COVID-19 Increased Bitcoin Adoption

[julerz12]

Recent crises are testing the abilities of Bitcoin. The adoption of Bitcoin is increased as people are stuck at home they are looking for better solutions to transfer remittance and for purchasing.
Many countries are using blockchain technology to fight against the pandemic. 
Why the price of Bitcoin is still down?

The answer, wrong timing.
Apparently, most people still don't think that Bitcoin is a store of value. Why would they? When clearly, Bitcoin and the rest of the cryptocurrencies are very volatile and as we have known, its market value can easily be manipulated.
Also, Bitcoin itself isn't widely adopted yet. Holding it now, in times this Covid-19 pandemic isn't gonna do you any good. Heck, you can't even buy a roll of tissue paper with it. Get my point?
If the current Covid-19 pandemic happened at a time when Bitcoin is already widely adopted, maybe, just maybe, people would have opted on using it as a mode of payment or store of value. Then we can see an increase in its demand thus, a higher value.
'Cause as of now, I'm sure nobody would want to convert their hard-earnt cash to cryptos when they know, anytime, its value could drop 50% or they wouldn't be able to buy anything with it.

[bitcoin.connie]

Recent crises are testing the abilities of Bitcoin. The adoption of Bitcoin is increased as people are stuck at home they are looking for better solutions to transfer remittance and for purchasing.
Many countries are using blockchain technology to fight against the pandemic. 
Why the price of Bitcoin is still down?

The answer, wrong timing.
Apparently, most people still don't think that Bitcoin is a store of value. Why would they? When clearly, Bitcoin and the rest of the cryptocurrencies are very volatile and as we have known, its market value can easily be manipulated.
Also, Bitcoin itself isn't widely adopted yet. Holding it now, in times this Covid-19 pandemic isn't gonna do you any good. Heck, you can't even buy a roll of tissue paper with it. Get my point?
If the current Covid-19 pandemic happened at a time when Bitcoin is already widely adopted, maybe, just maybe, people would have opted on using it as a mode of payment or store of value. Then we can see an increase in its demand thus, a higher value.
'Cause as of now, I'm sure nobody would want to convert their hard-earnt cash to cryptos when they know, anytime, its value could drop 50% or they wouldn't be able to buy anything with it.

Hello,
Adapting that is the rigth word to use from now on.  I know people in South America who only know their bank account and now can not get out to go there and have no funds for food. 
I think this is the rigth time to spread out the benefits of bitcoin to someone completely new to it. 

Keep safe!

Cheers,

[bittick]

Now all financial markets as well as the cryptocurrency market are experiencing problems and therefore everything falls due to the corona virus and it does not matter how fast blockchain technologies are developing, as manipulators and big players even now control the price of bitcoin.

For me it looks like most of people are now sitting at home and trying to invest more precisely so it would be a lot more difficult for whales to manipulate the price of anything.
That is the reason bitcoin getting higher swiftly I believe

They are all trying to search reliable investment to grow their money and crypto is one of the solution that has already offered. As you can see that how so many people are hyping crypto right now based on the bitcoin chart that looks bullish again after a huge dump that caused by the traditional market crisis. Im also putting more into the crypto market.

[Lasky366]

Yes really is!COVID-19 attack on the current world impacted on bitcoin market too.Most tenseful thing is COVID-19 is seriously unstoppable right now.Also the European country like Italy & Spain affected too much. So as usually it's impacted on crypto market.Bitcoin, Ethereum plus other many more major currency was dumped around 50% within 24 hours which  no one never ever seen it's before.

[Xampeuu]

I think with the corona pandemic, there is not much effect on bitcoin, especially for mass adoption. many bitcoiners use bitcoin as an investment tool, not a payment instrument at this time. Therefore with this pandemic, at least some investors have invested their money in bitcoin, and we can see that the price of bitcoin is rising again today, when yesterday fell people preferred USD, and followed by news that America decided to lockdown, so people would look for a place that safe for his wealth

[awakpane]

In my opinion, one factor in the price of bitcoin is down, because people are experiencing panic with the widespread outbreak of COVID-19 so that selling it. they think if the coronavirus is infected and dies then their bitcoin assets will be in vain. especially those who are stuck at home selling bitcoin for their daily needs while at home.

[bitcoinst]

Probably because people are looking primarily for the most convenient for them methods of transferring money.
Credit cards, forwarding between bank accounts and so on are much more convenient, because these funds can be paid in all stores and medical centers.
While bitcoin and cryptocurrency are not accepted everywhere.

[poodle63]

Yes really is!COVID-19 attack on the current world impacted on bitcoin market too.Most tenseful thing is COVID-19 is seriously unstoppable right now.Also the European country like Italy & Spain affected too much. So as usually it's impacted on crypto market.Bitcoin, Ethereum plus other many more major currency was dumped around 50% within 24 hours which  no one never ever seen it's before.

Almost two hundred countries have already affected by this virus and this virus was disrupting so much to the traditional economic system that forced those who used the traditional system to move into the crypto. This also increased the adoption for bitcoin drastically and we can see that from the latest support on the bitcoin market.

[davidroux]

In my opinion, one factor in the price of bitcoin is down, because people are experiencing panic with the widespread outbreak of COVID-19 so that selling it. they think if the coronavirus is infected and dies then their bitcoin assets will be in vain. especially those who are stuck at home selling bitcoin for their daily needs while at home.

I have the same thoughts as you but really should not worry too much because this disease has a very low mortality rate and you still have time to sell if you are infected. In my country, until now, no one has died from this disease but it will certainly soon and create panic for investors. I think you should only hold fiat or USDT right now as this is the way to secure your assets in this market.

[shoreno]

Probably because people are looking primarily for the most convenient for them methods of transferring money.
Credit cards, forwarding between bank accounts and so on are much more convenient, because these funds can be paid in all stores and medical centers.
While bitcoin and cryptocurrency are not accepted everywhere.

so what is your answer on here  . covid-19 increased btc adoption or not  ? looks like your answer is not  .

its not true that btc isnt accepted anywhere but btc were now legally accepted on many places though btc isnt really that convinient  . for me i think  that the covid-19 somehow help btc adoption because many people surely looking for alternative currency next to fiats  and prolly people already notice btc but i think not all wil consider using btc but that is stll okay atleast people are now aware that there is btc existed online .

[CryptopreneurBrainboss]

Recent crises are testing the abilities of Bitcoin. The adoption of Bitcoin is increased as people are stuck at home they are looking for better solutions to transfer remittance and for purchasing.
Many countries are using blockchain technology to fight against the pandemic.
Why the price of Bitcoin is still down?

Bitcoin price isn't down if you consider what the price was few months back when it was trading below $4000. The price correction is due to fear caused by fud from the outcome of the Corona virus affecting the global economy. Everyone is just trying to play it safe by hoarding fiat thinking that's the right thing to do meanwhile they're been misled.

Just because other market were hit badly, the cryptocurrency patronizers panic and sold there bag in preparation for the dump which came to pass since most individuals participated in the dumping of their coins. The virus had an indirect reaction to the market since it was out of fud/fear most Investors sold their coins.

[Vishnu.Reang]

I am yet to notice any statistic, which would point to a significantly higher adoption of Bitcoin during the past 2-3 months. During this time, the trade volumes have actually fallen, along with the exchange rates. I would assume that large a number of people have lost their jobs, due to the ongoing economic recession and as a result many of them are selling their coins. And this situation may get worse in the coming weeks and months.

[fortunecrypto]

Recent crises are testing the abilities of Bitcoin. The adoption of Bitcoin is increased as people are stuck at home they are looking for better solutions to transfer remittance and for purchasing.
Many countries are using blockchain technology to fight against the pandemic. 
Why the price of Bitcoin is still down?

Bitcoin is not properly placed as a medium of transaction from other countries, and there are fear of uncertainty in all the major markets that includes Forex, stocks, there are other countries that are using Cryptocurrency as a medium of payment and this what keeps the market stable at the current level, after this pandemic, our developers can develop a system for a situation like this.

[Rosilito]

Recent crises are testing the abilities of Bitcoin. The adoption of Bitcoin is increased as people are stuck at home they are looking for better solutions to transfer remittance and for purchasing.
Many countries are using blockchain technology to fight against the pandemic. 
Why the price of Bitcoin is still down?

Market doesn't look totally fallen right now when we will compare the market few weeks back. As being mentioned by different users it was definitely because of COVID-19, of course, the sudden panic that leads to majority getting stuff out of hand; like selling their assets, to have this amount of money that would made 'em afford of buying load of necessary stuff. Due to that, it was also made fear in the crypto market of losing their supposed to be profit that as well made 'em sell crypto till it becomes too late. As of today, I kinda think that everyone had come to think that today's a great opportunity to fill some bags of crypto in which pushes the market a little upwards.

[bitcoin.connie]

Interested to see what will happen after this coming up recession.  Once I experienced a locked down because of a natural disaster and on top of it we had no water, no electricity for 2 months.  We had to travel to other cities looking for water at specific times.  After that many people lost their jobs and corruption was on their highest point.  Plus on top, the shinning path kept people scared.  The country couldn't handle it anymore and we reached an inflation of almost 3000%.  We all helped each other and survived.  I think it is a great time for people to learn more about bitcoin.    Keep Safe everyone!

[cytpoway121]

Recent crises are testing the abilities of Bitcoin. The adoption of Bitcoin is increased as people are stuck at home they are looking for better solutions to transfer remittance and for purchasing.
Many countries are using blockchain technology to fight against the pandemic. 
Why the price of Bitcoin is still down?

I do not think covid-19 has improved and increased bitcoin adoption.

The crypto currency freedom in india and south Korea did the trick. While the pandemic caused fud and necessity for funds which keeps bitcoin and crypto currency price low.

[Shallow]

I do not totally agree with you, there are many countries which are yet to understand what blockchain holds let alone using it to fight this pandemic. However, people are buying crypto but not as much as before neither are they buying to use for purchase of goods and services. On the other hand, I think people are holding more of fiat so as to be able to buy the things the need, stock their stores etc as the stay at home while following the government's orders; perhaps that might be the reason why the crypto market is still struggling.

[MCDev]

Recent crises are testing the abilities of Bitcoin. The adoption of Bitcoin is increased as people are stuck at home they are looking for better solutions to transfer remittance and for purchasing.
Many countries are using blockchain technology to fight against the pandemic. 
Why the price of Bitcoin is still down?

The epidemic has caused the world's financial situation in crisis, many businesses are closed so a lot of people lose their income. This is the time when people need cash to be able to buy daily necessities, so they sell bitcoins and cause bitcoin to drop in price.

[Kasabus]

I do not totally agree with you, there are many countries which are yet to understand what blockchain holds let alone using it to fight this pandemic. However, people are buying crypto but not as much as before neither are they buying to use for purchase of goods and services. On the other hand, I think people are holding more of fiat so as to be able to buy the things the need, stock their stores etc as the stay at home while following the government's orders; perhaps that might be the reason why the crypto market is still struggling.

Yes. With the current corona virus outbreak, people are wanting more fiat so they can buy their own necessities even if they only stay at home. Only few of the people are into crypto buying right now because majority are still earning more fiat so they can cater to all their needs. Hopefully once this pandemic will be over, massive pumps will also happen in crypto.

[wingfield_crypto]

Recent crises are testing the abilities of Bitcoin. The adoption of Bitcoin is increased as people are stuck at home they are looking for better solutions to transfer remittance and for purchasing.
Many countries are using blockchain technology to fight against the pandemic. 
Why the price of Bitcoin is still down?

People were a little scared and afraid that the price would fall and they would lose their investments, they sold mass. They probably feel stronger when they have the money under the bed during this difficult time. But Bitcoin won't die. They will recover. We must be confident and patient. We can take advantage of the situation and invest now when the price is low, and in the future we will enjoy profit.