FIAT (Coins) ---> Electronic Money (Gcash, Paymaya, Paypal, etc...) ---> Digital Currency (Bitcoin, Ethereum, BCH, XRP, etc...)
Due to the spread of the Covid-19 virus in different countries, people have become aware that many viruses can be obtained from fiat money. That's why in our Country suddenly dropped the percentage of users of fiat money especially coins. And because of locked downs, people are just stay at home. So, they start their works online and also making transactions online, buying and selling online and instead of paying a cash money, they use electronic money for payments or even sending money for their love ones. Also, through this pandemic many people start using cryptocurrency where they can earn money as another source of income. So, making transactions outside is really difficult nowadays, but because we have a lot of modern types of mode of payments, no need to worry about that. We can make transaction easily just by using your phone, computer and other gadgets, with fast transaction, safe and hassle free because you just make transactions while stay at home, and away from VIRUSES. From Fiat money, we use electronic money and now digital currency is available to be used anytime. If we have friends who don’t know about digital currency, we can help them understand and learn about it so that they can use it as well and at the same time we can help the demand of bitcoin and other digital currencies to increase.
The fiat dealing significantly came down in this pandemic because of lockdown at global level and people were making online payment through cards to avoid touch as prescribed by doctors and WHO.But the main point is online e-payment are completely different from crypto transaction.When you make card payment it goes through your bank who is middlemen in that transaction whereas in decentralised currencies like bitcoin there is no central authority to approve transaction.The people are moving to online payment as number of online transaction rose by huge margins.The vendors and business person are having Pos machines and payment scanners to receive payment from users.
80% growth in online transactionsIf we talk about crypto transaction and investment there was sudden boom in the industry which effect the prices of Bitcoin,eth,BNB, as they all saw huge surges of 300-400% from last year.Moreover there was 28-30% rise in bitcoin transactions fees as everyone want to confirm their transaction at fast rate in this pandemic.Miners have earned huge profits this year even with reduced hash rates.This period has some best time for them.