[2020-02-16] China Shows Why Bitcoin (BTC) Is Important by Quarantining Its Bank

[bL4nkcode]

China Shows Why Bitcoin (BTC) Is Important by Quarantining Its Banknotes

In a move to prevent the spread of the deadly coronavirus, China has decided to sanitize its old banknotes, Bloomberg reports.  

According to many crypto proponents, China putting its money under quarantine is one of the many reasons why the world needs Bitcoin (BTC), a decentralized and permissionless cryptocurrency.

Source: U today

[LeGaulois]

There are statistically more bacterias on banknotes and coins than in the toilets but they never quarantine. Not even talking about contaminated banknotes with cocaine and a vector of diseases such as hepatitis C. Is it difficult to invent banknotes than can be washed in the washing machine (I use sometimes Chlorine on coins^^)

China did the same during the SARS crisis but it's a waste of time/resources to me, and the argument saying Bitcoin can't be contaminated is subjective.

I could call a bitcoin contaminated, not with a virus, but when it's labeled as a tainted bitcoin.

[hatshepsut93]

If you're saying that Bitcoin is better because its electronic, then so are banks with their plastic cards. If you think that Bitcoin is a part of the cashless society paradigm, then I'll have to disappoint you - when governments and bankers talk about it, they absolutely don't mean Bitcoin or crypto. In fact Bitcoin is the opposite of cashless society, since it takes away control over money from centralized entities, just like cash does.

[pixie85]

There are statistically more bacterias on banknotes and coins than in the toilets but they never quarantine. Not even talking about contaminated banknotes with cocaine and a vector of diseases such as hepatitis C. Is it difficult to invent banknotes than can be washed in the washing machine (I use sometimes Chlorine on coins^^)

China did the same during the SARS crisis but it's a waste of time/resources to me, and the argument saying Bitcoin can't be contaminated is subjective.

I could call a bitcoin contaminated, not with a virus, but when it's labeled as a tainted bitcoin.

This is true. I also read that there's more bacteria on your average keyboard and mouse than on your toilet seat because that is usually cleaned often (in most houses once a week) and how often do you wash your keyboard or mouse with a sanitizer? Once a year? Never?

The most dirty places at home? Not your toilet, sink, bathroom floor, not even your desk, but the things you touch every day and almost never clean with detergents like door handles and light switches. You touch them every day when you come home and most of your visitors also do.

Flu viruses die on dry surfaces. They spread well from person to person because the air we breathe out is moist but they die fast in our cars and on paper notes. Are they using panic to stop flow of cash?

[7788bitcoin]

China Shows Why Bitcoin (BTC) Is Important by Quarantining Its Banknotes
In a move to prevent the spread of the deadly coronavirus, China has decided to sanitize its old banknotes, Bloomberg reports.  

According to many crypto proponents, China putting its money under quarantine is one of the many reasons why the world needs Bitcoin (BTC), a decentralized and permissionless cryptocurrency.

I understand the optimistic view on the situation but i am sure the government will see this as an opportunity to enforce their digital currency rather than accepting a decentralized currency like bitcoin and with China planning to come up with their own crypto the Corona outbreak will be used as an opportunity to enforce the citizen to use their digital currency.

[Betwrong]

If you're saying that Bitcoin is better because its electronic, then so are banks with their plastic cards. If you think that Bitcoin is a part of the cashless society paradigm, then I'll have to disappoint you - when governments and bankers talk about it, they absolutely don't mean Bitcoin or crypto. In fact Bitcoin is the opposite of cashless society, since it takes away control over money from centralized entities, just like cash does.

I totally agree with this. And since people need cash for multiple of reasons, and since viruses are evolving rapidly nowadays, and thus we can come to a point when cash is really dangerous to use, Bitcoin can serve as a great alternative.

[Lucius]

Such a virus may be a good excuse for China to turn even more towards creating a cashless society, because guess what, paper money can transmit viruses, can it really?

But when it comes to China, one should not be fooled that one such country will accept Bitcoin, but rather it will create its own digital currency which can be fully controlled. Such control, on the other hand, may even encourage more Chinese to turn to Bitcoin, but in the case of a fully digitalized financial system, it will be difficult to buy anything without the government knowing it.

Is it difficult to invent banknotes than can be washed in the washing machine (I use sometimes Chlorine on coins^^)

I washed the banknotes few times in the washing machine (they stay in pockets) and they were still usable, although somewhat faded. I recently bought paper wipes, and they have info : washing machine resistant. I doubt Zewa can do better for their products, then government for their paper money

[1Referee]

And since people need cash for multiple of reasons, and since viruses are evolving rapidly nowadays, and thus we can come to a point when cash is really dangerous to use, Bitcoin can serve as a great alternative.

A low tier alternative. In China there are various applications with widely deployed networks where people can transact instantly and for free. Yes, it's centralized but as long as it works it works, and for most people they don't need decentralization for every single transaction. Bitcoin is there for them when they do need decentralization.

I would love to see Bitcoin gain adoption rapidly over there, but that's not something I see happen any time soon, especially with how volatile and precious Bitcoin actually is. In both cases it doesn't help the spending narrative. People just want to sit on their coins because they are confident in the price to appreciate throughout the years.

[Harlot]

Isn't China the one planning to digitized their payments by more than half in the coming years with WeChat Pay and Alipay? The article already pointed it out that China is already heading into a cashless society with the use of the payment processors I mentioned. This will be just there solution to fight back the outbreak they are experiencing right now but I know this isn't their solution in the long run since they are already planning ahead in the digital market. Instead of focusing on cryptocurrencies they know they can't fully control the Chinese government is planning to digitized payments with payment processors from their own Chinese companies. And can we be real for a moment, do you really believe that sanitizing  your currency can help avoid the spread of a disease? Of course not, paying something by hand is just one of the many ways you can come and contact with the virus. We always touch our face, bump into different people, shake someone's hand, and also breath something contaminated basically dirty money isn't really the problem here.

[Tylev]

The Chinese government is not going to accept bitcoins. Disinfecting your paper money is just one precaution that does not affect anything. The government is going to issue its national stable coin as an alternative to Bitcoin and another decentralized cryptocurrency, and the coronavirus will not affect this decision in any way. In China, they take a very cautious approach to the concept of a cashless society and urge them not to get involved too much, recalling the importance of paper money for the state’s economy.

[NotATether]

If you're saying that Bitcoin is better because its electronic, then so are banks with their plastic cards. If you think that Bitcoin is a part of the cashless society paradigm, then I'll have to disappoint you - when governments and bankers talk about it, they absolutely don't mean Bitcoin or crypto. In fact Bitcoin is the opposite of cashless society, since it takes away control over money from centralized entities, just like cash does.

Yeah. In fact, they could have just as well quarantined their old smartphones which not only means bitcoin wallet apps for the vast majority of chinese people, as smartphones are prevalent in china, but just about every other social utility traditional or modern that they have including but not limited to AliPay, and poof - you now have people who can't pay by scanning QR codes either, not to mention all the social media activity such an action would disrupt.

[hatshepsut93]

I totally agree with this. And since people need cash for multiple of reasons, and since viruses are evolving rapidly nowadays, and thus we can come to a point when cash is really dangerous to use, Bitcoin can serve as a great alternative.

No government in the world will ever decide to replace cash with Bitcoin because of germs, they will be pushing for payment cards instead. And after they will successfully drive out all cash, they will start fighting Bitcoin. So, I view any negative news about cash as bad news for Bitcoin.

[Carlton Banks]

Flu viruses die on dry surfaces.

Viruses are simply rogue RNA, and so cannot die because they were not alive to begin with. You're thinking of bacteria and other such germs, which are alive and so need water to survive

They spread well from person to person because the air we breathe out is moist but they die fast in our cars and on paper notes. Are they using panic to stop flow of cash?

Very likely you are right, paper cash has been subjected to "death by a thousand cuts" for such a long time now, the most subtle technique I think being those news stories about corruption where stock footage of money counting machines is spliced into the story, sometimes even when the use of cash was not even part of the story (ironically, it's usually a story about corporate or government corruption, or both).

Cash=power, and it seems people in the corporate media are unanimous in their editorial slant that power is not something they want their audience to have.

[Harlot]

No government in the world will ever decide to replace cash with Bitcoin because of germs, they will be pushing for payment cards instead. And after they will successfully drive out all cash, they will start fighting Bitcoin. So, I view any negative news about cash as bad news for Bitcoin.

But with the way I see things are I don't any see hidden plans from China that they'll be pushing out Bitcoin in their industry, its just that they are simply favoring more their other digitized payments in WeChat pay and Ali Pay since this are the ones they can fully control once their country goes cashless. Other reasons I see why they can't get rid of Bitcoin is it is one of the industries that help their country's economy. The leading manufacturers of mining rigs are in China they also have Bitcoin mining farms that has a huge control of our hashrate. The Chinese government isn't dumb enough to cut off one of their income all for nothing.

[Betwrong]

I totally agree with this. And since people need cash for multiple of reasons, and since viruses are evolving rapidly nowadays, and thus we can come to a point when cash is really dangerous to use, Bitcoin can serve as a great alternative.

No government in the world will ever decide to replace cash with Bitcoin because of germs, they will be pushing for payment cards instead. And after they will successfully drive out all cash, they will start fighting Bitcoin. So, I view any negative news about cash as bad news for Bitcoin.

I don't think governments are that powerful to do whatever they want, especially in the developed countries. People these days have become more and more paranoid about being watched all the time, so they can choose using decentralized platforms, and they can start electing governments which allow them to do that. Also, it is very unlikely that we'll have more of dictatorships and less of democratic countries in the future. So, I think there are good chances of BTC replacing cash in the years to come.

(Idk, maybe I'm too optimistic, but that's what I think.)

[20kevin20]

Let's be serious. Theoretically BTC is important in their situation but China will never give up their money for some decentralized coin. It's against their ideology.

The situation screams for the digital Renminbi. It calls for a push towards the launch of their digital coin, and the virus outbreak is just the perfect moment for them to do it and convince people it's the way to go.

You'll never hear them saying "get Bitcoin and let's stop the virus from spreading away". Never! And knowing they've been developing their own digital currency for a while now, it gives them even less reasons to ever call BTC a solution to the problem.

[Baoo]

I totally agree with this. And since people need cash for multiple of reasons, and since viruses are evolving rapidly nowadays, and thus we can come to a point when cash is really dangerous to use, Bitcoin can serve as a great alternative.

No government in the world will ever decide to replace cash with Bitcoin because of germs, they will be pushing for payment cards instead. And after they will successfully drive out all cash, they will start fighting Bitcoin. So, I view any negative news about cash as bad news for Bitcoin.

I don't think governments are that powerful to do whatever they want, especially in the developed countries. People these days have become more and more paranoid about being watched all the time, so they can choose using decentralized platforms, and they can start electing governments which allow them to do that. Also, it is very unlikely that we'll have more of dictatorships and less of democratic countries in the future. So, I think there are good chances of BTC replacing cash in the years to come.

(Idk, maybe I'm too optimistic, but that's what I think.)

I am totally agree with you, being controled makes people so uncomfortable, that's the most worst thing about these governments and even bankers. Bitcoin's community in a good progress , they seeing Bitcoin's wallet as a safe and a secure  place  for their money. In additon to that, possibly in the future Bitcoin will replace cash ad it may happen after more than 3 years in my opinion. Unfortunately, we don't know what going to happen in the future, but at least, let's be optimistic.

[boyptc]

I've seen this idea with a facebook page that fiat does have to be quarantined and sterilized to remove the virus that it probably contains. While bitcoin, it doesn't have to be like it.

It's digital and it's safer than banknotes so there's no need to spend budget for its sanitation.

[Thekool1s]

In a move to prevent the spread of the deadly coronavirus, China has decided to sanitize its old banknotes, Bloomberg reports. 

TBH it doesn't mean much for BTC. Digital payment penetration is quite high in china... In 2018, 83% of all payments were done via Digital gateways like Wechat and Alipay. ^[1] What's surprising is in bigger cities this figure is around 92%... China has been pushing for digital payments for almost a decade now and TBH they have been successful in doing so. From 3.5% penetration rate in 2011 to 83% within 7 years is quite impressive given its competitor the USA has a penetration rate of only 29.1%. ^[2] Also I agree with @hatshepsut93, Governments and Bankers don't think of Bitcoin or any other cryptocurrency for that matter when they use the word Cashless. China is the perfect example of that, Despite having a digital economy the penetration of Crypto payments is on the lower side. A survey done in 2019 showed only a 4.2% penetration rate. ^[3]

People aren't awake yet that's what these figures show me and to be quite frank Bitcoin doesn't need a virus or an economic collapse to display its real potential. Bitcoin has already proved it's worth and how it can shape our society but we are just too scared to make the jump. It's a "Us" problem now not the technological one...

Source:
[1] https://www.statista.com/statistics/1050151/china-market-share-of-mobile-payments/
[2] https://www.paymentscardsandmobile.com/the-future-of-us-mobile-payments/
[3] https://medium.com/coinmonks/cryptocurrency-adoption-by-country-d15e9fea0d94

[Kounter]

It would be better they to immediately switch to Bitcoin