Bitcoin and other cryptocurrencies have been gaining a sizable amount of exposure over the past few years. The term cryptocurrency was not even something that virtually anyone heard of just a but ago, but now it is fairly common lingo, and understood by many. Don’t be caught behind the curve when it comes to alternate forms of currencies. Your survival plans need to account for your financial well being just as much as they care for your food, shelter, and safety needs. If a true SHTF scenario comes to fruition, you may need actual goods to barter with, but some form of currency is likely to come into play, and many believe that this could be a cryptocurrency.
What are Cryptocurrencies?
A cryptocurrency is both a simple and complicated topic at the same time. In short, you can look at cryptocurrencies as a virtual currency. Imagine that you are sent 1000 dollars, but that money can’t be physically held or traced. This is one of the main goals of cryptocurrency, to ensure privacy and transactional security. While algorithms are used to ensure safe sending and receiving of “funds,” you will not need to attach your name, address, or other details that would usually accompany a physical money transaction. In this day and age of government interference and personal security being at an all time low, this extra sense of privacy is very attractive.
In most places, cyptocurrencies are not considered actual money since they are not government issued or controlled. This makes them perfect alternatives to FIAT paper money, especially if there were a situation where it ceased to exist.
How Bitcoin and Survival Meet
As long as there is internet and electricity, Bitcoin should be able to function. There is no need for a central banking system, foreign exchange markets, or anything else. As long as money can be sent using the internet, Bitcoin will be able to exist. This is the beauty in Bitcoin or any other cryptocurrency. If you lose everything, just grab your virtual wallet, and you will have all of your financial wealth in your pocket. You can do this by obtaining what is known as a Trezor. The Trezor is a small device that will allow you to both send and receive bitcoins. For the sake of survival and preparedness, we do not recommend using an online wallet or exchange, since in a SHTF situation, they may be inaccessible or unusable.
There are many other forms of cryptocurrencies beyond bitcoin, though it is easily the most common and accepted. As time moves on, many believe that cryptocurrencies will become more and more widespread. Today, it is easy to convert USD paper money into other commodities or even other physical currencies, but owning a stash of crypto money, whether it be bitcoin, ethereum, or another type of currency, is just another level of security.
Remember that your own personal store of wealth may very well be what allows you to survive in an emergency preparedness situation, especially in that of an economic collapse. For every unique store of value that you have, your risk of being financially distraught becomes that much less. Of course, we are not giving you financial advice, but instead another element of your preparedness plans to consider.