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Author Topic: Covid-19 and Bitcoin  (Read 930 times)
YOSHIE
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August 16, 2020, 03:13:40 PM
 #41

My question is are more people being initiated to Bitcoin and are Bitcoins scams more frequent because of covid-19?
I'm not sure Covid-19 triggered the current Bitcoin price hike, I tend to believe it has more of an impact on the currently weakening dollar.

There are many reasons for the Bitcoin price to creep up.
1. Investors prefer Bitcoin to invest in safe assets.
2. Investors have more confidence in and believe Bitcoin is a place to protect a good investment value against the current dollar, etc.

That's a factor in my opinion, the price of Bitcoin is currently increasing. Covid-19 is not an obstacle for investors to invest, On the other hand, investors are more afraid of a weaker dollar, so bitcoin is the alternative and current investor choice.





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August 16, 2020, 04:21:18 PM
 #42

Bitcoin's price rise probably has something to do with Coronavirus, People are staying home, buying things online to avoid contact with other people. My question is are more people being initiated to Bitcoin
No, if bitcoin price rise caused by this pandemic... Bitcoin will bullish since January until now, but its not since on March-April Bitcoin got dump (<$8000). Online payment is one of Bitcoin aspect, IMO majority not use it as online payment because the adoption is still not massive... majority will use paypal or credit card rather than bitcoin.

Quote
and are Bitcoins scams more frequent because of covid-19?
Not only about covid-19 (e.g. Corona shitcoin, corona fake fundraising), many fraudster use hype or trending topic to gain more traffic (e.g. DeFi, Kobe bryant, Corona etc)

Bitcoin price dropped when the big announcement of the pandemic arrived, but then it managed to recover. Given that Bitcoin has been growing lately, and the pandemic is not over, it might be that people started investing more, hoping it would save them from the global economic crisis which is already starting to unfold. The crisis was bound to happen, but the pandemic facilitated it, so this could link the pandemic to Bitcoin growth. As for Bitcoin adoption as money, I don't think it's been growing, even though the online payments are getting more common. Such uncertain times probably don't motivate the merchants to take the risk and start accepting Bitcoin as payment.

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August 16, 2020, 04:26:24 PM
 #43

Bitcoin is considered as an alternative to increase income amid the economic crisis due to the COVID-19 pandemic, because Bitcoin continues to perform well, amid the economic slowdown due to this pandemic. For example, in March 2020, the outlook for crypto assets looked weak when the price of Bitcoin (BTC) dropped dramatically in a week but then bounced to its current high, as trading volume tripled.
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August 16, 2020, 04:58:22 PM
 #44

Coronavirus has made us stay home for months now, Bitcoin's price rised while most stocks crashed. Bitcoin's price rise probably has something to do with Coronavirus, People are staying home, buying things online to avoid contact with other people. My question is are more people being initiated to Bitcoin and are Bitcoins scams more frequent because of covid-19?

Maybe covid 19 is one of the reason why bitcoin price surge high during this time of pandemic but let us also not set aside the fact that crypto whales has also did something regarding the price increase of bitcoin.And this good also ,knowing that the demand of bitcoin keep on increasing. But we should be careful about those scammers using bitcoin to lure us.

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August 16, 2020, 05:38:43 PM
 #45

we are staying home month to month for covid-19.
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August 16, 2020, 06:13:05 PM
 #46

Coronavirus has made us stay home for months now, Bitcoin's price rised while most stocks crashed. Bitcoin's price rise probably has something to do with Coronavirus, People are staying home, buying things online to avoid contact with other people. My question is are more people being initiated to Bitcoin and are Bitcoins scams more frequent because of covid-19?

Maybe covid 19 is one of the reason why bitcoin price surge high during this time of pandemic but let us also not set aside the fact that crypto whales has also did something regarding the price increase of bitcoin.And this good also ,knowing that the demand of bitcoin keep on increasing. But we should be careful about those scammers using bitcoin to lure us.

The chance is big if we talk about crypto whales.

They are aware of the situations and they might be working behind the scenes allowing newcomers to to see
opportunities and begin to invest inside this market, whales always find best for their interest the more people
involve to this market the higher revenue that they'll be getting from their investments.

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August 16, 2020, 06:22:58 PM
 #47

Bitcoin's price rise probably has something to do with Coronavirus, People are staying home, buying things online to avoid contact with other people.
With the help of bitcoin payment lots of people are making their daily transactions and there is no doubt that its helping them main physical distance during this pandemic. I think others gonna get agree with me that when its quite risky to visit bank or ATM at that time bitcoin users are getting opportunities to continue their online purchase or trade. We believe that covid19 will not gonna stay for long and we will get back to our normal life but people will remember their lockdown days for sure.

My question is are more people being initiated to Bitcoin and are Bitcoins scams more frequent because of covid-19?
Actually you can't stop the people who always love to take the advantage of any situation (pandemic) for stealing people’s money. Its nothing new and i don't think scammers will gonna change their mind in the upcoming days. They will keep continuing their activity but investors have to maintain distance from them.        





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August 16, 2020, 06:39:20 PM
 #48

It's not specifically because of the pandemic. But the quarantine may help since a lot of people are staying in their houses and mostly spending time online. So there is a chance of discovering bitcoin and crypto while browsing the internet.
This might be the case for bitcoin and the growing community of cryptocurrency. People these days are locked in their home doing nothing, most probably bored and so they just surf online and gets interested in crypto after seeing it on article or news. There is a high chance that they will discover the bitcoin or any crypto because it is trendy now. Bitcoin scam in twitter might have help some people to let what bitcoin is  Cool

As for bitcoin scams, they are already rampant even before the pandemic but scammers find this as an opportunity to scam more people because some are desperate for "easy money" due to the unstable income.
Scam won't fade away, it will upgrade by time as long as there is money there will be a scam. Even this trying times, people tend to use the pandemic to scam people. They don't have conscience tho.

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August 16, 2020, 09:29:38 PM
 #49

The price hike that we've experience now is not totally the effect of the pandemic but it is accepted also how it affects huge to it. The huge market adoption is not only the reason for payment innovations but people have looked into this a opportunity to take for an investment( as they mostly considered this). But what we expect if this pandemic is over? It possible will turn back down.

This COVID-19 has a positive and negative impact to us and we understand how it hugely change our lifestyle that might brought us into a long-term crypto adoption than seeing it losses after the crisis ends.

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August 16, 2020, 11:29:59 PM
 #50

Coronavirus has made us stay home for months now, Bitcoin's price rised while most stocks crashed. Bitcoin's price rise probably has something to do with Coronavirus, People are staying home, buying things online to avoid contact with other people. My question is are more people being initiated to Bitcoin and are Bitcoins scams more frequent because of covid-19?
The cause of the rise in BTC prices is not a pandemic. More precisely, the price of Bitcoin went up due to the halving which caused mining rewards to halve from before. Without thinking, the harder something is to get, the more expensive it will be. Smiley

My question is are more people being initiated to Bitcoin and are Bitcoins scams more frequent because of covid-19?
Some individuals take advantage of crypto facilities to scam during a pandemic. Make a fundraiser for their benefit. And we know that the crime rate increases a lot during a pandemic.

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Sadlife
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August 17, 2020, 01:02:50 AM
 #51

That could be a high possibility, cash is practically useless right now because it could trasmit virus. Also being in a lockdown for months people will surely turn into social media and online activities, given that they don't have other things to do and have so much free time.
It's likely that they'll engage in Bitcoin and use it as payment for online services especially when Cryptocurrencies are currently hype in social media.

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August 17, 2020, 01:50:11 AM
 #52

That could be a high possibility, cash is practically useless right now because it could trasmit virus.

After the announcement from WHO, people are trying to stay away from fiat where virus can be transmitted, if possible to use digital
currency they will use it, and with that,  bitcoin / crypto offers alternative payment options.

Quote
Also being in a lockdown for months people will surely turn into social media and online activities, given that they don't have other things to do and have so much free time.

that's probably right, with their unlimited now facing their computers, they have enough to learn more about crypto and all those
opportunities that this market have to offer.

Quote
It's likely that they'll engage in Bitcoin and use it as payment for online services especially when Cryptocurrencies are currently hype in social media.

Most of them may got the interest with investment and not more are likely go for and learn for the payment process.

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August 17, 2020, 05:52:21 AM
 #53

That could be a high possibility, cash is practically useless right now because it could trasmit virus. Also being in a lockdown for months people will surely turn into social media and online activities, given that they don't have other things to do and have so much free time.
It's likely that they'll engage in Bitcoin and use it as payment for online services especially when Cryptocurrencies are currently hype in social media.

Perhaps, that is why we can see that people now are trying to familiarize themselves with using digital money to be used as the payment system. But the digital money that they use is not crypto because, in their country, they can use debit/credit cards or use their mobile phone to pay at the store.

And if cryptocurrencies can get more popularity in many countries, we will see demand from people in crypto because they will start to buy the crypto. If bitcoin can grow better in social media and offline than now,  bitcoin will have a good future. So we need to give time for bitcoin to grow and reach more people.

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August 17, 2020, 11:55:51 AM
 #54

It is true that the COVID-19 pandemic has provided many surprises, especially the increase in the price of Bitcoin that has occurred until now.
I think many people have started to realize that Bitcoin is a store of value, therefore the demand for Bitcoin has increased dramatically.But the
negative impact also exists with many scammers committing fraud using Bitcoin, then in a pandemic situation like now there are frequent Bitcoin
scams. Therefore be careful with investment offers with instant profit, because scammers always cheat with instant profit bidding methods.

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August 17, 2020, 01:26:39 PM
 #55

Coronavirus has made us stay home for months now, Bitcoin's price rised while most stocks crashed. Bitcoin's price rise probably has something to do with Coronavirus, People are staying home, buying things online to avoid contact with other people. My question is are more people being initiated to Bitcoin and are Bitcoins scams more frequent because of covid-19?

Bitcoin and other non-physical assets comes into place when we talk about the damage that this pandemic had done.
But no, non-hodling people aren't pushing their moneys to Bitcoin because we still have many payment systems that don't require physical money. Although I believe that many hodlers are buying more Bitcoin during the pandemic, but that didn't cause the price rise. It is just the natural behavior of Bitcoin itself.

About the scams, there have been reports before from the FBI about scammers targeting holders of crypto. I suggest not donating unless you can dig up enough about the group or organization that asks for donation proving that they're legitimate.

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August 17, 2020, 03:13:31 PM
 #56

in my opinion there may be a connection between this virus and the rising price of bitcoin. With us being at home and the existence of social distancing, it triggers the use of digital currency more and more frequently. besides that bitcoin is seen as a virtual asset whose value continues to rise so that many people are attracted to investing there. with a dwindling supply and a large number of users making bitcoin prices up again.

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August 17, 2020, 03:21:37 PM
 #57

Coronavirus has made us stay home for months now, Bitcoin's price rised while most stocks crashed. Bitcoin's price rise probably has something to do with Coronavirus, People are staying home, buying things online to avoid contact with other people. My question is are more people being initiated to Bitcoin and are Bitcoins scams more frequent because of covid-19?
Maybe yes, maybe no, because we don't 'know what reason that can make bitcoin price rise so far.
There are many possibilities for that, but the important is we can enjoy the high price now, especially we are finally can see bitcoin price break $12k.
The price still increases and it can break $12,150, which can touch the next high price.
Now, with the new normal, people can go out from their homes to search for a new job, and if there is a relation with that, bitcoin price will reduce once again because people still prefer to have an offline job than to try in online job.
But we will see what will go on with bitcoin price later.

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August 17, 2020, 10:20:01 PM
 #58

There has been lots of scam, but it’s not something new, it has been the same way as it used to be, if there was any increase in the rate of scammers that’s what I don’t know about. Everyone is aware of the Twitter hack, the kids involved have been caught. That was the only major crypto related scam that took place since this pandemic.

As for whether people are joining the Bitcoin market, the price has been increasing , since increase is based on the rate of demands that means more people have been joining. And some surveys claims that more big investors are getting interested in having Bitcoin added to their portfolio. I look forward to Bitcoin getting bigger than this, and for sure there is going to be more increase in the price as time goes on, probably before the end of this year we might reach an ATH price. I hope so.

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August 18, 2020, 01:38:22 AM
 #59

I don't think we should relate Bitcoin to the pandemic that is happening.

The time that it is still an epidemic, the price rose and people thought it is because of the pandemic and then it fell and people are blaming it on the pandemic, I don't understand that. What happened is all just a coincidence, the price is not actually affected by the pandemic because if it will, we should be seeing the stocks and this market falling.

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September 19, 2020, 06:32:20 PM
 #60

I don't think we should relate Bitcoin to the pandemic that is happening.
We're just the same. There's no correlation between pandemic and the bitcoin price, there is no relative effect to the price because as you can see on the previous price when the pandemic was in the first strike, bitcoin has a slight correction but at the end, it is in bullish amidst covid 19 pandemic.

For now, bitcoin becomes popular through people were hanging online due to lockdown countries, as we can see the number of trader and investors in crypto has been rapidly increase, especially when Defi projects come.

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