As one who was adamantly opposed to bitcoin and even fought people online as to my view of what I thought bitcoin was, I remembered some history and quickly did an about-face.
The pictures of 1929 came to mind, black and white photos of what we might soon see in Ultra HD, that being the results of a lack of sovereign currency in the system. The Great Depression was a time when people wanted to work, but because of a vacuum of dollars in the system, no one could freely work. But many people, companies and labor unions took the problem upon themselves and created what is called a ‘local currencies’. In fact, there were more than 3000 local currencies during that time that people used to transact outside the system, and local currencies still exist today (prior to the emergence of cryptos).
Sadly during that time, all of the lack of dollars took away from people’s ability to be independent. On the flip side, Weimar Republic, Germany, over produced their currency in the system making it worthless. So after all of this flashed through my memory, I thought, “Maybe I should take another look at that bitcoin thing.”
My research of bitcoin showed me that I did not understand bitcoin or the other crypto currencies. It’s not so much as an idea, but a whole concept, a completely new way of thinking. But honestly, I don’t think the people I was fighting with online even saw it as I see it now, or they would have explained it better. Maybe they were just trying to stick it to ‘the man’.
Because we don’t exactly know what’s coming, or when, maybe looking into bitcoin and setting up a personal wallet might be worth your while. Learn about it, find the right software for you, convert some dollars and throw a bit of bitcoin into your account so you’ll be prepared and knowledgeable about the system. Because if crap goes down, that’s the worst time to learn how something works.
Being in New Jersey during Hurricane Sandy, I saw a glimpse of what possibly could be on the way. In fact, the grocery store I worked at went under because all their food spoiled. But Home Depot was still conducting business, even credit card transactions with the use of generators. So in a situation like that, a scene with most gas stations closed, and the few that were open were adorned with lines blocks long and a police car running its red and blue lights as a deterrent, people surprisingly still wanted to transact.
If the grid even partially holds up, that will provide an option to trade with bitcoin, even if banks are closed. This could also create an avenue where you won’t have to use your gold and silver in such a lousy situation, but keep it tucked away for investment and generational wealth.
Make cents?
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Are there any economies currently going bust through inflation? it be interesting to see if bitcoin is playing a part.
Oh yes, plenty of economies going down the drain at present. And I even questioned, "Why isn't bitcoin being used in Venezuela on a mass scale, or Brazil?" I don't know. What I was hoping to convey in this article is that a collapse or crunch situation is a lousy time to learn about cryptos and also inform how local currencies were used during historical hard times in the U.S. Maybe it would be used in Western Countries vastly but not so much in South American Countries. I just think people should learn about it now.
I see. To take your conclusion further: perhaps we need a small bitcoin economy already present before a major crash, for in such circumstance it to become adopted.
Yes, it's about options, having as many options available to you for whatever the future holds and that all depends where you live. In Costa Rica, maybe having a lot of fruit trees is the necessity, but in New York, you might need a different set of tools.