The financial system is currently on its knees. It is more than certain that we are about to experience at least a few weeks, if not months, of absolute uncertainty and instability which, ultimately, can bring about significant changes. One of them could be the rise of cryptocurrencies as they were created to face such a situation. But are cryptocurrencies ready?

Bitcoin was created in 2008 as a reaction to the financial crisis, which at that time hit almost everyone on the planet. Since the time of hyperinflation and the Great Depression of the interwar period, bankers, economists, and politicians have not had to deal with any situation as serious as the 2007-2008 financial crisis. However, it seems that after just one decade we may have to face an even more difficult test.

Although coronavirus seems to be the biggest trigger for the crisis, and its impact is undoubtedly huge, the problems must be traced back to the existing financial system (a tragedy in itself). Central banks have to go to zero or even negative interest rates, "pour" billions to trillions into the financial sector through unlimited quantitative easing, try out unconventional monetary policies like helicopter money, and yet they are still not sure whether the whole system will not collapse. This situation seems to be perfectly ideal for the onset of cryptocurrencies. But are cryptocurrencies ready for this challenge?

Many cryptocurrency supporters were waiting for such a situation. They believe the change is just around the corner and that the financial system will find salvation in cryptocurrencies. Even though such a solution could help in the future, the fact remains that the state in which cryptocurrencies are is not enough to make any huge difference.

There are a few problems that could endanger cryptocurrencies even before the world would consider their wide deployment. Security is certainly one of the biggest problems. Problems with hackers and frauds are an example of how people can lose money through cryptocurrencies. Lack of security measures is largely the mistake of individuals. However, it is often a lack of information and education that causes the problem. This is another problem that will have to be solved if the cryptocurrencies were to reach the wider public. Too many people suffer from a lack of information. Problems with scalability, legislation or wider use should also be mentioned.

In any case, this situation can be seen as a great opportunity for cryptocurrencies and for all those interested in the sector. If people use this time to educate themselves about cryptocurrencies, for example through our Dollero Club, they can gain a huge advantage at a time of wider deployment of cryptocurrencies. Cryptocurrencies may also be interesting for people who, because of the current situation, find themselves in financial distress and are thinking about other income options.