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Coming economy crisis – how to prepare? - Coinsauce
 

MarketsComing economy crisis – how to prepare?

All over the world, countries are drowning in debt, due to massive obligations they have racked up in the past few decades.
Chong Siong3 weeks ago6 min
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Economists have been repeating the same mantra for quite some time now (at least for the past year or so), that the crisis is already happening. All over the world, countries are drowning in debt, due to massive obligations they have racked up in the past few decades. Latest examples being Argentina and Venezuela. They have not only become pariah states due to massive devaluation of their currencies – their citizens have also turned to crime and looting to survive.

Fortunately, there are also those who have prepared, making it more bearable to feed their families. These are the people who mined cryptocurrencies; believe it or not. Mocked as a worthless digital cash at its inception nearly a decade ago; today it is feeding countless number of families in poverty-stricken countries. If you still think this is a fantasy or “make-believe” cash, think again.

 

Mobile and secure wealth

Photo by: Michael Steinberg/pexels

Traditionally, the world had always turned to gold as a hedge against massive inflation. The downside of course is, gold owners are often met with custody issues because ensuring security and safe storage of these type of assets are cumbersome. That’s discounting the possibility of a government confiscation. As such, cryptocurrencies are growing increasingly popular. Infact, many crypto advocates are “goldbugs” themselves.

Needless to say, if you have been reading our articles, we have shared quite extensively the benefits of cryptocurrencies, especially Bitcoin. For one, Bitcoin have proven to be a very resilient currency, extremely secure and portable, as well as widely accepted. Not only can you store it without anyone’s knowledge, and move it around the world – you can even buy a legal citizenship and passport with your Bitcoin (should that need arise)! Therefore, if you’ve been thinking of keeping some gold, you might probably want to think again.

 

Transferable skills and knowledge to join the crypto economy

Today’s job market is extremely centralized, and by that, we mean that you have to show up to office to work. This is slowly changing, as people are starting to get the taste of working away from the desk (thanks to freelance platforms such as Upwork).

Let’s face it: recurring income is important, and in a failing economy, many people tend to lose their jobs very easily. However, in a collapsing job market, you can probably still find a market for your skills, somewhere in the globe – only if you have the right set of skills. We might suggest skills such as digital marketing, writing, graphics design, photography, and teaching (especially languages), are extremely valuable in the digital economy.

The best part? Many of these job providers don’t mind paying you in crypto because it’s not only cheaper, but infinitely more convenient and fast. So, be sure the get learning already if you haven’t been brushing up on your “online” skill sets. In addition, get plugged in to the online community, and do it early – because building a reputation takes time. In the end, who knows? This might turn into a full-time business that feeds you and your family. We know this – because we have friends who built their businesses this way.

Cover photo by: kijk

Chong Siong

Rocket Internet by training, he has worked as a professional marketer for Lazada/Alibaba & Bamilo (Ecommerce) and Easy (Transportation). Later, he honed his skills in operations, logistics, and management by launching and growing the Thai business (worth tens of millions) of a popular cross-border ecommerce platform (in Southeast Asia). Headhunted to join a public-listed tech company in Singapore, he led its Thai business until early 2018. Regarded as a trusted advisor by venture builders, Chong spends his time advising and investing into tech and crypto projects.

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