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Post COVID-19 Cryptocurrency Lessons

Posted by QuoteColo on July 02, 2020
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The world has changed greatly over the past several months. It seems that each new dawn brings us more bad news. The fears of COVID-19 continue to grow, there is unrest in many parts of the world, and many people have lost belief in their governments, their media, financial institutions, and more. It’s difficult to know what to trust any longer, and this is unfortunately very evident in the face of such a serious crisis as COVID-19.

The Great Recession and the Creation of Cryptocurrency

We’ve been through crises before, such as the Great Recession in 2008. We saw that many people were left on their own to struggle through the financial crisis, while banks were bailed out. It shows many people that they were left on their own when it came to their interests, even when the problems were caused by banks and the real estate market.

It was because of the Great Recession and the mistrust that was placed on institutions during that time that cryptocurrency was created. Instead of relying on banks and other financial institutions, people wanted a change. They no longer trusted the banks to provide them with safety for their money and their assets. Instead, people wanted to have more control over their money. Thus, cryptocurrency was born.

You might be wondering what this has to do with COVID-19. You will find that there are parallels. With the crises happening today, we are seeing that the faith and trust that people have in all of the aforementioned institutions, particularly the government, are eroding fast.

We’ve seen the federal government flounder in their late response to the health crisis, we’ve seen politicians ceaselessly battle one another in what appears to be theater rather than finding ways to help the people of the country, and during the early stages of the crises, many elements of the media downplayed the danger. This was a dangerous stew, and with COVID-19 and a host of other issues plaguing the country, we can see that things have to change.

It’s those factors that are going to stimulate the type of change that happened during the Great Recession and the rise of cryptocurrency. It was only through the broken trust that a majority of the people started to see the flaws in the system and to take an interest in taking things into their own hands. This was why cryptocurrency was born, and this is where they will be changes after COVID-19.

What Areas Will Change?

While it is impossible to determine just how everything is going to change after the crisis, it’s possible to make a few predictions for different types of industries, as well as how people might make personal changes.

The media has changed for the worse over the past few decades. Rather than reporting on actual stories that are important and that the people need to be aware of, they chase ratings. Often, they seem to try to stoke discord amongst people, as well. They look for quick ratings with outrageous headlines, and they no longer have the depth that they once did.

People have started to take matters into their own hands with the media. People are creating YouTube channels, starting their own blogs and sites, and reporting on social media about the facts that are happening on the street. It’s not perfect, and there can still be bias, but it can often provide more honesty and depth than what is found on most major news channels. We will likely see more of this in the future.

Education has already started to see a change. Many students are now learning from home via the Internet, where they connect with their teachers and peers. If this continues into the fall, it could become more common even after the virus has been quelled. However, only those teachers who are tech-savvy are likely to continue this type of education. Education outside of a traditional school setting will need to have some type of regulation to ensure that the children are still learning properly, of course.

Many other companies that may have been against remote working before the virus are discovering that it can work very well. Many businesses and individuals may choose to use this method for some or all of their employees going forward depending on the type of business they have.

On an individual basis, you can bet that many people are going to be more concerned with trying to save money and have enough goods on hand to last them for several weeks in case something like this happens again. They say that this is a “once in a lifetime crisis”, but that’s not something we can know for sure.

Most believe that despite the horrors happening in the world right now, we will be able to weather the storm even if mining hosting takes a hit. However, we have to do more than just weather it. We need to find ways that we can make fundamental changes to the systems in place, just like the rise of cryptocurrency.

Resources: https://cointelegraph.com/news/what-the-birth-of-crypto-can-predict-for-the-post-COVID-19-world

Categories: Bitcoin

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