There are many concerns about what might befall the cryptocurrency world during this Coronavirus pandemic. There are several reports on how you can save your investment as the world battles this pandemic. In this article, we look at how safe your crypto project is during the quarantine.
The entire financial sector is in a tight mess right now because of the Coronavirus pandemic. No one has been spared, not even those who have invested in bitcoin. All cryptocurrencies have taken a hit, and today bitcoin is around 35% lower than its price four months ago.
The biggest question today is how safe is it for you to invest in bitcoin? As you ponder over this question, get some time off from the stress of your crypto project by playing Book of RA (Roll for Adventures) or other games in the list. This adventure board games gives you a real rest and relax.
What Is A Crypto Project?
Back to investing in cryptocurrency, some may ask: what is a crypto project? A crypto project is investing in cryptocurrency, a digital asset that works as an exchange medium.
Bitcoin is the project that came about, as the founder, Satoshi Nakamoto, wanted the world to have an alternative to the traditional trade system. The old method of online trading relied on third parties too much.
However, the problem remains that bitcoin is inefficient and slow compared to electronic cash. Nonetheless, enthusiasts view bitcoin as “digital gold.” Those that have crypto projects in 2020 see these cryptos as insurance in case there is an economic downturn.
How Safe Is a Crypto Project in This Pandemic?
One of the breakthroughs for crypto projects manager during this pandemic is the realization by governments worldwide of how cash contributes to the spread of the disease. Central banks around the world are coming up with ways of accepting digital payment. China was the first country that was trying to establish how safe digital currency was, back in 2019.
Today because of the massive outbreak of corona in the U.S., the Federal Reserve is looking to introduce a FedCoin. If this was to happen, and there could be a digital dollar, countries around the world will follow.
What bitcoin has taught the world is that blockchain-based projects will enable smooth financial transactions across the border. Nonetheless, what has been happening is pretty ironic. The people who came up with bitcoin saw it as a great alternative to the current financial system. Some even opined it is the best long-term investment. The recent slump in its value has cast a dark shadow on how safe it is as an investment.
In its short life, the crypto world has gone through so many changes. In countries that suffer massive inflation, it is a better investment as compared to cash. Bitcoin does not depend on the flow of money from other institutions to determine its value, which is a good thing. It operates more or less like gold.
If you are looking to come up with your cryptocurrency, you must follow a blockchain project checklist. The identity of the party is protected, and most of the blockchains decentralized. The codes related to bitcoin make it easy for hackers to manipulate its data. The biggest problem is that once your funds have been transferred, it is almost impossible to track them.
Experts believe that bitcoin will keep going up as long as demand is steady, and the supply runs down. It would help if you kept investing in bitcoin while at the same time following its trend worldwide to secure your investment.
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Bio: Ellen Royce is an economist who works with a leading organization in Sydney, Australia. She is also a content creator who shares her knowledge on her website and through her blogs. She has previously given lectures on the risks of cryptocurrency at various institutions.
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