Bitcoin anyone?

Do you think that the use of Bitcoin can help people to still buy and sell independent of a banking system in the post apocalyptic world?

1) It is still independent of the banking system

2) Those of us with the technology will still be able to mine BTC

3) Even when stocks crash certain people will be able to be Bitcoin millionaires

 

I know a little about bitcoin and would be too scared to use it because hackers can steal your wallet. I would be devastated if that were to happen to me. Does anyone know anyone who has had this happen to them?

 

Uh.. that's actually the benefit of using Bitcoin rather than other currencies: the anonymous transactions. It's pretty hard for hackers to trace down your wallet and purchases unless you have a keylogger or malware inside your computer. I've been using Bitcoin for a while now and I haven't had an issue with privacy, don't be scared. I know it's pretty daunting at first but after a while you'll get the hang of it and you'll realize it's a pretty good "invention".
To answer @thePENofGODx0x0xz7 's question: Yes, I do think the use of Bitcoin can help a post-apocalyptic world as long as technology is still available to the masses, otherwise it's going to be pretty hard to make full use of it.

 

Bitcoin is a cryptocurrency and according to the information I have, its highly encrypted meaning that it would be very hard to break into the system- the sign up system itself is a testimony to this. It follows that those with leverage from bitcoin usage would definitely have an edge. So many blue chip companies and institutions have signed up for bitcoin including Amazon.

 

If bitcoin is really as effective as people think that it is, then when the hard times come and we are scavenging for food then that would mean that we let ourselves lose a valuable resource out of fear or whatever other reason. I do not know enough about bitcoin but if we have a crypto currency or any type of currency for that matter that can be used separate from corrupt banksters then we should be using it now. Maybe we don't have to fall back into the stone age to survive.

 

As long as it is independent then I think yes. By now no central bank regulates it's use making it difficult for it to be affected. I also think that other forms of money a just being discovered everybody moving towards a system where they can avoid high transaction rates.

 

It is really tough to answer these questions. Until now, BTC exist independent of banking system and you can use BTC to buy goods and service online. Some bitcoin wallets are also issuing cards which allows to withdraw BTC via bitcoin ATM. Some payment processors are exchanging BTC with USD which makes withdrawing BTC equivalent USD. In the recent time, value of BTC is going down. Form $700 it is not at $592. The digital currency is still in volatile state.

 

No thanks. The days of mining your own, without a serious investment in hardware, is over. The market in general is very volatile. There may be some roll for Bitcoins, or other cryptocurrencies, but a well diversified portfolio can do just fine without said.

 

In a post apocalyptic world, assuming all the servers that are used for BTC are still being managed, I'm sure BTC would be safe to still use for bartering or something like that.

Other than that, you can't use BTC if the whole system is down, as well as satellites for that matter. If the grid is down, you won't be using and device that uses a wireless signal to get things done.

 

There is one of two things that can happen with bitcoin if the money system has been jeopardized. The most likely situation will be no one will be using bitcoin even if its servers are up. Hopefully someone has enough brains to try to use bitcoin for what it is made for.

 

In a post apocalyptic world few will be interested in buying anything if they could get it by force and no one would want something that they won't find practically useful. That's why I believe post apocalypse no currency will be of value to anyone because there'll be nothing to buy. Who will be selling you their supplies? Even if you offered them all the money in the world they wouldn't sell you anything that will keep them alive even if it is only for one more day.

 

As an alternative to trade assets, yes, Its deregulated nature make It somewhat impervious to mainstream market crash (like Brexit or China stock market decline), but since is relatively new and the market is currently evolving, I'm afraid is not an option to save your worth of savings there, but anyway, nothing beats assets (housing properties,cars, electronics, piece of art, garage sale worth stuff etc.) when it comes to secure the value of your savings.

 

The advantage of bitcoin is that it is independent of any nation meaning that it is less likly to become worthless. however if you look at the value of bitcoins on a chart you can see that it is much less stable that traditional currencies meaning that it can swing to have substantially more or less value depending on the day. because of this I would consider bitcoin to be more like a stock than a currency because buying it is kind of like playing the stock market.
another issue with bitcoin is just like any other currency it is a fiat currency meaning that it is not backed by anything of value. the difference being that with national currencies the country is backing the value of the currency. with bitcoin there is no nation that backs the bitcoin meaning that the only thing that makes bitcoin have value is that people say it does.
this means that IMO this is a risky currency to have any large amount of money invested in

 

This digital currency is getting undeniably more and more popular every day, but although I have read and heard a lot talk about it, I still don't feel safe enough in making any kind of investment. I'd rather wait to see how the market will continue to react so that I can - or not - change my mind.

 

I think it is two different issues. In a SHTF scenario where there was no rule of law, or a Nuclear holocaust or many other scenarios where you are in a survival situation it is doubtful that you would have access to computers to use digital currency. Digital currency has no intrinsic value, it's value is simply in its ability to currently conduct anonymous transactions and supposed encrypted security. So say you invest $1000 of your national legal tender ( themselves holding no intrinsic value other than the good credit of your country) and that investment in digital currency increases to $10,000.00 in value..... you lose everything without the ability to access it, such as a failure of the electric grids, or even a scenario where a government blocks your access to the internet holding your digital currency hostage. Otherwise if you just want to approach it as in investment opportunity without a survival scenario involved, that is a different story. But it is like any other investment where you are not dealing with something that has intrinsic value, you will do well as long as there is confidence in it, but it could also crash just as stocks can. Governments would love to convert all transactions to a digital format, but one they control, as eliminating cash would give them domain over all transactions. Even in a non apocalyptic future, an independent digital currency will be short lived.

 

Bitcoin is here to stay, apocalypse or no apocalypse. The only true thing about it is volatility. People are already transacting with it on a daily basis. And I can attest to some people have become millionaires as a result of this blockchain technology. Heck even day trading is giving profits. I have tried with some small cash on poloniex and have seen the potential. The only constraint to me now is time, but I am making preparations to join the band.

 

I think Bitcoin world is dominating in online business little by little, I spend maximum of 5 hours on internet trying to search for things and I never had interests in bitcoins till when i read a story about people who are becoming millionaires with buying and selling it so i gave it a try last month i signed up for a bitcoin wallet on paxful and read some reviews about bitcoins wallets and how they work, now i know to buy bitcoins but haven't started selling them, i still have long way to go plus i have hard times trusting this world of bitcoins because they are easy to hack, plus no wallet is hundred percent safe so you just have to keep changing the address ... and now I thought about something which made me a bit worried imagine if one day the person or the group of people who invented BTC just run off with everyone's bitcoins because there is still mystery behind the person who invented it!