Topic: The Modern Mode of Payments - page 5. (Read 656 times)

It's obvious that we came from the same country because the modes of payment you mentioned are operated on the same country as where I am.
Anyways, what you said greatly focuses on e-money, not really on cryptocurrency. Though we can convert our cryptos to fiat currencies, and use them to pay for all the mentioned transactions, it is still not what I can consider as the modern mode of payment. Gcash, Paypal and Paymaya were already there even when cryptocurrency are still not that popular.
What I am seeing as a modern mode of payment is when you can pay for a certain transaction by using a crypto alone without converting it to fiat money or e-money. Like, paying for your foodpanda order using ETH. Well, some are starting to accept this transactions, but there's still a long way to go.

Well, actually, at the beginning of the epidemic, word spread that COVID-19 was transmitted by touching banknotes, which WHO itself denied:

World Health Organization: ‘We did NOT say that cash was transmitting coronavirus’

There is actually a low risk but it is simply a matter of hygiene: you should wash your hands after handling banknotes. The problem is not so much that you get the virus from touching them, but that after touching them you touch your mouth, eyes, etc. with your hands. And even then, the risk is low.

Otherwise, I agree that the epidemic has accelerated the tendency to use less cash and more and more electronic payment methods.

We start with the use of fiat currency as the payment method and now it's already converted with digital currency this is the time when we are using the different payment method online which is more convenient mostly today these covid many establishments prefer for avoiding contact so right now they will prefer having online payment but due to rising with the cryptocurrency payment there are some establishments already adopt the use of this kind of payment because of the market volatility they want to try this as got an initial profit even though they are just holding or staking these coins. So far right now bitcoin is the most use payment for cryptocurrency.

The electronic payments that you mentioned are prevalently used even during the times that there aas no pandemic yet because it is far more convenient, for me, it just felt like the pandemic must made it clear that there is a prevalence of use in electronic payment system.

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.

It is true, the Corona epidemic had several benefits for cryptocurrencies. First, people became afraid of using money, because they feared the virus would transmit through paper currencies, as well as because of the inflation that occurred in many countries as a result of the Corona epidemic and paper money lost its value while the exact opposite happened with Cryptocurrencies, Cryptocurrencies have preserved and even increased in value many times over, Also cryptocurrencies are safe against the epidemic.
The global adoption of Bitcoin and cryptocurrencies is increasing every day and soon governments will be forced to accept cryptocurrencies and we will witness the golden age of cryptocurrencies.

Yes, the post is not only about crypto payment method but digital fiat payment method. It is just showing how we are going into digital payments these days because of this covid virus. Not only in his country but around the world that as much as possible we want to avoid the use of physical cash. Ride-sharing apps or delivery platforms are now encouraging their customers to pay online to further avoid physical contact.

Well, the post is about fiat cashless ones included, not just cryptocurrencies and as what we all have observed, Government is only against crypto payment systems, not cashless ones in which we use digital money which are monitored and controlled by the government! It makes it a lot easier for them to monitor these transactions and keep a record of it and regulate it! On one hand it brings government interference but at the same time it reduces the virus spreading through fiat cash!

I believe we are reaching to a point where crypto is getting out of the payment methods and going more in line with the investments. Stocks, gold, and crypto are the assets that people use the most. That could be one of the main things that people do these days with crypto, they do not use it to spend, they use it to make more fiat income for themselves. They buy it at 40k, they sell it at 60k and they have more fiat that way and then go ahead and spend that fiat.

I do the same, I earn crypto and then I have to exchange most of that (nearly 90%) to fiat and then live with that. I saved up a lot of crypto that way and I was considering buying a computer because mine is broken, but instead I used it for another project that I wanted to be part of, as a staff of course and sort of like founder (not founder but early staff member and investor) and I spent it all for the project, maybe one day I will recover it .

The government can only try but can't stop the use of these listed modes because P2P allows for even more smooth transaction. PayPal wasn't allowing crypto sometime ago but this year, they have approved some crypto use including bitcoin, Ethereum etc. This is helping already to make government policies not to accept cryptocurrency ineffective. If these other means of payment were not available, then we can be scared of such policies.

The current payment system is hard to transform to perfectly decentralized (or I mean using cryptocurrency). The governments always prevent us from fully using cryptocurrency in our daily life. They may force us to use fiat or CNBC (if they can created) but cnbc is acutally another form of E-comercial which is totally centralized by the government. So far, Paypal and other firms work better than the government so I believe they do not want to waste their time on a ineffective project

Cryptocurrency wide adoption means the death of centralization.

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!

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.

I am all in for cryptos but this is not what's been happening right now. Let me give you an in-depth analysis of what I have observed.

1. Local mode of payments are getting though cards , your credit cards , debit cards or any mode of e-payment, but unfortunately not cryptocurrencies because the stores are not everywhere so open and at the same time online fiat payments charge nothing.

2. The international transfers are taking much more time as compared to normal, so people are indeed thinking of payment though bitcoins and other cryptocurrencies but then again their price fluctuations does mean that they have to encash it instantly! Which is not a big deal with good wallets and trading platforms. The overall fee is comparatively very affordable in regards to payments done through cryptocurrencies!

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.

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.