Covid crisis & evolving phases

[jademaxsuy]

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.

yes, that is right. Others are thinking differently why they like more on cashless when we can have an option to use when it comes to exchange goods, products and services. Cashless would be more suitable and comfort to high traffic transactions but traditional.exchange may be used also when everything in digital will going to experience technical issues.  We can expect on technical problems to arise of course we are using digital devices that has life span in terms of its use.

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[The Sceptical Chymist]

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.

All of that is true except the first statement, that the pandemic is here to stay.  It isn't.  Like any viral outbreak, it will eventually run its course and/or we'll find a vaccine or an effective treatment for it.  People have gotten used to wearing masks and maintaining their distance from each other, and that will probably be a habit which will last but this isn't going to last forever.

I've not no problem with universities moving toward online classes, but I don't think that should be a permanent thing either.  Going to a classroom and interacting with peers and professors is important.  One thing I think will last is people's shopping habits and the way they pay for things.  Cash will probably phase out quicker than it has been, and people will continue to order things from sites like Amazon.

I wish I could say that cryptocurrency will benefit from this, but I don't think it will.  It certainly doesn't seem to have thus far, although people seem to be buying bitcoin and altcoins like crazy--they're just not spending them as far as I know. 

E-commerce is now getting bigger as we adopt to change. Perhaps, instead of cash, we are slowly transitioning to cashless and digital transactions.

Oh, that's definitely true and has been for some time now.  I know some people who never carry cash on them and use debit cards and/or smartphones to pay for everything.  Right now I'm just waiting for the US government to stop minting pennies and nickels, which would be a smart thing for them to do.

[Zemomtum]

COVID crisis has changed a lot of our human perspective. Most products that don't pay attention to digitalization are now had no choice but to implement one. We are in a new era of human phase that is making online present somehow compulsory. Most board and staff meetings are now been conducted viz Zoom.

[J.Amador]

So far our country is suffering in the virus people now days prefer online buying than go to the mall for their safety for me I think it will permanently change consumer behaviour because in this situation that our country facing Right now many people paid their bills thru digital currency  and that's so easy even if you are in your house you can pay your bills you don't need to go out

[crwth]

In my circle, there are a lot of changes that were made, and they are transitioning towards the digital currency trend, and they are right to do that. Maybe there are a lot of reasons to go to do that, and it's the ease of use. Some people prefer digital payments instead of cash instead, and it could be the stepping stone that we need for cryptocurrencies to arise. In our country, there are a lot of custodial wallets that accept cryptocurrencies and are being used to pay in different forms, and I think it's going to be the trend everywhere.

P.S. paying bills is a breeze compared to lining up and waiting for an hour just to pay. Everyone is transitioning for sure.

[michellee]

I think the COVID crisis can change our behavior in socialize and how we should when we are in the public area. We can wear a mask while we are in a meeting or other people in a room, and that will be normal to see in many places. In the payment system, people still use fiat/cash to buy something. However, they also use a digital currency to buy something from their homes because many of them still are careful if they want to shop or buy their daily needs, so they use the digital money to buy from homes.

[jademaxsuy]

digital payments are indeed the best choice for the current corona virus pandemic. But in my opinion, the measure for permanence is still far away, because until now we still need paper currency for the survival of a country's economy. so, let me say no in this case

No or you could also say that it could depend on the preference of the user. One can optionally use digital currency and fiat currency. There is no conflict of using both system because both are acceptable to the community. Aside from that due to pandemic online transaction find more suitable in this case so no wonder why we should also need to promote this kind of tra saction for the betterment and comfort of the users between digital currency and fiat currency users.

[20kevin20]

All of that is true except the first statement, that the pandemic is here to stay.  It isn't.  Like any viral outbreak, it will eventually run its course and/or we'll find a vaccine or an effective treatment for it.  People have gotten used to wearing masks and maintaining their distance from each other, and that will probably be a habit which will last but this isn't going to last forever.

I've not no problem with universities moving toward online classes, but I don't think that should be a permanent thing either.  Going to a classroom and interacting with peers and professors is important.  One thing I think will last is people's shopping habits and the way they pay for things.  Cash will probably phase out quicker than it has been, and people will continue to order things from sites like Amazon.

I wish I could say that cryptocurrency will benefit from this, but I don't think it will.  It certainly doesn't seem to have thus far, although people seem to be buying bitcoin and altcoins like crazy--they're just not spending them as far as I know. 

I would argue more about the first paragraph but I might go a bit too off topic.

My main problem with online classes is privacy related, so is switching to card payments and abandoning cash completely. But yeah, "cashless society" isn't far fetched at all now, although it did sound like a crazy thing to many before the outbreak.

Going cashless means more interest in cryptos though imo - and do you think it's a bad thing that people are investing in BTC and alts like crazy without spending them? After all, especially with the recent negative financial reports from various countries, this could mean they're starting to see cryptocurrencies as safe haven assets.

[Rafiqul]

It is true that the use of digital technology has increased more than ever before due to the Kovid 19 epidemic. Financial institutions are encouraging online payments, from ordering food to making various purchases online, as well as meetings, seminars being performed virtually using digital technology. Although the direct use of cryptocurrency has not increased, it is noteworthy that a lot of people have learned about crypto over the last few months and it is fast becoming the most preferred option for making and paying money online.

[Yatsan]

The effect of Coronavirus pandemic on the living of the people pushes through the using of fiat (paper money) into digital money which is using cashless transaction as of the moment to keep up on avoiding the spread of virus which is said that can be transferred through physical money. This concept will remain to be temporary to permanent on the people's daily lives up until vaccine to treat the virus will be provided.

But since digital transactions have been part of the people's daily lives as companion during this pandemic, we can consider that we are now evolving the use of currency from physical to digital ones even it is not directly using cryptocurrencies but the usage of credit/debit card as well as online banking and mobile apps to do the transaction is already considered as digitalised transactions.

This pandemic have made an impact on our daily lives that from traditional we go up into using modern technology to continue our normal lives and make it on a digital way. Even if this pandemic have not pushed through the usage of cryptocurrencies since people have other options to do like credit/debit card payments and online banking transactions, still we have seen that the pandemic brought us up into digital economy to continue our lives amid to the existence of the pandemic.

[Anna138]

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? 

I think no. Rather, digital payment methods will become more popular than analog money, but digital currencies will remain in the same position. Much still depends on the legalization of currency in certain countries. Probably, the states will consider issues of legalization of assets more carefully, but this is not certain.

[DougM]

Oh, that's definitely true and has been for some time now.  I know some people who never carry cash on them and use debit cards and/or smartphones to pay for everything.  Right now I'm just waiting for the US government to stop minting pennies and nickels, which would be a smart thing for them to do.

oh I so agree with that!  we actually lose money printing pennies! Even dollars aren't cost effective which is why they tried dollar coins but no one bought it (no pun intended).  China is moving to a national digital currency which would eliminate a lot of the costs involved with the physical currency...maybe someday USA will follow suit.

[JuSayCo]

Since the lockdown was implemented around the world and followed by different types of community quarantines here in my country. We, people are just staying home because we are afraid to have contact with people and the thought of covid-19 rapid transmission scareds us most. Its been quite half a year of just staying home and transact everything virtually. As I am working here in digital world, I think digital currency are much useful to people nowadays, for cashless payments and other financial transactions. And I think it will go that far, as days weeks and months gone by and still the cases are getting worst and vaccine is not created yet, digital transactions are highly recommendable, same goes most with digital currency.

[Innerpumper]

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? 

I feel it will change them, even those who do not like this digital currency, because more security when Garry is ongoing, bitcoin can make P2P transactions but without any touch, only through Android, or PC connected with your wallet. Very amazing!

[UmerIdrees]

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, the digital payments are more accepted in these pandemic days and this trend will continue. The issue is that most people still do not deal in crypto but they think that using online banking and  mobile banking makes it digital. The main problem is that people do not have knowledge about bitcoins and cryptocurrencies.

[shoreno]

 health issue and money are both connected  , when your diagnosed you need to stop working to quarantine . its fine if your only experiencing it but no , its not just an health issue but its a virus that spreads fast and it already penetrated on many country . now that causes an economic crisis . impact of crisis leads people to slowly switch on digital from physical  .  we dont know if how long the virus/crisis will last so dont call the change permanent but its safe to say thats its only temporary for now 

[john_nautica]

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.

[erikoy]

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.

I don't think that we could say that it is safer but yes it will do for those stable currency like fiat since banking system are really secured compared to cryptocurrency which is also considered as digital currency. The comfort of digital currency brought had ease the consumers in doing transaction and also to maintain minimum health protection as covid19 still present and no cure for now.

Anyway, if it is all.about the choice whether which is better between physical or digital currency then my opinion answer will be both. Both physical and digital will do good to all consumers.

[Findingnemo]

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.

[dimastegar]

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? 

Literally, covid-19 is very dangerous. We are all prohibited from making direct physical contact in public places, in order to avoid passing the virus from one person to another.
Just like buying things, the money we spend can also carry the risk of transmitting the virus. Therefore, alternative payments such as digital money are needed to reduce the spread of the corona virus.
At least digital money like cryptocurrency really helped transaction activities during the Covid-19 period. Hopefully covid-19 will disappear from this world soon.