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Bitcoin was booming even before COVIDcovid-19 showed itself, but the numbers of people were still less compared to what is happening now. We have a lot of things on our mind, and we stay disturbed one of the biggest reasons is finance. Things were not going well, there were protests, reelection issues, and a lot more on our plates. This is when the COVID-19 pandemic spread around the world, numbing us from within.
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The people who deal in assets started getting worried. The majority of people suffered financial losses, unemployment, business close-downs, and whatnot. This is when the people decided to do something so that they could survive the pandemic and help their close ones. Gradually as the pandemic spread, more and more people indulged in investing in bitcoins.
One reason being, Bitcoin is the most famous one out of all the other cryptocurrencies. The other reason was the security they got from Bitcoin that no other coin could provide. And, there are many more reasons to be discussed further, but before that, do you know what bitcoins are?
Bitcoins by Satoshi Nakamoto
Of course, by now you know what bitcoins are, but to jog your memory a little let’s ride down the Bitcoin timeline. Bitcoin was first recognized in the market when a person or a group called Satoshi Nakamoto published a white paper on bitcoins. Sooner to this many people found the good fortunes of investing in this market. There are some renowned early users who have become millionaires with their long holding coins.
Well, some people started investing sooner, but some still had their doubts. When it was first endorsed by cryptocurrency fans to the Wikileaks to accept bitcoins for payment, Satoshi wrote in a public forum setting that bitcoins are not to be used as they have a small community and the load might heat up their systems leaving the people with pennyworth profits.
This organization or person carried out marketing through emails approaching people to use it. Sooner to that uproar on purchasing bitcoins spread like a revolution or trend and people started investing in it more and more. However, the anonymity and safety of these coins drew criminal activities into its channel. Those called for government attention, after 2013 some of the regulatory bodies have passed their laws securing Bitcoin under the existing tax rules by declaring it as a digital asset.
This revolutionized the Bitcoin community as many companies were closed for not following anti-money laundering laws and 22 new companies were subpoenaed for checking and reporting their activities. This reassured people that investing in bitcoins is safe and they could rely on this service for conducting necessary transactions and sending money without any exchange rate.
What Happened During COVID-19?
Bitcoin is decentralized and protected by the technology called cryptography. Many people have made it their source of online transactions; they use it to buy products and/or services and help them to send the money anywhere in the world without having to give exchange rates. The only catch here is the ones using this method need to have a steady and secure internet connection, a wallet they can receive or send the money from and it being legal where the transactions will take place.
During COVID-19 a tense situation had captured us all, that is when people started purchasing more and more bitcoins. As the market was initially going down due to the COVID situation, the prices were low and many investors saw this as an opportunity to purchase bitcoins. These not only help you make easy transactions but also safeguard your money from thieves.
With Bitcoin you will get your own block in the blockchain, these blocks are encrypted and are non-hackable. These networks are spread out in the cloud making them accessible to the one who has the private key. This is a key that will be provided to you when you purchase a Bitcoin. This is a key you cannot lose as all your digital assets will be stored inside. There are many ways to protect the private key, but that is a topic for later.
