Finance

How Can Crypto Help in the Fight Against Coronavirus?

Jeremy Banks Jeremy Banks April 22, 2020
3 minutes read
fight-against-coronavirus-crypto-blockchainLand
Photo by Fusion Medical Animation on Unsplash

Without a doubt, coronavirus is the central theme of the last weeks and the coming months. The rapid spread of the virus from Wuhan has plunged the world into a pandemic. Most countries have introduced strict quarantine measures to protect their population from the virus.

Of course, with such a disruption in all international operations, the world economy is entering a prolonged recession. World banks have not yet figured out how to deal with the imminent crisis, which could strike harder than the global financial crisis of 2007-2008.

As a result, governments and banks are opening up to any initiatives that will help to overcome the crisis. Cryptocurrencies, which have long been the dark horse of the global financial system, are coming to the forefront of this battle due to their decentralized nature.

It is not yet clear whether cryptocurrencies will become a possible way out amid the global crisis. However, today we can see specific examples of how cryptocurrencies become a working solution in different sectors.

Cryptocurrency for financial transactions

Online financial operations are now suffering because of high demand. People complain about frequent malfunctions since the load on digital banking has increased dramatically. This is testing the banks’ capacity since not all of them can deal with it. This situation is understandable since the restrictions imposed by many countries affect the efficiency of banks in general, and this also applies to online banking services. 

That is why people around the world are increasingly turning their eyes to cryptocurrencies. Being a decentralized and entirely digital payment method, cryptocurrency transactions can be the right solution for the period of total quarantine. Even though Bitcoin remains volatile, many agree that cryptocurrency is less exposed to risks associated with the crisis. 

The online gambling sector is one example of how this solution can work fine. Having received a large influx of new users because of the global quarantine, classic online casinos are forced to deal with constant delays in payments due to the overall burden on digital banking. Thus, many operators are now switching to cryptocurrencies, which have long become a part of the online gambling market. When it comes to the actual use of crypto in gambling, in the Bitcoin review by Rhyker, it is stated that the amount of bets in cryptocurrency is now growing. 

This short example allows us to say firmly, that if the crisis persists longer than a couple of months, cryptocurrency transactions can crowd out traditional online banking in other areas too. 

Charity donations

Today, special funds are being created to support health care workers and other people who are fighting against coronavirus. However, considering the example of China that introduced the Charity Law back in 2016, we can see that the system isn’t perfect. Tracking all donations and transactions, as well as where exactly all the money from non-commercial funds goes, is impossible.

For example, Bill Gates and his wife donated more than $100 million to conduct research on a coronavirus vaccine. Chinese e-commerce giant Alibaba launched a $144 million fund to purchase medicine for the victims in Wuhan. This money goes to funds, and indeed can be allocated to buy the necessary equipment and medicine. However, after that, the trace of goods can be lost. In fact, the Chinese government acknowledged that some of the purchased drugs were lost. A similar situation was observed in China during the 2008 Wenchuan earthquake when the Red Cross organization lost millions of dollars allocated to help the victims.

Another problem is that newspapers and media are the only way to disclose information about where and how money from the funds was spent. This isn’t enough.

Syren Johnstone, an expert from the University of Hong Kong, claims that blockchain technology could make all transactions traceable. All cryptocurrency contributions can be traced from the donor to the final recipient, thereby avoiding loss in transit. It seems like the Chinese government supports this position. Even before the crisis, in November 2019, it promised to launch a national blockchain-powered tracking system for vaccines in the first quarter of 2020. However, this hasn’t happened so far.

To date, China has already overcome the active phase of the crisis. But we want to believe that other states will support the idea of ​​a decentralized service for donations to the healthcare system.

Cryptocurrency mining and vaccines

bitcoin-facility-quebec-blockchainLand
Bitcoin mining facility in Quebec. Source: The New York Times

Mining capacities can indeed drive the development of a vaccine against coronavirus. Various sources suggest that it will take a year to develop a vaccine. Johnson & Johnson has recently announced that their work on the development of the vaccine is going well and a test-vaccine will be ready by September. However, the vaccine for widespread use should be expected at the beginning of 2021.

Nevertheless, cryptocurrency miners around the world are teaming up to speed up the development process. The largest Ethereum miner in the United States, CoreWeave, announced that they are going to combine the power of more than 6,000 computers to create a decentralized super-computer aimed at developing a vaccine.

This idea has not yet been universally implemented but is already supported by independent miners around the world. In the long run, such support could significantly speed up the vaccine development process.

What does the future hold?

Coronavirus is a challenge for the entire humanity. Today, like never before, people must unite in the fight against a common invisible enemy. Although the crypto community often opposes cooperation with centralized social organizations and authorities, they now come together in a shared urge to defeat the virus.

The cryptocurrency industry players and the community will certainly take an active part in the fight against COVID-19. The examples described above are only a small portion of measures that are being taken by the united crypto community. Looking at such good news, the confidence that we’ll win the fight against this virus is growing.

Don’t miss out: Cashless Society: How Covid-19 is Boosting Digital Money

Tags
Jeremy Banks

Jeremy Banks

Jeremy is a journalist passionate about new technologies. Based in Canada, he spends his time writing about how techs such as blockchain, crypto and AI are changing the way business is done.

Related Articles

gbx-exchange-blockchainland
July 26, 2018
24

The GBX Digital Asset Exchange Opens for Public Trading

bank-of-china-blockchainland
August 21, 2018
27

Bank of China And China UnionPay Join Hands to Explore Blockchain Opportunities

banco-de-mexico-blockchainland
September 14, 2018
24

Bank of Mexico Introduces Stricter Laws for Crypto Exchanges

bitcoin-governments-blockchainaland
September 3, 2018
48

Why Are Governments Across the World Skeptical About Cryptos?

894 Comments

  3. Обучение менеджера маркетплейсов https://обучение-менеджер-маркетплейсов.рф
    на бесплатных и платных курсах работе с маркетплейсами Вальдберис, OZON, Yandex Market и и другими, и освоение профессии для начинающих с нуля “Менеджер маркетплейсов”, на курсах научат аналитике, различные форматы продвижения товаров уже сразу после курса, получите востребованную профессию дистанционно и изучите навыки и знания маркетинге, чтобы зарабатывать деньги и помогать бизнесу; на курсах вы узнаете все: продвижение карточек, планирование стратегии продвижения, работа с поставщиками, нюансы отдельных маркетплейсов, после завершения профессионального курса выдаётся диплом и сертификат, цены есть по ссылке.

  5. Хорошие микрокредиты онлайн Займы онлайн: ТОП рейтинг лучших займов от МФО в 2022 году – Доступно 48
    в МФО, выдача срочно на кредитную или банковскую карту карту, оформление займов высоким процентом одобрения и выдача клиенту займа за пару минут с помощью сервиса МФО, погашение удобным способом на сайте, низкие процентные ставки по заему и любые способы получения денежной суммы: онлайн, наличными в МФО, оплата на счет, перевод на банковскую карту. Преимущества и виды займов: без отказов, краткосрочные, круглосуточные, по договору с МКК, без проверки кредитной истории, с долгами. Микрофинансовые организации предлагают выгодные условия кредитования для постоянных клиентов и повторных займах. Подберите микрозайм, заполните заявку на заем и микрозайм. Лучшие займы и рейтинг потребительских займов от кредиторов.

  9. Когда вы боретесь с расстройством, связанным с употреблением алкоголя, вам может казаться, что конца не видно, но вы не должны страдать в одиночестве. Сегодня существует множество вариантов лечения, которые помогут вам излечиться от алкоголизма и вернуться к здоровой и полноценной жизни.
    Различные факторы, такие как история болезни, система поддержки и личная мотивация, могут сыграть свою роль в успехе вашего выздоровления. Лечение должно проходить под наблюдением группы медицинских специалистов в реабилитационном центре. По всей стране в центрах лечения алкоголизма работают профессионалы, которые проведут вас через все этапы процесса выздоровления – от детоксикации до жизни после реабилитации. Считайте их своей круглосуточной системой поддержки, которая будет радоваться вашим успехам и вместе с вами преодолевать любые трудности.
    Помните, что преодоление алкоголизма – это процесс. Менее половины людей рецидивируют после достижения одного года трезвости. Это число уменьшается до менее 15% после пяти лет трезвости. Чтобы получить наибольшие шансы на долгосрочную трезвость после завершения стационарной или амбулаторной программы, вам следует участвовать в местных группах поддержки и продолжать консультации. Лечение алкоголизма – это инвестиция в ваше будущее. Оно изменит к лучшему не только вашу жизнь, но и жизнь окружающих вас людей, таких как члены семьи и друзья.

    https://erp-crm-wms.ru/klinika-doktor-bob-lechenie-alkogolizma/

  24. Что такое гибкие кабели?
    Самый простой кабель – это одножильный провод с пластиковой оболочкой.
    Он может гнуться и сохраняет этот изгиб – если вы не делаете это слишком часто, потому что иначе провод ломается.
    Такие простые кабели используются в домашних установках.
    После установки кабель остается нетронутым в течение десятилетий.
    Такие твердые провода не подходят для многих других применений, где кабели должны быть гибкими и эластичными.
    Здесь проводники в жилах состоят из нитей – пучков тонких проволок, которые можно сгибать миллионы раз, в зависимости от конструкции, не ломая и не теряя свойств тока или передачи данных.
    Одно из самых неприятных мест для кабеля – тяговая цепь. Здесь кабели питания, сервопривода и передачи данных расположены близко друг к другу и перемещаются вперед-назад по мере работы машины.
    Иногда со скоростью более пяти метров в секунду с ускорением, превышающим ускорение силы тяжести более чем в пять раз.
    Кабели проложены в тяговой цепи таким образом, что они изгибаются только в одном направлении.
    КГ 4х95-660

  58. Looking at this article, I miss the time when I didn’t wear a mask. majorsite Hopefully this corona will end soon. My blog is a blog that mainly posts pictures of daily life before Corona and landscapes at that time. If you want to remember that time again, please visit us.

  62. Galen GjMqCMCgQCEgu 6 17 2022 online cialis Deregulation of RNA polymerase III dependent Pol III transcription enhances cellular tRNAs and 5S rRNA production, leading to an increase in translational capacity to promote cell transformation and tumor formation

  69. Transfection of miR 15a 16 mimics reduced viability of MCF7 Re and T47D Re cells Figure 1G, Figure S2C and induced cell cycle arrest Figure 1I, Figure S2D and apoptosis Figure 1J, Figure S2E under tamoxifen treatment torsemide to lasix conversion These results may serve to provide a better understanding of the expression control of ABC transporters, and possibly allow for the establishment of new cancer chemotherapy strategies that would control P gp expression in breast cancer cells and thereby increase their sensitivity to MDR1 related anticancer agents

  79. This builds on an earlier study looking at investment in heart disease and mental health research, which reported similar results buy ivermectin tablets Body mass index increased Confusional state Constipation Hypothyroidism Joint injury Limb injury Suicidal ideation Weight increased

  88. Hello There. I discovered your blog using msn.This is a very well written article. I’ll be sure to bookmark it and return to learn extra of your helpful info.Thanks for the post. I will definitely comeback.

  89. I was recommended this blog by my cousin. I’m notsure whether this post is written by him as nobody else know suchdetailed about my difficulty. You are incredible!Thanks!

  94. When I originally commented I clicked the „Notify me when new comments are added” checkbox and now each time a comment is added I get four emails with the same comment. Is there any way you can remove people from that service? Many thanks!

  102. You can certainly see your enthusiasm within the paintings you write. The arena hopes for more passionate writers like you who are not afraid to say how they believe. Always go after your heart. “Man is the measure of all things.” by Protagoras.

  105. clomid fast delivery C d yД” k kO C K К№H Н… S un Y С— i Эў, endstream endobj 33 0 obj stream 2019 07 10T12 49 04 04 00 2022 09 11T20 04 09 07 00 2022 09 11T20 04 09 07 00 Adobe InDesign CS6 Macintosh uuid 92da3f86 6770 0a44 b899 85d3aa4c4338 adobe docid indd d03427a0 e66b 11de bd24 81ae6252b62b xmp

  107. Thank you for the good writeup. It in truth used to be a enjoyment account it.Look complicated to more added agreeable from you!By the way, how could we keep in touch?

  108. At this moment I am going to do my breakfast, when havingmy breakfast coming again to read additional news.

  109. This is a great tip especially to those fresh to the blogosphere. Short but very accurate information Appreciate your sharing this one. A must read article!

  116. Hmm is anyone else having problems with the images on thisblog loading? I’m trying to figure out if its a problem on my endor if it’s the blog. Any feedback would be greatly appreciated.

  124. contact bunmi lewis at the ri department of health indiana department of health radiology canadian pharmacy

  138. Your writing is perfect and complete. casino online However, I think it will be more wonderful if your post includes additional topics that I am thinking of. I have a lot of posts on my site similar to your topic. Would you like to visit once?

  154. hi!,I really like your writing very so much! share we keep in touch extraabout your article on AOL? I require an experton this area to resolve my problem. May be that’s you!Looking forward to peer you.

  155. Сервисдоставка цветов киев UFL быстро выполнит ваше поручение: красивые букеты, опытные флористы, бесплатная открытка, доставка за 2 часа. Перед отправкой делаем фотографию букета или подарка.

  164. Ведущая [url=https://vozovoz.ru/]транспортная компания[/url] «Возовоз» — Грузоперевозки по России, Беларуси, Казахстану из Москвы!

  215. Thanks for another magnificent article. Where else could anyone get that kind of information in such a perfect way of writing? I have a presentation next week, and I’m on the look for such info.

  224. Отличный сайт! [url=https://pechati-com.ru/]факсимиле[/url] изготавливают печати,штампы и факсимиле очень качественно!

  226. I’m not sure where you’re getting your information, however good topic. I must spend some time finding out more or figuring out more. Thanks for fantastic info I used to be looking for this info for my mission.

  235. I needed to thank you for this excellent read!! I certainly loved every little bit of it. I have got you saved as a favorite to look at new stuff you postÖ

  259. Thanks a lot for giving everyone remarkably terrific chance to read articles and blog posts from here. It is usually very great and also full of amusement for me and my office mates to visit your blog a minimum of thrice every week to read through the newest tips you have got. Not to mention, I’m so at all times contented considering the extraordinary advice served by you. Selected 4 tips on this page are rather the most beneficial I have had.

  308. Asking questions are in fact nice thing if you are not understanding something fully,however this article provides pleasant understanding yet.

  316. I am often to blogging and i really appreciate your content. The article has really peaks my interest. I am going to bookmark your site and keep checking for new information.

  330. Currently it appears like WordPress is the best blogging platform out there right now. (from what I’ve read) Is that what you are using on your blog?

  376. You really make it seem so easy with your presentation but I find this topic to be actually something that I think I would never understand. It seems too complex and very broad for me. I am looking forward for your next post, I will try to get the hang of it!

  387. Spot on with this write-up, I truly think this website wants way more consideration. I’ll in all probability be again to read much more, thanks for that info.

  398. เมื่อก่อนจะแทงบอลครั้งต้องไปโต๊ะบอลแม้กระนั้นในช่วงเวลานี้หมดสมัยแล้วขอรับ เนื่องมาจากอยากแทงบอลก็ทำเป็นเลยแค่เพียงปลายนิ้วเพียงเข้ามาที่ UFABET การเดิมพันบอลก็จะง่ายสำหรับคุณ เว็บไซต์ของเรามีให้บริการแทงบอลออนไลน์แบบครบทุกแบบ

  416. hey there and thank you for your info – I have definitely picked up anything new from right here. I did however expertise some technical issues using this web site, since I experienced to reload the site a lot of times previous to I could get it to load properly. I had been wondering if your hosting is OK? Not that I am complaining, but slow loading instances times will very frequently affect your placement in google and could damage your high-quality score if ads and marketing with Adwords. Well I’m adding this RSS to my e-mail and can look out for much more of your respective exciting content. Make sure you update this again soon..

  511. Hey! I know this is kinda off topic however I’d figured I’d ask. Would you be interested in trading links or maybe guest writing a blog article or vice-versa? My site covers a lot of the same subjects as yours and I believe we could greatly benefit from each other. If you are interested feel free to shoot me an e-mail. I look forward to hearing from you! Awesome blog by the way!

  512. Thanks for your marvelous posting! I genuinely enjoyed reading it, you will be a great author.I will remember to bookmark your blog and may come back from now on. I want to encourage you continue your great work, have a nice morning!

  572. Hello there, You have performed an excellent job. I will certainly digg it and in my opinion suggest to my friends. I am confident they will be benefited from this website.

  577. Hi i am kavin, its my first time to commenting anywhere, when i read this piece of writing i thought i could also make comment due to this goodarticle.

  612. You really make it seem so easy with your presentation but I find this matter to be actually something which I think I would never understand. It seems too complex and very broad for me. I am looking forward for your next post, I?ll try to get the hang of it!

  643. Whoa! This blog looks exactly like my old one!It’s on a completely different topic but it has pretty much the samelayout and design. Outstanding choice of colors!

  656. May I simply just say what a relief to find someone that genuinely understands what they’re talking about on the net. You certainly understand how to bring an issue to light and make it important. More people must read this and understand this side of your story. I was surprised that you’re not more popular because you definitely have the gift.

  664. This blog was… how do I say it? Relevant!!Finally I have found something which helped me. Thank you!

  667. I just could not go away your site prior to suggesting that I really loved the standard info a person provide to your visitors? Is gonna be again regularly in order to investigate cross-check new posts

  668. Not in at the moment ibuprofen singapore guardian „There were four officers outside,” he said, adding that the men ordered five tacos for Solorzano. Police sources told the station that the men were part of a search party from a nearby church.

  672. Nice post. I learn something new and challenging on sites I stumbleupon everyday. It will always be helpful to read through content from other writers and practice a little something from their sites.

  673. I like the helpful information you provide in your articles. I’ll bookmark your blog and check again here frequently. I am quite certain I’ll learn a lot of new stuff right here! Best of luck for the next!

  674. When some one searches for his vital thing, so he/shedesires to be available that in detail, so that thing is maintainedover here.Take a look at my blog post benefits of eating healthy

  675. A motivating discussion is definitely worth comment. I believe that you ought to publish more on this topic, it might not be a taboo matter but usually people do not speak about these topics. To the next! Cheers!

  679. Thanks for making me to achieve new strategies about computers. I also have the belief that certain of the best ways to keep your mobile computer in excellent condition is by using a hard plastic-type material case, or shell, that will fit over the top of one’s computer. A lot of these protective gear are generally model specific since they are manufactured to fit perfectly in the natural casing. You can buy them directly from the seller, or from third party places if they are readily available for your mobile computer, however its not all laptop will have a shell on the market. Once more, thanks for your points.

  690. Thanks for the guidelines you have shared here. One more thing I would like to convey is that personal computer memory requirements generally increase along with other breakthroughs in the technology. For instance, if new generations of processors are made in the market, there is usually an equivalent increase in the dimensions calls for of both the laptop memory and hard drive room. This is because the application operated through these processor chips will inevitably rise in power to use the new engineering.

  692. me encantei com este site. Pra saber mais detalhes acesse nosso site e descubra mais. Todas as informações contidas são informações relevantes e diferentes. Tudo que você precisa saber está está lá.

  693. When someone writes an piece of writing he/she maintains the thought of a user in his/her brain that how a user can know it. Therefore that’s why this paragraph is outstdanding. Thanks!

  711. We identified that linc RoR functions as an onco lncRNA to promote estrogen independent growth of ER breast cancer doxycycline cost Both passive and active movements have been assessed, as well as tests of the patients ability to perform different tasks of daily living

  721. Medical Research Funding Needs Individual Donors duroval kamagra C, SMC migration out of aortic explants in presence of the endothelial nitric oxide synthase eNOS inhibitor L NAME 10 mmol L was similar in control and EC P2Y 2 R KO mice

  724. buy doxycycline dose for std How can we resist the strong army in the Central Plains eyes are red after male enhancement Erectile Dysfunction Drugs As a prince, if he is stubbornly resisted, eyes are red after male enhancement and the erectile dysfunction treatment with low or no headache side effec5 strong army destroys the Erection Pills eyes are red after male enhancement city, it will nugenix testosterone ingredients not only hurt the people of Li, but also the safety of the lord of the country

  728. Another thing I’ve really noticed is the fact that for many people, a bad credit score is the result of circumstances past their control. By way of example they may be really saddled through an illness and because of this they have more bills going to collections. It could be due to a employment loss and the inability to do the job. Sometimes divorce or separation can really send the financial circumstances in a downward direction. Many thanks for sharing your ideas on this site.

  736. Hello There. I found your blog using msn. This is a very well written article. I will make sure to bookmark it and come back to read more of your useful info. Thanks for the post. I will definitely return.

  745. Aw, this was an extremely nice post. Finding the time and actual effort to produce a good article… but what can I say… I hesitate a lot and never seem to get anything done.

  749. I need to to thank you for this great read!! I definitely enjoyed every little bit of it. I’ve got you bookmarked to look at new stuff you post…

  752. A fascinating discussion is definitely worth comment. There’s no doubt that that you should write more about this subject, it might not be a taboo subject but typically folks don’t talk about these topics. To the next! All the best!

  754. The next time I read a blog, Hopefully it doesn’t disappoint me as much as this one. I mean, I know it was my choice to read through, however I genuinely thought you would have something useful to talk about. All I hear is a bunch of moaning about something you could fix if you were not too busy seeking attention.

  761. Excellent read, I just passed this onto a colleague who was doing some research on that. And he just bought me lunch since I found it for him smile So let me rephrase that: Thank you for lunch!

  762. Glucose is the morning blood sugar levels non diabetic Normal Blood Sugar primary building block of cellulose in the plant and is vital for cell production buy priligy online safe 93 SBTs should take place when readiness criteria are met, including reversal of the cause of respiratory failure, manageable secretions, adequate gas exchange without excessive effort, and mental status allowing patient participation

  766. Spot on with this write-up, I honestly feel this site needs much more attention. I’ll probably be returning to read through more, thanks for the info!

  769. Hello, i think that i saw you visited my blog thus i got here to ?return the prefer?.I am trying to in finding issues to enhance my web site!I guess its good enough to make use of some of your ideas!!

  770. Aw, this was an exceptionally good post. Spending some time and actual effort to generate a good articleÖ but what can I sayÖ I hesitate a lot and never manage to get anything done.

  779. An intriguing discussion is definitely worth comment. I think that you ought to publish more on this topic, it may not be a taboo matter but typically folks don’t speak about such issues. To the next! All the best!

  785. Hey there! I simply would like to give you a big thumbs up for the excellent information you have here on this post. I will be coming back to your blog for more soon.

  790. I blog quite often and I genuinely appreciate your information. This article has truly peaked my interest. I will book mark your blog and keep checking for new details about once per week. I opted in for your Feed as well.