Global recession, are we in or are we out? Is it a double dip? Triple threat?
Whilst the world of economics is a complicated one, the world of cryptocurrency does of course offer us some protection from potential market crashes and global recessions. It’s a sorry state of affairs that we have to protect ourselves in this way, but I suppose that’s life.
In a recession, turning to cryptocurrency can offer a way for you to protect your assets, though do remember that cryptocurrency is volatile and that even in this instance, cryptocurrency may not be able to fully save you. Don’t choose to invest if you can’t afford to, please do your research and in times of financial crisis, seek alternative help. Cryptocurrency can’t stop a recession, though, if you play your cards right, it can help protect you if you’re careful.
According to ZyCrypto, Ethereum, XRP and Litecoin are the projects that could well offer this sort of helping hand.
Ethereum is fast and cheap to use. It is easy to use Ethereum with very little notice and therefore Ethereum does offer a way out of a financial crash. Cheap transaction fees mean that you won’t lose money by transferring it. According to ZyCrypto:
“These transactions, in addition, are also significantly less expensive, with the normal transaction on the Ethereum arrange costing under $1. Also, Ethereum’s blockchain rises above just money applications. It not just can possibly change how financial organizations transmit cash, however, it tends to be urgent in helping screen supply chains, creating digital identifications, and logging medical records amongst others.”
Like Ethereum, XRP transactions are cheap. Meaning that you’re not going to lose money by exchanging your falling FIAT for XRP. Moreover, XRP is built upon a network designed for cross border transactions. During a global recession, it might be required of you to transfer money abroad and indeed, this is another way your assets can be protected. XRP allows for fast and cheap cross border payments, making it a good and protective asset for these sorts of occurrences.
According to ZyCrypto:
“With an open source global payment network and a faster rate of block generation which gives it a faster transaction speed, Litecoin has been dubbed the ‘silver to bitcoin’s gold.’ With a growing number of merchants who accepts Litecoin, its value can shoot up anytime soon. Many analysts have also predicted the price of Litecoin to reach $600 before the end of the year, based on the current performance of the coin. If that comes to pass, it will be a 967 percent increase in value and no investor would want to miss that.”
Litecoin is a good project to turn to simply because Litecoin is leading the charge to cryptocurrency adoption. Simply put, there are many ways to spend Litecoin and this is a climate this is ever growing. In times of recession, you need to protect your assets but also, you don’t want to keep changing your assets in order to be able to spend them. Litecoin is, in theory, the best of both worlds.
Remember, this is not investment advice. Just some words on various projects that could provide a helping hand if needed. Trade well, and trade safe.