Paying for goods and services in Pandemic times: cryptocurrencies vs. credit cards

We all know that, historically, physical money has been the prefered way to pay for goods and services. In recent times credit cards have taken the lead on not replacing the money as many people think, but on using the money without the need to carry it with you, allowing us to operate our money in a comfortable way and somehow secure. :smiley:

But the actual Pandemic scenario has changed things a bit and many people have turned their look to cryptocurrencies as a mean to pay for goods and services because of lockdowns mostly and because maybe, mistakenly both parts(consumers and providers) do not want in most cases to use paper money to buy and sell because they consider(…we never know) this exchange as one more way to spread the virus…so the prefered choice is to pay for goods and services using credit and debits cars…and in some cases cryptocurrencies like Bitcoin.

  • Do you think this is a trend that will disappear when the actual Pandemic scenario has gone?

  • What would you prefer to pay with: with cryptocurrency and using only your phone or with credit or debit cards?

  • Will cryptocurrencies replace the use of credit or debit cards in a future?

6 Likes

Crypto prefer because is a digital currency which can solve same problem as flat currency but very secure.

4 Likes

I haven’t seen the option to pay with crypto yet, here in the US. ( At least not my part of the country). I think most people still aren’t familiar or comfortable with it yet. But as the banks, and the country begin adopting crypto, it will become more accepted. I do own some crypto but would not pay for things with it yet, as I’m waiting for my coins to increase in value. I don’t think cryptos will replace credit cards, bit in the future, they will be another option for us to use.

4 Likes

I think later than sooner the time in which we use cards to pay things in crypto will come…maybe later in this same decade. My guess is for sure after 2025.

They are just exploring and scraping the surface in the use of the blockchian tools for real time payment but my take is that in due time YES, THEY WILL BE the first way of buying things.

3 Likes

Hi @solodebest2016! :wave: Yes i think many people would prefer to pay in cryptocurrency for services and goods, especially in pandemic times. But the problem is that not many places accept payments in cryptocurrency and those who accept that kind of payments only accept Bitcoin and few others. As stated by @KarenM most people still aren’t familiar with cryptocurrencies and some others are not comfortable with it yet.

Many people prefer to keep their cryptos as a store of value to see if their monetary value increases on time, so they can obtain some kind of profit by trading in a future. What many people really think is that fiat money and cryptocurrency will be used together for a while now…the future is unknown yet. Cryptocurrencies have many advantages but money is the king right now and the king will be not throwing the crown to easy i guess…let’s see what happen! :slight_smile:

3 Likes

A couple of maps showing places accepting cryptocurrencies right now:

…hope you can find some nice place near to you @KarenM :slight_smile: . @kaabayahaya Ghana has a couple of places too mate :+1:

3 Likes

Still searching :sweat_smile:

No luck yet

1 Like

I had no idea, there is actually a Bitcoin ATM 3 miles from my house! I’ll have to check it out!!

2 Likes

I don’t think we’re there yet. Yes cryptocurrencies are valuable and are becoming more widespread. And although there sure are certain commerces that will gladly accept crypto payments, it is still not such a universally accepted payment method as credit/debit cards. It is taking some time for cryptos to be widely adpoted.

In the future I suppose cryptos will become more popularly transactionable. Although, there are a couple of questions I might add in this regard: what is the perception that people have of cryptos?.. the majority of people holding cryptos, do they hold them with the expectation of an asset of instantaneous liquidity?.. or maybe more of a mid-term, long-term investment asset like equity or precious metals?.. I mean, gold is undoubtedly valuable, but it’s not like I’ll buy a pack of beer at the supermarket with gold :grin:… that perception will define if cryptos become more transactionable over time

3 Likes
Disclaimer: any information found on the Community platform does not constitute any form of advice or recommendation by Crowdsense Ltd. and is not intended to be relied upon by users in making (or refraining from making) any investment decisions. Appropriate independent advice should be obtained before making any such decision.
Copyright © 2020 Crowdsense Ltd.. All rights reserved.