Introduction:

Until about a couple of years ago, no one really apprehended the sudden onset of a sudden pandemic which took away more lives than we can ever imagine. Beyond the medical world, the COVID-19 pandemic has affected. We all are aware of how the government in a pandemic is responsible for the shutting down of multiple business companies, which has caused a great deal of loss to the corporate world. In this article, we will try to address the ways in which the second wave of COVID-19 has affected the Bitcoin market. Come on; Let us now begin!

Covid and Bitcoin:

This is no rocket science to simply wrap our heads around that there has been a sustained need of going paperless in the pandemic affected world. Possibly everyone is anxious about catching the infection at all points, and is trying to minimise physical contact as much as they can. Well one has to talk about the economic market by and large. Now the question remains how has it affected the economic world?

Well, from prior to the onset of the pandemic we have observed a certain degree of interest that has grown among people to shift to the digital economy. needless to mention that Bitcoin is one of the largest online platforms that have been encouraging paperless transactions which can be viewed as one of the most optimistic aspects of it in such troubled times. While we have seen a growing number of takers of the platform during the pandemic years, it is also essential to have a look at the ways in which the second wave has affected the Bitcoin market. To know more, visit website.

How has the Second Wave of Covid affected the Bitcoin market?

If you happen to believe that Covid has only caused Bitcoin to grow, we would like to point out that you are possibly mistaken. We understand that you think that the digital market has seen a boom in recent years, however the safety concerns resurfacing during the second wave always contribute to the volatility of Bitcoin which of course has seen a rise during the pandemic years. 

  • Fraudulent Activities: Like we all are aware, while Bitcoin is actually trying to work better on authentication in recent times with the help of blockchain technology, it is famously known for making headlines for its fraudulent activities. This has only grown forward with the devastating economic market right after the first wave of COVID-19 , Thereby making more room for volatility. In fact, many of the Bitcoin investors have suffered from heavy losses which have remained largely unprecedented, and have only brought down its credibility affecting its general growth.
  • Security Policy: Furthermore, it is also essential to take note of the fact that in several countries the quote lifted theBitcoin bans, formatting them to make better profits in exchange of ensuring a better degree of security. However, the question remains: how much progress has Bitcoin been made in terms of improving its security policies in a pandemic affected world? While different sections have different opinions regarding the same, we sincerely believe that Bitcoin still has room for improvement. Unless this security is becoming completely common it will be hard for people to completely make a shift to the digital market thereby gaining more profit.
  • Realtime Value: Another greatest problem that Bitcoin has, and which people talk about in the pandemic affected world, is how much value does Bitcoin add to the real time market? There has been a preexistent validity marker for Bitcoin, which could definitely have been properly addressed minus the intervention of the deadly disease coming in its way. 

As per researchers,these are the three areas in which Bitcoin could have made a better amount of progress without the unfortunate arrival of the Pandemic. 

Conclusion:

We sincerely believe that you should have the right amount of information regarding Bitcoin prior to investing. We hope that this blog was informative for you. We wish you the best!