The United States is facing an absolutely surreal and unprecedented situation. After months of Coronavirus quarantines and social distancing measures, historic riots have broken out across the country. These riots started out as protests over the wrongful murder of George Floyd by a police officer, but quickly accelerated into looting, vandalism, and violence in pretty much every city across the United States. The situation has gotten so bad that President Trump is deploying tens of thousands of national guard troops across the United States, and nightly curfews are being enforced in many major cities. All of this is so unprecedented that it seems like the plot from some sort of horror thriller.
There are many things that people should be concerned about considering the intense conditions in the United States, and one of those concerns is how to store money safely in the face of riots and widespread looting. Fortunately, Bitcoin (BTC) is the perfect solution for storing funds during a riot.
Physical Cash, Debit/Credit Cards, And Checks Are Not Safe During A Riot
Storing physical cash is a risky thing to do in areas where looting is occurring. Indeed, ATMs are extremely secure and nearly impossible to rob under normal circumstances. However, even ATMs are being robbed amid the ongoing riots. Thieves are literally blowing up ATMs with explosives to access the money inside. Further, if thieves are blowing up ATMs in the middle of the street, certainly thieves will have no problem blowing up safes inside businesses or homes.
Likewise, banks are not only being robbed, but multiple banks have burned to the ground due to rioters committing mass arson. Therefore, keeping physical cash or other valuables in a safety deposit box at a bank is not completely secure.
A seemingly easy solution to the problem of storing physical cash is to just keep money in a bank, and to use a debit/credit card or checks. However, if looters get their hands on a debit/credit card or a checkbook it is very likely they will be able to drain funds out of it. Banks do offer protection for this sort of fraud, but there is never any guarantee that the banks will cover the losses, especially if fraud is occurring en masse and banks are overloaded with fraud complaints.
No Matter How Hard Rioters Riot, They Cannot Touch Your Bitcoin
The ultimate solution for safely storing funds in the face of riots and looting is Bitcoin (BTC). No matter how hard the rioters riot, they will not be able to touch your Bitcoin (BTC) if you properly secure it.
This is because Bitcoin (BTC) is completely digital, and the only way for looters to access your Bitcoin (BTC) would be if they stole your phone or computer, God forbid. However, even then there are multiple layers of security.
First off, in a worst case scenario that a thief steals a computer or phone with a Bitcoin (BTC) wallet on it, the thief would have to break through the device’s password protection. More likely than not the thief would wipe the phone/computer data in order to be able to sell it, rather than trying to crack the device’s password.
If the thief did crack the device’s passcode, they would then have to know about Bitcoin (BTC) and specifically be looking for the Bitcoin (BTC) wallet on your device. In reality, a thief probably wouldn’t even look for a Bitcoin (BTC) wallet if they stole a phone or computer.
Let’s say that the thief defies the odds and finds the Bitcoin (BTC) wallet on a stolen phone/computer. The thief would then have to know the passcode, password, seed, or private key in order to access the Bitcoin (BTC). If the thief does not have a way to login nor a private key, then there is no way that the thief can access the Bitcoins (BTC), since Bitcoin (BTC) is 100% cryptographically secure.
Some Advice On Properly Securing Your Bitcoin
In order to ensure that your Bitcoin (BTC) stays safe even in a worst case scenario where a thief has stolen your phone/computer during the rioting and is now staring at your Bitcoin (BTC) wallet, you need to take proper steps when securing your wallet.
First off, if you have a wallet which is simply accessed via pin code, use a different pin code for the wallet than the pin code for your phone, in addition to activating two-factor authentication. If the wallet is password protected, do not save that password in plain text anywhere on your device. The same is true for seeds and private keys, never store them on your device in an unencrypted way.
If you need to store a Bitcoin (BTC) wallet password, seed, or private key, one easy option is to write it down on a piece of paper, and then put it somewhere safe, preferably somewhere where it would remain intact even during a fire. It is best not to label this paper, since if it is unlabeled then a thief will likely never figure out that it is a seed, private key, or password for a Bitcoin (BTC) wallet even if they found it.
You can also store passwords, seeds, private keys in your computer, but only in encrypted files which require a password to unlock. Just keep in mind that if you lose your device due to a riot, then the keys will be gone too.
Yet another method for storing seeds, private keys, and passwords is in an encrypted thumb drive, or to use a hardware wallet.
The problem remains that a seed/key written on paper or a hardware backup could be destroyed in a fire during a riot. In order to be totally sure that you won’t lose access to your Bitcoins (BTC), then you can deposit them on a trusted and safe exchange like Coinbase, where you’ll be able to recover them no matter what. Typically it is not recommended to park funds on any exchange, but if a serious riot is imminent then it may be a good idea to keep funds on the exchange until the threat passes.
For The Same Reasons Bitcoin Is The Best Way To Store Money During Any Type Of Disaster
Thus, the riots and looting which are rocking our nation are making it difficult to safely store cash even if it is in a safety deposit box inside of a bank, and credit/debit cards and checks could easily be stolen and compromised as well. Fortunately, Bitcoin (BTC) can be used to store funds, and no matter how bad the riots are your funds will stay safe if you properly secure your Bitcoin (BTC) wallet.
Zooming out, Bitcoin (BTC) is not just ideal for storing money during the current nationwide riots, but for any type of natural disaster. Whether there be a war, hurricane, flood, tornado, earthquake, or any other disaster you can think of, storing funds with Bitcoin (BTC) is completely safe if you properly secure your wallet.