Will coronavirus encourage people to use crypto more thoroughly?

[Abiky]

Pandemic or no pandemic, people won't change the money they use, they will only change the way they use it. So if they like fiat, they simply switch to a digital form of money, that's all. They won't change to bitcoin for the sake of switching to digital. This isn't how it works.

You have a point there, mate. People will continue to use Fiat digitally via the form of credit/debit cards just as they had before the pandemic. Digital payments have been here for a long time, where people can pay for goods and services online with Fiat. However, crypto proves to be better than Fiat in the sense that you're the only one in control of your own money. Besides that, fees are lower than traditional credit/debit cards while transactions are blazing fast. It's like paying with physical cash in the digital realm. There's no need to verify your ID to be able to use crypto, giving you true privacy/anonymity. These benefits will surely attract people in the mainstream world that have been practicing social distancing lately. As more people become interconnected, they'll be able to explore the advantages crypto has over Fiat for daily payments. The only downside of crypto is the volatile prices across the market, but that's not an issue if you're using it directly for daily payments.

Nonetheless, time will tell us what the outcome of the coronavirus pandemic will be within the course of the year. The longer it takes for COVID-19 to disappear, the better it'll be for crypto's adoption in the mainstream world. I'm confident that people will use crypto more thoroughly in a world where the banking system is about to collapse. Whatever happens, at least crypto will be here to stay for a very long time. Just my opinion

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[CHENIEN]

currently, many people have already use crypto before coronavirus impact and continue to sustain on this year 2020 due to some reaction through this situation such as quarantine and lockdown it's better to use because in reality, not only the coronavirus is the enemy we also take action to fight against hunger despite all covid-19 affect all population of almost more than 45 countries.

[irixo10]

If only there are more and more platforms which accepts crypto as a means of payment then it would have been the best option, therefore will encourage people to use it more thoroughly. But take a look at the world today, and ask questions like, can a taxi accept crypto? Can you go to the salon, make your hair and pay with crypto? Only very few accepts while In many countries this is not possible, to make it worst, most are yet to fully accept crypto let alone platforms accepting it into their payment systems. Am not trying to be limit the good side of crypto rather am pointing to the fact that, we need more exposure, we need more platforms to start utilizing crypto then people will start using it more thoroughly and preferably since it comes with lower transaction fee.

[Oasisman]

currently, many people have already use crypto before coronavirus impact and continue to sustain on this year 2020 due to some reaction through this situation such as quarantine and lockdown it's better to use because in reality, not only the coronavirus is the enemy we also take action to fight against hunger despite all covid-19 affect all population of almost more than 45 countries.

I think It would be the around way around rather than using cryptocurrency to survive the hunger. People would prefer to have fiat currency because It can access everything in the market during this dire situation. Bitcoin and other cryptocurrency has only limited access to the market, and most of the countries has only a handful of grocery stores that accepts Bitcoin as payment.

[kizumin]

The only thing people learn from coronavirus is how fragile trading assets are. Yes, that includes crypto assets too.

[seagates]

Maybe it will encourage people to use wirless payments more but i dont think that people right now are thinking about crypto

[Yamifoud]

i dont think that people right now are thinking about crypto

You're probably right and there is no way to think about huge crypto adoption. The current situation might be harsh and it feels that people aren't making the investment to crypto because of having unstable market flows. They are probably worried about the future because of what they heard around (bad news) and might changing their appreciation towards the market. Of course, we are more likely confident that the market will move high but wondering if the community will think the same as what we think about.

[Viscore]

Maybe it will encourage people to use wirless payments more but i dont think that people right now are thinking about crypto

It doesn't mean that since paper money can transmit virus, people will just use crypto.
What I see is that we will get a share of the market, the fact that people will try to use online money, then we are close to it, and maybe some would consider using crypto, especially the gamblers who can't afford to gamble in fiat casinos since  most physical casinos now are close.

[reza7777]

The presence of coronavirus isn't main cause for people to use crypto as payment because there is still credit card as another way to prevent transmission of the virus. In addition, there are still many people who don't know about crypto.

[BlacksmithCorporation]

In the current epidemic situation, people will definitely turn to more online payment methods, as well as myself. But with cryptocurrencies you have almost no choice to buy the necessities

[Coyster]

The longer it takes for COVID-19 to disappear, the better it'll be for crypto's adoption in the mainstream world. I'm confident that people will use crypto more thoroughly in a world where the banking system is about to collapse...

You probably didn't have any bad intentions, but crypto adoption should not be attained at the cost of thousands of lives, this pandemic you talk about is taking lives away and is affecting every human on the face of the earth, I see no way people would even be concerned in using cryptocurrency to promote it's adoption, their concern would be fixed on survival, and fiat is quicker and easier to assess and use for a larger number of people, we should also be worried about governments taking strict measures and regulations on cryptocurrencies after the pandemic to bring back their economy after this collapse.

[semobo]

Governments will impose digital payments more after this because they may have to reprint all the money to ensure there are no infected currency notes which may cost them a lot so we are going to see more digital payments but crypto payments is a question to be asked from the individuals who knows something about world's economy will move to decentralized rather than using an inflating fiat.

[Abiky]

In the current epidemic situation, people will definitely turn to more online payment methods, as well as myself. But with cryptocurrencies you have almost no choice to buy the necessities

That's certainly true, mate. Our options with crypto are still limited. This is probably because the same is volatile in price, while that's not the case with Fiat. It's no wonder why most people have been cashing out crypto for Fiat in these times of need. Yet, I'm hoping we'd get to see light at the end of the tunnel. As people practice social distancing, they'll be eager to discover new trends in the online world. This could trigger a boost in crypto's adoption as we know it. New business ventures might take place soon, as the pandemic continues to expand worldwide. As long as people are aware of crypto's benefits relative to Fiat, they'll use it for daily payments.

That's why I believe that the coronavirus "COVID-19" disease will encourage people to use crypto more thoroughly. Especially now when we're entering a global recession. Governments around the world are printing more money in order to "alleviate" the economic crisis. But at the of the day, people will lose their spending power as Fiat becomes debased by countries worldwide. It's up to us to introduce people to the world of crypto, in these times of need. People in the mainstream world will realize there's a better alternative than Fiat which is outside of the control of central banks and governments worldwide. Once that happens, adoption for crypto will increase like never before. No one knows what will happen in the upcoming months, so it's best to act now (buy and "hodl" crypto) before it's too late. Just my thoughts

[Heroalt]

There is a possibility that if the pandemic continues and the lockdown too, I believe majority will source for alternative means of making money and also sending to family and friends which is using bitcoin. So I believe if the pandemic continues it will result in the global acceptance of Bitcoin but we don't pray for the pandemic to persist

[SistaFista]

After all, the physical money could spread the virus faster than virtual money.
People are advised to using non physical money to avoid getting infected and cryptocurrency is one kind of virtual money in the world.
so i think yes, it will encourage people to use crypto.

[Abiky]

There is a possibility that if the pandemic continues and the lockdown too, I believe majority will source for alternative means of making money and also sending to family and friends which is using bitcoin. So I believe if the pandemic continues it will result in the global acceptance of Bitcoin but we don't pray for the pandemic to persist

Let's hope that the pandemic doesn't last for long. But if it does, you could expect people to look for new ways to preserve their capital. Trust in the world's banking system will be lost as central banks and governments continue to inflate national currencies. The only safe-haven assets for times of need will be Gold and Bitcoin itself. Most often, Bitcoin is compared to Gold because of its scarcity and censorship-resistant properties. No one controls Bitcoin, just like it's the case with Gold today. Now that people are practicing social distancing, they will become more interconnected in the online world. It's up to us to encourage the adoption of crypto like never before, in order to decentralize the worldwide economy. But if we're sitting ducks, we cannot expect people to become aware of an alternative financial system that's free from the likes of central banks and governments worldwide.

The ultimate decision lies on the person himself. Some people will still use Fiat over crypto, because it's largely accepted as payment method in the mainstream world. Others will use crypto more thoroughly for daily payments because it's outside the scope of third-parties. Depending on situations in life, will be the currency to use for mainstream transactions. While Fiat can still be used online via credit/debit cards or a payment processor like PayPal, crypto is still a better solution for fast and cheap payments (depending on which cryptocurrency is used).

Nonetheless, governments are starting to explore CBDCs more thoroughly during the pandemic. If they begin rolling out digital currencies to the world, it would greatly benefit the adoption of crypto and Blockchain technology as we know it. Time will tell us what will happen with the entire economy once the pandemic is put to rest. Just my opinion

[InwardContour]

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

I used to think the Corona virus pandemic will help foster crypto adoption, but unfortunately the overral market cap for crypto saw a notable decline when this COVID19 pandemic led to lockdown in various nations. In the real sense, if bank notes are used less often (and in some places people do not accept bank notes due to the risk of Corona virus), more funds should be channeled to crypto market. Many still prefer online bank transfers in their daily life as an alternative to bank notes, and not crypto. If we crypto enthusiasts keep educating the populace about the benefits of using crypto for daily transactions, it will go a long way.

[Impacto]

I don't think so. Personally cryptocurency adoption should not come through this way to the world. This infections can be curtailed if proper measures is taking into consideration. It's better to gain adoption through a positive way that solves a huge problem that doesn't seems to have any good or near alternative to it. This will make the adoption last.

[Denamen]

In the current epidemic situation, people will definitely turn to more online payment methods, as well as myself. But with cryptocurrencies you have almost no choice to buy the necessities

I agree with you. Currently, they tend to sell Bitcoin or Gold to hold cash because if you hold cash, you can buy a lot of necessities and not spend too much time waiting. In my country, people tend to sell Bitcoin more because holding Bitcoin during this time does not make much sense and it is still best to be cash. In my opinion, very few people use crypto to pay, so you need to consider more in this regard.

[so98nn]

On a positive note. NO, they may not. Honestly there is no reason for them to think about the cyrpotcurrency in this downward economy. Most of the people have to think about their economical situation right now.

Governments will have some bans on using their own money, for example limits on how much they can spend in a month (Ex. Indian Reserve Bank), this is to avoid any upcoming crisis in terms of financing. Since, business, industrialisation and jobs have hampered now, money is not flowing with great liquidity and hence people will be less bothered to put their money in crypto currency where volatility leads the market.