As of writing this, 30.7.2016 I believe most people have heard some media outlet or some financial analyst talk of a coming financial crisis in the scale of biblical proportions. Maybe you have even been warned about it by your Austrian economics obsessed libertarian friend (yes, that may be me). Either way, it is a matter of mathematical certainty so at this point it`s all about what we can do about it.
The consequences from a financial crisis will imho (though depending on where you live) most likely be some/or all of the following:
Frozen bank accountsSeized bank funds through bail insMass layoffs
There may of course also be a lot of other problems associated with these, but I do not think things will get to a apocalyptic level. And I certainly do think that doing a few easy preparations with the tools cryptocurrency provides us with will put you way ahead of the crowd. So, lets jump into it!
1. Get a Bitcoin prepaid Mastercard/Visa Card - Nobody can freeze your bitcoin wallet. Unlike what the Greek and Venezuelan bank customers have had to go through in the past year, bitcoin wallets are accessible 24/7 with practically no limits. Also through debit cards services like Xapo and Wirex you can now shop you groceries with you bitcoins, so there is really ways now to go about you life pretty much bank free.
2. Store parts of your wealth/savings in a cryptocurrency or on a platform that is integrated with cryptocurrency - Wealth confiscation like what happened in Cyprus in 2013 is also a concern for those holding savings in bank accounts. By holding your wealth in cryptocurrency your savings are safe from insolvent banks and there are a lot of ways to diversify your storage options and minimize the risk of loss.
3. Get a part time/full time job in the crypto-economy - Because of the manipulation of interest rates by central banks and the inevitable business cycle that follows, many workplaces will be lost as the credit driven demand is no longer sustained. And as the job market becomes increasingly difficult, the cryptoeconomy will offer a workplace in a sector that is built on a rock solid financial network. Platforms like steemit offers countless business opportunities, and as the whole crypto ecosystem grows, it may be necessary the income source for millions of people to make ends meet through the unemployment crisis. The awesome part is that the income from these platforms do not require bank accounts etc which may not be reliable at the time.
It is impossible to predict the future with absolute certainty, but what we can do is manage risk and prepare accordingly. Bitcoin and the crypto-economy looks extremely promising and time will tell how it performs when we will need it the most.
Please let me know what you think.