Lockdown and eCommerce and increase in online payments = Bitcoin addoption - page 2.

Kakmakr

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Quote from: hatshepsut93 on May 15, 2020, 12:40:15 PM

Quote from: Kakmakr on May 15, 2020, 01:58:48 AM

So, with the increase in eCommerce, one would think that it would go hand in hand with a increase in online payment methods..right? Seeing that Bitcoin is one of the most secure online payment methods, one would also think that there would be a increase in the adoption of Bitcoin use...right?

From the point of view of regular people, Bitcoin is less secure. First, you have volatility - you can buy $200 equivalent of BTC for you shopping needs for a month, and a few hours later it's already worth only $180. Yes, it can also be worth $220, but to most people a threat of loss far outweights potential gains.

Then, the actual security - your coins are gone after you sent them, so it brings back then risk of getting scammed. Users love having an option to chargeback, it makes them feel safe. Almost no one worrier that centralized middlemen will interfere with their transactions, which is the problem that Bitcoin was created to solve.

So, why would people go through troubles of buying Bitcoin, learning about wallets and security, looking for online places that use Bitcoin, doing all of this if they don't see any benefits to it? And they are also satisfied enough with their existing fiat payment methods.

You make a valid point... Why would people move to Crypto currencies? The answer is simple, if you have been a victim of Credit card fraud or if you want to be one of the people who want to ditch the old Fiat currencies that are also being devaluated at a very fast pace.

Some people deal with the volatility by using Payment processors and the difference in price from when you bought it is just one of the things that can either be good or bad for you. In the long run, most people's investment in bitcoins are a Win/Win for them over the long run. I still have bitcoins that I bought when the price was $300. Wink

Haunebu

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Quote from: bL4nkcode on May 15, 2020, 10:20:37 AM

And I don't see bitcoin being adopted because of this pandemic especially if the common customer has been used to buy with smaller fee or even zero fee. While bitcoin needs higher fee or it will take time before got a confirmation. But if lightning is implemented in every ecommerce platform, then I'm sure (I hope so) we will see mass adoption.

Lightning network has its own share of issues currently which are being ironed out on a regular basis. LN is only effective if you are working with regular customers and sending small amounts.

Sending big amounts or working with irregular customers makes LN less effective based on what I have observed.

This is why LN won't be able to improve BTC adoption in a big way currently. People will stick to FIAT and other digital payment methods since crypto is way too complicated for the majority as of now.

hatshepsut93

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Quote from: Kakmakr on May 15, 2020, 01:58:48 AM

So, with the increase in eCommerce, one would think that it would go hand in hand with a increase in online payment methods..right? Seeing that Bitcoin is one of the most secure online payment methods, one would also think that there would be a increase in the adoption of Bitcoin use...right?

From the point of view of regular people, Bitcoin is less secure. First, you have volatility - you can buy $200 equivalent of BTC for you shopping needs for a month, and a few hours later it's already worth only $180. Yes, it can also be worth $220, but to most people a threat of loss far outweights potential gains.

Then, the actual security - your coins are gone after you sent them, so it brings back then risk of getting scammed. Users love having an option to chargeback, it makes them feel safe. Almost no one worrier that centralized middlemen will interfere with their transactions, which is the problem that Bitcoin was created to solve.

So, why would people go through troubles of buying Bitcoin, learning about wallets and security, looking for online places that use Bitcoin, doing all of this if they don't see any benefits to it? And they are also satisfied enough with their existing fiat payment methods.

pragna

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Yes, this is correct that in lockdown situation eCommerce has been increased to our county and maximum payment now doing with cards or mobile banking system But problem is our country still not accepting BTC. I think maximum countries still not encourage BTC for online payment but i think it should be as low payment fee and secure transaction. I don't know when govt will accept it but if govt accept BTC i think it would be revolution in online payment industry.

thanks.

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Quote from: Kakmakr on May 15, 2020, 01:58:48 AM

I have noticed that a lot of countries allowed eCommerce sites to continue doing business during the "Lockdown" periods. People are now forced to buy things online and then to have it delivered, where they previously walked around in Malls and shops.

So, with the increase in eCommerce, one would think that it would go hand in hand with a increase in online payment methods..right? Seeing that Bitcoin is one of the most secure online payment methods, one would also think that there would be a increase in the adoption of Bitcoin use...right?

What is your thoughts on the possibility that Bitcoin adoption might increase, because there are more focus being placed on eCommerce? Do your government also encourage eCommerce during the "Lockdown" and are you seeing a increase in the merchant adoption of Bitcoin payment options?

Let's share our experience and your thoughts on how Bitcoin adoption could increase adoption during these difficult times. Wink

Quite the opposite will happen now.
Bitcoin adoption will now get declined as people will invest in Bitcoin to secure there savings. The world's economy has already started showing trouble. Banks have already reduced the saving rates and stock markets are going down. The only stable and still growing commodity is Bitcoin.

For e-commerce why will anyone use Bitcoin they will use there own local currency to purchase things online. Most countries already have digital local currencies. Furthermore most e-commerce website do not accept Bitcoin or any other cryptocurrencies.

Savemore

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I also observed that people nowadays are most likely to pay through online than to pay though the use of traditional payment system because of the pandemic that is going on. In my country, the government is also promoting digital or the cashless society because the WHO warns that the virus can also spread through cash. There are now a lot of online payment system but the problem is they still using online local currency than bitcoin. Yes there is now a online payment system but it seems that only few people who are interested to use bitcoin to buy the things that they need.

bL4nkcode

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Quote from: Haunebu on May 15, 2020, 06:26:11 AM

It isn't even possible to order food from different restaurants. This is why e-commerce sites are essentially struggling like crazy at the moment.

Here in my place, everything can be bought through online with of course door to door delivery, with different payment method, while some ecommerce accept bitcoin, but I never seen food restaurant/deliveries accept bitcoin yet.

And I don't see bitcoin being adopted because of this pandemic especially if the common customer has been used to buy with smaller fee or even zero fee. While bitcoin needs higher fee or it will take time before got a confirmation. But if lightning is implemented in every ecommerce platform, then I'm sure (I hope so) we will see mass adoption.

Haunebu

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Many countries like mine have enforced lockdowns in a very strict manner. Only essential stuff like groceries, medical supplies etc can be ordered online through e-commerce sites and offline through different vendors.

It isn't even possible to order food from different restaurants. This is why e-commerce sites are essentially struggling like crazy at the moment.

Improvement in BTC adoption is out of the question due to these issues. Adoption rates are about the same and I don't think they will increase anytime soon.

Kelvinid

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I supposed to think that due to lockdown and enhancement community quarantine will help to push people into crypto adoption but, unlikely it was going to see but still adoption isn't that massive. The situation we have isn't giving the only option for crypto alone but to know that some banks are offering credit and debit cards, they'll make a way to consider it more than for Bitcoin.

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Quote from: Kakmakr on May 15, 2020, 01:58:48 AM

~
Let's share our experience and your thoughts on how Bitcoin adoption could increase adoption during these difficult times. Wink

I might agree that there is an increase in online transactions since most of the buyers can't go outside of their house because of the pandemic but Bitcoin adoption to increase because of this? I don't think so base on what I'm seeing right now.

In our country, online transactions are increased by so much but what they are doing is that they will deliver the item to the buyer and the buyer will pay fiat to the delivery boy. The only online here is the ordering of the item. Maybe there are some who are paying online too but they are still using Fiat and not Bitcoin since most of the establishments aren't accepting Bitcoin right now.

Maybe in some countries, there are some establishments who are accepting Bitcoin and that is good but most of the people right now is still more comfortable in paying using fiat.

Jating

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Bitcoin is not yet adopted in e-commerce, still using the old and traditional way here, credit/debit card and other third party payment system so I don't think that bitcoin as payment scheme will thrive in this pandemic. So I have my doubts, the only way for bitcoin to get adoption is thru people hedging their wealth or buying bitcoin to trade. And we are going back to the argument that bitcoin can't be used as online payment because of the price and the speed of the transaction.

Kupid002

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In my country they use online payment to receive money from calamity loan they use bank to bank transfer and other online payment like paymaya(not related to crypto) .but many people still prepared to use remittances to receive their money.

The problem i see is only few people know about bitcoin that's why its hard for the government to adopt this as alternative option for online payment .

marcayden

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Unfortunately, there are still governments out there that are slightly resistant to the idea of blockchain and cryptocurrency making its adoption in e-commerce a little slow.

Even during this time, wireless fiat payments via the usual payment service provider VISA, MASTERCARD, WIRECARD is still the predominant methodology for transactions.

Blockchain might still be seem as a renegade method of payment and wouldn't experience widespread adoption.

Wexnident

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An increase of people using online payments and eCommerce doesn't necessarily mean an increase in the adoption of Bitcoin. There's an issue of knowing what Bitcoin is, an issue of retailers of eCommerce accepting payments through Bitcoin, and an issue of Bitcoin being too volatile for the people to use most of the time. Right now, whether most of us like it or not, Bitcoin is mostly used for investment. Buying shorts and longs is basically the way most people use it, or at least, those that are new to it and are looking at BTC as a form of investment.

Learning about Bitcoin isn't really an issue since it's literally out there on the internet, but adopting its usage can be pretty much determined if and only if the countries we stay in actually accept it. Or at least, the eCommerce sites that is.

Eugenar

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It would be a great idea of most of the transactions that we are doing in the manual system would be into the online system or having online transaction, even though we are at home we should not be passive, we should still continue doing some of the important things we should do so having this kind of online transaction would be really great.

I think online transactions would be more prominent all over the world because they know that in order for us to prevent the risk of spreading the virus we should stay at home while doing some important things.

Quote from: Alucard1 on May 15, 2020, 03:38:00 AM

Online payments or online transactions would be more used in different countries as of now because we are still now under quarantine that is why we should not go outside, but we still need something to do in our life even though we're in quarantine. So having online transactions would be better now for us to continue some of our stuff.

This should happen so that our needs and wants can still be processed. That is why technology is really used all over the world, technology keeps evolving so we should do something to be in from it.

Great said buddy, there are times that no matter what happens we should still continue to do it, and it would be an advantage for us if those things would be placed in the online world.

KrisAlex18

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This pandemic virus is still existing in different counties that is why we should do something to still continue some of the things we are usually doings or things we should really need to do. Online transactions would be a great idea for this things, we can still proceed some of our manual transaction through the use of the internet if they are going to create a program or website that will correspond from the manual process transaction of things than it would be now easy for us to do it.

Quote from: Nalbo on May 15, 2020, 02:20:38 AM

People with nothing to do on their free time at home with internet have ventured many things to contain themselves and bitcoin and crypto were a hot topic. I believe many new people made their first wallet during this lockdown be it out of curiosity or investing or for trading as crypto market is the one that is never closed.

It it possible because lost of the people think some ways to make money even though they are at home and bitcoin and online jobs would be great and suitable for this current situation.

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Quote from: Kakmakr on May 15, 2020, 01:58:48 AM

I have noticed that a lot of countries allowed eCommerce sites to continue doing business during the "Lockdown" periods. People are now forced to buy things online and then to have it delivered, where they previously walked around in Malls and shops.

The global eCommerce market is already huge with a global sales around $3.5 trillion and they have multiple payment options and people are actually comfortable with the current situation and hence the huge volume and accepting BTCitcoin is the discretion of the major players and i was expecting them to include as an alternative safe payment and if i remember correctly Newegg was the first major eCommerce site that accepted BTCitcoin bak in 2014 and i was expecting other major brands to follow but sadly that did not happen.

Quote from: Kakmakr on May 15, 2020, 01:58:48 AM

What is your thoughts on the possibility that Bitcoin adoption might increase, because there are more focus being placed on eCommerce? Do your government also encourage eCommerce during the "Lockdown" and are you seeing a increase in the merchant adoption of Bitcoin payment options?

I can only get essential products online as i am stuck in a red zone and since everyone is forced to purchase online the amount of consumers are really high and amazon and other major platforms are not able to fulfill everything on time, they set up slot system to deliver in every area which will take time to get it delivered.

Basically i am against the idea of only essentials can be purchased during lock down even online is bogus, but the explanation from the government is to have a fair level playing field for other shops that are forced to shut down.

TimeTeller

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Quote from: Nalbo on May 15, 2020, 02:20:38 AM

People with nothing to do on their free time at home with internet have ventured many things to contain themselves and bitcoin and crypto were a hot topic. I believe many new people made their first wallet during this lockdown be it out of curiosity or investing or for trading as crypto market is the one that is never closed.

That's very feasible to happen. One way or another, there are individuals who inquire how to use crypto esp btc.
And with the lockdown, many people are stuck in their homes and so they have a lot of time to study about alternative payment methods and that includes btc or crypto.
Also, the hype surrounding before the btc halving, for sure, there were also people that got interested in looking up for btc.

Quote from: maydna on May 15, 2020, 03:12:24 AM

The using of online payment will allow bitcoin to be used as the payment methods, but it is not easy to introduce bitcoin to people who already use the old ways. But there will be a chance for the adoption of bitcoin use will be increased, especially if many more merchant who allow people for using the bitcoin as the payment.

We still need to have approval from the government and encourage eCommerce to use bitcoin during the lockdown in many countries. Besides that, people need to learn about bitcoin before they used bitcoin, and it will require time for them to understand how bitcoin work as payment methods.

That's the challenge here. Many people who are new in crypto don't know where to start.
Lucky if they have friends or colleagues who are already into crypto, whom they can discuss with, but for those who don't, it would be hard for them to grasp how to deal with crypto.
It will take time for them to place their first btc order or btc payment.
But if a specific merchant will make it easy, like they have internal conversion from fiat to crypto, that would be very helpful for them.

Alucard1

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Online payments or the online transactions would be more used in a different countries as of now because we are still now under quarantine that is why we should not go outside, but we still need something to do in our life even though we're in quarantine. So having online transactions would be better now for us to continue some of our stuff.

This should happen so that our needs and wants can still be processed. That is why technology is really used all over the world, technology keeps evolving so we should do something to be in from it.

fiulpro

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I was recently buying a collar for my rescue dog , got to know that the site is accepting Bitcoins PLUS , no extra charges !
This is a really big deal where I live , actually we aren't able to have so many chances of paying in Bitcoins and therefore this exception was actually amazing step in getting the Bitcoins adopted on a much larger scale.
The thing is , now people are looking for more options since the quarantine have literally closed everything and even a trip to the bank is dangerous living in areas where the Corona virus is in every street .
In certain situations , scientists have even recovered the virus from the air particles . At a time like this I do think Bitcoins can help a lot in the transfers one way or the other .

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