Despite current crypto market conditions, it doesn’t have to be doom and gloom all round. It is still an excellent time to enter the market. The strongest building will come during these market conditions, and project teams that can remain frugal with resources and resilient with effort will benefit hugely once conditions improve.
This only serves as a reminder to keep building and increase in value where you can. Increase your holdings of stable coins. Check if they’re fully collateralized and backed. The two cryptocurrencies that come up top. Bitcoin. Ethereum. These are the key currencies we want to focus on. They are the ones that will increase in value when market conditions improve.
So, hang in there.
Now let’s go back to basics.
Stablecoins are a class of cryptocurrency that aims to provide price stability and are often backed by a reserve asset, such as fiat currency or gold.
What is USDC?
USDC is a dollar-backed stablecoin created by CENTRE, an open source consortium of organizations and individuals developing standards for fiat-backed stablecoins. USDC is the first USD-denominated member of the growing family of CENTRE stablecoins.
Why is USDC important?
USDC provides users with a dollar-stable digital asset within the Ethereum ecosystem. As such, it represents an important step in bringing crypto closer to mainstream adoption. In addition, USDC can be used to hedge against cryptocurrency volatility, provide a more stable alternative to other digital assets, and act as a loan collateral or savings account within the Ethereum network.
In the current market conditions, stablecoins offer investors the opportunity to maintain their value while other cryptocurrencies experience volatility.
Bitcoin and Ethereum, on the other hand, continue to be strong contenders in the market and are excellent choices for those looking to invest in cryptocurrency.
Why does Bitcoin come up top?
Bitcoin is a digital asset and a payment system invented by Satoshi Nakamoto. According to the Bitcoin Whitepaper, Bitcoin is intended to provide a “peer-to-peer version of electronic cash that would allow online payments to be sent directly from one party to another without going through a financial institution.” What does it say about Bitcoin? It has only been meant to transform and invigorate a crippled and fragile traditional banking financial system. Transactions are verified by network nodes through cryptography and recorded in a public dispersed ledger called a blockchain. It has always meant to be transparent, as all these transactions can be seen, traced, and verified. Bitcoin is unique in that there are a finite number of them: 21 million. As of 2022, there are only 2 million left. People seem to forget this.
Bitcoins are created as a reward for a process known as mining. They can be exchanged for other currencies, products, and services. As of February 2015, over 100,000 merchants and vendors accepted bitcoin as payment.
Bitcoin is the original cryptocurrency, and it remains the most well-known. It also has the largest market capitalization.
Ethereum comes up top as the blockchain for building because it is a platform that supports smart contracts and decentralized applications. These are applications that run exactly as programmed without any possibility of fraud or third party interference. These are both areas with a lot of potential for growth.
At iBG, our tokens are also POSI insured against the non-execution of the smart contract, which are all Ethereum based.
In Ethereum, all transactions are public and recorded on a shared database, which is also accessible to everyone. This ensures transparency and immutability. Ethereum also has its own cryptocurrency, called Ether.
Ethereum is a good investment because it has a lot of potential for growth. It is also POSI insured, which means that our tokens are protected against the non-execution of smart contracts.
Of course, it’s always important to do your own research and not blindly follow anyone’s advice — but if you’re looking for some guidance on which currencies to keep an eye on during these tough times, then BTC and ETH are definitely worth considering. Who knows, they may even help you weather the storm and come out stronger on the other side!
So, there you have it! These are the key currencies to focus on in order to remain resilient and maximize value despite current market conditions. Stable coins (the ones that are collaterized and backed) offer a hedge against volatility. Bitcoin and Ethereum will continue to be at the forefront of the cryptocurrency space and will continue to be key currencies to focus on in order to maximize value. So, hang in there! Things will eventually turn around.
When the market is down, it is a time to reassess our portfolios and find new opportunities that we may have missed when the market was doing well. It is also a time to reflect on our investment strategies and see if there are any improvements that can be made. Then, we also want to find good projects with great potential and invest in them.
Don’t let current market conditions discourage you from building your portfolio and remaining resilient. These conditions will not last forever and there are still opportunities to be had. Stay the course and you will be rewarded in the end. And, with a little resilience and effort, your team can weather the storm and come out ahead in the end.
So hang in there! The market will eventually improve and when it does, you’ll be glad you held on.