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How Indian Youths Are Using Cryptocurrency to Combat Unemployment During COVID Disease

The Coronavirus (Covid-19) is an infectious disease that was declared a pandemic by the World Health Organization last year March and since then the world has had to adjust to stay safe from the pandemic. The coronavirus took not only India but the entire world by storm. The pandemic put both individuals and businesses in a state of panic, with several individuals losing their source of livelihood due to this. The pandemic negatively impacted the economy and led to job loss for thousands of youths, companies weren’t able to hold as many employees as they should, small business owners had to shut down to adhere to the lockdown rules and stay safe and people weren’t able to carry out their daily activities like they used to.

The economic damage caused by the COVID-19 pandemic is largely driven by a fall in demand, meaning that fewer consumers are willing to purchase the goods and services available in the global economy. This dynamic can be seen in heavily affected industries such as travel and tourism. This prompted many people to look for an alternative source of livelihood.

As explained earlier, the pandemic led to a lot of youths losing their jobs in India and every other part of the world which prompted many to look for an alternative means to make some money despite the situation. This is where crypto comes in. During the lockdown, the adoption of cryptocurrency went up. As we all know, making money from crypto doesn’t require you to step out of your comfort zone.  So despite the lockdown, a lot of youths in India and other parts of the world took crypto as a solution to the unemployment created by Covid 19.

Cryptocurrency is a vast niche and there are different ways you can make money from it. This content looks at how Indian youths are using cryptocurrency to combat unemployment during the coronavirus disease.

The coronavirus lockdown had a damaging impact on the economy of India as large as it is, due to the total lockdown. India’s unemployment rate sharply rose to 7.11 percent in 2020 from 5.27 percent in 2019, in April 2020 Unemployment went up to nearly 24 percent. This was possibly a result of a decrease in demand as well as the disruption of the workforce faced by companies. In a country and situation where getting a job is quite difficult, cryptocurrency has now become a beacon of hope. Indians now utilize crypto in a variety of ways to make money. Below are some of the ways youths take advantage of cryptocurrency.

Crypto trading

Any individual looking to adopt crypto aims to make money, and crypto trading is one of the most popular ways of making money in cryptocurrency. Crypto trading, as the name implies, means buying and selling crypto assets, although it entails more than that. During the pandemic, some Indian youths resorted to trading to make money amidst the covid situation. The trading volume of cryptocurrencies in India has increased by 400 percent during the nationwide lockdown due to the COVID-19 pandemic. The boom in crypto trading has also increased after the Supreme Court (SC) lifted its ban earlier in 2020. Crypto platforms like Remitano also make this easy because you can convert BTC to INR and vice versa.

Basically, there are different ways people go about making money from trading cryptocurrencies. Below are some of the ways.

Day Trading

Day trading mainly requires taking short and quick trades. Day trading involves making constant trades and accumulating profits. This form of crypto trading requires careful reading of the market, seeing little opportunities, and taking it. So basically, traders buy bitcoin at a particular price, wait for a little positive swing in price before selling. They are taking advantage of the daily volatility in the price of BTC and the little price swings.

Swing Trading

As opposed to day trading, swing trading requires buying crypto at a price and waiting for a substantial increase in price before taking profits. Traders implementing swing trades might have to wait a long time before taking profit, however not as long as just buying and holding.

Arbitrage

Arbitrage trading means taking advantage of the varying prices of cryptos on different crypto platforms. So basically traders buy bitcoin with INR at an exchange with a low price and convert bitcoin to INR at another exchange with a higher price.

Implementing any of these forms of trading can be done remotely on your mobile or PC via different exchanges that make it easy to trade bitcoin as well as other cryptos and also convert Bitcoin to INR or which makes it a go-to option for Indian youths during the covid disease.

Earn using your already-acquired skills

Do you have any high-in-demand digital skills? Now’s the time to increase your earnings because cryptocurrency companies are looking for you. Whether you’re a content creator, digital marketer, web developer, or data analyst, there’s something for you in the crypto niche. Indian youths who have lost their jobs due to the Covid-19 are finding opportunities to work online for crypto-based firms. The majority of the jobs are done remotely, enabling you to enjoy a flexible work schedule

In conclusion, youths used several other means to create a form of employment for themselves despite the covid situations. Indians work for a range of global and local crypto and blockchain companies as CEOs and resource employees. Educators, forensic scientists, reporters, attorneys, moderators, programmers, reporters, researchers, software developers, journalists, and others have evolved in the area of blockchain and encryption, fostering an atmosphere of creativity, collaboration, and growth.

As a bonus in this piece, the exchange Remitano has launched its coin called RENEC, just like the Binance coin which is worth over $300. At the moment you can only mine using the Remitano mobile app. You can start mining RENEC today on Remitano.


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