Bitcoin Forum

Recent crises are testing the abilities of Bitcoin. The adoption of Bitcoin (https://www.coincurb.com/news/japanese-institution-pays-bitcoin/) is increased as people are stuck at home they are looking for better solutions to transfer remittance and for purchasing.
Many countries are using blockchain technology to fight against the pandemic. 
Why the price of Bitcoin is still down?

Hello,

Yes, there are countries like in south america that people are not allowed to leave their house at certain times.
If they don't obey, they will go to jail.  I know people who need food but can not send money because they can not leave their houses.
:(

Usage of blockchain doesn't mean that adoption of cryoto currencies were increased, probably people started to use cryptos but at government level it will be never encouraged especially at these conditions because they want people to spend fiat to keep their economy stable or else they are going into deep depression like 1929 -1933.

A key to Bitcoins survival is mass adoption. I guess the lockdowns will empower the crypto value, COVID-19 is already declared as pandemic. People are not allowed to leave the home as the well, so this will be a added advantage and there are possibilities to see a pump in the market as the value remains in a constant mode.

I don't think that during this tough time, the bitcoin adoption has increased. Because in majority of the nations, you can't buy anything using bitcoin. You can only unlock its power after converting it to your local currency. So I see no reason why the adoption would increase. It would have increased if we had good options to use it to buy regular supplies. Otherwise, people will prefer cash and that's exactly what is happening! That's one of the many reasons why bitcoin's price is down!

The rate at which the virus is going, I'm thinking many may end up using online transactions instead of banks and fiat to avoid social or close contact. And in so doing will definitely come through blockchain so apparently the virus will increase the growth and awareness of blockchain worldwide.

This pandemic and it's association with social isolation or distancing is a good test case to show that online payment methods which includes the use of cryptocurrencies is a safe and reliable way to make payment. This is the time to push and encourage more people to make use of cryptocurrencies in making various form of payments.

I think this is just the beginning. Stock markets are shaking and it is shaking the whole world. In the near future we are promised a recession of enormous proportions. I
 believe that it is then that we will see the real value of bitcoin. Let's see how cryptocurrency will behave in a world where all the money will depreciate.

But do you think this adoption will continue/stay at the same level once the quarantine and all these anti-pandemic measures will be lifted? Because I think it's just a temporary thing. Steam, the most popular gaming platform, has had an ATH of sales a few weeks ago. Internet stuff is going to boom during the quarantine and the more countries are put under quarantine, the more Bitcoin will be used as it's an Internet-related asset.

If these measures will be lifted and everyone will try going back to the old life then I, for example, will probably spend less time on the BitcoinTalk forum. This will lead to a smaller percentage of active users and a smaller hour-per-day stat for my account. Although the forum has a period of prosperity, once you go back to the life you used to have before, the forum will go back to what it was before most likely too.

Times like this brings intense fear among the populace. Bitcoin and other cryptocurrencies servess vital purpose which could help with the lockdowns. However, Most people haven't gotten involved with Bitcoin and thus, it is difficult for the average user to get started. Also, most people are afraid of investing money in a digital asset. So even if the price is down, It doesn't really matter for now as long as we have new users on board.

The article you are mention there is no connection at all regarding Covid 19, its just a dividend payment from the company to his shareholder using a cryptocurrency. The reason, why all stock still down because of the world economy crisis still not over. Everyone still holding a fiat, since fiat/gold would be a good option to hold right now they need to buy food material during the lockdown.

We have a slightly up movement from the price from $4000 - $6500 because the rumor of vaccine Covid-19 has been found and is being tested.

But I guess there are some individuals that who are looking into crypto right now as one of their alternative options.
Since a lot of people are in lockdown, they will search for better ways on how to deal with this crisis.
And by lessening their contact with their fiat money, as it is identified as one possible means of transferring the virus from one person to another.

Some people at first said that CoronaVirus was affecting the price of crypto, most especially that of Bitcoin negatively, but now, I can see another post looking at the general occurrence on the positive note. A lot of people were amazed to see the market surge again, amidst the challenge of the pandemic. This is an indication that crypto is most times unpredictable and it should never be looked down on.
In fact, so many commodities and the stock exchange have plummeted, which is unlike the price of bitcoin that is already recovering.

Is there something wrong with it? I'm not even seeing the price of bitcoin is getting decreased a lot but the opposite thing is happening right now when the price of bitcoin keeps its bullish trend even when the stock market is not yet showing the positive trend to counter the impact that caused by this pandemic. Bitcoin is starting to grow right now and where are you seeing it happen?

Do you have more information like statistics to show that bitcoin adoption has increased due to the recent outbreak of COVID-19? Otherwise without that how can we tell that bitcoin adoption increased?

Whether Massively adopted or not, Markets of different stocks, bonds and currencies respond to bad news and global crisis by dropping in value and bitcoin is not exceptional. This should be something basic you should know.

well indeed from what I saw when the corona virus attacks many who try to secure their assets while those who adopt cryptocurrency I see no, if the conditions of the exchange now begin to show the price increase because it is time to get back up and there is no need to panic with the corona virus again.

Cryptocurrencies have gain value by the actual corona crisis due to its caracteristics as a cashless system, jus like electronic cards and applications related to bank accounts. After following the crash of the market, all the contactless systems of paiements deals are recovering in value.

I don't think it is testing the abilities of Bitcoin but testing how the people in this world ready for any possibilities, about health, self-awareness, global economy, and various other impacts.

Really? It may only happen in the countries that legalize Bitcoin as one of the payment, in the countries where many shops or e-commerce receive BTC as payment. But, this is the world problem, only a few countries do that thing. Mostly, the countries still don't legalize it and they have very limited shops that accept Bitcoin. On the contrary, there are many people who sell their BTC to be converted to fiat in order to meet their daily needs that are increasing and more expensive days per day.

Can you tell me what countries? You say many, so, it should be more than 10 at least.

Well, the people are limited themselves to go out of their house, limiting to use fiat and prefer to digital money. But, it doesn't mean that they turn to use BTC for this time because not all countries are available to use this coin. But, they may use their digital money that has been available n the countries, their own digital money, i-banking, and other digital payment. But, for cryptocurrency and blockchain technology, it is too fast and many countries are not ready yet.

But, probably it can be one of the supports that can be used by many more countries to look and think about using cryptocurrencies in the future.

Well it is sad that world is being under threat so badly from this virus outbreak. I hope everyone will remain safe and we will get rid of this virus soon. Regarding your post i would say that definitely world is adopting cryptos now as many European countries have allowed banks to provide crypto buy and sell service so that it could be made easy to buy and sell crypto locally plus many countries around the world are preparing pro crypto regulations that will also result in mass adoption of crypto coin. I think in next 2 years we will see crypto adoption to the next level.

I dont see any increased number of Bitcoin transaction. There is actually a decline compared to last month. And there is a 15% decline from a year ago. Yes there might be more Lightning network transactions, but transactions on the main layer are declining.

In this lockdown world, people don't want to take more risk with their money. Adoption of Bitcoin will increase after the halving. Need more time to adopt Bitcoin or cryptocurrency, when stock exchange can't recover. You can't have full access on stock exchange where, in Bitcoin you are free with your money.

because the whales are waiting for another timing to re invest again and also most of the people that panicked when the pandemic affected the market is until now in doubt if they will put money back or stay holding fiat for emergency cases.

this is normal because the market is unstable and this can lead to more dumping or much pumping but whatever the outcome?let us stay Holding guys because the fruit will come out when harvesting comes.

That's a massive assumption to make. I personally haven't seen any major growth in interest for crypto recently, though to be fair I haven't seen a ton of people due to social distancing and all going on, and if anything, the coronavirus breakout has made other fiat digital forms of payment for physical goods more popular. Bitcoin and cryptocurrencies haven't seen a big enough jump in usage from this for a big jump in price to happen IMO, but I do agree that there are certainly more people looking into crypto as a result of this.

We should look for more better usages of  bitcoin and not alone for investment. With crisis like this people or institutions will find alternative ways to send their money and bitcoin / crypto will be able to help the community.
Transactions especially those donations can be process using blockchain/bitcoin increase in publicity and more people to learn the available platform
that they can have even this virus was already been contained.

If bitcoin adoption increased then it will reflect on the price but as we can see the value is moving a bit so I think its not the case. People are staying at home due to this virus but it doesnt mean they are already engaging themselves in crypto to use it as an alternative means of payment or for sending money. We know there are only limited stores/merchants where you can spend it though I believe the number of people using it in replace for remittance are increasing.

It's just a small testing phase so it can not make Bitcoin price goes up. They just want to have something to do when they must stay at home during the Coronavirus outbreak because they have too much free time. When everything returns normal, i think most of them will forget Bitcoin.

true, the essence of bitcoin is for digital currencies, and we should hope that this currency can be adopted en masse. while price increases are only the impact of growing demand. today many people assume that bitcoin will be adopted en masse, and switch functions as an investment tool

The price of Bitcoin fell in my opinion because of panic investors and investors want to wait and see. But seeing the latest news shows that bitcoin is better than other investment instruments and I think this will continue because there is still a bitcoin halving moment

This is the way to get rid of poison due to it is scary to hold fiat currency or anything if we are willing to stop the propagation of the virus, we must listen and obey the policy of the country and stay healthy at home and maintain cleanliness and besides, bitcoin technology is widely open to all investment transaction, you can buy everything for your daily basis and it is beneficial for this season that we are in danger, whereas covid-19 is not a joke, it has already happened in the past few years ago and there was also have a global economic crisis, hopefully, bitcoin adoption acceptance has increase not the number of deaths.

Do not immediately judge something that is not certain to happen, because the truth is still very doubtful, because not all people who live in their respective homes at this time like bitcoin and do work inside bitcoin, because for those who already know about bitcoin and like bitcoin it will be difficult to forget it.

Bitcoin will always thrive in any condition which is why even this covid19 had beenmaking it difficult for countries to have stable economy BTC still is growing. Companies and organization started using BTC today because its easier and can be sent in any region in the world.

By the way, OP has been spaming bitcointalk since last year. I wouldn't be surprise if he'd end up like cheezcarls  https://bitcointalk.org/index.php?topic=5217092.20

it's a good thing if they really increase their adoption of bitcoin when lockdown. it's just, it's not convincing, because a while ago, the decline in the price of bitcoin really made a lot of people surprised. it's just that, seeing the development of bitcoin which is slowly growing, I think people are indeed starting to adopt bitcoin in their homes to increase their income.

From where the crypto market stands with decreasing market cap, i'd say reverse is the case. There's global crisis and people are moving their fortunes from various volatile investment options to a more secure and safer options. This is the reason why not only cryptocurrency market is failing but other investments too, the stockmarket, gold, real estate to mention few. A lot of people are on lockdown, but that's dosen't quaratee the fact they have to use cryptocurrency or other digital currencies to get their financial lives running as they can do possiblly every transaction on their bank Mobile App. Crypto is a very volatile form of currency and volatile currencies are not the best option during global crisis.

The lockdown is still affecting everything, both stock and crypto, people need money to buy things, you can only way with crypto for things that can't be delivered to you, it's against the law, stay at your home is what the rules says

Yes the virus house lock down has made the search for bitcoin increase. Everyone is arrested to their houses and they're looking at new ways of investing or increasing their funds pending when they can transact in real life again.

We all know the main reason of this bearish market that's why situations are not in positive side it's time to be more responsible and aware we have to be patience and understand that Bitcoin won't struggle forever I believe it will prove its ability on the right time when the circumstances will be in control.

Now all financial markets as well as the cryptocurrency market are experiencing problems and therefore everything falls due to the corona virus and it does not matter how fast blockchain technologies are developing, as manipulators and big players even now control the price of bitcoin.

Each country makes a lockdown duration, because if the lockdown is made in a long time, people who do not have a salary from the government will find it difficult to meet their daily needs, unless the government gives a little help to those who do not have a salary, so lockdown what made it had little effect on crypto.

For me it looks like most of people are now sitting at home and trying to invest more precisely so it would be a lot more difficult for whales to manipulate the price of anything.
That is the reason bitcoin getting higher swiftly I believe

yes it a very good opportunity for crypto to gain a strong foothold in the world economy. When this virus can transfer from one person to another by paper cash then a paper cashless economy is a safer solution. I hope world leaders can understand the potential and necessity of the crypto and adopt it in their country. When lockdown took place then crypto can be a good alternative of paper cash.

The answer, wrong timing.
Apparently, most people still don't think that Bitcoin is a store of value. Why would they? When clearly, Bitcoin and the rest of the cryptocurrencies are very volatile and as we have known, its market value can easily be manipulated.
Also, Bitcoin itself isn't widely adopted yet. Holding it now, in times this Covid-19 pandemic isn't gonna do you any good. Heck, you can't even buy a roll of tissue paper with it. Get my point?
If the current Covid-19 pandemic happened at a time when Bitcoin is already widely adopted, maybe, just maybe, people would have opted on using it as a mode of payment or store of value. Then we can see an increase in its demand thus, a higher value.
'Cause as of now, I'm sure nobody would want to convert their hard-earnt cash to cryptos when they know, anytime, its value could drop 50% or they wouldn't be able to buy anything with it.

Hello,
Adapting that is the rigth word to use from now on.  I know people in South America who only know their bank account and now can not get out to go there and have no funds for food.  :(
I think this is the rigth time to spread out the benefits of bitcoin to someone completely new to it. 

Keep safe!

Cheers,

They are all trying to search reliable investment to grow their money and crypto is one of the solution that has already offered. As you can see that how so many people are hyping crypto right now based on the bitcoin chart that looks bullish again after a huge dump that caused by the traditional market crisis. Im also putting more into the crypto market.

Yes really is!COVID-19 attack on the current world impacted on bitcoin market too.Most tenseful thing is COVID-19 is seriously unstoppable right now.Also the European country like Italy & Spain affected too much. So as usually it's impacted on crypto market.Bitcoin, Ethereum plus other many more major currency was dumped around 50% within 24 hours which  no one never ever seen it's before.

I think with the corona pandemic, there is not much effect on bitcoin, especially for mass adoption. many bitcoiners use bitcoin as an investment tool, not a payment instrument at this time. Therefore with this pandemic, at least some investors have invested their money in bitcoin, and we can see that the price of bitcoin is rising again today, when yesterday fell people preferred USD, and followed by news that America decided to lockdown, so people would look for a place that safe for his wealth

In my opinion, one factor in the price of bitcoin is down, because people are experiencing panic with the widespread outbreak of COVID-19 so that selling it. they think if the coronavirus is infected and dies then their bitcoin assets will be in vain. especially those who are stuck at home selling bitcoin for their daily needs while at home.

Probably because people are looking primarily for the most convenient for them methods of transferring money.
Credit cards, forwarding between bank accounts and so on are much more convenient, because these funds can be paid in all stores and medical centers.
While bitcoin and cryptocurrency are not accepted everywhere.

Almost two hundred countries have already affected by this virus and this virus was disrupting so much to the traditional economic system that forced those who used the traditional system to move into the crypto. This also increased the adoption for bitcoin drastically and we can see that from the latest support on the bitcoin market.

I have the same thoughts as you but really should not worry too much because this disease has a very low mortality rate and you still have time to sell if you are infected. In my country, until now, no one has died from this disease but it will certainly soon and create panic for investors. I think you should only hold fiat or USDT right now as this is the way to secure your assets in this market.

so what is your answer on here  . covid-19 increased btc adoption or not  ? looks like your answer is not  .

its not true that btc isnt accepted anywhere but btc were now legally accepted on many places though btc isnt really that convinient  . for me i think  that the covid-19 somehow help btc adoption because many people surely looking for alternative currency next to fiats  and prolly people already notice btc but i think not all wil consider using btc but that is stll okay atleast people are now aware that there is btc existed online .

Bitcoin price isn't down if you consider what the price was few months back when it was trading below $4000. The price correction is due to fear caused by fud from the outcome of the Corona virus affecting the global economy. Everyone is just trying to play it safe by hoarding fiat thinking that's the right thing to do meanwhile they're been misled.

Just because other market were hit badly, the cryptocurrency patronizers panic and sold there bag in preparation for the dump which came to pass since most individuals participated in the dumping of their coins. The virus had an indirect reaction to the market since it was out of fud/fear most Investors sold their coins.

I am yet to notice any statistic, which would point to a significantly higher adoption of Bitcoin during the past 2-3 months. During this time, the trade volumes have actually fallen, along with the exchange rates. I would assume that large a number of people have lost their jobs, due to the ongoing economic recession and as a result many of them are selling their coins. And this situation may get worse in the coming weeks and months.

Bitcoin is not properly placed as a medium of transaction from other countries, and there are fear of uncertainty in all the major markets that includes Forex, stocks, there are other countries that are using Cryptocurrency as a medium of payment and this what keeps the market stable at the current level, after this pandemic, our developers can develop a system for a situation like this.

Market doesn't look totally fallen right now when we will compare the market few weeks back. As being mentioned by different users it was definitely because of COVID-19, of course, the sudden panic that leads to majority getting stuff out of hand; like selling their assets, to have this amount of money that would made 'em afford of buying load of necessary stuff. Due to that, it was also made fear in the crypto market of losing their supposed to be profit that as well made 'em sell crypto till it becomes too late. As of today, I kinda think that everyone had come to think that today's a great opportunity to fill some bags of crypto in which pushes the market a little upwards.

Interested to see what will happen after this coming up recession.  Once I experienced a locked down because of a natural disaster and on top of it we had no water, no electricity for 2 months.  We had to travel to other cities looking for water at specific times.  After that many people lost their jobs and corruption was on their highest point.  Plus on top, the shinning path kept people scared.  The country couldn't handle it anymore and we reached an inflation of almost 3000%.  We all helped each other and survived.  I think it is a great time for people to learn more about bitcoin.  :)  Keep Safe everyone!

I do not think covid-19 has improved and increased bitcoin adoption.

The crypto currency freedom in india and south Korea did the trick. While the pandemic caused fud and necessity for funds which keeps bitcoin and crypto currency price low.

I do not totally agree with you, there are many countries which are yet to understand what blockchain holds let alone using it to fight this pandemic. However, people are buying crypto but not as much as before neither are they buying to use for purchase of goods and services. On the other hand, I think people are holding more of fiat so as to be able to buy the things the need, stock their stores etc as the stay at home while following the government's orders; perhaps that might be the reason why the crypto market is still struggling.

The epidemic has caused the world's financial situation in crisis, many businesses are closed so a lot of people lose their income. This is the time when people need cash to be able to buy daily necessities, so they sell bitcoins and cause bitcoin to drop in price.

Yes. With the current corona virus outbreak, people are wanting more fiat so they can buy their own necessities even if they only stay at home. Only few of the people are into crypto buying right now because majority are still earning more fiat so they can cater to all their needs. Hopefully once this pandemic will be over, massive pumps will also happen in crypto.

People were a little scared and afraid that the price would fall and they would lose their investments, they sold mass. They probably feel stronger when they have the money under the bed during this difficult time. But Bitcoin won't die. They will recover. We must be confident and patient. We can take advantage of the situation and invest now when the price is low, and in the future we will enjoy profit.

With the corona virus outbreak that continues to spread to almost every country, and it causes an extraordinary panic to various aspects of life in the world today.
Maybe the direct influence on cryptocurrency trading is nothing huge  in my opinion Because, the in recent days there have been an increase in the price of bitcoin after previously experiencing a price decline in the market, and indeed previously the price of bitcoin continued to decline due to many investors who panicked about the corona virus, but slowly began to be seen if investors began re-buying bitcoin, causing the price of bitcoin to start increasing again in some exchanges today.

For now, the difficulty of choosing between life and investment are taking into everyone's mindset. It's tough with anyone to use their reserve money
inside assets than holding it for personal securities.
Adoption wise, competitions with other form of digital money are also increasing, bitcoin with its volatile nature is having a hard time bringing more
users after this corona spread.

Although this disease does have a low mortality rate, the effects of this disease are dangerous. With conditions like now many countries impose everyone must stay at home, I think to be able to transact better using digital currencies than fiat money to see the current situation.

People need to be made aware about this though. We are not creating too much awareness campaigns because bitcoin is not a company and there is absolutely nobody who is responsible for such a task. In altcoins when there is a new project going on, they talk about how they should be "better than bitcoin" and that is quite wrong, there is no way any new project could be better than bitcoin, even if blockchain looks better, that doesn't make it any better because bitcoin has huge adoption.

However, when bitcoin (if bitcoin) could do campaigns it would have done compared to dollar, bitcoin doesn't have any opponents in crypto world, it is the biggest one by far, yet it has to fight with stocks, golds, cash and all others so we could have created an awareness comparing to them.

falling prices btc because many whales sell. if traders, investors buy btc and hold in the long run I think prices will rise significantly. But the news of the adoption of crypto in some countries also btc will approach halving I predict the price of btc will again record ATH ..

It will be kinda tough for newbies to make money while on lockdown, to earn in crypto space takes time, they have to learn from scratch like how wallets works and the difference between exchanges too before other things like trading and bounties, this can takes months

I don't even think like that as newbie has no enough experience to do a trade in the crypto market. I believe they have already started to learn more about that but the fact that newbie will rarely try to learn about that and we must tell them all about that. Covid becomes a worst thing that I can see for the world but it gives a positive impact for crypto.

It's stabilizing but not really down and it's not only the Crypto market everything is down and lock up people are confined to their homes and on a wait and see mode on what's going to happen, this is our first taste of pandemic in this present generation and everyone are watching what will happen next, will this take long or will it be contain.

Every market is down as a result of the coronavirus. It's sad how much it has negatively impacted crypto. I wish it ends and everything goes back to the way they were.

It wouldn't have an instant effect. I'll be with the long term effect of the pandemic for bitcoin. The sell off of the plus token scam did pulled the prices first and then was followed by the surprise pandemic.
Wait until the stimulus will be injected to the Americans, we might see the effect accordingly.

well in the short term due to covid-19 panic all over the world people need cash to buy stuff ..so if this pandemic continues further we might see people selling their crypto for fiat so that the buy everyday groceries. But as we reach the btc halving we might see some buying provided this cronavirus crisis are over by then.

I like to believe this assumption but I don't think it gather more people to adopt Bitcoin during this pandemic crisis. Unless if you can give a straight source from what you just posted. But anyway, people will still start to adopt Bitcoin in the future since it is an innovative creation from Satoshi Nakamoto.

let's wait and see what will happen then...

but yes, even if the adoption is increasing, bitcoin is still down as a lot of crypto users are selling their coins to augment their daily needs. not all crypto users can afford to hold in this crisis.
but as you can see, when we hit the $3k, it goes back now to more than 6500. so i guess thats already positive news in crypto. it shows that bitcoin is really gaining a stronghold even in this unfortunate situation!

Well, that's because people had enough time to read about cryptocurrency, and made them realize having a piece of Bitcoin means you have fiat currency that will go up and down anytime.



How did these countries use the block chain technology to combat the virus? Should've included a link or a statement from your source.

Bitcoin is still down because literally everything is down due to the pandemic. People are still skeptical on which direction their money would be headed, is it for the health care expenses or for the investment, since stocks and cryptocurrency market is still down.

the adoption stops now because the covid takes place for a while but if you compare the adoption this year versus last year and other late years well id say that this year's adoption could be better , if only not because of covid this adoption can became too much and the price right now could be growing   . this is why people left and right says that this virus sucks  .  this does not increase btc adoption because look at the value , the btc value drop and the momentum was killed   . good thing btc value recovers a bit because if not then i dont what can happen maybe the panic still continues

This is just an assumption and no proof to believe for. In my own opinion, the user of bitcoin was lessen because I believe that some of the dead people due to virus was a hodler of bitcoin and for sure most of them have no backup details of bitcoin and that will result to a more lower supply of bitcoin.

Quite confuse with this line? Countries are using blockchain tech to fight covid? How? I mean is this regarding health or work as just an assistance to the growing pandemic by means of accesibility and convenience to do purchase or remittance purposes?

There are lots of factors with the price drop, some say its due to the virus, some say using this crisis as a reason to let the market down, many conspiracy but the market seems to stand from a dying downfall.

Adoption is increasing and countries now heavily suffered employ blockchain tech ability to commit dozen of transactions needed such as donation. See Italy's resolved and now facing and using crypto ilon their country. Embracing its means.

I don’t know about countries that are making use of Blockchain in tackling the pandemic, haven’t heard or seen that in the news either. But, if they are really doing that in some way then kudos to them.

As for people adopting cryptocurrency, there is really no way to tell if the number is increasing or not, you can’t tell. In my country there has been a lockdown and people are now making their purchase through online and having it delivered to their house, everything from food to other things they need are being ordered online. The online shopping platforms, none of them are accepting cryptocurrency as payment.

Because people are not allowed to leave their homes so their income will drop significantly, when their income drops they will definitely have to withdraw from investments.
Besides, they also need money to pay for daily necessities.
That's exactly why bitcoin will drop.

Currently the world is facing a terrible financial crisis. The epidemic caused world trade to stop and many people lost their jobs.
These things make the money invested in the cryptocurrency market become interrupted, so the price of BTC will drop.

Only one big country can change price in cryptocurrency but in this crisis very hard to think what is the future. Stock exchange billions dollar investment is now millions dollar. Of course this effect was showing on Bitcoin. Now people want to secure funds instead send to others.

There is no way Covid 19 will directly increase the adoption of Bitcoin right now.
The reason is because the level of the worldwide pandemic is not on the same scale as one that will cause crumbling of economies and governments.
This is not an extinction level crisis
So cryptocurrencies adoption may not necessarily shoot up during this time.
However many people are starting to see the opportunities of investing in bitcoin at this time.

I have seen a prediction that online industry, especially e-shops will grow, so people will focus more on online payments and this could be a way how they become use cryptocurrencies.  :)

I don't think the spread of this virus have had any positive influence of Bitcoin in terms of its price but what I can say is that it has opened the eyes of various governments about the use of a digital form of payment but not necessary the use of bitcoin. trust me they know about bitcoin but they have made their minds not to use it because of how decentralized it is and also makes them feel powerless.

It is difficult for the government to use bitcoin as an official medium of exchange because it would conflict with central bank policy. But the government can regulate bitcoin as a digital asset and this can be used as a peer to peer transaction tool so that merchants can receive payments using Bitcoin even though government regulations do not yet exist

Why bitcoin is still down? of course many people still panic selling with this current situation and this can bring down the market again if more people get infected of the virus. The virus is really destroying the economy, hope this will end in just a month.

We can conclude that still many do sell at this moment. It's dumb to sell honestly but if they don't have any other source and their entire life savings is on bitcoin, they have no choice but to sell it at any price.
We may see $5,900 because it's incoming.

market conditions due to pandemic continues to decline and why people should hold their bitcoin when it goes down, or instead use it to shop even though the value will continue to decline if the market is bad.
if people would prefer fiat in this situation.

The exact reason is that bitcoin is dominated by whales and other organizations. They are the ones who are afraid of the virus epidemic and they have sold everything to protect themselves. Because of that, the current market has collapsed and there is no sign of recovery, I also hope the market will recover soon but 1 month seems too short.

With the validity of lockdowns in each country it will have a bad impact for the crypto world and other activities, so it is reasonable that the value of Bitcoin is currently in decline and this has a very reasonable reason and we expect this problem will quickly end will not damage the economy in every country and most importantly the Crypto world will return to normal and the price of Bitcoin will return to increase.

Well said mate, the bitcoin adoption increases in different countries all over the world because of the virus. Virus can be prevented if will only stay at home, it will lessen the risk of spreading the virus, but it is really difficult to just stay at home because we need to go outside to buy foods and stuffs that we should have to sustain our lives in crisis. Bitcoin can be used as an alternative to fiat currency because you don't need to go outside just to purchase some goods and stuffs outside and to do some transactions.

Well... if that is the case, then a basic question arises. In case the adoption has increased significantly, why the prices went down by 40% during the last two months? It should be the opposite scenario, right? I am not witnessing any large scale increase in adoption. During the last couple of months, there have been a total of zero news articles mentioning some large retailer or shop deciding to accept Bitcoin as a mode of payment.

There are many ways to prevent this virus, and the best way is to isolate yourself. We should stay home as much as possible and limit going out, if we have a job to go out, we need to wear a mask and avoid contact with others. This virus is only spread by saliva, and we can completely control it. And in addition Bitcoin will be negatively impacted by this epidemic, which will cause this market to collapse and the price will not be able to go up for a long time because the global economy collapsed.

Actually bitcoin has been tested and is stable enough for mass usage with some fixes here and there. therefore it can be used as a model for other instances to implement their own blockchain system. Considering that blockchani was first introduced around 2009  its not really new.

Despite of the fact that Bitcoin becomes a bridge or a way for doing fast transactions like money remittance due to the reason that people are staying inside their homes because of lockdown, which increase Bitcoin adaptation, the reason that I can see why the price of Bitcoin is still down despite of the growing adaptation due to Coronavirus is that many people are starting to pull out their profit or investments for a while from Bitcoin to provide their necessities by converting their Bitcoin into fiat to buy goods and stocks to survive this crisis and to keep themselves from the threat of hunger specially now that there is a lockdown being implemented in almost all the affected countries around the world. In short, despite of growing Bitcoin adaptation, still people tend to focus more on providing necessities and not into trading nowadays, also the price still goes down because people are taking advantage of the event to buy Bitcoin at a lower price so even the volume of demand is still high, the price order for Bitcoin is low due to lower bids being set to buy and make the price of Bitcoin be more affordable. That is only my opinion and perception why despite of growing adaptation of Bitcoin, its price still remains low this days.

Without donation low crypto are using to send money. By predicted last history, all investors had fear to lose money then Bitcoin plummet to 3.8k US dollar. Market crisis will stay awake until we win against coronavirus. Top top all stock market fall down, Bitcoin down and economic crisis is for coronavirus.

The fact that bitcoin exists and can be used by most people was aware back in 2017.
Of course, some services accept Bitcoin, but their units are not located in all countries.
In addition, the high level of volatility casts doubt on Bitcoin as an asset for storing its funds instead of fiat, as a result, people will tend to buy more American Dollars than BTC.

In my opinion One of the direct causes of Bitcoin's decline is the European Central Bank's pump of $ 135 billion to save their economies in the crisis of the global pandemic.

We can hope that with the covid-19 still exist can encourage people out there to learn about bitcoin and altcoin. While they stay at their home, they can use their time to learn how to use bitcoin, but I don't think that the adoption will be easy because that will depend on their government itself. If their government accept bitcoin, then there will be no problem for them to use bitcoin for buying something. If that is a success, then we will see the adoption process will continue, and there might be a good moment for bitcoin to increase the price.

Now there is a situation where many people needed money to protect themselves from the coronavirus and stay in isolation and quarantine. Since the cryptocurrency does not yet have good liquidity so that it can directly buy basic necessities, it is sold through exchanges and therefore fell in price.
With the onset of the global economic crisis, the situation must change. It should be in demand during this period, because, unlike the usual currency, it is not subject to inflation. This will be the first such test for a decentralized cryptocurrency.

That's just your point, and because of these thoughts, sharks get bigger and bigger. The financial market is not only bitcoin, there are many traders participating in the forex market and world stock market. For the crypto market, the market capitalization of more than VND 200 billion is too small compared to other financial markets.
Besides, to explain your question, ask yourself a question, when the disease comes, are people afraid of starvation or fear of running out of money? most of them were afraid of starvation so they sold off financial assets and bought goods.

How high do you want the price?
due to the corona virus, some people have to sell their assets to make ends meet, in addition to this epidemic many countries experience difficult situations, their impact on the economy is getting worse.

I think the opposite has happened. Covid19 has reduced Bitcoin adoption.

In crisis situation like this people tend to keep and store fiat rather than invest and adopt. This is one of the main reason why Bitcoin price got dump before the halving and it is still struggling.

I think The price of bitcoin came down due to Corona virus It will take time for the price of bitcoin to go up. Because of the Corona virus, there are lockdowns and fears and anxiety around the world. They have with held their investment. When the world overcomes this pestilence And many people will enter into bitcoin and crypto currency And I hope this time will come soon

Well.. this is true. I had to sell a small part of my cryptocurrency holdings to take care of unforeseen expenses. If the situation continues for another 2-3 months, then it is going to get really difficult. And to add insult to injury, the Bitcoin prices are going down as well. With just two months to go for the block reward halving, the mood seems to be overwhelmingly skeptical.

We can't tell exactly if this pandemic increased bitcoin adoption as there is no stats that we can refer to. However, owed to the fact that fiat money is not safe as virus lingers on paper money, people are looking for other options that they can use to replace fiat. But then again, it doesn't mean that they are already converted to crypto users. Maybe they are just looking and studying at crypto right now, because if you are a newbie, sometimes it is too complicated to understand things. And with the price volatility, they will be hesitant to really go into crypto. But this is a good time for them to research, read and study alternative options for fiat as payment method.

I've heard some people sell their assets because they need money. now it's natural if we need cash. We don't know how long this pandemic ends, so instead of increasing adoption, it can reduce adoption. it is caused by the lack of income that we can get outside. Yeah, but I hope they realize the potential of bitcoin to generate income from home.

The bitcoin price still down because many bitcoin holders were forced to sell their assets in order to survive from this pandemic as many countries are imposing lockdown to lessen the number of affected persons. We are also in lockdown so I understand how difficult the situation is when you have no income while your expenses are keep on coming.

Yes, there maybe many who became interested with bitcoin because of the covid 19 but it doesn't mean that they are all investors as most of them are likely looking for a way to earn an income using the bitcoin or crypto currencies

Data shows that whales are acquiring more Bitcoin better than past adoption rate of 2017-2018 and that is a good sign but COV-19 only makes many dump for new investors, I have few friends who buy Bitcoin simply because it drop in price, they never saw it coming

It seems difficult in a situation like this, this pandemic is experiencing the same thing, especially in the economy, therefore some people will sell assets for those needs, it is true, but on the other hand there are still people who stand against crypto and they still believe in the crypto market in situations like this. .
Approaching halving, of course the price will increase slightly from before.

I think global virus made obvious cash is not safe, so it might increase the adoption of cryptocurrencies. At the same time, governments may just switch their bank systems to electronic money.

I don't think this price up for people are getting lockdown. Coming halving time then supply will be down, this is the main reason to adoption Bitcoin. For this virus, economic crisis in every market and several country is taking different steps to protect this crisis than why people will buy Bitcoin to transfer money in this crisis.

The price of Bitcoin is still down because it was cause by FUD together with all the traditional markets out there. Even if there is physical evidence that adoption had increased because of promoting contactless payments to the affected countries it is still not enough to push the price up back to its normal range since new demand or an increase in it couldn't make it recover to what is currently happening to us now. Also don't believe in the crypto news websites you are seeing about Bitcoin being the main option for these countries as their contactless payments. Countries like Iran are using credit cards and debit cards when they say contactless payments and Bitcoin wasn't even one of the ideal options for them.

I don't think so...many countries allow their people to use blockchain technology but the question is, are they using it now? May be (only a few of them) because not all knows about crypto and not even acceptable in the market pushing them to still use fiat. I don't think that the pandemic will increase the adoption and people will look into crypto. They still have other options in buying stuff in a cashless payment system and that is the use of credit or debit cards.

Dont know why there are people who do generalize that crypto had become the option when it comes to e-payments which they havent considered or to
rethink that we've been using traditional credit/debit cards.It isnt bad to be that optimistic but we should at least try to look around on whats totally happening
and not just fixing out our mind on what we do believe.


This is true..Its too early to take consideration or to mind that crypto would became mainstream just because of this current condition.

There are still many speculations about the adoption of the blockchain at the time of this epidemic because indeed it was only used in part maybe maybe 30% of the remainder only using credit and debit cards as you said it.
Many people now do not contact anymore because to prevent being infected, people are still using debit cards to do whatever they need, blockchain adoption has not been fully permitted by the government, so many doubts about it.
Indeed, for the decline, I don't think this is the effect of the current pandemic from yesterday, but has also fallen further.

Maybe it's the basic necessities of the people that has caused the recent fall down of bitcoin value. They indeed sell bitcoin for personal purposes, more importantly their spending needs specially those countries which is totally affected by the lockdown. Economy was totally devastated, yet closing more jobs so we can't expect circulation of money runs smoothly. Most currencies nowadays undergo several problems, but will soon recovers if the global pandemic ends successfully.

increase the adoption but the market stays low so who adopted afterall?

Not because people are entering the forum and the accounts are growing meaning adoption is happening because look at the volume.
Well if people are entering here just to make profit then we are in the wrong way because they must learn what is this first before investing,this is the reason why the market can be dumped by the whales easier because those whoa re investing here are only seeking profit and when the value falls they are withdrawing faster added to make the market downfall starts.

I won't say that bitcoin adaption is increasing, rather the use of digital modes of payment are going to keep on increasing in this time of crisis and also after it too. People have many other payment options available for digital media like credit or debit cards, PayPal and Bank transfers they have very less need of bitcoin for sending money as it is time consuming for the transaction to get confirmed, but they are likely to recommend bitcoin for the purposes of investment as currently the prices of bitcoin are pretty less as compared to a few months back.

Well the only fault they have is they are too gullible when it comes to readings news especially the ones from crypto news websites which specialized clickbaity headlines and incomplete reports. These crypto news websites always feed them either wrong information or try to make everything related to crypto that's why a lot of people in the crypto industry also create assumptions aligned to the news they have read from these kinds of websites. When will this stop? I don't think it will as long as there are people who really just believe on what they can see they can also be part of the ones spreading false news and assumptions in the market.

I can say the same thing where people being mislead by news that they do able to read into those outlets which would really give out unrealistic mindset or do give out false hope.This is why its really important on at least to look up or dig further on a specific matter before generalizing things because you would really make yourself look like a fool on others eyes because you have forget something
which had been used for generations.

I don't think right now the crypto adoption is increasing due to COVID, but the adoption to the markets is increasing in general since the stock market crash in the middle of March.

If you look at Google trends for "buy stocks" you will see it hit record interest last month. I think many people are getting into the markets because its cheap. So bitcoin needs some catalyst to gain more adoption especially by the retail market. One easy way would be to break the ATH of 2017, this actually might happen due to the inflation going on with the fed.

So it will be like 2017 all over again, where we break ATH, and keep breaking every week or so and get massive influx of new users into the crypto space. However that is far away from happening right now. Most of my friends rather invest in TSLA or APPL stock rather than buy bitcoin even though the returns might be much higher.

I just read in gambling boards about the increased activities due to isolation periods which must be another thing indicates about there are lots of new activities in crypto space just due to corona. I believe more people might have been thinking about contactless transactions or online transactions as a precaution measurements to stop virus spread out.

At the same time we need to consider about money flow common people so that they could adopt bitcoins. But, I believe institutions will not be having such a problem because stock markets are not doing good hence they will not be having any other better options except investing into bitcoins as bitcoin is moderately doing in this hard time which must be more than enough reason for institutional find to get into.

When bitcoin seems stronger due to institutional funds, common people may not hesitate no more to adopt and use bitcoins for their daily needs at least for contactless transactions.

Agree with you, it might not happen this year although its predicted that the market will be bullish this year because of the halving.
Bitcoin seems moving sideways for the past few weeks and no significant improvement is seen yet, so if it's really going for a bull run, it could have pump already when it started recovering, as of now, can't really tell.

Also, if in case the 2017 bull run will happen, I have doubt that altcoins will be as profitable in the past, this time around it's more on bitcoin controlling the market while some altcoins will still continue to be bearish.

Honestly I literally just purchased some stuff from the market and I was thinking about the same thing. When I was paying I realized the dude who took my credit card didn't had gloves on, he had a mask but no gloves on his hands, he took my card and put it in the machine and clicked on it, then asked me to enter my pin as always like nothing is going on, then I had to click my pin in and then he gave my card and the slip, in all of those moves there is at least 5 chances of getting corona.

What we could have done is they could had some tablet, like iPad for example and some bitcoin payment processor, put in the amount there, get a QR code, I could open my own payment processor app on my own phone, read their QR code and confirm the payment. In that scenario we would have touched zero times.

The isolation is definetely making people to discover new opportunities.  There are some countries doing some data collection on where people are spending these days.  For example:  https://www.alphabeta.com/illiontracking (https://www.alphabeta.com/illiontracking)
New online players are coming on board and learning all the options they have to purchase including bitcoin.

Cheers,

You will never be able to stop me even if you stay at home for a year. Sorry.

Well, I' sure that situation we are all living now benefits to use and development of new technologies and inovation. Cryptocurrencies are among them, that is for sure, however I would like to see some concrete numbers and figures, otherwise this is just the question of impression. But I don't know if anyone at all is watching and measuring use of cryptocurrencies and how adoption developes according to current factors.

that's right, I agree with your words. In difficult conditions like this we need the main things that are essential to survive at home. Like making a digital payment mode relief project a good concept to deal with major calamities to protect each other very helpful and who hopes that bitcoin increases for the moment I think it will go up a few percent bitcoin. because almost all business between countries is very inappropriate right now. the possibility of bitcoin is influential in these conditions to increase

In my country the ecommerce website that gives the software to almost all ecommerce websites (kind of like woocommerce for wordpress as the biggest example) is showing what is bought and where right now. It doesn't show who buys it so it is keeping that information secret (which I think is not enough) but we get to see which city the purchase was from and what they did bought.

Right now that could very well be used as a data collection point and companies could take a look at which city buys what the most and they could basically use that for advertisement, you can limit your marketing to a city and you could have some sort of big umbrella selling website where you can direct specific city.

Unfortunately it doesn't show any bitcoins because that is not ecommerce but if we had that, it would have been freaking awesome as well.

Here are concrete numbers 9,612,337   Bitcoin transactions was made in January. although Covid-19 was in Wuhan in January we cant say it influenced world economy much. Wuhan started lock downs only at end of January. 8,904,203   was made in March. So a 7% decrease. Bitcoin is used 7% less now with covid-19 spread all over world as it was used before covid-19.  Thing is that Bitcoins first use case is being speculative asset. And Bitcoin transactions will increase when price of Bitcoin will go over $12000.

In fact, cryptocurrency, namely Bitcoin, is considered to be a “protective asset” all over the world, which one way or another, in any crisis, should be in demand on a par with gold.  But since China is practically one of the most important players in the cryptocurrency market, the pandemic situation in China can greatly affect the entire cryptocurrency market.  The main thing is to monitor developments regarding the spread of coronavirus, because if the virus gets out of control, the consequences will be very serious and widespread.  To date, quarantine has been introduced in almost the whole world, which limits the movement of people, but if the economic situation deteriorates, then even a restriction on the movement of capital of each person, including cryptocurrency, will be introduced.

Even though people are more using bitcoin for transactions but the adaption is still not as fast as it should be. Due to uncertainty and covid19 virus, people are afraid to invest in anything including bitcoins.




Have some bribe and leave us please  :)

Thank you for the information.
Those numbers will tell everything.

We are going down into the adopting case.
But we cannot conclude everything because the virus is still out there.
We must wait when everything goes south for that virus and just go away.
Afterwards, we will see if people will change the way they make transactions. Will they ever adopt the new trend or will stay with the fiat system?

Maybe we are overthinking that having COVID-19 will push or encourage us to adopt the Blockchain technology because it never looks like that.
We know that most of us had never clearly understood crypto, the market isn't really prepared for this and for sure they won't take the risk for this uncertainty. They'll have to stick of what they usually used before just like credit and debit cards that most Banks offered to their clients.

This COVID-19 could never be a reason why we adopt the new system but it really matters about how we clearly understand it. The adoption will take so long and Bitcoin has a long way to go and to prove that it was worthy of our trust in the future.

Because there is no real adoption yet. What you are seeing about the using of bitcoin to make option for fiat is just temporary. Adoption is going to happen through getting it down in the book and the government endorse it as documented, then fear of using it will go out from majority of the nation who are banning it.

how do you call when stores and establishment accepting bitcoin, isn't it called as an adoption already?
maybe the proper way to said it is that the adoption is still slow but you can always consider that bitcoin is quite new, and eventually it will grow.

Here's some proof that the government already supporting it, and that is by regulating exchanges which we cash in and cash out our money.
Maybe other platforms will be followed soon but you can't expect they'll be able to regulating everything instantly.

if today we raise the issue of daily use of cryptocurrency and in particular bitcoin, then the really obvious problem consists of poor infrastructure development, but the main problem is precisely the lack of government regulation, since every businessman must submit reports to the tax service, but the rules for declaring cryptocurrency are all  not yet available.

I would like to know more about this.  ;D
How can we fight a pandemic using blockchain?  ::)
As for the situation, I think that it contributes to the fact that people refuse cash and try to find an analogue in digital form. Undoubtedly, this is a good chance for crypto.

Slightly there might be an increase of adoption but as long as there's no statistics yet we cannot conclude that quarantined people are using the technology due to a lot of payment alternatives in the space. Bitcoin is a good alternative to fiat in making purchases, however most people might not use it regularly yet because of the risk and volatility involved.