Can cryptocurrency recover from COVID-19 induced dip?
The pandemic has turned the whole financial world upside down, including cryptocurrencies. Since the beginning of the year, the cryptocurrency bitcoin has dropped 9%, but it’s important to note that since the beginning of the year, bitcoin specifically has been having a great year, even reaching a $10k mark. As the outbreak started to take a toll, the prices started to follow the trend as well.
A lot of people feel very confused right now, especially around their finances. While the toll that COVID-19 will take on human lives and everyone working in the healthcare systems, the economic downfall will have a much more long-lasting effect on the entire world. And it doesn’t really matter whether the specific countries had a really bad outbreak or managed to contain it. The economies around the world will have a tough time recovering from this outbreak, but actually this time around, cryptocurrencies might have an upper hand.
New financial reality
As our financial reality is changing and we’re seeing just how vulnerable currencies and stocks really are, cryptocurrency might emerge as a more reliable alternative and the one that is able to bounce back quicker, simply because of its infrastructure, than all of its fiat counterparts.
And the investors and users seem to be quite optimistic that cryptocurrencies will be back to their usual state in the months. Especially those using bitcoin and Ethereum are hoping for a very positive couple of months as more people start to explore crypto potential, even the ones that were once extremely skeptical of this technology.
One of the great benefits of getting into cryptocurrency right now is that many industries are also opening their doors to this technology. Cryptocurrency as a payment method will start to get more widely accepted and in turn, it will become more mainstream, accessible and dependable.
One of the first industries to accept cryptocurrency as a valid payment method is actually a gambling industry. Especially for those who play in real money online casinos, this blockchain-based payment method is perfect because it is fast, relatively cheap, and safe as well as transparent. This allows for more comfort while playing and takes the middleman out of the picture speeding up the entire process of making transactions or receiving wins and payouts. As more people are spending time at home, the virtual services and offers become more important. Only the businesses that can modernize their service will manage to stay afloat and continue their business at relatively same speed.
Window of opportunity
The payment methods as well will need to modernize more. Since the concerns around handling cash, in general, are growing, the convenience of cryptocurrency will also play nicely into this making them more relevant than ever to any modern customer.
While the COVID-19 effects will definitely last way longer than quarantines and lockdowns, this could actually be an opportunity for the financial sector to modernize very fast into a tech-based industry that takes innovation more seriously.
Bitcoin has emerged out of all this chaos as a safe haven asset with more potential than any other currency right now. This is perfect timing to seriously start considering getting into bitcoin and to start looking into ways that you can use it to pay your regular fees.
Bitcoin can be used to pay for online purchases and in some stores, you can actually pay on the spot with bitcoin. Some entertainment services will accept your bitcoin payment without any additional questions while purchasing anything online can be made far safer through bitcoin. All it takes is getting into the industry and embracing the novelty of it all.
