Our lifestyles and personal economies are being radically altered by Covid-19. In addition, world economies are being tattered. Some commentators I listen to say the US Dollar will collapse. Others say Bitcoin will finally get its chance to take over. So the question is...
Is Covid-19 really going to kill the Dollar and let Bitcoin take over? No. At least not yet. Actually, the Dollar has strengthened during Covid-19 and still maintains control of the world reserve currency.
Lets look more in depth at what would cause the Dollar to collapse, what role Bitcoin will play in that transition, and how a collapse of the Dollar would impact us.
Did you hear that U.S. Citizens almost got paid stimulus money through a digital currency nicknamed the U.S. Digital Dollar?
Let's start by looking at the (paraphrased) proposal made by House of Representative Member (D)Maxine Waters (See the link for reference below).
During recent negotiations for a massive $2 Trillion stimulus package, the concept of a US Digital Dollar was presented as an option of payment to US Citizens. The idea was that the Federal Reserve would create a network of digital wallets for each qualified US Citizen. Stimulus money could then be transferred digitally to these wallets through a distributed ledger. In other words...A Digital Dollar. These digital wallets would be monitored through the Federal Reserve and its member banks. In addition, the US Postal Service would have ATM's available for people who don't have access to funds through bank accounts.
How do we survive, thrive, and find opportunities during the Coronavirus shutdown? Online Business, Educational Programs, Cheap Investment deals are just a few of the opportunities that are presenting themselves to us.
I believe that finding opportunity is actually easier when everyone else is panicking and fearful. We have all heard the stories of people who made massive wealth during the great depression, or who have made life altering decisions when they were forced into a bad situation. Right now is our time to thrive, not just survive. Here are some thoughts, tips, and suggestions to get you started.
What is Bitcoin/Cryptocurrency Onboarding? Cryptocurrency Onboarding is the process of helping a brand new person get started effectively with cryptocurrency and Bitcoin.
When you start a new job there is always a training process to help you learn company policies, procedures, and strategies. The reason companies do this "onboarding" is to help you avoid costly mistakes, take successful actions, and give you the most effective strategies for success. I believe Bitcoin and Cryptocurrency should have a similar process.
What is the best strategy if you are a beginner with Bitcoin? A safe, conservative strategy is always best for a beginner. You don't need to take major risks in order to grow your Bitcoin portfolio. All you need is a good plan that fits your risk tolerance.
I remember being overwhelmed when I was getting started with Bitcoin. There was a lot to learn and no one really had any solid experience dealing with it. A lot has changed over the past few years and there are at least 7 different strategies that people are using (outside of mining) to build their Bitcoin holdings. Some are more safe than others and may be better suited for a beginner.
Is Bitcoin Really A Safe Haven Asset? It all depends on what type of risk you are trying to hedge against.
Philosophically speaking, Bitcoin is an asset outside of government control, federal reserve manipulation, and/or individual ownership. It would seem that Bitcoin should act independently of the traditional financial system. However, recently we have seen many examples that don't entirely support this claim. So what is going on?
Have you ever been asked... "Is Bitcoin Still A Good Investment?" or "Have I Missed My Opportunity With Bitcoin?"
The answer is: You have missed AN opportunity but not THE opportunity.
Have you ever looked back on your time in crypto and thought "I should have done _____X_____"
I have had a fair amount of success with crypto, and I have also had my fair amount of failures as well. It got me thinking "If I was brand new to crypto and just getting started what would I do differently now?"
Wouldn't you agree that having a strategic plan gives you a much better chance of success than having no plan?
Professional investors agree that having a strategic plan for diversifying your investment portfolio is essential to investment success. Diversifying your assets helps to lower your risk and hedge against major losses. With this in mind, finding a strategy that is right for you is of utmost importance and there are thousands of ways you can do it.
Here are some questions that you can ask yourself in order to strategically build your crypto portfolio.