Without a doubt, coronavirus is the central theme of the last weeks and the coming months. The rapid spread of the virus from Wuhan has plunged the world into a pandemic. Most countries have introduced strict quarantine measures to protect their population from the virus.
Of course, with such a disruption in all international operations, the world economy is entering a prolonged recession. World banks have not yet figured out how to deal with the imminent crisis, which could strike harder than the global financial crisis of 2007-2008.
As a result, governments and banks are opening up to any initiatives that will help to overcome the crisis. Cryptocurrencies, which have long been the dark horse of the global financial system, are coming to the forefront of this battle due to their decentralized nature.
It is not yet clear whether cryptocurrencies will become a possible way out amid the global crisis. However, today we can see specific examples of how cryptocurrencies become a working solution in different sectors.
Cryptocurrency for financial transactions
Online financial operations are now suffering because of high demand. People complain about frequent malfunctions since the load on digital banking has increased dramatically. This is testing the banks’ capacity since not all of them can deal with it. This situation is understandable since the restrictions imposed by many countries affect the efficiency of banks in general, and this also applies to online banking services.
That is why people around the world are increasingly turning their eyes to cryptocurrencies. Being a decentralized and entirely digital payment method, cryptocurrency transactions can be the right solution for the period of total quarantine. Even though Bitcoin remains volatile, many agree that cryptocurrency is less exposed to risks associated with the crisis.
The online gambling sector is one example of how this solution can work fine. Having received a large influx of new…