Cryptocurrency Payments Increasing as Coronavirus SpreadsRyan Tucker
While brick-and-mortar businesses such as restaurants may be hurting significantly as the coronavirus spreads across the country, online businesses or businesses with an online presence are seeing massive increases in orders. Just try to buy something on larger sites such as Walmart or Amazon and you’ll find that it might take one to two weeks to have your goods delivered, particularly if they’re essential goods like toilet paper, diapers, or face masks. But it isn’t just large sellers that are seeing business boom.
Even small online retailers are seeing huge increases in their orders, as consumers stuck at home due to government lockdowns or employers enacting work from home policies are doing more and more shopping online. Many online retailers also accept cryptocurrencies as payment, which has caused cryptocurrency payments to skyrocket too. Payment processors that fulfill the back-end functions to allow merchants to accept cryptocurrency payments are in some cases seeing a month’s worth of activity in just a few days, stressing their networks beyond existing capacity.
That trend isn’t just taking place in the US, either, as cryptocurrency payments are increasing across the world. With coronavirus quarantines and lockdowns occurring worldwide, and consumers still in need of goods and services, we can expect cryptocurrency payments to continue to increase from here on out.
The coronavirus outbreak may bring with it a silver lining, that cryptocurrency use will become even more widespread and accepted by an even larger number of companies. That will increase its user base, increase the network effects that are necessary to ensure widespread support for cryptocurrencies, and increase demand for cryptocurrencies as well. For cryptocurrency investment, that increased demand will result in higher prices for cryptocurrencies, benefiting their bottom line as cryptocurrencies rebound from a short-term price decline. In short, the future for cryptocurrencies continues to look bright, as even a global pandemic can’t put a dent in cryptocurrencies’ popularity.