Will coronavirus encourage people to use crypto more thoroughly?

[ven7net]

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?

If you talk about the corona virus as a real terrible disease, then all this will lead to only one, to many victims, and what cryptocurrency can be discussed in this case? In reality, things are completely different. When people talk about the corona virus, they immediately translate the conversation about the benefits that can be extracted, which means that all this corona virus is an invention and an occasion to achieve certain goals. Based on this, I can conclude that perhaps all of this was used to promote cryptocurrencies, but I am more inclined to believe that this is an excuse to get rid of influence and the dollar. Of course, against this background, cryptocurrencies can be interesting, but this does not mean that all this was done for the sake of accepting cryptocurrencies in the world.

[2tang]

Crypto will rise from bloodshed and the price of BTC will rise again. Everyone is interested in engaging in cryptocurrency and will use it thoroughly in real life. some of the advantages of digital money that is when transactions do not shake hands means that digital money can prevent transmission of virus Corona and more .. We have to get up and keep piling up in the current prices for the lowest price.

[Saisher]

We have now seen that Cryptocurrency is vulnerable to this kind of news so far the market is recovering but we really need a system that this any kind of calamity of epidemic can be use that is Cryptocurrency based, to withstand bad news and bad actions from this epidemic, I hope the market can fully recover, it's not yet safe.

[Chrystora123]

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.

first of all, what I want to emphasize is that Cryptocurrencies are not just BITCOIN..  USDT, PAX, USDC are Cryptocurrencies too!!  so it is not impossible for cryptocurrencies can be used as a transaction tool.  digital money is currently the easiest to apply, but we must not be too optimistic that cryptocurrencies can never be used as a transaction tool.  at this time what is a barrier to cryptocurrencies that cannot be used as a transaction tool is the lack of education about cryptocurrencies to the public... that's all-

[Rosilito]

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?

Depends on the usage. Because there were people who aren't into risk, and crypto is always associated with that 'cause once you engaged/convert your money here it is a matter of a time on where its value would downfall or rise up. Besides if their business were just for payment alone, and to avoid in contact with the virus then may be crypto wouldn't be in their choice, not even in the least especially when they want to kept maintaining the value of their money. On the other hand, people who are, some sort of risk taker, and are willing to take some changes with it then crypto really suits them up. Thus, the word encourage to use crypto thoroughly here is what defines them

[xiboothrezi]

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

Yes It could be that this pandemic will be the beginning of the evolution of a new and more effective system, by breaking the chain of virus spread through direct contact with money. Money is a medium for spreading viruses and bacteria with a fairly rapid transfer process, especially if it is not supported by the cleanliness and a healthy lifestyle. This needs complex support from various parties including the socialization and completeness of facilities and infrastructure. Transactions using e-money or crypto are effective but this is still limited, with intensive socialization and education can make adoption better I feel.

[kindbtc]

I am optimistic that crypto will be encouraged at a global level from now on so that we can go completely free of paper money as it has been thought of as a factor for transmitting various viruses and bacterias that can cause different infections and diseases.

[Twinkledoe]

I am optimistic that crypto will be encouraged at a global level from now on so that we can go completely free of paper money as it has been thought of as a factor for transmitting various viruses and bacterias that can cause different infections and diseases.

If people will be educated of how to use crypto in their day to day lives and inform them the benefits of using crypto especially having this pandemic, I think they will use crypto. But the problem right now, most of them don't know how to deal with crypto and if they see how volatile bitcoin is, they will think twice on using it. But for those who are already crypto users, they can assist others on how to use crypto and share the benefits that they are enjoying. Maybe it will be a good start in attracting potential users.

[Becky666]

Personally, due to Bitcoin volatility will be a major cause which will scare many potential investors not to have confidence in cryptocurrency. We have seen the bloodbath which took place recently, people with be afraid to use cryptocurrency in times like this because of their volatility in nature. Before now, we thought cryptocurrency to be a safe haven but the reverse was the case when it dropped far further than stock market. Though the advantage if using cryptocurrency will be seen when the market start renouncing back to it normal position. Bitcoin is very sensitive to recovery than the stock market.

[kaya11]

I think it is possible, in Thailand the big banks is closed and stopped the foreign currency exchange to avoid contact with physical cash, this is the start of using digital money. Even it is for the meantime, on those times they used it they will certainly get used and experience how better it is than the usual way. Only the problem is if they will make they own digital currency, and inflict people to use it-centralization, and that way is too dangerous, keeping tracks of records of transactions of people, getting their sensitive informations easily. I guess it is easy for the governments to use it in the current pandemic.

[Shasha80]

Of course the best choice is to use cryptocurrency to prevent the spread of corona viruses by using crypto,because there is no need
physical touch occurs. I believe the Chinese government is starting to consider this. And if in the end the Chinese government legalizes
cryptocurrency as a payment will have an extraordinary positive effect on China and the development of cryptocurrency. I hope the
Chinese government dares to make a decision as soon as possible, so it's not like now that the Corona virus has spread almost to all
countries in the world.

[swivel1983@gmail.com]

It is unlikely that because of this situation, people will suddenly start using cryptocurrency. Those who wanted to, have long joined it and use it regardless of the market situation. The rest will probably just prefer non-cash payments.

[Perfect35]

A cryptocurrency is just a form of digital currency that can be used. There are still other forms that could be used. So, you never can tell which of it is China planning to use.  However, since banknote has been seen a s a medium through which the virus can be transferred from one person to another, there might be a shift. t's just like a form of revolution.
Many countries are today affected, which might be a doorway to the mass adoption we have been envisaging.

[letyouearn]

Hm, using cash is a threat to your health and even life? Damn, this is awesome idea, haha  
We are living in a very interesting time period, guys. Keep watching the world events and learn

[patz22]

That can be possible, as you know many countries including China are sanitizing their paper money wherein it will cause resources wherein if you have paperless funds, it would lessen the risk of the virus however, yes, with the current dump of crypto market, they may need to think of better way hence, they have online banking which is the same.

[Kiefner]

Undoubtedly, everything is going to ensure that people use cashless payments more and more. But with cryptocurrency, the situation is much more complicated, it is not yet so easy to use in everyday life. Therefore, it is unlikely that this situation will encourage people to use it. This requires a little more time.

[Abiky]

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.

Couldn't agree more with you, mate. With the current market situation, no one would want to invest in crypto except those who are passionate about its technology. Ever since Bitcoin became traded on exchanges, prices have been in constant flux. For a cryptocurrency that's often touted as a "store of value", it has many shortcomings which defeats said purpose. The price volatility is the biggest issue of Bitcoin, making it difficult (if not impossible) to use it as a real currency for day-to-day transactions. Privacy and scalability are secondary aspects that do not affect Bitcoin's ability to be used as a safe-haven asset for people in the mainstream world. It's no secret that people are the ones who determine Bitcoin's (and other cryptocurrencies') true price relative to Fiat.

With upcoming government-issued digital currencies, the fate of Bitcoin and other cryptocurrencies is at stake. There might be no reason to use Bitcoin or other cryptocurrencies if government-issued digital currencies are nearly the same. I don't want to sound pessimistic, but this seems the way crypto will be heading to in the future. Let's hope everything turns out to be good for the mainstream adoption of crypto and Blockchain technology in the long run, if the market manages to stabilize somehow. I believe that regulation is necessary (and some liquidity) in order to keep Bitcoin (and other cryptocurrencies) as stable as possible. Time will tell us what lies ahead with the future of crypto as an alternative to the existing monetary system. Just my opinion

[michellee]

It could happen if the government allows the crypto to be used as the payment. Maybe people can shop their daily needs online, and they can pay using crypto, but so far, they can use their debit/credit card to pay, so I don't think it will happen soon. The government concern about finding people and how they can cure the virus, but if one country is collapsing because of the virus, then maybe that will encourage people to use crypto for the payment systems because they can pay from their home without going to the local store.

[joshua123]

A cryptocurrency is just a form of digital currency that can be used. There are still other forms that could be used. So, you never can tell which of it is China planning to use. 

"just" its insulting when this word is being used. Yes a digital currency but werent sure yet where the progress and improvement of this will take the cruptocurrency in the future. OP is practically stating a possibility and will also benefited people since usage of cryptocurrency doesnt require physical contact unlike fiat money.

Undoubtedly, everything is going to ensure that people use cashless payments more and more. But with cryptocurrency, the situation is much more complicated, it is not yet so easy to use in everyday life. Therefore, it is unlikely that this situation will encourage people to use it. This requires a little more time.

However this is the case. This isnt easy to use as only few services and goods are accepting crypto and limited to only those who are just recently announced of support. Maybe plus ten more years.

[Ashong Salonga]

I think the answer to that question is no because if so, the prices of the cryptocurrencies will not experience the current declination we are having as of the moment. Also, there is another way people can get even spending their moneys by the use of having credit card to basically have an access to their money that have been stored in their bank accounts. Also there are already mobile banking due to the advance technology other countries do have. This current situation we are all into will not push everybody to get into cryptocurrency because not all people are up into using this type of existing currency because they would much prefer having their fiat than using cryptocurrency that is down in terms of price at its current state. Many people would still think of another way to access their money even if it is not on a physical manner. If people do really choose to think of using cryptocurrency at this point of time, then we will not be having this current situation we have in the cryptocurrency market.