The Strong Negative Impacts of Coronavirus to Cryptocurrencies You Need to Know

These will not happen with Virie Market

The China Coronavirus quickly spread like wildfire, having killed almost 2,707 people as of the time of publishing this. It has become a global concern just as quickly as the outbreak began. The Chinese government and all other countries affected are already taking extreme measures to prevent the virus from spreading further and to ensure that the surviving victims get maximum recovery. However, businesses continue to suffer tremendously, and the cryptocurrency businesses are not exempted from the strong negative impacts of this outbreak. Here are some of them.

· The Binance crypto exchange had to postpone its Binance Blockchain Week Vietnam, originally scheduled for Feb. 29 to March 4 in Ho Chi Minh City, Vietnam.

· This was soon followed by the announcement that the TOKEN2049 crypto conference, planned for March 17-18 in Hong Kong has been postponed to October.

· The NiTROn2020 in Seoul has been postponed until further notice

· Hongkong Blockchain Week 2020 has been postponed until further notice

· Definer, a crypto-lending startup, has canceled a 10-city tour investor in China.

These and other informal meetups and crypto extravaganzas have either been postponed or canceled due to the Coronavirus outbreak. But the strongest negative impact of this outbreak to cryptocurrency businesses is with mining. Five of the largest mining entities are all in China and control over 50% of all computing power on the bitcoin network worldwide. The mining company particularly has been forced to shut down all of its mining machines in one of its mining farms located in a remote region of China. According to its CEO Jiang Zhuoer, they are not allowed to return to work at this moment.

Meanwhile, bitcoin mining machines, such as Bitmain, Canaan, and MicroBT, are delaying after-sales services still due to the impact of the Coronavirus outbreak. Do note that these are the largest mining chip manufacturers, with Bitmain producing 66% of the world’s cryptocurrency mining hardware. As the bitcoin halving approaches, some crypto commentators believe that these delays in after-sales services might trigger some serious price action. Notably, the timespan of the Coronavirus outbreak may overlap with the May 2020 event. If that happens, it will significantly impact the supply of bitcoin due to the delays in the maintenance and delivery of mining equipment.

All of these will never happen with Virie Market, a decentralized virtual marketplace for everything and anything of value including goods, services, and currencies both fiat, and cryptos. Its native coins VRE is universally used within the market and are exchangeable for anything. Using a hybrid protocol of Proof of Work (PoW) and Proof of stake (PoS), miners can mine and make profits by simply holding their VRE in their digital safe. With PoS added to the protocol, it will never be affected by the impact of any outbreak, Coronavirus included, to the supply in the maintenance and delivery of equipment for mining because its profits don’t depend on CPU power.

One unique feature of Virie Market is that it can never be shut down by any third-party entity, such as the government or banks, whether temporarily or permanently, during outbreaks such as the Coronavirus. So, whatever is happening around you, your business continues to operate even if you’re just in the comfort of your own home. As long as there are an internet connection and electricity, your business will not be disrupted. And I mean all businesses and not just cryptocurrency businesses.

The even better thing about it is that it’s so easy to process safe and secure transactions. All you have to do is download the application here, and you’re good to go. But don’t just take my word for it. Read the white paper to learn more about it.


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