How Bitcoin comes in handy in moments of uncertainty

We are at a turning point in history. The outbreak of COVID-19 has changed not only our social plans. It disrupted every aspect of life, from social interactions to the global economy. While many are wondering what the economy will look like after the crisis. While fighting COVID-19 in other countries, such as Nigeria, other problems have arisen, as seen after the #ENDSARS protest.

In the aftermath of the coronavirus crisis, one thing is certain: governments and central banks are struggling to find solutions. Moreover, it seems that their efforts were exhausted already at the start. The history of money is sometimes marked by radical systemic changes.

Bitcoin was created in 2008 in response to the financial crisis, and the current global chaos has allowed it to assert itself as an alternative and new asset class. However, when liquidity is needed, as it is now, everything is sold, especially risky assets.

Bitcoin (BTC) is now regarded as “digital gold” and a safe-haven currency more than ever before.

(READ MORE: Why Bitcoin might go for $3 million in 2025)

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John Bollinger, the creator of the Bollinger Band, rightly noted that during a crisis, investors will “sell whatever they can sell,” and only after the assets have been converted into cash, they will invest in anti-crisis assets.

Bitcoin has this advantage – firstly, Bitcoin prices are regulated without any intermediary intervention and are based solely on supply and demand. The number of Bitcoins that can be created is limited to 21 million, which means that unlike traditional fiat currency, new Bitcoins cannot be arbitrarily printed.

While Bitcoin may not necessarily rise during a crisis, it follows supply and demand drivers, which can be useful for risk management. It will be a clear advantage for our traditional monetary system to have alternatives to resort to in times of crisis.

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In the face of an expanding global crisis, the first and largest cryptocurrency Bitcoin (BTC) has managed to show a positive trend, doubling its value in the past few weeks. BTC/USD is up 40% since early October and 7% in just the first week of November, trading above $ 15,000 and hitting its highest level in nearly three years.

(READ MORE: Unknown entity transfers $115 million worth of Bitcoins)

A peaceful protest called #EndSARS, organized by Nigerian youths demanding the dissolution of the Special Anti-Robbery Unit (SARS) and other reforms in the Nigerian Police Force (NPF) was followed by a crisis. What began as a peaceful demonstration by thousands of young people turned into chaos after the protests were overrun by hooligans.

The hijacking of protest was later characterized by mob attacks on security personnel, assassinations, and vandalism of public and private property, including ATMs. Consequently, people don’t have cash, banks are locked, ATMs are looted and there is nowhere to get cash, if the adoption of Bitcoin was massive, these problems would be easily solved.

Bitcoin works everywhere and always. As with email, you don’t have to ask the recipients to whom you are sending Bitcoins to use the same software, wallets, or service providers. You just need their bitcoin address and then you can transact with them anytime you want. The Bitcoin network is always up and running and never sleeps, even on weekends and holidays.

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There are no fees to receive Bitcoins, and many wallets allow you to control the amount of commission you need to pay when you spend. Most wallets have reasonable fees by default, and higher fees can help you confirm your transactions faster. Fees are not related to the amount transferred, so you can send 100,000 Bitcoins for the same fee as sending 1 Bitcoin.

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(READ MORE:Crypto millionaire carts away with $224 million worth of Bitcoin)

Sending Bitcoins across the border is as easy as sending them across the street. There are no banks to keep you waiting for three business days, no additional fees for international transfers, and no particular restrictions on the minimum or maximum amount you can send.

Finally, Bitcoin transactions are protected by military-grade cryptography. No one can take your money or make a payment on your behalf. As long as you take the necessary steps to secure your wallet, Bitcoin can give you control over your money and a solid level of protection against many types of fraud.

There is no better time for Bitcoin adoption and Patricia is the best choice.

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