Topic: The Modern Mode of Payments (Read 656 times)

I will admit we are not as close to that goal as we would like but we are getting closer to that, the more the world moves towards digital payments the bigger the chances people begin to use bitcoin and many people once they try it are not going to want to go back to the traditional fiat systems, a lot of people complain about bitcoin lack of speed and while this is true when it comes to a payment that takes a few seconds, bitcoin is faster and cheaper than most wire transfers and that is a big advantage bitcoin has over those kind of fiat transactions.

In fact there may be a few companies who still use bitcoin as mean of payment due to the expensive for fee per transaction. I guess, this is the serious thing thag should be resolved because if bitcoin only be used as an investment place then I guess it won't last long. That we can compare bitcoin and gold is bitcoin can be used as mean of payment system by most people around the world but gold can't do that since its just a store of value.

Also, the other problem is the regulation from the government. We can freely use especially in my country bitcoin as a mean of payment since my country still ban bitcoin for payment system. So as this is will make most merchant in my country just reluctant to use bitcoin as payment tool so I just using it as an investment place no more than that. Indeed, the bitcoin feature is helping everyone in this world since day by day or time by time the technological issue cannot be separated by human life.

Doing online business has been it for everyone. People now wants to be part of an online business where they can be able to generate good amount of money by working from their home and all that.

Especially this pandemic taught so many people a lesson, and one of those lessons that people learnt was that their office can be lost in situations like this and also that they shouldn't only rely on one source of income because they can get disappointed at anytime and then they wouldn't have a strong means of reliable income. So, it's very important that we have other jobs to do, so that if anything happens we can still continue with the other jobs we have to be making income and taking care of ourselves and family.

It's still a flawed system, with constant bugs and runarounds that people do to one-up on each other. However, since the demand is soaring high, the developers are always hands-on in ensuring that their applications are working in the best of its ability given the current technology, lest they risk falling behind in the current fast-paced running digital economy.

You are seeing the bright side of it but imagine in small countries where education is still a big factor and employment is killing them, how can you expect them to learn all these online payments and hassle? I mean yes there are benefits but small shops and local workers need a lot of education and practice to adopt this otherwise they will be a victim of online theft.

I have seen educated people getting scammed even today when everyone knows we must not give our card details and OTP to a stranger but this still happens and with the complete system moving to the internet there will be lots of thefts and the worst part of online scams is that these are not local thieves whom you can catch, they might be operating from a completely different country.

Actually, to be successful in the cryptocurrency sector is not easy at all. Bitcoin's price is constantly changing. Sometimes it makes me worry, I think if it falls, I will lose everything. But Bitcoin meets the needs of modern payments: fast speed, cheap cost.

Of course, cash can be dirty and even carry viruses and bacteria. I have heard that some people put their newly received money in a small plastic bag and do not touch those paper banknotes for two days. Viruses cannot stay alive for too long without infecting the next human, so the cash eventually cleans itself of such organisms.

It is true that due to the coronavirus pandemic, most shoppers have changed their minds and decided to use contactless bank cards more widely, as well as increased the volume of their E-money transactions, but some people still prefer traditionally pay for goods and services in cash just to maintain privacy.

As of Bitcoin, some gateway platforms (such as BitPay, WePay, etc) allow their verified customers to easily make and automatically accept cryptocurrency payments. In fact, these companies simply convert the deposited coins to fiat money on the request of their client. I think this payment method can also be considered modern.

Yes that is correct. Aside from that, many stores, or even fast food are accepting e-payments. E-payments also provide payment for bills, send money to loved ones, and buy load with rebates while cryptocurrencies were only accepted at selected stores. Even though both were operated online, still have different usage. Me personally I am just connecting this two for any transactions I needed for easier money transfer.

there could be a time that all these will actually happen. the banknotes and coins will probably apply to remote areas but in major cities, the contactless transaction will be much convenient for people.

in some cities in China, the vendors on the streets will only display QR codes of the fruits for anyone to scan in order to buy. Paymaya and Gcash i think has this functionality. i do have cash but just use it for paying shopee and lazada.

I don't think that should ever happen, physical coins and notes are necessary because online transactions need the internet for happening, and without it, it's as if we don't have any money even if we are a millionaire, and so if I eat at a restaurant and for some reason my phone switches off or if my bank server goes down, I'm stuck! Until that problem is solved, I won't be able to pay. So I think, tangible form of money is necessary always!

Well this is now the mode of payment in today's era and whether we like it or not we will all be using it because first, it's convenient, no need to carry heavy bulk of cash or coins and also safe for those people who suspiscious of you having lots of money inside your bag, safe from virus no need to go to the bank in short its a good improvement and can be helpful

for now it is very unlikely that crypto will replace fiat just because it is on the rise. We know it is not that easy, because in fiat there are many economic and political elements, so that there will be a lot of pros and cons in the government to do that.

Yeah right and I always used it since its free of charge while transferring it to another mobile e-wallet(don't know if this one the same on what you have now) and I avoid dealing with crypto especially bitcoin and ethereum since the transaction fee is so high so its not really ideal to use this as an option for now.

And I don't imagine here that fiat will vanish and replaced by crypto since this thoughs is impossible to happen.

Well, cashless payments are gradually practiced today especially during the pandemic, but fiat currency cannot be phased out. Online payment processors can be susceptible to any software malfunction and errors. When it happens it could bother you from having a successful transaction, and If there's no fiat, there could be no other way to make it successful than to wait until the system is fixed.

We're already using cashless payments by scanning QR codes sending payments from our E. Wallets. It could be improved in the future, but then again fiat would always exist.

Although that it will take a long time for this to happen, I can see that coming. Imagine that we don’t need physical bills and coins anymore because it contributes to the widespread of the virus. We can see that by just paying for transportation, foods and drinks in the resto, etc., we’re just using our mobile phones to scan QR codes for contactless transactions. This is definitely going to be amazing, but I don’t know when we could see that happen. Maybe in a few decades from now?

Whenever you are recommending about bitcoin payment system to your friends and other known people then you are probably making this new technology getting advanced in terms of adoption and getting it into mainstream. Without getting ourselves involved into promoting bitcoin into the new people, we cannot expect adoption of modern payments to be evaluated. I agree it will take time but it definitely requires our contribution as well.

Unfortunately we never feel this kind of responsibility and this is the reason bitcoin is still lagging in terms of adoption. If bitcoin is not having the characteristics of being treated like an asset, I could not imagine at what level bitcoin adoption might have been doing this day.

Yes we can't expect everyone to adopt but we can always inform someone about the innovations so we can cut short the  time it takes to fully innovate, remember that every adoption counts.

People want to use a system that is convenient to them. They want a useful, fast, and less costly system that bitcoin or crypto is providing. But the problem with global adoption is a very large number of people don't know how to use the internet or never have used it. Without the internet, bitcoin doesn't exist. So first we need to adopt technology globally. At least 70-80% of people should have devices and internet connections. Without it, mass adoption will never be possible and paper money will still be needed.

We are getting close to that point, this is not exactly as I thought it would happen but I will take it, I really thought that people in general will be the ones to adopt bitcoin and the large corporations will only come late in the game once thy realized their mistake, but it seems the opposite is happening, even if the bitcoin adoption is not as strong as we would like it, they are taking a position already so they can keep their spot in their respective industries and remain still as dominant as before.

In my country cryptocurrencies are being introduced little by little. Binance P2P, Cryptoway, Cryptobuyer among others are offering their services to provide users with the most pleasant experience.

OP, I agree that we must teach our friends and family the use of cryptocurrencies and demonstrate its benefits. In fact I am trying, we just need a little patience and choose the easiest method to successfully get more people to join bitcoin and cryptocurrencies.

As a curious fact in my city I have heard on the radio of people who offer their services as an advisor in the world of cryptocurrencies, if someone wants to venture into similar work there is a new way to earn extra income.

Fiat is the main source mode of payment for a thousand of decades. Now in our generation we had, there are some of the centralized exchange or local adopted this if anyone want to a make a deposit via Paypal, Credit card, I don't know about Gcash and Paymaya these are a prepaid electronic card if I am not mistaken also don't know if some of the exchange accept these two. But the rest could able to buy Bitcoin, ETH, XRP and BCH.

     First of all, from whichever country you are from, fiat does not pose that much of a threat in soreading viruses such as covid-19. At keast not so much that it would reach a point in where people would be afraid to use fiat. And even if so, first thing they would go to will be e-money which are some of what you have mentioned above. But in daily basis, e-money inside a thing we call CREDIT CARDS are to be the best and most common choice of the masses. Butcoin and all, doesn't have anything to do with it. Using it as a mode of payment in any part of the world would be a hassle since it is not adooted quite well by enough people for it to be used as a mode of payment.
I am all in on influencing friends and families to get into this industry for them to earn also in investing but I would have to make sure then that I give them proper introductions about this industry before draghing them in since it may result in them losing money intead of gaining. And that is what everyone should consider first before dragging anyone into this industry.

I do not think that people "don't know" about crypto, they just do not use it but if you ask them what it is they have a vague idea about it or at least heard of it. That is the thing about this year, it looks like it is actually something major in all over the world, too many people heard about it, some got in and some didn't but all learned about it and that is a very important thing if you ask me. So this is why I think it is quite obvious that anyone who doesn't buy crypto or use crypto at this point only do it because they are just not interested and not because they do not know what it is about.

So long story short I do believe in the future of crypto because at least we managed to educate people about it. But I do agree that I was expecting a lot more during this pandemic and it wasn't really as used as it could have been, price has been higher and higher but usage for purchasing and places that accept haven't increased all that much.

There is a wide range of research, that demonstrates that coronavirus can stick to many surfaces for a pretty long period of time. Here's a good article, which represents info about the virus viability on different surfaces, including paper banknotes. According to this study, the virus can remain viable on paper money for as long as 28 days at room temperature.

Yes it seems that the modern mode of payment is really going to be online there are so many e-wallet provider nowadays.
And to be honest I think it is much better than paying with cash due to covid-19 less physical contact and it is much faster since we would pay an exact amount so we wouldn't need to wait for our changes.

You're right in this generation majority of people use their gadgets to kill their time esp we doesn't have any choice since we can't go outside and in fact we can do everything under internet and technology (smartphone and laptop) like buying and selling online, paying also online. Now, we can transfer money using our phone. About crypto payment, I don't think there still a lot of people doesn't know about it. I've seen in facebook this past month that theres a supermarket here in ph where you can pay via crypto. So I think crypto is improving and evolving. Paying online (credit card and crypto) is a big help to the people esp. these pandemic where viruses just spreading around us. It makes to less interact with people and means les chance of getting virus.
That's sad to hear that there are people who doesn't believe in virus. And I can say it's kinda true. Our country (ph) are in 2 years of pandemic and you can see outside people who don't have mask and face shield as if there no virus exist.

Even though we still have this kind of pandemic, the transaction for fiat currency cannot be avoided, a lot of people prefer this kind of transaction because they don't have the knowledge yet in cryptocurrency on which this thing is prone to spreading the virus nowadays, this is a good time for cryptocurrency for online transaction or mode of payments, Actually, e-payment like Paypal, cash, etc are also a good mode of payment, but for those who know cryptocurrency, they will still choose it over gcash as they can use it for a good investment.

That must be a valid point which is definitely making digital payments and crypto permanent to become more popular according to the current state of most country's pandemic situations. I'm not seeing that pandemic chaos to be ending for next 2 to 3 years which might lead to cashless society in most probable case. So, you can expect digital payments are dominating in very near future itself.

Yes, we are in middle of innovation and adoption. We cannot expect everyone already started using digital payments and at the same time there are few merchants started accepting crypto payments in most countries or at least you are able to buy anything using gift coupons which can be purchased for crypto payments.

Totally correct. For most people in my area during the pandemic, yes most payments for goods/services were paid online but mostly via the credit and debit cards like you mention because most if not all of the stores in my place too will only accept such for now and this are the regular everyday stores we would patronize even if there are few stores that accept Cryptocurrency those are not your every consumables.

There isn't a lot of crypto payments available in my country, most of them are fiat based although there are some that support cryptocurrency in their platform although the fees are ridiculous. I think that we are in the middle of innovation is online payment because there are still something new that is being introduced to this day.

it seems that the covid pandemic supports an era of change, where digital payments are an alternative to maintaining health which reduces interactions with many people. after all health is of the utmost importance, and it is an area of the economy that adapts to it

It's great not to come face-to-face with people who aren't necessarily healthy or sick in the future. Covid-19 is not a disease that is considered trivial at this time because in my country it is under strict treatment for direct transactions. If you violate these rules then you will be penalized and you could be jailed. So with virtual or digital payments it really helps many people reduce direct transactions. Take care of your health because this disease is not for entertainment.

It has not be announced officially that money can be another means of contacting virus from different sections, so therefore I think that point of yours is not really clear and understandable from my perspective, I hope it needs concentration to look towards it, I'm not disputing your points but I believe such disease can't be transmitted through Fiat currency or Money, from the aspect of dropping Fiat, it seems that in different societies have noticed the benefit of cryptocurrency that is while some prefer crypto than Fiat because can't make am impact multiplication of money if be stored.

We cannot compare the use of cryptocurrency to the e-payments you've mentioned. Just in term of decentralization, the two are different from each other since e-payments are definitely under the control of the government. When it comes to crypto, it is not yet legal for most of the countries unlike the e-payments that is being used considering the pandemic going on. Also, when it comes to volatility, e-payments doesn't have one since the currency being transacted there are just mere fiat. Both are convenient but obviously e-payments would rule more since it is quite required and much more well-known compared to cryptocurrencies.

people already have modern payment, just from smartphone. creator create what people need, like now, many younger kill their time with smartphone. this feature added following the future.
about crypto payment, there are many people still dont know about it. and people that already know will implement in their life, when the store provide it.

about this pandemic, there are many people still go to store because they dont believe with this stuff. and people forced to do all stuff via online. and, no one of them provide payment with crypto. so, people just collecting it and make it invest for future.

Cashless society might be the final destination for human in finance wise. For example, pandemic situations are emphasizing the importance of moving toward cashless system as early as possible. I believe those people who find new mode of payments hard will slowly realizing the advantages of new technology which will push them toward adopting it in no quick times.

I agree new payment systems require lots of basic set up like smart mobile with internet access and basic knowledge on what/how to do. Still, when there is a demand then people will easily adopt things by learning somehow.

but still not happening because people are hard to accept those things, and still majority don't trust this market and currencies so this may take another long time before finally happens.
If people only realizes these Mate? for sure the world will be lot easier than what we have now.

This is the best for us and the best for everything here in crypto.

The surge in digital payments is not only the coronavirus, there are many reasons for someone to choose non-cash payments. I support digital payments because this payment method does not require the existence of physical money so it is more convenient and safer. I no longer need to fear pickpocketing or theft by bad people. In addition, the convenience aspect of using this method can be seen from the increasing number of merchants who provide payment instruments, be it EDC machines or scanning devices for smartphones. Thus, transactions are faster because the seller does not need to prepare money for the change.

In addition, we can also see it in terms of financial records. Usually, someone often forgets about what their money is being spent on. With the use of an online payment system, we no longer need to be afraid of this, because everything is neatly recorded in one file. For business people, this is certainly very easy for their business. Because, they no longer need to re-record their expenses, so they only need to copy and paste from the payment channel they use

here we can see that "circumstances" can force us to learn something more effectively. This is like an evolution, slow but sure, does not rule out if one day cryptocurrency really becomes the best alternative for payment. imagine, you don't have to bother exchanging your currency while on vacation abroad, because cryptocurrency applies globally, provided crypto transactions are allowed in that country.

Digitalization has already been a practice for several years but it was getting more popular when we have been hit by the killing virus Covid-19. It changes a lot and more and more people are adopting the system and not only the consumers did this but also some business establishments are offering such services to their clients. That sometimes I'll be thinking that Covid-19 has a huge influence on digitalization adoption, it happens that more transactions happening online but on the dark side, it makes millions of people being paralyzed and becoming jobless.

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.

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.

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.

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!

"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. 

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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

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.

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.

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?

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.

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

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.

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 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

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.

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.

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).
Crypto currencies should never be considered as "another source of income"!

There are simple and easy to implement methods to protect money against viral infection.


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.

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.

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.

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.

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.

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.

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.

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.