what happens to bitcoin if the electricity and internet goes out.?
All thanks to electricity for every development in the modern society. Bitcoin is no different. It's a modern technology which requires electricity. Without that, Bitcoin will have no value or meaning as it is stored on the internet. So without electricity and internet Bitcoin will be a waste. If you want to use it as a physical transaction system then the sole purpose of BTC being what it is now will be nothing.
It's a disaster for every countries and every institutional since they're really need electricity and internet, it's not only Bitcoin that need both of those thing. Banking system and fiat money will become worthless too since the government can't control their money and they can't print new money anymore. Everyone will mostly hold gold and using barter system if they want to buy food, water or medicine.
If the whole world is cut off from the internet and shuts down for a long time, your Bitcoin (if You Have one) will remain safe with you and will remain in your personal wallet even if there is no internet and no electricity.The short is that Bitcoin and other cryptocurrencies will continue to function even during the collapse of society and that is why most of the experts in the industry believe that Bitcoin has found its way to survival.
You can imagine for yourself that your daily life without electricity and the internet, does not need to think what happened to Bitcoin, because in fact the scale is still small for Bitcoin compared to other things that are also run by electricity and the internet, and the possibility of it happening completely throughout the world is very small and even impossible.If electricity and internet goes out all over the world then the main thing to do about is how to turn it back on instead of thinking What About Bitcoin because it will automatically halt.
I'm not going to echo what has already been said but how realistic is this in happening?There are so many ways of generating electricity now that it would be quite remarkableif they all ceased at the same time.In this current climate of fuel shortage and "possible" power shortages we have toremember that it's going to be temporary if it does happen, it's seasonal relatedto the winter when power consumption is at its highest.ALL power isn't going to go out for a solid 4 or 6 months.
Actually, the life as we know it now, will also be halting in case there will be no power and no internet. No more crypto and no more tete-a-tete here in this forum. Business will stop operating, people can't communicate as everything must be powered though we can be using solar instead. As to internet, there is no substitute for it as of now...not unless Elon Musk and StarLink got something on their sleeve for it. Now, the question is: What are the possible scenarios that can create the stoppage of power and the internet at the same time? Maybe nuclear war in case Putin will finally go crazy to push the button?
If electricity and internet were completely cut off, we would go back to the infancy let alone bitcoin. Everything that works today requires those two things, it's like water that is always attached to our lives, we can go without food, but not without water. Without electricity bitcoin will definitely stop working and that will be the end of bitcoin. Ang if that bad thing happens, I think we won't have time to think about bitcoin, there will be hundreds of other things to deal with.
Bitcoin should be the last thing on your mind if the electricity and the internet goes out. We would be taken far back to the Stone Age. Most utilities and services we use today are either powered by electricity or internet connection or both. So bitcoin would obviously come to a halt as with most things in use today. One would think it would be obvious enough. Personally, I think this question is rhetorical
If the internet or electricity completely stops around the world, bitcoin will be stopped too. There's no exception! Bitcoin is highly reliant on internet even though bitcoin translations can be sent over radio frequency and by some other means. But it still needs the internet to run the nodes and to get the blockchain updated with the transaction information. Also it needs miners to authorize the transaction. Otherwise the transactions will never get confirmation. So yes, in case of total internet and electricity cut off, bitcoin will get shut off!
If electricity and internet in the world stop, while it doesn't necessarily mean Bitcoin would also stop, more likely it will. My point is that Bitcoin isn't the priority. Surely, some families could still enjoy most of their electric appliances at home because they could shift to solar, for example, or power generators, but things are not anymore running as usual. In a way, we're going back to basic. We won't anymore be spending hours in front of our phones, computers, and televisions. The internet money would probably stop together with the internet. But it doesn't die, of course.
Then I won’t be able to make my coffee with coffee making machine. I will probably have to do it manually over gas burner. This would be my last reply on the forum if it stops after this. We may not read each other considering total blackout and winter. Oh yeah and about bitcoin, it won’t be accessible and pretty much what folks said above.
If the whole internet and electricity goes out first you have no light, no power, food spoils, hospitals can't properly operate, there is no communication between any country and any townhall, the economy will grind to a halt, millions of lives will be lost and the last problem people will have will be their coins and their order on some exchange.Without electricity all over the world, everything goes down, and seriously, everything!And yeah for a while as probably most data centers have back-up generators your orders wills still be there and the website will still be up but unreachable so in a frozen stance till the diesel runs out and it shut down too.How will the price crash if nobody is able to sell it anymore?
I don't think such thing will happen to the world electricity or internet, because that is were the life of the world economy is, which many countries will never allow such evil to happen to the world internet. If such thing happen to the world electricity or internet, I don't think transaction will be running at the moment because the phones and the laptops we are using to carry out transaction are connected to internet, which you cannot have access to your wallet without internet. People use internet to check the price of the market to know if the bullish season has come or bearish season still on ground, likewise Banks also use internet to carry out their transaction, which will be difficult for governments to allow such thing to happen to both decentralized currency and centralized currency in the world.
If you meant literally 100% no internet and electricity, then Bitcoin would halt — as well as the banking system, the world wide web, and a lot of other things that could be far more important than Bitcoin. Bitcoin would probably be the least of your problems in such a scenario.
Bitcoin need internet in order to execute the transaction being recorded on the blockchain, even though you have heard Bitcoin transaction can be created offline, but literally still need an internet for the final step. If electricity and internet goes out, no one able to trade Bitcoin anymore and my guess the price will crash since it's turn become useless. But it's really impossible for electricity and internet will goes out in this world, there's many renewable energy can be used to create electricity and internet connection.
- Top TopicMore
- 1what happens to bitcoin if the electricity and internet goes out.?
- 2Question regarding @JsonIngore in context of an Blockchain Example
- 3Bollinger Bands and RSI overbought and oversold price detection
- 4Pay Utility Bills With Bitcoin In Nigeria
- 5Ethereum Merge
- Top CoinsMore
- PRIMALPRIMAL (PRIMAL) is a cryptocurrency launched in 2022and operates on the BNB Smart Chain (BEP20) plat
- DefactorDefactor (FACTR) is a cryptocurrency and operates on the Ethereum platform. Defactor has a current s
#Real World Assets
- DelysiumDelysium (AGI) is a cryptocurrency launched in 2021and operates on the Ethereum platform. Delysium h
- CardstackCardstack (CARD) is a cryptocurrency and operates on the Ethereum platform. Cardstack has a current
- EverGrowEverGrow (EGC) is a cryptocurrency launched in 2021and operates on the BNB Smart Chain (BEP20) platf