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Author Topic: It is possible that bitcoin will use nowadays in cash less transaction?  (Read 709 times)
worldofcoins
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September 13, 2020, 09:55:49 AM
 #41

Nowadays government thinking is a cashless society to avoid corona virus spread out to the community or society. It is possible that the bitcoin will used in different transaction? Many country nowadays are imposing the system of cash less basis of any transaction. Specially, particular in buying commodities in the department store, petroleum product in gasoline station. even in transportation government impose a cash less payment. Since bitcoin is one of the most popular digital currency in the world, do you think government adopt bitcoin as form payment in cash less transaction in our society?
-Social Distancing

Social distancing is making people to avoid gathering and meeting in the Market thus it's also good to avoid touching cash which is promoting Cashless transaction-
Such as-
-Cryptos
-UPI

Mostly it's happening because of panic and I don't see people using too much cash in the future

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September 13, 2020, 10:07:55 AM
 #42

Possibly, yes, but there are some factors that we need to consider such as those areas who are under development.

Those indigenous areas are not that into the use of modern technologies so if we will regulate cash less transactions around the world, then probably they will have a hard time living and getting used with the new normal of transactions. This cash less transaction is only beneficial for those people who can afford it and who are knowledgeable to do use it.

Let other people make transactions where they are comfortable with so that there will be no people who will left behind.

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September 13, 2020, 10:17:39 AM
 #43

You forgot to mention paypal, credit card, online fiat etc. Government only trust e-money pegged by their fiat with par 1:1. Many government even banned Bitcoin on their country (e.g. Pakistan, Bangladesh, Nepal [1]) and I don't think any government will adopt and use Bitcoin, especially Bitcoin is high risk due to high volatility.

I completely agree that there are other easier to use cashless payment methods. But a certain country's government doesn't necessarily need to adopt bitcoin or bitcoin to be completely legalized; what's mostly just needed is Bitcoin to not be illegal.

It is clearly depends in the government if they are knowledgeable about blockchain and regulation of cryptocurrency in the economy. It takes a lot of courage for the government to legalize bitcoin and adopt it in any transaction that they make just to make it become more popular in their country. Cashless transactions are much important right now due to the risk of getting the virus but like what I've said, it takes a lot of courage and willingness before the government engage to it.

Let's accept the fact that bitcoin is still in the process of development and it is not in its full potential yet.
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September 13, 2020, 10:34:48 AM
 #44

do you think government adopt bitcoin as form payment in cash less transaction in our society?

it's complicated because you should see that the high volatility that the bitcoin has is a big problem. if a company pays wages to its employees and the price of bitcoin drops much minutes later, we would see a lot of demonstration in the streets of the workers' unions complaining of injustice against the worker.

If a novice trader in the bitcoin world accepts bitcoin and then the bitcoin price drops a lot, he will not want to accept bitcoin again

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September 13, 2020, 11:13:10 AM
 #45

Nowadays government thinking is a cashless society to avoid corona virus spread out to the community or society. It is possible that the bitcoin will used in different transaction? Many country nowadays are imposing the system of cash less basis of any transaction. Specially, particular in buying commodities in the department store, petroleum product in gasoline station. even in transportation government impose a cash less payment. Since bitcoin is one of the most popular digital currency in the world, do you think government adopt bitcoin as form payment in cash less transaction in our society?
Of course, they definitely can, however, I don't think Bitcoin and other cryptocurrencies would be good to use as payment for the online transactions. First things first, cryptocurrencies are volatile yet unstable, its price could change for a single amount of time and that could lead confusion for everyone especially on those who don't have much knowledge regarding it. Consequently, this makes cryptocurrencies work more to be an asset for investment rather than to be a normal currency just like fiat. So basically, it is not worth to use it to buy for our commodities and such.

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September 13, 2020, 11:26:17 AM
 #46

Well, cashless policies can't be achieve with Bitcoin because of it nature in term of volatility which all can see as a means of disadvantage for global adoption. It doesn't necessarily mean that they should adopt Bitcoin but they shouldn't make Bitcoin illegal for use. We'll understand the usefulness of Bitcoin and we're comfortably okay with the gradual adoption. Hope to see the technology solve some critical issues regard it fast transactions and volatility which solve can lead to global adoption.

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September 13, 2020, 11:49:46 AM
 #47

Nowadays government thinking is a cashless society to avoid corona virus spread out to the community or society. It is possible that the bitcoin will used in different transaction? Many country nowadays are imposing the system of cash less basis of any transaction. Specially, particular in buying commodities in the department store, petroleum product in gasoline station. even in transportation government impose a cash less payment. Since bitcoin is one of the most popular digital currency in the world, do you think government adopt bitcoin as form payment in cash less transaction in our society?

It's very possible to be massively adopted worldwide because of the ongoing COVID-19 pandemic. We are beginning to adopt cashless transactions from here and there since there's a chance that the virus may spread on these paper bills. Right here in the Philippines, GCash is the most common method for QR code and cashless payments and were already adopted in SMEs, convenience stores, groceries, malls, etc. However, only a handful of the citizens are using GCash and still using the traditional paper bills.

When I buy something to eat or drink on Starbucks, Coffee Bean, etc., I start using cashless payments instead of paper bills. There come a time that more and more people would finally adopt towards cashless payments. This is just one of the positive sides of the pandemic, where we should adapt to the new normal by implementing cashless transactions.


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September 13, 2020, 12:21:34 PM
 #48

Well, cashless policies can't be achieve with Bitcoin because of it nature in term of volatility which all can see as a means of disadvantage for global adoption. It doesn't necessarily mean that they should adopt Bitcoin but they shouldn't make Bitcoin illegal for use. We'll understand the usefulness of Bitcoin and we're comfortably okay with the gradual adoption. Hope to see the technology solve some critical issues regard it fast transactions and volatility which solve can lead to global adoption.
During this pandemic government imposing a cashless to lessen the spread of this virus. Well, it's impossible that the government will adopt bitcoin as we all know the issues when using this is the volatility of the price. I agree, let's hope in the future bitcoin will adopt by many as some people doesn't know bitcoin yet.

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September 13, 2020, 01:18:43 PM
 #49

Nowadays government thinking is a cashless society to avoid corona virus spread out to the community or society. It is possible that the bitcoin will used in different transaction? Many country nowadays are imposing the system of cash less basis of any transaction. Specially, particular in buying commodities in the department store, petroleum product in gasoline station. even in transportation government impose a cash less payment. Since bitcoin is one of the most popular digital currency in the world, do you think government adopt bitcoin as form payment in cash less transaction in our society?

IMO, surely bitcoin can be a cashless payment system. but it's not an ideal choice for micro-transactions for your daily needs.
because of the fee, transaction time, etc.

however, bitcoin lightning network might be the solution to this problem.
Instant Payment, Scalability, Low Cost, Cross Blockchains, etc.
https://lightning.network/

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September 13, 2020, 03:09:57 PM
 #50

They can use their money fiat, during this time most my transaction are using digital money. I just once in a while using cash transaction and itwas just because the merchant didn't accept the digital money.

And I think, it will hard thing to happen since most government now just include crypto currency as an investment place. They never take any decision to use bitcoin as mean of payment although there will be many people who want it.

So my perspective there will have a small chance for bitcoin to be used as mean of payment by the government. They will only use their money fiat to do that who clearly they can manage it. More than that with the high fee transaction that charge by bitcoin will only make they are reluctant to using it.

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September 13, 2020, 03:26:20 PM
 #51

Yeah, people who keep saying that obviously have never actually tried going out and using Bitcoin to do shit. I'm living in I guess what one might call first world now and it's hard enough getting some shops to accept a pin instead of cash, never mind whipping out my phone and asking if they accept Bitcoin!

Forget cashless first and focus on using it online instead. Then work your way up with LN in places that are already cashless.
In my country, bitcoin is still not considered a means of payment and people don't care much about bitcoin. But where they don't accept cash, they also require a bank's payment card rather than bitcoin. No one advertises for bitcoin so it's possible that people don't know bitcoin much in my place.
[/quote]

And as I said, even those who do "care" about Bitcoin are still going to be speculators, traders at best. We're not going to be sharing this discussion with actual users... who definitely care about adoption and hence are using as much as possible.

So back to my point. You don't need to ask merchants to advertise Bitcoin. Or ask for more places to use it or promote cashless and crypto cards etc. That's what altcoin people do.

Bitcoiners simply Bitcoin. That use and increased demand won't go unnoticed. Then merchants will see the market and begin thinking, fuck it, yes, I want in on it.

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September 13, 2020, 03:39:51 PM
 #52

During the pandemic most important of the countries encouraged cashless transaction to avoid touch which is the cause for the spread. As a result in my country few grocery store got started which is completely touch free. People are allowed one by one, necessary things can be taken from the shop. They need to scan the code and pay through any of the source.

In recent days statistics the usage of cashless transaction (cards, payment through mobile applications) have increased, but the usage of bitcoin or other cryptocurrencies on day to day life hasn't got increased.

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September 13, 2020, 04:36:33 PM
 #53

In our country cashless society is starting to increase the number of users and during this pandemic people prefer using online payments. But there's still some people doesn't know bitcoin yet and some still choose the old payment system. In my opinion, there's a need to resolve first the fees that may be incurred to the users before adopting Bitcoin. A lot oft things to be considered first before bitcoin to be use.

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September 13, 2020, 05:07:29 PM
Last edit: September 13, 2020, 06:59:40 PM by Swordsoffreedom
 #54


In recent days statistics the usage of cashless transaction (cards, payment through mobile applications) have increased, but the usage of bitcoin or other cryptocurrencies on day to day life hasn't got increased.

I agree with you completely. In my country, I have noticed an increase in cashless transactions. But the use or demand of BTC has not increased. I think the main reason is people haven't any idea about bitcoin. Even many people do not know what bitcoin is. second reason is, grocery store and online shop accept cards. But bitcoin is not used there. If the online shop and grocery stores would accept bitcoin, then the use of BTC would increase more.

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September 13, 2020, 08:34:12 PM
 #55


In recent days statistics the usage of cashless transaction (cards, payment through mobile applications) have increased, but the usage of bitcoin or other cryptocurrencies on day to day life hasn't got increased.

I agree with you completely. In my country, I have noticed an increase in cashless transactions. But the use or demand of BTC has not increased. I think the main reason is people haven't any idea about bitcoin. Even many people do not know what bitcoin is. second reason is, grocery store and online shop accept cards. But bitcoin is not used there. If the online shop and grocery stores would accept bitcoin, then the use of BTC would increase more.

This is a vicious circle-stores do not accept cryptocurrency and therefore there is low demand for it, and low demand because no one accepts cryptocurrencies for payment)) It seems to me that some side should take the first step forward and start a dialogue on cooperation. It seems to me that stores should do this, and then bitcoin will adapt itself to the new environment and there will be almost no integration problems (or there will be absolutely minimal).

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September 13, 2020, 08:53:38 PM
 #56

Since bitcoin is one of the most popular digital currency in the world, do you think government adopt bitcoin as form payment in cash less transaction in our society?

Bitcoin is not the most popular digital currency as fiat can also be used digitally even way back then. Fiat online transaction is by far the most used payment transaction during the pandemic. There are now lots of fiat payment processors, aside from banks, that can process payments instantly.

There is no problem with bitcoin to be used in digital transactions as in a crypto-free country, bitcoin can be used even without government's approval.

But the problem is:

- Only few merchants accepting bitcoin
- Slow transaction compare to fiat transfer that only takes 1-2 secs

Amid pandemic, bitcoin is still treated mostly as an investment. It will take at least a decade or even more to see bitcoin being widely used as a currency.
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September 13, 2020, 09:07:04 PM
 #57

Well, I completely agree with the cashless transactions but this is not only on bitcoin. There are too many digital currencies that perhaps can able to pay and to make cashless transactions. Perhaps, --we are not yet ready about this that bitcoin is for that cashless transaction. I hope this Lightning network will help soon to make a transaction that less fee not only in bulk transactions. Another is, we should consider that there are only a few stores who accept bitcoin, perhaps not now, so there will be a good solution for this.

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September 13, 2020, 09:21:07 PM
 #58

I think government will support having a cashless payment system especially now that we're in this kind of situation but i guess not with Bitcoin because i think it will make it more complicated to others, and we've been using cashless payment using QR scan with different mobile wallet and it's very convenient for me, but maybe Bitcoin payment will be introduced and supported by many in the near future.

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September 13, 2020, 10:08:27 PM
 #59

The government has done the right thing by forcing society to use cashless payments, because this is one way to avoid
the spread of the corona virus. With cashless payment, at least there will be no physical contact. However, I am not sure
that the government will adopt Bitcoin as payment. Because there are still many cashless payment option, like internet banking,
credit card, paypal and other e-currency. After all, the government doesn't want to use Bitcoin because, it can't be controlled.

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September 13, 2020, 11:05:07 PM
 #60

I think government will support having a cashless payment system especially now that we're in this kind of situation but i guess not with Bitcoin because i think it will make it more complicated to others, and we've been using cashless payment using QR scan with different mobile wallet and it's very convenient for me, but maybe Bitcoin payment will be introduced and supported by many in the near future.
Indeed, they are supporting it since before, credit card and debits card have already existed quite long...and PayPal comes next. But using Bitcoin isn't finally at its reach, not all countries are open for this opportunity but instead of banning it. But if this pandemic will help to change their mind and approaches cryptocurrency in good well, then this pandemic is the blessing in disguise for crypto. In fact, we can see it now that there is a massive Bitcoin adoption this means that the government openly accepting the changes and the demand of the community.

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.Duelbits.
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