Topic: COVID-19 a reason for Bitcoin adoption? (Read 486 times)

So, what about defining a new kind of money (or better named “credit”), that you need to do some “good act” in order to have eligibility to earn that money?
Some can discuss and argue about “who” and “how” recognize “good act” vs “bad act” and this is another story which has proper answer as well. In short, I can address it, by referring to “justness” and “fairness” in a “real” decentralized system. But for now just imagine we have a perfect (or almost perfect) system that can evaluate your work (what ever work you do daily) and returns a number as usefulness index. The usefulness index represents the fact that how much useful was your job for society, or even better how much useful was your job for whole glob – since we have just one earth and we have to consider the fact that “someones benefit can be someone else lost”-. The system results your 8 hour day job in this new “value system” worth X amount of money, so you earn X coins today. In this system you prefer to follow rule as possible as in order to get higher rate. We have assumed system works enough good and evaluates your job fairly. You can not cheat system in order to earn more money, so you will decide to follow rules and act like a good actor. Not only you but all other investigate the trade-off and decide to act like a good actor.

I see it in little different way. I mean its not that adoption of bitcoin has increased over the time because of COVID-19 situation but it is the time that people are getting to know it.

There is huge difference between the two and here is why . .

1. Adoption of bitcoin would mean that bitcoin is completely gotten into users head and they will just use that currency for their daily life chores. Meaning, trading, investments, storage, payouts etc.
2. We don't see any such changes yet because we don't have 100% working infrastructure for the bitcoin in real world. Few country adopted it, few are on the verge and many of them are against it. Thats not adoption.
3. Since COVID-19 all people has gotten plenty of time to "Explore" the new side of world, the crypto world. They are just enthusiastic about it but they have not adopted it in the first place. They will explore, many of them might stay back, many of them will go to traditional ways once everything opens up.

This is the thought that came to my mind when you said its getting adopted.

Cash money is not healthy payment transaction right now during covid 19 still exist and could not stopping, why not to try bitcoin as legal currency and buyer or seller not touch each other, will be healthy for costumer and seller when transaction on the market public, I think government should legal bitcoin and altcoin right now and become the way how to stop covid 19 and make country back to normal again.

Physical money is useful but it's not why governments want to get rid of it.

Cash is not printed for free. It costs money to make money and it costs money to move money around in bags, hold it in storage, build vaults for it.

Cash is hard to trace. It's much easier to trace and seize money if it's held on your account.

It's convenient for the governments to persuade people to use cards or centralized cryptocurrencies.

then why you guys are here if you dont like crypto ? it sounds like you love more other payment methods eh ?paypal is old and it sucks but cryptos are the new in .  cryptos are efficient to use too and it has many advantages .

thats the reason people prefer it not just on this covid season but to also on regular seasons too  . the adoption isnt growing during pandemic times but it can be decreasing too because people are having a financial problem mostly .

That's correct, according to the OP, the covid-19 will bring into place bitcoin adoption and nothing like such has happened few months from the outbreak of coronavirus. I believed there is more to this covid-19, its a new world order and has not yet responded to the rise of Bitcoin. Other payments system are still more available for the world and not yet ready to take the global adoption.

I still use digital payment too than crypto. Its much more efficient and efficiency will be one of the reason why people will use it. Bitcoin adoption needs a lot of development. Government needs to be a part of it, third world country needs technology development to those rural area, stronger wifi too. And guess what the government needs to do right now? They need to cope up with the virus, a lot of their people are dying, a lot are unemployed. They can't fixed things that they do not need to prioritize as of the moment. They need to save lives as of now. I think it is not the right time. Bitcoin currency needs a lot of time, a lot of work.

Due to the problems that Covid19 causes us, it is a good opportunity for Bitcoin to be accepted as a new monetary asset in the economy of the nations of the world. Or at least that the barriers imposed on its free circulation be removed and that it be freely used by citizens.
E-commerce is now growing and industry giants are closing their offices for their workers to work remotely.
It is time to Accept Bitcoin in the economy.

COVID -19 has been declared by the World Health Organisation as a  pandemic and therefore calls for serious measures to be put in place to limit its spread across the world. one of these measures includes reducing contact betweeen people and money is the fastest way for people to estabblish contact as it changes hands on a daily basis. alternative means of spending  money remains the use of digitised systems and that is where the bitcoin currency comes in handy. this has spread the awareness of the bitcoin technology and also its usage and over  the months, it has recorded wide useage which is massive adoption for bitcoin generally.

Bitcoin adoption will grow whenever more people make a profit, more profits mean more adoption.
if we review the prices, we will find that less than 10% of the investors achieved losses.
most of them made a purchase at a wrong time and did not re-do it
most of the people who invested for long periods made a lot of profits and thus their confidence increased in Bitcoin.

That's right, the use of fiat will never be vanished because it is the commonly used and the traditional tool for payment in many transactions. I know that it is not that easy to achieve mass adoption in bitcoin but the fiat currency exists first than bitcoin. Somehow this pandemic makes other people understand how bitcoin works and its importance in the economy but it is less likely that most of the people will use bitcoin in their transactions.

That's when we relate it in Covid-19, as a payment tool.

But if we focused on bitcoin adoption and there are people who are investing in holding bitcoin, then that's a good point.

Using crypto currency as a world currency can change the whole financial system of whole world. Let's go way back to the time we still have no currency and we are just trading any materials like gold silver and even animals. When crypto currency is used as a financial system of the whole world, that time will come back where we are trading but in the form of crypto currency so that we don't need to spend a lot of materials on making a money. Trading will be more common for everyone of us and the crypto currency subject will be added on every universities.
Source: https://steemit.com/cryptocurrency/@s-johnathan/a-world-without-paper-money

That's most likely not going to happen for some reason physical money is somehow useful and not everyone is nerd tech to join the squad of cashless society.

You know what, there's a lot of options to choose why people would choose to use Bitcoin instead of fiat. Besides, Bitcoin itself is risky in terms of investment or trading because of its unstable volatility that's why people preferred a stable one or just simply use the fiat.

If they force people to use electronic money and somehow remove cash completely it's going to increase Bitcoin adoption.

If not, I just don't see it happening. The only way people start using Bitcoin is if other ways of paying become more risky or less convenient.

Covid-19 pandemic is not a reason to adopt bitcoin. Bitcoin is still not officially a legal payment tool. in some countries even prohibits bitcoin and the regulations given by bitcoin are only as commodity trading and not as a legal payment tool.

People still choose FIAT to make payments. For online payments fiat also has its own platform without the need to use bitcoin.

At present the adoption of bitcoin is still based on various factors not only because of Covid-19. It takes a process to adopt bitcoin and there are still many pros and cons.

I agree with your opinion that says paper money is one of the triggers for the transmission of the corona pandemic. and it happened in my country that he never left the house, and only shop for the necessities of life when leaving the house. but contracted corona and he realized that from paper money shopping returns occurred contagion.

then there is a better need for online transactions and online payments are needed and certainly not with just bitcoin. because there are still some countries that have not been able to accept as legal tender. but it can be exchanged first to fiat and then replaced with digital money that is now circulating in every country. with transactions using digital money by scanning barcodes, transmission can be reduced.

trust in bitcoin has grown because many people expected bitcoin to be a bubble and it will explode at any time.
it is better not to speculate in these assets. The price is more stable and stable than many stocks that have started to fluctuate sharply.
the risks have become one, and trust in bitcoin and profits are greater when investing.
and after covid19 we can see more people try to invest in bitcoin.

Until bitcoin can be used as the payment option, we still use fiat, debit/credit card, or another digital payment. We can not deny that because so far, bitcoin is not available in many places or countries, so we can not use bitcoin to buy something. Yes, bitcoin can have the opportunity which can solve the problem to buy daily needs without having physical contacts. Still, we need to wait until many countries can accept bitcoin as an alternative payment system.

That's definitely the purpose of the contactless payment systems. The situation now made it sound a lot better and it's the actual time to do it, IMO. You will never know what the other person has been with or something. It's best to stay safe.

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The best goal is to eliminate it but it's not realistic, I know. I hope it's going to be a preferred way of payment or something like that. I know that even basic cellphones now can transact through texts, IIRC.