The start of a new year has brought a lot of challenges in the different fields of businesses today, especially since the spread of the COVID-19 pandemic. In the Cryptocurrency scene, economic forums from across the globe continue to talk about the possible future of the bitcoin currency and blockchain controversy as they remain to be controversial topics as of date.
Back in 2019, we may recall the struggle that Blockchain had undergone called ‘Blockchain fatigue,’ which put a major halt on the numerous processes of gaining from the virtual currency. Most people have viewed this from a negative perspective, a significant risk that was abused by many for its destructive usage in the industry. However, Blockchain’s technology continues to strive its way into the financial-economic scene; no skeptics or any means of authority could put a stop on this industry from making virtual bucks. Furthermore, as of March 15, 2020, recent statistics beg to differ by showing one of the latest successes of the cryptocurrency industry. The crypto market has reached an estimation of over $155 billion in total market capitalization. These rising numbers come to show that despite the numerous disapprovals of the usage of cryptocurrency, many financial institutions are still in favor of the technology powered by Blockchain.
With the year off to a terrible start for some, businesses and individuals who are deeply involved in the field can’t help but remain hopeful for the possible opportunities that can be taken advantage of. At the same time, the challenges that they may encounter to understand how one can get back up from a struggle and standing firm in the cryptocurrency industry.
THE CRYPTOCURRENCY INDUSTRY’S STATUS FOR 2020
Due to the current spread of the pandemic, many businesses around the globe have shifted their work ethic to ‘work from home’ to prevent the further risk of employees getting infected by the virus. However, the cryptocurrency industry remains business as usual, even when working from home. It has also made a lot of advantages that have made a boost in the bitcoin economy even more.
As mentioned before, numerous financial-business and insurance companies have already made use of cryptocurrency technology across the globe. A recent report of Blockchain being used in several companies in Asia, to track coronavirus-related financial assistance and donations to other establishments along with involved individuals. This serves as an opportunity for most companies to fast track claim payouts from their clients, using Blockchain as an advantage to track, log, and secure financial information. However, a disadvantage would be the authorities. Most companies continue to have conflicts and have to deal with system laws and powerful governments of their country since digital currencies such as bitcoins are considered decentralized until the present.
At this point, business owners and individuals continue to hope for the best as the year reaches its remaining months. It’s possible that not only will the cryptocurrency industry’s’ database for research and transparency meet various opportunities for some but also learn to gain experience from the challenges encountered—along with the adaptability in overcoming the global crises and pandemic the world is facing today.