With everything going on in the world right now, the future is clouded in mystery and uncertainty. The economy has taken a serious hit and the world seems to be in a state of panic. Because of this, economies and people all over the world are unsure of what the world and global market will look like when this whole ordeal is over with.
While it is impossible to say exactly what could happen, it is possible to make smart guesses and plan for the future. One topic that has come up frequently throughout this entire crisis is the fragile nature of economies and currency that is outdated and ineffective. Because of this, there has been an increase in interest in the world of cryptocurrency and Bitcoin. To see what the world of Bitcoin could look like post-covid-19, let’s see what it could become.
What is Bitcoin?
Bitcoin has been around and created a buzz for the past few years, but what exactly is it? At its most basic form, Bitcoin is a form of cryptocurrency that took the world by storm with its innovation. What Bitcoin is can be described as a way to store your money on the internet instead of at a bank. Bitcoin is not a physical tender and cannot simply be lost or stolen like traditional cash.
Created back in 2009, bitcoin was a revolutionary way to think about how we value and store our money. What is interesting about bitcoin is that the value it holds can fluctuate dramatically and make people rich overnight. At this moment, one Bitcoin is equal to nearly $9,000 dollars and can change in value by thousands of dollars at any time.
If you are wondering how to buy bitcoin, the process is relatively simple. Bitcoin is strange in the sense that it has to be “mined” online for the coins to actually come into existence. However, you can purchase the coins from verified online traders using various payment methods to get your own holding of Bitcoin.
How has Covid-19 affected Bitcoin?
With everything that has been going on as a result of Covid-19, the global economies have all been greatly affected. Businesses have been struggling and millions of people have had to step back from their jobs due to the necessity of social distancing. Because everyone is at home and nobody is buying goods, the economy and business, in general, has entered into a recession the likes of which have not been seen before.
Just like the rest of the global economy, Covid has also had dramatic effects on the Bitcoin market. As the stock market is seeing new lows and shows no signs of improving, many investors are actually looking to bitcoin to help them secure their investments. Because of this, Bitcoin is actually increasing in general popularity as people grow to distrust the banks and their somewhat flawed operations.
While the price of Bitcoin is uncertain, it has actually held and even increased its value since the start of the year. Unlike almost every other investment option, Bitcoin has seen a general upward growth in value. Bitcoin is offering weary investors options to invest in assets that are harder to drop in value than things like cash or stocks that can drop in value almost instantly.
What does the future of Bitcoin look like?
As current markets around the world are under new levels of strain, the future for Bitcoin is looking very promising. Many market specialists are predicting that many governments and banks will look to the possibility of implementing cryptocurrency into their assets for better results. Bitcoin offers investors a very safe way to store their assets that are becoming very attractive as people are now seeing many flaws in our current systems.
Corporate profits have seen a substantial hit as a result of the global pandemic, and investors have taken notice. This newly recognized instability in the marketplace shows that the stock market has the possibility to fail at any moment and is not a good place to keep money. This newfound awareness is a reason that many investors will likely leave the stock market behind in favor of investing in assets like Bitcoin.
Bitcoin offers a unique investment opportunity because it is not affected in value by companies and how well they do business. Interest in the cryptocurrency market has been on the rise as the Covid situation escalates and it only shows signs of continued growth for the future of the online currency. If anything, the Covid crisis has helped show the world the potential of Bitcoin and the many benefits it offers to investors.
Benefits of Bitcoin
On the topic of benefits to investors, let’s look at some other benefits that come with moving money into the digital space. The most substantial benefit that people see from investing with Bitcoin is that the money is completely decentralized. What this means is that the money is not stored in one place or by one company, so every Bitcoin owner is the only one who really owns their coin.
Another popular reason people look to Bitcoin is that it is anonymous. When you use your money online with other means, your name and sensitive information is often attached to the account and payment you use. Because of this, people could potentially steal or track your information within cyberspace. When you use Bitcoin, your privacy and money is much safer as nobody can find out who you really are.
With the world going through a very uncertain time at the moment, what the future may look like is hard to see and predict. However, the future of Bitcoin at the moment seems to be very promising. With all of its benefits to the users who invest in it and use it for any number of reasons, it seems like the future of investing and currency storage could be online.