Is global adoption of Bitcoin possible post-Covid?

[hatshepsut93]

People around the world will realize that how easy it is for an economy to crash. I think these issues are already what Bitcoin is striving to fight with but in current times they seem to be more deadly. Bitcoin is providing a practical solution for it at-least as a stable alternative to Fiat.

We already experienced a stock market crash and Bitcoin followed it. An then Bitcoin recovered simultaneously with stocks. If we'll have a true economic crisis, people won't be buying Bitcoin, they will be selling their assets, including Bitcoin, to buy toilet paper, figuratively speaking. People want Bitcoin to be digital gold and a hedge against global economy, but it can't become such thing as long as it is a volatile speculative investment.

[abhiseshakana]

post covid when we know going out is safer. no businesses will likely accept BTC especially if they dont know about it right now. all they'd rather want today are subsidies from government. an assurance that we and our kids dont die in hunger in the coming months.

Yeah I think that the most possible answer for post-covid situation is the CBDC that plenty of countries are testing, as we move on to the pandemic ( I hope for it asap ) we are still not sure if the virus will or will not comeback so as we say we are going to a new normal where we'll get rid of the paper money probably to avoid the spread again. As I see from the news, countries like USA, Spain and China isn't really going for cryptocurrency. But don't be sad.

there is no room for bitcoin adoption today. there are still payment method apart from cryptocurrency which governments will approved. bitcoin isn't on their list.

Indeed. We cannot push for it now just because there is a pandemic, I know cryptocurrencies are made for this situation but so are the other digital payment. Having it with crypto is a great move, but there is just greater for now.

Based on the visualization below, I think the adoption of bitcoin as a buffer for the world economy to replace fiat currencies that digitalization is not possible after the pandemic because the more a country's crisis increasingly narrows the choice to be free from the grip of the dollar. We can take the example of Venezuela, an example of the case that the adoption of bitcoin in that country cannot reverse the economic situation in that country. The main goal of humans in the world is wealth but money in any form may not be a solution given the complexity of competition and interests between countries.

Bitcoin adoption is possible if the one who creates and controls the world economic system gives up its hegemony to the blockchain. But I don't think it's possible because the amount of bitcoin isn't enough to accommodate the amount of fiat that has.

https://www.visualcapitalist.com/all-of-the-worlds-money-and-markets-in-one-visualization-2020/

[AniviaBtc]

People around the world will realize that how easy it is for an economy to crash. I think these issues are already what Bitcoin is striving to fight with but in current times they seem to be more deadly. Bitcoin is providing a practical solution for it at-least as a stable alternative to Fiat.

We already experienced a stock market crash and Bitcoin followed it. An then Bitcoin recovered simultaneously with stocks. If we'll have a true economic crisis, people won't be buying Bitcoin, they will be selling their assets, including Bitcoin, to buy toilet paper, figuratively speaking. People want Bitcoin to be digital gold and a hedge against global economy, but it can't become such thing as long as it is a volatile speculative investment.

Crashing of stock markets of those countries which are affected by this pandemic are the main struggle right now. It is not that easy to handle economic issues during this pandemic because it is hard to open businesses right now, but the use of Bitcoin is much easier to do. Bitcoin is a digital currency which we can use without even a single physical transaction.

It can be transferred using connection and I know that our technology is continuously advancing and most of us right now have an internet connections. It is easy for us to adopt bitcoin globally once we try to help its promotion and support the use of it depending on the market situation. After this pandemic, this will probably make a way for some people to invest in bitcoin.

[pixie85]

People around the world will realize that how easy it is for an economy to crash. I think these issues are already what Bitcoin is striving to fight with but in current times they seem to be more deadly. Bitcoin is providing a practical solution for it at-least as a stable alternative to Fiat.

We already experienced a stock market crash and Bitcoin followed it. An then Bitcoin recovered simultaneously with stocks. If we'll have a true economic crisis, people won't be buying Bitcoin, they will be selling their assets, including Bitcoin, to buy toilet paper, figuratively speaking. People want Bitcoin to be digital gold and a hedge against global economy, but it can't become such thing as long as it is a volatile speculative investment.

There's truth to your words because people invest whan they have an abundance of everything. When they already have a house, a car and a steady job they think about gambling, stocks, bitcoin.

You can see the same situation in cryptocurrencies. When Bitcoin goes to new highs people take some profits and gamble with it or buy shitcoins but when Bitcoin goes down people dump their shitcoins much faster and much harder.

If the world economy crashes both stocks and cryptocurrencies will go down with it.

[bits4books]

I will disappoint you, but everyone around you already knows that the world economy is like a house of cards - once the wind blows, everything will collapse. What does btc have to do with it?
Use as a means of payment in the domestic market between the buyer and the seller? There is no infrastructure, slow speed, lack of regulation, and so on.
Use it for B2B calculation? Same.
And you should assume volatility. You bought a pizza for 0.0003 btc which is equal to 10 bucks, and after 5 minutes it is already 15 and you just can't stop crying. Well, maybe that's enough, huh? You are talking about inflation and as an alternative to trampoline offers Russian roller coasters. Everything okay?

[shoreno]

I will disappoint you, but everyone around you already knows that the world economy is like a house of cards - once the wind blows, everything will collapse.

no i didnt knew that yet but thanks for letting me know  . economy is pretty weak as you define it but every country has its own weakness and strenghts  , not all are the same  .

What does btc have to do with it?
Use as a means of payment in the domestic market between the buyer and the seller? There is no infrastructure, slow speed, lack of regulation, and so on.

btc is a money and are already part of the economy ever since we knew it  . whether you like it or not   , there will be btc users and they use thier btc for paying if not for investing  .

Use it for B2B calculation? Same.
And you should assume volatility. You bought a pizza for 0.0003 btc which is equal to 10 bucks, and after 5 minutes it is already 15 and you just can't stop crying. Well, maybe that's enough, huh? You are talking about inflation and as an alternative to trampoline offers Russian roller coasters. Everything okay?

well we knew that is volatile  . people just take it or leave it   .

[Lorence.xD]

I will disappoint you, but everyone around you already knows that the world economy is like a house of cards - once the wind blows, everything will collapse. What does btc have to do with it?
Use as a means of payment in the domestic market between the buyer and the seller? There is no infrastructure, slow speed, lack of regulation, and so on.
Use it for B2B calculation? Same.
And you should assume volatility. You bought a pizza for 0.0003 btc which is equal to 10 bucks, and after 5 minutes it is already 15 and you just can't stop crying. Well, maybe that's enough, huh? You are talking about inflation and as an alternative to trampoline offers Russian roller coasters. Everything okay?

That is one of the flaws in OP's argument, the decentralize status of bitcoin is a big factor that every country should consider, in my opinion, it is not the volatility that is maing a break for bitcoin to become a mainstream currency but the fact that the global reserve of bitcoin is too small for the world's population.

[Harturch]

Printing an additional 10% of the money for a period of two or three months will not contribute to the collapse of the economies, but the continuation of home quarantine may cost a lot.
countries will start easing restrictions and returning to normal, but they will be costly and psychologically expensive.
If the epidemic is to spread again, the economy may lose all the benefit that has been achieved by reducing the epidemic and social divergence measures.
Strict laws are the solution.

[Haunebu]

That is one of the flaws in OP's argument, the decentralize status of bitcoin is a big factor that every country should consider, in my opinion.

The decentralized nature of BTC is the reason why major governments around the world oppose crypto and BTC like crazy since they pose a threat to their own centralized currencies.

This is the primary reason why most people around the world haven't adopted BTC yet since the governments don't let them through bans etc. Once the governments embrace them(Example: Indian government in recent times), adoption rates could go through the roof.

[lumeire]

That is one of the flaws in OP's argument, the decentralize status of bitcoin is a big factor that every country should consider, in my opinion.

The decentralized nature of BTC is the reason why major governments around the world oppose crypto and BTC like crazy since they pose a threat to their own centralized currencies.

This is the primary reason why most people around the world haven't adopted BTC yet since the governments don't let them through bans etc. Once the governments embrace them(Example: Indian government in recent times), adoption rates could go through the roof.

The market cap of cryptocurrencies entirely is not even close to the GDP of a country currently so i dont think that these are posing any threat to the fiat currencies at all, but there is a high chance of them posing threat to the centralized currencies in the future.
Also Indian government haven't embraced cryptocurrencies, they just started allowing banks to make the accounts of the companies related to crypto which were blocked back in 2018 by RBI, and this can also be temporary as the RBI has gained filed for re hearing of this case.

[bits4books]

I will disappoint you, but everyone around you already knows that the world economy is like a house of cards - once the wind blows, everything will collapse.

no i didnt knew that yet but thanks for letting me know  . economy is pretty weak as you define it but every country has its own weakness and strenghts  , not all are the same  .

Yes, only in the current century, there were a lot of crisis that hurt the economies of countries, after which they either themselves recovered for a long time or asked for help from their neighbors.

What does btc have to do with it?
Use as a means of payment in the domestic market between the buyer and the seller? There is no infrastructure, slow speed, lack of regulation, and so on.

btc is a money and are already part of the economy ever since we knew it  . whether you like it or not   , there will be btc users and they use thier btc for paying if not for investing  .

I'm not saying I don't like it. I'm just saying that btc is not capable of being a mass payment method for regulation & adoption reasons.

Use it for B2B calculation? Same.
And you should assume volatility. You bought a pizza for 0.0003 btc which is equal to 10 bucks, and after 5 minutes it is already 15 and you just can't stop crying. Well, maybe that's enough, huh? You are talking about inflation and as an alternative to trampoline offers Russian roller coasters. Everything okay?

well we knew that is volatile  . people just take it or leave it   .

I'm not arguing. But for mass distribution, the phrase "don't like it - don't use it" is not enough. We need global recognition at least

[Nhor1011]

Now that, the whole world is in sort of an Economic Outrage due to Covid, It is worthwhile to note that every Government around the world has announced certain fiscal stimulus to boost up the economy once again.

Now here chances are that countries might have to lease out their territory to China as a repayment of these borrowings.

People around the world will realize that how easy it is for an economy to crash. I think these issues are already what Bitcoin is striving to fight with but in current times they seem to be more deadly. Bitcoin is providing a practical solution for it at-least as a stable alternative to Fiat.

Bitcoin is still striving to fight because of the current economic issues of every government. The effect of pandemic is the primary reason why many people are now suffering and also because of the gradual decline of the economy. Bitcoin could be a possible alternative solution for this but it needs more recognition and mass adoption.

[Tahsin Kabir Kollol]

Global adoption of Bitcoin is not possible post-Covid-19 because It requires time and some of its features to be changed and refined. Before the Global adoption of Bitcoin, It is important for everyone to know and understand it. Governments of different countries need to formulate different policies related to its management and revenue collection. Moreover, in order to spread it globally as a universally accepted medium, it needs to be converted into a stable currency by rolling out its price volatility. Because Bitcoin price volatility is popular with traders but it will lose its acceptability to the general public due to its volatility. Moreover, the cost of its transactions is comparatively high and somewhat time-consuming and in the case of conventional currency, no transaction cost is needed in case of hand to hand transactions. So it can be said considering all these issues that it is not possible to do it suddenly.

[Krabby]

Although bitcoin is highly valued at this time, I still believe that it cannot be a common currency. because its value is always fluctuated very strongly every minute. no one would want to keep such a volatile asset class. If fiat money is really unstable and easily hurt the economy, we will return to Gold Standard. We have a lot of better assets to trade than using crypto, an asset that is easily manipulated.

[Janation]

Now that, the whole world is in sort of an Economic Outrage due to Covid, It is worthwhile to note that every Government around the world has announced certain fiscal stimulus to boost up the economy once again.

Now here chances are that countries might have to lease out their territory to China as a repayment of these borrowings.

People around the world will realize that how easy it is for an economy to crash. I think these issues are already what Bitcoin is striving to fight with but in current times they seem to be more deadly. Bitcoin is providing a practical solution for it at-least as a stable alternative to Fiat.

Bitcoin is still striving to fight because of the current economic issues of every government. The effect of pandemic is the primary reason why many people are now suffering and also because of the gradual decline of the economy. Bitcoin could be a possible alternative solution for this but it needs more recognition and mass adoption.

This is what's happening in India.

Since the people are inside their houses and don't have a job, it is said that they became interested in investing in cryptocurrencies as some stocks are also falling down while Bitcoin and other cryptos are not that affected by it. As we can see right now, the market is growing because of the adoption of Indians to it. I hope they don't ban it and we might see a continuous positive effect of it in the near future.

[Reid]

Now they are looking more at the problem.
Perhaps it's time to change the system.

But I doubt the government will push that to happen.
They will look for other ways first until there will be no more. That's when bitcoin will come in.
So yes, it is possible but I don't think post-COVID just yet.

Social media is now a great weapon. Perhaps we could enlighten them on the truth about bitcoin and not just as an investment option.
It's a good start to push a government. By how the people will react.

[tbterryboy]

We place too much of a responsibility on Bitcoin more than it can take lol. How exactly do you now think that countries will start adopting cryptocurrency because of the things you have mentioned here? Can cryptocurrency solve all these problems, really? If we will all be sincere here, cryptocurrency is not a solution in this kind of situation. There is more to this than adopting cryptocurrency. Cryptocurrency is only going to help us in peer-to-peer transaction around the world and there is nothing more, it’s not going to magically save every country in the world from falling due to pandemic.

When people think about saving their hard earned money not to be saved on highly inflated fiats then they can get into bitcoins still bitcoin will act here like any other store-of-value asset and cannot be a pure currency. So, global adoption of bitcoin may happen when people have excess money and think about saving for their better future. I am not foreseeing such a situation where people start think about saving into deflationary assert straight after the pandemic.

[el kaka22]

I do not think it would be too hard, I mean look at what happened in 2008 and how we got here, look at any time when the markets are down, bitcoin is increasing its adoption. Just look at the transaction numbers, even if the price is not above $20k, we have more transactions today than those days, which means there are more sending and receiving of bitcoin.

Basically bitcoin world will get to a level where adoption will be inevitable and the whole world will offer that as an option, it will just take time. This will not change if it is covid or it is something worse or no covid or bad thing at all, whatever happens in the world, even if we get a lot worse, bitcoin will continue to increase its adoption, it will not stop. Only thing that could stop would be a corruption in the code itself and I do not see that happening at all.

[bearexin]

It was possible before covid and it is certainly possible post covid as well. What we should understand that adoption doesn't mean people all over the world stop using fiat and suddenly start using crypto as payment, we do not need that and that is not adoption, that is literally replacement. What we really should be looking for is people using crypto AND fiat at the same time which would be adoption.

People should have an option of using either crypto or fiat which means that if this option is offered in many places, that would be considered adoption. If we can go to that level in big places and becomes common everywhere, the price of bitcoin will go up a lot as well. I feel like stablecoins like USDT would make this easier for every place as well and allow everyone to both not get affected by volatility but offer an entry way to crypto as well.

[bitbunnny]

I'm not sure what to say. Since there are no exact data about Bitcoin adoption I think that we can only guess in which extend pandemic has increased adoption or not. Possibly this pandemic was opportunity to increase Bitcoin adoption and to present to the people the advantages of cryptocurrencies, especialy in times like pandemic but II'm not sure this opportunity was used.
Somehow I have the feeling, although is just a feeling, that adoption isn't significantly bigger.