Spread Of A Pandemic
Viruses like the Coronavirus don’t discriminate, they attach themselves to young and old from every nation.
COVID-19 seems to be on everybody’s mind and changing the way we act and live our day to day lives. Governments are now telling us to rethink how we greet people and we are now being advised not to shake hands or kiss cheeks, but to wave or tap elbows.
With this virus now reaching our shores and our own community, is there anything Bitcoin can do to help us? Or is it too suffering from the fever of the Coronavirus?
Is The Virus Affecting Bitcoin?
With many Bitcoin miners residing in China and some cities in lockdown you would think this would cause the Bitcoin hash rate to head south, but surprisingly it hasn’t.
Some Bitcoin mining facilities were allegedly shut down over the last week but hash rates still seem to be on the up.
Will it continue to rise in the next few weeks leading up to the Bitcoin Halving? We’ll just have to wait and see.
How Is Fiat Stacking Up?
In an effort to slow the spread of coronavirus the Chinese government has started to literally disinfect it’s currency using ultraviolet light or high temperature, and quarantine it for a further 14days before recirculation.
PubMed, a resource developed and maintained by the National Center for Biotechnology Information, conducted a study of bacteria and fungi on money coins. It concluded that they harbour potentially pathogenic bacteria and fungi that may pose a public health risk.
With this in mind, should we instead be topping up our wallets with BTC before touching physical cash again anytime soon?
Can Bitcoin Really Help?
Is it time to start Googling ‘How to use Bitcoin when the apocalypse hits? Is this what the world has come to? Having no physical contact with other humans or could Bitcoin actually help solve some of our problems?
It may not be time to go out and burn all our paper money to keep us warm at night just yet, but staying home and paying your bills online does sound safer and more germ free.
By switching to digital currency we can probably help to reduce the chances of infection to some degree.
Crypto Controversy
Where there is carnage there will always be controversy. In a recent Reddit post a user launched a new coronavirus-backed ERC-20 token (NCOV).
The total supply is based on the world population and the token will be burnt once every 48 hours depending on the number of infected people and fatalities, so the token is deflationary and also non-mintable. The more people that get sick or die from Coronavirus the more the token will allegedly increase in value.
How does this make you feel? Are you cringing or looking to buy in?
Cryptocurrency might have the potential to help slow the spread of Coronavirus and provide more stability than the now plummeting financial institutions. Should we be encouraging people to look to Bitcoin during this global pandemic?
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