Topic: The Modern Mode of Payments - page 4. (Read 656 times)
If you say that increase of cryptocurrency due to the fear of spread then you are wrong, it only applies to the digital fiat payment modes. Cryptos become more famous in this pandemic just because the price increased a lot and it made the investors and common man to believe that it is not just a bubble which is also an investment assets. We can use cryptos for transactions with no physical contact but how many of them are really using cryptos as payments over investments?
The health protocol that has been implemented has really helped the spread of this virus, so that until now I think the use of fiat currency is still dominant, and the government has not legalized cryptocurrency as well, hopefully it will be realized soon. so that currently crypto is practically only an investment tool that has created many new rich people
I know that it is not really ideal to use cash right now these days because of the risks involved but the reality is that people are still using it. Plus even when pandemic is over and there are not that many people dying from it (I am sure one day it will be nearly over with only few death per year) we will still not have bitcoin as a common thing accepted in most places, it is just not enough time.I believe it will take at least 10+ more years for bitcoin to become common acceptance thing and that is why I believe it is not that prevalent right now. Sure it got more and more common compared to previous years, but we are talking about bitcoin being more common compared to bitcoin back in the day, when we are comparing to fiat we are not even at 1% yet, maybe not even at 0.1% yet and that is why there is still a long time to go before we can spend bitcoin.
Using cash increases the risk of viral infections, especially low-denominated currencies because they are backed often.
Currently, cashless payment is a trend. There are many applications for online payment from banks, from licensed companies. Cryptocurrencies are still in their infancy, and they are better used to transfer money because the cost of payments is not in line with daily payments.
Currently, cashless payment is a trend. There are many applications for online payment from banks, from licensed companies. Cryptocurrencies are still in their infancy, and they are better used to transfer money because the cost of payments is not in line with daily payments.
Going from paper cash to electronic money and from electronic money to cryptocurrencies is actually a really slow process,that will continue for decades.All those forms of payment will continue to exist together.
I don't see the majority of people dumping fiat money anytime soon.The pandemic might have reduced the usage of paper cash,but the percentage is really low.Many people are using credit cards instead of cash,so the risk of getting COVID while shopping isn't that big(if you are wearing a mask and washing your hands).
The health protocol that has been implemented has really helped the spread of this virus, so that until now I think the use of fiat currency is still dominant, and the government has not legalized cryptocurrency as well, hopefully it will be realized soon. so that currently crypto is practically only an investment tool that has created many new rich people I don't see the majority of people dumping fiat money anytime soon.The pandemic might have reduced the usage of paper cash,but the percentage is really low.Many people are using credit cards instead of cash,so the risk of getting COVID while shopping isn't that big(if you are wearing a mask and washing your hands).
The OP does not take into account the prevalence of Bitcoin accepting merchants. Although a pandemic is going on, there has not been any increase in the number of local stores or e-commerce sites that accept crypto. Neither has there been any relaxation on the use and trade of cryptocurrencies in any country. All that has happened is Musk promoting Dogecoin and Indian government reiterating that they will ban crypto, albeit that is not competely true.
It would defenitely help if my local grocery store would accept crypto. But majority of these shop owners dont even understand the technology and the secure use of bitcoin. How can you expect them to start accepting it right away? It will take a long time to make them knowledgable and allow them to use. For this, crypto startups and exchanges should work and make the government accept crypto - that is the first step.
Otherwise this ends up being a dream.
It would defenitely help if my local grocery store would accept crypto. But majority of these shop owners dont even understand the technology and the secure use of bitcoin. How can you expect them to start accepting it right away? It will take a long time to make them knowledgable and allow them to use. For this, crypto startups and exchanges should work and make the government accept crypto - that is the first step.
Otherwise this ends up being a dream.
Going from paper cash to electronic money and from electronic money to cryptocurrencies is actually a really slow process,that will continue for decades.All those forms of payment will continue to exist together.
I don't see the majority of people dumping fiat money anytime soon.The pandemic might have reduced the usage of paper cash,but the percentage is really low.Many people are using credit cards instead of cash,so the risk of getting COVID while shopping isn't that big(if you are wearing a mask and washing your hands).
I don't see the majority of people dumping fiat money anytime soon.The pandemic might have reduced the usage of paper cash,but the percentage is really low.Many people are using credit cards instead of cash,so the risk of getting COVID while shopping isn't that big(if you are wearing a mask and washing your hands).
Thats the benefit of using electronic wallets as of now that we are still suffering from pandemic. This actually helps more people to use e-payments even at home. Most likely we can spend our crypto coins or fiat money by purchasing our needs online.
Not only that, those who aren't aware of cryptocurrency uses will now spread some awareness and knowledge on how to eventually use this kind of technology. No wonder that the progress of adoption increased during this pandemic period.
I think the times will make a shift, between conventional and modern systems. we are currently facing the era of digitalization, where everything is done online. and as a society, of course we must be active with the changing times in order to survive. I think this is common in this world Not only that, those who aren't aware of cryptocurrency uses will now spread some awareness and knowledge on how to eventually use this kind of technology. No wonder that the progress of adoption increased during this pandemic period.
Part of the developing countries like South Amerika are still not using Paypal or any other local mode of payment, we all want cash still the old folks treat the paper bills are the best way to pay for the fishes they caught on the river. But its probably best if they skip these ecash anymore and forget about banks because they were unbanked in the first place.
They were denied from the beginning when they want to open a bank account, they were asked to submit documents that they don't have. But introducing cryptocurrencies to them might just be working like what happen to Nigeria.
Though its hard to say the total drop on the usage of fiat money since not all knows how to use online platforms or have the access on the online money, we can really say that the digital world grows a lot because of pandemic. From working home through the usage of internet, from delivery foods online, and from making grocery and buying your necessities are also possible through online.
I'm not sure in my country if paying online using cryptocurrency has increases, because in the past months cryptocurrency became a great source of money and a good investment so I'm not sure if they are spending cryptocurrency online since personally, I just hold and trade but not to spend my crypto buying goods online.
I'm not sure in my country if paying online using cryptocurrency has increases, because in the past months cryptocurrency became a great source of money and a good investment so I'm not sure if they are spending cryptocurrency online since personally, I just hold and trade but not to spend my crypto buying goods online.
Thats the benefit of using electronic wallets as of now that we are still suffering from pandemic. This actually helps more people to use e-payments even at home. Most likely we can spend our crypto coins or fiat money by purchasing our needs online.
Not only that, those who aren't aware of cryptocurrency uses will now spread some awareness and knowledge on how to eventually use this kind of technology. No wonder that the progress of adoption increased during this pandemic period.
Not only that, those who aren't aware of cryptocurrency uses will now spread some awareness and knowledge on how to eventually use this kind of technology. No wonder that the progress of adoption increased during this pandemic period.
but so far payment with cryptocurrency has not been very effective, just look at high price fluctuations and transaction fees that sometimes don't make sense. if only for daily needs, so far e-payment is much more effective, convenient, and easy. I think the shift of the payment system to cryptocurrency will take a very long time, like evolution, it needs a lot of adjustments, especially since the basis of cryptocurrency is decentralized, in stark contrast to the centralized financial system in each country. However, with this progress we have an effective alternative payment, for emergency purposes, for example, for overseas transactions, it is quite effective because there are no complicated administrative requirements.
Not really. The pandemic hasn't caused people to "not" use fiat. People are still using fiat cash. Trust me. I see people using cash everyday like they used to before. People now just make sure they sterilize their hands after getting back home or to their destination (or do they?). People also still use cashless system such as card payments just like the pre pandemic times. Nothing has changed. Electronic cash system is sill the same. Digital currency such as bitcoin is still not being used as a mainstream currency (that is being accepted everywhere).
Also, through this pandemic many people start using cryptocurrency where they can earn money as another source of income.
Crypto currencies should never be considered as "another source of income"! 
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.
There are simple and easy to implement methods to protect money against viral infection.
Quote
Copper Destroys Viruses and Bacteria. Why Isn’t It Everywhere?
It could destroy norovirus, MRSA, virulent strains of E. coli, and coronaviruses—including the novel strain currently causing the COVID-19 pandemic.
https://www.vice.com/en/article/xgqkyw/copper-destroys-viruses-and-bacteria-why-isnt-it-everywhere
It could destroy norovirus, MRSA, virulent strains of E. coli, and coronaviruses—including the novel strain currently causing the COVID-19 pandemic.
https://www.vice.com/en/article/xgqkyw/copper-destroys-viruses-and-bacteria-why-isnt-it-everywhere
According to the above article jewellers, goldsmiths, boiler makers, brass musicians and others who physically handled copper metals on a regular basis enjoyed enhanced immunity to cholera outbreaks in the 1800s. Copper is apparently so destructive to viruses that trace amounts absorbed into the blood stream from merely handling it can prevent infections in ways that can easily be traced via statistics.
Copper coins are immune to the corona virus and other infectious microbes.
yes right, I totally agree. And I am grateful that during the Covid-19 epidemic I had known bitcoin for a very long time. So it was not difficult for me when I had to be socially distant, I could not leave the house to adjust to this condition. You could even say bitcoin trading is one of my main jobs. So my advice for some people who are currently still working conventionally, go home early in the evening, hurry up and learn to get to know online jobs, whatever it is. Because this is very much needed when there is something we don't want, for example we have to stop work because of the Covid 19 pandemic. So this is where it comes in. If you are starting to learn about bitcoin for a means of finding a second income, if your main job requires you to quit your job.
During this pandemic, sudden adjustment was made to adapt from the changes due to covid-19 virus. The usual way of purchasing was limited because the government made policies to refrain people from going outside unless it's essential and emergency. There are only certain age bracket that can go in and out the establishments.
This crisis paved way to transition of traditional to modern mode of payment. We are used to paying with cash (fiat money) and it is usually over the counter. But right now, most customers prefer to transact online using their e-wallets and digital bank accounts.
Based on my experience, it is less of a hassle, since I don't have to worry about contacting the virus because I'm in the comfort of our home. In addition, I can easily tap to pay, and viola! All done. No more long lines and very much convenient. I can save time to do other tasks while waiting for my orders.
Crypto wasn't seen as a way to pay neither, people weren't attaching to crypto during pandemic because they couldn't go outside so they paid with crypto, that wasn't the reason at all. The real reason was the fact that there was too many people with money in their pockets doing nothing and having no income, so they put their money into bitcoin with the hopes that they would make some profit, in the end they did, and when others heard about it they invested too and they did it as well and basically everyone started to put their money in here so that they could make a profit.This crisis paved way to transition of traditional to modern mode of payment. We are used to paying with cash (fiat money) and it is usually over the counter. But right now, most customers prefer to transact online using their e-wallets and digital bank accounts.
Based on my experience, it is less of a hassle, since I don't have to worry about contacting the virus because I'm in the comfort of our home. In addition, I can easily tap to pay, and viola! All done. No more long lines and very much convenient. I can save time to do other tasks while waiting for my orders.
That is the only reason why people made a profit and that will stay that way as well. I do not think that people invest because they want to change the way they spend money, they are not using crypto debit cards, they are not buying with crypto, they just invest into it and that's it.
Fiat cash is indeed a very big source for the virus to flow and should be avoided as much as possible. The funniest thing I find about fiat is how dirty is it, we can't even wash notes in fear of them being torn and being unusable and hence the money in fiat form keeps rotating across the countries with people having dirty hands, passing it from pockets to pockets like yuck! The corona has surely helped in the surge of digital payments!
Am getting confused with the use of fiat as only paper note. Both credit and debit card also serve the fiat use, online banking uses fiat as transaction medium, so these are currencies that are centralized, under a certain Government and central bank of that country. So we can use fiat very well without contact or virus transmission as OP's opinion. What I mean with Fiat money is when you carry it directly with your hands or you put it in your wallet or pocket then bring it outside to buy and pay your bills. Electronic money is also connected in fiat money of course but the difference is, you can use it online, hassle free, even you're just sitting inside your house. So less contact with outside people then you also avoid holding money directly in your hand. This is a safer way to prevent the spread of the virus.
FIAT (Coins) ---> Electronic Money (Gcash, Paymaya, Paypal, etc...) ---> Digital Currency (Bitcoin, Ethereum, BCH, XRP, etc...)
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I disagree with the flow that you shared. I think this is the right flow for it.~
FIAT (Coins) ---> Digital Currency (Bitcoin, Ethereum, BCH, XRP, etc... ---> Electronic Money (Gcash, Paymaya, Paypal, etc...))
Correct me if I'm wrong but right now, I'm not using Digital currencies to pay something even online. I'm always converting my Digital Currency into Electronic money which is like you shared Gcash, Paymaya are the ones we are using.
Although I disagree with you, I agree to the fact that people right now are preferring to use E-Money than using Fiat (at least when they buy online) but still there are some people who are preferring to use the usual cash that we are using even though it can be a carrier of the virus. I believe that this pandemic has opened more the online payments - the modern type of payment that the OP has shared. Now with regards to telling people about digital currency or in this case cryptos, it is becoming more popular already and I think that I don't need to share it to them. I will let them know and let them decide because for me that is the better decision.
You have a point because as of now payment using bitcoin and other cryptocurrency are very limited. Not all stores are accepting digital currency as payment that's why we still need to convert it into an electronic money. That's right, I agree with you. But on the other hand, I also thought that from using a fiat money directly to buy, then through electronic money, and then time will come we can also use digital currency as payment method directly without converting into electronic money. Global technology is constantly improving and evolving from generation to generation and to the next generation. There may be many more changes in our technology as time goes on. And people and even the government has nothing to do but to accept and adopt this changes.
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 like the modern forms of payments which make payments so much easier these days. Without it everything would be taking much longer. Imagine back in the day when you had to wait 2-3 business days for a transaction to go though. The biggest risks for me is not a Virus that would block my wallet and payment methods, but rather to lose track of all my payments. It is so much easier to spend money online than it is to spend money with cash. You always know how much money you have with you and overdraft is not an option.
During this pandemic, sudden adjustment was made to adapt from the changes due to covid-19 virus. The usual way of purchasing was limited because the government made policies to refrain people from going outside unless it's essential and emergency. There are only certain age bracket that can go in and out the establishments.
This crisis paved way to transition of traditional to modern mode of payment. We are used to paying with cash (fiat money) and it is usually over the counter. But right now, most customers prefer to transact online using their e-wallets and digital bank accounts.
Based on my experience, it is less of a hassle, since I don't have to worry about contacting the virus because I'm in the comfort of our home. In addition, I can easily tap to pay, and viola! All done. No more long lines and very much convenient. I can save time to do other tasks while waiting for my orders.
This crisis paved way to transition of traditional to modern mode of payment. We are used to paying with cash (fiat money) and it is usually over the counter. But right now, most customers prefer to transact online using their e-wallets and digital bank accounts.
Based on my experience, it is less of a hassle, since I don't have to worry about contacting the virus because I'm in the comfort of our home. In addition, I can easily tap to pay, and viola! All done. No more long lines and very much convenient. I can save time to do other tasks while waiting for my orders.
Covid-19 has brought a lot of struggles and challenges in our lives. Majority of the countries were unprepared because of the unforeseen weight of the pandemic. Which caused a great shock during the start of the lockdowns and quarantines all over the world.
For safety precautions, the outdoor activities were limited. Most countries imposed travel ban and local lockdowns hence, people were forced to explore alternative ways and options to sustain their way of living. During the pandemic, the e-commerce bloomed. Online shopping and food delivery are usually common. Because of the risk that comes with paying traditionally (using fiat), people opt to use online mode of payment such as thru E-wallets, digital banks, and the likes.
Here in our country, e-wallets are commonly used, to name a few: Gcash, paymaya, grabpay, and paypal. Personally, it helped me a lot during the most borings days of lockdown. It helped me purchase the things that I really need and want without risking my health and my family's as well. Digital banks also helped me navigate my savings and also to purchase online.
For safety precautions, the outdoor activities were limited. Most countries imposed travel ban and local lockdowns hence, people were forced to explore alternative ways and options to sustain their way of living. During the pandemic, the e-commerce bloomed. Online shopping and food delivery are usually common. Because of the risk that comes with paying traditionally (using fiat), people opt to use online mode of payment such as thru E-wallets, digital banks, and the likes.
Here in our country, e-wallets are commonly used, to name a few: Gcash, paymaya, grabpay, and paypal. Personally, it helped me a lot during the most borings days of lockdown. It helped me purchase the things that I really need and want without risking my health and my family's as well. Digital banks also helped me navigate my savings and also to purchase online.
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