The Modern Mode of Payments

[Alert31]

Fiat cash is indeed a very big source for the virus to flow and should be avoided as much as possible. The funniest thing I find about fiat is how dirty is it, we can't even wash notes in fear of them being torn and being unusable and hence the money in fiat form keeps rotating across the countries with people having dirty hands, passing it from pockets to pockets like yuck! The corona has surely helped in the surge of digital payments!

Am getting confused with the use of fiat as only paper note. Both credit and debit card also serve the fiat use, online banking uses fiat as transaction medium, so these are currencies that are centralized, under a certain Government and central bank of that country. So we can use fiat very well without contact or virus transmission as OP's opinion.

What I mean with Fiat money is when you carry it directly with your hands or you put it in your wallet or pocket then bring it outside to buy and pay your bills. Electronic money is also connected in fiat money of course but the difference is, you can use it online, hassle free, even you're just sitting inside your house. So less contact with outside people then you also avoid holding money directly in your hand. This is a safer way to prevent the spread of the virus.

[FanEagle]

During this pandemic, sudden adjustment was made to adapt from the changes due to covid-19 virus. The usual way of purchasing was limited because the government made policies to refrain people from going outside unless it's essential and emergency. There are only certain age bracket that can go in and out the establishments.

This crisis paved way to transition of traditional to modern mode of payment. We are used to paying with cash (fiat money) and it is usually over the counter. But right now, most customers prefer to transact online using their e-wallets and digital bank accounts.

Based on my experience, it is less of a hassle, since I don't have to worry about contacting the virus because I'm in the comfort of our home. In addition, I can easily tap to pay, and viola! All done. No more long lines and very much convenient. I can save time to do other tasks while waiting for my orders.

Crypto wasn't seen as a way to pay neither, people weren't attaching to crypto during pandemic because they couldn't go outside so they paid with crypto, that wasn't the reason at all. The real reason was the fact that there was too many people with money in their pockets doing nothing and having no income, so they put their money into bitcoin with the hopes that they would make some profit, in the end they did, and when others heard about it they invested too and they did it as well and basically everyone started to put their money in here so that they could make a profit.

That is the only reason why people made a profit and that will stay that way as well. I do not think that people invest because they want to change the way they spend money, they are not using crypto debit cards, they are not buying with crypto, they just invest into it and that's it.

[mrongos]

yes right, I totally agree. And I am grateful that during the Covid-19 epidemic I had known bitcoin for a very long time. So it was not difficult for me when I had to be socially distant, I could not leave the house to adjust to this condition. You could even say bitcoin trading is one of my main jobs. So my advice for some people who are currently still working conventionally, go home early in the evening, hurry up and learn to get to know online jobs, whatever it is. Because this is very much needed when there is something we don't want, for example we have to stop work because of the Covid 19 pandemic. So this is where it comes in. If you are starting to learn about bitcoin for a means of finding a second income, if your main job requires you to quit your job.

[Hydrogen]

Due to the spread of the Covid-19 virus in different countries, people have become aware that many viruses can be obtained from fiat money. That's why in our Country suddenly dropped the percentage of users of fiat money especially coins.

There are simple and easy to implement methods to protect money against viral infection.

Copper Destroys Viruses and Bacteria. Why Isn’t It Everywhere?

It could destroy norovirus, MRSA, virulent strains of E. coli, and coronaviruses—including the novel strain currently causing the COVID-19 pandemic.

https://www.vice.com/en/article/xgqkyw/copper-destroys-viruses-and-bacteria-why-isnt-it-everywhere

According to the above article jewellers, goldsmiths, boiler makers, brass musicians and others who physically handled copper metals on a regular basis enjoyed enhanced immunity to cholera outbreaks in the 1800s. Copper is apparently so destructive to viruses that trace amounts absorbed into the blood stream from merely handling it can prevent infections in ways that can easily be traced via statistics.

Copper coins are immune to the corona virus and other infectious microbes.

[adzino]

Not really. The pandemic hasn't caused people to "not" use fiat. People are still using fiat cash. Trust me. I see people using cash everyday like they used to before. People now just make sure they sterilize their hands after getting back home or to their destination (or do they?). People also still use cashless system such as card payments just like the pre pandemic times. Nothing has changed. Electronic cash system is sill the same. Digital currency such as bitcoin is still not being used as a mainstream currency (that is being accepted everywhere).

Also, through this pandemic many people start using cryptocurrency where they can earn money as another source of income.

Crypto currencies should never be considered as "another source of income"!

[tanjiran]

but so far payment with cryptocurrency has not been very effective, just look at high price fluctuations and transaction fees that sometimes don't make sense.  if only for daily needs, so far e-payment is much more effective, convenient, and easy.  I think the shift of the payment system to cryptocurrency will take a very long time, like evolution, it needs a lot of adjustments, especially since the basis of cryptocurrency is decentralized, in stark contrast to the centralized financial system in each country.  However, with this progress we have an effective alternative payment, for emergency purposes, for example, for overseas transactions, it is quite effective because there are no complicated administrative requirements.

[maxreish]

Thats the benefit of using electronic wallets as of now that we are still suffering from pandemic. This actually helps more people to use e-payments even at home. Most likely we can spend our crypto coins or fiat money by purchasing our needs online.
 
 Not only that, those who aren't aware of cryptocurrency uses will now spread some awareness and knowledge on how to eventually use this kind of technology. No wonder that the progress of adoption increased during this pandemic period.

[goaldigger]

Though its hard to say the total drop on the usage of fiat money since not all knows how to use online platforms or have the access on the online money, we can really say that the digital world grows a lot because of pandemic. From working home through the usage of internet, from delivery foods online, and from making grocery and buying your necessities are also possible through online.

I'm not sure in my country if paying online using cryptocurrency has increases, because in the past months cryptocurrency became a great source of money and a good investment so I'm not sure if they are spending cryptocurrency online since personally, I just hold and trade but not to spend my crypto buying goods online.

[cabron]

Part of the developing countries like South Amerika are still not using Paypal or any other local mode of payment, we all want cash still the old folks treat the paper bills are the best way to pay for the fishes they caught on the river. But its probably best if they skip these ecash anymore and forget about banks because they were unbanked in the first place.

They were denied from the beginning when they want to open a bank account, they were asked to submit documents that they don't have. But introducing cryptocurrencies to them might just be working like what happen to Nigeria.

[wahyu wida]

Thats the benefit of using electronic wallets as of now that we are still suffering from pandemic. This actually helps more people to use e-payments even at home. Most likely we can spend our crypto coins or fiat money by purchasing our needs online.
 
 Not only that, those who aren't aware of cryptocurrency uses will now spread some awareness and knowledge on how to eventually use this kind of technology. No wonder that the progress of adoption increased during this pandemic period.

I think the times will make a shift, between conventional and modern systems. we are currently facing the era of digitalization, where everything is done online. and as a society, of course we must be active with the changing times in order to survive. I think this is common in this world

[davis196]

Going from paper cash to electronic money and from electronic money to cryptocurrencies is actually a really slow process,that will continue for decades.All those forms of payment will continue to exist together.
I don't see the majority of people dumping fiat money anytime soon.The pandemic might have reduced the usage of paper cash,but the percentage is really low.Many people are using credit cards instead of cash,so the risk of getting COVID while shopping isn't that big(if you are wearing a mask and washing your hands).

[TheUltraElite]

The OP does not take into account the prevalence of Bitcoin accepting merchants. Although a pandemic is going on, there has not been any increase in the number of local stores or e-commerce sites that accept crypto. Neither has there been any relaxation on the use and trade of cryptocurrencies in any country. All that has happened is Musk promoting Dogecoin and Indian government reiterating that they will ban crypto, albeit that is not competely true.

It would defenitely help if my local grocery store would accept crypto. But majority of these shop owners dont even understand the technology and the secure use of bitcoin. How can you expect them to start accepting it right away? It will take a long time to make them knowledgable and allow them to use. For this, crypto startups and exchanges should work and make the government accept crypto - that is the first step.

Otherwise this ends up being a dream.

[fauzan Ichsan]

Going from paper cash to electronic money and from electronic money to cryptocurrencies is actually a really slow process,that will continue for decades.All those forms of payment will continue to exist together.
I don't see the majority of people dumping fiat money anytime soon.The pandemic might have reduced the usage of paper cash,but the percentage is really low.Many people are using credit cards instead of cash,so the risk of getting COVID while shopping isn't that big(if you are wearing a mask and washing your hands).

The health protocol that has been implemented has really helped the spread of this virus, so that until now I think the use of fiat currency is still dominant, and the government has not legalized cryptocurrency as well, hopefully it will be realized soon. so that currently crypto is practically only an investment tool that has created many new rich people

[noorammak]

Using cash increases the risk of viral infections, especially low-denominated currencies because they are backed often.
Currently, cashless payment is a trend. There are many applications for online payment from banks, from licensed companies. Cryptocurrencies are still in their infancy, and they are better used to transfer money because the cost of payments is not in line with daily payments.

[darewaller]

The health protocol that has been implemented has really helped the spread of this virus, so that until now I think the use of fiat currency is still dominant, and the government has not legalized cryptocurrency as well, hopefully it will be realized soon. so that currently crypto is practically only an investment tool that has created many new rich people

I know that it is not really ideal to use cash right now these days because of the risks involved but the reality is that people are still using it. Plus even when pandemic is over and there are not that many people dying from it (I am sure one day it will be nearly over with only few death per year) we will still not have bitcoin as a common thing accepted in most places, it is just not enough time.

I believe it will take at least 10+ more years for bitcoin to become common acceptance thing and that is why I believe it is not that prevalent right now. Sure it got more and more common compared to previous years, but we are talking about bitcoin being more common compared to bitcoin back in the day, when we are comparing to fiat we are not even at 1% yet, maybe not even at 0.1% yet and that is why there is still a long time to go before we can spend bitcoin.

[mersal]

If you say that increase of cryptocurrency due to the fear of spread then you are wrong, it only applies to the digital fiat payment modes. Cryptos become more famous in this pandemic just because the price increased a lot and it made the investors and common man to believe that it is not just a bubble which is also an investment assets. We can use cryptos for transactions with no physical contact but how many of them are really using cryptos as payments over investments?

[Yatsan]

Many people have been driven into crypto not primarily because they were afraid of the potential virus that can be obtained and transferred through physical money (fiat). Many are primarily have got into crypto because of the crash that happened into stock market and due to the reason that many people cares about their investments, they have been into crypto to continue their activity in relation with investing since crypto market have been least affected by the pandemic. With regards with modern mode of payment through digitalization adaptation, it is also due to pandemic but mostly those were centralized since there are countries who are still not into accepting crypto as a mode of payment.

[Ausgewielt]

Although convince people is not an easy thing but atleast we can keep spread the news about bitcoin without thinking to much about the result. Whether they accept bitcoin or not, it is their decision. Big companies and entrepreneurs are who the best people who can do this job. They can make invention or innovative product or service related to cryptocurrency that can benefit people, I think this is the best way to spread the word about bitcoin.

[TheUltraElite]

Although convince people is not an easy thing but atleast we can keep spread the news about bitcoin without thinking to much about the result.

A nice idea but problems start when people start labeling you as a "scam promoter" or a "ponzi promoter". So if you are doing promoting do it with a bitcoin based startup, not by yourself, because you are risking your life if you do it alone.

Whether they accept bitcoin or not, it is their decision.

True, but the numbers would drastically increase if the governments allowed the trade openly and merchants started accepting bitcoin.

Big companies and entrepreneurs are who the best people who can do this job. They can make invention or innovative product or service related to cryptocurrency that can benefit people, I think this is the best way to spread the word about bitcoin.

Again the concept of bitcoin based startups, which is becoming common in many countries. New exchanges are being founded and they are trying to spread the word. I think as an individual we can help these reach the groups that need it the most. Crypto can help the small-cap markets and the business owners but it needs acceptance before than.

[pinggoki]

We can't compare the E-payments such as the Paypal to cryptocurrency they have to understand first what is Bitcoin and other Cryptos they might be surprised of the price change of the Bitcoin and cryptocurrency compared to Paypal and other E-payments. Cryptocurrency is volatile.

That's right, we can't really compare the cryptocurrency in other E-payments because crypto is volatile and the ones we are using for e payments are not volatile and that is one of the main reason why fiat is more good to use as a payment method because of it's stable value unlike the crypto that may dump anytime. This is also a barrier why most of the people doesn't like to use crypto as payment but they are just using it as an investments into different assets.