Bitcoin is a Blessing or a Curse in the Pandemic Affected World: A Discussion

Introduction

It is only in recent times that the world has been affected by the dangerous COVID-19 pandemic mix which has taken away more lives than anyone ever expected. It brought about a number of changes in the market and caused a number of businesses to permanently shut down.

 It is during the regime of the pandemic in the world that we have also seen that more and more people are now shifting towards the digital money market in order to avoid contact, thereby contracting the disease.  Thanks to the advent of the pandemic out of nowhere, we have shifted more towards it.

Among the many changes that the pandemic has brought about, people have also noticed that the general public is constantly inclining towards Bitcoin facilities in recent times. Now, the question remains is Bitcoin a blessing or a curse in times as such?

In this article, we will collectively try to take a look at both the positive, and the negative aspects of cryptocurrency during these troubled times.

The positive sides: Why should Bitcoin be looked at as a blessing?

  • No Contact Mode: To begin with, let us remember that one of the central positive sides of Bitcoin, one which can also be considered a blessing, is that in order to make transactions via Bitcoin you do not need to go for a contact mode. If this is not a blessing during pandemic times, what can possibly be? Studies have shown that it is due to this medium of monetary transactions that a lot of people have been able to keep safe while making a great deal of profit from the same.
  • Helping New Start-ups: We have to keep in mind that while a number of businesses had to be shut down due to the extreme hostility of the pandemic, platforms such as Bitcoin, and its free-flowing nature has also made room for than you startups to make a place in the hearts of the people across the world. While this has been a dark cloud for a number of business sectors, for the newbies in the market it also turned out to be a cloud with a silver lining. And what added to their success is the easy mode of payment with the help of Bitcoin.
  • Providing Job Opportunity: Let us then remember that due to the pandemic, a lot of people have been losing their jobs, and therefore their stability in their lives. Bitcoin does not only provide job opportunities to people who are Engineers but also has a fair share of jobs to offer to people from different fields. For example, the cryptocurrency market requires content writers, business analysts, and people with a certain degree of knowledge regarding public relations.
  • Unmediated, and Low Transaction Fees: It has become increasingly difficult to visit the banks every day. It isn’t at this opportune moment that Bitcoin is letting people go for monetary transactions without any mediation. Furthermore, Bitcoin offers very low transaction fees, and this pocket-friendly nature of Bitcoin has been particularly useful in the COVID-affected times. In case you are interested to know more about Bitcoin, you can quickly visit the automated trading system bitcoin loophole.

BThe Negative Sides: Should we see this as a Curse?

  • Bitcoin is Known for its Fraudulent Activities: We would like to take this opportunity to tell you that Bitcoin is famously known for falling prey to several fraudulent activities. As much as Bitcoin makes headlines for its positive sides, this is one problem that has remained. Currently, Blockchain technology is trying to ensure better safety, nonetheless.
  • The Market Rates Vary: One of the major problems with Bitcoin is that due to its fleeting nature, the market rates often vary. This often jeopardizes the investors and is an aspect that every investor should ideally keep in mind.

Conclusion:

We sincerely hope that the blog will help you gain a certain degree of understanding regarding the positive, and negative sides of Bitcoin during pandemic times. We wish you the best!

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Steve has been living in Saudi Arabia since 2013 and writing about Saudi rules, regulations, guides, and procedures since then.