How Covid-19 changed the world? How Covid-19 changed our lives and habits? How Covid-19 influenced the crypto-world and the acceptance of cryptocurrencies?
The Pandemic
The first case of someone suffering from Covid-19 was registered on the 17th of November 2019, and took the Wuhan Municipal Health Commission until 31st of December to identify it as a new coronavirus. On the 13th of January, the first case outside China was recorded in Thailand. The virus traveled like wildfire and by March was already declared the Covid-19 pandemic. The world went in lockdown, planes were grounded, and people were forced to stay at home. The world was set to standstill and I can't stop thinking that this is just the nature hitting back for the suffering caused by humans and their crazy development race. Global warming, plastic everywhere, mass-destruction of pristine places, etc. It felt like the planet said "Stop! It's my turn now!", after waiting patiently for hundred of years, in a sick RPG strategy game. Everything that happened in 2020, storms, fires, earthquakes, were just lesser spells and patience game, until it had enough mana was to unleash the final move: The Plague!
After 8 months, the number of cases went over 16 million, and 650,000 causalities were recorded. The disease is showing no sympathy, remorse or mercy. You can get it and have no clue, you can pass it and have no clue, maybe you had it already. Rich and poor are afflicted at the same rate, and none of the Top 10 countries affected by Coronavirus are poor nations, with limited resources. Maybe social-distancing was the answer, or we will desperately wait for the discovery of the vaccine... time will tell!
How Covid-19 changed our lives and habits?
Everyone is now more aware of personal hygiene. This small aspect was kinda neglected and taken for granted. Personally, I always had small bottles of antibacterial gel and antibacterial wipes at home, in the car, etc. They were not items of extravaganza, just ways to protect my family from various viruses and germs while going out or doing activities. After the sold-out of anti-bacterial gels in all the shops, hopefully people will keep the habit of buying and using them. Those who bought more then needed will have to use it because they paid money.
Online Shopping. I must admit that my shopping habits are mainly in store, but I am open to online shopping, specially for personalised gifts, offers, clothes, etc. During this crisis we noticed more than ever that ordering things from home is quite nice. This will move on to grocery shopping and this trend will grow.
What is essential? Now that all non essential shops are closed, we realise that no fancy clothes, no gadget or blings, are more important than life! We were happy, we had more then we needed and didn't appreciated!
Family time was another aspect taken for granted. The daily routine was the killer of happiness, and coming home from work was just a way to get ready for... the next work day. I honestly enjoyed every single moment at home with my family. Less screen time, more fun time. I worked hard to keep my 4 years old entertained, looked for activities to do, fancy food to cook, etc. Netflix, Facebook and Hearthstone still had their shares but with so much time, scrolling feeds becomes boring and the body needs something different.
Keeping active shouldn't be a problem, even with the gyms shout. Save the money from the gym membership and go running, walking or do indoor sessions, cardio, yoga, etc. Great programs on Youtube for all ages.
Returning to the nature! Social distancing means no more crowded places, closed pubs, restaurants, malls, amusement parks. Now we can truly appreciate a walk in the woods, the fresh air and singing birds.
Holidays and travel slowly become a competition for the best social media updates, best picture of a monument or attraction, posh check-in and so on. No more attention for details, to the unique aspects of the place, just a matter of been there, done that! I am sure we all visited places we didn't really liked, or the wow-factor wasn't as expected. How about now? Do you want to visit that place after staying at home for so long? I think the answer is YES!
How Covid-19 changed the cryto-world and global finances?
Due to the Coronavirus outbreak, the way we live our life changed, from the way we shop to how we spend our time. Since the start of the Covid-19 pandemic, people had to adapt in many ways, including the way they spend their money. Most shops are encouraging online shopping and in store the contactless payments are almost mandatory. Coronavirus hastened the decline of cash as people make a long-term switch to digital payments while innovations such as paying people using by sending a text to their mobile phone number is making transactions easier to handle. The use of cryptocurrencies, tokens and virtual coins filled the gap in the market, giving an alternative option to the demand.
Increasing financial inclusion rates globally, widespread adoption of contactless cards and the spread of cashless mobile payment systems in developing and emerging economies mean this trend is predicted to accelerate. In light of the above changes and the continuous improvement of technology, its easy to see why the use of paper and coins is losing popularity and why cryptocurrency use and development is trending.
Conclusion and forecasting
After months of stability, Bitcoin suffered a hard blow in March, at the start of lock-down, dropping to 3300 GBP . Along Bitcoin, the whole market crushed, many cryptocurrencies reaching all-time-lows. It took months for the crypto-market to recover, and as people started to move away from cash, the value of cryptocurrencies started to bloom. Bitcoin surged before the halving, pulling altcoins up, and rejuvenating the ecosystem. Coronavirus and the decline of cash gave the opportunity for Bitcoin, Ethereum and other block-chain solutions to refresh the day to day experience and provide innovative solutions. Bitcoin was stable and slowly growing in the last month, maintaining values above 7000 GBP and reaching 8000 GBP over the course of last week.At the moment, Ethereum is burning bright and majestic as the Phoenix does, boosted by the DeFi storm and the increasing number of Dapps using the Ethereum block-chain. The price per unit surged in the last months up to 252 GBP, recovering from the March drop, when fell down to 75 GBP.While people stayed at home, they had more time to educate themselves and read the many news about cryptocurrencies. As the crypto-market is going onwards and upwards, the people's confidence in crypto is rising, anticipating the global implementation of block-chain solutions. This implementation may be now rushed by the good news from US, where tokens and crypto-coins are considered assets and US banks can legally provide crypto custody.
The crypto market will continue the expansion and is waiting for smart solutions to improve security, speed and accessibility, while reducing transaction fees and gas. This solutions could be the launch of Ethereum 2.0, and the integration of Elrond's adaptive state sharding or the Zilliqa's sharding into the ecosystem. It never felt like a better time to join the crypto-community.
Links and referrals:
Elrond (ERD) and the Adaptive State Sharding mechanism
Zilliqa - the solution for the ever growing crypto-market
Coronavirus and the decline of cash
Ethereum: Burning bright and majestic as the Phoenix does
US banks can legally provide crypto custody
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