Anything that could take out communications would destroy ability to do any business for awhile.
In the far fetched scenario of an asteroid strike, all economies would be doubly reset to zero: no production, and all electronic currency lost, at least until a 'local' network could be set up and ledgers reconciled.
Extremely rare scenarios like asteroid strikes, means that food and ammunition are your new bartering item.
Much more likely occurrences like hyper inflation (post WWI Germany, Venezuela, Argentina, U.S. in 1970s, Zimbabwe, etc. etc.) mean that the internet is still on, and crypto will be very useful.
Banks hold hardly any cash and I'd say most transactions are done digitally. Is the dollar really any different? If a meteor hit, would the amount of fiat cash everyone had on hand really mean anything?
Crypto is completely dependent on the Internet.
Anything that could take out communications would destroy ability to do any business for awhile.
In the far fetched scenario of an asteroid strike, all economies would be doubly reset to zero: no production, and all electronic currency lost, at least until a 'local' network could be set up and ledgers reconciled.
With crypto comes vulnerability and fragility.
Extremely rare scenarios like asteroid strikes, means that food and ammunition are your new bartering item.
Much more likely occurrences like hyper inflation (post WWI Germany, Venezuela, Argentina, U.S. in 1970s, Zimbabwe, etc. etc.) mean that the internet is still on, and crypto will be very useful.
Banks hold hardly any cash and I'd say most transactions are done digitally. Is the dollar really any different? If a meteor hit, would the amount of fiat cash everyone had on hand really mean anything?