First and foremost, you need to know that I like cash. The feel of a real coin or a dollar bill in my hand is tangible and powerful. But the latest pandemic fears have us all worried about money transferring the Covid-19 virus; and that is a real fear.
Update: It is highly unlikely that you will catch Covid from handling paper money, unless a Covid positive person just coughed on your money; Covid is most likely transmitted by airborne particles. Despite this I still err on the safe side and clean my money and wash my hands a lot. I suggest that you should too.
Bitcoin is not as easy to use as credit cards and PayPal (yet) for most on-line purchases, although it works really well in person to person situations – because you can transfer money contactless with smartphones. This will get easier over time.
If you are at a store, and you don’t want to linger at the checkout or handle change, I would recommend using google or Apple pay. Some credit cards like chase also have contactless options. Many use the NFC (Near Field Communications) technology on most newer smartphones.
If you use cash, and get only change in return, I would suggest asking the cashier to put it into the charity or tip box most stores have on the counter. that way you do not have to touch the change, and there is no increased risk of Covid-19 by touching a potentially contaminated item (physical money).
Cash Money won’t be going away, but in the time of Covid, alternatives to handling cash are necessary and may become more convenient than our customary cash transactions.
In the US, we have a strong Fiat currency, the dollar. (perhaps you have heard of it?). Bitcoin shines when the Fiat, or local, currency is not strong, and fees and bank charges are large. Think Venezuela, Argentina, South Korea. Bitcoin activity in these countries is large, and growing. Those governments can just print more fiat currency (which makes for rampant inflation) making Bitcoin a viable option for payments and moving money around. (This happened in India, where their fiat currency was briefly worthless).
There is also a finite limit to the number of Bitcoins in circulation; 21 Million. No government or “Bitcoin regulator” can just create more – like the governments do with paper currencies – it is fixed and will allow the price to rise once all 21 million are created through Bitcoin mining.
As I see it, there is a lot of activity in Bitcoin going on, and volatility, mining, facebook bans, etc., will all have an effect – but not kill off Bitcoin. You can see the current stats on how many times Bitcoin has been declared “Dead” on 99bitcoins. (spoiler alert – 273 times as of this writing)
Hodl on, and (if you feel like I do) Go long on Bitcoin!
To the Moon!
Thank you for reading my blog, and feel free to share! Best of luck with Bitcoin and all your investments!