With the Great Reset coming soon, to include the collapse of many banks and national fiat currencies, many people are wondering what they can do to move their assets into forms that are immune to such disasters. I believe the most imperative thing people need to realize is that anyone with a large savings or investment in fiat of any kind is a potential victim of a banking collapse and worldwide depression. There is talk of a major war that may happen soon. Infrastructure could go down, possibly for an extended period of time. Will blockchain assets survive? Only time will tell.
Fiat currencies certainly will fail, ultimately, meaning their purchasing power will diminish to zero corresponding to the amount of trust people still have in their respective governments. As we enter the age of lockdowns and medical tyranny all over the world, I suspect that trust will quickly vanish as people look for alternative means of making a living without having to be subjected to involuntary and untested medical procedures. This means a booming underground economy. However,
At the same time, governments are phasing out cash in favor of digital payment forms, which are all linked to their centralized institutions so that everyone is 100% tracked. The people who think they are being smart by putting their savings into "trusted" institutional crypto asset accounts are still likely not holding their own keys on a native blockchain, therefore they are not really in control of their assets. In order to truly be in control you must maintain full control over your private keys. This is the forgotten beauty of Bitcoin. You don't need any third party to maintain an account for you. Of course the trade-off is that account security is your own responsibility. This is where many people are unprepared and will fall into traps.
Rule 1: Maintain your own keys
The highest security for high-balance accounts is physical offline storage. Paper and ink to write down a seed phrase is the simplest way, but where extra security steps can be taken, this is advised. Some options are permanent media like etching onto steel, either by hand or by laser, or using premade recovery kits. Many people make the noob mistake of taking a screenshot or picture on their phone of their seed phrase and storing that on a platform like Dropbox. Do I even need to explain why this is a bad idea?
Rule 2: Treat crypto like cash
Too many people still think of crypto as an investment vehicle. That was never its purpose. Bitcoin Cash is the embodiment of what Bitcoin was always supposed to be, meaning peer to peer digital currency. The value per unit may go up or down day to day, but that should be irrelevant in the long run, as long as the original protocol remains in place with a limited supply and adequate hashrate. I leave it to miners and other large stakeholders to worry about their security and investment strategies, trusting that their goals align with the overall network i.e. increasing adoption so that more people can transact freely without institutional friction. In other words, crypto is like the money under your digital mattress, only instead of its value diminishing over time, it increases due to scarcity.
Rule 3: Privacy is a skill
There's been a lot written about the privacy problems inherent in all bitcoin-based protocols. If you trade fiat currencies for crypto, there is very likely a digital paper trail. The only way to stay anonymous on any blockchain is to never touch any ID-related services. The second you link your bank account or open an exchange account, your activities are exposed to anyone with access to that confidential information, including governments and corporations who may want to sue you or freeze/seize your accounts for whatever reasons. If they can link one address to your identity, they can likely link many more and build whatever case against you they want. This is why privacy features on Bitcoin Cash are important (and just to point out, privacy features like CashFusion and CashShuffle are only possible on BCH because of the always low fees). I also highly recommend Monero since it works very similar to BCH but with default privacy so that even with your address no one can see your transactions.
Rule 4 (optional): Go bankless
The last step is going fully bankless including all business accounts, savings accounts, retirement accounts, etc. This is a new paradigm for most people. I am not giving financial advice on these topics, but if you think any of those things will remain or still have any meaning after the big collapse, then you have more faith in the system than I do. The only thing I trust enough to manage my future is myself, so I would recommend having alternative ways of doing business that don't require counting on institutional support that might not exist during a collapse. For example, if you use a payment processor on your Shopify store, what happens if they decide they don't support your business model anymore and cut you off? It's already been happening to many people for years. I'm not aware of many options for having a self-hosted crypto webstore that's simple enough for the average person to set up.
This is also where I think we need more ideas and more development for people with small businesses. How are people using crypto to survive in places like Venezuela? If/when widespread adoption happens, whether governments succeed in taking control of crypto assets, everyone should be prepared to HODL their own assets while maintaining privacy, but most importantly, also recognize that money is supposed to represent economic energy. Proof-of-Work means that energy was expended to produce every single bitcoin in existence. No one can print more bitcoins to devalue what already exists. Fiat currencies will all eventually collapse since their value is based on a false sense of security that governments and institutions will always be there to take care of us, but that is not a guarantee we can all count on.
How are you preparing to get through this economic disaster?
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source https://www.reddit.com/r/btc/comments/kmofn6/bch_side_hustles_for_the_great_reset/
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