Topic: COVID-19 Increased Bitcoin Adoption (Read 858 times)
Slightly there might be an increase of adoption but as long as there's no statistics yet we cannot conclude that quarantined people are using the technology due to a lot of payment alternatives in the space. Bitcoin is a good alternative to fiat in making purchases, however most people might not use it regularly yet because of the risk and volatility involved.
Recent crises are testing the abilities of Bitcoin. The adoption of Bitcoin is increased as people are stuck at home they are looking for better solutions to transfer remittance and for purchasing.
Many countries are using blockchain technology to fight against the pandemic.
Why the price of Bitcoin is still down?
Many countries are using blockchain technology to fight against the pandemic.
Why the price of Bitcoin is still down?
I would like to know more about this.
How can we fight a pandemic using blockchain?
As for the situation, I think that it contributes to the fact that people refuse cash and try to find an analogue in digital form. Undoubtedly, this is a good chance for crypto.
What you are seeing about the using of bitcoin to make option for fiat is just temporary. Adoption is going to happen through getting it down in the book and the government endorse it as documented, then fear of using it will go out from majority of the nation who are banning it.
Here's some proof that the government already supporting it, and that is by regulating exchanges which we cash in and cash out our money. Maybe other platforms will be followed soon but you can't expect they'll be able to regulating everything instantly.
Why the price of Bitcoin is still down?
Because there is no real adoption yet.
maybe the proper way to said it is that the adoption is still slow but you can always consider that bitcoin is quite new, and eventually it will grow.
What you are seeing about the using of bitcoin to make option for fiat is just temporary. Adoption is going to happen through getting it down in the book and the government endorse it as documented, then fear of using it will go out from majority of the nation who are banning it.
Here's some proof that the government already supporting it, and that is by regulating exchanges which we cash in and cash out our money. Maybe other platforms will be followed soon but you can't expect they'll be able to regulating everything instantly.
Why the price of Bitcoin is still down?
Because there is no real adoption yet. What you are seeing about the using of bitcoin to make option for fiat is just temporary. Adoption is going to happen through getting it down in the book and the government endorse it as documented, then fear of using it will go out from majority of the nation who are banning it.
Maybe we are overthinking that having COVID-19 will push or encourage us to adopt the Blockchain technology because it never looks like that.
We know that most of us had never clearly understood crypto, the market isn't really prepared for this and for sure they won't take the risk for this uncertainty. They'll have to stick of what they usually used before just like credit and debit cards that most Banks offered to their clients.
This COVID-19 could never be a reason why we adopt the new system but it really matters about how we clearly understand it. The adoption will take so long and Bitcoin has a long way to go and to prove that it was worthy of our trust in the future.
We know that most of us had never clearly understood crypto, the market isn't really prepared for this and for sure they won't take the risk for this uncertainty. They'll have to stick of what they usually used before just like credit and debit cards that most Banks offered to their clients.
This COVID-19 could never be a reason why we adopt the new system but it really matters about how we clearly understand it. The adoption will take so long and Bitcoin has a long way to go and to prove that it was worthy of our trust in the future.
Well, I' sure that situation we are all living now benefits to use and development of new technologies and inovation. Cryptocurrencies are among them, that is for sure, however I would like to see some concrete numbers and figures, otherwise this is just the question of impression. But I don't know if anyone at all is watching and measuring use of cryptocurrencies and how adoption developes according to current factors.
Here are concrete numbers 9,612,337 Bitcoin transactions was made in January. although Covid-19 was in Wuhan in January we cant say it influenced world economy much. Wuhan started lock downs only at end of January. 8,904,203 was made in March. So a 7% decrease. Bitcoin is used 7% less now with covid-19 spread all over world as it was used before covid-19. Thing is that Bitcoins first use case is being speculative asset. And Bitcoin transactions will increase when price of Bitcoin will go over $12000.
Thank you for the information.
Those numbers will tell everything.
We are going down into the adopting case.
But we cannot conclude everything because the virus is still out there.
We must wait when everything goes south for that virus and just go away.
Afterwards, we will see if people will change the way they make transactions. Will they ever adopt the new trend or will stay with the fiat system?
Recent crises are testing the abilities of Bitcoin. The adoption of Bitcoin is increased as people are stuck at home they are looking for better solutions to transfer remittance and for purchasing.
Many countries are using blockchain technology to fight against the pandemic.
Why the price of Bitcoin is still down?
Many countries are using blockchain technology to fight against the pandemic.
Why the price of Bitcoin is still down?
Even though people are more using bitcoin for transactions but the adaption is still not as fast as it should be. Due to uncertainty and covid19 virus, people are afraid to invest in anything including bitcoins.
You will never be able to stop me even if you stay at home for a year. Sorry.
Have some bribe and leave us please
Well, I' sure that situation we are all living now benefits to use and development of new technologies and inovation. Cryptocurrencies are among them, that is for sure, however I would like to see some concrete numbers and figures, otherwise this is just the question of impression. But I don't know if anyone at all is watching and measuring use of cryptocurrencies and how adoption developes according to current factors.
Here are concrete numbers 9,612,337 Bitcoin transactions was made in January. although Covid-19 was in Wuhan in January we cant say it influenced world economy much. Wuhan started lock downs only at end of January. 8,904,203 was made in March. So a 7% decrease. Bitcoin is used 7% less now with covid-19 spread all over world as it was used before covid-19. Thing is that Bitcoins first use case is being speculative asset. And Bitcoin transactions will increase when price of Bitcoin will go over $12000.
Well, I' sure that situation we are all living now benefits to use and development of new technologies and inovation. Cryptocurrencies are among them, that is for sure, however I would like to see some concrete numbers and figures, otherwise this is just the question of impression. But I don't know if anyone at all is watching and measuring use of cryptocurrencies and how adoption developes according to current factors.
Here are concrete numbers 9,612,337 Bitcoin transactions was made in January. although Covid-19 was in Wuhan in January we cant say it influenced world economy much. Wuhan started lock downs only at end of January. 8,904,203 was made in March. So a 7% decrease. Bitcoin is used 7% less now with covid-19 spread all over world as it was used before covid-19. Thing is that Bitcoins first use case is being speculative asset. And Bitcoin transactions will increase when price of Bitcoin will go over $12000.
In my country the ecommerce website that gives the software to almost all ecommerce websites (kind of like woocommerce for wordpress as the biggest example) is showing what is bought and where right now. It doesn't show who buys it so it is keeping that information secret (which I think is not enough) but we get to see which city the purchase was from and what they did bought.
Right now that could very well be used as a data collection point and companies could take a look at which city buys what the most and they could basically use that for advertisement, you can limit your marketing to a city and you could have some sort of big umbrella selling website where you can direct specific city.
Unfortunately it doesn't show any bitcoins because that is not ecommerce but if we had that, it would have been freaking awesome as well.
Right now that could very well be used as a data collection point and companies could take a look at which city buys what the most and they could basically use that for advertisement, you can limit your marketing to a city and you could have some sort of big umbrella selling website where you can direct specific city.
Unfortunately it doesn't show any bitcoins because that is not ecommerce but if we had that, it would have been freaking awesome as well.
Recent crises are testing the abilities of Bitcoin. The adoption of Bitcoin is increased as people are stuck at home they are looking for better solutions to transfer remittance and for purchasing.
Many countries are using blockchain technology to fight against the pandemic.
Why the price of Bitcoin is still down?
I won't say that bitcoin adaption is increasing, rather the use of digital modes of payment are going to keep on increasing in this time of crisis and also after it too. People have many other payment options available for digital media like credit or debit cards, PayPal and Bank transfers they have very less need of bitcoin for sending money as it is time consuming for the transaction to get confirmed, but they are likely to recommend bitcoin for the purposes of investment as currently the prices of bitcoin are pretty less as compared to a few months back.Many countries are using blockchain technology to fight against the pandemic.
Why the price of Bitcoin is still down?
Well, I' sure that situation we are all living now benefits to use and development of new technologies and inovation. Cryptocurrencies are among them, that is for sure, however I would like to see some concrete numbers and figures, otherwise this is just the question of impression. But I don't know if anyone at all is watching and measuring use of cryptocurrencies and how adoption developes according to current factors.
You will never be able to stop me even if you stay at home for a year. Sorry.
The isolation is definetely making people to discover new opportunities. There are some countries doing some data collection on where people are spending these days. For example: https://www.alphabeta.com/illiontracking
New online players are coming on board and learning all the options they have to purchase including bitcoin.
Cheers,
Honestly I literally just purchased some stuff from the market and I was thinking about the same thing. When I was paying I realized the dude who took my credit card didn't had gloves on, he had a mask but no gloves on his hands, he took my card and put it in the machine and clicked on it, then asked me to enter my pin as always like nothing is going on, then I had to click my pin in and then he gave my card and the slip, in all of those moves there is at least 5 chances of getting corona.
What we could have done is they could had some tablet, like iPad for example and some bitcoin payment processor, put in the amount there, get a QR code, I could open my own payment processor app on my own phone, read their QR code and confirm the payment. In that scenario we would have touched zero times.
What we could have done is they could had some tablet, like iPad for example and some bitcoin payment processor, put in the amount there, get a QR code, I could open my own payment processor app on my own phone, read their QR code and confirm the payment. In that scenario we would have touched zero times.
So it will be like 2017 all over again, where we break ATH, and keep breaking every week or so and get massive influx of new users into the crypto space. However that is far away from happening right now. Most of my friends rather invest in TSLA or APPL stock rather than buy bitcoin even though the returns might be much higher.
Agree with you, it might not happen this year although its predicted that the market will be bullish this year because of the halving.
Bitcoin seems moving sideways for the past few weeks and no significant improvement is seen yet, so if it's really going for a bull run, it could have pump already when it started recovering, as of now, can't really tell.
Also, if in case the 2017 bull run will happen, I have doubt that altcoins will be as profitable in the past, this time around it's more on bitcoin controlling the market while some altcoins will still continue to be bearish.
I just read in gambling boards about the increased activities due to isolation periods which must be another thing indicates about there are lots of new activities in crypto space just due to corona. I believe more people might have been thinking about contactless transactions or online transactions as a precaution measurements to stop virus spread out.
At the same time we need to consider about money flow common people so that they could adopt bitcoins. But, I believe institutions will not be having such a problem because stock markets are not doing good hence they will not be having any other better options except investing into bitcoins as bitcoin is moderately doing in this hard time which must be more than enough reason for institutional find to get into.
When bitcoin seems stronger due to institutional funds, common people may not hesitate no more to adopt and use bitcoins for their daily needs at least for contactless transactions.
At the same time we need to consider about money flow common people so that they could adopt bitcoins. But, I believe institutions will not be having such a problem because stock markets are not doing good hence they will not be having any other better options except investing into bitcoins as bitcoin is moderately doing in this hard time which must be more than enough reason for institutional find to get into.
When bitcoin seems stronger due to institutional funds, common people may not hesitate no more to adopt and use bitcoins for their daily needs at least for contactless transactions.
I don't think right now the crypto adoption is increasing due to COVID, but the adoption to the markets is increasing in general since the stock market crash in the middle of March.
If you look at Google trends for "buy stocks" you will see it hit record interest last month. I think many people are getting into the markets because its cheap. So bitcoin needs some catalyst to gain more adoption especially by the retail market. One easy way would be to break the ATH of 2017, this actually might happen due to the inflation going on with the fed.
So it will be like 2017 all over again, where we break ATH, and keep breaking every week or so and get massive influx of new users into the crypto space. However that is far away from happening right now. Most of my friends rather invest in TSLA or APPL stock rather than buy bitcoin even though the returns might be much higher.
If you look at Google trends for "buy stocks" you will see it hit record interest last month. I think many people are getting into the markets because its cheap. So bitcoin needs some catalyst to gain more adoption especially by the retail market. One easy way would be to break the ATH of 2017, this actually might happen due to the inflation going on with the fed.
So it will be like 2017 all over again, where we break ATH, and keep breaking every week or so and get massive influx of new users into the crypto space. However that is far away from happening right now. Most of my friends rather invest in TSLA or APPL stock rather than buy bitcoin even though the returns might be much higher.
~snips~
Dont know why there are people who do generalize that crypto had become the option when it comes to e-payments which they havent considered or to rethink that we've been using traditional credit/debit cards.It isnt bad to be that optimistic but we should at least try to look around on whats totally happening
and not just fixing out our mind on what we do believe.
Well the only fault they have is they are too gullible when it comes to readings news especially the ones from crypto news websites which specialized clickbaity headlines and incomplete reports. These crypto news websites always feed them either wrong information or try to make everything related to crypto that's why a lot of people in the crypto industry also create assumptions aligned to the news they have read from these kinds of websites. When will this stop? I don't think it will as long as there are people who really just believe on what they can see they can also be part of the ones spreading false news and assumptions in the market.
which had been used for generations.
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