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Author Topic: Is global adoption of Bitcoin possible post-Covid?  (Read 804 times)
deisik
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July 13, 2020, 09:18:17 PM
 #61

The problem is once again what it has already been. Creating money out of thin air devalues money and creates Inflation. Now most of the investors around the world are worried regarding the demon of "INFLATION" . Now it's a well known fact that inflation backed without by any Economic Growth could lead the country into a hyper inflationary stage

You are looking at only one side of the coin

It is indeed a well-known fact that expansion in money supply should be accompanied, and ideally even preceded, by economic growth. However, this analysis is not all-encompassing as it doesn't include every possible situation. And while what you say is true in general, it is not necessarily true under current circumstances. That is to say, you don't take into account the sharp decline in consumer expenditures due to the quarantine

People don't work and thus they don't earn money. Then, they can't buy (as much as before), and that, if left unattended and allowed to develop on its own, would cause deflation. To avoid this, central banks are injecting liquidity into the system. In other words, the fiscal stimulus is to make up for the lost income and, by extension, the loss of demand. If this policy is carried out wisely and cautiously, it shouldn't actually lead to unbridled inflation, if any inflation at all

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July 13, 2020, 09:29:08 PM
 #62

The global adaption of Bitcoin after this covid-19 pandemic might be possible if and only if all are capable to adapt usage and if the government of each and every country will allow the legal usage and adaptation of Bitcoin.
Government might actually have to adapt a digital payment system because no touch payments will be more preferable in future considering how the virus can be spread through touching a person and let's be honest the corona virus is going to be with us for a long time until vaccine is developed.

The problem government face with allowance of bitcoins is that there are more illegal activities because while decentralization offers benefits there are those downsides too where people can evade taxes since there is no way to know who holds how much money. If these challenges can be worked upon somehow then there is no way that bitcoins cannot help a cash-less economy.
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July 14, 2020, 05:24:35 PM
 #63

I think the global acceptance of Bitcoin after Kovid is possible because every person in the world has suffered a lot because of the virus. Many are unemployed so if the government of that country supports the use of bitcoin people's lives will be much easier and no one will be disappointed with the loss of jobs.
Being in the bitcoin community I know it is great to adopt bitcoins and allow it's trading legally but how will bitcoins adoption help people who have lost their jobs during the pandemic? That seems out of my understanding because bitcoins is not something you would get for free once the government allow it to be purchased and sold legally.

Since Bitcoin does not require any financial institution to complete the transaction and its transaction movements cannot be followed in any way Bitcoin is becoming increasingly popular worldwide. In addition to legal goods transactions the use of Bitcoin in drug smuggling and money laundering has also increased alarmingly Although Bitcoin has gained popularity as a digital currency it has been criticized by many for its sharp fluctuations in price against various international currencies its scarcity and its limited use in business.
That it so true and those smuggling and other terrorist activities have held back bitcoins from being bloomed to world wide adoption. As far as fluctuations are concerned I don't think anyone is too worried about them because being as asset being used as a currency there will always be value changes from time to time. Everyone just needs to understand that bitcoin is an asset not a currency and hence price will change as market demand and supply changes.

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July 14, 2020, 07:57:22 PM
 #64

I'm skeptical about this possibility. During a chaotic economic situation like the one described here people would find alternatives to preserve their goods, of course, but I think bitcoin isn't the first one in most minds... My guess is that people would prefer to put their money in properties to keep its value.
It's a very traditional and safe way to keep your money value. On the other hand, adopting bitcoin still has its risks and it can put your patrimony in danger the same way a broken economy does.

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July 15, 2020, 07:58:28 PM
 #65

I'm skeptical about this possibility. During a chaotic economic situation like the one described here people would find alternatives to preserve their goods, of course, but I think bitcoin isn't the first one in most minds... My guess is that people would prefer to put their money in properties to keep its value.
It's a very traditional and safe way to keep your money value. On the other hand, adopting bitcoin still has its risks and it can put your patrimony in danger the same way a broken economy does.
Yes you’re right about that, a lot of people in the country I live are going for properties such as land and buying a portion in real estate. Only a few people are talking about Bitcoin.

I’m glad that one of my friends raised this topic last night and then mentioned about bitcoin. He already knows that I am into bitcoin, but he wasn’t and was waiting for the right time to ask me about it so that I can introduce it properly to him. He asked whether it was a good investment, I made him know it’s a good one but there are risks just like other investments out there. He was already investing in low risks bonds, and after our discussion last night he’s also planning to invest little money in BTC.
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July 15, 2020, 08:35:27 PM
 #66

I’m glad that one of my friends raised this topic last night and then mentioned about bitcoin. He already knows that I am into bitcoin, but he wasn’t and was waiting for the right time to ask me about it so that I can introduce it properly to him. He asked whether it was a good investment, I made him know it’s a good one but there are risks just like other investments out there. He was already investing in low risks bonds, and after our discussion last night he’s also planning to invest little money in BTC

Myself, I wouldn't advise anyone on investing in anything, Bitcoin or otherwise. Basically, you can't give exact instructions on how to make money (as there are none). Then, if something goes wrong and your friend loses his precious shekels, he will blame you even if he won't reveal his feelings in the open. He will inevitably and unwittingly feel a grudge against you. If you now feel responsible for the feasibility of your advice and how it is going to play out for your friend (which you should), you can expect such an outcome

But ultimately, it is up to you, of course

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July 15, 2020, 09:24:37 PM
 #67

The global adoption should have increase if the economic situation in the world has improved. The space is adopting more online transaction which Jeff Bezos himself has enjoyed, $75 billion worth increase in covid era only. Gold growth had slowed than recently while bitcoin seem to have made more profit and recovery in price in last 3 months from Corvid. The digital looks more attractive with the ROI and the portability.

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July 16, 2020, 11:59:50 PM
 #68

There could be an open possibility that after this covid-19 pandemic, Bitcoin adaptation will come that is when people will come into realization of the importance and usage of Bitcoin really is. Also, it could be possible to make happen once the economic state of each and every country will come into a recovery because there is a need of funding to be able to adapt on using Bitcoin of course. But that was an open possibility only because there might still be countries who will still stick into their national currency for they still do not understand the real essence of Bitcoin.

Here in my country, although we are not prohibited and not encourage by our government, we can still make use of Bitcoin but only on our own risk because our government have a different point of view towards using cryptocurrencies. Also, there are still ways our people can access their money on a cashless manner like using debit/credit card, mobile banking and use of apps to access their funds. But for other countries who have fully adapt Bitcoin, surely there would be a wide to massive usage of it.

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