Cryptocurrency vs COVID-19, will the crypto market survive or prosper?

The COVID-19 pandemic has hit the world economy and markets. While countries are in a hurry to develop plans and strategies to curb and combat this pandemic, while trying to stay afloat. 

Needless to say, the cryptocurrency market is also affected due to this situation. Although the cryptocurrency market may look weak at this stage, many experts predict that it could be a turning point and they will strongly dominate the market. This claim is supported by the following arguments:

Cryptocurrency can provide answers to problems related to the traditional financial framework;

Cryptocurrencies are not physical in this way - no chance of spreading the infection further. 

To overcome the spread of the virus, the Chinese government banned banknotes and placed them in quarantine and used by the public. It has asked Chinese citizens to adopt the digital payment method. Euromoney reported that large central banks were considering creating their own form of digital currencies and wallets to overcome such situations. It further adds value for cryptocurrencies, crypto exchanges and crypto wallet related assets. 

How does COVID-19 change the scenario for using cryptocurrencies?

Few countries have issued a warning against the use of banknotes issued by banks, and prefer online payment methods. That said, the World Health Organization spokesman said after being asked if banknotes could possibly spread the coronavirus:

"Yes, it can and it's a good question. We know that money changes hands regularly and can catch all kinds of bacteria, viruses and the like. We advise people to wash their hands. After handling and avoiding banknotes to touch your face . Whenever possible, it makes sense to use contactless payments. '

If we look at this, many people have now switched to using cards and other forms of digital payment. 

There are currently different cryptocurrencies, cryptocurrencies and cryptocurrencies, and all of them can come in handy in such a pandemic situation. Here are some useful uses

1. digital cash

For example, Tether, or USDT, advertises itself as "a blockchain - enabled platform designed to facilitate the use of fiat money forms digitally". In other words, Tether is digital money that can come in handy in cases where you need to make contactless payments and save on transaction fees. With this cryptocurrency, users can use a blockchain system to make transactions according to fiat currency standards and limit negative factors related to digital currency standards. 

2. improve the supply chain

One of the main segments of a manageable business is the efficient functioning of a supply chain. Improving and facilitating the supply chain using blockchain innovation is a good idea during the crazy occasions of the pandemic when people panic and clean all the shelves. 

Through blockchain innovation, stores can monitor and improve the functioning of the supply chain from the earliest start of the process. Walmart, for example, uses blockchain innovation to enable its representatives to digitize products in the in-store app and then monitor the goodness of the creation survey as soon as it hits the shelves. 

In addition, Maersk, one of the largest delivery companies in the world, is already using blockchain innovation to track its cargo ships. 

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