Topic: Will coronavirus encourage people to use crypto more thoroughly? - page 7. (Read 1128 times)

I am not seeing that's going to happen, its not the pandemic that will drive adoption to crypto but the government regulation where they accept crypto and so people would trust it. Corona virus is a dangerous disease, but it will not stay forever, sooner or later, the vaccine will come out and people again will start using paper money as covid-19 will not be a big threat anymore with vaccine available.

yes, I also think with you that this is a "win-win" situation for crypto. it's not just a matter of online payment, comrade, but there are other aspects. while the corona virus forces people not to leave the house and physical contact to avoid rapid transmission, then in the case of work it will be reduced in terms of productivity. my point here is, the crypto market should be a solution to this problem. where working at home, and withdrawing can also be done at home. amid the stock market investment which also plummeted, even before corona attacked, this should indeed be a "win-win" situation for the crypto market.

Come on Crypto, get up

I don 't understand why there is such a fuss about fiat money. I think that many people have credit cards , and accordingly, there is no need for such people to pay with fiat. Therefore, from the point of infection spread, there is no difference whether you will pay with a credit card or make a payment with cryptocurrency.

Current world situation could lead people to make more wise decision, but that doesn't necessarily means they will invest into crypto tho

When compared to the decline in stock indexes in several countries, I think the decline in prices and marketcap value is still slightly lower. I think the current price decline is due to a brief panic and it is possible that in the next few weeks the crypto market will recover due to the moment of Bitcoin halving and also the interest of new investors.

Because there is currently no country that authorizes the use of cryptocurrency as a means of payment, other than that not many people understand about cryptocurrency so that not many merchants accept crypto. I think cryptocurrency will still be considered a digital asset because there is no government regulation yet

maybe because it's still in this incident, people would think of using digital currency for a while (but most of it is not crypto)
in my country too many have used digital transactions such as online taxi payment, ordering food and others, but the thing to remember is there is no crypto here, only the concept is applied.
because people still use their own currencies, only digital transactions.

Coronavirus is a different thing entirely and Cryptocurrency is another different thing entirely, not everyone in the world knows about cryptocurrency, but am sure the whole world knows about coronavirus. If people are gonna use crypto, it definitely depends on them. But I don't see coronavirus as a reason to use or rely on cryptocurrency... Cryptocurrency is a form of investment and not a cure for coronavirus.

With such rapid drops, now many investors will think even longer and more carefully whether it is worth investing in a cryptocurrency that can turn all their investments into nothing in a day, so we should not expect a fast growth of the cryptocurrency market.

This is common sense, of course online transaction limits the contact from different person, but there certain factors why crypto isnt ready for it yet. First, this isnt regulated meaning, government awares the existence of this however even it is useful, they cant recommend it to mass people inspite of its usefulness. Also, not all people are know cryptocurrency and needed some background learning. This is applicable maybe to those countries that recently announced legalization and support for crypto such as India and South Korea.

there's is a point because previously the number of acquaintances is limited into the crypto world,  and then it is suddenly increasing since there was a bad news outbreak about a cash payment which is very risky, and probably many people will encourage to use crypto for their daily basis, and they realize that online payment method is a good solution to prevent virus contact.

You stated clearly that people will look for other ways to spend their funds safely but that can't be said about the industry at the moment especially after the massive decline of price it experience during last few days panic bloodbath. People will look for other ways to avoid having contact with others while they transact and at the same time keep their funds safe therefore if anything related to the cryptocurrency industry was to benefit from this are stablecoin since the volatility nature of this coins are minimum when compared to others like bitcoin.

Assuming the industry was experiencing some stability as it was previously observe then it would had been easier to attract new enthusiast but since it couldn't be considered as a safe heaven as it was previously presumed, it's now more difficult to present the technology as the solution instead digital currencies will be considered a perfect solution by the noncoiners.

Yes, and at the moment we can also see that stable tokens like USDT have experienced a very good increase in prices slowly, this proves that more and more people are securing their assets into USDT tokens for a while.

Now many states are disinfecting their cash or quarantine it when it enters central banks. This is one of the measures taken to combat the spread of coronavirus. Some states even explicitly call at this time to make more use of various non-cash forms of payments. This is unlikely to significantly increase the use of cryptocurrency, because it is not yet so liquid in society. Most likely, states will accelerate work on the issue of their national stable coins.

I don't think so at all considering credit and debit card payment is so prevalent and much more familiar to consumers than cryptocurrency. A lot of people are scared of using crypto from recent volatility including the large dump with BTC that we had earlier too, which doesn't help at all. I could see some more crypto usage in regards to things like online gambling, but most people looking at online gambling will also likely use debit or credit card payment. I wish more people would use crypto, but nothing's really pushing people towards using it at the moment and most regular people do not have any interest in it.

I dont think so, because if they will consider using crypto during this time the market would not be in red status. Its just an option when it comes to online payment and fluctuations are not suited for people who want to use it for transaction and not for investment. Nevertheless thinking that the current situation can give other people an idea about crypto is good either way because it can spread awareness about its existence and might convince others to use it.

Cryptocurrency should be use at this point in time but so far no government is taking the effort to recommend such usage and implemented it thoroughly, many have undermined it's usage instead people dump their share and converted it to fiat, because with fiat they have lot of option to use it in hoarding foods and other basic needs.

I believe that Debit Cards are also an easy way to get infected with the coronavirus since cashiers use to touch them in order to process your payment at a retail store. Being cashless with truly digital payments removes this issue. In a world where the economy is collapsing, people will lose trust in central banks worldwide. This will pave the way for the growth of decentralized finance via the use of crypto and Blockchain technology. By making payments in a truly digital way (no physical cash or cards required), people could easily avoid spreading the disease worldwide. After all, it's no secret that physical bills/banknotes are in circulation. They pass between many people's hands which proves to be an extreme risk to everyone in the mainstream world. Debit/credit cards can be used to pay at stores physically, but some cashiers take your card to process the payment. The safest best is crypto where money is truly intangible and safe from emerging diseases in the real world.

The fact that crypto is extremely volatile in price, could scare away many people as we know them. For once, Bitcoin was hailed to be a store of value and a safe-haven asset that would protect you in times of need. Last Thursday (March 12, 2020), Bitcoin has proven us wrong as it lost 50% of its price in a single day. It's this reason why it's hard to attract people into using decentralized cryptocurrencies for daily payments. So far, national currencies (Fiat) are the winner when it comes to price stability. Most people have resorted to cashing out precious metals and even crypto in exchange for Fiat in times like these.

Saying that people will use crypto more thoroughly with the recent events of the coronavirus disease, it's more like a dream than anything else. Of course, anything could happen in the future since Bitcoin and crypto are still in their infancy. As they mature, they could be used as a "safe-haven" against the existent monetary system. In the meantime, Fiat will be used in times of turmoil until the banking system collapses in its entirety. Only then, people will resort to alternative forms of money that are free from a central authority. I hope that someday, crypto will be used more thoroughly when undesired events happen in the mainstream world. Just my thoughts

This could be good to use cryptocurrency instead physical cash. Stock exchange money can't be use as a digital currency, so it should dump but crypto can encourage people to use it as a digital currency. Although China almost control Corona virus in their country and market will recover price.

I think crypto should be prioritized globally on the governmental level soon and use of fiat especially for payments or shopping should be discouraged, on the other hand top crypto coins like btc and eth should also find fast solutions to scalability and come up with instant and cheap transactions.