The COVID-19 outbreak has caused financial systems to go into chaos. Global Monetary systems are under tremendous pressure. The cash and credit system is taking the heat. It seems like it may weather the storm. Many aren’t so sure about this. It may take another monetary system to keep the world running as the numbers of the dead and sick keep increasing.
Cryptocurrencies like XRP offer several advantages over cash systems. Firstly, Cryptocurrencies are purely electronic. For value transfers to occur, no physical contact is needed. This reduces the risk of a public epidemic based on contact by a significant degree.
Secondly, cryptocurrencies are multinational.
Value transfer can occur over the longest of distances. This increases the use-cases in places where most public institutions are shutdown and could, in effect, increase the price of the digital currency as more people migrate to a faster mode of payment that doesn’t involve bodily contact like touching paper money.
Thirdly, confirmation of transactions requires no intermediary as activities on the network are confirmed automatically. The lack of a third party for confirmations give cryptocurrency users the independence that is needed during times of chaos.
The blockchains and decentralized ledgers upon which cryptocurrencies run are some of the most secure forms of technology currently in existence. Legacy systems at some point in time require human intervention for mass attacks. Simply put, legacy systems have security issues.
XRP isn’t dependent on the financial systems. It can still go on functioning without the existence of the current global financial framework. With the rise of new and emergent situations, cryptocurrencies have proven to work outside current world systems.
This provides a framework for the creation of a fallback when a crisis occurs. Cryptocurrencies are perfect for this.
COVID-19 continues to wreak its havoc across the globe. It’s time for humanity to consider the use of digital currencies for most transactions. It may not be easy at first but it’s possible.
Then again, maybe this decade may be the one that changes everything for humanity.