Can we have a thread about what the hell to do right now?
🗣️ DISCUSSION 💬
First of all, I'm an idiot when it comes to anything financial. I know many of you aren't. What is the safest thing to do with the money (fiat) that we do have right now? Leave it in our local bank? Credit union? Keep it as cash in my sock drawer? Also, the money in my 401k? Switch it over to bonds or something else I don't fully understand? Any thoughts from someone who's been paying better attention to these things than I?
Not sure if you're being deliberately obtuse, but how would you trade Bitcoins if there was no power?
If there was no power, trading Bitcoin through traditional online channels such as cryptocurrency exchanges or trading platforms would not be possible as they require electricity and internet connectivity. However, there are a few other ways to trade Bitcoin without power:
In-person trading: Bitcoin can be traded in-person through a process known as over-the-counter (OTC) trading. In an OTC trade, two parties meet in person and exchange Bitcoin for cash or other assets. This method requires no power or internet connection.
Paper wallets: Bitcoin can be stored offline in a "paper wallet," which is essentially a printout of your private key and public key. This method allows you to hold Bitcoin without an internet connection, and you can use the paper wallet to send or receive Bitcoin when power is restored.
Mobile hotspots: If you have a mobile hotspot or a satellite internet connection, you may be able to trade Bitcoin using a mobile device or laptop. This method requires some level of electricity, but it can be powered by a portable generator or other off-grid power source.
Overall, trading Bitcoin without power would be challenging, but it is not impossible. The best option would depend on your circumstances and the availability of resources in your apocalyptic scenario.
Thanks for the additional info. Isn't Bitcoin validity checked with the blockchain info though?
Off-line processing would be risky then wouldn't it? Not sure I fully grasp all the nuances to appreciate the extra detail.