cash remains the only option if there's an emergency

pawel7777

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Quote from: countryfree on October 15, 2015, 10:24:54 AM

I have a friend in Cannes, France. You may not know anything about it, but there were terrible floods there 10 days ago.

http://www.bbc.com/news/world-europe-34443189

My friend told me her landline phone still doesn't work. There are no phones and no Internet in most of downtown Cannes. Electricity has been fixed quite rapidly, but for 2 days, the mobile phone networks were down, so no bitcoin, and no credit cards either! All the shops couldn't handle any transactions.

The only thing which kept on working was the fiber optic network, I guess because that's the newest.

The whole thing was very local. Everything was fine a few km North, but this shall reminds us that if there's a serious emergency, cash is the only safe option.

That wouldn't be a major issue in tight, local communities, where people know each other. They could just settle payments later.

Wapinter

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Yes because cash is accepted everywhere and is well known form of payment,it is the most suitable option in emergency situations.You won't have time to find a person who accept bitcoin in emergency and you obviously won't want to waste your time in all these in such urgency

RealBitcoin

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Quote from: countryfree on October 15, 2015, 10:24:54 AM

I have a friend in Cannes, France. You may not know anything about it, but there were terrible floods there 10 days ago.

http://www.bbc.com/news/world-europe-34443189

My friend told me her landline phone still doesn't work. There are no phones and no Internet in most of downtown Cannes. Electricity has been fixed quite rapidly, but for 2 days, the mobile phone networks were down, so no bitcoin, and no credit cards either! All the shops couldn't handle any transactions.

The only thing which kept on working was the fiber optic network, I guess because that's the newest.

The whole thing was very local. Everything was fine a few km North, but this shall reminds us that if there's a serious emergency, cash is the only safe option.

Cash is good for emergency quick bartering, and temporary spending.

But if you want to restart your life after the emergency, you need to save your wealth in portable way.

Cash, gold coins, silver, copper, etc.. Is not portable.

Bitcoin is portable!

63854

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There's no form of currency that would work in every situation. TBH food and water would probably be the most valuable commodities if everything really went down, and when there isn't an emergency/societal meltdown it isn't really that useful as a currency as carrying tons of water and food all day long is simply inefficient. Every "currency" has its niche.

OROBTC

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Quote from: The Sceptical Chymist on March 22, 2016, 11:43:46 PM

Quote from: Rubberduckie on March 22, 2016, 11:37:27 PM

I Dont have cash for emergency cause it can be stolen and used
without any safety net.

I have a credit card I only use for emergency and if it was stolen I would
get my money back etc..

lol you might be missing the point a bit. People here are talking about an emergency the size of Texas. Armageddon. Your puny credit card will do nothing.

Obviously we are talking about different kinds of emergencies as well. A "Katrina" type event will mean that credit cards cannot be used in such an event, at least in places with The Grid down.

There are other kinds of emergencies that can be imagined...:

1) A financial collapse that leaves .gov and The Grid still up.
1a) .gov decides to get Big & Bad and seize stuff. Credit cards might then not work, nor ATMs, but CA$H would (for a while).
1b) TIME becomes a factor, the authorities might BAN taking capital (gold) out of the USA...

2) The grid goes down...
2a) CA$H might work for a short while (so BUY supplies!), credit cards & BTC would not. Then you are looking at water, Au & Ag, and ammo.
2b) If it is "the size of TX or larger" then water & food production becomes important. The Pharmacist might want to stock up on drugs!

3) Hillary becomes president and imposes a dictatorship. Your BTC might become VERY valuable then as you can take BTC out easily...

My point being that a DIVERSITY of holdings is probably best as we do not have any idea of what could happen.

KennyR

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Quote from: nostal02 on March 23, 2016, 12:27:41 AM

Quote from: ?? on ??

In disaster or serious emergency, bitcoin and fiat is priceless.
People only looking goods such as food or water and they only accept barter or trade with other goods.

Money and bitcoin would really be held useless if there was a major global crisis that would happen,the value of food and water would really out price the money.

Food and water will out price the money, if such situation arise. But now at present commodities like gold, platinum helps at emergency as it has got common acceptance in exchange for cash.

nostal02

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Quote from: ?? on ??

In disaster or serious emergency, bitcoin and fiat is priceless.
People only looking goods such as food or water and they only accept barter or trade with other goods.

Money and bitcoin would really be held useless if there was a major global crisis that would happen,the value of food and water would really out price the money.

shintosai

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this one is true in real life and in any case scenario cash is the best option we have alternatives like credit card debit card and btc but in any how cash still the best option to use. many example has been brought out from the previous replies and many inputs but still in reality cash always have the advantage.

The Sceptical Chymist

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Quote from: Rubberduckie on March 22, 2016, 11:37:27 PM

I Dont have cash for emergency cause it can be stolen and used
without any safety net.

I have a credit card I only use for emergency and if it was stolen I would
get my money back etc..

lol you might be missing the point a bit. People here are talking about an emergency the size of Texas. Armageddon. Your puny credit card will do nothing.

Rubberduckie

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I Dont have cash for emergency cause it can be stolen and used
without any safety net.

I have a credit card I only use for emergency and if it was stolen I would
get my money back etc..

hkla241

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Quote from: Kollor on March 22, 2016, 10:44:10 PM

Bitcoin is not yet mainstream, few shops are accepting it as a payment, in some online shops you still have to convert it to cash before you could pay your orders and during emergencies like blackout, no internet, bitcoin would be useless...That is why cash should always be on standby..

bitcoins are no doubt, the simplest way and safest pay of payment, but still in case of emergency, they have a downvote. Let's understand it with an example. Suppose you are caught by traffic police for rash driving, and you are fined,..

Kollor

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Bitcoin is not yet mainstream, few shops are accepting it as a payment, in some online shops you still have to convert it to cash before you could pay your orders and during emergencies like blackout, no internet, bitcoin would be useless...That is why cash should always be on standby..

aarons6

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in a real emergency cash will be useless.. only things for trade is going to be the only option..
things to stock up on..

1, hard candy.. everyone loves candy.
2, candles.. no power = dark.. flashlights wont last long.
3, those tiny bottles of alcohol.. specially the clear ones.. they can be used for antiseptics.. they are flammable and can be used for pain relief.
4, drinkable water.. everyone needs water.. you cant live without it.
5, gasoline, kerosene, and oil.. gotta have fire to cook and heat. it makes starting fires easy.
6, cord wood.. or other flammables.. specially nice if you live on property with trees you can cut down.

nobody is going to trade tiny pieces of paper for things they need to keep to live..

The Sceptical Chymist

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OP brings up a good example of bitcoin's dependence on 1) electricity and 2) connectivity. Sure, we may or may not get a zombie apocalypse where you're going to need seeds and weapons, but there are plenty of more plausable disasters whereby the internet could go out. Even temporarily. Blizzards, lightning storms, even fucking vandalism. In those cases, cash is king. Absolutely.

sachung

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Yes, I think cash still has the advantage in conditions like these when having a creditcard since there aren't any companies accepting it directly. I think only cash and maybe gold has advantages like these "although gold still needs to be liquidized since you can't sell parts of it easily in such conditions"

Mr. Big

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Quote from: Jeremycoin on March 22, 2016, 12:17:23 AM

But how if the emergency situation is when your house get burned and all your cash gone, think about it because your Bitcoin is still in the safe place on the network. Well, the problem would be different if you keep your Bitcoin in paper wallet or on your computer. That's why you have to use online wallet to besides cold storage, because I think it's more safer in this kind of situation.

That's the worst scenario if you let your cash be burned along with your house...You still have your salary from the office where you work, loans, and insurances, so you will still have cash even if your house is burned along along with your cash..not to mention donations from your neighbors...

Jeremycoin

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But how if the emergency situation is when your house get burned and all your cash gone, think about it because your Bitcoin is still in the safe place on the network. Well, the problem would be different if you keep your Bitcoin in paper wallet or on your computer. That's why you have to use online wallet to besides cold storage, because I think it's more safer in this kind of situation.

ASHLIUSZ

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during emergency situation cash is the only option... gold can also help you... but cant able to wait for bitcoin transfer..

Goms

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Quote from: countryfree on October 15, 2015, 10:24:54 AM

I have a friend in Cannes, France. You may not know anything about it, but there were terrible floods there 10 days ago.

http://www.bbc.com/news/world-europe-34443189

My friend told me her landline phone still doesn't work. There are no phones and no Internet in most of downtown Cannes. Electricity has been fixed quite rapidly, but for 2 days, the mobile phone networks were down, so no bitcoin, and no credit cards either! All the shops couldn't handle any transactions.

The only thing which kept on working was the fiber optic network, I guess because that's the newest.

The whole thing was very local. Everything was fine a few km North, but this shall reminds us that if there's a serious emergency, cash is the only safe option.

I hope no lives were lost. Cash is still the most widely accepted means though, but ten years from now, we just might go cashless.

Daniel91

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In my opinion gold is the best option if there's an emergency.
I'm afraid bitcoin funds will not help us much if there's an emergency because without Internet it's very difficult to transfer Bitcoin to our pockets.
Even cash can loose its value in the time of crisis.

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