This means that we might enter the phase of Hyperbitcoinization- a state when Bitcoin will be globally accepted as the dominant money form. The situations, acceptability in different parts of the globe are already calling for Hyperbitcoinization. And, one would regard it as an upcoming reality than just perhaps a possibility. But with all the ongoing utilization, popularity, current economic status, necessity, the only trigger effect is required- the human action.
During this pandemic situation, most of them are using digital currency.
The fiat currency is being regarded as Contagious Currency with COVID-19 and pandemic spreading across the globe. The shutdown orders issued by multiple governments have affected the economies all-round the globe. Social distancing and using disinfectants are part of daily routine now. And in the circumstances as these, the fiat paper money becomes questionable as it can be the virus carrier. Countries such as the U.S. and China have been quarantining physical cash and disinfecting it.
People are losing faith in the currently established systems as they continue to lose jobs. Trust in the governments, monetary systems, and global economic standards are diminishing. Money just can’t be printed nor jobs and services multiplied, the currencies are losing value across the globe, and hyperinflation is not an impossibility.
Order in with your crypto
It is safer to stay at home and order in than venture out at a time when the virus has consumed innumerable across the globe through human contact. Food is a perishable necessity, and many food delivery companies are accepting crypto at the moment.
Takeaway.com: Website is a platform to order your food. First launched in the Netherlands, has grown in the European markets. It continues to serve people in Belgium, Poland, Germany, Austria, Luxembourg, Switzerland, Portugal, Romania, and Bulgaria. You may choose dishes from partner restaurants. Besides local currency, they also have Bitpay the crypto payment processor so you can pay for your delivery with bitcoin cash (BCH) or bitcoin core (BTC). Its German brand is Lieferando.de and crypto-friendly in Switzerland.
Shuttle Delivery: A similar food delivery company and site serves Seoul and suburbs in South Korea, offering Asian, European, and American cuisines. You can use the popular credit cards like Paypal, Kakaopay, Korean currency besides BTC and BCH.
Bitrefil and websites alike sell gift cards crypto coins, and you can then order your food from any restaurant or order from the UberEats app and get it delivered to your home.
How different countries’ governments are emphasizing or putting their effort to regulate or to use Crypto
To deal with the currency contamination issue, countries as China are drafting laws to circulate National Digital Currency for safety issues amidst pandemic. China’s central bank has developed the nation’s central bank digital currency and is now moving up for legislation. As per the local media. Patents have been made that reveal what the future digital yuan would look like.
Private companies as Alibaba, Huawei, Tencent, and China Merchants Bank helped to develop Chinese digital-currency. Alipay platform of Alibaba revealed 5 patents of China’s CBDC between the dates Feb. 21 to March 17: digital currency and issuance, recording of the transaction, trading assistance and support that deal with illegal accounts, and finally, digital wallets.
The U.S. Congressional leaders decided on releasing direct payments of $1,200 per American whose income bracket falls below $75,000 during the tough times of pandemic. The package will cost more than $2 trillion. They are thinking of introducing the “digital dollar” to disperse the money, though they fear that it would kill the physical cash. Speculation is going on for a Fed-based CBDC central bank digital currency or the option of stablecoin token, to lead USDT.
How safe is to use Cryptocurrency rather than using Fiat currency
Today only 8 percent of the world uses physical cash notes while 22% are transacting digitally through credit cards and payment apps- giving way to cryptocurrency being included in the cashless payment systems.
Hacking is impossible on blockchain-based cryptocurrency- it is impossible to exercise more than 51% of control on total computing power. The tamperproof system does not allow hackers to read transactions and reverse on the cryptographic fingerprint system. Each block is unique on the blockchain and uses ‘consensus protocol’ – with each computer on the network agreeing upon a shared history of transactions.
To top this, United Nations ID2020 project with Microsoft Corp and Accenture Plc is creating a digital I.D. network to provide 1.1 billion people with legal I.D. across the globe who don’t have official documents on the blockchain. With user safety assured, this will only open doors further for cryptocurrency to be adopted as a global currency. It is a safer alternative to paper cash exchanges today with COVID 19 affecting the globe.
Is it possible that Bitcoin ever replaces fiat?
In the Bitcoin space, there is a buzz about crypto being adopted and the real fiat currency being shunned. Bitcoin holds all the qualities that draw traders towards it.
It even fits the ideal money notion by John Nash, the Nobel Prize Laureate, American mathematician popularly known for Nash equilibrium game theory. He wrote on the ideal money being a practical global money “might most favorably evolve through the development first of a few regional currencies of truly good quality. And then the ‘integration’ or ‘coordination’ of those into a global currency would become just a technical problem.”
The Bitcoin concept and Nash’s notion of global money are the same. Even if yuan or the dollar goes digital, their privacy will still be invasive with the KYC/AML protocols. And, they will be centralized. Bitcoin, on the other hand, as Satoshi Nakamoto created would not be pushed by the government or politicians. So to say, it is a permissionless peer-to-peer electronic cash system and brings economic freedom.
People are already trading all over the world and even buying assets and getting food delivered at their homes with their crypto. Blockchain and crypto together can digitize the world spending habits, but it would take human effort on the whole for crypto to go viral.