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.
Topic: Let's break our boundaries with Bitcoin - page 3. (Read 637 times)
I like the initiative but using bitcoin during crisis like this is not the only alternative. Each country have their own digital fiat payment system which means citizens can still make financial transactions without being physically present and without using bitcoin. I doubt that they will prefer to pay with Btc which could take longer time to confirm over that.
I agree with this one, bitcoin will not be the first option to use since there are many e-money that we have now in different country. If paper money cant be use because of fear that the disease may be spread using paper money. Then e-money will be fast and first option for every country bitcoin and crypto will only be use as alternative.
South Korea is just doing what is necessary to prevent the COVID-19 virus to continue spreading if the virus could really spread in this paper money cryptocurrency could easily be an alternative for most of the country since it is already used in a lot of the places and already use as an alternative payment method or options. Also this could be very alarming if it is possible since all over the globe the main currency is a paper money looks like we needed to go "make everything a crypto".
Also i see similar topics here:
https://bitcointalksearch.org/topic/m.53982388
Also i see similar topics here:
https://bitcointalksearch.org/topic/m.53982388
South Korea is one of the countries with a high number of cases of Coronavirus or COVID-19 with 6,248 infected cases. Due to the rapidly increasing of people being affected by the virus, travel ban to South Korea has been imposing by almost a hundred countries around the world.
As for precaution by the local government of South Korea, its central bank Bank of Korea (BOK) had been quarantining its banknote for two weeks and even burned some of it to lessen the possibility of more outbreaks.
"For all cash coming to the central bank from local banks, the Bank of Korea will keep it in a safe for two weeks, given that the virus usually dies out after nine days," a BOK official told Reuters.
Source:
BOK said that they are putting their currency in a high-heat laundering process before releasing it and adding it to the circulation. It is said that the virus dies in high temperature and similar viruses like SARS emerges during cold weather and then dies during the hot season.
South Korean COVID-19 cases are increasing so I think it's a good thing to do to lessen the possibility of spreading the virus. Although by this, the virus won't be totally stopped from spreading but this is a big help especially for countries highly affected by the virus.
Paper money is one of the things we are always holding and it is also one of the things that has a lot of bacteria because money is being passed from one person to another. So when we hold money, always make sure to wash and clean your hands before touching your face to keep ourselves protected.
As for precaution by the local government of South Korea, its central bank Bank of Korea (BOK) had been quarantining its banknote for two weeks and even burned some of it to lessen the possibility of more outbreaks.
"For all cash coming to the central bank from local banks, the Bank of Korea will keep it in a safe for two weeks, given that the virus usually dies out after nine days," a BOK official told Reuters.
Source:
Code:
https://www.gmanetwork.com/news/news/world/728638/s-korea-s-central-bank-burns-quarantines-cash-in-coronavirus-precaution/story/
BOK said that they are putting their currency in a high-heat laundering process before releasing it and adding it to the circulation. It is said that the virus dies in high temperature and similar viruses like SARS emerges during cold weather and then dies during the hot season.
South Korean COVID-19 cases are increasing so I think it's a good thing to do to lessen the possibility of spreading the virus. Although by this, the virus won't be totally stopped from spreading but this is a big help especially for countries highly affected by the virus.
Paper money is one of the things we are always holding and it is also one of the things that has a lot of bacteria because money is being passed from one person to another. So when we hold money, always make sure to wash and clean your hands before touching your face to keep ourselves protected.
I like the initiative but using bitcoin during crisis like this is not the only alternative. Each country have their own digital fiat payment system which means citizens can still make financial transactions without being physically present and without using bitcoin. I doubt that they will prefer to pay with Btc which could take longer time to confirm over that.
Perhaps, with the characteristics of bitcoin, it couldn't supply the best service for the people. IMO, we need to improve bitcoin further in a sense that it could be use to transact even faster than usual cryptocurrencies. Because for me, the volume of users of bitcoin is is too low, compared to the total volume of the people transacting in a country. If they will adopt to using bitcoin as their means of transacting, there is a possibility for the network to be over congested and as a result, transaction fees might be higher.
This are just my thought based on my experience. But I do believe in the potential of bitcoin to provide the necessary service for the people in times like this.
This are just my thought based on my experience. But I do believe in the potential of bitcoin to provide the necessary service for the people in times like this.
I've noticed that the concern about the Coronavirus is still continuously growing. More and more cases are being recorded day by day and I find it too alarming that we don't do something about it. Or just to contribute some ways on how we could reduce the cases by means that we know.
We need not necessarily clean every road we see, things we handle, or sanitize everything that we have. But to consider money as a means of transaction is quite dangerous day by day.
According to this article created by CNN, South Kore's central bank is currently quarantining all their banknotes from circulation as it became a big factor to the spread of the virus.
This is when we need to take our edge on being one of the early adopters of Bitcoin to attract people to use bitcoin or other cryptocurrencies instead of cash.
There are some advantages that we could tell them regarding bitcoin being alternative to cash:
I know this is quite bias to consider only bitcoin as the crypto to be used, but the idea here is to introduce them and literally reduce their risk to acquire the virus. In addition, bitcoin will supply the basic knowledge of cryptocurrency to them as they enter the cryptospace, to learn and to innovate their way of transaction.
We need not necessarily clean every road we see, things we handle, or sanitize everything that we have. But to consider money as a means of transaction is quite dangerous day by day.
According to this article created by CNN, South Kore's central bank is currently quarantining all their banknotes from circulation as it became a big factor to the spread of the virus.
Image Link
This is when we need to take our edge on being one of the early adopters of Bitcoin to attract people to use bitcoin or other cryptocurrencies instead of cash.
There are some advantages that we could tell them regarding bitcoin being alternative to cash:
- 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.
- Potential Bitcoin increase - to further attract people to use bitcoin, tell them that at this time, more and more people are seeing the potential of bitcoin which is also classified as a good investment if they became early adopter of it, their money will not just serve as pure funds to transact but as investment as well.
- Bitcoin as new leading currency of the world - In case that the concern about the virus raises too high, we need a unifying currency that could support each and every one of us regardless of our nation and nationality. That is bitcoin.
I know this is quite bias to consider only bitcoin as the crypto to be used, but the idea here is to introduce them and literally reduce their risk to acquire the virus. In addition, bitcoin will supply the basic knowledge of cryptocurrency to them as they enter the cryptospace, to learn and to innovate their way of transaction.
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