COVID-19 a reason for Bitcoin adoption?

[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.

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[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.