The world has lived through a terrible pandemic so far in 2020 because of a disease called covid-19. It has reached every corner of the planet and has resulted in the deaths of hundreds of people, so governments have been forced to establish drastic measures to prevent further contagion and deaths.
Among these new strategies are the mandatory confinement of citizens, the closure of schools, businesses, jobs … etc. In short, the economic impact has been devastating in many ways. Transactions with crypto currencies have not been an exception either.
In this complicated and weak moment of the international economy, many people who handle bitcoins decide to make investments. Only a few recommendations need to be taken into account:
1.- Be up to date with the news
Yes, although it sounds like it has nothing to do with advice before investing with bitcoins, it does matter and quite a lot. Everything related to the coronavirus pandemic should be read and informed, even what seems “banal”. For example, where are the most intense outbreaks of the disease, which public figures have been infected, what governments are doing in their countries, how the condition is behaving in one’s own nation and neighboring ones.
All of these details have some impact on the world’s financial markets, to the point that they can become trend-setters, both positive and negative. So, keeping up with this kind of news is also important before taking steps in investments.
2.- Be at peace and calm before initiating transactions
It is understood that it is a bit complicated to “stay calm” in a world where a virus can be deadly and advances fiercely everywhere (a real horror movie), but before starting any investment and making decisions, the most important thing is to be calm: cool head.
It is a situation that generates a lot of uncertainty, worry, paranoia and stress. But something is real and that is that at some point this will pass and it will remain as a bitter experience that left teachings. It is only necessary to continue to apply the usual sanitary measures (washing your hands, social distancing, wearing masks) in order to be healthy.
Leave panic and fear, worries and anguish aside when it is time to sit down and do the transactions with the crypto currencies. Dedicating yourself to other hobbies also results.
3.- Reviewing all processes without trusting
During this rare and unusual scenario, it is possible that the financial markets behaved in an unexpected way, due to the impact that the lack of labor movement brings. Therefore, before making investments with bitcoin, it is important to review everything and not rely on the first thing you see.
A curious fact that shows the irregular behavior of markets is that for example, when markets are unstable, reserves are generally revalued and have two options: either they remain the same or they increase. But in this current scenario generated by the Covid-19, gold and oil reserves have presented and resounding decline.
Given this approach, it is advisable to continue processing information related to the economies and be updated with the values. In this way, possibilities can be evaluated during investments and choose the most convenient. The bitcoin market must know how to take advantage of these opportunities.
4.- Not everything is about bitcoin
Certainly, the business of cryptomonies is very profitable, even in times of coronavirus, as long as the right decisions are made. But not everything encompasses this type of transaction, it is not mandatory to acquire bitcoins.
In the digital world there is a whole world of possibilities that covers many areas of goods and services in which good investments can be made, depending on the current situation of each person.
For example, there is something known as Future Contracts on Bitcoins or by Difference of Cryptcoins that are a good alternative to increase profits and minimize the risks of loss. Without a doubt, these are excellent ways to make investments with the best chance of seeing the fruits quickly.
5.- Take care to activate when everything passes
It is a basic recommendation, but one that is not unimportant in these complicated times for everyone. The outbreak of covid-19 is real, it is not an invention of the rulers to keep the citizens locked up. It has managed to spread and infect people of all ages and has caused the death of many.
We must not let down our guard and we must try to comply with all the rules and measures that have been issued by governments and the World Health Organization (WHO). In many cases, everything seems to be back to normal, but this is not the case.