.Its true that the currencies are loosing its value even the leading currency dollar is loosing its value as you mentioned. We really need an alternate currency but if it is so volatile then we need to think again putting our money. Though it is so volatile still It's believable for investment. I think btc and crypto will not be used as a main alternate currency but it can be used as a alternative investment way.

[btc78]

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?

asking if they really know better?  developers has two sides and those are developing to help people or developing to scam people so my take is at least they show concerns about crypto users(specifically bitcoin) I will never trust their plans .

we have seen hundreds of developers that ends nothing but fooling people who once trusted them .

[Adams0001]

Bitcoin acts as emergency savings and we can use the insurance money as per our needs just like Bitcoin acts as a reserve currency for me and my family. I basically depended myself and my family on Bitcoin to a large extent.  So if I give my opinion then I must say Bitcoin helps us.

I'm getting confused here because I don't understand what you mean by "you and your family depend on bitcoin to a large extent". Is there anything that bitcoin is doing for people and I'm not aware of it? Is it not alternative currency devoid of government control again?

Bitcoin as an emergency savings? I think you are having a wrong perception about bitcoin if you hold bitcoin for emergency case instead of holding for the future. Have you imagined having emergency when the entire market is bleeding blood or when the blockchain is congested and you need a higher fee to escalate your transaction? You really want to use bitcoin to solve emergency situation during such period? You'll definitely regret using bitcoin for your emergency.

Bitcoin is definitely not the best option in case of emergencies. During market crashes or when the blockchain is highly congested, high transaction fees combined with slow confirmation times have become a real headache. Moreover, with such high volatility in the value of Bitcoin, it is really a bad idea to rely on it if you need stable access to funds. If you sell during a dip-if, as you put it, the market is bleeding-you will definitely incur big losses, not really suitable for an emergency fund. Holding Bitcoin long-term is more in line with its strengths-letting it appreciate over time, rather than using it in urgent situations.

Anyone who invests in bitcoin for emergency is not a good idea because you don't know when the market will favor, so it is better you get something physically doing because if you think that bitcoin will save you when you are seriously in need of money, I don't think you will get it, because bitcoin is for long term investment not for emergency, you can have problems anytime and when you beleave that bitcoin will safe you and the market is really bad, how can you do. you will definitely regret it why you invest for emergency, is better you should safe funds for emergency then investing the funds. because you don't know how he will probably be. Some usually get the opportunity of achieving there goal on bitcoin because is volatile and when you invest you can probably get huge profit and you can pays your bill if the market go well. Bitcoin can safe you in term of emergency if the market is good and that moment. That is why you need to be having plan B if A didn't work you can use the other one and solve problems when they are needed.

[CageMabok]

'''...'''

asking if they really know better?  developers has two sides and those are developing to help people or developing to scam people so my take is at least they show concerns about crypto users(specifically bitcoin) I will never trust their plans .

we have seen hundreds of developers that ends nothing but fooling people who once trusted them .

When you have seen hundreds of developers who have produced nothing, then do you think all developers are the same and no developer is really successful with their product? And when you consider those developers are the ones who fooled Bitcoin users, that means you can also create something better than what others have created because the people who have trusted other people's development of a product are the ones who cannot create it themselves. Bitcoin should be considered as a solution and a good revolution for everyone because Bitcoin is superior to any fiat currency even though everyone has their own views in assessing and seeing Bitcoin as something.

[pawanjain]

Looking at the current circumstances of recession and inflation, it would be a bad idea not to have a backup plan for the future.
We cannot really trust fiat for a long term and at present, it has become absolute necessary to diversify your investments.
We can never say what goes down and what gets pulled along with it. Bitcoin is unique and a totally different asset class to hold.
Nobody knows how high bitcoin would go but it will still hold value as it's truly decentralized in nature.
It should surely be one of our major assets in our portfolio to have a sound sleep knowing you have a good backup plan just in case everything falls apart.

[irhact]

The fluctuation is the main reason behind it.Its true that the currencies are loosing its value even the leading currency dollar is loosing its value as you mentioned. We really need an alternate currency but if it is so volatile then we need to think again putting our money. Though it is so volatile still It's believable for investment. I think btc and crypto will not be used as a main alternate currency but it can be used as a alternative investment way.

Bitcoin was never intended to be used as a main currency anyways, it'll be used as an alternative in a way that most online purchases will be made with Bitcoin. Physical used will not be that popular as most individuals will still prefer to make use of their local fiats that isn't volatile as Bitcoin is. People will want to make use of what they know. Most of them will still be making use of Bitcoin as an assets and that's how Bitcoin can save them. It can save them as it'll make them to become rich when they invest into it and hodl for profits. Bitcoin has other benefits that it can give us but we shouldn't over expect it to replace the US diallers or other local currency.

[Z_MBFM]

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?

Until now no one knows who created Bitcoin and who can control it. We know Bitcoin as a decentralized coin. Which no one can control and since its supply is fixed, there is no possibility of increasing its supply even if its demand increases in the future. Therefore, investing in Bitcoin can protect us from inflation. At the same time it can bring us a lot of profit. Which is not possible for investment in anything else. So Bitcoin can keep our future safe if we keep saving Bitcoin now. Because Bitcoin is very expansive in the future, it will be very difficult to buy Bitcoin

[dzungmobile]

Bitcoin was never intended to be used as a main currency anyways, it'll be used as an alternative in a way that most online purchases will be made with Bitcoin.

It was created with some main utility, for full control of money with private keys, privacy and anonymity - not perfect but you can achieve anonymity if you use inputs and outputs properly, borderless transactions, and serve unbanked and underbanked people.

Bitcoin does not need to become a legal currency, legal tender, to be used. It was used since 2009 without legal tender anywhere till Sept. 7, 2021 when El Salvador became a first nation makes Bitcoin legal tender.

Physical used will not be that popular as most individuals will still prefer to make use of their local fiats that isn't volatile as Bitcoin is. People will want to make use of what they know.

It's freedom you have, and you can use your bitcoin in many ways, investment, store of value, trade transaction, donation and more. If you have your Bitcoin private keys, you have your bitcoins and no one can force you to do anything. Except if you got your bitcoin from illegal money and get arrested by government.