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.

[1714788088]

1714788088

[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.