Covid crisis & evolving phases

[gokumarket]

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? 

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[20kevin20]

So far, it looks like the pandemic is here to stay. Countries are apparently trying to adapt to e-studying through online classes.. There are also lots of people who've adapted to credit card payments instead of cash as well. which means we're clearly going the digital way.

So yeah, to me it looks like the situation definitely pushes digital currencies forward and most likely increased crypto usage as well (this is pretty obvious in a lot of the charts and data from the last months). And then we have time - the more passes, the newer generations of humans are which results in a better adaptation to technology.

[mk4]

People will no doubt surely be more appealed towards digital payments due to them preferring to not transact with physical cash. But regardless, I personally don't think physical cash transactions will necessarily die as there's definitely still advantages with using physical cash(privacy is one).

With that said, no; it doesn't necessarily mean people are going to move to bitcoin. People will mostly be using platforms such as Cash App and Venmo.

[Botnake]

An increase of demand for online payment system or digital currencies is happening, but that doesn't mean that paper money will be surpassed on its demand as even how successful the online world, majority are still using paper money for their daily needs. Yes, the world is evolving but it does not chance the norms, it's just giving us more option to transact our money for our convenience, and online currencies does not give convenience to all.

[pakhitheboss]

One of the key SOP for COVID19 is contact less transaction and deliveries. Most vendors are now upselling this service and most consumers are going for it.  In my opinion digital currency will now become an everyday necessity.

But the problem with digital currency is that it can be easily tracked hence, you can forget your privacy.

[taufik123]

Permanent changes may not be possible at this time, because paper money is still widely used by many people, especially people who are not familiar with digital currencies. every bank ATM is still a lot and provides paper money to be used as an offline transaction tool. In the digital era, as now all things can be done digitally, several platforms that provide digital payment services have begun to develop, especially every local bank in several countries providing transaction facilities that can be done online without having to use banknotes.

The use of Crypto as an alternative digital currency payment is still hampered by several regulations in each country.

[shata]

People will no doubt surely be more appealed towards digital payments due to them preferring to not transact with physical cash. But regardless, I personally don't think physical cash transactions will necessarily die as there's definitely still advantages with using physical cash(privacy is one).

With that said, no; it doesn't necessarily mean people are going to move to bitcoin. People will mostly be using platforms such as Cash App and Venmo.

Definitely true, people using digital currency will give them the benefit and ease of transacting payments without physical cash. While this one is great, physical cash will not go obsolete. However, CBDC on most countries like chinese digital yuan, japanese yen, and other experimented digital currency initiated by central banks may spell "yes to utmost adoption" of digital payments.

With current pandemic, it is worth to use digital currency to avoid the spread of diseases.

[Yudhisthir]

What is more visible is the current pandemic do boosted online shopping and use of virtual currency which were already taking their grounds. If 20% of people were ordering their food online, now 40% are doing so. If 20% of meetings were held through video conference, now 80% are done so.
The pandemic has decreased social gatherings. It's a dream came true for introverts. Ceremonies like wedding are happening with less expenditure and presence. And the virus is here to stay.

[davis196]

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? 

The COVID-19 crisis is spreading,not evolving.There's a difference between those two terms.
Consumer behavior can't be changed just like that.If you asking about whether or not the people will pay with Bitcoins when buying bread and tomatoes,then I would say no,this will most likely never happen.
Cryptocurrencies are still recognized mostly as an investment asset,rather than actual currencies used for daily purchases.The current pandemic isn't shifting this mindset.
I wouldn't say "elevation from physical to digital",because the digital world still has many flaws and we should not put it on a pedestal.The "digital" isn't always superior,compared with the "physical".

[BrewMaster]

no.
people have been using digital form of payment for a long time now even without COVID-19 pandemic. in fact usage of physical cash has been very little in most places in the world.
with the pandemic they may have moved more towards digital payments but not towards bitcoin and decentralized money. bitcoin still needs adoption (merchants accepting it, employers paying salaries in it,...) before we can see people move towards bitcoin.
other cryptocurrencies are useless anyways so there is nothing there to go to in first place!

[rhomelmabini]

Does Coronavirus pandemic will permanently change consumer behaviour towards digital currency?  

I wouldn't say it will be permanent but there are factors to consider regarding consumer behaviours. So far, I think the lean towards using digital payments in my country has increased since people now are into selling goods online. I don't think bitcoin is into those digital payments accepted here but more like those are still just cash from some digital payment providers and I think we are far more to accept that norm paying digital currencies like bitcoin.

[Kez1817]

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? 

Maybe,Covid19 pandemic will stay for so long but i don't think that it will bring people towards digital currency because digital currency is not yet legally accepted anywhere. Also government still issuing a new design of fiat money despite of this pandemic which means government has no plan to adopt digital currency. This is just my point of view for my country. In other country that are already accepting cryptocurrency and allow their people to use it,using atm machines and other modern technology in cryptocurrency,I think it is easy for then to adopt digital currency as a new normal due to pandemic.

[20kevin20]

no.
people have been using digital form of payment for a long time now even without COVID-19 pandemic. in fact usage of physical cash has been very little in most places in the world.
with the pandemic they may have moved more towards digital payments but not towards bitcoin and decentralized money. bitcoin still needs adoption (merchants accepting it, employers paying salaries in it,...) before we can see people move towards bitcoin.
other cryptocurrencies are useless anyways so there is nothing there to go to in first place!

I'd argue that, once you get the hang of digital payments, you'd be more interested imo to check out BTC as well. A lot of people don't like BTC because it's virtual, so using virtual fiat vs using a virtual decentralized currency is only a small step away. I hear "please use card payments as often as possible" every like 10 seconds in our grocery stores and I think the constant repetiton of those words will make a difference at one point, lol.

[carter34]

Does Coronavirus pandemic will permanently change consumer behaviour towards digital currency? 

I think it changed to positive for the use of digital currency. Lately since covid-19 has been taking over the world, there has been uprising use of bitcoin and this is one big reason that bitcoin has been going up even when many think its price could be going down. The digital currency is now gaining much relevance because it takes away third party contact.

[wxa7115]

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? 

Probably but it will be for the better, I really think that this crisis took everyone by surprise and this hit the economies of the world, so while people are waiting for things to go back to the way they were I think the next decade is going to be challenge for governments as they try to keep their economies together only to fail at the end.

And while this may seem bad for cryptocurrencies you must remember that bitcoin was created with that scenario in mind, an scenario where the fiat currencies of the world fail and lose the trust of the public is all but a given now with the only caveat that we do not have an exact date for that crisis, but at some point people will realize that gold and bitcoin are good options to save yourself from it with bitcoin being the superior choice as unlike gold you can trade it online without the need to identify yourself.

[Twentyonepaylots]

Theoretically people will look for fiat alternative because of the situation where paper money could catch a virus, but the question is will people be looking for decentralized? This is not a question for use since we already use it, but for people who aren't in touch with the crypto, and since we do have a lot of alternative to fiat currency as an option and medium for payment crypto might just be set aside. First we have a digital payment processors like paypal and we do have wired/electronic transfer. So I guess we are going to see a growth on crypto but it's not that huge, however digital payment processors are into crypto not, so let's just see what happens.

[harizen]

Does Coronavirus pandemic will permanently change consumer behaviour towards digital currency? 

Even before the pandemic, doing cashless transactions is highly encouraged.

So to rephrase your statement, towards "digital payments" and not "digital currency".

With or without pandemic, expect that the volume of digital payment will increase time by time. But unfortunately, it doesn't mean BTC will always be considered to be used, at least from what I observed here in our community. We have to accept that bitcoin is still far from being accepted nor consider being used worldwide especially at a time like this due to the fact that there are not many merchants accepting crypto-payments directly or simply people are having more convenience with fiat payments online on which transaction are just 1-tap.

[pathapoddo]

I was used to the digital payment system before the pandemic. But I can surely say that Covid-19 made us using digital payment forcefully. At present I see my family members doing this quite a lot. In our country there is no cash on delivery now. You have to pay the bills before you place the order. Or if you want to select the cash on delivery system you have to select cashless delivery. Which is when you receive the product you need to pay the bill through mobile banking apps. That's how the digital payment is increasing day by day. And the people of my country is adopting it to their life for this Covid-19 situation, because there is no other option. 

[aundroid]

Even before Covid, central banks were moving towards CBDCs.
The digital yuan is already being tested.
Also other central banks ( EZB, BoE, etc.) have stated that efforts are already being made to move towards a CBDC.

I still hope that we don't become a 'cashless society', where in my opinion the disadvantages clearly outweigh the benefits.

[GreatArkansas]

I don't believe that it will become permanently changed or cashless will take over or remove the traditional way in the society.
What I believe is, cashless will be the new trend and the traditional way will still stay as it is, it will be choice for the people what will they use.

There are lot of different using digital than physical, but we should also consider a lot of pros and cons on it. Even we say digital payment is really convenient, there are still lot of people don't want to use it or don't know what to do.