Many people believe Bitcoin is a tool for lawbreakers, but to middle-class earners, it is sustenance. Even though high-ranked personnel criticizes cryptocurrency for offering comical business gaps, others see it as necessary because of the difficulty accessing central financial systems. International clients use Bitcoin to pay their freelancers. For instance, Saeed, an Iranian living in France, benefited from Bitcoin when he couldn’t find a bank to open his bank account for almost a month.
Even though many Iranians are operating European tech companies, it is hard for them to exchange and buy Bitcoin directly because of their nationality. The interest rates are also expensive for the middle class. The strict regulations in banks also make it hard for them to access financial systems as they have to pay colleagues to do the transaction for them. It turns out to be expensive and time-consuming.
During the pandemic, many people lost their source of income as many companies were closing down. Like Paul, a British expert, was locked in London when he couldn’t catch a flight to Asia. He found himself living between governing systems during the constant lockdowns due to repatriation challenges and restricted capital control in Asia. He was living in Airbnbs and hotels for a couple of weeks. Without Bitcoin, he could have run out of cash as he was only allowed to withdraw a certain amount of money with his ATM as it is limited to holidays.
For the past six months, the price of Bitcoin is surging. This is great news as it gives middle-class people extra cash to think of what to do and how to improve their careers after the severe impacts of the pandemic. Bitcoin is a form of gambling, but many average business traders accumulate a large amount of cash for the past years. Bitcoin’s rising price is helping individuals get through recurrent lockdown and terrible job markets period.
People do not have to live in a dictatorship country to benefit from Bitcoin. Many people’s situation was affected significantly during the pandemic. Many had to think of the way forward after closing their businesses or being laid off. Luckily, some were selling their ideas in exchange for cryptocurrency through Bitcoin wallets. Within a short period, Bitcoin’s market rise allows many people to earn a higher amount to cater to their bills.