When COVID came and it became impossible to hold physical meetings, zoom gained relevance and became the solution to what would have caused major problems for most companies.
war can lead to a total shutdown of banks and all financial institutions causing even those that have money inability to use their money. We saw a slight fraction of it during the scarcity of the naira and we know how bad it was and that it can get worse should banks stop functioning totally due to war.
We don't pray for war but we can't assume it can never happen so we should prepare for the worst while hoping for the best and keeping part of our investment in Bitcoin will be a sure option.
If you have Bitcoin and banks stop functioning, it's just simple to make transactions through it pending when things will go back to normal and the Bitcoin can be converted back to cash. This is the reason why it's good that even people in the market environment know about Bitcoin so they know its numerous advantages and how it can come through for us in times when our banking system can't work again.
It will be of advantages of having Bitcoin as an asset during times of war or crisis. Bitcoin's decentralized nature can indeed offer benefits compared to traditional investments or assets controlled by others in such challenging situations. However, using Bitcoin for daily transactions during wartime can present practical challenges due to the need for a stable and reliable infrastructure for widespread adoption. In such scenarios, the ease of daily transactions with Bitcoin may face obstacles that could impact its immediate utilisation for day to day needs.
Regarding the scenario of a complete bank shutdown, using Bitcoin as an alternative can have limitations, especially when it comes to converting it to fiat currency for day to day transactions. While Bitcoin offers advantages in terms of investment growth and protection against inflation, its utility may be limited in extreme situations where direct fiat transactions are necessary. In such cases, personal peer-to-peer (P2P) transactions might become more prevalent, its important having finances in various forms. When basic needs like food, water, and shelter become the top priority, the ability to access these essentials with fiat currency becomes crucial. In such dire circumstances, the local economy may not support the use of Bitcoin, making it challenging to utilize digital assets for immediate survival needs.