The effects of COVID-19 on cryptocurrencies: negative & positive

[MrSpasybo 1049]

I have read quite a few topics regarding the impact of COVID-19 on the situation of the crypto market. I think we should take an objective and overarching view of this matter. This is what I refer to and relate to the situation of the cryptocurrency market in Vietnam.

1. Negative effects
-Economy is affected, many people tend to accumulate & limit spending. Of course they also won't be able to invest in crypto;
-Many activities in the crypto world such as seminars or conferences cannot be conducted. Teams are unable to advertise projects or reach potential investors;
- Teams members are difficult to work directly together, they have to work together online which reduces work efficiency. Each person is under psychological and economic pressure, they will not be able to maximize their capacity => progress is delayed.
-Economic pressure causes many people to blindly put money on crypto, and bad guys create scam projects to make money;

2. Positive effects
+ People have plenty of time at home to learn about Bitcoin and crypto;
+ The need for cashless payments makes crypto one of the options to be considered;
+ The economic downturn has made many people see the crypto market as a new object of investment;
+ Many people fear that fiat will devalue, crypto will become a store of assets and a means of transferring money abroad;
+ The need for blockchain-built platforms to share specialties in drug and vaccine research has helped crypto gain indirect attention.

The coin has two faces, and I think COVID-19 is the same. Our job is to stay optimistic, stay healthy and work through a pandemic together.

What is your opinion on this issue, do you want to add anything?

[toprakdere 154]

Many people are now taking a look at this technology to respond to the ongoing covid-19 pandemic. A considerable number of people worldwide have been associating themselves with blockchain technology yearly, making it grow in many ways. Blockchain has made trading with currency possible for investors because it is transparent, secure, reliable, and time-saving. Additionally, many industries and other sectors are considering investing in the blockchain and cryptocurrency

[Muhammad Adnan01283 523]

Good question friend! I think covid-19 have both positive and negative effects on cryptocurrencies the positive effect is that peoples are shifting towards cryptocurrencies because it it does not need your direct contact with buyers and sellers it just involved your digital wallet to buy or sell.

 

[percare 3192]

There have been many discussions about the effects and I remember the hard times we passed after we were most of us in losses during the explosion of the coronavirus and the first lockdown in the USA. I think though that you are right, cryptocurrencies gained more recognition during a time when the dollar is weakening and the economies enter recession.

[Zeshan Khalid 2577]

The collapse of fiat economies due to pandemic have made it easier for cryptocurrencies to be adopted by masses. So overall it had some positive effects on cryptocurrencies but negative effect on overall society. We need to think for whole society and pray that it ends soon.

[kryptonick 2659]

On 11/28/2020 at 1:31 PM, MrSpasybo said:

+ People have plenty of time at home to learn about Bitcoin and crypto;

I really hope people will learn and not just try to buy using paypal or other silly methods that will make them uninterested in learning more about this. The magic in Bitcoin and crypto is transfering them to your wallet from the exchange you bought them.

[Liliz 529]

You have said well about the two effects (Positive and Negative), from my own point of view, I would also go with both the advantageous and non-disadvantageous effects of covid19 on cryptocurrencies. When the outbreak erupted, so many people lost their jobs, businesses folded up, and several source of income were shattered,.....alot of people had no choice than to look out for an alternative means of survival which led to the multitudes that started their journey into the cryptocurrency investment. Due to this, it boosted the global recognitions of how far cryptocurrency had gone and this drew more people into cryptocurrencies. Alot of people had cryptocurrency as their source of income since the covid19 outbreak began, the negative effect is few compared to the many advantages it offers.

[ertuğrul 27]

In these days, when digital transformation moves accelerate due to the COVID-19 epidemic, it is thought that the adoption rate of cryptocurrencies will increase. The quarantine decisions implemented within the scope of the Corona virus epidemic changed people's daily lives and restructured their habits from top to bottom. The decrease in cash use in market and pharmacy payments in countries where the pandemic is intense, and the signal that a new world will be formed are among the topics discussed.

An article on the Forbes site suggests that it will become a habit for people to use digital payment systems instead of cash due to the COVID-19 outbreak. According to the article, even people who do not lean towards payment tools other than cash will turn to digital payment solutions, even cryptocurrencies, especially bitcoin (BTC).

[mustafapalaa 20]

As I said before and I keep saying the covid was necessary and it was more positive than negative for us. I create the market and it continues to rise more. As in the real world, there have been many changes in the crypto world after the pandemic period.

 

 

[ibrahim halil anaç 138]

While Covid-19 was first released, crypto coins were in decline, while they are currently experiencing their heyday. Since many sectors stopped with Covid-19, people working and investing here shifted their investments to areas such as cryptocurrencies.

[Teminali69 1081]

I don't think economy was affected because prices recovered during the time of corona itself and those seminars and meeting of cryptocurrencies were prohibited in my country anyway.

[mustafapalaa 20]

 

Covid 19 created a positive perspective on cryptocurrencies because people started making money from the stock market and earning with crypto money while they could not leave their homes, and this is how the growth of crypto money started.

[Mushahid Bajwa 186]

In my point of view your positive aspects and negative aspects are true.I am totally agree on these aspects.

[scofield64 943]

Many people because of this covid 19 pandemic don't have choice than to sell their cryptocurrencies. Also there's enough time to practice and learn about cryptocurrencies. 

[minisrt_black 1112]

it seems to me that it is neutral because as for me the first wave could affect, but it seems that it did not affect in any way and now people have calmed down and there is no such excitement

[nykas 2812]

I think Covid effect on crypto is more positive than negative, because many new investors came to the market and people start to be interested in new technologies while they are sitting at home

[sametbskya 92]

Since crypto coins are products with limited supply, people turned to products with limited supply such as gold bitcoin during the corona process, and the value of the products increased many times. I think that limited supply products, whose value increases with corona, will become more valuable in the future because the world is moving towards an unknown. we see wars and uncertainties everywhere, I think the world war may be imminent, so products with limited supply are very important ..

[mzk7736 1592]

This pandemic have brought an opportunity for an awareness of crypto throughout world. I can sense that the situation after this pandemic is even more promising as people will interact with each other and promote cryptocurrencies more effectively.

[Nila2020 393]

Covid 19 is a deadly horror going on all over the world. In my opinion, both its negative and positive aspects should be highlighted here. However, it has a positive effect on the cryptocurrency. People here are associated with this cryptocurrency to market different stocks. Due to which many people left this cryptocurrency and many more members joined.

[fanylu 505]

Hello friend, I think that the pandemic has had positive and negative effects on cryptocurrencies but it has had more positive things, one of those is that cryptocurrency was the help or salvation in the economy for the entire society in general.

[tienda 8776]

Good topic and with interesting point about Covid-19 effects. Effectively there are effects positive and negative, because of the pandemic. I think for the real world the effect is negative, because the economy stopped and people without job...etc and the positive effect is for the digital world, people joined the internet and there are a lot who did the shopping online for the first time and encountered for the first time the cryptocurrency.

[Froshk 1828]

On 11/28/2020 at 12:31 PM, MrSpasybo said:

The coin has two faces, and I think COVID-19 is the same. Our job is to stay optimistic, stay healthy and work through a pandemic together.

What is your opinion on this issue, do you want to add anything?

The Pandamic has affected many peoples means of livelihood, and on a larger scale, it has affected economic growth of both under developed and developed countries but on a positive note, it has made the adoption of cryptocurrencies more than what we have expected. 

On 11/28/2020 at 12:31 PM, MrSpasybo said:

 

 

Edited December 14, 2020 by Froshk

[Raqeebzy 6456]

You made excellent points but the negative points are not necessarily negative to cryptocurrency - the effect of few of them have been readily suppressed by the technological advancements. Conferences and meetings can be held online by end-to-end encryptions.

In fact, I am one of those who believe covid 19 did more positive than negative to cryptocurrency.

[Gujjar573 14]

The covid-19 is very badly  impression on the crypto currency. IF THERE IS NO COVID-19 IN 2020 THEN CRYPTO GOES THE MORE RANK AS COMPARED TODAY. Covid-19 do not delivered any positive reactions.

[Fixfin 2569]

I wouldn't expect covid to have positive effects on cryptocurrencies and perhaps it wasn't covid but the inability of governments to have a back up plan for this kind of periods and their only tool available which is to keep printing, this alone was the reason for Bitcoin to rise and become the top investment in last year.