Why Crypto Is Proving (Yet Again) That It Is an Excellent Asset for Our Society

As the world shuts down around us, the world is rapidly scrambling for online solutions to the many problems that they are facing as a result of the COVID-19 pandemic. Even the stock market is planning to move online as it attempts to avoid having to shut down (although that is something some markets are taking into consideration at the moment).

For those who are invested in the cryptocurrency market, however, performance has been increasing as of late, and many of the problems that have impacted other industries have not been as problematic to the crypto community. So, to remind of us of some of the good in this crisis, here are some of the reasons why crypto is proving yet again that it is an excellent asset to have in our society.

1. Decentralized Finance Helps Users Avoid Bank Anxiety

One of the financial symptoms of the Coronavirus pandemic that seems to be targeting some individuals is the lack of trust in the banks. Some individuals are looking to pull out more cash to have on-hand, despite the fact that many sources have stated that this is not a major concern in the long run. Still, for those who do have this anxiety, using crypto would help to alleviate some of the worry as decentralized assets are not under anyone’s control but your own. While volatility is something to remember when it comes to storing money in crypto, the full control that you have over your own money is certainly one major benefit that stands out in an economic crisis.

2. The Cryptocurrency Market Is Always Online

Hearing that the stock market is not only experiencing a decline in performance but is also considering going online or shutting down altogether can be devastating to many. Fortunately, for investors who have been heavily involved in crypto, the cryptocurrency market is one that never takes a break and cannot be affected by things such as the COVID-19 pandemic as it is completely online. Whether you’re shorting the market during the crisis, transferring some of your funds over to a more stable asset, or simply going about your normal trading, the crypto market is always there for you, 24/7.

3. Transfers are Fast, Affordable, and Quickly Accessible

Beyond investors, everyday people are being impacted by the widespread layoffs and business closures that are happening in various countries. Without access to funds, many are struggling to pay bills, purchase food, and keep their roofs over their heads. With the new stimulus package coming to fruition (which did include mention of a digital dollar), crypto reminds us that it is easy to send money to family members or those in need in a matter of seconds and with few transaction fees. If the government were to issue crypto, it would be a far more efficient process than attempting to send out checks, prepaid debit cards, or other forms of payment.

Crypto continues to prove its worth, even in the face of panic and uncertainty. While we are all on edge as we hope to wait out COVID-19, prevent further infections, and recover from its impact, it is important to remind ourselves that, as a community, we are strong.

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