Economy after COVID-19 - page 32. | Bitcointalksearch.org

Vannie12

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Quote from: Abiky on May 15, 2020, 10:29:56 PM

With the ever-increasing need for social distancing, people are recurring to online payments and e-commerce sites. The longer it takes to find a cure for the disease, the faster our world will change economically. During the pandemic, people will be using credit/debit cards more than physical cash itself. It's no wonder since physical cash is known to carry germs and bacteria with them.

Decentralized payments are being implemented also as I have heard in the news even to local transportation.
But I still think the use of digital currencies and other online payments, cards or debit may still be limited.
Some countries are still undeveloped or as we say, some people can't provide enough for them to keep up with the system.

Industries will eventually learn the essence of decentralization. They will realize that upgrade is a must in every aspect of their companies. I think covid-19 somehow wakes us up to reality and the importance of things that are neglected. Things will somehow improve after the pandemic.

metenjean

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Need one year to recovery for economic crisis after corona virus end, many countries get negative impact after their country faces with corona virus, they have begin again how to recovery and make many people stronger to faced bad moment again with corona virus.

rexxarofmoknathal

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I think it's going to take some time to recover, likely longer than people think.

Just because the government reduces or removes quarantine and lockdown restrictions doesn't suddenly mean the economy will bounce back.

It was already in severe jeopardy before all this happened, plus people have now adapted to working home—plenty might continue even in the future.

Dont expect anything drastic for at least 2-3 years.

sheenshane

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Probably the fiat money will survive in this pandemic, as what I can see little by little lockdown is being lifted in my country and fiat money is still the main form of exchange. If we're going to look back when we're still on a hard lockdown fiat money is still there and until now that we're starting to reopen our economy we're still using fiat money because some people aren't aware of cryptocurrency neither using a digital currency such as credit or debit card.

It will be a disaster to a country like ours if in an instance we will adopt crypto just because of the covid19. We probably consider that most people are now more aware of the advantages of online transactions. However, that will not be enough reason for people to shift into cryptocurrency as a replacement for the digital currency will be the next on the line if fiat money will be demise and a replacement will be needed, IMO.

Lucius

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Quote from: suchmoon on May 16, 2020, 11:46:59 AM

Quote from: Lucius on May 16, 2020, 10:22:02 AM

Transmission of the virus via paper/banknotes is unlikely, and completely impossible if you wash/disinfect your hands regularly. Should we also stop to read newspapers and books?

That's not quite the same. Handling cash where you can't wash your hands immediately after you touched notes/coins handed to you by someone else can be a risk, and it can add up if you do it a lot (e.g. you sell something in a market). Granted plastic cards aren't much better if people need to hand them over to the cashier and/or enter a pin.

I wrote "completely impossible" which of course is not true if one does not adhere to the rules of frequent hand disinfection. Although it may seem quite difficult, but I personally disinfect my hands after every contact with banknotes, because such are the rules in every store, supermarket, hair salon - you can't go in or out without disinfecting your hands. Of course, we should always avoid touching our eyes, nose and mouth with hands that are not completely clean.

Quote from: The Sceptical Chymist on May 16, 2020, 01:34:35 PM

As long as the banking system hasn't failed (as it almost did in 2008), bitcoin isn't ever going to become a mainstream currency.

The complete collapse of the banking system is quite unrealistic for me, because the whole world economy is closely connected with banks, and also with the governments of the world. Proof of this is the fact that it was governments that rescued banks after the last recession, with taxpayers' money, of course. There is no doubt that the same thing will happen again if necessary, but only because most people accept such rules of the game. Most people don't really want more responsibility for their finances, if you give them a choice between a plastic bank card and a PIN vs Bitcoin and private keys, 99% of them will still choose this first option.

AniviaBtc

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Quote from: FanEagle on May 16, 2020, 01:24:13 PM

Probably going to take years to go back to what it used to be, however that is maybe a good thing if we could manage to change the whole system since it showed that it didn't worked. I mean we had this in 2008 as well and it didn't worked at all, look at 2020 and we see that we didn't learned anything from the 2008 crisis at all, maybe we will find a way to figure out what is wrong this time around.

I am not too happy about if we would be learning anything from this neither, but there is that potential and I am really excited about it. Look at the world right now, everyone moves a bit more progressive left right now in the young generation and that is very important actually. However, the 70's hippies all grew up to become a conservative actually so I can't really say if this new generation will grow up to be even more progressive or will they become conservative as well.

There are a lot of sectors that are mostly affected by this pandemic and one of these are our agricultural and financial resources. It will surely take so long for our country to fully recover from this pandemic because it will not instantly go back to normal as there are still long term effect that this virus brought to us.

It will really hard for us to deal with this pandemic without our government's preparedness because we have no precise and concrete plan to manipulate and manage this pandemic. We are all not prepared, we are shocked about how fast this pandemic came to us and now we're all suffering.

Hopefully, this pandemic already ends and the vaccine could be discovered as quickly as possible, so that it is easy for us to recover faster from the damage and financial losses that we had. I know that there are businesses that wants to be reopen so that our economy will somehow become stable but I don't think that opening business is the solution for this pandemic.

CarnagexD

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It is too much to tell what will happen for the next coming days when the COVID-19 will be done because it is some instance there is a chance that this outbreak is just starting today, or we can be called as the first wave of the outbreak, even some of the countries made lockdown on their places we cannot stop people getting out of their places just to find all the things they need like foods, equipment, tools, clothes, personal hygiene, and more than a regular person needed for its everyday life. Even there is a lot of news about the countries getting recovered and there are no new signs for having a new wave of infection from the previous outbreaks they have the following wave because of getting too much confident after the virus is gone. It is better to be prepared and still aware of the possible things might happen. This virus gives us a lot of lessons and better to apply it and still better to restrict the rule for over a few months to make sure that the we are now a COVID free.

Negotiation

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I think it will take some time for the economy to return to normal after COVID-19 Many people have been affected by the virus which has affected the world economy Particularly poor countries will be able to gradually overcome their effects. However if a method is found to cure this virus it is possible to recover this crisis very soon If every country's government adopts digital currencies and invests in them it is very easy for a country's economy to recover It will not take long for the demand for digital currencies to increase and helpless people to overcome the crisis.

Saisher

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Quote from: Abiky on May 15, 2020, 10:29:56 PM

How do you think the economy will be after COVID-19's demise? Will it gradually recover? Or will it stay the same? Will central banks collapse to a point where only people transact with decentralized cryptocurrencies in the free world? Your input will be greatly appreciated.

Some countries are barely surviving these are the poor countries who got badly impact of the Coronavirus, the recover depends so much on how our scientist can create a vaccine for this virus, the early we can come up, the better the chances for countries to come back, all countries cannot keep up with this for a year, they are coming up with solutions to minimize.

They are launching a campaign like social distancing wearing a mask and many more, that's the best that they can do.

CaVO32

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Quote from: Sirait on May 16, 2020, 07:52:31 PM

Quote from: mersal on May 16, 2020, 02:11:00 PM

Since WHO announced this covid may turn out into endemic, many countries decided to relax their lockdown restrictions to increase the economic activities even though the number of cases is still not yet under their control.As a result of this many governments will encourage small business to accept fully digital payments but I doubt they will introduce own centralized version of tokens then the banking sectors will collapse then again it will do more harm to the government.

residents in my city today seem to care more about covid19, activities have returned to normal and the rules that used to be very strict began to be relaxed

WHO has said that this disease will forever be with us, so we cannot be forever quarantined, the economy will return to normal, but cleanliness must be kept in mind

the new normal will be different now like wearing your mask at all times and social distancing. since we can't avoid this virus for long time and waiting for vaccine may take years, it is just practical that countries will slowly open their economic activities and one by one, shops will open and continue their services. but people will be more conscious with their surrounding environment. and with this, economy will slowly recover but expect that it may be years before we will see what it was used to be.

Sirait

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Quote from: mersal on May 16, 2020, 02:11:00 PM

Since WHO announced this covid may turn out into endemic, many countries decided to relax their lockdown restrictions to increase the economic activities even though the number of cases is still not yet under their control.As a result of this many governments will encourage small business to accept fully digital payments but I doubt they will introduce own centralized version of tokens then the banking sectors will collapse then again it will do more harm to the government.

residents in my city today seem to care more about covid19, activities have returned to normal and the rules that used to be very strict began to be relaxed

WHO has said that this disease will forever be with us, so we cannot be forever quarantined, the economy will return to normal, but cleanliness must be kept in mind

MCobian

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We all want this COVID-19 to end soon. So that the economy can recover soon, because it is to restore the economy as a result COVID-19
must be gradual. And even then there are some things that have changed, especially in terms of financial transactions. Now people already
accustomed to doing financial transactions digitally. Because besides being more efficient, digital transactions are also very safe. To return
the economy will return to normal will take a relatively long time. Because besides being financially drained, there is a sense of trauma which
affects some people's psychic.

exstasie

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Quote from: Lucius on May 16, 2020, 10:22:02 AM

Quote from: https://www.centralbanking.com/central-banks/currency/7509046/will-cash-survive-covid-19

On March 16, the South African Reserve Bank stated there was no evidence to suggest Covid-19 is transmitted through the use of banknotes. Gary McLean, a professor of molecular immunology at London Metropolitan University, says: “The virus will not survive on cash for the length of time certain bacteria can, and will still require hand-to-face contact, minimising the transmission chances. There are no scientific studies demonstrating the coronavirus on cash, nor if it can be transmitted in that way.”

Sounds like when the WHO said there was no evidence of human-to-human transmission of the corona virus. Wink

Logic says it's not nearly as worrisome as direct respiratory transmission, but that's also why scientists aren't studying this issue. It's relatively unknown what the risk of transmission is from surfaces, period.

Quote from: Lucius on May 16, 2020, 10:22:02 AM

Transmission of the virus via paper/banknotes is unlikely, and completely impossible if you wash/disinfect your hands regularly. Should we also stop to read newspapers and books?

Books don't get passed back and forth through dirty hands all day, every day. Just playing devil's advocate. Tongue

The contactless payment method plays a role, but I think the real value central banks see in CBDCs is the ability to quickly infuse liquidity (like unemployment benefits or stimulus checks) into the system. The crushing inefficiency of existing bureaucratic systems has done a lot to exacerbate the economic shock of the lockdowns.

Yatsan

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With what I see now from the news I think it is going to be hard for us to get the economic stabilization why? because even we still have the virus now we are reopening everything, look at the city of Las Vegas they are trying to open the hotels and restaurants amidst the threat of the virus, and here in our country? they started to reopen malls and business with guidelines that isn't that effective at all. We are just making the scenario worse for everyone. The government cannot sustain us, YES, but do we need to do things in an extent? We are running after the economy but we are risking our lives, will that be worth at all? I guess not.

mersal

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Since WHO announced this covid may turn out into endemic, many countries decided to relax their lockdown restrictions to increase the economic activities even though the number of cases is still not yet under their control.As a result of this many governments will encourage small business to accept fully digital payments but I doubt they will introduce own centralized version of tokens then the banking sectors will collapse then again it will do more harm to the government.

The Sceptical Chymist

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Quote from: Abiky on May 15, 2020, 10:29:56 PM

The economy might never be the same as before, since people will start to value intangible items over tangible ones more thoroughly. A world where everything is digitized or "tokenized" seems to be the economy of the future.

Nah, I doubt it. In my area, things are starting to get back to normal and restrictions are slowly being lifted, which is giving me hope that things are going to be returning to as close to normal as they're going to get. And so far I've seen no evidence that the COVID-19 outbreak has been pushing people toward using crypto. Online shopping yes, but we all know how few merchants accept bitcoin as payment. All the stuff people have been buying from Amazon and everywhere else was bought with fiat, and that's not going to change anytime soon.

Stores in my area also continued to accept physical cash as well, which is what I normally use.

Quote from: Febo on May 16, 2020, 09:47:34 AM

It is sad that crypto economy is not ready yet for mainstream.

As long as the banking system hasn't failed (as it almost did in 2008), bitcoin isn't ever going to become a mainstream currency.

FanEagle

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Probably going to take years to go back to what it used to be, however that is maybe a good thing if we could manage to change the whole system since it showed that it didn't worked. I mean we had this in 2008 as well and it didn't worked at all, look at 2020 and we see that we didn't learned anything from the 2008 crisis at all, maybe we will find a way to figure out what is wrong this time around.

I am not too happy about if we would be learning anything from this neither, but there is that potential and I am really excited about it. Look at the world right now, everyone moves a bit more progressive left right now in the young generation and that is very important actually. However, the 70's hippies all grew up to become a conservative actually so I can't really say if this new generation will grow up to be even more progressive or will they become conservative as well.

abhiseshakana

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The lockdown phenomenon to break the chain of spreading of corona indirectly creates new norms in our lives. Online transactions and the use of digital money are priorities and choices over hand to hand cash transactions. The longer the online transaction will be something common, not something new because it is accustomed.

After the corona outbreak is over, the problem is not the way of the transaction but the double economic shock in the supply and demand side as an economic circumstance in recession, depression, or great depression. Economic recession is a certainty due to budged easing and stimulus for pandemic mitigation. After Corona there were no significant developments in cryptocurrency because the subjects were still recovering.

Now what we have to think about is not a form of transaction lubricant but how to make transactions in the real sector. The government must create multi-layered productive labor-intensive projects to absorb as much unemployment as possible after Corona.

suchmoon

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Quote from: Lucius on May 16, 2020, 10:22:02 AM

Transmission of the virus via paper/banknotes is unlikely, and completely impossible if you wash/disinfect your hands regularly. Should we also stop to read newspapers and books?

That's not quite the same. Handling cash where you can't wash your hands immediately after you touched notes/coins handed to you by someone else can be a risk, and it can add up if you do it a lot (e.g. you sell something in a market). Granted plastic cards aren't much better if people need to hand them over to the cashier and/or enter a pin.

fiulpro

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See days before the online payment was an option . People can decide what they want to do or to not do , but now , it is both a Matter of safety , plus at the same time the shops are giving you discounts on the online paid orders .
The banks are closed and ATM's most of the times are out of the cash and during quarantine it is really hard to go outside. Therefore people who did not know anything about the Bitcoins are now engaging in the community , therefore for the future I do see the economy going cashless .
People who are able to get used to it will be able to earn during this time , unfortunately the society is changing weather we like it or not.

Topic: Economy after COVID-19 - page 32. (Read 8979 times)