Bitcoin and COVID

[Assface16678]

Photo credit to CoinTelegraph

Before this pandemic outbreak happens we see that the market price of the bitcoin are running toward to good market value from the month of February it takes the peak for over $10,000 which a huge amount and having warming welcome back to the market income of the coin, but in just a single month the market price of the bitcoin falls down into the month of March and reaches the value of $3,800. In some cases, there is a huge impact of the pandemic outbreak into the economy because the stock and shares falls down but the thing is the market price of the bitcoin are still going into the uptrend. Many people stated that bitcoin becomes a safe haven because it still has a good market price that is continuously pumping. Also, the use of the bitcoin has huge benefits to the whole economy if they will adopt this it may prevent the virus from spreading too. If we use the bitcoin or the cryptocurrency as a transaction we can now avoid getting outside just to transfer your funds, also we can use this for having a secured transaction, and one of the best thing we will not touch any tangible money which is dirty money can cause rapidly spreading the money.

What do you think about this bitcoin adaptation? It can benefit while we are having this pandemic outbreak.

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You can visit these links to relate to this topic
https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/is-covid-19-the-biggest-opportunity-in-crypto-asset-trading/articleshow/75913576.cms
https://cointelegraph.com/news/cryptocurrency-and-covid-19-bitcoins-path-to-a-safe-haven

[emerejames]

If you ask me the meaning of work from home, I will simply tell you that crypto currency is the answer.
Before the pandemic we use cashless transaction method and at this moment of the same pandemic we are still using the same method which is the saver and easiest way to protect ourselves from contacting the virus.
I think this is the time crypto adoption help the whole world.

[azmirihaque]

Photo credit to CoinTelegraph

Before this pandemic outbreak happens we see that the market price of the bitcoin are running toward to good market value from the month of February it takes the peak for over $10,000 which a huge amount and having warming welcome back to the market income of the coin, but in just a single month the market price of the bitcoin falls down into the month of March and reaches the value of $3,800. In some cases, there is a huge impact of the pandemic outbreak into the economy because the stock and shares falls down but the thing is the market price of the bitcoin are still going into the uptrend. Many people stated that bitcoin becomes a safe haven because it still has a good market price that is continuously pumping. Also, the use of the bitcoin has huge benefits to the whole economy if they will adopt this it may prevent the virus from spreading too. If we use the bitcoin or the cryptocurrency as a transaction we can now avoid getting outside just to transfer your funds, also we can use this for having a secured transaction, and one of the best thing we will not touch any tangible money which is dirty money can cause rapidly spreading the money.

What do you think about this bitcoin adaptation? It can benefit while we are having this pandemic outbreak.

Code:

You can visit these links to relate to this topic
https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/is-covid-19-the-biggest-opportunity-in-crypto-asset-trading/articleshow/75913576.cms
https://cointelegraph.com/news/cryptocurrency-and-covid-19-bitcoins-path-to-a-safe-haven

As the people are staying at home leaving their business, they are diverting their fund in such digital market. Because they can operate their investment staying at home and also make profit. As the investors and investment are growing in this platform, COVID-19 is unable to affect the market and thus the bitcoin market cycle is going up.

[sheenshane]

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What do you think about this bitcoin adaptation? It can benefit while we are having this pandemic outbreak.

IMO, the idea isn't bad in fact, I'm also looking forward to the global adoption of Bitcoin and other cryptocurrencies, for a safer environment and healthy way of living because of not getting exposes to any possible carrier of the virus. It is still too early for cryptocurrency to takes place and become the new medium of exchange for digital money like debit or credit cards are still on the line waiting to be embraced by people globally. I'm still positive that the future of exchange will still be cryptocurrency because of the advantages that it can bring to everyone.

However, this proved that Bitcoin isn't correlated with the current pandemic, despite the economic crisis faced globally, Bitcoin price still uptrend.

[carter34]

Op you have written or said the obvious as people now see it. This covid-19 is advancing cashless digital payment which cryptocurrency is part of. We are going to see more of people coming into the circle of trading bitcoin because of at least you can do such from smart phone and home.

[avikz]

Op you have written or said the obvious as people now see it. This covid-19 is advancing cashless digital payment which cryptocurrency is part of. We are going to see more of people coming into the circle of trading bitcoin because of at least you can do such from smart phone and home.

That's true! But we should also think about the scaling issue that bitcoin network is facing right now. That's the reason why I always oppose the idea of bitcoin becoming the world currency. Because bitcoin network is simply not capable of handling such volume. If we see more and more people adopting bitcoin, it will result in a congested network with abnormally higher fees per transaction. We have already started facing the heat! Bitcoin can't become a front-runner in cashless economy. It will be CBDCs which are centralized and controllable in nature. These can quickly scale up if needed, but bitcoin can't. Sad but true!

[plvbob0070]

I see the point that bitcoin can be a good way or alternative currency amidst the pandemic, also the point that digital transactions may help to prevent the virus from spreading. But I don't think that everyone is still capable of adapting these changes. From what I can see, there's a lot of problems we can face once the majority move from physical to digital transactions such as cryptocurrency.

Online transactions may be one of the prevention but there are lots of ways to make online transactions, it's not only crypto. If people would adapt digitally, it's more likely to be cards or e-wallets. Maybe in the next years or decade, cryptocurrency will get more recognition, but for now, the benefits we see of bitcoin and crypto during this pandemic is still limited to us who've been using it even before.

[$crypto$]

Some people also say that bitcoin will be an alternative transaction during this pandemic because people are reluctant to leave the house to make payments so if you think bitcoin can prevent the spread of the virus with transactions at home too, but credit cards can also do this even now some bitcoin and credit cards used may be less cash payments now.

But now there are many who are adapting to bitcoin because it was during the pandemic that there were a lot of suggestions going on or mass adoption of bitcoin would be done because it was effective according to them, but to become a world currency I didn't think about it because there were still some shortcomings of bitcoin maybe the network slow ones.

[Sanugarid]

Bitcoin is really a good alternative for fiat especially now that the virus is very contagious and one of the most handy material of us is the money. We are all looking for bitcoin adoption since it became huge after several years and we already have seen various of companies taking advantage with bitcoin. However I don't really think that this volatile coin will be looked as a currency even during in pandemic period.

Reasons why bitcoin might not be adopted as an alternative for fiat now is the transaction fee, we know how much traffic do we have these days that transaction fees are in the sky. Secondly, the most obvious one, the volatility as it is decentralized. You bought an apple yesterday with 0.0001 btc, the price moves up and you could have buy a basket of it. Lastly, we have digital payment that would cost less than fee than using bitcoin plus the existence of online banking. This is not the time for bitcoin 

[Haunebu]

Because bitcoin network is simply not capable of handling such volume. If we see more and more people adopting bitcoin, it will result in a congested network with abnormally higher fees per transaction.

I disagree. BTC might not be able to process as many transactions as VISA or other payment systems, but it still can process a decent number of transactions especially if LN is added into the mix.

Lastly, we have digital payment that would cost less than fee than using bitcoin plus the existence of online banking. This is not the time for bitcoin 

You do realize that the LN can help nullify this problem, don't you? As long as people stick to small payments and regular customers, BTC can be a viable alternative to FIAT even though other digital payment methods are way more popular in comparison.

[batang_bitcoin]

It will work if you live in a community that accepts bitcoin. You can happily buy groceries and pay with bitcoin, you don't need any contact but just simply scanning their QR codes and pay all of those goods that you need. It is ideal to use any cashless payment like bitcoin but, it's not yet massively adopted because most governments are strict if that's the topic. And they can't just go with what we want unless they know what it is somehow, there are other payment solutions that they prefer.

[vycl87]

What do you think about this bitcoin adaptation? It can benefit while we are having this pandemic outbreak.

This issue has been discussed many times in different sections of the forum. And I think in the end, everyone agrees on that. If a full cryptocurrencies adaptation had been achieved, it would have been useful in this process. But it is obvious that it is not possible to say that it is accepted worldwide. So it's hard to say that Bitcoin can make a difference during this epidemic right now.

Contactless and mobile NFC payments of debit cards are more popular now.

[Rubeus_Hagrid]

Great picture for the post! (at first, it seemed to me that bitcoin was flying at her)

It is important for us to have means of subsistence, to have food, clothes, a house. But this does not mean that in any case it is necessary to strive only for great material benefits. I think that quarantine and this whole situation is more of an occasion in order to begin to develop your spiritual beginning, and not material. It will bring much more satisfaction from life. A harmonious person is doing well (including with material benefits).

[maxreish]

I can see so many glitches if ever people tend to adopt and use bitcoin for online transactions. -fees (higher than usual) and slow transactions are one of the problems of it.
 
 On the other hand, the conveniency is present in times like this of pandemic situation but there are still things that we need that can not be provided by onlinr websites.

[iv4n]

I don't like to put bitcoin and covid in the same sentence. Why would we do that?! Yes we can find some positive effects, but do we really need to do that?! You think that crypto needs some bad virus for making progress?! We would make progress without it. I agree that this crisis can speed up that process, for numerous reasons, but we should not celebrate for that, it's stupid to celebrate for some positive effects made on misery of others!
Bitcoin is bitcoin, crypto is good for many reasons, not just because it's cashless and you can't get covid if you use crypto! Crypto has many more advantages, far more important that this!

[DoubleEdgeEX]

More and more people stop trusting their governments with their money, well, beside with bonds maybe. Also, people start to question the demeanor of their leaders in this crisis. The more the mistrust in the established system grows the higher the chance that people search for alternatives. Today, they start to question the measurements of the government regarding covid but what are they gonna do wrong tomorrow we might need to question? The only real issue of a crypto overturn is the global acceptance rate and the lack of real life use cases in easy to use apps when it comes to tokens outside the Bitcoin ecosystem

[fabiorem]

Due to the unreasonable, tyrannical lockdowns done by evil governments around the world, using a cold as an excuse, many people are losing trust in the established institutions, which might prompt them to buy crypto, to safeguard their assets.

However, much more people dont have any asset to safeguard, and lives from paycheck to paycheck. As such, I dont think this will have a big impact on the price. For now, I have only seem the usual whale manipulation due to the halving. The hype is now cooling, which might resume the permanent, derivatives-driven, bear market. Right now I see the price going to the 5-6k range.

[vycl87]

More and more people stop trusting their governments with their money, well, beside with bonds maybe. Also, people start to question the demeanor of their leaders in this crisis. The more the mistrust in the established system grows the higher the chance that people search for alternatives. Today, they start to question the measurements of the government regarding covid but what are they gonna do wrong tomorrow we might need to question? The only real issue of a crypto overturn is the global acceptance rate and the lack of real life use cases in easy to use apps when it comes to tokens outside the Bitcoin ecosystem

You're wrong about this, man. Unfortunately, many people still view cryptocurrencies as a means of making money. The way to change this is through the adaptation of cryptos as you said. But I don't think it's an easy thing. Perhaps it will take years for this to happen.

I think we should agree on the subject. While there are so many uncontrolled crypto assets on the market, we cannot talk about full adaptation. Today there are about 6000 different cryptocurrencies. Do you think it is possible that all of these are available and continue to live? I have no chance. A few (maybe tens but not more) of really functional and high quality are enough for us.

[Harlot]

What do you think about this bitcoin adaptation? It can benefit while we are having this pandemic outbreak.

Before they can even think of Bitcoin as a "contactless" means of payment I know for a fact that we are far away from being used as a payment just because of this pandemic, why? Already now payment processing companies like Visa, Paypal, Mastercard, or Venmo are the preferred options for having a contactless payment the reason why is they are also taking the initiative with the government that they can reduce the risk of people transmitting the virus because their payment system is done digitally. Aside from that there are already modes of payment that is widely accepted already so I don't think that the world is looking for a solution right now since it is already here for them.

[shoreno]

I can see so many glitches if ever people tend to adopt and use bitcoin for online transactions. -fees (higher than usual) and slow transactions are one of the problems of it.
 
 On the other hand, the conveniency is present in times like this of pandemic situation but there are still things that we need that can not be provided by onlinr websites.

high fees and slow networks is not a glitch but its a normal occurence here in bitcoin world  . you think the fee can be higher than usual because of halving but cant notice it  . what i see is still the same fee but fees can speed up or slow down the transaction   .

 other than that you are right that btc is still convinient due to so many reasons  . i wont mention it because for sure people already knew that and i explained it many times before  .