The popularity of cryptocurrency has been growing day by day. The term cryptocurrency is the phrase on everyone’s lips. It can’t be denied that there are speculated stories on cryptocurrency becoming a proxy for gold, silver or platinum, where Bitcoin will be playing the role of a natural substitute for gold.
Talking about its advantages, cryptocurrencies have been an economically feasible mode of transaction ever since it came into existence, it’s preferably a secure mode of transaction, where one doesn’t have to reveal their personal identities while making transactions. The payment procedures are simpler, even if it’s about making an international transaction.
Apart from all these advantages of cryptocurrency, one such major advantage that has to be taken into consideration based on the ongoing spread of Coronavirus is to avoid using dirty banknotes and making use of cryptocurrency instead.
Coronavirus is considered to be incredibly contagious; the virus is easily spread via anything that it comes in contact with. It can spread because of roaming around a sick person, touching infected doorknobs, handrails, or even bank notes, yes, you heard that right! Even banknotes that go through multiple hands can be a definite reason behind the spread.
In a recent press release, the World Health Organisation (WHO) has released a warning statement urging people to use “contactless” payments to reduce the “risk of spreading.”
The notes change hands multiple times till it gets circulated from one person to another, along with that they pick up all means and dirt and bugs as they pass around all other mediums. The WHO has advised people to wash their hands after getting their hands on banknotes and further avoid touching their face.
To maintain certain precautions, the officials have been using ultraviolet light or high temperatures to disinfect the bills.
The suggested measures to avoid contact with banknotes and keeping the bills and everything disinfected is already being taking into consideration. But it can be better to use cryptocurrency and e-bills for the same.
Coronavirus has been a major reason that has brought a rise in the current status of the digital economy. The fall in the market due to the spread of Coronavirus increased the Bitcoin value.
Recently, the Central Bank of China was speculated to issue a cryptocurrency to resist the coronavirus spread. It is globally argued that the cryptocurrency’s efficiency, cost-effectiveness, and feasibility makes it a desirable mode of the transaction during the ongoing spread. Many government bodies have been pushing for use of cryptocurrency to make payments as a measure to avoid the spread through physical cash.
As compared to traditional fiat, cryptocurrency has become the talk of the town for the investments. Since its safer, secure and economically feasible people are choosing the digital mode of transactions rather than relying on fiat. The spread of coronavirus is believed to be the major reason why people might start making digital investments and transactions to avoid the spread through contact.