There could be an open possibility that after this covid-19 pandemic, Bitcoin adaptation will come that is when people will come into realization of the importance and usage of Bitcoin really is. Also, it could be possible to make happen once the economic state of each and every country will come into a recovery because there is a need of funding to be able to adapt on using Bitcoin of course. But that was an open possibility only because there might still be countries who will still stick into their national currency for they still do not understand the real essence of Bitcoin.
Here in my country, although we are not prohibited and not encourage by our government, we can still make use of Bitcoin but only on our own risk because our government have a different point of view towards using cryptocurrencies. Also, there are still ways our people can access their money on a cashless manner like using debit/credit card, mobile banking and use of apps to access their funds. But for other countries who have fully adapt Bitcoin, surely there would be a wide to massive usage of it.
Topic: Is global adoption of Bitcoin possible post-Covid? (Read 813 times)
The global adoption should have increase if the economic situation in the world has improved. The space is adopting more online transaction which Jeff Bezos himself has enjoyed, $75 billion worth increase in covid era only. Gold growth had slowed than recently while bitcoin seem to have made more profit and recovery in price in last 3 months from Corvid. The digital looks more attractive with the ROI and the portability.
I’m glad that one of my friends raised this topic last night and then mentioned about bitcoin. He already knows that I am into bitcoin, but he wasn’t and was waiting for the right time to ask me about it so that I can introduce it properly to him. He asked whether it was a good investment, I made him know it’s a good one but there are risks just like other investments out there. He was already investing in low risks bonds, and after our discussion last night he’s also planning to invest little money in BTC
Myself, I wouldn't advise anyone on investing in anything, Bitcoin or otherwise. Basically, you can't give exact instructions on how to make money (as there are none). Then, if something goes wrong and your friend loses his precious shekels, he will blame you even if he won't reveal his feelings in the open. He will inevitably and unwittingly feel a grudge against you. If you now feel responsible for the feasibility of your advice and how it is going to play out for your friend (which you should), you can expect such an outcome
But ultimately, it is up to you, of course
I'm skeptical about this possibility. During a chaotic economic situation like the one described here people would find alternatives to preserve their goods, of course, but I think bitcoin isn't the first one in most minds... My guess is that people would prefer to put their money in properties to keep its value.
It's a very traditional and safe way to keep your money value. On the other hand, adopting bitcoin still has its risks and it can put your patrimony in danger the same way a broken economy does.
Yes you’re right about that, a lot of people in the country I live are going for properties such as land and buying a portion in real estate. Only a few people are talking about Bitcoin.It's a very traditional and safe way to keep your money value. On the other hand, adopting bitcoin still has its risks and it can put your patrimony in danger the same way a broken economy does.
I’m glad that one of my friends raised this topic last night and then mentioned about bitcoin. He already knows that I am into bitcoin, but he wasn’t and was waiting for the right time to ask me about it so that I can introduce it properly to him. He asked whether it was a good investment, I made him know it’s a good one but there are risks just like other investments out there. He was already investing in low risks bonds, and after our discussion last night he’s also planning to invest little money in BTC.
I'm skeptical about this possibility. During a chaotic economic situation like the one described here people would find alternatives to preserve their goods, of course, but I think bitcoin isn't the first one in most minds... My guess is that people would prefer to put their money in properties to keep its value.
It's a very traditional and safe way to keep your money value. On the other hand, adopting bitcoin still has its risks and it can put your patrimony in danger the same way a broken economy does.
It's a very traditional and safe way to keep your money value. On the other hand, adopting bitcoin still has its risks and it can put your patrimony in danger the same way a broken economy does.
I think the global acceptance of Bitcoin after Kovid is possible because every person in the world has suffered a lot because of the virus. Many are unemployed so if the government of that country supports the use of bitcoin people's lives will be much easier and no one will be disappointed with the loss of jobs.
Being in the bitcoin community I know it is great to adopt bitcoins and allow it's trading legally but how will bitcoins adoption help people who have lost their jobs during the pandemic? That seems out of my understanding because bitcoins is not something you would get for free once the government allow it to be purchased and sold legally.Since Bitcoin does not require any financial institution to complete the transaction and its transaction movements cannot be followed in any way Bitcoin is becoming increasingly popular worldwide. In addition to legal goods transactions the use of Bitcoin in drug smuggling and money laundering has also increased alarmingly Although Bitcoin has gained popularity as a digital currency it has been criticized by many for its sharp fluctuations in price against various international currencies its scarcity and its limited use in business.
That it so true and those smuggling and other terrorist activities have held back bitcoins from being bloomed to world wide adoption. As far as fluctuations are concerned I don't think anyone is too worried about them because being as asset being used as a currency there will always be value changes from time to time. Everyone just needs to understand that bitcoin is an asset not a currency and hence price will change as market demand and supply changes. The global adaption of Bitcoin after this covid-19 pandemic might be possible if and only if all are capable to adapt usage and if the government of each and every country will allow the legal usage and adaptation of Bitcoin.
Government might actually have to adapt a digital payment system because no touch payments will be more preferable in future considering how the virus can be spread through touching a person and let's be honest the corona virus is going to be with us for a long time until vaccine is developed.The problem government face with allowance of bitcoins is that there are more illegal activities because while decentralization offers benefits there are those downsides too where people can evade taxes since there is no way to know who holds how much money. If these challenges can be worked upon somehow then there is no way that bitcoins cannot help a cash-less economy.
The problem is once again what it has already been. Creating money out of thin air devalues money and creates Inflation. Now most of the investors around the world are worried regarding the demon of "INFLATION" . Now it's a well known fact that inflation backed without by any Economic Growth could lead the country into a hyper inflationary stage
You are looking at only one side of the coin
It is indeed a well-known fact that expansion in money supply should be accompanied, and ideally even preceded, by economic growth. However, this analysis is not all-encompassing as it doesn't include every possible situation. And while what you say is true in general, it is not necessarily true under current circumstances. That is to say, you don't take into account the sharp decline in consumer expenditures due to the quarantine
People don't work and thus they don't earn money. Then, they can't buy (as much as before), and that, if left unattended and allowed to develop on its own, would cause deflation. To avoid this, central banks are injecting liquidity into the system. In other words, the fiscal stimulus is to make up for the lost income and, by extension, the loss of demand. If this policy is carried out wisely and cautiously, it shouldn't actually lead to unbridled inflation, if any inflation at all
When people talk about Global Adoption of A Cryptocurrency, users that are knowledgeable about Cryptocurrency will already think about Bitcoin BUT it just won't work that way. We need to look or create a way where it is not just Bitcoin that is ready to be adopted into the world. We need them to be ready for the whole Cryptocurrency Industry and not just pertain to Bitcoin because as users know that there are a lot of opportunities in this Industry then what more could happen if it got introduced properly and cater a lot of attention. That would be a great advancement for the industry and it also instant promotion for a lot of Cryptocurrencies.
We can also see that some Cryptocurrencies are made by specifically helping those who are affected with the Pandemic and that would be great if it gets a lot more attention since its helping people.
We can also see that some Cryptocurrencies are made by specifically helping those who are affected with the Pandemic and that would be great if it gets a lot more attention since its helping people.
Probably the global adaptation of Bitcoin could be possible to come after this covid-19 pandemic if the people specially the government have come into realization of the real importance and usage of cryptocurrency really is; because even if the people would be wanting to use Bitcoin freely, but the government is becoming a big hindrance prohibiting people to use it, the urge of wanting to use and adapt Bitcoin will be nonsense since the government is the one ruling the nation.
I do not think there will be no need of any government part here; I mean government may remain as it is how it is doing for last ten years but bitcoin needs to prove its potential against slow economy conditions to convince people to adopt up to the level like main stream adoption.
In my opinion, only people need to find and decide about adoption of bitcoin regardless of where their government stands against bitcoin and its legal things. Still I agree, if governments legalize about bitcoin adoption then all will happen over the night. But, I believe that is not a necessary one because without government's nod as well we will have bitcoin to be a mainstream payment system.
The adaptation of Bitcoin could only be possible if the two parties (citizens and government) will both agree into a decision of using Bitcoin effectively.
Not actually. Government's decision will boost bitcoin adoption. If government remain against or neutral that will not stop bitcoin adoption happening but probably in slower pace.
Probably the global adaptation of Bitcoin could be possible to come after this covid-19 pandemic if the people specially the government have come into realization of the real importance and usage of cryptocurrency really is; because even if the people would be wanting to use Bitcoin freely, but the government is becoming a big hindrance prohibiting people to use it, the urge of wanting to use and adapt Bitcoin will be nonsense since the government is the one ruling the nation.
The adaptation of Bitcoin could only be possible if the two parties (citizens and government) will both agree into a decision of using Bitcoin effectively. Also, the adaptation of using Bitcoin could be possible if and only if all will be participating on adapting using it which will surely push through that the demand of the crowd must be followed. If the government agrees and the citizens will want to adapt using Bitcoin, then that is the time that it could be possible for Bitcoin to be adapted to be used after this covid-19 pandemic.
The adaptation of Bitcoin could only be possible if the two parties (citizens and government) will both agree into a decision of using Bitcoin effectively. Also, the adaptation of using Bitcoin could be possible if and only if all will be participating on adapting using it which will surely push through that the demand of the crowd must be followed. If the government agrees and the citizens will want to adapt using Bitcoin, then that is the time that it could be possible for Bitcoin to be adapted to be used after this covid-19 pandemic.
I think the global acceptance of Bitcoin after Kovid is possible because every person in the world has suffered a lot because of the virus. Many are unemployed so if the government of that country supports the use of bitcoin people's lives will be much easier and no one will be disappointed with the loss of jobs.
Since Bitcoin does not require any financial institution to complete the transaction and its transaction movements cannot be followed in any way Bitcoin is becoming increasingly popular worldwide. In addition to legal goods transactions the use of Bitcoin in drug smuggling and money laundering has also increased alarmingly Although Bitcoin has gained popularity as a digital currency it has been criticized by many for its sharp fluctuations in price against various international currencies its scarcity and its limited use in business.
Since Bitcoin does not require any financial institution to complete the transaction and its transaction movements cannot be followed in any way Bitcoin is becoming increasingly popular worldwide. In addition to legal goods transactions the use of Bitcoin in drug smuggling and money laundering has also increased alarmingly Although Bitcoin has gained popularity as a digital currency it has been criticized by many for its sharp fluctuations in price against various international currencies its scarcity and its limited use in business.
The global adaption of Bitcoin after this covid-19 pandemic might be possible if and only if all are capable to adapt usage and if the government of each and every country will allow the legal usage and adaptation of Bitcoin. We all know that there are countries who prohibit using cryptocurrencies even Bitcoin because of their own valid reasons stated by their governments. But if the government of different countries have come into realization that using and adapting Bitcoin will be beneficial for cases like this, it can be possible that the world will adapt using it for good. As of now, what we need to put more focus is first the solution we can attain at this very point of time and then maybe at the right moment, people will realize the importance of using cryptocurrencies most specially Bitcoin so that if ever another thing like this Pandemic would happen once again, (which must no happen as much as possible) then we already have cryptocurrency (Bitcoin) to rely on.
The borrowing from the International Monetary Fund is a disaster.
That fund imposes a lot of catastrophic restrictions that burden many countries, so countries will not borrow from it.
you mean the World Bank because it is the one that grants loans and finances and not like the monetary fund that has harsher terms.
Countries will sell their reserves of gold and silver, and countries with the least reserves will print the money.
Printing more money will damage their economy itself because it will result into hyperinflation so getting loan is better than complete collapse.But selling their reserves could be a better option, anyway life after covid 19 is going to be tough because countries will starts to ask more taxes to compensate with the early losses so people might be thinking about moving to cryptos as soon as possible. That fund imposes a lot of catastrophic restrictions that burden many countries, so countries will not borrow from it.
you mean the World Bank because it is the one that grants loans and finances and not like the monetary fund that has harsher terms.
Countries will sell their reserves of gold and silver, and countries with the least reserves will print the money.
Yes global adoption of bitcoin is possible but I think not during this time because many of us lose our jobs and livelihood because of covid-19 pandemic, our money just enough for everyday necessities like food.
I think these issues are already what Bitcoin is striving to fight with but in current times they seem to be more deadly. Bitcoin is providing a practical solution for it at-least as a stable alternative to Fiat.
The inflation rate might be able to supress depending on the economy growth. The higer rate of economic growth of a certain country the lesser inflation rate will apply or none at all.
However, promoting economic growth is not that easy that is why most of the country had been such into a huge debt. It made worst due to pandemic to which it started from china. I hate these chinese people eating bats. Grrrrr...
It is very possible that adoption of Bitcoin will occur after the pandemic, because everyone will change their way of thinking. Which is the investment
world increasingly considered important. And one of them is investing in Bitcoin will be the best choice for investment, because besides not being
affected by the pandemic. Bitcoin can be a solution as a source of income in the midst of an economic crisis like now, then the other benefits of Bitcoin
can prevent COVID-19 deployment. Because all Bitcoin transactions are carried out digitally.
world increasingly considered important. And one of them is investing in Bitcoin will be the best choice for investment, because besides not being
affected by the pandemic. Bitcoin can be a solution as a source of income in the midst of an economic crisis like now, then the other benefits of Bitcoin
can prevent COVID-19 deployment. Because all Bitcoin transactions are carried out digitally.
This pandemic has opened many eyes to the emergence of blockchain. The query for Bitcoin and other alternative coins have skyrocketed during this period and that is indication that people are looking towards alternative. Blockchain is here for the change that is most deserved.
I hope so, but there are still a lot of countries who are not joining in the use of cryptocurrency in their economy.
We can't please everyone to use bitcoin that easy because it is a process that we need to do in order to persuade them and make them become interested in the advantages of using bitcoin. VOLATILITY is a nature of bitcoin and we have nothing to do about it but we can manipulate our assets properly to lessen our mistakes.
Once we already achieve this global adoption of bitcoin in the near future, hopefully, the altcoin also have an opportunity to become recognized globally as an alternative source of profit.
It is just a matter of time for those countries that are still hesitant with crypto to make this as legal part of their economy. As other progressive countries are accepting crypto as part of their system, others will soon follow when they will see the impact of it in the economy. And owed to this pandemic, a lot of entities are seeing now the benefits of using crypto even as one of the payment methods. I believe more merchants will integrate crypto as their payment method to avoid contact with their customers.
i like the suggestion of using crypto for merchants but that is also possible if crypto is already legal on that country . why not government see this a reason for them to legalize btc . they can disregard the negative effects of crryptos for a while .
global adoption during this crisis times can be possible in the form of using crypto as a payment method to avoid direct contact , also increase the exposure of crypto related markets online .
This pandemic has opened many eyes to the emergence of blockchain. The query for Bitcoin and other alternative coins have skyrocketed during this period and that is indication that people are looking towards alternative. Blockchain is here for the change that is most deserved.
I hope so, but there are still a lot of countries who are not joining in the use of cryptocurrency in their economy.
We can't please everyone to use bitcoin that easy because it is a process that we need to do in order to persuade them and make them become interested in the advantages of using bitcoin. VOLATILITY is a nature of bitcoin and we have nothing to do about it but we can manipulate our assets properly to lessen our mistakes.
Once we already achieve this global adoption of bitcoin in the near future, hopefully, the altcoin also have an opportunity to become recognized globally as an alternative source of profit.
It is just a matter of time for those countries that are still hesitant with crypto to make this as legal part of their economy. As other progressive countries are accepting crypto as part of their system, others will soon follow when they will see the impact of it in the economy. And owed to this pandemic, a lot of entities are seeing now the benefits of using crypto even as one of the payment methods. I believe more merchants will integrate crypto as their payment method to avoid contact with their customers.
Blockchain is one thing but crypto currencies are a whole another thing. With crypto being adopted too much and people using it a lot more common, I would say that it is quite possible that we could make a profit from it not in just money form but also in safety form as well. It is a decentralized thing that is independent from any government, it is touchless that you can send via your mobile phone to other people, it is electronic and secure and can't be hacked.
Basically everything that a regular fiat currency lacks exists in blockchain ruled bitcoin right now. That is why I believe that people should take a look at bitcoin not just in a way that could profit them more fiat currency, but in a way that they could just use that one alone without changing it to anything else.
Basically everything that a regular fiat currency lacks exists in blockchain ruled bitcoin right now. That is why I believe that people should take a look at bitcoin not just in a way that could profit them more fiat currency, but in a way that they could just use that one alone without changing it to anything else.
The borrowing from the International Monetary Fund is a disaster.
That fund imposes a lot of catastrophic restrictions that burden many countries, so countries will not borrow from it.
you mean the World Bank because it is the one that grants loans and finances and not like the monetary fund that has harsher terms.
Countries will sell their reserves of gold and silver, and countries with the least reserves will print the money.
That fund imposes a lot of catastrophic restrictions that burden many countries, so countries will not borrow from it.
you mean the World Bank because it is the one that grants loans and finances and not like the monetary fund that has harsher terms.
Countries will sell their reserves of gold and silver, and countries with the least reserves will print the money.
This pandemic has opened many eyes to the emergence of blockchain. The query for Bitcoin and other alternative coins have skyrocketed during this period and that is indication that people are looking towards alternative. Blockchain is here for the change that is most deserved.
I hope so, but there are still a lot of countries who are not joining in the use of cryptocurrency in their economy.
We can't please everyone to use bitcoin that easy because it is a process that we need to do in order to persuade them and make them become interested in the advantages of using bitcoin. VOLATILITY is a nature of bitcoin and we have nothing to do about it but we can manipulate our assets properly to lessen our mistakes.
Once we already achieve this global adoption of bitcoin in the near future, hopefully, the altcoin also have an opportunity to become recognized globally as an alternative source of profit.
This pandemic has opened many eyes to the emergence of blockchain. The query for Bitcoin and other alternative coins have skyrocketed during this period and that is indication that people are looking towards alternative. Blockchain is here for the change that is most deserved.
Yes definitely this is why I am saying a new technology is adopted only when people realize the demerits of the previous one. But there is another thing that until now markets have managed to pick up the pace once again post covid but I still feel there would a big crash incoming because even after such a huge lockdown and zero sales of many companies for months it's hard to imagine that their prices won't tumble. I think things might unfold after results of first quarter.Now they are looking more at the problem.
Perhaps it's time to change the system.
But I doubt the government will push that to happen.
They will look for other ways first until there will be no more. That's when bitcoin will come in.
So yes, it is possible but I don't think post-COVID just yet.
Perhaps it's time to change the system.
But I doubt the government will push that to happen.
They will look for other ways first until there will be no more. That's when bitcoin will come in.
So yes, it is possible but I don't think post-COVID just yet.
The government will certainly do research first before establishing a new system by adopting bitcoin. There's a lot to consider about bitcoin voting. Other ways besides using bitcoin may continue to appear. Until now digital payment platforms other than bitcoin and cryptocurrency are still very popular. It will indeed take a long time to make bitcoin adopted as an alternative payment tool. But at this time in my country bitcoin is only getting regulation as a commodity asset and not allowed as a legal payment tool.
Social media is now a great weapon. Perhaps we could enlighten them on the truth about bitcoin and not just as an investment option.
It's a good start to push a government. By how the people will react.
Social media is also a need for bitcoin. Like a knife that is used to hurt people and is used for cooking. There will be positives and negatives. It's a good start to push a government. By how the people will react.
People's reactions will vary depending on the understanding they know about bitcoin.
This pandemic might have little effect on bitcoin, but it doesn't look that big.
This pandemic has opened many eyes to the emergence of blockchain. The query for Bitcoin and other alternative coins have skyrocketed during this period and that is indication that people are looking towards alternative. Blockchain is here for the change that is most deserved.
I think your points are valid and that in the case things go like you've stated, bitcoin can be seen as a solution for several of those problems, nevertheless bitcoin is already a solution for a lot of the world problems and we don't see adoption happening anytime soon...
I agree with the user that said that adoption will come with or without the chaos, it can simply happen with the natural evolution of economy...
Yes. Global adoption for bitcoin will eventually happen but it will just take more time for it to be possible. For now, i don't see chances that this will happen with this pandemic time or post covid but hopefully in the future. But i must say that this pandemic has opened the eyes of a millions of people into crypto world and all its advantages that most of them didn't even know before. I agree with the user that said that adoption will come with or without the chaos, it can simply happen with the natural evolution of economy...
Now they are looking more at the problem.
Perhaps it's time to change the system.
But I doubt the government will push that to happen.
They will look for other ways first until there will be no more. That's when bitcoin will come in.
So yes, it is possible but I don't think post-COVID just yet.
Perhaps it's time to change the system.
But I doubt the government will push that to happen.
They will look for other ways first until there will be no more. That's when bitcoin will come in.
So yes, it is possible but I don't think post-COVID just yet.
The government will certainly do research first before establishing a new system by adopting bitcoin. There's a lot to consider about bitcoin voting. Other ways besides using bitcoin may continue to appear. Until now digital payment platforms other than bitcoin and cryptocurrency are still very popular. It will indeed take a long time to make bitcoin adopted as an alternative payment tool. But at this time in my country bitcoin is only getting regulation as a commodity asset and not allowed as a legal payment tool.
Social media is now a great weapon. Perhaps we could enlighten them on the truth about bitcoin and not just as an investment option.
It's a good start to push a government. By how the people will react.
Social media is also a need for bitcoin. Like a knife that is used to hurt people and is used for cooking. There will be positives and negatives. It's a good start to push a government. By how the people will react.
People's reactions will vary depending on the understanding they know about bitcoin.
This pandemic might have little effect on bitcoin, but it doesn't look that big.
The global adoption is possible, but not likely to happen. People are ready to buy volatile assets like Bitcoin when they have extra money. At the same time only few countries offered direct stimulus payments to all residents.
I think your points are valid and that in the case things go like you've stated, bitcoin can be seen as a solution for several of those problems, nevertheless bitcoin is already a solution for a lot of the world problems and we don't see adoption happening anytime soon...
I agree with the user that said that adoption will come with or without the chaos, it can simply happen with the natural evolution of economy...
I agree with the user that said that adoption will come with or without the chaos, it can simply happen with the natural evolution of economy...
I'm not sure what to say. Since there are no exact data about Bitcoin adoption I think that we can only guess in which extend pandemic has increased adoption or not. Possibly this pandemic was opportunity to increase Bitcoin adoption and to present to the people the advantages of cryptocurrencies, especialy in times like pandemic but II'm not sure this opportunity was used.
Somehow I have the feeling, although is just a feeling, that adoption isn't significantly bigger.
Somehow I have the feeling, although is just a feeling, that adoption isn't significantly bigger.
It was possible before covid and it is certainly possible post covid as well. What we should understand that adoption doesn't mean people all over the world stop using fiat and suddenly start using crypto as payment, we do not need that and that is not adoption, that is literally replacement. What we really should be looking for is people using crypto AND fiat at the same time which would be adoption.
People should have an option of using either crypto or fiat which means that if this option is offered in many places, that would be considered adoption. If we can go to that level in big places and becomes common everywhere, the price of bitcoin will go up a lot as well. I feel like stablecoins like USDT would make this easier for every place as well and allow everyone to both not get affected by volatility but offer an entry way to crypto as well.
People should have an option of using either crypto or fiat which means that if this option is offered in many places, that would be considered adoption. If we can go to that level in big places and becomes common everywhere, the price of bitcoin will go up a lot as well. I feel like stablecoins like USDT would make this easier for every place as well and allow everyone to both not get affected by volatility but offer an entry way to crypto as well.
I do not think it would be too hard, I mean look at what happened in 2008 and how we got here, look at any time when the markets are down, bitcoin is increasing its adoption. Just look at the transaction numbers, even if the price is not above $20k, we have more transactions today than those days, which means there are more sending and receiving of bitcoin.
Basically bitcoin world will get to a level where adoption will be inevitable and the whole world will offer that as an option, it will just take time. This will not change if it is covid or it is something worse or no covid or bad thing at all, whatever happens in the world, even if we get a lot worse, bitcoin will continue to increase its adoption, it will not stop. Only thing that could stop would be a corruption in the code itself and I do not see that happening at all.
Basically bitcoin world will get to a level where adoption will be inevitable and the whole world will offer that as an option, it will just take time. This will not change if it is covid or it is something worse or no covid or bad thing at all, whatever happens in the world, even if we get a lot worse, bitcoin will continue to increase its adoption, it will not stop. Only thing that could stop would be a corruption in the code itself and I do not see that happening at all.
We place too much of a responsibility on Bitcoin more than it can take lol. How exactly do you now think that countries will start adopting cryptocurrency because of the things you have mentioned here? Can cryptocurrency solve all these problems, really? If we will all be sincere here, cryptocurrency is not a solution in this kind of situation. There is more to this than adopting cryptocurrency. Cryptocurrency is only going to help us in peer-to-peer transaction around the world and there is nothing more, it’s not going to magically save every country in the world from falling due to pandemic.
When people think about saving their hard earned money not to be saved on highly inflated fiats then they can get into bitcoins still bitcoin will act here like any other store-of-value asset and cannot be a pure currency. So, global adoption of bitcoin may happen when people have excess money and think about saving for their better future. I am not foreseeing such a situation where people start think about saving into deflationary assert straight after the pandemic.
When people think about saving their hard earned money not to be saved on highly inflated fiats then they can get into bitcoins still bitcoin will act here like any other store-of-value asset and cannot be a pure currency. So, global adoption of bitcoin may happen when people have excess money and think about saving for their better future. I am not foreseeing such a situation where people start think about saving into deflationary assert straight after the pandemic.
Now they are looking more at the problem.
Perhaps it's time to change the system.
But I doubt the government will push that to happen.
They will look for other ways first until there will be no more. That's when bitcoin will come in.
So yes, it is possible but I don't think post-COVID just yet.
Social media is now a great weapon. Perhaps we could enlighten them on the truth about bitcoin and not just as an investment option.
It's a good start to push a government. By how the people will react.
Perhaps it's time to change the system.
But I doubt the government will push that to happen.
They will look for other ways first until there will be no more. That's when bitcoin will come in.
So yes, it is possible but I don't think post-COVID just yet.
Social media is now a great weapon. Perhaps we could enlighten them on the truth about bitcoin and not just as an investment option.
It's a good start to push a government. By how the people will react.
Now that, the whole world is in sort of an Economic Outrage due to Covid, It is worthwhile to note that every Government around the world has announced certain fiscal stimulus to boost up the economy once again.
Now here chances are that countries might have to lease out their territory to China as a repayment of these borrowings.
People around the world will realize that how easy it is for an economy to crash. I think these issues are already what Bitcoin is striving to fight with but in current times they seem to be more deadly. Bitcoin is providing a practical solution for it at-least as a stable alternative to Fiat.
Bitcoin is still striving to fight because of the current economic issues of every government. The effect of pandemic is the primary reason why many people are now suffering and also because of the gradual decline of the economy. Bitcoin could be a possible alternative solution for this but it needs more recognition and mass adoption.Now here chances are that countries might have to lease out their territory to China as a repayment of these borrowings.
People around the world will realize that how easy it is for an economy to crash. I think these issues are already what Bitcoin is striving to fight with but in current times they seem to be more deadly. Bitcoin is providing a practical solution for it at-least as a stable alternative to Fiat.
This is what's happening in India.
Since the people are inside their houses and don't have a job, it is said that they became interested in investing in cryptocurrencies as some stocks are also falling down while Bitcoin and other cryptos are not that affected by it. As we can see right now, the market is growing because of the adoption of Indians to it. I hope they don't ban it and we might see a continuous positive effect of it in the near future.
Although bitcoin is highly valued at this time, I still believe that it cannot be a common currency. because its value is always fluctuated very strongly every minute. no one would want to keep such a volatile asset class. If fiat money is really unstable and easily hurt the economy, we will return to Gold Standard. We have a lot of better assets to trade than using crypto, an asset that is easily manipulated.
Global adoption of Bitcoin is not possible post-Covid-19 because It requires time and some of its features to be changed and refined. Before the Global adoption of Bitcoin, It is important for everyone to know and understand it. Governments of different countries need to formulate different policies related to its management and revenue collection. Moreover, in order to spread it globally as a universally accepted medium, it needs to be converted into a stable currency by rolling out its price volatility. Because Bitcoin price volatility is popular with traders but it will lose its acceptability to the general public due to its volatility. Moreover, the cost of its transactions is comparatively high and somewhat time-consuming and in the case of conventional currency, no transaction cost is needed in case of hand to hand transactions. So it can be said considering all these issues that it is not possible to do it suddenly.
Now that, the whole world is in sort of an Economic Outrage due to Covid, It is worthwhile to note that every Government around the world has announced certain fiscal stimulus to boost up the economy once again.
Now here chances are that countries might have to lease out their territory to China as a repayment of these borrowings.
People around the world will realize that how easy it is for an economy to crash. I think these issues are already what Bitcoin is striving to fight with but in current times they seem to be more deadly. Bitcoin is providing a practical solution for it at-least as a stable alternative to Fiat.
Bitcoin is still striving to fight because of the current economic issues of every government. The effect of pandemic is the primary reason why many people are now suffering and also because of the gradual decline of the economy. Bitcoin could be a possible alternative solution for this but it needs more recognition and mass adoption. Now here chances are that countries might have to lease out their territory to China as a repayment of these borrowings.
People around the world will realize that how easy it is for an economy to crash. I think these issues are already what Bitcoin is striving to fight with but in current times they seem to be more deadly. Bitcoin is providing a practical solution for it at-least as a stable alternative to Fiat.
I will disappoint you, but everyone around you already knows that the world economy is like a house of cards - once the wind blows, everything will collapse.
no i didnt knew that yet but thanks for letting me know . economy is pretty weak as you define it but every country has its own weakness and strenghts , not all are the same .What does btc have to do with it?
Use as a means of payment in the domestic market between the buyer and the seller? There is no infrastructure, slow speed, lack of regulation, and so on.
btc is a money and are already part of the economy ever since we knew it . whether you like it or not , there will be btc users and they use thier btc for paying if not for investing .Use as a means of payment in the domestic market between the buyer and the seller? There is no infrastructure, slow speed, lack of regulation, and so on.
Use it for B2B calculation? Same.
And you should assume volatility. You bought a pizza for 0.0003 btc which is equal to 10 bucks, and after 5 minutes it is already 15 and you just can't stop crying. Well, maybe that's enough, huh? You are talking about inflation and as an alternative to trampoline offers Russian roller coasters. Everything okay?
well we knew that is volatile . people just take it or leave it . And you should assume volatility. You bought a pizza for 0.0003 btc which is equal to 10 bucks, and after 5 minutes it is already 15 and you just can't stop crying. Well, maybe that's enough, huh? You are talking about inflation and as an alternative to trampoline offers Russian roller coasters. Everything okay?
That is one of the flaws in OP's argument, the decentralize status of bitcoin is a big factor that every country should consider, in my opinion.
The decentralized nature of BTC is the reason why major governments around the world oppose crypto and BTC like crazy since they pose a threat to their own centralized currencies. This is the primary reason why most people around the world haven't adopted BTC yet since the governments don't let them through bans etc. Once the governments embrace them(Example: Indian government in recent times), adoption rates could go through the roof.
Also Indian government haven't embraced cryptocurrencies, they just started allowing banks to make the accounts of the companies related to crypto which were blocked back in 2018 by RBI, and this can also be temporary as the RBI has gained filed for re hearing of this case.
That is one of the flaws in OP's argument, the decentralize status of bitcoin is a big factor that every country should consider, in my opinion.
The decentralized nature of BTC is the reason why major governments around the world oppose crypto and BTC like crazy since they pose a threat to their own centralized currencies. This is the primary reason why most people around the world haven't adopted BTC yet since the governments don't let them through bans etc. Once the governments embrace them(Example: Indian government in recent times), adoption rates could go through the roof.
Printing an additional 10% of the money for a period of two or three months will not contribute to the collapse of the economies, but the continuation of home quarantine may cost a lot.
countries will start easing restrictions and returning to normal, but they will be costly and psychologically expensive.
If the epidemic is to spread again, the economy may lose all the benefit that has been achieved by reducing the epidemic and social divergence measures.
Strict laws are the solution.
countries will start easing restrictions and returning to normal, but they will be costly and psychologically expensive.
If the epidemic is to spread again, the economy may lose all the benefit that has been achieved by reducing the epidemic and social divergence measures.
Strict laws are the solution.
I will disappoint you, but everyone around you already knows that the world economy is like a house of cards - once the wind blows, everything will collapse. What does btc have to do with it?
Use as a means of payment in the domestic market between the buyer and the seller? There is no infrastructure, slow speed, lack of regulation, and so on.
Use it for B2B calculation? Same.
And you should assume volatility. You bought a pizza for 0.0003 btc which is equal to 10 bucks, and after 5 minutes it is already 15 and you just can't stop crying. Well, maybe that's enough, huh? You are talking about inflation and as an alternative to trampoline offers Russian roller coasters. Everything okay?
That is one of the flaws in OP's argument, the decentralize status of bitcoin is a big factor that every country should consider, in my opinion, it is not the volatility that is maing a break for bitcoin to become a mainstream currency but the fact that the global reserve of bitcoin is too small for the world's population. Use as a means of payment in the domestic market between the buyer and the seller? There is no infrastructure, slow speed, lack of regulation, and so on.
Use it for B2B calculation? Same.
And you should assume volatility. You bought a pizza for 0.0003 btc which is equal to 10 bucks, and after 5 minutes it is already 15 and you just can't stop crying. Well, maybe that's enough, huh? You are talking about inflation and as an alternative to trampoline offers Russian roller coasters. Everything okay?
I will disappoint you, but everyone around you already knows that the world economy is like a house of cards - once the wind blows, everything will collapse.
no i didnt knew that yet but thanks for letting me know . economy is pretty weak as you define it but every country has its own weakness and strenghts , not all are the same .What does btc have to do with it?
Use as a means of payment in the domestic market between the buyer and the seller? There is no infrastructure, slow speed, lack of regulation, and so on.
btc is a money and are already part of the economy ever since we knew it . whether you like it or not , there will be btc users and they use thier btc for paying if not for investing .Use as a means of payment in the domestic market between the buyer and the seller? There is no infrastructure, slow speed, lack of regulation, and so on.
Use it for B2B calculation? Same.
And you should assume volatility. You bought a pizza for 0.0003 btc which is equal to 10 bucks, and after 5 minutes it is already 15 and you just can't stop crying. Well, maybe that's enough, huh? You are talking about inflation and as an alternative to trampoline offers Russian roller coasters. Everything okay?
well we knew that is volatile . people just take it or leave it . And you should assume volatility. You bought a pizza for 0.0003 btc which is equal to 10 bucks, and after 5 minutes it is already 15 and you just can't stop crying. Well, maybe that's enough, huh? You are talking about inflation and as an alternative to trampoline offers Russian roller coasters. Everything okay?
I will disappoint you, but everyone around you already knows that the world economy is like a house of cards - once the wind blows, everything will collapse. What does btc have to do with it?
Use as a means of payment in the domestic market between the buyer and the seller? There is no infrastructure, slow speed, lack of regulation, and so on.
Use it for B2B calculation? Same.
And you should assume volatility. You bought a pizza for 0.0003 btc which is equal to 10 bucks, and after 5 minutes it is already 15 and you just can't stop crying. Well, maybe that's enough, huh? You are talking about inflation and as an alternative to trampoline offers Russian roller coasters. Everything okay?
Use as a means of payment in the domestic market between the buyer and the seller? There is no infrastructure, slow speed, lack of regulation, and so on.
Use it for B2B calculation? Same.
And you should assume volatility. You bought a pizza for 0.0003 btc which is equal to 10 bucks, and after 5 minutes it is already 15 and you just can't stop crying. Well, maybe that's enough, huh? You are talking about inflation and as an alternative to trampoline offers Russian roller coasters. Everything okay?
People around the world will realize that how easy it is for an economy to crash. I think these issues are already what Bitcoin is striving to fight with but in current times they seem to be more deadly. Bitcoin is providing a practical solution for it at-least as a stable alternative to Fiat.
We already experienced a stock market crash and Bitcoin followed it. An then Bitcoin recovered simultaneously with stocks. If we'll have a true economic crisis, people won't be buying Bitcoin, they will be selling their assets, including Bitcoin, to buy toilet paper, figuratively speaking. People want Bitcoin to be digital gold and a hedge against global economy, but it can't become such thing as long as it is a volatile speculative investment.
There's truth to your words because people invest whan they have an abundance of everything. When they already have a house, a car and a steady job they think about gambling, stocks, bitcoin.
You can see the same situation in cryptocurrencies. When Bitcoin goes to new highs people take some profits and gamble with it or buy shitcoins but when Bitcoin goes down people dump their shitcoins much faster and much harder.
If the world economy crashes both stocks and cryptocurrencies will go down with it.
People around the world will realize that how easy it is for an economy to crash. I think these issues are already what Bitcoin is striving to fight with but in current times they seem to be more deadly. Bitcoin is providing a practical solution for it at-least as a stable alternative to Fiat.
We already experienced a stock market crash and Bitcoin followed it. An then Bitcoin recovered simultaneously with stocks. If we'll have a true economic crisis, people won't be buying Bitcoin, they will be selling their assets, including Bitcoin, to buy toilet paper, figuratively speaking. People want Bitcoin to be digital gold and a hedge against global economy, but it can't become such thing as long as it is a volatile speculative investment.
Crashing of stock markets of those countries which are affected by this pandemic are the main struggle right now. It is not that easy to handle economic issues during this pandemic because it is hard to open businesses right now, but the use of Bitcoin is much easier to do. Bitcoin is a digital currency which we can use without even a single physical transaction.
It can be transferred using connection and I know that our technology is continuously advancing and most of us right now have an internet connections. It is easy for us to adopt bitcoin globally once we try to help its promotion and support the use of it depending on the market situation. After this pandemic, this will probably make a way for some people to invest in bitcoin.
post covid when we know going out is safer. no businesses will likely accept BTC especially if they dont know about it right now. all they'd rather want today are subsidies from government. an assurance that we and our kids dont die in hunger in the coming months.
there is no room for bitcoin adoption today. there are still payment method apart from cryptocurrency which governments will approved. bitcoin isn't on their list.
Indeed. We cannot push for it now just because there is a pandemic, I know cryptocurrencies are made for this situation but so are the other digital payment. Having it with crypto is a great move, but there is just greater for now. Based on the visualization below, I think the adoption of bitcoin as a buffer for the world economy to replace fiat currencies that digitalization is not possible after the pandemic because the more a country's crisis increasingly narrows the choice to be free from the grip of the dollar. We can take the example of Venezuela, an example of the case that the adoption of bitcoin in that country cannot reverse the economic situation in that country. The main goal of humans in the world is wealth but money in any form may not be a solution given the complexity of competition and interests between countries.
Bitcoin adoption is possible if the one who creates and controls the world economic system gives up its hegemony to the blockchain. But I don't think it's possible because the amount of bitcoin isn't enough to accommodate the amount of fiat that has.
https://www.visualcapitalist.com/all-of-the-worlds-money-and-markets-in-one-visualization-2020/
People around the world will realize that how easy it is for an economy to crash. I think these issues are already what Bitcoin is striving to fight with but in current times they seem to be more deadly. Bitcoin is providing a practical solution for it at-least as a stable alternative to Fiat.
We already experienced a stock market crash and Bitcoin followed it. An then Bitcoin recovered simultaneously with stocks. If we'll have a true economic crisis, people won't be buying Bitcoin, they will be selling their assets, including Bitcoin, to buy toilet paper, figuratively speaking. People want Bitcoin to be digital gold and a hedge against global economy, but it can't become such thing as long as it is a volatile speculative investment.
Is global adoption of Bitcoin possible post-Covid?
Global adoption of Bitcoin would increase no matter if covid-19 would happen or not. All this printing money to give to people and companies will once make it faster. We see that the global number of new daily cases is increasing. So much more printing will be needed. Vaccine will not be widely available before winter.
Global adoption of BTC is only possible when the people who invest in BTC treat it primarily as a payment currency and investment asset secondarily.
But this is not the case for us, people, now with bitcoin. As you can see, the price is quite stable in $9K to $10K range, it is just sitting around that price point and that means, the buying and selling is constant, the trading is wild. And the resistance? the holders who want to do a long term investment on bitcoin which I can conclude that people want bitcoin as a form of investment rather than a daily driver currency. Conditions like government approval, economic issues, natural disasters etc will definitely not have a major affect in this case and history has taught us that much.
We only deal with the positivity towards bitcoin because we haven't had that problems yet, if we come to adopt bitcoin then we will surely encounter its problem too. It's been more than a decade since BTC and crypto were introduced into this world and I feel like many more decades need to pass for global adoption of BTC to actually become a reality.
A decade is still a short amount of time for technology like this, you see how services provider being hacked and stolen, that only means that the security is still got a huge room for improvement.
We actually do have data on how much money does USA owe to China and it is around 2.1 trillion dollars. I used to say that it was a huge amount because lets face it 2.1 trillion is a big big amount and their total debt was 20 trillion dollars so around 10% of all their debt was to China.
However they recently printed out 4 trillion dollars for relief which means there is really not that much of a trouble for them to pay something like that. Also there is no reason to actually lease your land to china or whatever, you give treasury bonds that worths that much and they will be able to collect it when the time comes, or they could sell it to willing buyers as well who usually buy for cheaper. Business model of China is not really sustainable but they don't know what to do and how to do it better so all they get is worthless bonds when countries can't pay.
However they recently printed out 4 trillion dollars for relief which means there is really not that much of a trouble for them to pay something like that. Also there is no reason to actually lease your land to china or whatever, you give treasury bonds that worths that much and they will be able to collect it when the time comes, or they could sell it to willing buyers as well who usually buy for cheaper. Business model of China is not really sustainable but they don't know what to do and how to do it better so all they get is worthless bonds when countries can't pay.
Global adoption of BTC is only possible when the people who invest in BTC treat it primarily as a payment currency and investment asset secondarily.
Conditions like government approval, economic issues, natural disasters etc will definitely not have a major affect in this case and history has taught us that much.
COVID has helped make digital payment methods more popular though when compared to physical FIAT. However, it has had low impact on the crypto world clearly which is why global adoption here is clearly out of the question.
It's been more than a decade since BTC and crypto were introduced into this world and I feel like many more decades need to pass for global adoption of BTC to actually become a reality.
Conditions like government approval, economic issues, natural disasters etc will definitely not have a major affect in this case and history has taught us that much.
COVID has helped make digital payment methods more popular though when compared to physical FIAT. However, it has had low impact on the crypto world clearly which is why global adoption here is clearly out of the question.
It's been more than a decade since BTC and crypto were introduced into this world and I feel like many more decades need to pass for global adoption of BTC to actually become a reality.
The biggest development standing in Bitcoin's way to progress is stock markets becoming like shitcoins. Most people enter BTC to make more dollars, they don't give a toss about its qualities but hopefully down the line its true virtues dawn on them.
With new apps like Robinhood and governments signalling willingness to do anything to keep things buoyant people will go straight there.
With new apps like Robinhood and governments signalling willingness to do anything to keep things buoyant people will go straight there.
I get your point,but this still doesn't prove that Bitcoin is going to be globally adopted.
Do you really think that the global "debt trap" problem is going to be solved by the governments adopting Bitcoin and dumping their national currencies?I don't think so.Bitcoin being adopted as a global currency means that governments will lose control over their monetary power.No government in the world would want to lose a part of it's power and authority.
Do you really think that the global "debt trap" problem is going to be solved by the governments adopting Bitcoin and dumping their national currencies?I don't think so.Bitcoin being adopted as a global currency means that governments will lose control over their monetary power.No government in the world would want to lose a part of it's power and authority.
--snipped
Bitcoin might be a good option if the price will go up during these times. Although cryptocurrency, especially BTC, are the major thing for me now, I am not just stopping with it. I am also looking into other assets as well. And I was seeing a news on Cointelegraph today that an allocation from institutions could be driving the market price to $50,000. So, Bitcoin is a really good asset to gold now.Quote
developing economies just run into Hyper-Inflation.
Yes inflation in developing countries could be worst since government can not feed all the people, large population and illiteracy rate is always high in these country which leads to poor management as whole. Businesses are ran by wealthy and employment goes to educated. Again the question arise for illiterate population and they become unsecured in terms of buying even food, consumable and daily needs. Even the educated ones in developing countries hardly gets any job, because they are always biased. And just like you have said, companies are owned by the rich and jobs are usually gotten through the connections. Those that are educated but from poor families finds it difficult to get any job. As for those children from rich families, it’s always just a piece of cake.
Now that, the whole world is in sort of an Economic Outrage due to Covid, It is worthwhile to note that every Government around the world has announced certain fiscal stimulus to boost up the economy once again. Every country has given aroud a 5-20% Fiscal package. Here is a summary of major countries:
So if we look at this metric we would realize that every country has increased liquidity in hands of people by this much percentage. Now where will this money come from? See considering that there won't be much gains in hands of people and less purchasing due to Covid chances are Tax collections which were expected to Increase Y-O-Y might even go down. Therefore countries would be having just two remaining options:
So if it's so easy then what's the problem ?
The problem is once again what it has already been. Creating money out of thin air devalues money and creates Inflation. Now most of the investors around the world are worried regarding the demon of "INFLATION" . Now it's a well known fact that inflation backed without by any Economic Growth could lead the country into a hyper inflationary stage. So, while the Countries are printing money relentlessly to fight economy distortion chances are few developing economies just run into Hyper-Inflation. We have seen such a case happening with Zimbabwe previously. Here is once again when Bitcoin comes into action. Here is how it looked for Zimbabwe :
Now this is not the only issue second issue is: DEBT TRAP. While most of the developing economy have been liberal in giving loans to individual and businesses. Now when businesses won't be able to pay back the loan. Countries are resorting to restructuring their debt by giving them more Debt. So this could create a situation of a debt Trap pretty similar to one we saw in 2008 only that was more specific to housing sector. Now this would be more devastating as Small businesses and unorganized sector is backbone for developing countries. Now once again people would realize how easily the Debt Trap can fall like a house of cards.
Interesting point to note here is China. China has been very aggressive in providing debt to various countries around the world and due to Covid most of the countries now might not be able to repay China. Moreover, External borrowing from some other Country like US would also not be possible due to stressed conditions in almost every country. Here is a map about how much debt does every country has to China :
Now here chances are that countries might have to lease out their territory to China as a repayment of these borrowings.
People around the world will realize that how easy it is for an economy to crash. I think these issues are already what Bitcoin is striving to fight with but in current times they seem to be more deadly. Bitcoin is providing a practical solution for it at-least as a stable alternative to Fiat.
So if we look at this metric we would realize that every country has increased liquidity in hands of people by this much percentage. Now where will this money come from? See considering that there won't be much gains in hands of people and less purchasing due to Covid chances are Tax collections which were expected to Increase Y-O-Y might even go down. Therefore countries would be having just two remaining options:
- 1. Deficit Financing: The most obvious answer for every country. For people who don't know what is deficit financing. It's basically printing of money by the Central bank who then gives it as a loan to the Government. But considering that economies around the world already have a deficit financing of average 3-5% Post covid deficit financing rates may go up to 10% therefore Governments might print a whole lot of money than what they expected almost double. This option is more suitable for Stable Economies.
- 2. Approaching the IMF: Now this is a less preferred option as it is an external borrowing which comes with a cost attached to it. Moreover IMF could also be a bit reluctant in relentless lending. But this is a viable option for developing Economies.
So if it's so easy then what's the problem ?
The problem is once again what it has already been. Creating money out of thin air devalues money and creates Inflation. Now most of the investors around the world are worried regarding the demon of "INFLATION" . Now it's a well known fact that inflation backed without by any Economic Growth could lead the country into a hyper inflationary stage. So, while the Countries are printing money relentlessly to fight economy distortion chances are few developing economies just run into Hyper-Inflation. We have seen such a case happening with Zimbabwe previously. Here is once again when Bitcoin comes into action. Here is how it looked for Zimbabwe :
Now this is not the only issue second issue is: DEBT TRAP. While most of the developing economy have been liberal in giving loans to individual and businesses. Now when businesses won't be able to pay back the loan. Countries are resorting to restructuring their debt by giving them more Debt. So this could create a situation of a debt Trap pretty similar to one we saw in 2008 only that was more specific to housing sector. Now this would be more devastating as Small businesses and unorganized sector is backbone for developing countries. Now once again people would realize how easily the Debt Trap can fall like a house of cards.
Interesting point to note here is China. China has been very aggressive in providing debt to various countries around the world and due to Covid most of the countries now might not be able to repay China. Moreover, External borrowing from some other Country like US would also not be possible due to stressed conditions in almost every country. Here is a map about how much debt does every country has to China :
Now here chances are that countries might have to lease out their territory to China as a repayment of these borrowings.
People around the world will realize that how easy it is for an economy to crash. I think these issues are already what Bitcoin is striving to fight with but in current times they seem to be more deadly. Bitcoin is providing a practical solution for it at-least as a stable alternative to Fiat.
It is be possible for the global adoption of bitcoin post covid 19. But the government is the main problem. Most of the country is democratic in which people have the rights to say something or to ask the government for what they want to know or to happen ,but in overall the government will decide.
At this pandemic situation ,most of the people lost their job and the unemployment keep on increasing as the goes by. Bitcoin could help the people have work in crypto if there will be a proper education regarding the cryptocurrency.It could be an alternative solution for every countries economic and unemployment problem. But we can't avoid the fact that bitcoin is like a flame for the government that they will be burn if they will touch it.
Adoption of bitcoin at the middle of pandemic will only visible if government accept it and allowing people to learn,to educate and to use it like a traditional fiat money.
post covid when we know going out is safer. no businesses will likely accept BTC especially if they dont know about it right now. all they'd rather want today are subsidies from government. an assurance that we and our kids dont die in hunger in the coming months.
there is no room for bitcoin adoption today. there are still payment method apart from cryptocurrency which governments will approved. bitcoin isn't on their list.
Indeed. We cannot push for it now just because there is a pandemic, I know cryptocurrencies are made for this situation but so are the other digital payment. Having it with crypto is a great move, but there is just greater for now. Now that, the whole world is in sort of an Economic Outrage due to Covid, It is worthwhile to note that every Government around the world has announced certain fiscal stimulus to boost up the economy once again. Every country has given aroud a 5-20% Fiscal package. Here is a summary of major countries:
So if we look at this metric we would realize that every country has increased liquidity in hands of people by this much percentage. Now where will this money come from? See considering that there won't be much gains in hands of people and less purchasing due to Covid chances are Tax collections which were expected to Increase Y-O-Y might even go down. Therefore countries would be having just two remaining options:
So if it's so easy then what's the problem ?
The problem is once again what it has already been. Creating money out of thin air devalues money and creates Inflation. Now most of the investors around the world are worried regarding the demon of "INFLATION" . Now it's a well known fact that inflation backed without by any Economic Growth could lead the country into a hyper inflationary stage. So, while the Countries are printing money relentlessly to fight economy distortion chances are few developing economies just run into Hyper-Inflation. We have seen such a case happening with Zimbabwe previously. Here is once again when Bitcoin comes into action. Here is how it looked for Zimbabwe :
Now this is not the only issue second issue is: DEBT TRAP. While most of the developing economy have been liberal in giving loans to individual and businesses. Now when businesses won't be able to pay back the loan. Countries are resorting to restructuring their debt by giving them more Debt. So this could create a situation of a debt Trap pretty similar to one we saw in 2008 only that was more specific to housing sector. Now this would be more devastating as Small businesses and unorganized sector is backbone for developing countries. Now once again people would realize how easily the Debt Trap can fall like a house of cards.
Interesting point to note here is China. China has been very aggressive in providing debt to various countries around the world and due to Covid most of the countries now might not be able to repay China. Moreover, External borrowing from some other Country like US would also not be possible due to stressed conditions in almost every country. Here is a map about how much debt does every country has to China :
Now here chances are that countries might have to lease out their territory to China as a repayment of these borrowings.
People around the world will realize that how easy it is for an economy to crash. I think these issues are already what Bitcoin is striving to fight with but in current times they seem to be more deadly. Bitcoin is providing a practical solution for it at-least as a stable alternative to Fiat.
So if we look at this metric we would realize that every country has increased liquidity in hands of people by this much percentage. Now where will this money come from? See considering that there won't be much gains in hands of people and less purchasing due to Covid chances are Tax collections which were expected to Increase Y-O-Y might even go down. Therefore countries would be having just two remaining options:
- 1. Deficit Financing: The most obvious answer for every country. For people who don't know what is deficit financing. It's basically printing of money by the Central bank who then gives it as a loan to the Government. But considering that economies around the world already have a deficit financing of average 3-5% Post covid deficit financing rates may go up to 10% therefore Governments might print a whole lot of money than what they expected almost double. This option is more suitable for Stable Economies.
- 2. Approaching the IMF: Now this is a less preferred option as it is an external borrowing which comes with a cost attached to it. Moreover IMF could also be a bit reluctant in relentless lending. But this is a viable option for developing Economies.
So if it's so easy then what's the problem ?
The problem is once again what it has already been. Creating money out of thin air devalues money and creates Inflation. Now most of the investors around the world are worried regarding the demon of "INFLATION" . Now it's a well known fact that inflation backed without by any Economic Growth could lead the country into a hyper inflationary stage. So, while the Countries are printing money relentlessly to fight economy distortion chances are few developing economies just run into Hyper-Inflation. We have seen such a case happening with Zimbabwe previously. Here is once again when Bitcoin comes into action. Here is how it looked for Zimbabwe :
Now this is not the only issue second issue is: DEBT TRAP. While most of the developing economy have been liberal in giving loans to individual and businesses. Now when businesses won't be able to pay back the loan. Countries are resorting to restructuring their debt by giving them more Debt. So this could create a situation of a debt Trap pretty similar to one we saw in 2008 only that was more specific to housing sector. Now this would be more devastating as Small businesses and unorganized sector is backbone for developing countries. Now once again people would realize how easily the Debt Trap can fall like a house of cards.
Interesting point to note here is China. China has been very aggressive in providing debt to various countries around the world and due to Covid most of the countries now might not be able to repay China. Moreover, External borrowing from some other Country like US would also not be possible due to stressed conditions in almost every country. Here is a map about how much debt does every country has to China :
Now here chances are that countries might have to lease out their territory to China as a repayment of these borrowings.
People around the world will realize that how easy it is for an economy to crash. I think these issues are already what Bitcoin is striving to fight with but in current times they seem to be more deadly. Bitcoin is providing a practical solution for it at-least as a stable alternative to Fiat.
It is be possible for the global adoption of bitcoin post covid 19. But the government is the main problem. Most of the country is democratic in which people have the rights to say something or to ask the government for what they want to know or to happen ,but in overall the government will decide.
At this pandemic situation ,most of the people lost their job and the unemployment keep on increasing as the goes by. Bitcoin could help the people have work in crypto if there will be a proper education regarding the cryptocurrency.It could be an alternative solution for every countries economic and unemployment problem. But we can't avoid the fact that bitcoin is like a flame for the government that they will be burn if they will touch it.
Adoption of bitcoin at the middle of pandemic will only visible if government accept it and allowing people to learn,to educate and to use it like a traditional fiat money.
--snipped
Bitcoin might be a good option if the price will go up during these times. Although cryptocurrency, especially BTC, are the major thing for me now, I am not just stopping with it. I am also looking into other assets as well. And I was seeing a news on Cointelegraph today that an allocation from institutions could be driving the market price to $50,000. So, Bitcoin is a really good asset to gold now.Quote
developing economies just run into Hyper-Inflation.
Yes inflation in developing countries could be worst since government can not feed all the people, large population and illiteracy rate is always high in these country which leads to poor management as whole. Businesses are ran by wealthy and employment goes to educated. Again the question arise for illiterate population and they become unsecured in terms of buying even food, consumable and daily needs. Even the educated ones in developing countries hardly gets any job, because they are always biased. And just like you have said, companies are owned by the rich and jobs are usually gotten through the connections. Those that are educated but from poor families finds it difficult to get any job. As for those children from rich families, it’s always just a piece of cake.
Global adoption is possible, no adoption is also possible. The future is full of uncertainty.
But why the narrative always, hyperinflation, crisis, doomsday, and then adoption, while it is not mutually exclusive? You can have global Bitcoin adoption without any of that stuff. And you can have no adoption after those events occur.
But why the narrative always, hyperinflation, crisis, doomsday, and then adoption, while it is not mutually exclusive? You can have global Bitcoin adoption without any of that stuff. And you can have no adoption after those events occur.
Probably yes, there are people right now who are engaging in the use of bitcoin as they are staying at their home. There are also people who are using bitcoin in their transaction because it is contact less and easy to send with the use of technology and connections. The only problem in bitcoin is that it is very volatile in the market.
But people need to deal with that if they are willing to use bitcoin as their assets.
I heard about those Australian post office who already accept bitcoin and I'm hoping for more adoption after or during this Covid-19 pandemic.
Nothing is impossible if we really want to earn a huge profits and grow in life. We can also help and contribute to the global adoption of bitcoin just by using it.
Quote
where will this money come from?
What I understand from the government decisions made into last stimulus package the was actually bought from the bank of reserves (respective country has different names) where they keep portion of money in safe deposits all the time. This is why it's called as reserve bank. They use this money in the same situation as we are in "the emergency". This helps push ahead the economic conditions of country and try to stabilise it.
However each country has limited supply and surely this cause the second problem here as stated in your post and that :- Inflation
Global adoption is possible, no adoption is also possible. The future is full of uncertainty.
But why the narrative always, hyperinflation, crisis, doomsday, and then adoption, while it is not mutually exclusive? You can have global Bitcoin adoption without any of that stuff. And you can have no adoption after those events occur.
It's because if you see the past revolutions have never come during normalcy. For instance if you even see the introduction of Fiat Currency. The world war II was the reason why governments shifted from Gold Pegged currency to US Dollar pegged currency which would be pegged further to gold. But post that President Nixon couldn't find the solution to maintain gold prices and that ended this system also and system got converted to Fiat. Why would you think any government would allow use of bitcoin in normalcy? They can pretty easily ban it China has showed the world how to do it properly.But why the narrative always, hyperinflation, crisis, doomsday, and then adoption, while it is not mutually exclusive? You can have global Bitcoin adoption without any of that stuff. And you can have no adoption after those events occur.
I think these issues are already what Bitcoin is striving to fight with but in current times they seem to be more deadly. Bitcoin is providing a practical solution for it at-least as a stable alternative to Fiat.
Bitcoin was created during the aftermath of the 2008 recession and many assumed it was meant to correct the failures of the banking sector and salvage the economy, these however is not stated anywhere in the white paper. I don't think Bitcoin was created to prevent the collapse of global economies or to thrive in crisis. It's a trustless peer-to-peer payment option that gives the public an alternative. It may or may not be the solution to a global crisis. Pros and cons;
• Bitcoin can be used to prevent inflation caused by debit financing due to its limited supply, but if more people held due to less spending there'll be more demand than supply and could lead to deflation.
• On the debt issue, Bitcoin can only be used to finance debts if it became globally accepted and it would function like any financial tool in this regards. It wouldn't prevent debtors from losing part of their territory if they can not repay their loans.
• It can be used as a hedge fund for those who want to escape the uncertainty of their local currency.
How Bitcoin would function in the future either as a staple currency or an alternative to fiat is yet to be seen and with time and adoption it would mature into the currency of the future
scenario.
post covid when we know going out is safer. no businesses will likely accept BTC especially if they dont know about it right now. all they'd rather want today are subsidies from government. an assurance that we and our kids dont die in hunger in the coming months.
there is no room for bitcoin adoption today. there are still payment method apart from cryptocurrency which governments will approved. bitcoin isn't on their list.
I don't really see how Bitcoin is supposed to be related to these. I mean, the said events by OP doesn't necessarily put Bitcoin above fiat nor does it put Bitcoin as something that should be used instead of fiat. It more like presents the problems that the government is currently facing with regards to the economy, specifically talking about the inflation problems that may occur if they keep printing out money after money. Besides, the problem stays the same, Bitcoin isn't that well known, maybe even >1% actually even see Bitcoin as a currency. The majority see Bitcoin as an investment of sorts, and as such, adoption post-Covid? Maybe even after another decade, adoption wouldn't be seen as possible.
Thats a misconception actually. Bitcoin could be a currency a decade earlier when transaction time and fees were way way lower than they are now.So fast forward one decade later Bitcoin will be even bulkier and heavier and won't be used as a currency for sure.
We should bet on some alts with possibility to handle this role, like ETH XMR TXZ and others, those are my personal favorites
Now that, the whole world is in sort of an Economic Outrage due to Covid, It is worthwhile to note that every Government around the world has announced certain fiscal stimulus to boost up the economy once again. Every country has given aroud a 5-20% Fiscal package. Here is a summary of major countries:
So if we look at this metric we would realize that every country has increased liquidity in hands of people by this much percentage. Now where will this money come from? See considering that there won't be much gains in hands of people and less purchasing due to Covid chances are Tax collections which were expected to Increase Y-O-Y might even go down. Therefore countries would be having just two remaining options:
So if it's so easy then what's the problem ?
The problem is once again what it has already been. Creating money out of thin air devalues money and creates Inflation. Now most of the investors around the world are worried regarding the demon of "INFLATION" . Now it's a well known fact that inflation backed without by any Economic Growth could lead the country into a hyper inflationary stage. So, while the Countries are printing money relentlessly to fight economy distortion chances are few developing economies just run into Hyper-Inflation. We have seen such a case happening with Zimbabwe previously. Here is once again when Bitcoin comes into action. Here is how it looked for Zimbabwe :
Now this is not the only issue second issue is: DEBT TRAP. While most of the developing economy have been liberal in giving loans to individual and businesses. Now when businesses won't be able to pay back the loan. Countries are resorting to restructuring their debt by giving them more Debt. So this could create a situation of a debt Trap pretty similar to one we saw in 2008 only that was more specific to housing sector. Now this would be more devastating as Small businesses and unorganized sector is backbone for developing countries. Now once again people would realize how easily the Debt Trap can fall like a house of cards.
Interesting point to note here is China. China has been very aggressive in providing debt to various countries around the world and due to Covid most of the countries now might not be able to repay China. Moreover, External borrowing from some other Country like US would also not be possible due to stressed conditions in almost every country. Here is a map about how much debt does every country has to China :
Now here chances are that countries might have to lease out their territory to China as a repayment of these borrowings.
People around the world will realize that how easy it is for an economy to crash. I think these issues are already what Bitcoin is striving to fight with but in current times they seem to be more deadly. Bitcoin is providing a practical solution for it at-least as a stable alternative to Fiat.
So if we look at this metric we would realize that every country has increased liquidity in hands of people by this much percentage. Now where will this money come from? See considering that there won't be much gains in hands of people and less purchasing due to Covid chances are Tax collections which were expected to Increase Y-O-Y might even go down. Therefore countries would be having just two remaining options:
- 1. Deficit Financing: The most obvious answer for every country. For people who don't know what is deficit financing. It's basically printing of money by the Central bank who then gives it as a loan to the Government. But considering that economies around the world already have a deficit financing of average 3-5% Post covid deficit financing rates may go up to 10% therefore Governments might print a whole lot of money than what they expected almost double. This option is more suitable for Stable Economies.
- 2. Approaching the IMF: Now this is a less preferred option as it is an external borrowing which comes with a cost attached to it. Moreover IMF could also be a bit reluctant in relentless lending. But this is a viable option for developing Economies.
So if it's so easy then what's the problem ?
The problem is once again what it has already been. Creating money out of thin air devalues money and creates Inflation. Now most of the investors around the world are worried regarding the demon of "INFLATION" . Now it's a well known fact that inflation backed without by any Economic Growth could lead the country into a hyper inflationary stage. So, while the Countries are printing money relentlessly to fight economy distortion chances are few developing economies just run into Hyper-Inflation. We have seen such a case happening with Zimbabwe previously. Here is once again when Bitcoin comes into action. Here is how it looked for Zimbabwe :
Now this is not the only issue second issue is: DEBT TRAP. While most of the developing economy have been liberal in giving loans to individual and businesses. Now when businesses won't be able to pay back the loan. Countries are resorting to restructuring their debt by giving them more Debt. So this could create a situation of a debt Trap pretty similar to one we saw in 2008 only that was more specific to housing sector. Now this would be more devastating as Small businesses and unorganized sector is backbone for developing countries. Now once again people would realize how easily the Debt Trap can fall like a house of cards.
Interesting point to note here is China. China has been very aggressive in providing debt to various countries around the world and due to Covid most of the countries now might not be able to repay China. Moreover, External borrowing from some other Country like US would also not be possible due to stressed conditions in almost every country. Here is a map about how much debt does every country has to China :
Now here chances are that countries might have to lease out their territory to China as a repayment of these borrowings.
People around the world will realize that how easy it is for an economy to crash. I think these issues are already what Bitcoin is striving to fight with but in current times they seem to be more deadly. Bitcoin is providing a practical solution for it at-least as a stable alternative to Fiat.
Is the Global adaptation of Bitcoins post COVID-19 possible : Yes
Are the governments gonna let it go like this: No
The governments all around the world are feeling threatened by the power of Bitcoins and other cryptocurrencies . The politicians and the government are making not so good comments about the same . Even though they are not able to provide jobs for the community and cryptocurrencies are doing much better in this regards.
People are now understanding a fact *The financial and political system is too fragile to handle any ups and downs* , Therefore it is completely reasonable too look for alternatives.
Now the government knows what Bitcoins can do , until and unless they do want to handle another round of protests all around the world related to Cryptocurrencies they do need to leave it alone .
Most countries are a Democracy , that means people does have a say in what the government does , of they do not follow through it would just mean that the government is unfortunately not fit for functioning efficiently over the years , therefore if we demand sternly , I do think we would be able to make a change .
The only way we can see adoption of Bitcoins is by making sure we ask for it , educate people about it , learn more about the possibilities it can provide .
I don't really see how Bitcoin is supposed to be related to these. I mean, the said events by OP doesn't necessarily put Bitcoin above fiat nor does it put Bitcoin as something that should be used instead of fiat. It more like presents the problems that the government is currently facing with regards to the economy, specifically talking about the inflation problems that may occur if they keep printing out money after money. Besides, the problem stays the same, Bitcoin isn't that well known, maybe even >1% actually even see Bitcoin as a currency. The majority see Bitcoin as an investment of sorts, and as such, adoption post-Covid? Maybe even after another decade, adoption wouldn't be seen as possible.
I think these issues are already what Bitcoin is striving to fight with but in current times they seem to be more deadly. Bitcoin is providing a practical solution for it at-least as a stable alternative to Fiat.
Bitcoin was created during the aftermath of the 2008 recession and many assumed it was meant to correct the failures of the banking sector and salvage the economy, these however is not stated anywhere in the white paper. I don't think Bitcoin was created to prevent the collapse of global economies or to thrive in crisis. It's a trustless peer-to-peer payment option that gives the public an alternative. It may or may not be the solution to a global crisis. Pros and cons;
• Bitcoin can be used to prevent inflation caused by debit financing due to its limited supply, but if more people held due to less spending there'll be more demand than supply and could lead to deflation.
• On the debt issue, Bitcoin can only be used to finance debts if it became globally accepted and it would function like any financial tool in this regards. It wouldn't prevent debtors from losing part of their territory if they can not repay their loans.
• It can be used as a hedge fund for those who want to escape the uncertainty of their local currency.
How Bitcoin would function in the future either as a staple currency or an alternative to fiat is yet to be seen and with time and adoption it would mature into the currency of the future
Global adoption is possible, no adoption is also possible. The future is full of uncertainty.
But why the narrative always, hyperinflation, crisis, doomsday, and then adoption, while it is not mutually exclusive? You can have global Bitcoin adoption without any of that stuff. And you can have no adoption after those events occur.
But why the narrative always, hyperinflation, crisis, doomsday, and then adoption, while it is not mutually exclusive? You can have global Bitcoin adoption without any of that stuff. And you can have no adoption after those events occur.
Quote
where will this money come from?
What I understand from the government decisions made into last stimulus package the was actually bought from the bank of reserves (respective country has different names) where they keep portion of money in safe deposits all the time. This is why it's called as reserve bank. They use this money in the same situation as we are in "the emergency". This helps push ahead the economic conditions of country and try to stabilise it.
However each country has limited supply and surely this cause the second problem here as stated in your post and that :- Inflation
Quote
developing economies just run into Hyper-Inflation.
Yes inflation in developing countries could be worst since government can not feed all the people, large population and illiteracy rate is always high in these country which leads to poor management as whole. Businesses are ran by wealthy and employment goes to educated. Again the question arise for illiterate population and they become unsecured in terms of buying even food, consumable and daily needs.
Quote
a debt Trap pretty similar to one we saw in 2008
And when businesses suffer, people are suffered too. They have loans, EMI's for houses, cars and what not. They need to take more and there they trap.
Yes this is the case scenario here but it won't help adoption of bitcoin since this there is no relationship between the two at all.
All these three are real problems and unfortunately bitcoin is not the solution.
Now that, the whole world is in sort of an Economic Outrage due to Covid, It is worthwhile to note that every Government around the world has announced certain fiscal stimulus to boost up the economy once again. Every country has given aroud a 5-20% Fiscal package. Here is a summary of major countries:
So if we look at this metric we would realize that every country has increased liquidity in hands of people by this much percentage. Now where will this money come from? See considering that there won't be much gains in hands of people and less purchasing due to Covid chances are Tax collections which were expected to Increase Y-O-Y might even go down. Therefore countries would be having just two remaining options:
So if it's so easy then what's the problem ?
The problem is once again what it has already been. Creating money out of thin air devalues money and creates Inflation. Now most of the investors around the world are worried regarding the demon of "INFLATION" . Now it's a well known fact that inflation backed without by any Economic Growth could lead the country into a hyper inflationary stage. So, while the Countries are printing money relentlessly to fight economy distortion chances are few developing economies just run into Hyper-Inflation. We have seen such a case happening with Zimbabwe previously. Here is once again when Bitcoin comes into action. Here is how it looked for Zimbabwe :
Now this is not the only issue second issue is: DEBT TRAP. While most of the developing economy have been liberal in giving loans to individual and businesses. Now when businesses won't be able to pay back the loan. Countries are resorting to restructuring their debt by giving them more Debt. So this could create a situation of a debt Trap pretty similar to one we saw in 2008 only that was more specific to housing sector. Now this would be more devastating as Small businesses and unorganized sector is backbone for developing countries. Now once again people would realize how easily the Debt Trap can fall like a house of cards.
Interesting point to note here is China. China has been very aggressive in providing debt to various countries around the world and due to Covid most of the countries now might not be able to repay China. Moreover, External borrowing from some other Country like US would also not be possible due to stressed conditions in almost every country. Here is a map about how much debt does every country has to China :
Now here chances are that countries might have to lease out their territory to China as a repayment of these borrowings.
People around the world will realize that how easy it is for an economy to crash. I think these issues are already what Bitcoin is striving to fight with but in current times they seem to be more deadly. Bitcoin is providing a practical solution for it at-least as a stable alternative to Fiat.
So if we look at this metric we would realize that every country has increased liquidity in hands of people by this much percentage. Now where will this money come from? See considering that there won't be much gains in hands of people and less purchasing due to Covid chances are Tax collections which were expected to Increase Y-O-Y might even go down. Therefore countries would be having just two remaining options:
- 1. Deficit Financing: The most obvious answer for every country. For people who don't know what is deficit financing. It's basically printing of money by the Central bank who then gives it as a loan to the Government. But considering that economies around the world already have a deficit financing of average 3-5% Post covid deficit financing rates may go up to 10% therefore Governments might print a whole lot of money than what they expected almost double. This option is more suitable for Stable Economies.
- 2. Approaching the IMF: Now this is a less preferred option as it is an external borrowing which comes with a cost attached to it. Moreover IMF could also be a bit reluctant in relentless lending. But this is a viable option for developing Economies.
So if it's so easy then what's the problem ?
The problem is once again what it has already been. Creating money out of thin air devalues money and creates Inflation. Now most of the investors around the world are worried regarding the demon of "INFLATION" . Now it's a well known fact that inflation backed without by any Economic Growth could lead the country into a hyper inflationary stage. So, while the Countries are printing money relentlessly to fight economy distortion chances are few developing economies just run into Hyper-Inflation. We have seen such a case happening with Zimbabwe previously. Here is once again when Bitcoin comes into action. Here is how it looked for Zimbabwe :
Now this is not the only issue second issue is: DEBT TRAP. While most of the developing economy have been liberal in giving loans to individual and businesses. Now when businesses won't be able to pay back the loan. Countries are resorting to restructuring their debt by giving them more Debt. So this could create a situation of a debt Trap pretty similar to one we saw in 2008 only that was more specific to housing sector. Now this would be more devastating as Small businesses and unorganized sector is backbone for developing countries. Now once again people would realize how easily the Debt Trap can fall like a house of cards.
Interesting point to note here is China. China has been very aggressive in providing debt to various countries around the world and due to Covid most of the countries now might not be able to repay China. Moreover, External borrowing from some other Country like US would also not be possible due to stressed conditions in almost every country. Here is a map about how much debt does every country has to China :
Now here chances are that countries might have to lease out their territory to China as a repayment of these borrowings.
People around the world will realize that how easy it is for an economy to crash. I think these issues are already what Bitcoin is striving to fight with but in current times they seem to be more deadly. Bitcoin is providing a practical solution for it at-least as a stable alternative to Fiat.
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