In this photo illustration of the ethereum, ripple and litecoin cryptocurrency 'altcoins' sit arranged for a photograph on April 25,...
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| In this photo illustration of the ethereum, ripple and litecoin cryptocurrency 'altcoins' sit arranged for a photograph on April 25, 2018 in London, England./ Getty Images |
According to Cryptocurrency news, the trading exchanges raised over 740 cryptocurrencies including Bitcoin, Etherreum, GIFA Token, and Binance. With adverse effects in market industries and businesses, with employees seeking the effect that comes with job loss, investors, locals and all left with a pinch in their pocket are showing more and more interest in digital currencies.
Furthermore, going cashless is a global movement that now reeling afore since COVID-19 started shutting the businesses and millions of people lost their jobs. Many countries around the world have been shunning hard cash in most, if not all, markets. Business transactions have too turned from credit cards to digital currency systems, with banks getting on the cryptocurrency bandwagon and gearing their transactions and payments to be done the digital way.
An extract from a published article substantiates the above, “COVID-19 accelerates the use of cashless money across the world. Research made by a health organization shows that the virus is transmitted through the handling of cash. Therefore, people have been advised to shun the use of cash to avoid the spread of COVID-19. This has made those countries that encouraged the use of cash to turn into a cashless society. However, some people believe that coronavirus is not transmitted through cash handling. Despite this, they are turning towards the use of digital currency due to environmental influence.”
According to CoinMarketCap, the crypto index stated that “specifically, the COVID-19 outbreak has propelled cryptocurrencies' as an alternative safe haven. The US Federal Reserve System has printed an estimated $15 trillion in stimulus in an attempt to ease the pandemic’s effects on global economies. Amid rising inflation rates, people are turning to cryptocurrencies as the next inflation hedge''.
Meanwhile, in the name of public health, governments are initiating COVID-19 tracking programs, raising serious concerns about privacy violations and the tightening grip of centralization in the process. Not stopping there, governments have also taken another step in eroding civil autonomy via the development of digital currencies sanctioned by the central bank.
Digital currency; is a borderless feature that makes payment effortless, convenient, and reduces transaction fees to a very low level; is accessible to all people, including the tech-savvy generation since has no central authority which could breach payment. Funds in this form aid medical and legal bills. Major leading brands such as Tesla are taking advantage of cryptocurrency which means digital users in Africa, Asia, Latin, and the world at large have access to more local and global brands.
Basically, the cryptocurrency market is growing as compared to other economic sectors. Binance has launched a new page, ‘Binance Earn’, where users can see all your earning possibilities and the crypto funds held. By using Binance earn, a one-stop service, users can find alternative crypto growing options to earn. GIFA Token has also launched massive campaigns introducing the borderless token to individuals and merchants with a 100% bonus to grab this festive season.