It's been a month since this showed on my shaft? Can someone tell me what this is and is this harmful? I'm talking about the bump below the veins. It doesn't hurt at all, soft when touched. But I'm worried that it might be a cyst or something. I've lessen the times of my masturbation and still it does not disappear.

Okay James, it is most likely a Penile Cyst - these are completely harmless and will fade away in its own time - unfortunately this can take and extended period of months, I had one that remained for around 7 months or more, it is now barely visible when I turn my penis sideways on. This is some 1.5 to 2 years onwards.
You must not irritate it any further as this will simply extend the time it takes to reduce in size …
Is it harmful? If no, maybe I’ll just stop masturbating for a while. Finding a hard time to contact my urologist because of the lockdown though. Btw, thanks for the reply man!
As I said, if it is a Penile Cyst they are completely harmless. If you have access to a Urologist normally it would be best for them to check it for you when you can get an appointment