COVID-19 Increased Bitcoin Adoption - page 3.

Ozero

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Quote from: Alhamza24 on March 24, 2020, 11:35:56 AM

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?

Now there is a situation where many people needed money to protect themselves from the coronavirus and stay in isolation and quarantine. Since the cryptocurrency does not yet have good liquidity so that it can directly buy basic necessities, it is sold through exchanges and therefore fell in price.
With the onset of the global economic crisis, the situation must change. It should be in demand during this period, because, unlike the usual currency, it is not subject to inflation. This will be the first such test for a decentralized cryptocurrency.

ethereumhunter

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We can hope that with the covid-19 still exist can encourage people out there to learn about bitcoin and altcoin. While they stay at their home, they can use their time to learn how to use bitcoin, but I don't think that the adoption will be easy because that will depend on their government itself. If their government accept bitcoin, then there will be no problem for them to use bitcoin for buying something. If that is a success, then we will see the adoption process will continue, and there might be a good moment for bitcoin to increase the price.

nreal

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In my opinion One of the direct causes of Bitcoin's decline is the European Central Bank's pump of $ 135 billion to save their economies in the crisis of the global pandemic.

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Quote from: shoreno on March 26, 2020, 10:07:25 AM

Quote from: bitcoinst on March 26, 2020, 09:46:48 AM

Probably because people are looking primarily for the most convenient for them methods of transferring money.
Credit cards, forwarding between bank accounts and so on are much more convenient, because these funds can be paid in all stores and medical centers.
While bitcoin and cryptocurrency are not accepted everywhere.

so what is your answer on here . covid-19 increased btc adoption or not ? looks like your answer is not .

its not true that btc isnt accepted anywhere but btc were now legally accepted on many places though btc isnt really that convinient . for me i think that the covid-19 somehow help btc adoption because many people surely looking for alternative currency next to fiats and prolly people already notice btc but i think not all wil consider using btc but that is stll okay atleast people are now aware that there is btc existed online .

The fact that bitcoin exists and can be used by most people was aware back in 2017.
Of course, some services accept Bitcoin, but their units are not located in all countries.
In addition, the high level of volatility casts doubt on Bitcoin as an asset for storing its funds instead of fiat, as a result, people will tend to buy more American Dollars than BTC.

oscarftw

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Quote from: Alhamza24 on March 24, 2020, 11:35:56 AM

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?

Without donation low crypto are using to send money. By predicted last history, all investors had fear to lose money then Bitcoin plummet to 3.8k US dollar. Market crisis will stay awake until we win against coronavirus. Top top all stock market fall down, Bitcoin down and economic crisis is for coronavirus.

Ashong Salonga

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Quote from: Alhamza24 on March 24, 2020, 11:35:56 AM

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?

Despite of the fact that Bitcoin becomes a bridge or a way for doing fast transactions like money remittance due to the reason that people are staying inside their homes because of lockdown, which increase Bitcoin adaptation, the reason that I can see why the price of Bitcoin is still down despite of the growing adaptation due to Coronavirus is that many people are starting to pull out their profit or investments for a while from Bitcoin to provide their necessities by converting their Bitcoin into fiat to buy goods and stocks to survive this crisis and to keep themselves from the threat of hunger specially now that there is a lockdown being implemented in almost all the affected countries around the world. In short, despite of growing Bitcoin adaptation, still people tend to focus more on providing necessities and not into trading nowadays, also the price still goes down because people are taking advantage of the event to buy Bitcoin at a lower price so even the volume of demand is still high, the price order for Bitcoin is low due to lower bids being set to buy and make the price of Bitcoin be more affordable. That is only my opinion and perception why despite of growing adaptation of Bitcoin, its price still remains low this days.

bitkanu

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I dont think that people ready to use something new and unstable in hard times

Actually bitcoin has been tested and is stable enough for mass usage with some fixes here and there. therefore it can be used as a model for other instances to implement their own blockchain system. Considering that blockchani was first introduced around 2009 its not really new.

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Quote from: Eugenar on March 29, 2020, 06:53:10 AM

Well said mate, the bitcoin adoption increases in different countries all over the world because of the virus. Virus can be prevented if will only stay at home, it will lessen the risk of spreading the virus, but it is really difficult to just stay at home because we need to go outside to buy foods and stuffs that we should have to sustain our lives in crisis. Bitcoin can be used as an alternative to fiat currency because you don't need to go outside just to purchase some goods and stuffs outside and to do some transactions.

There are many ways to prevent this virus, and the best way is to isolate yourself. We should stay home as much as possible and limit going out, if we have a job to go out, we need to wear a mask and avoid contact with others. This virus is only spread by saliva, and we can completely control it. And in addition Bitcoin will be negatively impacted by this epidemic, which will cause this market to collapse and the price will not be able to go up for a long time because the global economy collapsed.

Vishnu.Reang

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Well... if that is the case, then a basic question arises. In case the adoption has increased significantly, why the prices went down by 40% during the last two months? It should be the opposite scenario, right? I am not witnessing any large scale increase in adoption. During the last couple of months, there have been a total of zero news articles mentioning some large retailer or shop deciding to accept Bitcoin as a mode of payment.

Eugenar

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Well said mate, the bitcoin adoption increases in different countries all over the world because of the virus. Virus can be prevented if will only stay at home, it will lessen the risk of spreading the virus, but it is really difficult to just stay at home because we need to go outside to buy foods and stuffs that we should have to sustain our lives in crisis. Bitcoin can be used as an alternative to fiat currency because you don't need to go outside just to purchase some goods and stuffs outside and to do some transactions.

Wildwest

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With the validity of lockdowns in each country it will have a bad impact for the crypto world and other activities, so it is reasonable that the value of Bitcoin is currently in decline and this has a very reasonable reason and we expect this problem will quickly end will not damage the economy in every country and most importantly the Crypto world will return to normal and the price of Bitcoin will return to increase.

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Quote from: shadowdio on March 28, 2020, 11:31:50 PM

Why bitcoin is still down? of course many people still panic selling with this current situation and this can bring down the market again if more people get infected of the virus. The virus is really destroying the economy, hope this will end in just a month.

The exact reason is that bitcoin is dominated by whales and other organizations. They are the ones who are afraid of the virus epidemic and they have sold everything to protect themselves. Because of that, the current market has collapsed and there is no sign of recovery, I also hope the market will recover soon but 1 month seems too short.

gaston castano

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market conditions due to pandemic continues to decline and why people should hold their bitcoin when it goes down, or instead use it to shop even though the value will continue to decline if the market is bad.
if people would prefer fiat in this situation.

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Quote from: AmoreJaz on March 27, 2020, 06:46:02 PM

Quote from: tabas on March 27, 2020, 05:35:02 PM

Quote from: Alhamza24 on March 24, 2020, 11:35:56 AM

Why the price of Bitcoin is still down?

It wouldn't have an instant effect. I'll be with the long term effect of the pandemic for bitcoin. The sell off of the plus token scam did pulled the prices first and then was followed by the surprise pandemic.
Wait until the stimulus will be injected to the Americans, we might see the effect accordingly.

let's wait and see what will happen then...

but yes, even if the adoption is increasing, bitcoin is still down as a lot of crypto users are selling their coins to augment their daily needs. not all crypto users can afford to hold in this crisis.
but as you can see, when we hit the $3k, it goes back now to more than 6500. so i guess thats already positive news in crypto. it shows that bitcoin is really gaining a stronghold even in this unfortunate situation!

We can conclude that still many do sell at this moment. It's dumb to sell honestly but if they don't have any other source and their entire life savings is on bitcoin, they have no choice but to sell it at any price.
We may see $5,900 because it's incoming.

shadowdio

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Why bitcoin is still down? of course many people still panic selling with this current situation and this can bring down the market again if more people get infected of the virus. The virus is really destroying the economy, hope this will end in just a month.

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Quote from: Youghoor on March 28, 2020, 06:25:04 PM

I don't think the spread of this virus have had any positive influence of Bitcoin in terms of its price but what I can say is that it has opened the eyes of various governments about the use of a digital form of payment but not necessary the use of bitcoin. trust me they know about bitcoin but they have made their minds not to use it because of how decentralized it is and also makes them feel powerless.

It is difficult for the government to use bitcoin as an official medium of exchange because it would conflict with central bank policy. But the government can regulate bitcoin as a digital asset and this can be used as a peer to peer transaction tool so that merchants can receive payments using Bitcoin even though government regulations do not yet exist

Youghoor

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I don't think the spread of this virus have had any positive influence of Bitcoin in terms of its price but what I can say is that it has opened the eyes of various governments about the use of a digital form of payment but not necessary the use of bitcoin. trust me they know about bitcoin but they have made their minds not to use it because of how decentralized it is and also makes them feel powerless.

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I have seen a prediction that online industry, especially e-shops will grow, so people will focus more on online payments and this could be a way how they become use cryptocurrencies.

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There is no way Covid 19 will directly increase the adoption of Bitcoin right now.
The reason is because the level of the worldwide pandemic is not on the same scale as one that will cause crumbling of economies and governments.
This is not an extinction level crisis
So cryptocurrencies adoption may not necessarily shoot up during this time.
However many people are starting to see the opportunities of investing in bitcoin at this time.

KimmyF

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Quote from: Alhamza24 on March 24, 2020, 11:35:56 AM

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?

Only one big country can change price in cryptocurrency but in this crisis very hard to think what is the future. Stock exchange billions dollar investment is now millions dollar. Of course this effect was showing on Bitcoin. Now people want to secure funds instead send to others.

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