Imposed Quarantines and Social Distancing Leads To A Surge In Online Payments With Bitcoin

The continuing spread of coronavirus has seen many people prefer to stay indoors leading to a massive disruption of the traditional economy, this has led to a boon for some digital sectors.

In the recent past, increased state-enforced quarantines as well as moves to social distancing and many firms coming up with policies to enhance working from home which has led to an increase in screen time as well as digital shopping. At the start of this week renowned outlets led by Amazon and Walmart announced they were facing challenges in meeting the high demand coming from panic buying, CNBC reported.

The panic buying has now started to spread to the cryptocurrency space, which has increased the number of crypto payment processors.

Bitcoin rewards app, Lolli, announced that its sales volumes had doubled mostly from firms supplying food-related items as well as personal essentials like Safeway and Vitacost. The firm’s communications head, Aubrey Strobel, revealed the details to CoinDesk. Strobel stated:

“The majority of Lolli's merchants are online. As a result, our sales have dramatically increased over the last couple of weeks as a reaction to the pandemic. We expect to see this continue over the next several weeks as people transition to a remote work schedule and prepare for COVID-19.”

With 894 locations in 17 states, Safeway is a major Lolli partner with operations in Washington as well as California that have reported high cases of coronavirus in the recent past. Customers get rewarded in Satoshis by Lolli which also has a partnership with various restaurant delivery apps such as Postmates as well as Caviar. The firm also partners with PetCo that provides pet food to customers.

[Start Stacking Sats With Lolli]

Another crypto-based firm, Strike by Zap, which is at the moment operating in beta, almost closed down its operations following a sharp rise in payments than expected. The firm’s CEO stated that their wallet surpassed the previous all-time-highs early last week following processing transactions valued more than a Bitcoin. The firm which rolled-on in January, was set to handle transactions valued at least 1 Bitcoin every month.

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Joseph Kibe
Joseph Kibe
Joseph is a blockchain and cryptocurrency enthusiast, with a strong conviction that exposure of blockchain technology is for the good of the society. Fascinated by the massive potential of cryptocurrencies and the technology behind them – blockchain – Joseph spent lots of his time learning more about the industry, becoming a polished expert writer in the sector. He covers any cryptocurrency and blockchain related content.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

LEAVE A REPLY

Please enter your comment!
Please enter your name here

3,483FansLike
2,795FollowersFollow
4,263FollowersFollow

Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

Gemini Crypto Exchange Opens Up GBP for Buying, Selling, and Trading for UK Customers

Cryptocurrency exchange Gemini is now expanding into the UK. The launch follows obtaining an electronic-money institutions (EMI) license from the Financial Conduct Authority (FCA) after...

Stocks & Gold Getting Hammered But Bitcoin Fundamentals Do Not Support A BTC Crash to $7k

In another red day of the week, Bitcoin dropped to about $10,150 level. Just like the weak price performance, with BTC currently trading around...

People's Bank of China (PBoC) Testing Digital Yuan (DCEP) for Credit Card Payments

China has been aggressively developing its central bank-issued digital currency (CBDC), popularly known as digital yuan. As per the latest reports, the People's Bank...

Indian Crypto Exchange, Pluto, Pulls An Exit Scam on Investors; Making Off With $270K

A Delhi-based crypto exchange, Pluto, has allegedly exit scammed and stolen about $270,000 worth from 43 investors. The local reports suggested that the Economic...

Bitcoin Mining Legalized in Venezuela But Being Centralized with National Digital Mining Pool

Venezuela has fully legalized bitcoin mining. According to a recent decree from the National Superintendency of Crypto Assets and Related Activities (SUNACRIP), the use,...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today