Will coronavirus encourage people to use crypto more thoroughly?

[prof7bit]

People don't care about anything as we saw with how the market crashed. If coronavirus isn't taken care of crypto and other financial investments will continue to take a hit.

I think that this crisis year 2020 will be one of the most dangerous periods of the collapse of all markets, including the cryptocurrency market. I expect the price of Bitcoin at $ 3,000. 

[btc_angela]

I see this news: https://cointelegraph.com/news/italian-bank-opens-bitcoin-trading-to-12-million-during-lockdown

Specially that Italy is one of the hardest if not the hardest country to be hit with the cover-19 virus, it make sense for most of them to used crypto. However, I'm reading that there is some catch, specially with fees and you need to be a Hype customer. I just do hope that there are more stores in Italy that will accept bitcoin as payment, but if the country is in a lockdown, I don't know how will they purchase goods in order to survived in this crisis.

[Abiky]

I don't think so at all considering credit and debit card payment is so prevalent and much more familiar to consumers than cryptocurrency. A lot of people are scared of using crypto from recent volatility including the large dump with BTC that we had earlier too, which doesn't help at all. I could see some more crypto usage in regards to things like online gambling, but most people looking at online gambling will also likely use debit or credit card payment. I wish more people would use crypto, but nothing's really pushing people towards using it at the moment and most regular people do not have any interest in it.

That's certainly true, mate. Credit card payments are still the norm in the mainstream world. People will not want to look elsewhere especially when Fiat is largely trusted by major retailers, businesses, and merchants alike. With the recent events of Bitcoin's "bloodbath" on the crypto market, I doubt most people would want to use it more thoroughly. Only crypto enthusiasts, tech gurus, anarchists, etc. will still use Bitcoin no matter what. But everyday people will find Fiat more attractive than BTC for many obvious reasons.

The only way I see people using Bitcoin or any other cryptocurrency more thoroughly is if the current banking system collapses. By then, people will find alternative ways to conduct transactions by relying on "safe-haven" assets like Bitcoin or Gold. It may take quite a long time before we'll be able to see people using crypto heavily for daily payments as it's still in its infancy. I believe that once scalability, privacy, and volatility issues are solved, people will find crypto much more attractive than Fiat itself.

Nonetheless, I'm confident that someday crypto will find the light at the end of the tunnel. With just 11 years since inception, it has managed to do pretty well. I'd say we should give it more time until the space matures enough for an ever-growing rate of adoption in the mainstream world. Now that most governments have recognized crypto's legitimacy, it should be a matter of time before everyday people join in the revolution. Just my thoughts

[pixie85]

I see this news: https://cointelegraph.com/news/italian-bank-opens-bitcoin-trading-to-12-million-during-lockdown

Specially that Italy is one of the hardest if not the hardest country to be hit with the cover-19 virus, it make sense for most of them to used crypto. However, I'm reading that there is some catch, specially with fees and you need to be a Hype customer. I just do hope that there are more stores in Italy that will accept bitcoin as payment, but if the country is in a lockdown, I don't know how will they purchase goods in order to survived in this crisis.

It's the most obvious way. Bitcoin is well known and has an established market position so why not turn to to it for help when you cannot use cash and at the same time want to decrease the number of fiat transactions so that online banking doesn't get laggy like netflix and youtube.

I hear there's a problem with the Internet connection in some parts of Europe bacause too many people stay at home watching streaming services. You can make all people suddenly stop using cash and switch to online banking because the platforms are not ready for it.

[WillWammer]

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?

No. People will be ordering food and supplies off of Amazon, GrubHub, Doordash, whatever- but they won't be using cryptocurrency to do it.

[Polar91]

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

Technically yes, mass adoption in crypto has been applied thus it's very accessible for the people to buy crypto without actually going to banks or whatsoever. Some people will prefer global transaction via crypto since it's quicker and cheaper. Although some users prefer mobile banking, it's not very convenient for them to transfer it to a person who's in another country thus crypto can be their alternative option.

[ethereumhunter]

No. People will be ordering food and supplies off of Amazon, GrubHub, Doordash, whatever- but they won't be using cryptocurrency to do it.

That could happen, but if they cannot use their credit/debit card, they will search the other way to buy their daily needs, and in that time, maybe they will try to use crypto as the solution. With crypto, they can use to buy not just their daily needs but they can buy anything they want, but with one condition, the merchant can accept the crypto for the payment.

[DonFacundo]

I don't think people will encourage to use cryptocurrency because you know cryptos are volatile, maybe they prefer to use their digital local currency but it will be good if people use cryptos so the market will recover.

[Bitbtc8]

Now that Bitcoin is recovering it seems that this virus outbreak won't do any damages anymore and in fact can make crypto to become very popular because stock market failed to recover

[tvplus006]

...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.
...

I don 't understand why there is such a fuss about fiat money. I think that many people have credit cards , and accordingly, there is no need for such people to pay with fiat. Therefore, from the point of infection spread, there is no difference whether you will pay with a credit card or make a payment with cryptocurrency.

That will happen in the country which many people have credit cards, but not all people in that country will have credit cards. People still use fiat, but in these situations, they will hard to pay use fiat because many of them are staying in their homes. We don't know how the virus will spread, but we can prevent with care, and we can reduce direct contact with other people.

I think that if a person does not have a credit card, they will not be able to use cryptocurrency. Because the presence of a credit card indicates the financial capabilities of a person. Therefore, such a person may not have the necessary minimum for calculating a cryptocurrency such as a smartphone, because a push-button phone will not be able to help him with calculations.

[cahbagus555]

Now that Bitcoin is recovering it seems that this virus outbreak won't do any damages anymore and in fact can make crypto to become very popular because stock market failed to recover

I think it's still too early to say the coronavirus impact has diminished. According to some experts, the impact of coronavirus will last for several months and I think will affect world economic growth. Regarding the impact of coronavirus with the use of cryptocurrency, I think it is still too far even though many countries already allow cryptocurrency transactions

[btc_angela]

I see this news: https://cointelegraph.com/news/italian-bank-opens-bitcoin-trading-to-12-million-during-lockdown

Specially that Italy is one of the hardest if not the hardest country to be hit with the cover-19 virus, it make sense for most of them to used crypto. However, I'm reading that there is some catch, specially with fees and you need to be a Hype customer. I just do hope that there are more stores in Italy that will accept bitcoin as payment, but if the country is in a lockdown, I don't know how will they purchase goods in order to survived in this crisis.

It's the most obvious way. Bitcoin is well known and has an established market position so why not turn to to it for help when you cannot use cash and at the same time want to decrease the number of fiat transactions so that online banking doesn't get laggy like netflix and youtube.

It's obviously if you are a crypto enthusiast, but country like Italy which I think is very slow as far as crypto adoption is concerned, this is a big and probably eye opener for them.

I hear there's a problem with the Internet connection in some parts of Europe bacause too many people stay at home watching streaming services. You can make all people suddenly stop using cash and switch to online banking because the platforms are not ready for it.

Just imagine in some South East Asian region wherein internet is very slow, lol.

[jahepahit]

If we look at the events that exist today, the choice of digital money is a very good thing. but if we look at the circumstances and technology as an important factor in realizing digital money is still lacking. because not all purchase place, such as shops and so on can receive and serve this digital money.

[coin-investor]

At this time it won't. People could transfer the virus through bani notes from one hand to another but now people are more cautioned to wash their hands and sanitize it after handling cash notes . So it's not yet a scenario for crypto to take over .

But it's much easier, time-saving and economical if things are in place for Cryptocurrency usage in this time of a pandemic, maybe future generation will take the lead and promote the usage of Cryptocurrency when another of this kind appears but hopefully never again but we really can't tell.

[FanEagle]

Nobody would be caring about crypto right now if you ask me, right now is not the time to take a look at crypto and think about how it could be used a lot better, it is now the time to make sure we survive this. Online payments are still a thing and many many people forget about it, if online payments exists and you can simply buy anything you want off amazon using your credit card, bitcoin is not bringing all that much difference, IF that wasn't an option bitcoin would have been 100k today right away, but its not.

All in all, nobody learned nothing from this corona thing and crypto together, sure we learned that we should not mock pandemics because they could become so much worse, and sure we learned that crypto is a volatile thing, but that's about it.

[Abiky]

Technically yes, mass adoption in crypto has been applied thus it's very accessible for the people to buy crypto without actually going to banks or whatsoever. Some people will prefer global transaction via crypto since it's quicker and cheaper. Although some users prefer mobile banking, it's not very convenient for them to transfer it to a person who's in another country thus crypto can be their alternative option.

Exactly. Once people see the true benefits of crypto over Fiat, they'll adopt it for their own benefit. When the financial system collapses, everyone will be looking for alternative ways to conduct transactions in the mainstream world. Crypto's decentralized design gives the power back to the people. No one is in-charge of its supply or issuance rate as everything is governed by the protocol's rules. Decentralized finance is believed to be the future, as it proves to be quite convenient in times of need.

While the recent events of the coronavirus pandemic has shocked markets a little, most cryptocurrencies have retained a high price. Bitcoin, being the first cryptocurrency ever created, has properties similar to that of Gold. Its unmatched security and limited supply makes it a true winner in the Blockchain space. People may be cashing everything for Fiat right now. But once trust is lost in the world's monetary system, you can expect a greater degree of adoption within decentralized cryptocurrencies like never before.

With crypto, people can send money around the world cheaper and faster than an ordinary bank or traditional payment processor would. I believe that most people don't realize the true potential of crypto and Blockchain technology yet. But with due time, we'll be able to see great results in the level of adoption of this emerging industry. Until then, Fiat will be the currency of choice for everyday payments especially in a crisis like the one we're facing today. Crypto needs more time to mature for people to gain trust on it. Price volatility in terms of Fiat is what kills it. Hopefully, this matter would be resolved as time passes by. Just my thoughts

[cablelavish]

personally the only lesser known altcoins who I think will make it through this pandemic, are the ones with bigger plans than just being on exchanges.
Like TEM for example, they have an LOI with Anguilla to provide them with a national digital currency and deals with more countries in the works.
This pandemic will cause most IEOs and ICOs to fail but TEM never did that, privately funded and eyes on the future.

[ttcsalam]

You are right that people are getting discouraged in many ways at the present time. But now we hope that it will change at a time. You are right that people are getting discouraged in many ways at the present time. But now we hope that it will change at a time.

[zaim7413]

You are right that people are getting discouraged in many ways at the present time. But now we hope that it will change at a time. You are right that people are getting discouraged in many ways at the present time. But now we hope that it will change at a time.

At this time everyone is not only discouraged, but experiencing fear of the transmission of the corona virus, so whatever they do seems to go awry, and if I may know, why do you make repeated words in your posts?

[SirLancelot]

Maybe, but we are my really sure about that. I already heard that lots of people in China are no longer making use of bank notes and are now making use of WeChat Pay, whereas for other countries it is PayPal. People might be avoid cryptocurrencies because they are volatile, stable coins don’t even stand a chance here because no one knows about them, unlike Bitcoin you’re not going to find places where stable coins are being accepted.

Maybe a time will come when people will start investing in Bitcoin, all these things might have happened and discouraged a lot of people, but don’t be surprised that the price might pump at anytime.