Bitcoin Could Curb Virus Spread As Opposed to China Quarantining Used Banknotes

News / 16.02.2020

China is quarantining used banknotes to stop the spread of coronavirus, as reports have stated. The crypto community is talking and making suggestions about fixing the issue using Bitcoin as payment means.

Wuhan, Hubei Province reportedly recorded around 15,000 new cases in 24 hours and 242 recent deaths following a change in diagnostic methods on February 13.

The government is underreporting the numbers, as Dovey Wan of Primitive Crypto on Twitter claims.

The most recent BBC report lists 2,009 new cases and 142 other deaths. Official figures show that more than 68,000 people were infected, and 1,665 died.

Bitcoin Hash Rate Continues Rising

Cryptocurrency mining facilities in China are closing down, but the effect does not appear to be significant to Bitcoin’s network’s speed. Network performance seems more potent than before as the hash rate continues to increase.

Mati Greenspan, the founder of Quantum Economics, says that it is not easy to determine the market’s effect at the moment.

“How it will affect Bitcoin’s price, I really couldn’t tell you. At the moment, I don’t feel like it is.”

A representative for mining hardware manufacturer Bitmain noted that there is no visible effect. 

The cryptocurrency community speculations on Twitter that revolve around Bitcoin’s ability to stop the spread of the virus through banknotes come amid a Reddit post mentioning the launch of Coronavirus-based ERC-20 corona-coin (NCOV). The purpose is to make more people aware of the outbreak.

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Debasish Das is from India, an engineering graduate and holds a postgraduate degree in management. He has 10 years of experience in the financial sector, having worked for one of the biggest MNC banking groups in the country. Currently he has business in e-commerce, insurance and consultancy. As an avid blockchain and cryptocurrency enthusiasts he believes in investing in the future of technology, and feels this is going to make the world a single marketplace and also give the power from centralized banks and governments back to people.