Bitcoin Forum

South Korea is one of the countries with a high number of cases of Coronavirus or COVID-19 with 6,248 infected cases. Due to the rapidly increasing of people being affected by the virus, travel ban to South Korea has been imposing by almost a hundred countries around the world.

As for precaution by the local government of South Korea, its central bank Bank of Korea (BOK) had been quarantining its banknote for two weeks and even burned some of it to lessen the possibility of more outbreaks.

"For all cash coming to the central bank from local banks, the Bank of Korea will keep it in a safe for two weeks, given that the virus usually dies out after nine days," a BOK official told Reuters.

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BOK said that they are putting their currency in a high-heat laundering process before releasing it and adding it to the circulation. It is said that the virus dies in high temperature and similar viruses like SARS emerges during cold weather and then dies during the hot season.

South Korean COVID-19 cases are increasing so I think it's a good thing to do to lessen the possibility of spreading the virus. Although by this, the virus won't be totally stopped from spreading but this is a big help especially for countries highly affected by the virus.

Paper money is one of the things we are always holding and it is also one of the things that has a lot of bacteria because money is being passed from one person to another. So when we hold money, always make sure to wash and clean your hands before touching your face to keep ourselves protected.

I like the initiative but using bitcoin during crisis like this is not the only alternative. Each country have their own digital fiat payment system which means citizens can still make financial transactions without being physically present and without using bitcoin. I doubt that they will prefer to pay with Btc which could take longer time to confirm over that.

 

There are a lot of different options to do transactions without using fiat currency and I'm afraid Bitcoin could be a hard tool to use for cashless transaction specially for those who yet to have knowledge about cryptocurrency.
One of the most tackled concern about Bitcoin is the ability to boost transaction speed, an instant transfer to be specific. This is one of the area that Bitcoin needs to develop so It could be considered as one of the top options to pay online transactions.

Lucky, in my country we have a custodial wallet that offers instant Bitcoin to fiat convertion and the app can be use to pay primary bills and other mainstream services. And, as much as I want to introduce this to the people in my place as an ideal way of transacting online in case of corona virus out break. But, they always have the option to do it over mobile banking.

A plastic card currently copes with all these tasks, although it also needs to be attached to the terminal, but it is better than cash. However, cryptocurrencies are not yet widespread enough to offer any great alternative to cash or plastic cards.

A plastic card currently copes with all these tasks, although it also needs to be attached to the terminal, but it is better than cash. However, cryptocurrencies are not yet widespread enough to offer any great alternative to cash or plastic cards.

Well, Bitcoin does not really eliminate cash. People could in theory have a standard physical things to print their coins on and use as cash.

The most important thing is that using paper currency isn't very safe at this moment.
If people decide to use cash-based Bitcoin/Cryptocoins to transact businesses in the future, it should still be legal. Whether cashless becomes the major way to transact businesses in the future is upto to people, depending on which means is truely safe for users and societies.

It is hard to apply in the country which still uses fiat as the primary payment transaction because they won't accept the suggestion to use the new payment system except if their government have an open mind about the new things. We can suggest, but we cannot force them to follow us, especially if they don't need to use the new payment systems. If in one day, they are ready to use the new payment system, they will transform by themselves, but of course, that will happen after they research more about that.

It is hard to apply in the country which still uses fiat as the primary payment transaction because they won't accept the suggestion to use the new payment system except if their government have an open mind about the new things.

We can suggest, but we cannot force them to follow us, especially if they don't need to use the new payment systems. If in one day, they are ready to use the new payment system, they will transform by themselves, but of course, that will happen after they research more about that.

Now, probably, most states disinfect their paper money or at least keep it for a certain time in storage to save them from possible traces of coronavirus. At the same time, some governments expressly urge their citizens to use non-cash payment methods more. In this regard, interest in cryptocurrency should increase.

I can say, if a country is not having any rules that prohibits bitcoin or other cryptocurrency to be used as a payment, there's no reason for the people to decline an opportunity that will make their transactions to be better.

I am also one of the person before that don't like this kind of payment because I am already good with fiat, the traditional. But I thought of things that everything improves and gets developed. So as the mode payment, then why not adopt it early? Plus, most of the cryptocurrency aren't just considered money, it is still an investment which is significantly better compared to fiats.

There are a lot of factors to consider when accepting a new system, especially when it regards with financing because it needs a lot of work for the government to contain before they can introduce it to their people. It's not because that the government is corrupt or something that has to do with corruption. Aside from that reason, fiat transaction is the best to use right now even you are claiming that the virus might be attached to it.

We keep having a bad image bringing the idea to the government that crypto is not ready yet and so the system are, just look how much the crypto have lost because of scams and stealing incidents. But I hope sooner or later we'll have crypto as part of digital payment and transactions.

I've noticed that the concern about the Coronavirus is still continuously growing. More and more cases are being recorded day by day and I find it too alarming that we don't do something about it. Or just to contribute some ways on how we could reduce the cases by means that we know.

We need not necessarily clean every road we see, things we handle, or sanitize everything that we have. But to consider money as a means of transaction is quite dangerous day by day.

According to this article  (https://edition.cnn.com/2020/03/07/tech/mobile-payments-coronavirus/index.html)created by CNN, South Kore's central bank is currently quarantining all their banknotes from circulation as it became a big factor to the spread of the virus.


This is when we need to take our edge on being one of the early adopters of Bitcoin to attract people to use bitcoin or other cryptocurrencies instead of cash.

There are some advantages that we could tell them regarding bitcoin being alternative to cash:

• Cashless Transaction - The spread of the virus is quite fast, so transacting without personal interaction is advisable
• Fast Transaction - Instead of staying in a place to pay a particular service such as bills or fees, bitcoin will save their time and can prevent them to interact to someone that is infected.
• Alternative - We could tell them that for the meantime, it is dangerous to use cash so bitcoin will just serve as an alternative will not really replace their currency.
• Potential Bitcoin increase - to further attract people to use bitcoin, tell them that at this time, more and more people are seeing the potential of bitcoin which is also classified as a good investment if they became early adopter of it, their money will not just serve as pure funds to transact but as investment as well.
• Bitcoin as new leading currency of the world - In case that the concern about the virus raises too high, we need a unifying currency that could support each and every one of us regardless of our nation and nationality. That is bitcoin.

I know this is quite bias to consider only bitcoin as the crypto to be used, but the idea here is to introduce them and literally reduce their risk to acquire the virus. In addition, bitcoin will supply the basic knowledge of cryptocurrency to them as they enter the cryptospace, to learn and to innovate their way of transaction.

I've noticed that the concern about the Coronavirus is still continuously growing. More and more cases are being recorded day by day and I find it too alarming that we don't do something about it. Or just to contribute some ways on how we could reduce the cases by means that we know.

We need not necessarily clean every road we see, things we handle, or sanitize everything that we have. But to consider money as a means of transaction is quite dangerous day by day.

According to this article  (https://edition.cnn.com/2020/03/07/tech/mobile-payments-coronavirus/index.html)created by CNN, South Kore's central bank is currently quarantining all their banknotes from circulation as it became a big factor to the spread of the virus.


This is when we need to take our edge on being one of the early adopters of Bitcoin to attract people to use bitcoin or other cryptocurrencies instead of cash.

There are some advantages that we could tell them regarding bitcoin being alternative to cash:

• Cashless Transaction - The spread of the virus is quite fast, so transacting without personal interaction is advisable
• Fast Transaction - Instead of staying in a place to pay a particular service such as bills or fees, bitcoin will save their time and can prevent them to interact to someone that is infected.
• Alternative - We could tell them that for the meantime, it is dangerous to use cash so bitcoin will just serve as an alternative will not really replace their currency.
• Potential Bitcoin increase - to further attract people to use bitcoin, tell them that at this time, more and more people are seeing the potential of bitcoin which is also classified as a good investment if they became early adopter of it, their money will not just serve as pure funds to transact but as investment as well.
• Bitcoin as new leading currency of the world - In case that the concern about the virus raises too high, we need a unifying currency that could support each and every one of us regardless of our nation and nationality. That is bitcoin.

I know this is quite bias to consider only bitcoin as the crypto to be used, but the idea here is to introduce them and literally reduce their risk to acquire the virus. In addition, bitcoin will supply the basic knowledge of cryptocurrency to them as they enter the cryptospace, to learn and to innovate their way of transaction.

This is interesting, but not everyone will support this initiative. Making a payment in bitcoins is a process that takes time, and the more transactions, the greater the load. This is not very convenient for an ordinary buyer who is used to making their transactions instantly.

At least from this pandemic, we can learn several things:

• more concerned in maintaining cleanliness and a healthy lifestyle. Paper money and coins can be a medium for spreading viruses, we can take anticipatory measures to reduce the adverse effects by washing hands frequently, not touching the face area before washing hands, wearing masks/gloves, etc.
• we must have a side job to keep our finances stable during a crisis like this.
• we know that there are many payment alternatives besides fiat, e-money, and cryptocurrency. Of the two alternatives, the most effective is of course e-money, just like fiat right, it only has a different form. E-money is more effective because of its wide adoption, not comparable with cryptocurrency that is full of pros and cons. We really have to be open with technological developments, I'm sure, someday cryptocurrency will also be the best alternative in the financial system.

We need not necessarily clean every road we see, things we handle, or sanitize everything that we have. But to consider money as a means of transaction is quite dangerous day by day.

There are some advantages that we could tell them regarding bitcoin being alternative to cash:

Every fiat currency can be transferred digitally and transaction can be done digitally too. Bitcoin is not an option here. Different countries have different approach towards coronavirus. In my country people are using mobile based fiat wallets more than cash.

During the current crisis, bitcoin is not an option. Not all countries have their own digital currency yet