“every nation’s fiat currency is potentially worthless in an instant.”
—
True, but 10 Franklins in my pocket is a whole lot harder for some 15 year old 4chan troll, foreign hacker or a just a garden variety computer glitch to take away from me.
To each his own, tho.
“True, but 10 Franklins in my pocket is a whole lot harder for some 15 year old 4chan troll, foreign hacker or a just a garden variety computer glitch to take away from me.”
The Franklins are still only an IOU on paper though. Without banks accepting them, they only useful for writing on, setting fires and wiping your a**.
Most Franklins only exist in the digital world. The moment those are hacked, the banks shut down and everyone finds out, your paper will be 100% worthless too.
Cash does have its uses though and I was able to buy food and feed many people on my block after Hurricane Sandy while power was out. Many people had no cash at all and fully depended on cards!
However, the stores only took the cash because they fully expected the lights to turn back on soon. Once that expectation is gone, it’s just paper...
I’m with you. I’ve also wondered if everything crashes or the power goes out, how do you access your bitcoins? Why are bitcoins valued in dollars? If the dollar goes away what will the value of the bitcoin be? How will it be converted goods or services? I understand bitcoin’s price but I can’t grasp it’s value.
My bitcoins & cryptos are in my pocket and just as secure as my precious metals.
Never leave your cryptos with any one - that’s where the problems have been.......no one has lost any that has held them themselves.
One of my son’s is a computer genius of the highest rank (4 degrees simultaneously, Summa Cum Laude), and VERY conservative in his investments, and has made a small fortune in crypto’s seeing their future when almost no one else did. I’d be much wealthier if I had followed his advice years ago. But even then he warned about the risk. But the risk is NOT in the internet or hacking - if you hold them, they cannot be hacked.
I suggest you do some deeper research on how to buy and hold crypo’s with minimal risk. Biggest risk is they have no inherent value, and if all governments outlaw them, they MIGHT go bust - but they could also go underground and be a black currency of even greater value.