Bitcoin and covid-19 lock down.

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Avatar for Prosperic
4 years ago

It is important at this stage that governments begin to develop a currency that doesn't require a physical touch.

We call this period a pre-crypto era people have tested these encrypted currencies now for a decade and found it more convenient than fiat currencies. Though vulnerable to bugs and hacks and fraud but all depends on the holder.

When social distancing is the order of the day then cryptocurrency should be given a centre stage in the exchange of value.

Also, our currencies now are largely dependent on prices of crude oil and these are going down by the day. It is imperative to get an alternative. The prices of a cryptocurrency is not fixed by a single factor but by the community of users and the general market factors like the demand and supply.

To prepare for this change it is important the government comes out with regulatory features and to probably float a national cryptocurrency on blockchain that could exchange for bitcoin and other altcoins. This would make the nations currency to appreciate in value and to adequately prepare them for the future. Also, social distancing would be better defined.

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