Cryptocurrency versus COVID-19, Will Crypto Market Survive or Survive?


The COVID-19 pandemic has left the global economy and markets in shambles. While countries are flowing into devising plans and strategies to contain and fight back this pandemic while trying to stay afloat.

Needless to say, the cryptocurrency market is also affected due to this situation. While the cryptocurrency market may seem to be low at the point, many experts are guessing that this can be a turning point and come back strongly owning the market. This claim is supported by these arguments:

Cryptocurrency may give answers for the issues related to the traditional financial framework;

Cryptocurrencies are not physical, this way — no chance of spreading chlamydia further.

To overcome the spread of the virus Chinese government banned and quarantined used banknotes from the public. This made the citizens of China inclined towards the digital mode of payments. Euromoney reported that major central banks have begun to look into creating their own form of digital currency and transactions to overcome such situations. This further adds value to cryptocurrencies, Crypto transactions, and Crypto wallet related assets.

How COVID-19 is changing making use case scenario of Cryptocurrencies?

There are few countries who have been giving a warning against the use of bank-issued notes and are favoring online modalities of payments. That being said, the world Health Organization’s spokesperson said, after being asked whether banknotes can be potentially spreading coronavirus:

“Yes possibly and it’s really a good question. We know that money changes hands frequently and can pick up all sorts of bacteria and trojans and things like that. We might advise individuals to wash their hands after handling banknotes, avoiding coming in contact with their face…. When possible it might be wise to use contactless payments. inch

Looking at this a lot of people have at the moment switched to using Cards and other forms of digital payments.

There are various cryptocurrencies, crypto purses and crypto transactions existing at present and all of them can become handy ordinary pandemic situation. Here are a few useful use cases

1. Digital Cash

For instance, Tether, or USDT, portrays itself as “a blockchain-enabled platform designed to facilitate the use of fiat monetary forms in a digital manner. inch In other words, Tether is digital cash that can be exceptionally useful in occasions where you have to make some contactless payments and save on transaction charges. This cryptocurrency Blur nft enables users to use a blockchain system to transact in fiat monetary standards and limit the negative factors associated with digital monetary standards.

2. Supply archipelago improvement

The effective operation of a supply archipelago is one of the main portions of an easily running business. Improving and assisting the supply archipelago via utilizing the blockchain innovation is a great idea during the crazy occasions of the pandemic when people are panic-purchasing and travelling across all shelving clean.

Thanks to the blockchain innovation, stores can monitor and improve the operation of the supply archipelago from the earliest starting point as far as possible of the procedure. For instance, Walmart uses the blockchain innovation permit its representatives to scan goods in the store’s iphone app and then track the good from the snapshot of creation to the minute it makes it to the shelving.

Additionally, one of the greatest delivery companies in the world, Maersk, has already been using the blockchain innovation to track its products boats.

3. Smart Contracts Usage

Likely the greatest application of blockchain innovation is sensible contracts, which are self-executing contracts. These contracts automatically confirm, check and procedure the transaction in case all the principles of the contract are satisfied. This permits parties to reduce risk and expenses and increase earning.

This application of blockchain innovation can also end up being useful dealing with the pandemic. Among this use case is in maintaining accurate health records. In the same as that, if health records are stored in a smart contract, the data would be available to all the parties — meaning any hospital or a research foundation can have immediate access to the key data without a moment’s delay. All the data is also tamper-proof and transparent.

4. Digitization Is the way to go?

Nevertheless, should a crisis come and the wonderful should restrain from utilizing almost any physical payment, cryptocurrency proprietors are unquestionably in a good place. Thanks to a ton of useful features of several current cryptocurrencies, the requirement of each sector is met with a tailored arrangement.

While cryptocurrencies can be exclusively used as an approach of payment, some of the remarkable tokens are aimed at knowing the difficulties of a particular sector and are created to play a certain job inside the system.

For instance, Digibyte, one of the cryptocurrency extensions that has been on the crypto stage since 2014, can be named the Paypal of the blockchain business. It allows users to use sharp transactions in a protected manner with minimal charges.

Following on this, Tokoin aims to help developing companies digitize their organizations. By spending $TOKO, MSMEs are able to interact with each other on a blockchain without necessity to use any physical transactions — everything is handled inside the system.

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