Will coronavirus encourage people to use crypto more thoroughly?

[TitanGEL]

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

For me there is no safeheaven investment even bitcoin and gold cannot be considered as safe investment. The value of bitcoin and gold were recently dumped when the crisis is started. The safeheaven is really not existing because all of the investments have risks after all, it is us who will manage to handle the risks very well. I think there is a chance the this pandemic will lead for other people to use cryptocurrencies in their daily lives.

[peter0425]

It is happening now because according to data the search about Bitcoin now increased and also the investors are coming thoroughly meaning the market of crypto is encouraging people to enter the Investing and using as well.

with this data i am sure that this is what corona virus made help the cryptocurrency and now only waiting for the Halving and the end of this pandemic to see the best result.

[totoy4741]

I don't think that would be possible in this kind of situaions, Like others have already said people would still prefer to use Credit, Debit cards as way one handling for sending, buying, paying plus most people don't know how bitcoins really works even in those what we called a first world country such as China and USA. Once this pandemic is over everything will get back to normal like what people used to do, let just first try and wait what blockchain have to offer even more to acknowledge globally.

[miklesm]

People now are sitting at homes and do not spend as much money as usual, so they might search for the options for investments. Bitcoin has a fixed supply, so they might put a part of the funds in BTC.

[yohananaomi]

People now are sitting at homes and do not spend as much money as usual, so they might search for the options for investments. Bitcoin has a fixed supply, so they might put a part of the funds in BTC.

with rules that have to stay at home, there will obviously be two problems that occur. it could indeed be calm seeing the fact that this epedemic is treatable, so that he can at any time use the internet to observe the movements of bitcoin and altcoin as well as all crypto movements and use his time to do so well. but not a few who are affected and frightened by the development of the epedemic and this certainly does not want to bother anymore with confusion and shut down by not wanting to be connected to the internet and just pleasing yourself so as not to be more afraid.

I hope this corona epedemic can end soon and the crypto movement can go well and recover.

[Chris Barth]

Of course!! I've been trying to prove this point on my thread but maybe I wasn't elaborate enough or something.
Here's the thing;
Coronavirus = Quarantine = More attention on the internet = New users discovering the advantages of bitcoin and other altcoins = New users adopting it.

[VanityWallets2015]

In uncertain times, it is also not certain that people still have work.
If a lot of bitcoins are left over, they may decide to place a bet. Or wait for the Bitcoins to continue to rise. Everyone is different in that.

[mahibul49]

yes ofcourse! lots of new people will come to crypto world because most of them are free and using internet at home and crypto is the digital money and if corona virus stay so long it will be great for crypto.

[Maestro75]

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?

This post reminds me of pictures I saw and what I read online a few days ago about Italy of the streets littered with money without anyone picking them up because of the fear of contermination of Coronavirus. This virus is real. I do not think this outbreak is helping to boost crypto in anyway because people are only looking for what fiat can buy them to survive and not to gather wealth.

[BlackFor3st]

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?

Right now most of the governments are trying to create a counter measure to prevent the further infections of the virus and if physical banknotes will make the situation worst then they surely look for an alternative. Bitcoin and other currencies will be an option of course as they are digital assets especially to those countries who have no digital currency yet.

But as of the moment, frankly speaking the governments are not yet ready to use any crypto currencies as they have no control with and there are many hindrances that need to be fix first before it can be implemented. China is already in the move in developing their own currencies and once it will happen then more and more countries will surely launch their own currencies also. People are dependent to their respective governments so right now all of the decisions are on the government side if they will temporarily use a crypto to counter this virus or not.

[Valzador]

But as of the moment, frankly speaking the governments are not yet ready to use any crypto currencies as they have no control with and there are many hindrances that need to be fix first before it can be implemented. China is already in the move in developing their own currencies and once it will happen then more and more countries will surely launch their own currencies also. People are dependent to their respective governments so right now all of the decisions are on the government side if they will temporarily use a crypto to counter this virus or not.

The government will not be willing to use bitcoin for its payment method because bitcoin cannot be regulated, and the use of bitcoin, for the time being, does not contribute to the benefit of each country. Bitcoin is only a bridge between fiat and each country's digital currency. Bitcoin will be remembered in history as a forerunner to the creation of the digitalization of money. In the future, man will use digital money in each country where he lives, not bitcoin.

[MCobian]

Now almost all countries continue to increase the number of its population affected by the corona virus, the spread of this virus can not be stopped.
Therefore one of the spreads can be through paper money, then everyone will try to avoid using paper money. And until now many countries don't
have digital currencies, so it is indeed possible to make some people think use cryptocurrency for payment purposes. Because cryptocurrency can
indeed be a solution that avoids the spread of the corona virus.

[Question123]

Using crypto at this moment or online payment is really better to use not the realy or physical money.
It's more dangerous that we use money now because they have more use this and that is one of the possible to get the coronavirus but as of now there is still a big msytery if that is true or not but preventing is good to do.

[Kotone]

This proves that cryptocurrency is useful. How many people added in the list of newcomer in crypto? Possibly more than 70% have gained interest. This is dus to current locked down and people means of transaction has to be done online and this is one way to do that. Using cryptocurrency for payments. Bills, food, restaurant, in the future people will see its effectiveness for its cashless system and we can see how adoption increases but unfortunately people realize that due to this pandemic problems that we are facing.

[Bobby park]

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

This pandemic are really distinct, because of this the current situation around the globe it brings us groundbreaking news especially in crypto world. Because of this almost all crypto currencies like Bitcoin, Etherium and many more are become useful nowadays because of this virus. Since no one can easily go outside to get or to buy some goods and services they already used online payments in order to get what they want.

[makishart]

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

This pandemic are really distinct, because of this the current situation around the globe it brings us groundbreaking news especially in crypto world. Because of this almost all crypto currencies like Bitcoin, Etherium and many more are become useful nowadays because of this virus. Since no one can easily go outside to get or to buy some goods and services they already used online payments in order to get what they want.

They must use anything that can give them all advantage. In so many news crypto helped so many people from the countries are getting the worst impact caused by corona virus.
Mostly people from italy is also using crypto too right now. We will see that more people use crypto as crypto offers a unique solution.

[Santri]

no because there are still other alternatives besides crypto as a means of payment such as Paypal and ATM. many people are afraid to use crypto because prices are never stable and bloodshed always happens

[Becky666]

Possibly yes, this will be from the angle of gamblers, the world have been put on hold, as the world is facing a pandemic which has made many countries to forcefully lockdown their countries to avoid the spread of covid-19. Gamblers have taking to the world of cryptocurrency to gamble through online casinos because the traditional means of gambling has been put on hurt by the governments across the world through restrictions on their citizens.

The gambling world has recorded the highest revenue generation for the few months we have spend so far on the lockdown. Many are able to keep themselves busy through the gambling online. Personally, I have been doing things through online most especially the gambling which keeps me more active whenever I get through it a day. Cryptocurrency is one thing that has happened to me that u feel positively.

[royalfestus]

China can only consider this after the crisis had been reduced to the minimal. have thought on the gap the asset fills in the time of crisis but those in the crisis at a point are no more concern about the toilet paper and fund but the food in store, protecting themselves and mourning the victims. After the crisis Governments, Financial institute and internet media will consider another form of keeping asset/fund and transacting with each other fast, secure, decentralized, no third party and a level of anonymity.

[TastyChillySauce00]

People now are sitting at homes and do not spend as much money as usual, so they might search for the options for investments. Bitcoin has a fixed supply, so they might put a part of the funds in BTC.

Well unfortunately most of people that I've seen instead of investing they are withdrawing due to fear of unstability. It does makes sense though when people have too much time and is not working they tend to have less money and would prefer to invest themselves into enrolling some kind of online courses. Investing at this hard time only available for those with excess money.