Alternative Payment Methods for SHTF or to Avoid Inflation

As the dollar becomes worth less and less thanks to inflation, there are a few alternative payment methods preppers should consider.

I’ve talked about having a few rolls of junk silver on hand in case the SHTF. Junk silver may be useful to buy items after a collapse that destroys the dollar or a catastrophe that destroys our utilities, including the Internet and the power generation and distribution system. Let’s face it, without power and routers, every dime or dollar not in your physical presence might as well not exist because it will be inaccessible. Even valuable in your safe deposit box may be locked away forever if the banks don’t open. If you can’t use your cell phone, a credit or debit card, or your ATM, having $1 million in the bank buys you nothing, but a roll of pre-1965 quarters might.

I’ve also written about barter and the likelihood that survivors will trade with each other after a collapse or other disaster.

Today, I want to cover another alternative to the U.S. Dollar that might be useful in a different type of collapse. I’m talking about having a cryptocurrency wallet on your phone with some crypto on it.

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Bitcoin or Gold and Silver – Which is Better for Preppers?

Bitcoin has been called “the new gold,” but is it truly a store of wealth suitable for preppers? What happens to it in a grid-down scenario?

I’ve seen the question on Twitter and elsewhere: “Preppers, what’s going to happen to your Bitcoin when the electricity goes off of the Internet crashes?”

The simple answer is that you won’t be able to trade Bitcoin or any other type of cryptocurrency in a world-smashing disaster that eliminates the power grid and/or the internet.

What most people don’t understand is that your crypto does not disappear. It will be right there in your wallet forever. You just won’t be able to get to it.

You won’t be able to access it or trade crypto until some kind of network is up and running and there are multiple nodes for your particular coin, which might never happen again. If things slowly recover and a decade later someone restarts the network and a few nodes, what are the odds that you still have your wallet or the seed words necessary to recreate it? If you locked them in your safe deposit box, will the bank still exist? Will you remember to grab your Trezor or other hardware wallet when you bug out? If so, will you still have it ten years later, and will you remember your password?

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Everything Preppers Need to Know About Cryptocurrency

You read about cryptocurrencies, but what are they and should they be part of your preparedness plans? We look into this question and make specific recommendations.

As bitcoin climbs past $13,000 for the first time since 2017, it is generating some news coverage.  Add to this the media coverage about different countries planning to launch their own cryptocurrency, and the question comes up:  Does cryptocurrency have value to preppers? 

Today, we’re going to explore the question in some detail.

Some Preliminaries

First, let me give you some background: I worked as a 1099 contractor for a cryptocurrency mining company, and I own at least five different cryptocurrencies, so I know a little bit about the industry.  I have multiple wallets and have made purchases using crypto, so I have hands-on experience as well.

Second, please keep in mind that there are literally thousands of coins. (Cryptocurrencies are often called “coins” even though they are not something you can hold in your hand. They are electronic and exist only in the online world.) While they may share some properties, they are not all alike.  They have different behavior, levels of security, values, costs to trade, and are traded on different platforms. Some can be mined inexpensively by individuals while others cannot.  Do not assume something I say about Bitcoin applies to Neo, for example, or any other coin. 

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