Quote from: illyiller on October 03, 2017, 10:49:46 PM

Quote from: alyssa85 on October 02, 2017, 11:53:58 AM

Quote from: illyiller on October 02, 2017, 10:44:27 AM

Quote from: alyssa85 on October 02, 2017, 10:20:28 AM

Bitcoin's price has jumped today. It was about $4200 yesterday morning, and it's now $4435.

If I was a Catalan I'd be buying bitcoin especially as the Catalan govt has announced it will declare independence on Oct 6th. The financial markets are going to be roiled, so it makes sense for Spanish and Catalans alike to put some money in bitcoin to preserve their savings.

Seriously? I doubt Bitcoin is on anyone's radar in Catalan right now. It's barely scratching the surface of mainstream investment in general. Cryptocurrency may be one of the hottest investments of the year, but it's obviously one of the riskiest asset classes available on the markets from looking at volatility.

If I was worried that my savings were in danger due to economic collapse/disruption, I would put them into safe assets like gold and US dollars. Especially considering the recent gains in crypto. Sure, we could see new highs soon, but the price could also drop in half in a few days.

It all depends on how easy it is to buy US dollars or gold, isn't it?

For the Catalans, not at all - they won't be able to open US dollar bank accounts. Buying gold is hard too - not may places sell gold coins, mostly it is jewelry that is marked up. Some might just withdraw euros and keep them at home in case something happens to the banking system. Buying bitcoin by contrast is easy and quick, and you can simply hide your wallet.dat on a USB stick.

Buying bitcoins is rarely "easy and quick" for anyone in the world. Are ATMs (where people get reamed by 10%+ fees) even available there? Wiring money to exchanges takes time and costs transfer / currency exchange fees. And more importantly, there is the knowledge gap.

Most Catalans (like everyone else in the world) likely know nothing about Bitcoin. And among those that do, few are technically savvy enough to quickly (and safely) convert their wealth into bitcoins.

One doesn't need to open US dollar bank accounts to hold US dollars. And the currency exchange fees must be paid if wiring money to exchanges to buy bitcoins as well. I suspect it is significantly easier to buy gold than bitcoins, just like it is in most places.

And this is why you want to learn about bitcoin and have everything ready BEFORE shit hits the fan and everything goes south. Of course you can't wait until the last moment because chances are you will be too nervous and screw up and lose your private keys if you manage to buy. People should start thinking 3 steps ahead and getting bitcoin already instead of wondering "why do I want to hold bitcoin? I dont need it". You never know when your government may be into big trouble, and if that happens, those that think ahead will profit the most. Imagine if you were a Venezuelan and predicted the inflationary nightmare of your government and bought earlier, or when Cyprus had a massive bailout predicting that in beforehand and owning BTC. You have to think and act before it's too late.