Will coronavirus encourage people to use crypto more thoroughly?

[Abiky]

I've seen somewhere across the web, that China has been taking measures to protect physical banknotes/bills from getting infected with the coronavirus. After all, it's said that the virus could be transmitted across physical cash in circulation from one person to another. If the trend continues, people will look for other ways to spend their money safely without having direct contact with the virus. In this regard, digital payments prove to be a winner when it comes to sending/receiving money without exposing yourself to physical banknotes/bills that have could've been contaminated with the coronavirus. I believe that it could be a win-win situation for Bitcoin and other cryptocurrencies in the Blockchain space. Unless governments decide to start rolling their digital currencies to the world, everything will remain likely the same as it is today.

Do you think that the recent situation will encourage people to use (or rely) on crypto more thoroughly? What are your thoughts?

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[20kevin20]

No. Especially after the historical one-day bloodbath of many alts and BTC. Convincing people to get into BTC and alts right now is going to have 0% success.

Furthermore, we already have digital money. We have credit & debit cards. Why would I put my savings at this moment into BTC? I can't get to the local grocery store to buy some food or water. I can't give my family BTC if they're in need of money - I mean I can, but that would be of no help.

BTC is useless right now for those who are willing to refuge into some asset for long term protection, especially because you never know when exchanges could collapse and the services altogether. At least you know that other commodities have had a historical acceptance for barter, so you can consider that a safezone.

If nations are now going to release digital currencies, they're going to conquer the markets. Don't expect BTC to become the global currency or anything - that's not gonna happen. And as I said, the free fall of stocks & crypto will make a lot of people think that cryptocurrencies are a very bad idea. Time will prove they're not imo.

[Ranie]

I've seen somewhere across the web, that China has been taking measures to protect physical banknotes/bills from getting infected with the coronavirus.

If China is taking measure to protect their hard notes from infections from the virus, I think itvis indeed a great move. Since research has shown that the virus is airborne and can easily be transmitted even by touch.

If the trend continues, people will look for other ways to spend their money safely without having direct contact with the virus. In this regard, digital payments prove to be a winner when it comes to sending/receiving money without exposing yourself to physical banknotes/bills that have could've been contaminated with the coronavirus

If situations are dare, of course it is only normal for ppl to seek for alternative to way of life. And in a situation like this, digital currency seem to be the only viable alternative to go. However, it is still very difficult and unrealistic to position a whole country on the use of digital currency. As much as we the people in this space would want for a better adoption and a far reaching  penetration of cryptocurrency in daily life, government regulations and jurisdictional policies will not allow. Plus hard notes have come a long way in serving people, adopting crypto as an official currency is very unlike for any country around the world.

It is going to take generational adjustment before the acceptance and usage is lodged in people's ideas.

Do you think that the recent situation will encourage people to use (or rely) on crypto more thoroughly? What are your thoughts? Huh

To answer this question, I'd say No! I believe a country like China would prefer to mint new notes if they are infected rather than adopt crypto as official currency.

[TravelMug]

I've seen somewhere across the web, that China has been taking measures to protect physical banknotes/bills from getting infected with the coronavirus. After all, it's said that the virus could be transmitted across physical cash in circulation from one person to another. If the trend continues, people will look for other ways to spend their money safely without having direct contact with the virus. In this regard, digital payments prove to be a winner when it comes to sending/receiving money without exposing yourself to physical banknotes/bills that have could've been contaminated with the coronavirus. I believe that it could be a win-win situation for Bitcoin and other cryptocurrencies in the Blockchain space. Unless governments decide to start rolling their digital currencies to the world, everything will remain likely the same as it is today.

Not only China, but South Korea as well, https://finance.yahoo.com/news/south-koreas-central-bank-burns-100611189.html.

Do you think that the recent situation will encourage people to use (or rely) on crypto more thoroughly? What are your thoughts?

Perhaps credit card is still the best options for many to used to make transactions cash-less instead of crypto. And not many stores readily accepts bitcoin maybe except Japan or Germany. So I highly doubt that crypto is going to be the main the payment system that is going to be use in this kind of situation.

[FireBallex]

Not a chance, many will prefer their credit card more than using crypto right now and even the present crypto market condition is not encouraging, only those who have guts will buy crypto now

[bassbity]

At a time when there is nothing good, all markets experience a very deep crisis due to this corona virus, but the government will try to make any payment through no contact, whatever it is and still in the process of discussion, and hopefully crypto will be the solution to payment without contact. with each other.

Dumper is still happening so badly the cryptocurrency market today.

[Winscosinally]

Never, what will make people want to use crypto at this kind of time where all market is crumbling? Instead investors are selling their bags maybe they simply thinks the end of the world is near but I suspect all this virus shit is done intentionally

[JCviggen]

maybe this is another reason for the government to tell people to get rid of cash? cash is not monitored by the authorities and it is very important for them that all money becomes electronic. and most likely the idea that the coronavirus is transmitted through cash money is just the reason

[OrangeII]

seeing the current situation makes me think that this virus is fighting off crypto. Well, not only crypto, but also gold, crude oil, and other investments are also affected by this virus. however, I thought that this virus would support the development of crypto through transaction channels, but seeing a very large decline occur in this short amount of time, made me feel that this virus made the economy become unstable.

[Lexurdania]

Corona virus has a huge effect on the world economy and recently the Fed has injected funds into the market for trillions of dollars. I think the current market crash is making people look for alternative investments and with the many cheap and potential crypto prices, I think crypto will recover in the next few months.

[Akiko]

-snipped-

it will help only to encourage people to use other option to pay using online payment and crypto.


It will also help to reduce the infected since you dont need to pay any other bills using paper money which there are chances that who own that paper money may also be infected. Using crypto or other online payment you dont need to handled any of your money you just need to use your mobile for payment.

[xvids]

Crypto is just another option because there are also other online payment like paypal.
Because of corona virus online payments are a good way for every transactions it is much more safer and it would prevent the virus from spreading through Fiat.

[Nekkyush]

The current situation on the corona Virus case has really put the world to a plunge. It will be safe to say that people are already taking measures on how to control the virus spread and one of those measures can be seen in the price of Bitcoin and other cryptocurrencies today.

I believe that the world is going the way of crypto as a form of payments now being scared of the corona Virus spread and this will definitely help. This is the much talked about mass adoption and just may be Corona case will facilitate it the more.

[minairia3]

I like the idea but not all people who are affected are into cryptocurrency. Maybe some but not majority know how to use it. Government probably aware about usage and usefulness of crypto but some authorities are even the one avoiding everyone to use it as potential scam and risk awaits you. This is their typical suggestion but Im willing to support this if ever they will do cause we can educate some those who dont know about its usage.

But I do hope sooner we can go back to the normal cause the lifestyle really changed due to this corona shit.

[Kasabus]

Most probably, people will realize that using online payment is quite safer, at this time we haven't feel the demand as the sentiment of crypto is on the global effect of the corona virus, now it's dumping so it's hard to say, but soon for sure they'll adopt. Also, I am not expecting that corona virus will last longer, the WHO will definitely do their best to find the solution to this the soonest possible time as the pressure is on them and we've all seen the effect of the panic.

[20kevin20]

maybe this is another reason for the government to tell people to get rid of cash? cash is not monitored by the authorities and it is very important for them that all money becomes electronic. and most likely the idea that the coronavirus is transmitted through cash money is just the reason

Do you seriously believe there is going to be a single government saying "hey, let's use Bitcoin!"? As I said a few posts above yours, there already is virtual/electronic money out here: bank accounts.

If there will be any new electronic currency they're willing to adopt, it's going to be one created and launched by them. Not a currency created to be trustless and decentralized..

[Doranile432]

There is no reason for people to by crypto and use at this time, instead many are dumping to buy maybe foods and meds in store, some even think there is going to be scarcity of food, it's the real reason behind this crashing market

[smyslov]

There is no reason for people to by crypto and use at this time, instead many are dumping to buy maybe foods and meds in store, some even think there is going to be scarcity of food, it's the real reason behind this crashing market

Scarcity of food how come, we are not yet on war, experts are finding cures for this epidemic and there are precautionary measures that have been taking up, and that is not required for us to panic, these kind of people are watching too many doomsday movies, that they lose trust in their government, and taking things to their hands.

[enhu]

Its not encouraging people I think because there were no suggestions about the crypto options for the people like media reporting a store selling toilet paper accepting BTC or ETH.

Though It would be exciting for crypto if the affected countries starts using coins and I think the corona virus will actually be a good reason for this to kickstart.  If only China could start doing so using their own coins and start with Hongkong everybody else will also be doing it too.

[ballerin and giroud]

It should be yes, cryptocurrencies are money and everyone can use them as mean of payment. The virus is very awful because it will takes three day for the virus dead when it comes to the stuff. The people will be recommended to use digital money when they make a transaction because if we use money paper we will take them every day and we will touch them before we make a transaction. It will be good for some countries out there to accpet cryptocurrency as the payment system, at the very least we will safe ourlives when we buy some stuffs.