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Author Topic: Does this Pandemic intensifies the usage of Bitcoin?  (Read 394 times)
panganib999
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June 21, 2020, 11:53:34 PM
 #1

We are all still currently experiencing the effect of pandemic and most of us do still tend to stay at home to avoid getting infected by the virus.

My question is that does this pandemic intensifies the usage of Bitcoin knowing that physical or paper money might also be a carrier of the virus once pass on hand might caught droplets bringing the virus from a certain individual.

Using Bitcoin provides cashless experience that we know safer with this pandemic so, does this means that people will tend to use Bitcoin at this time or still into fiat?

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June 22, 2020, 12:03:01 AM
 #2

(...)
My question is that does this pandemic intensifies the usage of Bitcoin knowing that physical or paper money might also be a carrier of the virus once pass on hand might caught droplets bringing the virus from a certain individual.
For me YES, but there is still some alternative on Bitcoin, especially for those people who don't know yet what Bitcoin is. Like there is some e-cash where you can use and much friendly on some people that is not too techy, just like Apple Pay, We Chat Pay, their credit cards or PayPal, etc.
But for me, I rather use Bitcoin because I don't have those kinds of e-cash or mode of payments.

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June 22, 2020, 12:11:14 AM
 #3

~
Probably in some countries yes, more Bitcoin users are using it right now for payments (if the merchant is accepting it).

Here in my country, I didn't felt that Bitcoin usage has increased since the pandemic. I'd say that online transactions had increased massively because of the fact that the physical cash can be a carrier of virus but base on my experience, I saw many people here using e-cash rather than using Bitcoin. People right now are paying what they are buying online using digital cash and not Bitcoin here unfortunately because many still don't know how to use it for transactions.

In my part, Bitcoin helped me too to buy some things but I don't use it directly as a payment but I'm converting it into digital cash where that is the one I will use for payments online.

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June 22, 2020, 01:03:31 AM
 #4

We are all still currently experiencing the effect of pandemic and most of us do still tend to stay at home to avoid getting infected by the virus.

Some government started to ease the lockdown, so it's possible that majority are going back to work, unless you are already working from home.

My question is that does this pandemic intensifies the usage of Bitcoin knowing that physical or paper money might also be a carrier of the virus once pass on hand might caught droplets bringing the virus from a certain individual.

Bitcoin is not yet universally accepted as payment scheme, and only a small percentage really know what crypto is, and most merchants offline and online are still not recognized BTC.

Using Bitcoin provides cashless experience that we know safer with this pandemic so, does this means that people will tend to use Bitcoin at this time or still into fiat?

I do agree, but we still have debit/credit cards or paypal as options for cashless payment.

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June 22, 2020, 02:13:42 AM
 #5

Probably in some countries yes, more Bitcoin users are using it right now for payments (if the merchant is accepting it).

Here in my country, I didn't felt that Bitcoin usage has increased since the pandemic. I'd say that online transactions had increased massively because of the fact that the physical cash can be a carrier of virus but base on my experience, I saw many people here using e-cash rather than using Bitcoin.
Based on my observation, the prevalence of bitcoin as a mode of payment in my country is very low, we have delivery services app and they are adapting on how to make a contactless transaction even with physical money as a mode of money, cash apps are the most prevalent because more people know what to do with it and it is also in our country's currency.
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June 22, 2020, 02:45:14 AM
 #6

Little to no effect in my opinion. If there is, most likely not a significant effect. While the pandemic sure pushed us faster towards a cashless society, let's not forget that we already have platforms such as PayPal/Venmo/Cash App/mobile banking/whatever-your-country's-alternative-is/etc to solve this.

People(at least the huge majority) wouldn't necessarily move to bitcoin just because they want to be cashless due to the availability of the above services with FAR better user experience.

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June 22, 2020, 02:45:51 AM
 #7

No. It's adoption is pretty limited at the moment and only a select few actually accept Bitcoin as payment. And by that, I mean the physical store ones. Merchants would most likely refuse it because of the high fees as well as it's low adoption. As for e-commerce sites, there's a few of them out there, but not enough to actually say that usage got "intensified". Not to mention that Paypal, debit/credit card, Digital fiat exists, which imo, at the current state of the world, is a lot easier and understandable to use.

Plus, most people see Bitcoin as an investment. They see it as a way to make money, not a medium to be used to get something else. And as long as that kind of idea stays the same, I doubt adoption would be possible in the near future.

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June 22, 2020, 03:20:27 AM
 #8

Little to no effect in my opinion. If there is, most likely not a significant effect. While the pandemic sure pushed us faster towards a cashless society, let's not forget that we already have platforms such as PayPal/Venmo/Cash App/mobile banking/whatever-your-country's-alternative-is/etc to solve this.

People(at least the huge majority) wouldn't necessarily move to bitcoin just because they want to be cashless due to the availability of the above services with FAR better user experience.

I totally agree with this. I think what the pandemic increased in Bitcoin is the users activity in the cryptocurrency rather than an actual usage as a way to pay goods. There might be people who are using Bitcoin as goods but I think from my own experience, it's because of the services that the third party wallet is providing to us users which only few use. I use Bitcoin to buy something I want using a third-party wallet by the way.
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June 22, 2020, 03:58:53 AM
 #9

First, as has already been mentioned, there are just so many other convenient options if you prefer to transact cashless.

Second, it is not really a question about using Bitcoin or not, it is more of a question of where to use Bitcoin. How many stores and shops, both online and physical, out there which provide customers the option to pay in Bitcoin?

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June 22, 2020, 04:50:15 AM
 #10

We are all still currently experiencing the effect of pandemic and most of us do still tend to stay at home to avoid getting infected by the virus.

My question is that does this pandemic intensifies the usage of Bitcoin knowing that physical or paper money might also be a carrier of the virus once pass on hand might caught droplets bringing the virus from a certain individual.

Using Bitcoin provides cashless experience that we know safer with this pandemic so, does this means that people will tend to use Bitcoin at this time or still into fiat?

This question is asked before.Search the forum for the old threads about this topic,instead of asking it again.
Is there any legit proof that the usage of Bitcoin "intensifies"?Increase transaction volume?Increased price of Bitcoin?I don't see any evidence that the usage of Bitcoin is increasing.
The massive lockdowns are in the past,at least in the western world and Asia.People will slowly return to their normal lives.Most of the people in the western world are mostly using debit/credit cards,not cash,so they already have an alternative to cash.This theory has been shared during the last three months and it has been proven wrong.




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June 22, 2020, 05:09:44 AM
 #11

We are all still currently experiencing the effect of pandemic and most of us do still tend to stay at home to avoid getting infected by the virus.
Nope thats wrong.Most of people now are tend to go out finding money and foods,because they're drained when the almost 3 months lock down happens.
Quote
My question is that does this pandemic intensifies the usage of Bitcoin knowing that physical or paper money might also be a carrier of the virus once pass on hand might caught droplets bringing the virus from a certain individual.
according to google  https://www.pymnts.com/cryptocurrency/2020/pandemic-sparks-mainstream-interest-in-bitcoin/

the mainstream sparks interest because of this pandemic.

Quote
Using Bitcoin provides cashless experience that we know safer with this pandemic so, does this means that people will tend to use Bitcoin at this time or still into fiat?
actually this pandemic thought people why need to use Physical money when there are online options.

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June 22, 2020, 05:24:53 AM
 #12

Pandemic effects reveal the efficiency of a cashless society, but not a crypto usaged based one. Most of them use digital fiat, and hell, even with that, those without access to those still use physical fiat to transact. Talk about the usage of Bitcoin when people actually coin it as a currency instead of an investment.

according to google  https://www.pymnts.com/cryptocurrency/2020/pandemic-sparks-mainstream-interest-in-bitcoin/
the mainstream sparks interest because of this pandemic.
Interest doesn't mean usage. Besides, the article you linked doesn't even have an inkling of connection to the mainstream interest said in the title. Just scanned it for a bit and it basically talked about the recent swings in price of BTC, which again, does not mean an increased usage nor is it a spark of interest on Bitcoin for the usage adoption.





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Raflesia
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June 22, 2020, 05:32:31 AM
 #13

Depending on their choice because there are so many types of transactions without cash as well as debit, paypa, visa etc. therefore some of them might still use bitcoin in individual transactions but for me if for shopping for other purposes then I think it's not bitcoin used because basically the shop or shopping part does not accept bitcoin but I think in the future it will be even better in this regard.

In fact, bitcoin transactions are more effective and easier to compare with other payments, but I think they all need a process.

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June 22, 2020, 05:40:38 AM
 #14

I doubt very much that a pandemic as such can contribute to this. Cashless payments using plastic cards are still relevant. To really increase the frequency of use of bitcoin, it is necessary to ensure that it can be universally accepted as a means of payment. In this direction, the situation hasn't changed at all.
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June 22, 2020, 06:21:35 AM
 #15

I don't think so, because aside form Bitcoin as cashless payments there are more alternative ways of having contactless payment like using cash that usually considered as unclean that might citing coronavirus. Just check and research on google, the higher percentage of having contactless payment is a debit/credit card. As I can see, mobile payments are has a low rate of adoption compared to e-banking services that allow online banking transactions.

Most Bitcoin holders think that Bitcoin is a safe haven investment not a kind of payment method.
Intensifies the usage of Bitcoin? A sort of there's a little bit, but when we're speaking of adoption, there is a big impact.

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June 22, 2020, 07:02:06 AM
 #16

This is hard to say Because I don't think there is any research that copes with that question.
However, there are some other studies that shown that usage of all kinds of digital services and new technologies increased during the pandemic so I suppose that can apply on Bitcoin too. But as long as we don't have some exact figures we can only make conclusions based on the impressions which are not objective.
Since Bitcoin isn't centralized and not regulatwd and also no one is actually collecting any data about it we only guess what is the true situation about Bitcoin usage. I would like to see that changed one day.

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June 22, 2020, 07:18:17 AM
 #17

I think this is a really big "Maybe" because we know that not many stores, merchants accept btc for transaction, many offline stores don't accept the use of crypto for payment yet, so until we are certain that a large number of sellers accept btc in most countries we can draw this conclusion, but I don't think with the limited acceptance of btc in most countries this is the case.

Rather I think more of cashless transactions occurred during this period, you don't really need cash or touch cash before making payments both online or offline, your debit, credit cards can easily takes care of that, which I think is also similar as using digital currency.


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June 22, 2020, 07:44:56 AM
 #18

~
Using Bitcoin provides cashless experience that we know safer with this pandemic so, does this means that people will tend to use Bitcoin at this time or still into fiat?
The situation for bitcoin usage is not going to change any time soon. In countries with stable economic people became used to cashless society principles and will continue to use credit/debit cards to make payments no matter what the current situation is. Whether it is pandemic or not, people are fine with current payment systems. In the countries with unstable situation, people are fine with bitcoin. Cashless society principles are not suitable there, because cash itself is worth nothing, its price fluctuates and inflates throughout a day. Bitcoin is essential part of their lives. Nothing has changed for them, bitcoin is still a means to store a value, it is still a way to transact freely, it is still a way to express an opinion, it is still a way to opt out.

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June 22, 2020, 07:50:48 AM
 #19

The situation would help the digital currencies to increase their demand but it does not necessarily mean that it's going to be bitcoin or crypto currency.

People sees the risk in using bitcoin due to its volatile nature and people now are struggling financially so they can't avoid to take that risk.

Maybe in some industry like the gambling industry, I think crypto would be useful for online gambling as physical casinos have close months back.
The reason bitcoin does not struggle yet is because it's use as an investment and not as a currency for online transactions, fiat would still be the best option of the people as there's no risk in using it compared to bitcoin.

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June 22, 2020, 08:44:21 AM
 #20

Based on my observation, the prevalence of bitcoin as a mode of payment in my country is very low, we have delivery services app and they are adapting on how to make a contactless transaction even with physical money as a mode of money, cash apps are the most prevalent because more people know what to do with it and it is also in our country's currency.

This is what we need right now, more transactions with the use of bitcoin. This will be a good way for bitcoin's mass adoption, it is not that easy to achieve it but I know this pandemic is a good time for it to happen. Physical money is not that safe right now, we all know that. We should explore other payment tools just like this bitcoin, there are a lot of currency that can be used as a payment tool. For me, I think the only thing that we lack is the support from other huge bitcoin users. This pandemic really bring a huge advantage and disadvantage to bitcoin, all of us are affected especially if you are holding a huge amount of bitcoin asset.

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