Cryptocurrencies are, without a doubt, the next big thing in the financial world. But while they may offer the potential for wide-scale transformation of the global financial system, one can only wait and see if they’ll deliver on the promise. There are many crypto projects, so it can be difficult to know which ones are worth investing in. One crypto that has been generating a lot of buzz recently is Harmony (ONE). Let’s look at this crypto and see if it’s worth investing in.
What is Harmony (ONE) cryptocurrency?
Harmony one is a decentralized, peer-to-peer protocol that allows financial institutions to create their cryptocurrencies. Currently, two types of tokens can be created on the Harmony network: equity tokens and bond tokens. Equity tokens represent ownership in a company and can be used to compensate investors for token-holding services. The bond token can be used as an investment vehicle. The potential uses of Harmony tokens are practically endless, and they could end up as the de-facto method for conducting business-related financing.
How to store Harmony (ONE) cryptocurrency
Harmony tokens can be stored at any cryptocurrency exchange that supports the trading of digital assets. Currently, the best exchange to store your tokens is Bibox. Bibox is a cryptocurrency exchange based in Singapore that supports the trading of multiple cryptocurrencies, including the trading of Harmony tokens. The recommended trading pair is 1 Harmony = 1 USD for all Harmony tokens.
The easiest way to buy and sell Harmony tokens is through the Bibox app, available for Android and iOS devices. For first-time users, buying and storing tokens is highly intuitive and easy. However, the process may seem a little unfamiliar to existing cryptocurrency users. It’s best to research and read up on the different tokens before you decide to buy any.
How to buy and trade Harmony (ONE) cryptocurrency
If you want to buy and trade Harmony tokens, you can always find someone selling them on exchange platforms. The best exchange to buy and trade Harmony one tokens is HitBTC. It’s a cryptocurrency exchange based in Europe that supports various cryptocurrencies, including trading the new token. As with most new tokens, likely, there won’t be many sellers of the token at first, which means you’ve to wait for a little before you can purchase some.
Once you’ve set up an account at HitBTC and downloaded the app, setting up an account at another exchange that trades the token may be as easy as providing your HitBTC account information. Mark you, some countries do not yet have official exchanges that trade cryptocurrency. Even in countries with them, there may be issues with your local exchange due to strict AML/KYC laws. If you’re in these countries and want to buy/sell/trade Harmony tokens, you should look into potential options.
The problem Harmony (ONE) cryptocurrency aims to solve
The current financial system is deeply flawed. It’s slow and complex, and it’s full of costly intermediaries. It also suffers from widespread financial illiteracy and problems of access. That explains why millions of people worldwide are without access to banking services, and more than 3.7 billion people lack access to traditional financial services such as loans, savings, and insurance.
Blockchain technology could be a solution to some of these problems. It has the potential to do away with vast amounts of unnecessary paperwork, streamline many processes, and bring financial services to those who need them most. However, it’s important to note that blockchain technology can only take us so far. It can’t solve the problem of bad financial institutions that are resistant to change and continue to exist for no good reason other than to collect rent from taxpayers and consumers.
How Harmony (ONE) cryptocurrency works
Harmony tokens work like other cryptocurrencies in that they are used to purchase goods and services. But, there are some key distinctions. For one, Harmony tokens are designed to be used within the Harmony ecosystem. That means that you can’t simply hold tokens and wait for their value to increase; you need to use them to purchase products and services from other members of the Harmony ecosystem. Additionally, the tokens have intrinsic value because they represent shares in a company building the Harmony decentralized ecosystem. As such, they have the potential to appreciate over time as more people use them and the ecosystem grows.
The advantages of investing in Harmony (ONE) cryptocurrency
Similar to many other cryptocurrencies, the appeal of investing in Harmony (ONE) cryptocurrency is that it has the potential to be used for a wide range of activities, from buying goods and services to paying taxes and exchanging money. However, unlike many other cryptocurrencies, it has a real-world use case and a legitimate business plan. It’s not just a speculative investment vehicle that could end up in the greed bin; it has a real chance of becoming a mainstream financial tool.
Is Harmony Crypto (ONE) a Good Investment?
Harmony (ONE) is a project to keep an eye on, and YES, it may even be a good investment. With over $300 million in market capitalization, it certainly has a large community supporting it. However, the project has a long way to go, and it will need to solve some major issues before it can be considered a success. It might be better to wait and see how it develops before investing any serious money. For now, it’s best to treat it like any other cryptocurrency investment: as a speculative investment that could produce positive returns but also has the potential to produce significant losses.