Did The COVID-19 Pandemic Just Change the Cryptocurrency Ecosystem Forever?

The futuristic Utopia that technologies promise to bring in new perspectives to the world. However, with the COVID 19 outbreak, the world has faced some uninvited challenges. In just a few months, the pandemic was able to destabilize the people’s lives and broke through economic boundaries.Over the past couple of months, even well-established businesses have seen a downfall in their ROIs. The world was full of uncertainties, but after the break out of the COVID 19, the uncertainties have increased.

History has experienced this kind of scenario in the form of the Spanish Flu (1918-1920) and the black plague in the 1300s. These two events are considered black years in history as they have taken more than millions of lives.Though COVID 19 breakout is similar to that of the previous pandemic, it was different on its own. The difference was the technological evolution that we are enjoying today. People are more technologically connected than they have before.

When the pandemic hit the world, the financial infrastructure of the world took a huge dent. The financial standing of the world crumbled down. The assets we were sure of performing in any given scenario shows how weak they were against the crisis. The only currency that was able to perform well and was able to keep up with the crisis was Cryptocurrency.

Bitcoin is the product of Blockchain technology. Blockchain is a private distributed ledger that relies on the wonders of the currency to maintain the network. With the decentralized features, there are no authorities to claim control over it. This acts as a dual-edge sword. This feature is excellent for transparent transaction and data sharing, but at the same, it is prone to fraudulent activity due to its decentralized nature.

The News Spy started in 2008 when the concept of the digital currency was introduced in the market. It became a reality in 2009 when Satoshi Nakamoto mined the first block of Bitcoin. Since then, it has become a trend in investment marketing.At first, people were sceptical about its concept and usage, but they were able to accept Cryptocurrency and Bitcoin with time.

When the COVID 19 broke, people became agitated and started liquifying their assets. This reduces the price of the assets. Every asset took some damage. However, Bitcoin was the only currency that, even after taking damage, was able to regain back to its former market value.

The core attraction of Bitcoin is its nature of providing the freedom to the investors to convert the value in the form of money. This whole concept defies value manipulation. Before Bitcoin made its appearance in the market, people had no option other than investing in traditional assets and being caged into an effective financial system.

Bitcoin is powered by Blockchain technology and works on a public ledger network. This makes the members of the networks the owners of the Blockchain network. Every member of the network has the liberty to use the network to store and transfer information. The best part of the Blockchain network is that it works independently and is not affiliated with any central authorities.

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Bitcoin has offered a new investment option to the people. Though people were cautious at first about its authenticity and credibility, slowly but eventually, people realized Bitcoin’s latent potential. Even the renowned American venturer Tim Draper believes that Bitcoin is the key to having a secure financial structure for the millennials.

Though Bitcoin is one of the only assets that could regain its former market value, you cannot omit the fact that they are a decentralized currency and are separate from the central authorities. Hence, the lack of central regulation makes it vulnerable to gauging the actual price of the Bitcoin.

With so many uncertainties coming with COVID 19 outbreak, investors and traders can see more volatility to come in the future.

As the world keeps on moving forward, fighting back the pandemic, Bitcoin’s value and acceptance will only grow. We will soon be able to see Bitcoin usage in making payment for the coffee you had. This might take a few years; it will surely happen.