The Modern Mode of Payments - page 3.

Oasisman

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Quote from: Alert31 on May 02, 2021, 10:21:28 AM

And because of locked downs, people are just stay at home. So, they start their works online and also making transactions online, buying and selling online and instead of paying a cash money, they use electronic money for payments or even sending money for their love ones. Also, through this pandemic many people start using cryptocurrency where they can earn money as another source of income. So, making transactions outside is really difficult nowadays, but because we have a lot of modern types of mode of payments, no need to worry about that. We can make transaction easily just by using your phone, computer and other gadgets, with fast transaction, safe and hassle free because you just make transactions while stay at home, and away from VIRUSES. From Fiat money, we use electronic money and now digital currency is available to be used anytime. If we have friends who don’t know about digital currency, we can help them understand and learn about it so that they can use it as well and at the same time we can help the demand of bitcoin and other digital currencies to increase.

Lemme try to correct some facts about yor statement since I assume you're from the Ph.
Because of lockdown people are "forced" to stay at home and this causes :
- Unemployment rate in the PH rises in an all time high.
- There's only 1% - 2% of people in the PH who found a job in the internet. Majority of the Filipinos were jobless and aching to go outside to find an income.
- It's not easy to find an online job, especially when there's a lot of competition in the current field because of the pandemic.
- And no there aren't "Many" people in the PH who are aware on how to make an income out of Cryptocurrency.

Bottom line: those things you've said was never easy especially in a country who are less techy in terms of modern online payments and other modern financial innovation.

justdimin

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Quote from: finaleshot2016 on May 06, 2021, 06:15:19 AM

"Another source of income"

If you invest at the wrong time, such as during the BTC crash, and then sell because of fomo, your money may be lost.
In this pandemic, eCash is already sufficient for purchases, as it uses fiat digitally rather than digital currency such as crypto, whose prices fluctuate daily. When it comes to payment, I still prefer eCash because the transaction fee on crypto is very high, and I can't afford to use it in transactions. However, I may use it for investing and hodling to make a profit.

If you do not know very well about bitcoin then you should not invest into bitcoin that is the end of it. If you are interested in making profit right away, buy some bitcoins and because it dropped in value and you sold because of FUD that means you should have not go into bitcoin from the start.

The point of bitcoin is that it is a powerful tool against inflation and devaluation of the fiat money and if you own bitcoin in the long run you are going to profit from it, doesn't matter when you buy it, if you wait long enough you will profit.

People who bought at the peak of 20k in 2017 could have made x3 of their profit if they waited for 4 years, there are not that many things that can give you x3 profit in 4 years, so even they profited more than anyone. People who buy from 60k will profit as well, maybe this year, maybe 5 years later but they will profit a lot. So anyone who panics and sells should not be involved at all.

Koro-Sensei

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The world is evolving and new technologies are emerging. We can't deny the fact that technology right now is faster than ever before and it solves almost all of our daily problems in just an instant. However, I am a bit confused on how you compare these 3. FIAT are old system. Electronic money is the future and inside these should be the Digital currency with different uses and different values.

izanagi narukami

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The world getting advance since internet occurred so it's inevitable if one day, everyone prefer cashless payment.

Besides it's also make us more easier to do transaction especially in this pandemic situation.

So am I agree with modern payment?
Yes I do!

finaleshot2016

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Quote from: Alert31 on May 02, 2021, 10:21:28 AM

FIAT (Coins) ---> Electronic Money (Gcash, Paymaya, Paypal, etc...) ---> Digital Currency (Bitcoin, Ethereum, BCH, XRP, etc...)

Due to the spread of the Covid-19 virus in different countries, people have become aware that many viruses can be obtained from fiat money. That's why in our Country suddenly dropped the percentage of users of fiat money especially coins. And because of locked downs, people are just stay at home. So, they start their works online and also making transactions online, buying and selling online and instead of paying a cash money, they use electronic money for payments or even sending money for their love ones. Also, through this pandemic many people start using cryptocurrency where they can earn money as another source of income. So, making transactions outside is really difficult nowadays, but because we have a lot of modern types of mode of payments, no need to worry about that. We can make transaction easily just by using your phone, computer and other gadgets, with fast transaction, safe and hassle free because you just make transactions while stay at home, and away from VIRUSES. From Fiat money, we use electronic money and now digital currency is available to be used anytime. If we have friends who don’t know about digital currency, we can help them understand and learn about it so that they can use it as well and at the same time we can help the demand of bitcoin and other digital currencies to increase.

"Another source of income"

If you invest at the wrong time, such as during the BTC crash, and then sell because of fomo, your money may be lost.
In this pandemic, eCash is already sufficient for purchases, as it uses fiat digitally rather than digital currency such as crypto, whose prices fluctuate daily. When it comes to payment, I still prefer eCash because the transaction fee on crypto is very high, and I can't afford to use it in transactions. However, I may use it for investing and hodling to make a profit.

Kamarah

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Quote from: Alert31 on May 02, 2021, 10:21:28 AM

FIAT (Coins) ---> Electronic Money (Gcash, Paymaya, Paypal, etc...) ---> Digital Currency (Bitcoin, Ethereum, BCH, XRP, etc...)

Due to the spread of the Covid-19 virus in different countries, people have become aware that many viruses can be obtained from fiat money. That's why in our Country suddenly dropped the percentage of users of fiat money especially coins. And because of locked downs, people are just stay at home. So, they start their works online and also making transactions online, buying and selling online and instead of paying a cash money, they use electronic money for payments or even sending money for their love ones. Also, through this pandemic many people start using cryptocurrency where they can earn money as another source of income. So, making transactions outside is really difficult nowadays, but because we have a lot of modern types of mode of payments, no need to worry about that. We can make transaction easily just by using your phone, computer and other gadgets, with fast transaction, safe and hassle free because you just make transactions while stay at home, and away from VIRUSES. From Fiat money, we use electronic money and now digital currency is available to be used anytime. If we have friends who don’t know about digital currency, we can help them understand and learn about it so that they can use it as well and at the same time we can help the demand of bitcoin and other digital currencies to increase.

That is very good! Cryptocurrencies meet the needs of people in complex evolving situations everywhere. We can trade and pay with Bitcoin. No need to work but Bitcoin investors still make money. People are worried about shutting down companies, restaurants and hotels. You will be unemployed, stay home, and make no money. Then invest in Bitcoin to make money.

bitgolden

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Quote from: TheUltraElite on May 05, 2021, 12:47:00 AM

Quote

Big companies and entrepreneurs are who the best people who can do this job. They can make invention or innovative product or service related to cryptocurrency that can benefit people, I think this is the best way to spread the word about bitcoin.

Again the concept of bitcoin based startups, which is becoming common in many countries. New exchanges are being founded and they are trying to spread the word. I think as an individual we can help these reach the groups that need it the most. Crypto can help the small-cap markets and the business owners but it needs acceptance before than.

There are already a few places that accept bitcoin as payment and government is not doing anything about that at all. There are few nations that do not allow that, but let’s take a look at USA, they are a big nation right? They do allow people to sell stuff for bitcoin, hell paypal helps you sell stuff for bitcoin as well, long story short it is all allowed.

Yet we do not see too many people selling for bitcoin. We do not have to really expect millions of business' to start accepting bitcoin, that is not the important part here, what we should do is get huge corporations to accept. Look at Tesla, I never bought one but I hear they accept or will accept bitcoin? Do that with google, facebook, apple, amazon, microsoft and other big names that I forgot, get the biggest 20-30 companies to accept bitcoin and everyone else in the world will follow them.

goldade

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The Standard Protocol - Solving Inflation

Quote from: Alert31 on May 02, 2021, 10:21:28 AM

FIAT (Coins) ---> Electronic Money (Gcash, Paymaya, Paypal, etc...) ---> Digital Currency (Bitcoin, Ethereum, BCH, XRP, etc...)

Due to the spread of the Covid-19 virus in different countries, people have become aware that many viruses can be obtained from fiat money. That's why in our Country suddenly dropped the percentage of users of fiat money especially coins. And because of locked downs, people are just stay at home. So, they start their works online and also making transactions online, buying and selling online and instead of paying a cash money, they use electronic money for payments or even sending money for their love ones. Also, through this pandemic many people start using cryptocurrency where they can earn money as another source of income. So, making transactions outside is really difficult nowadays, but because we have a lot of modern types of mode of payments, no need to worry about that. We can make transaction easily just by using your phone, computer and other gadgets, with fast transaction, safe and hassle free because you just make transactions while stay at home, and away from VIRUSES. From Fiat money, we use electronic money and now digital currency is available to be used anytime. If we have friends who don’t know about digital currency, we can help them understand and learn about it so that they can use it as well and at the same time we can help the demand of bitcoin and other digital currencies to increase.

I actually do believe that you're right. Check any industry, any trade, anything whatsoever, there is always a form of development over the years. Things are always developing to get better. Technology helps to improve things such that they only get better with each passing year.
So it is not surprising that the same is happening with the financial system. There is always room for improvement and that's why the means of payment moved from trade-by-barter, to use of valued items such as gold, to use of coins, to use of paper currencies to the use of electronic payment and now to the use of digital money.
It would be catastrophic for anyone to stuck with the past and refuse to get on the moving digital train of monetary system. Digital currency is what the world is moving on to now and it's only wisdom to adopt it now.

skarais

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Quote from: tygeade on May 05, 2021, 09:33:13 AM

Are you trying to link the current situation of covid along with increasing demand for cryptocurrencies? Because, in most countries even electronic payment system is not yet available but you are talking making people adopting one step advanced method of cryptocurrencies? I am able to get your point but at the same time covid situation may not be the right time to talk about crytpos among our friends.

I mean I do not want to make use of the emergency situation for any kind of my own benefits. I agree adopting crypto currency will benefit for all of us still I mind the current situations.

Mate, the pandemic has nothing to do with crypto/ bitcoin adoption. Even the pandemic has brought enough people to know about bitcoin/ crypto and they have benefited from it. Why would you mind telling them that there are potential advantage to those who have lost their jobs if they want to learn how bitcoin/ crypto works today. Moreover, the way bitcoin works can even prevent it from getting in a crowd like the bank system. You just have to believe that bitcoin has helped most of the people to grow financially and start migrating toward decentralization with bitcoin.

Without simply ignoring the pandemic, bitcoin and its adoption have grown much better since the pandemic started and its price has even gone up more than it would have been without the pandemic. The era of digitalization may be expected in the future, while some countries will still be left with the ancient system.

aysg76

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Quote from: Alert31 on May 02, 2021, 10:21:28 AM

FIAT (Coins) ---> Electronic Money (Gcash, Paymaya, Paypal, etc...) ---> Digital Currency (Bitcoin, Ethereum, BCH, XRP, etc...)

Due to the spread of the Covid-19 virus in different countries, people have become aware that many viruses can be obtained from fiat money. That's why in our Country suddenly dropped the percentage of users of fiat money especially coins. And because of locked downs, people are just stay at home. So, they start their works online and also making transactions online, buying and selling online and instead of paying a cash money, they use electronic money for payments or even sending money for their love ones. Also, through this pandemic many people start using cryptocurrency where they can earn money as another source of income. So, making transactions outside is really difficult nowadays, but because we have a lot of modern types of mode of payments, no need to worry about that. We can make transaction easily just by using your phone, computer and other gadgets, with fast transaction, safe and hassle free because you just make transactions while stay at home, and away from VIRUSES. From Fiat money, we use electronic money and now digital currency is available to be used anytime. If we have friends who don’t know about digital currency, we can help them understand and learn about it so that they can use it as well and at the same time we can help the demand of bitcoin and other digital currencies to increase.

The fiat dealing significantly came down in this pandemic because of lockdown at global level and people were making online payment through cards to avoid touch as prescribed by doctors and WHO.But the main point is online e-payment are completely different from crypto transaction.When you make card payment it goes through your bank who is middlemen in that transaction whereas in decentralised currencies like bitcoin there is no central authority to approve transaction.The people are moving to online payment as number of online transaction rose by huge margins.The vendors and business person are having Pos machines and payment scanners to receive payment from users.

80% growth in online transactions

If we talk about crypto transaction and investment there was sudden boom in the industry which effect the prices of Bitcoin,eth,BNB, as they all saw huge surges of 300-400% from last year.Moreover there was 28-30% rise in bitcoin transactions fees as everyone want to confirm their transaction at fast rate in this pandemic.Miners have earned huge profits this year even with reduced hash rates.This period has some best time for them.

South Park

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Quote from: Theb on May 02, 2021, 12:08:57 PM

The emergence of Bitcoin and other cryptocurrencies in this pandemic situation is not for it being as a mode of payment but rather as a form of investment and this is obvious basing it from the news we have seen from big companies buying their own Bitcoin from their cash reserves and institutional investors putting it as one of their investment products. Why can't cryptocurrencies emerge as an alternative mode of payment? Because other mass uses mode of payments already exists as well as crypto having a huge upside for price appreciation that is why it has stalled the mass adoption we are looking for as they have seen crypto not as a form of payment but as an investment.

Unfortunately this is correct, however this can be easily explained if you have two forms of money, one that goes up in value over time and one that goes down over time, which one you spend and which one you keep? The only logical answer to that question is to keep the currency that is going up in value and spend the one that losses it, and this is exactly what it is happening to bitcoin as people do not want to use it out of fear of missing out a crazy price increase.

perfect999

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Quote from: Alert31 on May 02, 2021, 10:21:28 AM

Due to the spread of the Covid-19 virus in different countries, people have become aware that many viruses can be obtained from fiat money. That's why in our Country suddenly dropped the percentage of users of fiat money especially coins. And because of locked downs, people are just stay at home. So, they start their works online and also making transactions online, buying and selling online and instead of paying a cash money, they use electronic money for payments or even sending money for their love ones. Also, through this pandemic many people start using cryptocurrency where they can earn money as another source of income. So, making transactions outside is really difficult nowadays, but because we have a lot of modern types of mode of payments, no need to worry about that.

Well, it’s quite better for you guys, because where I stay it’s very difficult to work from home, finding online jobs are difficult, you’re always going to see a need that will cause you to leave your house and come out in public. And people are still making use of paper money, it’s difficult that you’re going to find anyone that’s making use of electronic money. Even if you wants to make a different by using all these electronic and digital payment methods, it’s not going to work because over fifty percent of the people you’re going to meet are always going to ask for cash or pay you with cash. So it’s not easy.

bosede1

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The campaign for cashless policy has been made even before the pandemic and everything is been done to avoid cash and all sort of transactions. You can introduce other modes of payment like electric money to just anybody but Digital currency one need to have the knowledge of at least own a coin before going into it.

noorammak

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The cashless trend has been around for years around the world, from payment cards to mobile apps. The pandemic is an opportunity for people to make cashless payments increasingly popular.
The non-cash payment brings a lot of money, is fast and quite safe. The government will significantly save on cash issuance and printing costs if the non-cash trend intensifies.
Cryptocurrency has become more popular and it is more like an investment channel than conventional payments.
I think crypto will be more applicable when governments release national cryptocurrencies.

tygeade

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Quote from: Alert31 on May 02, 2021, 10:21:28 AM

From Fiat money, we use electronic money and now digital currency is available to be used anytime. If we have friends who don’t know about digital currency, we can help them understand and learn about it so that they can use it as well and at the same time we can help the demand of bitcoin and other digital currencies to increase.

Are you trying to link the current situation of covid along with increasing demand for cryptocurrencies? Because, in most countries even electronic payment system is not yet available but you are talking making people adopting one step advanced method of cryptocurrencies? I am able to get your point but at the same time covid situation may not be the right time to talk about crytpos among our friends.

I mean I do not want to make use of the emergency situation for any kind of my own benefits. I agree adopting crypto currency will benefit for all of us still I mind the current situations.

blckhawk

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Quote from: ongkok87 on May 02, 2021, 10:30:48 AM

We can't compare the E-payments such as the Paypal to cryptocurrency they have to understand first what is Bitcoin and other Cryptos they might be surprised of the price change of the Bitcoin and cryptocurrency compared to Paypal and other E-payments. Cryptocurrency is volatile.

Well, you have a point that e-payment like Paypal cannot be comparable to cryptocurrencies because of volatility but we can say that cryptocurrency can be an e-payment. Cryptocurrency especially Bitcoin is believed to be a currency in the first place but due to the versatility of Bitcoin, it became an asset to store value. However, personal, it is better to use Bitcoin most of the cryptocurrencies as a store value due to the fact that it is volatile and possible to grow your funds over time. Anyway, it still depends on us on how we will use our crypto whether as a currency or as a store value.

pinggoki

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Quote from: ongkok87 on May 02, 2021, 10:30:48 AM

We can't compare the E-payments such as the Paypal to cryptocurrency they have to understand first what is Bitcoin and other Cryptos they might be surprised of the price change of the Bitcoin and cryptocurrency compared to Paypal and other E-payments. Cryptocurrency is volatile.

That's right, we can't really compare the cryptocurrency in other E-payments because crypto is volatile and the ones we are using for e payments are not volatile and that is one of the main reason why fiat is more good to use as a payment method because of it's stable value unlike the crypto that may dump anytime. This is also a barrier why most of the people doesn't like to use crypto as payment but they are just using it as an investments into different assets.

TheUltraElite

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So anyway, I applied as a merit source :)

Quote from: Ausgewielt on May 05, 2021, 12:26:34 AM

Although convince people is not an easy thing but atleast we can keep spread the news about bitcoin without thinking to much about the result.

A nice idea but problems start when people start labeling you as a "scam promoter" or a "ponzi promoter". So if you are doing promoting do it with a bitcoin based startup, not by yourself, because you are risking your life if you do it alone.

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Whether they accept bitcoin or not, it is their decision.

True, but the numbers would drastically increase if the governments allowed the trade openly and merchants started accepting bitcoin.

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Big companies and entrepreneurs are who the best people who can do this job. They can make invention or innovative product or service related to cryptocurrency that can benefit people, I think this is the best way to spread the word about bitcoin.

Again the concept of bitcoin based startups, which is becoming common in many countries. New exchanges are being founded and they are trying to spread the word. I think as an individual we can help these reach the groups that need it the most. Crypto can help the small-cap markets and the business owners but it needs acceptance before than.

Ausgewielt

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Although convince people is not an easy thing but atleast we can keep spread the news about bitcoin without thinking to much about the result. Whether they accept bitcoin or not, it is their decision. Big companies and entrepreneurs are who the best people who can do this job. They can make invention or innovative product or service related to cryptocurrency that can benefit people, I think this is the best way to spread the word about bitcoin.

Yatsan

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Many people have been driven into crypto not primarily because they were afraid of the potential virus that can be obtained and transferred through physical money (fiat). Many are primarily have got into crypto because of the crash that happened into stock market and due to the reason that many people cares about their investments, they have been into crypto to continue their activity in relation with investing since crypto market have been least affected by the pandemic. With regards with modern mode of payment through digitalization adaptation, it is also due to pandemic but mostly those were centralized since there are countries who are still not into accepting crypto as a mode of payment.

Topic: The Modern Mode of Payments - page 3. (Read 656 times)