Basics of cryptocurrencies and Covid-19
Covid-19 pandemic can be called as a blessing in disgust when it comes to the Bitcoin cryptocurrency users or investors.
To understand the impact of covid-19 on the rates and trading ratio of the Bitcoin cryptocurrency it is very important to learn about the effect of covid-19 on the world economy and finance.
Impact of covid-19 on Economy
Following are some of the most interesting facts that are related to the changes in the economy faced by coronavirus pandemic.
It was about the end of the year 2019 when a deadly Virus wrapped the World in a wave of fear, distress, and disease. At that point, people were not aware of the upcoming situations. However, they were already frightened but the rest was yet to come.
In no time Health Departments all around the globe started alarming the government officials about the pitfalls of the Covid-19 pandemic. Countries went under smart, partial, or complete lockdowns depending on the spread of the virus in the respective areas.
Changes started to happen
This was the start of a whole new Era. All of a Sudden things started getting worse. Every walk of life got negatively impacted by the virus including the health, social and economic departments.
According to the Substantial Developmental Report of the year 2021 around 114 Million people lost their jobs all around the globe and nearly 120 went into a condition of extreme poverty.
The most important point is that this pandemic has affected the developing as well as the developed countries. As said by Deputy Secretary-General Amin:
” Disasters do not respect national boundaries”.
However, poor and underdeveloped countries have faced a sudden retrogression and this is expected that their economy may go 10 years back. These countries were already under debt distress and Covid-19 acted like fuel to this fire. To learn more please sign up on the official website.
Digitalisation of Jobs etc
The spread of Covid-19 resulted in digitalization in every field including economy and finance. But this resulted in downsizing and unemployment.
The digitalization and work from home scheme made people suspicious about the other ways of making money. As the global economy is going down, the Bitcoin cryptocurrency rates are going up and this is the reason why Bitcoin cryptocurrency has made a record breaking progression in the year 2020.
Trade values of Bitcoins
The rates and the trading value of Bitcoin cryptocurrency increased last year because of a number of reasons. The first and most important reason was the fact that people were fed up with the traditional ways of investing money that they were looking for a way where they can be their boss and can save their investments.
In the year 2020 Bitcoin cryptocurrency was going ok but as the time progressed and countries went under the condition of lock down the rates and the trading value of a bitcoin cryptocurrency started increasing to a great extent. By the end of December 2020 the rates and the trading values of the Bitcoin reached an element that was never seen in the past and this kept on increasing in the year 2021 month of January and February.
Lockdown and Bitcoins
In the time of coronavirus pandemic lockdown people can make some good revenue out of cryptocurrency but due to limited resources and information only a few people were aware about the digital market e trading and cryptocurrencies.
The economic crisis of the Year 2020 e can be easily compensated using and digital trading in their respective countries. The Fame and name of Bitcoin cryptocurrency attracted a number of international banks that claimed that soon they will be releasing their own type of cryptocurrency. if you look deeply you will see that this is practically e not possible because the most astonishing think about the digital currency is its independence and on the other hand a currency that will be issued by the banks will never be independent and banks will always be involved in the dealings and of their cryptocurrencies.
The crisis of 2020 has taught us a lot. We can not undo what has been done. However, the need of the hour is to make a strategy that can save us from this type of crisis in the coming future. Global interdependence and decreasing the gaps between the rich and poor countries can play an important role in standing by the future crisis. The key to success of the world in the coming future lies in digital trading and increased use of the cryptocurrency specially Bitcoin which is one of the most reliable and authentic cryptocurrency till date.