More People Start Using Bitcoin Cryptocurrency Due to Covid-19 Pandemic

Recent research shows massive growth of Bitcoin wallets since the beginning of the lockdown in different parts of the world due to the Covid-19 pandemic.

The latest data shows steady progress in the growth and development of new distributed ledger technologies (DLT) including blockchain and digital currency both in terms of regulation and market.

Since December 2019 when the first Coronavirus case was confirmed in China, a lot of measures have been put in place to stop this disease worldwide. Some of the measures include the lockdown of cities and whole countries, closure of territorial borders, working from home (such as New York cryptocurrency and blockchain company employees), avoiding the use of banknotes and advocating for digital payment alternatives, and so many others. All these measures have been a blessing in disguise to the cryptocurrency industry.

Growth of cryptocurrency downloads and installs

According to the report by apptopia, there has been a massive increase on the number of cryptocurrency wallet applications (apps) downloads and installs from different App stores in the second and third quarter of 2020, worldwide. In July alone, the uppermost 10 digital currencies wallet apps surged net new install almost 81.4 percent year-over-year.

However, since much more people are now trying to understand how cryptocurrency works, August 2020 could break this record. Most of these crypto apps work as both wallets and as trade platforms. These top 10 apps include; Trust, Coinbase, Bitcoin Wallet, Coinbase Wallet, Blockchain Wallet, Crypto.com, Binance, and others. The massive growth of downloads and install of these crypto apps appears to be real and lasting – the demand for these apps is not volatile.

A blessing in disguise for blockchain and digital currency

Indeed, Covid-19 has forced people to seek refuge in cryptocurrencies including Bitcoin, Petro, etc., and most of them are seeing this opportunity as an investment and some are seeing it as an easiest, fast, secure and transparent way of making payments.

Due to the outbreak of Coronavirus, some countries have been made to realize and appreciate the potential of DLT. In May, as a way of stabilizing job issues and promoting entrepreneurship, China through the Ministry of Human Resources and Social Security (MOHRSS), officially recognized over 10 blockchain technology jobs by classifying blockchain and DLT technical experts as legal jobs.

Also, giant technology companies are team-working with health organizations as well as the governments, to bring Covid-19 to an end, CoinIdol, a world blockchain news outlet reports. For instance, the World Health Organization (WHO) Oracle and Microsoft are working together with the United States government and the European Union (EU) to create an effective solution that is based on blockchain technology to prevent, reduce and even cure Coronavirus. Therefore, as the amount of news about blockchain and cryptocurrency has grown during Covid-19 it also raises cryptocurrency awareness and adoption among new users.