Cash vs digital payments: Which is smarter for preppers?

Why Cash Reigns Supreme

In the event of a disaster or economic collapse, digital payment systems are likely to fail. Cash, on the other hand, remains a reliable option, allowing preppers to purchase essential goods and services without relying on fragile technology. A minimum of 1,000 to 2,000 dollars in cash should be stashed away in a secure location, such as a fireproof safe or a waterproof container.

The Digital Payment Dilemma

Digital payment systems, such as credit cards and mobile wallets, are vulnerable to hacking and technological failures. In a high-stress situation, the pressure to use digital payment methods can lead to errors and increased risk of compromise. Furthermore, with a digital payment system down, a prepper’s entire financial infrastructure is at risk of collapse. Consider this: a study by Javelin Strategy & Research found that in 2020, 1 in 5 U.S. households experienced a data breach, resulting in an average loss of 1,300 dollars.

Preparing for the Unplanned

To mitigate the risks associated with digital payment systems, preppers can take a few precautions. First, never assume that a digital payment system will be available in an emergency situation. Second, always keep a backup plan in place, such as a stash of cash or a secondary payment method. Finally, consider the long-term viability of a digital payment system, and be prepared to adapt to a cash-based economy if necessary.