Lockdown and eCommerce and increase in online payments = Bitcoin addoption

[pakhitheboss]

I have noticed that a lot of countries allowed eCommerce sites to continue doing business during the "Lockdown" periods. People are now forced to buy things online and then to have it delivered, where they previously walked around in Malls and shops.

So, with the increase in eCommerce, one would think that it would go hand in hand with a increase in online payment methods..right? Seeing that Bitcoin is one of the most secure online payment methods, one would also think that there would be a increase in the adoption of Bitcoin use...right?

What is your thoughts on the possibility that Bitcoin adoption might increase, because there are more focus being placed on eCommerce? Do your government also encourage eCommerce during the "Lockdown" and are you seeing a increase in the merchant adoption of Bitcoin payment options?

Let's share our experience and your thoughts on how Bitcoin adoption could increase adoption during these difficult times. 

Quite the opposite will happen now.
Bitcoin adoption will now get declined as people will invest in Bitcoin to secure there savings. The world's economy has already started showing trouble. Banks have already reduced the saving rates and stock markets are going down. The only stable and still growing commodity is Bitcoin.

For e-commerce why will anyone use Bitcoin they will use there own local currency to purchase things online. Most countries already have digital local currencies. Furthermore most e-commerce website do not accept Bitcoin or any other cryptocurrencies.

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[pragna]

Yes, this is correct that in lockdown situation eCommerce has been increased to our county and maximum payment now doing with cards or mobile banking system But problem is our country still not accepting BTC. I think maximum countries still not encourage BTC for online payment but i think it should be as low payment fee and secure transaction. I don't know when govt will accept it but if govt accept BTC i think it would be revolution in online payment industry.

thanks.

[hatshepsut93]

So, with the increase in eCommerce, one would think that it would go hand in hand with a increase in online payment methods..right? Seeing that Bitcoin is one of the most secure online payment methods, one would also think that there would be a increase in the adoption of Bitcoin use...right?

From the point of view of regular people, Bitcoin is less secure. First, you have volatility - you can buy $200 equivalent of BTC for you shopping needs for a month, and a few hours later it's already worth only $180. Yes, it can also be worth $220, but to most people a threat of loss far outweights potential gains.

Then, the actual security - your coins are gone after you sent them, so it brings back then risk of getting scammed. Users love having an option to chargeback, it makes them feel safe. Almost no one worrier that centralized middlemen will interfere with their transactions, which is the problem that Bitcoin was created to solve.

So, why would people go through troubles of buying Bitcoin, learning about wallets and security, looking for online places that use Bitcoin, doing all of this if they don't see any benefits to it? And they are also satisfied enough with their existing fiat payment methods.

[Haunebu]

And I don't see bitcoin being adopted because of this pandemic especially if the common customer has been used to buy with smaller fee or even zero fee. While bitcoin needs higher fee or it will take time before got a confirmation. But if lightning is implemented in every ecommerce platform, then I'm sure (I hope so) we will see mass adoption.

Lightning network has its own share of issues currently which are being ironed out on a regular basis. LN is only effective if you are working with regular customers and sending small amounts.

Sending big amounts or working with irregular customers makes LN less effective based on what I have observed.

This is why LN won't be able to improve BTC adoption in a big way currently. People will stick to FIAT and other digital payment methods since crypto is way too complicated for the majority as of now.

[Kakmakr]

So, with the increase in eCommerce, one would think that it would go hand in hand with a increase in online payment methods..right? Seeing that Bitcoin is one of the most secure online payment methods, one would also think that there would be a increase in the adoption of Bitcoin use...right?

From the point of view of regular people, Bitcoin is less secure. First, you have volatility - you can buy $200 equivalent of BTC for you shopping needs for a month, and a few hours later it's already worth only $180. Yes, it can also be worth $220, but to most people a threat of loss far outweights potential gains.

Then, the actual security - your coins are gone after you sent them, so it brings back then risk of getting scammed. Users love having an option to chargeback, it makes them feel safe. Almost no one worrier that centralized middlemen will interfere with their transactions, which is the problem that Bitcoin was created to solve.

So, why would people go through troubles of buying Bitcoin, learning about wallets and security, looking for online places that use Bitcoin, doing all of this if they don't see any benefits to it? And they are also satisfied enough with their existing fiat payment methods.

You make a valid point... Why would people move to Crypto currencies? The answer is simple, if you have been a victim of Credit card fraud or if you want to be one of the people who want to ditch the old Fiat currencies that are also being devaluated at a very fast pace.

Some people deal with the volatility by using Payment processors and the difference in price from when you bought it is just one of the things that can either be good or bad for you. In the long run, most people's investment in bitcoins are a Win/Win for them over the long run. I still have bitcoins that I bought when the price was $300. 

[hatshepsut93]

You make a valid point... Why would people move to Crypto currencies? The answer is simple, if you have been a victim of Credit card fraud or if you want to be one of the people who want to ditch the old Fiat currencies that are also being devaluated at a very fast pace.

There's just as much if not more fraud in crypto sphere. And in crypto all the responsibility is shifted to users, with no one to help them if something goes wrong.

And as for inflation, regular people don't sit on piles of cash so they don't worry about it, they put their money in retirement funds, and the rest of the income is spent long before inflation would eat it. People think short term, and there's nothing wrong with it, especially with how much people live from salary to salary - to them Bitcoin's volatility is a far bigger concern than their fiat losing 0.1% of its value in a month.

Some people deal with the volatility by using Payment processors and the difference in price from when you bought it is just one of the things that can either be good or bad for you. In the long run, most people's investment in bitcoins are a Win/Win for them over the long run. I still have bitcoins that I bought when the price was $300. 

Payment processors protect merchants from volatility, not customers. And hodling/long term investing is an entirely different thing than online payments and eCommerce.

[mdzahed134]

Many countries like mine have enforced lockdowns in a very strict manner. Only essential stuff like groceries, medical supplies etc can be ordered online through e-commerce sites and offline through different vendors.

It isn't even possible to order food from different restaurants. This is why e-commerce sites are essentially struggling like crazy at the moment.

You are correct, right now mostly governments allowed to those shops which are selling necessary foods, e-commerces delivering their orders a large number of scale, people’s using online payment gateway to bid which their needs. Paper money is risky because it's transferred hand to hand, most possibility to spread the virus. In my country restaurants was shutdown over 2 months, now started to open a few restaurants which can able to maintain WHO's health guidelines.                  

[Yatsan]

BTC % in online payments is extremly low, unfortunately. Too low amount of sites are accepting it

Don't expect bitcoin to top in online payment transaction, though we are heading to mass adoption I'm still sure people won't spend bitcoin just like a ordinary currency, never would I imagine. Basically, what people are doing right now is holding a bunch of bitcoin that makes the price resistance at some point. Even with big companies like microsoft or  amazon, if they are accepting bitcoin payments I'm still sure that there is no one that is going to buy products or services using bitcoin. This is what the other companies aren't scared of, adopting bitcoin coz it has a low risk than the bitcoin itself.

[wozzek23]

The question is, what payment methods are being accepted by the e-commerce sites? I don't see much of these sites accepting cryptocurrencies (Bitcoin) as a payment method, they are usually demanding that buyers make payments with their debit cards and payment methods like PayPal. PayPal and MasterCard/Visa even seems to be more recognized and used by these sites more than any other type of payment method.

The only big site that is accepting Bitcoin as payment is Overstock, but their site is not as big as Amazon or eBay, these two are the ones I'm expecting to be accepting cryptocurrency as their payment method and not even all these smaller sites.

[tranthidung]

I have noticed that a lot of countries allowed eCommerce sites to continue doing business during the "Lockdown" periods. People are now forced to buy things online and then to have it delivered, where they previously walked around in Malls and shops.

People have changed their shopping habit because of the pandemic and lockdowns as well as their own concerns on health risks and benefits. The longer the pandemic lasts, the more solid new shopping habit will be set in the society. From that, I don't think people will re-practice their last shopping habit.

So, with the increase in eCommerce, one would think that it would go hand in hand with a increase in online payment methods..right? Seeing that Bitcoin is one of the most secure online payment methods, one would also think that there would be a increase in the adoption of Bitcoin use...right?

What is your thoughts on the possibility that Bitcoin adoption might increase, because there are more focus being placed on eCommerce? Do your government also encourage eCommerce during the "Lockdown" and are you seeing a increase in the merchant adoption of Bitcoin payment options?

E-payments, e-wallets have increased and will keep increasing. The pandemic and consequent changes are supplementary vitamins for those branches of e-industry. Taking advantage of those things, Bitcoin in particular and crypto in general will have wider adoption.

Much more, I also see companies have changed their operational pattern too and I believe they will not change bawlckwards to pre-pandemic pattern. There is no need to pay expensive lending cost for some specific branches, ie. IT companies. Or at least company owners will try to minimize office lending cost as lowest as possible.

[ballerin and giroud]

That is an opportunity for bitcoin is being used by most people on this world. When there are a lot of eCommerce come and offer a lot of stuff and bitcoin is suitable to be use as payment methode but we have a problem with bitcoin fees for every transaction. I read a few days ago in some article which stated that bitcoin fees for every transaction is high due to halving event. Some of article has stated that to pay one transaction you must pay $3-$5 which I think that is very high. And if this thing keep continue we will not see bitcoin is being used as payment system anymore, the people will leave it and find another altcoin which has a low fee for every transaction.

[JohnBitCo]

I have noticed that a lot of countries allowed eCommerce sites to continue doing business during the "Lockdown" periods. People are now forced to buy things online and then to have it delivered, where they previously walked around in Malls and shops.

So, with the increase in eCommerce, one would think that it would go hand in hand with a increase in online payment methods..right? Seeing that Bitcoin is one of the most secure online payment methods, one would also think that there would be a increase in the adoption of Bitcoin use...right?

What is your thoughts on the possibility that Bitcoin adoption might increase, because there are more focus being placed on eCommerce? Do your government also encourage eCommerce during the "Lockdown" and are you seeing a increase in the merchant adoption of Bitcoin payment options?

Let's share our experience and your thoughts on how Bitcoin adoption could increase adoption during these difficult times. 

Quite the opposite will happen now.
Bitcoin adoption will now get declined as people will invest in Bitcoin to secure there savings. The world's economy has already started showing trouble. Banks have already reduced the saving rates and stock markets are going down. The only stable and still growing commodity is Bitcoin.

For e-commerce why will anyone use Bitcoin they will use there own local currency to purchase things online. Most countries already have digital local currencies. Furthermore most e-commerce website do not accept Bitcoin or any other cryptocurrencies.

I too think that bitcoin is not adopted because of this lockdown. People continue to use debit /credit cards for the payments. I also did not hear any announcement from any big store that they have started using bitcoin as a payment method. However people still use bitcoin for investment purpose only.

[kryptqnick]

I have noticed that a lot of countries allowed eCommerce sites to continue doing business during the "Lockdown" periods. People are now forced to buy things online and then to have it delivered, where they previously walked around in Malls and shops.

So, with the increase in eCommerce, one would think that it would go hand in hand with a increase in online payment methods..right? Seeing that Bitcoin is one of the most secure online payment methods, one would also think that there would be a increase in the adoption of Bitcoin use...right?

What is your thoughts on the possibility that Bitcoin adoption might increase, because there are more focus being placed on eCommerce? Do your government also encourage eCommerce during the "Lockdown" and are you seeing a increase in the merchant adoption of Bitcoin payment options?

Let's share our experience and your thoughts on how Bitcoin adoption could increase adoption during these difficult times. 

I've been buying stuff online more often because of the lockdown, but I haven't seen any company I was interested in adding a Bitcoin payment option nowadays, to be honest. The payments are done largely online, but via Visa/Mastercard transfers or various banking transfer options in my country. Since this system seems to be working well, the companies have to motivation to adopt new payment methods... And overloading digital fiat payment systems seems impossible for now. Even the fees are very low, lower than I would've paid if I used Bitcoin. It's sad, but true.

[maydna]

The using of online payment will allow bitcoin to be used as the payment methods, but it is not easy to introduce bitcoin to people who already use the old ways. But there will be a chance for the adoption of bitcoin use will be increased, especially if many more merchant who allow people for using the bitcoin as the payment.

We still need to have approval from the government and encourage eCommerce to use bitcoin during the lockdown in many countries. Besides that, people need to learn about bitcoin before they used bitcoin, and it will require time for them to understand how bitcoin work as payment methods.

That's the challenge here. Many people who are new in crypto don't know where to start.
Lucky if they have friends or colleagues who are already into crypto, whom they can discuss with, but for those who don't, it would be hard for them to grasp how to deal with crypto.
It will take time for them to place their first btc order or btc payment.
But if a specific merchant will make it easy, like they have internal conversion from fiat to crypto, that would be very helpful for them.

Actually, at this moment, while many people cannot go anywhere and they stay at home, and they have an internet connection, that people can start to find out about crypto. I am sure that they will find someone or more people from their city who knows about crypto or bitcoin so they can ask them and teach them.

In this digital era, we will feel difficult to find any information we want, as long as we can browse to search for what we needed. With the internet connection in almost every place, and we can subscribe to a local ISP, I think that will not take too long for those people to know the basic lesson of how to use bitcoin or purchase bitcoin. That will be good if they can get a good exchange so that it can help them to buy their first bitcoin.

[Vishnu.Reang]

I am yet to witness any such improvement here in India. As a part of the COVID relief package, the finance minister has said that incentives would be given for making digital payments more popular. But here, "digital payments" mean fiat payments using digital mode such as PayTM and PayPal and not cryptocurrency. Bitcoin is still not 100% legal here.

[Kakmakr]

Lockdown has definitely increased the popularity and frequency of online payments using bitcoin. But it is unlikely that this will continue when the lockdown is completely finished.

Why would that be? When you were first introduced to Credit cards, did you stop using it for some weird reason? The Bitcoin technology is much like the evolution of the photo technology, where we first had film and then digital photography was introduced. Once people saw how much better digital photography was, they did not want to go back to the old film technology.  

We are hoping the shift from Fiat currencies to Crypto currencies will be the same as the shift from film to digital photography.   The Covid virus crisis might be the catalyst we need for that shift to happen.  

[Asuspawer09]

Lockdown has definitely increased the popularity and frequency of online payments using bitcoin. But it is unlikely that this will continue when the lockdown is completely finished.

Why would that be? When you were first introduced to Credit cards, did you stop using it for some weird reason? The Bitcoin technology is much like the evolution of the photo technology, where we first had film and then digital photography was introduced. Once people saw how much better digital photography was, they did not want to go back to the old film technology.  

We are hoping the shift from Fiat currencies to Crypto currencies will be the same as the shift from film to digital photography.   The Covid virus crisis might be the catalyst we need for that shift to happen.  

I personally think that the lockdown or COVID-19 is pushing mass adaptation of bitcoin and online payments. We are not really sure if it is going to be bitcoin but what is sure is we are going to take it to another level surely a lot of countries will get rid of the paper money or the fiat money since it might cause of the virus to spread. Even if the lockdown was down the adaptation is not going to stop or go back to something that is not more reliable, for sure in the future in are ending in advanced technology even in digital money the thing is we are just not sure if it is bitcoin or maybe something more advanced than bitcoin will be created.

[coolcoinz]

I am yet to witness any such improvement here in India. As a part of the COVID relief package, the finance minister has said that incentives would be given for making digital payments more popular. But here, "digital payments" mean fiat payments using digital mode such as PayTM and PayPal and not cryptocurrency. Bitcoin is still not 100% legal here.

It's not going to happen in the near future, with or without the lockdown, for the following reasons:

• The uncertainty of this situation and the halving will be an incentive to hold bitcoin and spend fiat
• The main advantage of Bitcoin over your normal bank transfer is that you can move large amounts cheap and fast. During lockdown people are interested in buying food and clothes, not cars, boats and houses.

[Balili]

When most governments of the world lockdown everyone, the only available option was ecommerce for countries where it has been developed and grown high.
Ecommerce will still keep growing provided the business owners deliver what their customers ordered.
On the adoption of Bitcoin as a medium of exchange, we will see it happen with countries that haven't adopted bitcoin yet because a lot of people have gotten interest in cryptocurrency of recent, so we envisage The Bitcoin revolution soon.

[RapTarX]

Lockedown = Not necessarily mean that it would increase the eCommerce business. I have an small eCommerce business here in my local and it has been slowed down. Moreover, if there's not enough merchant to accept BTC, how would it be increased?