Bottle Caps Or Bitcoin, Crypto’s Use During Times Of Crisis
Jul 13, 2018
They say that in an apocalypse, during the crash of the financial system, humans may turn to items like bottle caps for currency. I do wonder why bottle caps would be the chosen item but I guess that they are easily accessible as a result of our questionable drinking habits, right?
Joking aside, we want to explore how cryptocurrency could come into its own during times of crisis. Because cryptocurrency requires no middleman, in theory the likes of Bitcoin could still operate functionally even if our FIAT financial system crashed. Of course, for this to happen people would need to already purchase a store of cryptocurrency because trade for FIAT would be worthless, theoretically though this wouldn’t be an issue.
Of course, in this sort of environment we would still need electricity and an internet connection of sorts in order to use cryptocurrency, but overall, this would no doubt be possible in any sort of apocalyptic environment as setting up a power network and an internet network is pretty easy to do these days.
Sorry if this is all a bit abstract. The point we are highlighting here is that cryptocurrency can and will function away from the traditional financial system. Many ‘experts’ say that cryptocurrency cannot operate on its own and that it still requires FIAT currency to exist, but actually, it doesn’t.
With crypto, you could enter the world having never earned a FIAT ‘penny’ in your life. By earning cryptocurrency through labour, you are generating an income, an income that has value in the crypto markets. By capitalising on this, and exchanging labour for crypto, suddenly, the markets no longer rely on FIAT to encourage movement.
Therefore, in an apocalyptic universe, cryptocurrency would come into its own.
Still, if you’re so inclined… keep on saving those bottle caps, just in case!
Market Update - EOS, IOTA & NEO Flying High
This Start Up Could Transform The Japanese And Australian Electricity Markets