Phone minutes....ok?
I’m on a small island right now. The internet is sketchy at best, Wireless is even worse. (perhaps not unlike many 3rd world countries)......could get kinda tough to do daily purchase transactions with bitcoin? Probably a good way to lose weight.
To be clear, I am not a fan of any fiat currency. No fiat currency has ever survived in holding value. I suspect that digital currency will provide a wealth of opportunity for screwing the proles out of their meager savings.
I think a total economic/currency collapse is far more likely than an EMP attack. The shit storm will be very painful for many. Frankly, I don’t have a retirement savings account.
I believe hard assets: AU, AG, PB and tillable soil
I guess time will tell.
Ironically, the creators of bitcoin probably agree with you. Skepticism with corruptly managed currencies was a driving factor in the invention of cryptocurrencies. Seems to me that unless the internet goes down with the economy, digital currency will be the go-to solution if/when the established economy collapses.
"To be clear, I am not a fan of any fiat currency. No fiat currency has ever survived in holding value.
Well, the U.S. Dollar has been off the gold standard for a darn long time, and while I remain skeptical for its future, you have to admit the US economy has been the healthiest in the world during those decades.
Bitcoin was created in response to the corrupt management of currencies. But despite some of its strengths, its biggest weakness is that it is not managed at all. I believe the next big step in the evolution of currencies will be a digital currency that is managed transparently by publicly open economic equations.
While technology improvements may be needed in places like your island, in most of the world, peoples' phones will be their wallets. Whether this is a good or bad thing, it seems inevitable to me.