The covid 19 crisis and the future of bitcoin in e-commerce

Abstract

The spread of the coronavirus has devalued stock indices, lowered commodity prices such as oil, and chaos in financial markets around the world. Fiat currencies have plummeted as central banks injected too much money into affected economies, and an unprecedented recession has hit the world that central banks and financial institutions are unable to cope with. Bitcoin is a virtual currency whose production is the result of a time-consuming computational activity called exploration. This international currency is not managed by any bank and can be used to buy goods from anywhere in the world, it can also be Traded like stocks or coins. The main purpose of this article is to address the pandemic crisis - COVID 19 and Bitcoin as a virtual currency from the perspective of a user, in addition to goals such as familiarity with Bitcoin for strangers, attracting talented people, and showcasing the capabilities of Bitcoin. It is also covered in the virtual world and e-commerce. This article takes a fresh look at the most known digital currency and, by advancing its goals from the legal and economic perspective of Bitcoin, with a view to the e-commerce COVID 19 pandemic crisis in 2019. This money is a new currency with lower transaction costs than traditional currency markets and operates in a decentralized manner without the presence of intermediaries and regulatory bodies such as the government, banks, and financial institutions, unlike traditional currencies issued by governments.