Is Bitcoin A Safe Way For A Survivalist To Store Money?
With the rise in popularity of bitcoin and all other forms of cryptocurrencies, I have often asked myself if these means are safe ways of storing money or saving money as a prepper and survivor.
What is certain and true is that cryptocurrencies are safe from inflation and the wrong financial policies of government and politicians which makes them very valuable.
Its value rises with each day that passes by making it an appealing means of storing money that tends to appreciate over time.
But once again I ask, do you think bitcoin or any other form of cryptocurrency and safe ways of keeping your money?
Well, here is my answer and what I think.
Reasons Why Bitcoin And Cryptocurrencies Are Not Safe For A Prepper
After carrying out my research as a prepper, I have come to discover that in a worst case scenario, bitcoin and cryptocurrency are not safe ways to save money.
Here are my reasons;
Apart from the fact that nuclear attack is possible and could cause devastating effects on economies, I don’t think its effects will be as drastic as defects of an EMP attack.
We all know that EMP attacks are more dangerous than nuclear attack because it has the power to shut down electrical grids, appliances and installations thereby keeping the nation in darkness.
Cryptocurrencies, its storage, processes, transactions and operations are done electronically. So you tell me what will become of your bitcoin when electric grids and installations are affected by EMP strikes.
Records and Data could be corrupted and the very operational system of the cryptocurrencies can be affected and shutdown.
Other reasons why bitcoin is not a safe way to store money as a prepper
Apart from the fact that electrical shutdown due to EMP strike can completely crash the cryptocurrency market, there’s also the possibility of bitcoin value depreciating especially in a case of loss of confidence.
Should there be any panic in the market, there will be more people trying to sell and less willing to buy thereby leading to the value of cryptocurrencies depreciating.
Formerly it was bitcoin alone, now there are more than 10 different types of cryptocurrencies in the market.
Even banks and countries are creating their own cryptocurrency spelling and unpredictable future for this form of financial revolution.
Truth be said, I invested in bitcoin and some other cryptocurrencies and they are appreciating and making me money. That said, I am smart enough to know not to rely on bitcoin profits completely and put all my financial investment into it because just like stock market, anything is possible.
As a prepper and survivor, I will not recommend that you put all your eggs in one basket thereby keeping majority of your money in the cryptocurrency market.