Covid crisis & evolving phases

[Kemarit]

Of course, people spend lot of time on internet and also everywhere they can see digital payments only to avoid the spread but it doesn't literally cause for the adoption of cryptos, it just made the people go for the cashless transactions so more revenue for the banks from this pandemic. Maybe this can be the first step towards the evolvement of a decentralized payment system.

And that is why the big 4 companies are making record revenues in the middle of the Covid-19 crisis, Big Tech's blockbuster earnings undermine their arguments to Congress that they aren't that big.

It's because people are going online more than anything, people staying at home, nothing to do but to surf and use services and platforms like Amazon, Google, Facebook and probably buying more Iphones.

So the market is evolving, cashless society is here to stay, whether bitcoin, credit or debit cards or other third party services. It just speed up the adoption.

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[svaboda54]

Of course, this situation gave the opportunity for crypto to evolve. Many banks have seen great potential in crypto now.

[michellee]

Definitely. Now that online transactions are the new normal, digital currency would be most appreciated than ever. People will surely refer to digital currency for their transactions because it is not only efficient but safer way for consumers.

In some countries, people already use digital currency, but it's not crypto because they need approval from their government to use crypto as the payment system. But in the future, there is a big possibility to see the crypto will be used for the new payment system because, in cryptocurrency, many coins can be an alternative for paying something. We might see that evolution happens after we solve the COVID crisis because now, every country is trying to stabilize its economy first.

[lepbagong]

Definitely. Now that online transactions are the new normal, digital currency would be most appreciated than ever. People will surely refer to digital currency for their transactions because it is not only efficient but safer way for consumers.

In some countries, people already use digital currency, but it's not crypto because they need approval from their government to use crypto as the payment system. But in the future, there is a big possibility to see the crypto will be used for the new payment system because, in cryptocurrency, many coins can be an alternative for paying something. We might see that evolution happens after we solve the COVID crisis because now, every country is trying to stabilize its economy first.

it is true that crypto cannot be fully used because most countries have not legally recognized it as a means of transaction. but there is already a growing number of digital money held by various companies that usually do not have an alliance with a particular bank. Of course this is a joy that many are accustomed to doing.

Crypto for the future should be a more friendly digital money because it can be used between countries and is not bound by the standard rules of a particular bank, which will obviously be superior to other digital currencies.
because transactions are not only for local people but can be cross-country, which may not be possible for digital money in circulation today.

I agree, let it now be more focused on a pandemic that may not be resolved properly, at a time when crypto will fully hold onto all digital currencies. what is needed is the comfort they can receive from the digital money. this will facilitate the introduction of crypto in the future.

[gamesmaster]

It's not looking like covid is going to go away anytime soon. As mentioned previously, people are opting to do more and more things online. The high street shops in the UK are going to be decimated even more after all of this. My line of work is casino and we have really struggled, loads of our regular players have been choosing to play online now, learning more about slots at sites like this like Megaways at https://www.demoslot.com

I'm not sure how much longer as a business we will hold out, but it's the same for everybody, and some have it a lot worse than what I have. Post covid earth is going to be a very different place.

[wxa7115]

For now there has been no change in the use of digital currency, but what I have observed is that more and more people are losing their jobs due to this corona virus, as a result the economy of all sectors is starting to paralyze and I hope all of this will end quickly. Hopefully back to normal.

Things are for the most part never going to go back to normal, it seems that people think that the economy moves in a symmetrical way but this is not the case, growth happens very slowly but when the economy goes down it does in a really fast fashion, this means that the drop in the economies around the world that we have seen during this year is not going to be recovered during this year as well, most likely it is going to take at least 3 to 4 years for things to go back to normal and that is assuming that the damages by the coronavirus stop now.

And as we know until the vaccine is developed and distributed the damage to the economy is going to continue and unfortunately for many of us that means that our jobs could be at risk.

[Rafiqul]

The world is going through a period of deep crisis due to the epidemic caused by the COVID-19 virus, the duration of which is likely to be prolonged. Due to the changed situation, people are becoming more dependent on technology; Especially online banking transactions, buying and selling, office work, teaching in educational institutions, social, institutional and state events are all happening. I think besides this, the use of cryptocurrency, especially Bitcoin, is also increasing. I believe that cryptocurrency can play an important role in overcoming this recession in the world economy; The matter should be considered by the authorities now.

[carriebee]

The world is going through a period of deep crisis due to the epidemic caused by the COVID-19 virus, the duration of which is likely to be prolonged. Due to the changed situation, people are becoming more dependent on technology; Especially online banking transactions, buying and selling, office work, teaching in educational institutions, social, institutional and state events are all happening. I think besides this, the use of cryptocurrency, especially Bitcoin, is also increasing. I believe that cryptocurrency can play an important role in overcoming this recession in the world economy; The matter should be considered by the authorities now.

With this pandemic happening we observe the increase usage of online transactions it becomes in demand these days. Well, that's true there’s no time duration as to when this will be resolved unless there is a vaccine. This really shows that people are adopting this kind of technology to lessen also the cash transaction to avoid contact to a person. No doubt about that bitcoin brought importance to the users until today.

[panganib999]

We cannot be so sure that the effect of the Coronavirus pandemic which is people shifting from physical money to digital currencies will be permanent already because such actions are just being triggered by the situation on which people are wanting themselves to be safe away from getting infected by the virus that can be potentially transferred through physical money. But since using digital currencies have been part of our daily lives this entire season of the Coronavirus pandemic, maybe it would become our new normal that will soon be adapted to permanent usage already.

This pandemic have boosted up the usage of our modernized technology which enable us to shift from physical to digital ones not only for money but also with regards to businesses which inhibit the usage of digital currencies on doing transaction. Right now, maybe we can consider that yes, this Pandemic might brought us up into permanent usage of digital currencies even the pandemic is already out since usage of such currencies have already been a part of our daily lives. But still, there are lots of people that would consider using physical money for sure.

[seramania]

As the covid crisis is evolving step-by-step, started as a health crisis it is bending towards economic crisis which is showing an elevation from physical to digital.
Does Coronavirus pandemic will permanently change consumer behaviour towards digital currency? 

change is not big, but the increase in digital currency will definitely happen because people prefer to use digital for health purposes during Covid 19 or in the future when Covid is over. so I think this moment has a positive effect on people to get used to using digital currency

[Mumbeeptind1963]

As the covid crisis is evolving step-by-step, started as a health crisis it is bending towards economic crisis which is showing an elevation from physical to digital.
Does Coronavirus pandemic will permanently change consumer behaviour towards digital currency? 

change is not big, but the increase in digital currency will definitely happen because people prefer to use digital for health purposes during Covid 19 or in the future when Covid is over. so I think this moment has a positive effect on people to get used to using digital currency

Somehow the covid 19 pandemic has a good effect on each in everyone lives if they are a crypto user because they can still earn money through trading and they can also have their money through digital but for the non users there is no positive effect coz they don't have the chance to gain a benefit from this.

[ufaiz50]

Behaviour have a number of things, so I'm sure there will be behaviour that have changed after this pandemic and that won't. Moreover, humans have different characteristics and so do cryptocurrency users, where in the cryptocurrency consumer their behaviour change permanently. We know that during this pandemic the cryptocurrency looks more lively, the crypto market is starting to look up in volume, many users are also active in the market.

[AmoreJaz]

Behaviour have a number of things, so I'm sure there will be behaviour that have changed after this pandemic and that won't. Moreover, humans have different characteristics and so do cryptocurrency users, where in the cryptocurrency consumer their behaviour change permanently. We know that during this pandemic the cryptocurrency looks more lively, the crypto market is starting to look up in volume, many users are also active in the market.

there are people who are open to new technology but still some are not. but with the crisis that we experienced, a lot of people looked or searched about crypto, mainly for alternative payment and investments. and we have seen that btc market survived in this crisis and slowly rising up.
with good understanding in crypto, i guess a lot of newbies who were hesitant before already changed their minds. however, it will take time for them to adopt the crypto system. just like us when we were starting, we tested small amount, tried whats going on and took many readings before we have the grasp how can we work around in crypto

[dioanna]

As the covid crisis is evolving step-by-step, started as a health crisis it is bending towards economic crisis which is showing an elevation from physical to digital.
Does Coronavirus pandemic will permanently change consumer behaviour towards digital currency? 

YES! During these Covid Pandemic, we are forced to do every transaction online. Order food, clothes, services, etc online.
which leads payment to be made thru online banking transfer , online wallet transfer and accepting cryptocurrencies is also being made an option as well.

[mardaed]

As the covid crisis is evolving step-by-step, started as a health crisis it is bending towards economic crisis which is showing an elevation from physical to digital.
Does Coronavirus pandemic will permanently change consumer behaviour towards digital currency? 

YES! During these Covid Pandemic, we are forced to do every transaction online. Order food, clothes, services, etc online.
which leads payment to be made thru online banking transfer , online wallet transfer and accepting cryptocurrencies is also being made an option as well.

I certainly agree with you. Every transactions now are encouraged to be made online. And these past few months, I have seen people on my social media platforms that started to get interested with cryptocurrencies because of remote working system and home quarantine they decided to try and explore it.