This is all valid if the country we are living is a Crypto Friendly and also adopted the use of these currencies because if not?then there are no choice but to use Fiat.
Just like in my Place where the use of Bitcoin is really limited and almost there are few Online site that accepts Payments using Bitcoin so we cannot comply to the message of this Thread but as long as crypto is accepted?yeah i will ask each time even in Groceries if they are accepting Bitcoin.
Topic: Let's break our boundaries with Bitcoin - page 2. (Read 637 times)
Maybe the best alternative would be businesses having their online stores so people can easily buy or sell without any engagement with physical money, telling people to start adopting and using crypto from one day to the next will be somewhat difficult, till now, not many people are aware of digital currency, so it won't be easy for such people to star start using btc suddenly. Going cashless so to speak.
I see a lot of people who talk about bitcoin, but so few who buy Them.
Bitcoin will not be the only cryptocurrency to be used if we achieved mass adoption of cryptocurrencies. I believe bitcoin together with any popular altcoin which can be used to purchase goods will be off huge benefit to everyone. Bitcoin network alone can not support the entire globe if we are to use it. It will slow the network and miners are likely going to exploit this and charge exorbitant fees.
Increasing the functionality of bitcoin as an official payment tool is quite complex, we know that this requires support and legality from the government. On the other hand, cryptocurrency is very volatile, the price changes quickly, so with these characters it is quite difficult to be able to get the best position as a means of payment because the price is easy to change. For some points that the OP explained, for example, the effectiveness of bitcoin or other crypto is that it can reduce direct contact with money that has the potential as a means of spreading bacteria and viruses, it can also be done with e-money. Likewise with the effectiveness of the speed of the transaction.
I personally prefer to use fiat or e-money, although I am crypto enthusiasts, I prefer to maximize the function of crypto as an investment tool and commodity trading.
I personally prefer to use fiat or e-money, although I am crypto enthusiasts, I prefer to maximize the function of crypto as an investment tool and commodity trading.
Do not forget about one major thing which will be important if the crisis will take place - banks if in bad conditions, will impose a daily limit of cash withdrawal/transaction size. This is what happened in Greece and Cyprus in the last couple of years.
With Bitcoin and other cryptos, there is no way of establishing a minimum limit, besides covering the fees of wallet and blockchain.
With Bitcoin and other cryptos, there is no way of establishing a minimum limit, besides covering the fees of wallet and blockchain.
Well, Bitcoin does not really eliminate cash. People could in theory have a standard physical things to print their coins on and use as cash.
The most important thing is that using paper currency isn't very safe at this moment.
If people decide to use cash-based Bitcoin/Cryptocoins to transact businesses in the future, it should still be legal. Whether cashless becomes the major way to transact businesses in the future is upto to people, depending on which means is truely safe for users and societies.
The most important thing is that using paper currency isn't very safe at this moment.
If people decide to use cash-based Bitcoin/Cryptocoins to transact businesses in the future, it should still be legal. Whether cashless becomes the major way to transact businesses in the future is upto to people, depending on which means is truely safe for users and societies.
True, in every country there is an alternative to cash. Bitcoin or any other cryptocurrency will not solve the problem of the spread of the virus.
In addition, today there is no technical opportunity to introduce btc into circulation on such a scale. Just imagine how many transactions will occur if all residents of the country decide to use bitcoin.
It is also worth considering that the virus affected the cost of btc and with such indicators, it is difficult to gain trust among new users.
But overall, the idea of giving up paper money is cool!
The only real solution to money passing from one person to another will be through this powerful technology called Blockchain and not other means. What is happening in our society right now through corona virus and other virus contacted from physical fiats money can be avoided through the use of Blockchain. So, with the global adoption of this Blockchain will draw the attention of potential investors into Bitcoin which is known as the mainstream of the Blockchain technology. In few years to come, Bitcoin will brake boundaries. France authorities have accepted bitcoin with south Korea among others.
A plastic card currently copes with all these tasks, although it also needs to be attached to the terminal, but it is better than cash. However, cryptocurrencies are not yet widespread enough to offer any great alternative to cash or plastic cards.
Then, this could be a time for them to realize and find out that Bitcoin and cryptocurrency serve good for everyone in all possible conditions.Using crypto is one way to help and continue the normal business we have before that somehow been bothered by this global health issue. I believe that Bitcoin could do something if we are able to adopt the system. Besides, a lot of countries are in support of this and it makes no reason why it can't be useful to the others who once ignored this in the past days.
Bitcoin is still very unstable, just to take and start using it everywhere. Sellers will go crazy by changing the price tags on the windows of their stores every few hours.
These points are completely leveled if you use debit cards to pay for the goods.
- Cashless Transaction - The spread of the virus is quite fast, so transacting without personal interaction is advisable
- Fast Transaction - Instead of staying in a place to pay a particular service such as bills or fees, bitcoin will save their time and can prevent them to interact to someone that is infected.
- Alternative - We could tell them that for the meantime, it is dangerous to use cash so bitcoin will just serve as an alternative will not really replace their currency.
These points are completely leveled if you use debit cards to pay for the goods.
A plastic card currently copes with all these tasks, although it also needs to be attached to the terminal, but it is better than cash. However, cryptocurrencies are not yet widespread enough to offer any great alternative to cash or plastic cards.
In some countries, there are already cardless payments accepted (mobile apps). In its usage, it is not so far away from the way we could use cryptos with rapid transaction speed. Well, it would be much faster for the merchant to get money, as card payment processors usually freeze the money for 1-7 business days and keep part of the balance of merchant frozen for even months for the potential case of a chargeback.
Here with cryptos, the transfer is final, can be almost instant and does not have card provider fees. If only volatility of cryptos would be lower...
The only problem I see is that bitcoin is not yet adopted globally, at least in my place.
I can't find a single store that readily accepts bitcoin in lieu of fiat so I'm not sure how are we going to break the barrier, unless, overnight many of merchants and retail stores both off-line and on-line suddenly decided to offer bitcoin and other crypto as payment option because they are afraid of the corona virus pandemic.
I can't find a single store that readily accepts bitcoin in lieu of fiat so I'm not sure how are we going to break the barrier, unless, overnight many of merchants and retail stores both off-line and on-line suddenly decided to offer bitcoin and other crypto as payment option because they are afraid of the corona virus pandemic.
At this point in time, we should try to avoid close contact with other people. If not necessary, appointments should be cancelled. COVID-19 may not really be that fatal as compared to other diseases but it is very infectious that it spreads very easily and quickly. Part of avoiding the crowd or public is to transact online. If possible, the purchase of goods should be made online as well and through deliveries. Picking up goods at your doorstep highly limits direct contact with others. Bitcoin, of course, is one good payment option but there are always other convenient options as well.
You should take note that there is a ongoing assumption here that banknotes are the ones speading the virus and it is not true. WHO already clarified that the contact of the infected person to a healthy person is the one causing the infection not the fiat currency itself. Any kind of contact may lead into infection may it be from banknotes or some other stuff you will come in direct contact to a infected person. Without any further clarifications I would expect that these news websites would continue to mislead people that cash can directly carry the COVID-19 which will just cause more panic in the world.
Releasing digital currency could be the best option for the affected countries since base on their finding banknotes spread the virus. Thousands already died according to the news, this will be prevented with digital currencies because by then we will only be using phones. Or better yet BTC. This will be in our favor of course.
Your idea is good but, not to be pessimistic or what, this whole concept of promoting Bitcoin usage during this moment of Novel Corona virus outbreak is harder than it seems. Flat currency is indeed one of evident factors why the virus outbreak has been widespread and continuously rising due to personal contact of people. However, in order to encourage people to use Bitcoin for its feature such as digital currency, fast transaction and potential profit provider for their cashless transactions they must be knowledgeable about it first. At this point, I do not think that the majority would be enticed in indulging themselves with Bitcoin since they are too busy worrying about their safety, health and overall welfare. But nevertheless, nothing is impossible it's just a matter of time and perspective.
There are a lot of different options to do transactions without using fiat currency and I'm afraid Bitcoin could be a hard tool to use for cashless transaction specially for those who yet to have knowledge about cryptocurrency.
One of the most tackled concern about Bitcoin is the ability to boost transaction speed, an instant transfer to be specific. This is one of the area that Bitcoin needs to develop so It could be considered as one of the top options to pay online transactions.
Lucky, in my country we have a custodial wallet that offers instant Bitcoin to fiat convertion and the app can be use to pay primary bills and other mainstream services. And, as much as I want to introduce this to the people in my place as an ideal way of transacting online in case of corona virus out break. But, they always have the option to do it over mobile banking.
One of the most tackled concern about Bitcoin is the ability to boost transaction speed, an instant transfer to be specific. This is one of the area that Bitcoin needs to develop so It could be considered as one of the top options to pay online transactions.
Lucky, in my country we have a custodial wallet that offers instant Bitcoin to fiat convertion and the app can be use to pay primary bills and other mainstream services. And, as much as I want to introduce this to the people in my place as an ideal way of transacting online in case of corona virus out break. But, they always have the option to do it over mobile banking.
One of the biggest news happening right now in the world is the news about the virus, this is airborne so it just a single person may affect and he/she will talk to many people in just single place it will because of infection also this virus is spreading all over the world and most of the virus today is in the cold place but there is a case in South Korea and the Philippines and one of the great moves of South Korea is they are going to adopt the use of cryptocurrency right now or the bitcoin because they are trying to avoid the use of fiat currency or the physical money because by that object an infected person can transmit the virus and now they are trying to use the bitcoin to make sure that we are going to control and avoid the spreading of the virus.
That is true. Dirty money. (literally)
Imagine just how many people have touched the paper before it goes to you.
In a sense, they are doing good.
Saving the environment and also saving people to avoid catching a virus or whatever sickness that is passed in that paper money.
With this, blockchain will be the best option for making transactions or creating something that could be the solution to avoid passing that paper to every human being.
Imagine just how many people have touched the paper before it goes to you.
In a sense, they are doing good.
Saving the environment and also saving people to avoid catching a virus or whatever sickness that is passed in that paper money.
With this, blockchain will be the best option for making transactions or creating something that could be the solution to avoid passing that paper to every human being.
There are a lot of different options to do transactions without using fiat currency and I'm afraid Bitcoin could be a hard tool to use for cashless transaction specially for those who yet to have knowledge about cryptocurrency.
One of the most tackled concern about Bitcoin is the ability to boost transaction speed, an instant transfer to be specific. This is one of the area that Bitcoin needs to develop so It could be considered as one of the top options to pay online transactions.
Lucky, in my country we have a custodial wallet that offers instant Bitcoin to fiat convertion and the app can be use to pay primary bills and other mainstream services. And, as much as I want to introduce this to the people in my place as an ideal way of transacting online in case of corona virus out break. But, they always have the option to do it over mobile banking.
One of the most tackled concern about Bitcoin is the ability to boost transaction speed, an instant transfer to be specific. This is one of the area that Bitcoin needs to develop so It could be considered as one of the top options to pay online transactions.
Lucky, in my country we have a custodial wallet that offers instant Bitcoin to fiat convertion and the app can be use to pay primary bills and other mainstream services. And, as much as I want to introduce this to the people in my place as an ideal way of transacting online in case of corona virus out break. But, they always have the option to do it over mobile banking.
Every fiat currency can be transferred digitally and transaction can be done digitally too. Bitcoin is not an option here. Different countries have different approach towards coronavirus. In my country people are using mobile based fiat wallets more than cash.
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