Governments are injecting record levels of new money into economies to contain the impact of shutdowns. Restrictions imposed on people in countries all over the world have forced many to look for alternative but safe ways of transacting. This is one reason why blind escrow bitcoin cash trading is increasing: it is not burdening users with KYC requirements.
Some countries hit hard by the pandemic like the United States, have reportedly printed more money in less than six months than they have in several decades.
Without a doubt, the deluge of new money entering the system will have dilutive effects on the value of money already in circulation. This has inevitability spurred on an increased interest in cryptocurrencies.
Similarly, the restrictions imposed on people’s movement have forced many to look for alternative but safe ways of transacting. That is why the recent increase in the number of cryptocurrency holders is in some ways linked to lockdown measures.
Increased cryptocurrency use
Events of the past few months have made it increasingly apparent that cryptocurrencies are not just speculative assets. They can be used as practical tools to shield savings or wealth from the effects of inflation. Furthermore, the use of cryptocurrencies fit very well with social distancing or stay-at-home measures.
Yet despite this, many people face obstacles to getting cryptocurrencies for the first time. Even those with adequate knowledge about this fintech still face difficulties in acquiring these.
It is true that cryptocurrencies are widely available at centralized cryptocurrency exchanges and at peer to peer trading platforms. However, these institutions use elaborate and sometimes cumbersome procedures that ultimately kill the interest of those searching for such alternatives.
For instance, the know your customer (KYC) processes, which are now a mandatory requirement with many leading exchanges, drive people away from cryptocurrencies.
Ordinarily, cryptocurrencies like bitcoin…