If you are not living under a rock, you must be aware of the adverse effect of COVID 19. The pandemic has caused havoc worldwide by taking millions of lives. Its effects do not stop here, COVID 19 breakout pushed the world’s economy to its last leg.Even after taking precautions beforehand, COVID 19 pandemic was able to penetrate the industries and break down their system. This caused millions of lost jobs, poverty, and depression. Amidst all the happening in the world, when everything was on backfoot, the only industry that seemed to be standing strong was the Cryptocurrency industry.
During the lockdown period, many industries collapsed while many industries found new opportunities to bloom. Among the new industries that bloom during the lockdown period, Blockchain And Cryptocurrencies have proven themselves to be the dark horse.People thought the crypto industry would fall during the COVID 19 outbreak; however, it performed exceptionally well to the point where its market capitalization almost doubled within 2020.
How Digital Currency Got A Boost During COVID-19 Pandemic?
The Cryptocurrency industry has always been volatile. People always thought that the crypto bubble could burst at any given moment. And when the COVID 19 hit the world hard, everybody thought that this when the whole concept of Cryptocurrency will perish. But, to everyone’s surprise, it was the only industry that has been the least damaged. Rather, you can say that the investors who have invested in the Cryptocurrencies have doubled their ROI
Here is how Cryptocurrencies got a boost with the Outbreak of the Pandemic.
Cryptocurrency Scheme Is Doing Better Than Before
Will the Crypto industry be able to survive the COVID 19 outbreak? This was the common question among the crypto investors when they came to know about COVID 19. Every individual has different opinions on this question. Some believed that it is finally time when the crypto bubble will burst. At the same time, some investors believe that it is the best time to invest in. We are already in November 2020, and you know who was right in this regard.
Though COVID 19 has cost many of us our jobs, it has also created several jobs with the new start-ups in the crypto market industry. Seeing how successful Cryptocurrency was in the pandemic, traders and investors worldwide have shown interest in the crypto trademark.
Boost in Blockchain Adaptation
This is the best time for Blockchain technology to seep into every industrial, and technological system. Over the past couple of years, people have been working with Blockchain technology to refine its usage. It is due to the Blockchain network that traders feel safe and secure while making trade payments. With Blockchain technology, traders were able to make transactions that were safe, secure, transparent, reliable, and time-saving. For more information you can visit here Green Profit System
COVID 19 Forced People to Do Cashless Transaction
The COVID 19 virus spread from one person to another with just a single touch. This nature of the COVID 19 virus has forced the countries to go cashless with the transactions. Going cashless is one of the old concepts and has been followed for two decades in the form of credit cards. COVID-19 has just accelerated the use of cashless practices all over the world.Research shows that one of the most common methods of virus transmission is the handling of cash. Therefore, central authorities have asked people to restrict themself from using cash instead of going for digital transactions.
The Bottom Line
COVID 19 has affected all the industrial sectors in several ways. Many companies were forced to shut down their establishments due to a lack of financial flow and those who were able to survive are trying their best to recover from the pandemic’s harsh effect.The pandemic has also encouraged people to use Blockchain and Cryptocurrencies. The people have been asked to go cashless with the transactions.
In this article, we have discussed how the outbreak of the COVID 19 has helped Blockchain technology to grow in the industry. The results show that the future of Blockchain technology and Cryptocurrency is bright. To know more about the future possibilities of the Cryptocurrency and Blockchain.