Social changes are an important step in the development of human lives. These changes happen to many factors one of them is pandemics. Speaking of this, COVID-19 is deemed to be one of the phenomena that will change our behaviors forever. An area that is starting to see these changes is the use of digital currencies and its prevailing over other forms of currencies. Yesterday a topic of controversy, digital currencies are seeing today, high demands not only from investors but from ordinary users as well. COVID-19 is changing the world of digital payments and there is an increase of use of cryptocurrencies. So how did COVID-19 change the world of cryptocurrency?
Money is now a digital thing
After the virus hit almost all the countries and habitable continents, people became scared and saw a threat in every step of their journey. They started seeing money as a possible way of being contaminated and tried their best to stay away from it, switching to paying by cards or doing online transfers. Europe has long seen the traditional way of paying (cash) as the best. But as the continent suffered intensely from COVID-19, they switched to digital payments faster than expected. This also raised their interest in the use of cryptocurrencies, and many studies proved this increase saying that now, 2/3 of the European population has intentions of using cryptocurrencies.
Demand for cryptocurrency has grown
During spring 2020, a noticeable growth in the demand of the crypto money has been identified. There are now more ATM locations for this type of money (reached 8,000 all over the world) due to the crisis. Finance experts see Cryptocurrency as a tool for risk diversification, which makes it a good investment today.
The shift to digital money is happening
Until now, the effect of the coronavirus pandemic on the economy is hard to measure, even though many losses have been recorded so far. However, what is confirmed is that the changes imposed by the pandemic are here to stay, and most probably for a long time. It is expected that society will shift even further to the use of digital solutions, and remote workplaces will increase changing the living landscape. The shift from cash to card payments will be a natural consequence and will lead to an easier shift from card to crypto payments, increasing the use of cryptocurrencies.
In 2020, the purchase of digital currencies has been made easier through the apps for cryptocurrencies which increased this type of transaction. All you need to do so is your credit card, and you will be making a purchase just like you were buying something online.
Awareness about cryptocurrencies has increased in a time that couldn’t be predicted, and experts are saying that predictions for the future cannot be accurate now. However, with the intervention of the COVID-19 pandemic in our lives, we saw an increase in purchases of cryptocurrencies which can assure that costumers’ behavior towards it will develop. Today they use it to buy necessities, tomorrow it may be used for far greater things.