When properly answered, the question “why should a prepper keep a crypto wallet?” reminds us of our state as a nation, as well as the world in general. But that’s aside for now. Several preppers are reluctant to use cryptocurrency, because according to people, “we are opposed to technological advances.” This is understandable yet laughable because, as the prepper, your responsibility is survival. And keeping a crypto wallet will save you in a lot of ways.
I assume many people wrongly assume what is meant by off-the-grid living, homesteading, and prepping.
Here are a few questions I ask preppers who think cryptocurrencies shouldn’t be our thing:
- How do you plan to get goods & services when fiat currencies become extremely limited or even unavailable?
- How do you get goods & services that can only be gotten abroad without access to fiat currency?
- When the smelly brown stuff hits the fan, how do you intend to manage investments & secure your savings?
- What happens when there’s a catastrophe, and cash in banks can’t be accessed electronically, much more physically?
If these are considered, you will realize the volatility of the world at present. With the recurring instability and unrest happening around the globe, with our dear nation not excluded, some have persisted that it is only a matter of time before fiat currencies become highly difficult to access.
Should this ever happen, a different medium of exchange will become necessary, and this time, it’s unarguably cryptocurrency.
Answers To “Why Should A Prepper Keep A Crypto Wallet?”
Avoid the Effects of Bank Holidays & Currency Devaluation
Currency devaluation & bank holidays often have negative effects on cash at hand. This is perfectly demonstrated in the Great Depression that followed Roosevelt’s compulsory (although temporary) shut down of banks in 1993. He called it a holiday, and this was because several people expected that he would devalue the dollar even before his election. They were, therefore, converting the dollars to gold and foreign currencies.
To stop the craze, the president locked up banks, and following a couple of legislation, the dollar devalued by about 40%. So, if you had $1000 in the bank before then, it’d become $600 after the devaluation. The reduction was devastating, worsened by the fact that the price of commodities and services didn’t reduce. It was a matter of time before everyone went broke.
The availability of cryptos to invest in protects you from whatever could happen. I suggest that you go for the more popular coins, such as Bitcoin and Ethereum, since they guarantee your cash and even profits!
Remain Unaffected From Inflation
If you said that many of us are focused on foods these days, you wouldn’t be far off the truth. Because, honestly, there’s little that can be focused on. Many are out of jobs and cash. And to make things worse, the effects of the first wave of Covid-19 still hang around. Not to mention that there are fears now that a second lockdown may be effected.
As a result, grocery shopping has been expensive. Veggies and potatoes that you would get for $30 now sell for $45 and higher. According to predictions, this decrease in our currency’s value will continue for a while. To make things worse, the presidential election results are being disputed, suggesting that transitioning may not be smooth. All these have ensured that the dollar remains crippled.
You can avoid this by investing in a valuable crypto, preferably BTC. This coin is not affected by the fall in your fiat currency or the increase in products’ costs.
Improved Privacy
It is impossible to shop these days without a camera recording every move you make. Thanks to facial recognition tech, your image is connected with all databases you have, whether in government or non-governmental organizations.
To worsen issues, every transaction made using a credit/debit card is assessed and recorded, thereby making it super easy for anyone who has access (basically the government) to these databases to find out everything about you, including what you’re buying & from whom.
But here’s the worst thing: your financial information is glaring to anyone who takes the stress. All transactions going to and fro from your account are noted, and this can be extended to other aspects of your life, which should be private.
With cryptocurrency, you can ensure that your finances are safeguarded from your bank or the government, or even anyone else.
Useable All Over The World
Have you ever considered the idea of bugging out to another country far and beyond when disaster strikes? If you’ve been to other countries, you surely know that you have to change your fiat currency to another of its type before transactions can be processed. Sometimes, this can be quickly done, and other times, it can be time-consuming. But what if you don’t have to change this currency at all?
Crypto is accepted in most countries, and so wherever you get to, you might get lucky. You don’t have to change your currency or anything before shipping to a foreign country. Some times, emergencies may not allow you to exchange currency, and in times like this, you don’t have any reason to panic since it doesn’t matter what happens.
Costs Nothing To Carry About
Unlike fiat currencies that can be disturbing to bug out, cryptocurrency can be carried anywhere and for no cost at all. Crypto isn’t even physical, so it doesn’t add any extra weight to your bug-out loads. You don’t have to be scared of insecurity, too, since there’s no proof of you having hundreds of thousands of dollars on you.
For a prepper who is likely to travel to many places, then I don’t think there’s a safer course of action. Everything you need can be gotten using crypto, yet it doesn’t have any of the disadvantages associated with fiat currencies.
Concluding Thoughts on “Why Should A Prepper Keep A Crypto Wallet?”
As you have read, there are several reasons to own a cryptocurrency. As a prepper, the downsides of fiat currencies can be hindering. So, why not switch to a currency without the shortcomings you are used to. With the reasons mentioned above, I assume answering the question “why should a prepper keep a crypto wallet?” is easy enough. No?