Topic: Will coronavirus encourage people to use crypto more thoroughly? - page 6. (Read 1142 times)

That's certainly true, mate. Credit card payments are still the norm in the mainstream world. People will not want to look elsewhere especially when Fiat is largely trusted by major retailers, businesses, and merchants alike. With the recent events of Bitcoin's "bloodbath" on the crypto market, I doubt most people would want to use it more thoroughly. Only crypto enthusiasts, tech gurus, anarchists, etc. will still use Bitcoin no matter what. But everyday people will find Fiat more attractive than BTC for many obvious reasons.

The only way I see people using Bitcoin or any other cryptocurrency more thoroughly is if the current banking system collapses. By then, people will find alternative ways to conduct transactions by relying on "safe-haven" assets like Bitcoin or Gold. It may take quite a long time before we'll be able to see people using crypto heavily for daily payments as it's still in its infancy. I believe that once scalability, privacy, and volatility issues are solved, people will find crypto much more attractive than Fiat itself.

Nonetheless, I'm confident that someday crypto will find the light at the end of the tunnel. With just 11 years since inception, it has managed to do pretty well. I'd say we should give it more time until the space matures enough for an ever-growing rate of adoption in the mainstream world. Now that most governments have recognized crypto's legitimacy, it should be a matter of time before everyday people join in the revolution. Just my thoughts

I see this news: https://cointelegraph.com/news/italian-bank-opens-bitcoin-trading-to-12-million-during-lockdown

Specially that Italy is one of the hardest if not the hardest country to be hit with the cover-19 virus, it make sense for most of them to used crypto. However, I'm reading that there is some catch, specially with fees and you need to be a Hype customer. I just do hope that there are more stores in Italy that will accept bitcoin as payment, but if the country is in a lockdown, I don't know how will they purchase goods in order to survived in this crisis.

I think that this crisis year 2020 will be one of the most dangerous periods of the collapse of all markets, including the cryptocurrency market. I expect the price of Bitcoin at $ 3,000. 

People don't care about anything as we saw with how the market crashed. If coronavirus isn't taken care of crypto and other financial investments will continue to take a hit.

What trend? As far as I know the recent trend has been bullish so you might want to check for more up to date content.  While we don't know where the market is currently headed, I have a feeling that normalcy will return to world markets including the crypto market. It's no doubt that Cryptos can play a vital role in the case of a global pandemic as this just that people are just too scared to leave their investments.

No, look at the current trend. It's probably going to get worse.

At this time it won't. People could transfer the virus through bani notes from one hand to another but now people are more cautioned to wash their hands and sanitize it after handling cash notes . So it's not yet a scenario for crypto to take over .

Almost all of the countries are trying to promote the usage of Digital Currency since they are some people says that the virus can be transmitted through bank notes which is very alarming. We must look for a better way on how are we going to transact safely and the usage of digital currency is the best answer into it. So, while there is no cure yet in corona virus, you better use digital currency for transacting.

Although this is a great opportunity to showcase the strength and unique difference between crypto and fiat currencies, The government and central banks are fighting harder to strengthen the fiat money. Recently, various countries around the world has dolled out money to support the economy of their country to avoid high deflection and poverty raise. such ways will continue to strength fiat usage over cryptocurrency.
Crypto needs more awareness and adoption.

It is really a fact that you can get infected with a corona virus if you have made contact with the things that was previously touch with an infected person, that is why physical money or fiat currency is one of the common ways that can be touch by an infected person. So using cryptocurrency is the bestest solution for you not to make any contact or get in touch to different people because you can be able to pay in any stores through online.

Am just hearing about this type of transmission associated with this virus, nevertheless I do not think it will make people to go for crypto. Although there are many people into crypto already but for newbies especially to get involved now due to this virus is a slim chance because most are focused on how to secure their lives and savings, and owing to the volatility in this space it might be a turn off. On the other hand, I would say that the current situation has made some people to go deep into crypto now so as to secure their funds since stock is not left out as well and Bitcoin most especially stands a good chance of recovery once everything settles down.

If that was the case, then we would have never witnessed the prices crashing by 50%. From what I have understood, the cryptocurrencies will proliferate if the economy is in a good state. On the other hand, if we are having an economic meltdown (similar to the case that is happening right now), then similar to the other markets the cryptocurrency market will also get adversely affected.

many people have already answered this question in this thread, I just want to add something that I noticed that nobody spoke. Well, since I am on the forum I see most people talking about Hold, this means that most people are looking at cryptocurrencies as a way to make a profit. it is clear that for most people in the crypto world, cryptocurrencies are investment and not currency. if you look at things from that point, then people will prefer to use Fiat to buy food and when the coronavirus situation is controlled they will think about investments. But if the whole community used cryptocurrencies as a means of payment, I believe the story would be different

I do not think corona virus has encouraged people to use crypto curency more.
Facts predict that after the ban was off in south korea and india, there were several crypto investors and the market volume felt it greatly.

What i am referencing is that, even if there was no pandemic at all, we would have still used crypto currency thoroughly, its just a matter of time.

the market will not stabilize imo because cryptos are not stable  .also the virus is said the reason for the decline so how can you say it will be the way to improve it ?  and what you mean by resolving current condition ? related to the virus  ? well no crypto cant really do a thing to lessen the virus damage .

it cant solve or wont make the virus dissapear and all bring back to normal  but cryptos do also have thier own business and they can only solve those issues .

This is one way to help improve current market conditions, if this happens then I think the market will soon stabilize because it switches to the digital way of crypto. This is very effective after the effects of a pandemic virus outbreak to quickly resolve current conditions.

Nope, but at least it would open their minds to the fact that if breaking the chain of how the virus is spreading then digital currencies should surely be used in the coming days. I heard the issue about China actually disinfecting currencies that come to the banks before issuing it out to the people again. I believe this has even help control the spread because yesterday i heard Wuhan did not record any new case of COVID-19.

Very good idea, but it will be very difficult to realize. because not all traders accept crypto exchanges. especially at a time like this. because corona outbreaks of economic turnover were totally paralyzed, even cryptocurrency was affected by the corona virus, To this day almost all coins are still bleeding.
For the time being, there are still many ways to spend money without directing contact with viruses, like using a credit and debit card, and it will really help to prevent contracting the corona virus.

I am starting to think the majority of usage though just like you said. Thing is it is quite too late for it to happen right now, because some people would need to go outside to buy crypto, as some don't even have the access to credit cards. It might encourage some users, but those users like me if I just recently know about Bitcoin wouldn't be able to buy through credit cards.
Good thing I am already aboard the ship before this happened.

That will happen in the country which many people have credit cards, but not all people in that country will have credit cards. People still use fiat, but in these situations, they will hard to pay use fiat because many of them are staying in their homes. We don't know how the virus will spread, but we can prevent with care, and we can reduce direct contact with other people.