COVID-19 a reason for Bitcoin adoption?

[Hypnosis00]

I read this article( though this was created last month) and I found out the reality upon this statement.

The market research organization, The Tokenist, recently published a report called “Comparing Public Bitcoin Adoption Rates in 2020 vs 2017.” The study’s findings give a comprehensive look at the cryptocurrency ecosystem between 2017 and now. The researchers’ survey shows that since the post-Covid-19 economy is setting in, trust in bitcoin has grown 29% in the past three years.

Sources: https://news.bitcoin.com/covid-19-economy-fuels-faith-in-crypto-trust-in-bitcoin-over-banks-increased-3x-since-2017/

And another one,
https://cointelegraph.com/news/from-cash-to-crypto-covid-19-is-changing-the-way-the-world-sees-money

We can hear and see it on the television and read online about the adoption of Bitcoin as another option for contactless payment. Indeed, many countries and companies are supporting this for this a way to survive the new normal.

UPDATE/S to adoption:
https://cointelegraph.com/tags/bitcoin-adoption
https://cointelegraph.com/news/former-us-treasury-head-calls-payment-friction-the-best-argument-for-crypto

I would like to hear your thoughts about this.

PS. I'll keep this thread to be updated from time to time.

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[Oilacris]

We can hear and see it on the television about the adoption of Bitcoin as another option for contactless payment. Indeed, many countries and companies are supporting this for this a way to survive the new normal.

I would like to hear your thoughts about this.

If theres changes in adoption then those most likely talk in previous years consideration and i wont say that this current covid situation does contribute
bitcoins awareness or existence, maybe for some aspect but not on major case yet we know that people would easily switch up to e-fiat payments like
credit or debit cards that we do know traditionally and only a few would really go to the path of cryptocurrencies true utility.We cant conclude though
but we can eventually see the effects if we do base up on the entire market condition.

[crwth]

Since we are still new to the current normal and with this pandemic in our hands, it's quite realistic to see and understand that it's the time to leave physical money behind. That's the critical part of the proposed contactless payments and anything related to that. So I voted in the poll, realistic since it's the ideal time to do this and shift everything into digital. We have the technology already, and we just have to implement it.

[philipma1957]

I went for maybe.  Frankly BTC is shit for using as money.

 DOGE is far better for everyday transactions under $100 usd. No comparison as to cost and speed of transactions.

Yeah bigger sums BTC may be okay.  But this is just an opinion.

[Wexnident]

The first link has already been discussed here: https://bitcointalk.org/index.php?topic=5256588.msg54645790#msg54645790. Plus, if we're talking about leaving physical fiat behind I'd opt to go for Digital fiat instead of crypto right now. Not to mention fees, the number of merchants that actually adopt Bitcoin as a mode of payment is close to nil. I can use them for a few transactions online, yes, but that's it. It doesn't really let me manage my life with just the usage of Bitcoin.

Plus, the issue of volatility is something merchants can't bear with. I suppose even if Bitcoin were to be used by a lot of people, it'd still remain the same that they wouldn't be able to use it due to the groceries,stores,etc., not accepting it as payment. And there's also the issue of how people refuse to see Bitcoin as a currency, they only see it as an investment, a way to make money.

[mk4]

As a USD/GBP/fiat alternative for day-to-day payments, probably not. I've said this a dozen times and I'm going to say this again: we have services such as PayPal/Venmo/CashApp that people can use for cashless transactions.

As for trust in Bitcoin knowing that the federal reserve is going full mass printing mode, probably? If yes, probably not a significant amount of people though. A lot of people still don't know the negative side effects of heavy quantitative easing. In social media(Facebook, specifically), my U.S. friends actually get giddy with them knowing they might get more stimulus checks.

[michellee]

I would say maybe

But we don't know if that is right or not. Bitcoin adoption still on progress, but people use the other payment method. I guess they still use fiat money to make a transaction, and if they use a digital payment, they will use something that they already know before. Unless bitcoin already accepted as the payment method in one country, people will not use bitcoin to pay something, but they will use another payment method. We know that there are so many digital payment methods besides bitcoin to pay something or buy something at a local store in some countries.

So Covid-19 is not the only one of the reasons for bitcoin adoption.

[Hypnosis00]

The first link has already been discussed here: https://bitcointalk.org/index.php?topic=5256588.msg54645790#msg54645790.

Sorry, I didn't notice that it is already been posted by another member.

As a USD/GBP/fiat alternative for day-to-day payments, probably not. I've said this a dozen times and I'm going to say this again: we have services such as PayPal/Venmo/CashApp that people can use for cashless transactions.

Yeah, I also think with those instances for we have that cashless payment already before Bitcoin created but the survey says it gains more users who use at this time, and most probably it is because we are in the pandemic situation.

I would say maybe
...
So Covid-19 is not the only one of the reasons for bitcoin adoption.

Apparently, not as a whole but in some point that Covid-19 it influence people to adopt it.

[Cnut237]

As a USD/GBP/fiat alternative for day-to-day payments, probably not. I've said this a dozen times and I'm going to say this again: we have services such as PayPal/Venmo/CashApp that people can use for cashless transactions.

As for trust in Bitcoin knowing that the federal reserve is going full mass printing mode, probably? If yes, probably not a significant amount of people though. A lot of people still don't know the negative side effects of heavy quantitative easing. In social media(Facebook, specifically), my U.S. friends actually get giddy with them knowing they might get more stimulus checks.

Yes, exactly.
CV19 should be a reason for greater adoption of bitcoin, not because bitcoin is contactless, but because the government response to CV19 exposes the inadequacies and inequities of the endless money-printing of the fiat system.
In practice people tend to see this as 'yay! free cash!' rather than understanding what this actually means - despite us having been through a similar process with the last financial crisis.
And in practice we are still some time away from bitcoin being seen as anything other than a highly speculative asset, which I would say is why crypto markets got hit hard when the lockdowns started.

[Negotiation]

I believe that lockdown has increased the demand for bitcoin In the beginning the crypto market was affected due to the closure of everything due to which the price of Bitcoin dropped a lot. But later when the price started to go up everyone took advantage of this opportunity and started investing in bitcoin and they found a source of work from sitting at home in lockdown The demand for Bitcoin has increased to keep everything closed.

[carlisle1]

I will Vote for Yes,because the way i see things here is that people now made more searching about Bitcoin this pandemic time.
The increase Grows more than 100% things that can prior the crypto market considering that there are Paypal and other online payments that they can understand.

I believe that lockdown has increased the demand for bitcoin In the beginning the crypto market was affected due to the closure of everything due to which the price of Bitcoin dropped a lot. But later when the price started to go up everyone took advantage of this opportunity and started investing in bitcoin and they found a source of work from sitting at home in lockdown The demand for Bitcoin has increased to keep everything closed.

Well we are waiting for true effect because while many are claiming about adoption yet the price remains under $10k so there are many things to consider now.

[sunsilk]

One reason could be the new increased rate are the people that are looking for alternative investment. And they treat bitcoin as an investment so do we as well. No problem with that at all and we are ever wanting to see more people adopt bitcoin as a currency and as an investment.

With the pandemic, it's also said that transmission of virus through bank notes is possible. So we're actually going to the phase of cashless and it's up to them if they'll going in for retaining the value of their money and seeing future gains or wanting transactions through bitcoin.

[KrisAlex18]

It could be possible, some of us are still jobless because of this virus and we should not be contented on this. We should make some actions to still make money even though we are still at home. We can apply for online jobs, we can also try some crypto activities that can be profitable as well. Just like me because of the virus, I become more focused on crypto activities, I have so much time at home and to kill boredom, I read and try some crypto activities and information. This time is good for us to adopt the usage of the bitcoin, we can use it for some online transactions which are better than a manual thing.

Since we are still new to the current normal and with this pandemic in our hands, it's quite realistic to see and understand that it's the time to leave physical money behind. That's the critical part of the proposed contactless payments and anything related to that. So I voted in the poll, realistic since it's the ideal time to do this and shift everything into digital. We have the technology already, and we just have to implement it.

Well said, it is also good to avoid some contacts on other people. If there are things that can be done through online transactions, let us choose it so we don't need to go outside and do the transactions.

[lepbagong]

It is very significant, of course, if reducing human contact through anything, no exception with banknotes used as payments. because it was allegedly and there was once a confession in my country, because of the transmission of the corona pandemic because when he was done shopping with paper money transactions. because so far he has never traveled other than just to shop at the market.

but transactions with bitcoin are not proposed because there are still many countries that have not implemented and rules that can accept bitcoin as a legitimate transaction.
in fact it is enough to do ordinary bitcoin exchanges and from bank accounts that are exchanged for electronic money that is already widely available in every country.
electronic money has been integrated with mobile phones and transactions using only barcodes, this is the safest way for as long as the corona pandemic still exists.

[Nhor1011]

It could be possible if the covid19 pandemic will last.We are still in a new normal which people continue to adjust for what the government implement due to this pandemic. if there will be a difficulty in payment or on buying essential goods with our traditional money,maybe government will then realize that cryptocurrency will be the possible answer to lessen the contact and transmission of virus.

[mk4]

Here I'm on the side of Chamath Palihapitiya who said " Bitcoin’s success will rely on the sum of many bad decisions by governments, an outcome he says no one should want to happen", and I would added to that -  the  unwanted cataclysms  by Mother Nature. For me it's better to have the space free of COVID and such illnesses...than the world which is full of bitcoins.

Really love that interview of Chamath in Unchained especially the discussion about ethereum and DeFi LOL. Dude's a bitcoin bull, but at the same time, he's not a permabull or a social media shiller and he's pretty realistic with his Bitcoin investment thesis.

Chamath Palihapitiya: Why Bitcoin Will Be 'the Category Winner' https://www.youtube.com/watch?v=ZQmoLOB7580

[acroman08]

We can hear and see it on the television and read online about the adoption of Bitcoin as another option for contactless payment. Indeed, many countries and companies are supporting this for this a way to survive the new normal.

I would like to hear your thoughts about this.

COVID-19 could be a reason for adoption but I doubt it would be mainly because of its contactless payment. I think people who're income was affected by this pandemic are looking for a new type of investment and they see bitcoin as a possible option for it.

It could be possible if the covid19 pandemic will last.We are still in a new normal which people continue to adjust for what the government implement due to this pandemic. if there will be a difficulty in payment or on buying essential goods with our traditional money,maybe government will then realize that cryptocurrency will be the possible answer to lessen the contact and transmission of virus.

there are a lot of existing cashless services or non-contact transaction services that are currently running for bitcoin/cryptocurrency to be considered as an alternative by the government.

[davis196]

A 29% growth of trust for three years isn't that much.I don't think that the coronavirus pandemic and the lockdowns have that big impact over the Bitcoin adoption and trust.
In my country,the usage of paper money hasn't decreased and contactless payment methods still aren't that popular.We would need decades to develop a fair,effective and sustainable form of cashless society that involves Bitcoin and blockchain technology.

[Vital_Z]

The report finds that the attitude toward BTC, in general, is more positive and optimism has increased by 27% during the last three years. “60% of respondents felt that Bitcoin is a positive innovation in financial technology,” The Tokenist’s report concludes. “Increased familiarity with Bitcoin has convinced many that it is a positive force,” the paper’s authors added.

[CarnagexD]

Since we are still new to the current normal and with this pandemic in our hands, it's quite realistic to see and understand that it's the time to leave physical money behind. That's the critical part of the proposed contactless payments and anything related to that. So I voted in the poll, realistic since it's the ideal time to do this and shift everything into digital. We have the technology already, and we just have to implement it.

You can't eliminate the use of physical money easily, especially that not all of the people can afford smartphones, computers, and etc., to access digital currencies. There are a lot of people who are still unable to use digital money due to ignorance about the use of technology. I voted YES, because this is a big opportunity to use bitcoin in many transactions.

Hopefully, more businesses should allow and accept bitcoin as a mode of payment. In reality, it is really hard to achieve mass adoption as there are still people who are not that trusting bitcoin and still they see it as a risky investment which is true. All of the types of investments are risky, and it depends on the investor on how he will cope with that.

[peter0425]

The report finds that the attitude toward BTC, in general, is more positive and optimism has increased by 27% during the last three years. “60% of respondents felt that Bitcoin is a positive innovation in financial technology,” The Tokenist’s report concludes. “Increased familiarity with Bitcoin has convinced many that it is a positive force,” the paper’s authors added.

Then there must be some links towards those data that you gave,otherwise this is just a nothing but a story.

A 29% growth of trust for three years isn't that much.I don't think that the coronavirus pandemic and the lockdowns have that big impact over the Bitcoin adoption and trust.
In my country,the usage of paper money hasn't decreased and contactless payment methods still aren't that popular.We would need decades to develop a fair,effective and sustainable form of cashless society that involves Bitcoin and blockchain technology.

29% is really small percentage for the 3 years of continues Bitcoin operation but at least this is good than nothing?
The search for Bitcoin increased this pandemic but investors seems staying the same.

[Ozero]

A 29% growth of trust for three years isn't that much.I don't think that the coronavirus pandemic and the lockdowns have that big impact over the Bitcoin adoption and trust.
In my country,the usage of paper money hasn't decreased and contactless payment methods still aren't that popular.We would need decades to develop a fair,effective and sustainable form of cashless society that involves Bitcoin and blockchain technology.

It is unlikely that the further spread of coronavirus will significantly affect the increase in the use of bitcoin as a contactless means of payment. In this regard, non-cash forms of settlements of ordinary currencies and numerous stable coins that still appear to be in strong competition. However, the consequences of the fight against the spread of coronavirus, which will cause the onset of the global economic crisis, should greatly increase interest in Bitcoin as an inflation-free financial asset. In this case, bitcoin may again rise in price up to $ 20,000, or maybe more.

[kryptqnick]

I read this article( though this was created last month) and I found out the reality upon this statement.

The market research organization, The Tokenist, recently published a report called “Comparing Public Bitcoin Adoption Rates in 2020 vs 2017.” The study’s findings give a comprehensive look at the cryptocurrency ecosystem between 2017 and now. The researchers’ survey shows that since the post-Covid-19 economy is setting in, trust in bitcoin has grown 29% in the past three years.

Sources: https://news.bitcoin.com/covid-19-economy-fuels-faith-in-crypto-trust-in-bitcoin-over-banks-increased-3x-since-2017/

And another one,
https://cointelegraph.com/news/from-cash-to-crypto-covid-19-is-changing-the-way-the-world-sees-money

We can hear and see it on the television and read online about the adoption of Bitcoin as another option for contactless payment. Indeed, many countries and companies are supporting this for this a way to survive the new normal.

I would like to hear your thoughts about this.

The study by the Tokenist has been discussed in a separate thread already. It's the same study that claims young people trust Bitcoin more than they trust banks or something like this. Clearly the methodology of this study is questionable, as the adoption rate of Bitcoin is too small for it to be true. It's nowhere near enough. Just have a look at one of their conclusions:

47% of respondents trust Bitcoin over big banks, an increase of 29% in the past three years.

If 47% of a group which is representative of humanity thinks Bitcoin is better than banks, why only 2% of the population (or less) actually use Bitcoin? And the second article is largely speculative as well as very optimistic about crypto adoption. I want this all to be true, but I really don't think it is. Surely, the pandemic boosted cashless payments, but these are payments with fiat money, essentially, so it does not help Bitcoin.

[Sanugarid]

I went for maybe.  Frankly BTC is shit for using as money.

I voted as MAYBE too. I don't see any reason for a people like us to spend bitcoin since it is volatile. BUT there is reason for any crypto to be adopted due to the pandemic coz it is very dangerous to do a physical transaction right ? but bitcoin? nahh I'll just keep it.

DOGE is far better for everyday transactions under $100 usd. No comparison as to cost and speed of transactions.

DOGE is good, you can not go far because there is ETH also. Most likely the government will provide us a digital payment system, so don't be happy with the pandemic that we are experiencing right now.
Perhaps the pandemic will serve as the gateway for establishing a better digital payment that will include cryptocurrencies. I'm hopeful for it.

[GreatArkansas]

I went for "No".
I don't see many establishment reported in the news about adopting Bitcoin. Not sure how would the 29% be that impactful, and the price never even increased that much supposing that the adoption caused burst of demand.
Credit/Debit cards are still there for such payments without physical contacts.

I also don't think we can feel it right now as it is quick. Also for me, price is not affected for now even if some companies or establishments adopt Bitcoin.
For me also a "maybe" since for now Bitcoin is difficult to use especially if you are not just so techy person, so some people will probably use some easy way for now like credit cards or Paypal.
So, COVID-19 may have positive effects on Bitcoin and also negative.
For now, it's still early to decide.

[bearexin]

We can hear and see it on the television and read online about the adoption of Bitcoin as another option for contactless payment. Indeed, many countries and companies are supporting this for this a way to survive the new normal.

I would like to hear your thoughts about this.

I even saw it last week in a commercial that was released by an automotive company, can’t remember their name again, but they mentioned Bitcoin in their commercial I saw it on Twitter. But if you ask me, it’s possible that it’s not just about the Covid-19, there are other things as well. Even the halving might have contributed to it.

Bitcoin has been halved twice, and in those two times the price did go up and there were rumors that it’s going to die off after the first one that the price went up, but that never happened. And after the second one the criticism got high and people it’s coming to and end after the bull run in 2017 with the price going down in 2018. But despite all that, it still continued, and that created a lot of hype for this last Halving.

[Benefactor]

COVID-19 has already caused quite a stir around the world. Many people have died in many countries. At one time the whole world was under huge threat. A review of the current situation shows that this danger has largely been overcome. There is a lot of fear. In some Asian countries, it is still hitting anew. It is very dangerous to go out in such a situation. Since it is a swach disease it would be wise to stay at home to maintain distance. In that case, the way to pay through Bitcoin is not bad when it comes to purchasing all daily necessities online.

[Yamifoud]

The increase of crypto activity and adoption is a good drive for a better output of this creation. We can say that 27% is quite small in 3 years but at least we have that improvement and seeing for another 3 years will also be another 27% increase (possible). That to see that we are moving ahead and the market adoption continues. Yet, it can't be quick as we think during this time but how the survey shows it actually be saying there is a possible market surge in the future and more crypto users or any online payment system than FIAT money.

COVID-19 as a reason for Bitcoin adoption? Yeah, and it makes a push for the people to adopt crypto and face the new normal.

[shield132]

For contactless payments, yeah, bitcoin is a double win because you have to just open wallet from your smartphone and send bitcoins on address, the same applies to altcoins too. But on another hand, banks can easily find solution here, hire developers and create an united system where you'll be able to scan qr code and send your funds through here and believe me, it's just a matter of days for them to do.
What corona showed people regarding to bitcoin is the this currency carries better hopes/promises than fiats. Bitcoin's price didn't fall when almost everyone was expecting it and usually economic crisis is a time when people are looking for alternatives to store money. What will come across to you in this case? Gold and bitcoin.

[Ridwan Fauzi]

Indeed, many countries and companies are supporting this for this a way to survive the new normal.

It will be hard to be applied, particularly for those countries which still dislike the utilization of bitcoin to be a payment system. They will find another and using their money fiat as the solution. Like in my country, there is a new payment platform popping up, the citizens only use their smartphone for processing the payment.

Yeah, I believe they're only one factor that can't make the utilization of bitcoin used by most people in this world and that is government regulation. We always face this situation when many people already aware of bitcoin but government will just easily get rid of it in the country and make many people leave bitcoin and never use it anymore.

[LogitechMouse]

~

Bitcoin adoption has really increased within the past 3 years. Many people are using contactless/online transaction right now rather than having transactions face to face.

However, I don't think that the virus has been the reason of the rise of adoption of Bitcoin. We know that more and more people are using it year by year even though there is no pandemic. Its just that there are some users who are just using Bitcoin to transact with other people who are using it just because they don't want to get exposed to virus. More people are using E-cash compare to Bitcoin. There are some apps who allow contactless transaction suck as Paypal which uses E-cash.

[MCobian]

Indeed it is time in the current situation of adoption of bitcoin as an alternative payment. Because transactions with bitcoin only require
mobile phones and internet only, this way can prevent the spread of corona virus. And the government should support the adoption of bitcoin,
because in my opinion, payment with bitcoin is the best solution that should be tried as soon as possible. So as not to occur surges the spread
of the corona virus again.

[Twinkledoe]

Indeed it is time in the current situation of adoption of bitcoin as an alternative payment. Because transactions with bitcoin only require
mobile phones and internet only, this way can prevent the spread of corona virus. And the government should support the adoption of bitcoin,
because in my opinion, payment with bitcoin is the best solution that should be tried as soon as possible. So as not to occur surges the spread
of the corona virus again.

Bitcoin payment would really help in the adoption. But the bottleneck here is that up until now, only few merchants are accepting crypto as payment. Even in your local area, very rare that you will see a shop or supermarket accepting bitcoin. I think, if merchants, shops, groceries  or convenience stores have the bitcoin payment option, I guess consumers will take a look at this option to avoid contact with their fiat currencies, which is one source of the virus.

[Sadlife]

Covid-19 is without a doubt the trigger that made some countries use Bitcoin as their local currency due to fear of virus transmission by paper money.
Also due to the pandemic businesses we're forcefully closed causing to an economic crisis which lead to money printing by the banks on a massive scale which is not good and people are now realizing it.

[maxreish]

If people wanted to find another source of income, for them bitcoin is the new answer for this covid pandemic sudden cause of lockdowns. If we are about to talk about the bitcoin adoption, probably compared with the previous years, it increasingly known and the growth were higher than before. This covid pandemic somehow contribute to the greater adoption of bitcoin hence they are still people who misinterpret the use of it.

[Hypnosis00]

Indeed, many countries and companies are supporting this for this a way to survive the new normal.

It will be hard to be applied, particularly for those countries which still dislike the utilization of bitcoin to be a payment system. They will find another and using their money fiat as the solution. Like in my country, there is a new payment platform popping up, the citizens only use their smartphone for processing the payment.

Yeah, I believe they're only one factor that can't make the utilization of bitcoin used by most people in this world and that is government regulation. We always face this situation when many people already aware of bitcoin but government will just easily get rid of it in the country and make many people leave bitcoin and never use it anymore.

The awareness and online adds for Bitcoin keep popping also but that was unfortunate for the place where their leaders aren't wide-open for this great opportunity for their people. I supposed to think that this is the time to let their people took what they'll it gonna be best for them. Besides, Bitcoin isn't only for a currency to use for online transactions but also giving them an opportunity to generate money.

[michellee]

I would say maybe
...
So Covid-19 is not the only one of the reasons for bitcoin adoption.

Apparently, not as a whole but in some point that Covid-19 it influence people to adopt it.

While people have much time at their home and have an internet connection, they will see so many cryptocurrency advertising from many websites, especially from social media, which can bring them to visit on that crypto website.

If people wanted to find another source of income, for them bitcoin is the new answer for this covid pandemic sudden cause of lockdowns. If we are about to talk about the bitcoin adoption, probably compared with the previous years, it increasingly known and the growth were higher than before. This covid pandemic somehow contribute to the greater adoption of bitcoin hence they are still people who misinterpret the use of it.

Maybe bitcoin is one of many ways of source income that they will see from the internet. If many more people adopt bitcoin, we will see growth in the number of users that used bitcoin from this year, and that can trigger the market to change, and maybe we will see a better situation at the market.

[pooya87]

i voted wrong, i wanted to say maybe

in any case, i wouldn't say factors mentioned in the article and specifically COVID-19 is the "reason" for bitcoin adoption. there are a lot of reasons for bitcoin adoption and things such as the recent pandemic are only small contributors to that.
not to mention that the "study" is based on a survey and surveys are known to be very inaccurate specially the way they are performed which is nowhere near scientific or accurate.

i see the main reason for increased bitcoin adoption at this point is the bitcoin's age itself. many people heard about bitcoin a while ago but also heard the FUD about how it won't survive and how it would die soon. now that it has been around and stayed strong they are seeing the reality and realize what they initially heard was total bullshit.
of course there are many factors as i said, the inflation in the world thanks to governments printing large amounts of fiat specially during the pandemic, the corruption in banking system and governments, people wanting more privacy,.... last but not least are those who want profit seeing the phenomenal performance of bitcoin over the years.

[crwth]

Well said, it is also good to avoid some contacts on other people. If there are things that can be done through online transactions, let us choose it so we don't need to go outside and do the transactions.

That's definitely the purpose of the contactless payment systems. The situation now made it sound a lot better and it's the actual time to do it, IMO. You will never know what the other person has been with or something. It's best to stay safe.

You can't eliminate the use of physical money easily, especially that not all of the people can afford smartphones, computers, and etc., to access digital currencies. There are a lot of people who are still unable to use digital money due to ignorance about the use of technology. I voted YES, because this is a big opportunity to use bitcoin in many transactions.

The best goal is to eliminate it but it's not realistic, I know. I hope it's going to be a preferred way of payment or something like that. I know that even basic cellphones now can transact through texts, IIRC.

[btc78]

I went for "No".
I don't see many establishment reported in the news about adopting Bitcoin. Not sure how would the 29% be that impactful, and the price never even increased that much supposing that the adoption caused burst of demand.
Credit/Debit cards are still there for such payments without physical contacts.

But debit/credit cards are only there without opportunity of profiting while having right?
imagine if you are only putting your self to be ready in case there are something more than
pandemic happens in the future thats
 the reason why you are buying Bitcoin?
don't you think this is much better idea that your credit cards that will only be a burden if
you did not pay in right time.

[ethereumhunter]

But debit/credit cards are only there without opportunity of profiting while having right?
imagine if you are only putting your self to be ready in case there are something more than
pandemic happens in the future thats
 the reason why you are buying Bitcoin?
don't you think this is much better idea that your credit cards that will only be a burden if
you did not pay in right time.

Until bitcoin can be used as the payment option, we still use fiat, debit/credit card, or another digital payment. We can not deny that because so far, bitcoin is not available in many places or countries, so we can not use bitcoin to buy something. Yes, bitcoin can have the opportunity which can solve the problem to buy daily needs without having physical contacts. Still, we need to wait until many countries can accept bitcoin as an alternative payment system.

[jeanne19]

trust in bitcoin has grown because many people expected bitcoin to be a bubble and it will explode at any time.
it is better not to speculate in these assets. The price is more stable and stable than many stocks that have started to fluctuate sharply.
the risks have become one, and trust in bitcoin and profits are greater when investing.
and after covid19 we can see more people try to invest in bitcoin.

[yohananaomi]

Covid-19 is without a doubt the trigger that made some countries use Bitcoin as their local currency due to fear of virus transmission by paper money.
Also due to the pandemic businesses we're forcefully closed causing to an economic crisis which lead to money printing by the banks on a massive scale which is not good and people are now realizing it.

I agree with your opinion that says paper money is one of the triggers for the transmission of the corona pandemic. and it happened in my country that he never left the house, and only shop for the necessities of life when leaving the house. but contracted corona and he realized that from paper money shopping returns occurred contagion.

then there is a better need for online transactions and online payments are needed and certainly not with just bitcoin. because there are still some countries that have not been able to accept as legal tender. but it can be exchanged first to fiat and then replaced with digital money that is now circulating in every country. with transactions using digital money by scanning barcodes, transmission can be reduced.

[AakZaki]

Covid-19 pandemic is not a reason to adopt bitcoin. Bitcoin is still not officially a legal payment tool. in some countries even prohibits bitcoin and the regulations given by bitcoin are only as commodity trading and not as a legal payment tool.

People still choose FIAT to make payments. For online payments fiat also has its own platform without the need to use bitcoin.

At present the adoption of bitcoin is still based on various factors not only because of Covid-19. It takes a process to adopt bitcoin and there are still many pros and cons.

[pixie85]

If they force people to use electronic money and somehow remove cash completely it's going to increase Bitcoin adoption.

If not, I just don't see it happening. The only way people start using Bitcoin is if other ways of paying become more risky or less convenient.

[Oceat]

If they force people to use electronic money and somehow remove cash completely it's going to increase Bitcoin adoption.

That's most likely not going to happen for some reason physical money is somehow useful and not everyone is nerd tech to join the squad of cashless society.

If not, I just don't see it happening. The only way people start using Bitcoin is if other ways of paying become more risky or less convenient.

You know what, there's a lot of options to choose why people would choose to use Bitcoin instead of fiat. Besides, Bitcoin itself is risky in terms of investment or trading because of its unstable volatility that's why people preferred a stable one or just simply use the fiat.

[winterlemon912]

If they force people to use electronic money and somehow remove cash completely it's going to increase Bitcoin adoption.

If not, I just don't see it happening. The only way people start using Bitcoin is if other ways of paying become more risky or less convenient.

Using crypto currency as a world currency can change the whole financial system of whole world. Let's go way back to the time we still have no currency and we are just trading any materials like gold silver and even animals. When crypto currency is used as a financial system of the whole world, that time will come back where we are trading but in the form of crypto currency so that we don't need to spend a lot of materials on making a money. Trading will be more common for everyone of us and the crypto currency subject will be added on every universities.
Source: https://steemit.com/cryptocurrency/@s-johnathan/a-world-without-paper-money

[Latviand]

But debit/credit cards are only there without opportunity of profiting while having right?
imagine if you are only putting your self to be ready in case there are something more than
pandemic happens in the future thats
 the reason why you are buying Bitcoin?
don't you think this is much better idea that your credit cards that will only be a burden if
you did not pay in right time.

Until bitcoin can be used as the payment option, we still use fiat, debit/credit card, or another digital payment. We can not deny that because so far, bitcoin is not available in many places or countries, so we can not use bitcoin to buy something. Yes, bitcoin can have the opportunity which can solve the problem to buy daily needs without having physical contacts. Still, we need to wait until many countries can accept bitcoin as an alternative payment system.

That's right, the use of fiat will never be vanished because it is the commonly used and the traditional tool for payment in many transactions. I know that it is not that easy to achieve mass adoption in bitcoin but the fiat currency exists first than bitcoin. Somehow this pandemic makes other people understand how bitcoin works and its importance in the economy but it is less likely that most of the people will use bitcoin in their transactions.

That's when we relate it in Covid-19, as a payment tool.

But if we focused on bitcoin adoption and there are people who are investing in holding bitcoin, then that's a good point.

[Loomely]

Bitcoin adoption will grow whenever more people make a profit, more profits mean more adoption.
if we review the prices, we will find that less than 10% of the investors achieved losses.
most of them made a purchase at a wrong time and did not re-do it
most of the people who invested for long periods made a lot of profits and thus their confidence increased in Bitcoin.

[jerrison]

COVID -19 has been declared by the World Health Organisation as a  pandemic and therefore calls for serious measures to be put in place to limit its spread across the world. one of these measures includes reducing contact betweeen people and money is the fastest way for people to estabblish contact as it changes hands on a daily basis. alternative means of spending  money remains the use of digitised systems and that is where the bitcoin currency comes in handy. this has spread the awareness of the bitcoin technology and also its usage and over  the months, it has recorded wide useage which is massive adoption for bitcoin generally.

[verita1]

Due to the problems that Covid19 causes us, it is a good opportunity for Bitcoin to be accepted as a new monetary asset in the economy of the nations of the world. Or at least that the barriers imposed on its free circulation be removed and that it be freely used by citizens.
E-commerce is now growing and industry giants are closing their offices for their workers to work remotely.
It is time to Accept Bitcoin in the economy.

[GDragon]

As a USD/GBP/fiat alternative for day-to-day payments, probably not. I've said this a dozen times and I'm going to say this again: we have services such as PayPal/Venmo/CashApp that people can use for cashless transactions.

I still use digital payment too than crypto. Its much more efficient and efficiency will be one of the reason why people will use it. Bitcoin adoption needs a lot of development. Government needs to be a part of it, third world country needs technology development to those rural area, stronger wifi too. And guess what the government needs to do right now? They need to cope up with the virus, a lot of their people are dying, a lot are unemployed. They can't fixed things that they do not need to prioritize as of the moment. They need to save lives as of now. I think it is not the right time. Bitcoin currency needs a lot of time, a lot of work.

[Becky666]

I went for "No".
I don't see many establishment reported in the news about adopting Bitcoin. Not sure how would the 29% be that impactful, and the price never even increased that much supposing that the adoption caused burst of demand.
Credit/Debit cards are still there for such payments without physical contacts.

That's correct, according to the OP, the covid-19 will bring into place bitcoin adoption and nothing like such has happened few months from the outbreak of coronavirus. I believed there is more to this covid-19, its a new world order and has not yet responded to the rise of Bitcoin. Other payments system are still more available for the world and not yet ready to take the global adoption.

[imstillthebest]

As a USD/GBP/fiat alternative for day-to-day payments, probably not. I've said this a dozen times and I'm going to say this again: we have services such as PayPal/Venmo/CashApp that people can use for cashless transactions.

I still use digital payment too than crypto. Its much more efficient and efficiency will be one of the reason why people will use it.

then why you guys are here if you dont like crypto ? it sounds like you love more other payment methods eh ?paypal is old and it sucks but cryptos are the new in .  cryptos are efficient to use too and it has many advantages .

thats the reason people prefer it not just on this covid season but to also on regular seasons too  . the adoption isnt growing during pandemic times but it can be decreasing too because people are having a financial problem mostly .

[pixie85]

If they force people to use electronic money and somehow remove cash completely it's going to increase Bitcoin adoption.

That's most likely not going to happen for some reason physical money is somehow useful and not everyone is nerd tech to join the squad of cashless society.

If not, I just don't see it happening. The only way people start using Bitcoin is if other ways of paying become more risky or less convenient.

You know what, there's a lot of options to choose why people would choose to use Bitcoin instead of fiat. Besides, Bitcoin itself is risky in terms of investment or trading because of its unstable volatility that's why people preferred a stable one or just simply use the fiat.

Physical money is useful but it's not why governments want to get rid of it.

Cash is not printed for free. It costs money to make money and it costs money to move money around in bags, hold it in storage, build vaults for it.

Cash is hard to trace. It's much easier to trace and seize money if it's held on your account.

It's convenient for the governments to persuade people to use cards or centralized cryptocurrencies.

[Xxmodded]

Cash money is not healthy payment transaction right now during covid 19 still exist and could not stopping, why not to try bitcoin as legal currency and buyer or seller not touch each other, will be healthy for costumer and seller when transaction on the market public, I think government should legal bitcoin and altcoin right now and become the way how to stop covid 19 and make country back to normal again.

[so98nn]

I see it in little different way. I mean its not that adoption of bitcoin has increased over the time because of COVID-19 situation but it is the time that people are getting to know it.

There is huge difference between the two and here is why . .

1. Adoption of bitcoin would mean that bitcoin is completely gotten into users head and they will just use that currency for their daily life chores. Meaning, trading, investments, storage, payouts etc.
2. We don't see any such changes yet because we don't have 100% working infrastructure for the bitcoin in real world. Few country adopted it, few are on the verge and many of them are against it. Thats not adoption.
3. Since COVID-19 all people has gotten plenty of time to "Explore" the new side of world, the crypto world. They are just enthusiastic about it but they have not adopted it in the first place. They will explore, many of them might stay back, many of them will go to traditional ways once everything opens up.

This is the thought that came to my mind when you said its getting adopted.