Are Bitcoiner are really prepare to Face these situations?[No Internet]

Natalim

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Quote from: Cryptmuster on August 09, 2024, 04:47:04 AM

Quote from: Smack That Ace on August 08, 2024, 09:41:48 PM

Yes, it would be stupid if all our assets were 100% fiat as inflation would cause them to lose value over time but keeping a low amount of fiat in a bank or in cash would be very useful in our lives. That will help us be more proactive in life, especially in emergencies.

Like the correction a few days ago, bitcoin dropped more than 10% in just 1 day. If we needed money urgently that day, would we happily accept cutting losses? Meanwhile, with fiat, we will have no problems at all. The role of fiat is extremely important in our daily lives, don't try to deny its role.

But I wonder, how would we use bitcoin without the internet? If that can be done, why didn't Bangladeshi investors think of this when their internet was cut off for days?

The lack of internet worldwide will lead to a major collapse and it will affect not only bitcoin, so it should not be separated from the world economy in this matter. In any case, do not keep all your eggs in one basket, diversification is very important, this applies to investments and savings. Try to divide your funds into as many assets as you can, and part of the savings should always be available to you at any time, then you will be able to survive some temporary troubles with the lack of internet, electricity, or other possible collapses.

I guess diversification is the key. Don’t focus only on online investments but take part also in offline investments so that if unpredictable circumstances may occur like shutting down internet connection for a while, you will never be highly affected with that. And always have available funds onhand, it’s better to prepare for the worst than to be confident enough that it’s not possible but end up seeing yourself struggling to survive.

Internet shut down has never happened in our country but it’s highly possible. So always anticipate unexpected things to happen at some point.

Abiky

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Quote from: Luzin on August 12, 2024, 09:54:34 PM

Are we ready to go back to ancient times? I think no, it won't happen. I think there will be better internet technology for now. How difficult would it be if we went back in time all the information was printed and had to have a tangible form? For example, newspapers. Not only crypto, the whole world will feel a loss by losing the internet. Bitcoin is only a small part of the impact, there is a bigger impact if the world is without the internet. It seems impossible, because nowadays the internet has become the main need of every country.

We are currently in the world of technology. The world is moving forward, not backwards. Changes have occurred for the better despite the bad impacts. But that condition will continue. Because people will continue to work on fixing existing technology shortcomings.

Newspapers still exist, regardless of the Internet's success. Many people prefer to read them on top of online articles. Even paper money exists. The world is not fully digitized yet. It's process that will take a long time to materialize.

I get your point that the world is becoming more dependent on the Internet to survive. But it's not an indispensable tool (yet). Oppresive countries can block Internet access to its citizens and carry on as usual. Once the world becomes digitized, such countries will go as far as restricting certain areas of the Internet. Sort of how like China is doing today with the "Great Firewall". But this hasn't stopped people from using a VPN to bypass the firewall. The same can happen with Bitcoin in the future. It will become so popular that it will be truly unstoppable. People will find a way to get access to it regardless of current government restrictions. Even now, it's difficult to take down or limit Bitcoin usage. So long as Bitcoin remains decentralized, there should be nothing to worry about. Just sit back and relax. Cheesy

Crypto Library

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Quote from: Nothingtodo on August 12, 2024, 10:23:49 PM

Then government party people thought that maybe the whole world goes without internet and we stayed in this bad situation for 10 days and in 10 days we realized how helpless we are without internet. Those who are responsible for creating this cruel situation in Bangladesh will never understand the importance of internet, they create such a bad situation just to maintain their political position.

And now the history came to repeated We win and the corrupt dictator loss and ran away.

I don't know if you know this that the ex telecommunication minister already get arrested and yesterday the new telecommunication minister advisor order to report why the internet was shut down the report says that the Ex-Telecommunication minter Zunaid Palak ordered to shut down the internet to the whole Bangladesh.

I hope that this should be the case with all such dictators who do whatever they want.

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Quote

Are bitcoiner really have the decentralized system, which can't be controlled?

It's sad to hear that people were cut off for the Internet for days. That's improper and will cost so many traders their money. However, no matter how long the cut off the Internet, Bitcoin cant be controlled. I mean, the whole Internet had to shut down or ISPs have to block crypto related searches. BuT then there's starlink that doesnt rely on the local ISP. While some persons may not have the access for that while which the Internet was cut off, their assets is perfectly intact.

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Quote from: Crypto Library on July 25, 2024, 03:50:37 PM

What will Bitcoiners do with their transactions/trades in this situation? Can a Satelite Internet connection can be only the way ?

It is obvious that when people who needs an internet connection to do their trades in business, they will find an alternative way to connect with other people to do their transaction. Aside from the satellite internet connection, I read people can use radio wave transmission[1], SMS Bitcoin transaction[2[, Mesh network[3]. This might be a bit troublesome because, aside from the satellite Internet connection, most of these transaction methods can is limited for local or regional transmission. One can use a combination of these methods to expand the range of transfer.

Quote from: Crypto Library on August 09, 2024, 06:03:25 AM

I am very happy to inform you and all the members who have discussed in this thread that the dictatorial government of our country has fallen, our prime minister has fled and our student and common people's united movement has succeeded. Now allready the new interim government has been formed and the Nobel peace laureate Dr. Yunus has been kept as its chief adviser and all respectable and clean background people have been kept as advisers including the youth.
And the most interesting thing to me is that the youth has got the responsibility of the Ministry of Information and Communication Technology and this is the issue of the bitcoiners of Bangladesh coming because the youth of Bangladesh want cryptocurrency to be legalized.

I am happy for the event, removing corrupt officials and replacing them with competent ones is one of the rare events that is worth celebrating. This action might give Bitcoin enthusiasts a better place to do their bidding and probably Bitcoin will greatly proliferate since the new regime is somehow open-minded for technological revolutions.

[1] https://d-central.tech/bitcoin-beyond-boundaries-transmitting-through-radio-waves/
[2] https://rusnak.io/how-to-send-bitcoin-transactions-via-sms/
[3] https://decrypt.co/154499/no-internet-you-could-still-use-bitcoin-on-the-lightning-network, https://d-central.tech/can-i-send-bitcoins-with-mesh-networks/

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Quote from: Cryptmuster on August 09, 2024, 04:47:04 AM

Quote from: Smack That Ace on August 08, 2024, 09:41:48 PM

Yes, it would be stupid if all our assets were 100% fiat as inflation would cause them to lose value over time but keeping a low amount of fiat in a bank or in cash would be very useful in our lives. That will help us be more proactive in life, especially in emergencies.

Like the correction a few days ago, bitcoin dropped more than 10% in just 1 day. If we needed money urgently that day, would we happily accept cutting losses? Meanwhile, with fiat, we will have no problems at all. The role of fiat is extremely important in our daily lives, don't try to deny its role.

But I wonder, how would we use bitcoin without the internet? If that can be done, why didn't Bangladeshi investors think of this when their internet was cut off for days?

The lack of internet worldwide will lead to a major collapse and it will affect not only bitcoin, so it should not be separated from the world economy in this matter. In any case, do not keep all your eggs in one basket, diversification is very important, this applies to investments and savings. Try to divide your funds into as many assets as you can, and part of the savings should always be available to you at any time, then you will be able to survive some temporary troubles with the lack of internet, electricity, or other possible collapses.

The Internet is likened to water, without it our world will soon return to the stone age, just like without water we will die. That's why I believe there could be disruptions in some regions or countries, but global internet disruptions would be very unlikely or impossible unless the earth experiences incidents are beyond human control.

I agree with you, diversification is essential and its effectiveness has been proven for hundreds of years. But many investors are over-exaggerating about bitcoin and have the misconception of wanting to put all their eggs in one basket. No matter how good Bitcoin, gold or real estate are, there will be unpredictable risks, so diversification is extremely necessary.

Nothingtodo

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Quote from: Crypto Library on July 25, 2024, 03:50:37 PM

If you guys don't know then let me say currently in my region Bangladesh the situation is unrest with the Quota Protest.
And this protest became massive only because of internet and social media. And for this, our Dictators shut down the Internet Connection of the entire country for 5 days to turn the situation towards them. To say that these five days our Bangladeshi people were completely isolated from the Internet or the world. You can visit this thread to know more details - Attacks on quota movement students

Now I come to the real point, most of us who are here have investment in cryptocurrency or bitcoin or selling services which is very related to bitcoin.

What will Bitcoiners do with their transactions/trades in this situation? Can a Satelite Internet connection can be only the way ?

Are bitcoiner really have the decentralized system, which can't be controlled? Because at the end of the day, I'm seeing that we are hostage to the government. It appears that all control is in the hands of the government i.e. to the ruler party.

Now I want to know if there is ever such a situation in your country then what should be the pre-preparation? Let's discuss-

Then government party people thought that maybe the whole world goes without internet and we stayed in this bad situation for 10 days and in 10 days we realized how helpless we are without internet. Those who are responsible for creating this cruel situation in Bangladesh will never understand the importance of internet, they create such a bad situation just to maintain their political position.

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Are we ready to go back to ancient times? I think no, it won't happen. I think there will be better internet technology for now. How difficult would it be if we went back in time all the information was printed and had to have a tangible form? For example, newspapers. Not only crypto, the whole world will feel a loss by losing the internet. Bitcoin is only a small part of the impact, there is a bigger impact if the world is without the internet. It seems impossible, because nowadays the internet has become the main need of every country.

We are currently in the world of technology. The world is moving forward, not backwards. Changes have occurred for the better despite the bad impacts. But that condition will continue. Because people will continue to work on fixing existing technology shortcomings.

Abiky

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Quote from: CoinFoxs on August 10, 2024, 09:04:34 AM

The question is valid to some context as we have seen in almost all developing countries when there is protest or any activity against government they simply disconnect internet for unknown period of time so the people of that country completely cut from internet. But in developed countries they always respect opinion of public and avoid such things.

Developed countries might not cut off Internet access, but that doesn't mean you're free to do whatever you want. Governments will restrict or limit access to certain sites, whenever they see fit. If they consider Bitcoin to be a threat to the very existence of Fiat, they will do anything to help prevent people from accessing it. You'd need to use truly-decentralized methods to help circumvent government restrictions.

At this point, I think it's impossible to shut down Bitcoin or even limit its access. It's too widespread around the world. Even without Internet access, it's still possible to access the Bitcoin blockchain via the use of satellites. We can thank Satoshi for making Bitcoin decentralized and censorship-resistant. If it was centralized, it would've been easy to prevent people from joining the revolution. The project will evolve as developers continue to improve it. Can't wait to see what will happen once the whole world goes into BTC 10 years from now. The question is: Are buying and "hodling" BTC for the "big pump"? Cheesy

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The question is valid to some context as we have seen in almost all developing countries when there is protest or any activity against government they simply disconnect internet for unknown period of time so the people of that country completely cut from internet. But in developed countries they always respect opinion of public and avoid such things.

Crypto Library

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Quote from: Franctoshi on August 09, 2024, 02:56:29 AM

This is Indeed going to be a devastating situation I can't even imagine how one would feel here that almost all what I do on daily basis is dependent on the Internet connection. There is also a protest currently going on in my country, what we've been facing here has been series of juggling Internet connection from our major network providers few days after the commencement of the protest as the speed at which the network connection here has drastically reduced, however should this situation happen here in my country no one knows how bad that this would be, but the hope is going to be on the fact that it going to be general issue which the government are also going to feel the impact and can't keep it that long as they too will be hurting themselves and the economy of the country too.

I am very happy to inform you and all the members who have discussed in this thread that the dictatorial government of our country has fallen, our prime minister has fled and our student and common people's united movement has succeeded. Now allready the new interim government has been formed and the Nobel peace laureate Dr. Yunus has been kept as its chief adviser and all respectable and clean background people have been kept as advisers including the youth.
And the most interesting thing to me is that the youth has got the responsibility of the Ministry of Information and Communication Technology and this is the issue of the bitcoiners of Bangladesh coming because the youth of Bangladesh want cryptocurrency to be legalized.

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Quote from: Smack That Ace on August 08, 2024, 09:41:48 PM

Yes, it would be stupid if all our assets were 100% fiat as inflation would cause them to lose value over time but keeping a low amount of fiat in a bank or in cash would be very useful in our lives. That will help us be more proactive in life, especially in emergencies.

Like the correction a few days ago, bitcoin dropped more than 10% in just 1 day. If we needed money urgently that day, would we happily accept cutting losses? Meanwhile, with fiat, we will have no problems at all. The role of fiat is extremely important in our daily lives, don't try to deny its role.

But I wonder, how would we use bitcoin without the internet? If that can be done, why didn't Bangladeshi investors think of this when their internet was cut off for days?

The lack of internet worldwide will lead to a major collapse and it will affect not only bitcoin, so it should not be separated from the world economy in this matter. In any case, do not keep all your eggs in one basket, diversification is very important, this applies to investments and savings. Try to divide your funds into as many assets as you can, and part of the savings should always be available to you at any time, then you will be able to survive some temporary troubles with the lack of internet, electricity, or other possible collapses.

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Quote from: Churchillvv on July 25, 2024, 04:05:18 PM

Since my days of growing up till now I haven't heard of my country experiencing any internet outage for any reason to the best of my knowledge but we once experienced a partial breakdown of internet for few weeks and the panic was so much i could imagine a nation wide outage thats really a lot.

Now it's getting to our knowledge that the governments are basically having full control over our lives which is a reason bitcoin stands against, with the internet related outage we can be short out as bitcoiners or crypto related dealers. since this is a new experience I believe there will be a need for a solution outside the governmental reach but what could that be? because basically everything even the private satellite needs the general service of the internet to be launched.

At this point we might be stuck in the hands of the government.

For bitcoin, it can't be controlled by the governments but the use is obviously being controlled. No doubt

What are you saying? Haven't you stay a day or two because of poor internet or lack of network coverage at all in your country? Porr network and government shutting down internet completely for day are the same thing because you cannot access the forum, your trades, investment and other businesses that needs the internet to survive.

At the end of the day, it is obvious that the government can take full control of what is happening in the country by shutting down all the network providers, restrictions, and ban to mention a few other ways they control the country. And by doing so it will affect everyone in the country unless those who are way ahead of the country.

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Quote from: Crypto Library on July 25, 2024, 03:50:37 PM

If you guys don't know then let me say currently in my region Bangladesh the situation is unrest with the Quota Protest.
And this protest became massive only because of internet and social media. And for this, our Dictators shut down the Internet Connection of the entire country for 5 days to turn the situation towards them. To say that these five days our Bangladeshi people were completely isolated from the Internet or the world. You can visit this thread to know more details - Attacks on quota movement students

Now I come to the real point, most of us who are here have investment in cryptocurrency or bitcoin or selling services which is very related to bitcoin.

What will Bitcoiners do with their transactions/trades in this situation? Can a Satelite Internet connection can be only the way ?

Are bitcoiner really have the decentralized system, which can't be controlled? Because at the end of the day, I'm seeing that we are hostage to the government. It appears that all control is in the hands of the government i.e. to the ruler party.

Now I want to know if there is ever such a situation in your country then what should be the pre-preparation? Let's discuss-

This is Indeed going to be a devastating situation I can't even imagine how one would feel here that almost all what I do on daily basis is dependent on the Internet connection. There is also a protest currently going on in my country, what we've been facing here has been series of juggling Internet connection from our major network providers few days after the commencement of the protest as the speed at which the network connection here has drastically reduced, however should this situation happen here in my country no one knows how bad that this would be, but the hope is going to be on the fact that it going to be general issue which the government are also going to feel the impact and can't keep it that long as they too will be hurting themselves and the economy of the country too.

Smack That Ace

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Quote from: Abiky on August 08, 2024, 08:26:13 PM

Quote from: Smack That Ace on July 30, 2024, 10:35:21 PM

I have the opposite thought, it would be stupid to not have cash or savings. Inflation sounds very terrible and terrible but I want to know what is the annual inflation rate in your country and is it so terrible that it loses 30% of its value in a short period of time? Meanwhile, BTC could even drop 20% or even 50% in a few months if a black swan occurs, and I don't think it's a wise idea to have all of our assets in BTC.

Many people keep talking about inflation but do they really know how much inflation is in their country and what the short-term impact is? I guess not many people know but they love to talk about inflation every day. You should have some cash or some emergency savings because I believe that our cash will not suddenly lose 20%-30% of its value in a month or a few months.

Investing for the long term and saving for emergencies are completely different.

Of course. Always maintain a low portion of cash savings for emergency situations. With inflation rising like crazy, it would be unwise to risk it all in Fiat. A little over here and a little over there should do the trick. I'm talking about putting a portion of your money into Gold, Bitcoin, Cash, etc. (diversification).

While it's still possible to use Bitcoin without Internet, you'd be limited to the number of physical merchants/businesses accepting it as payment method. The vast majority are still sided with Fiat. Who knows? Maybe this will change once BTC gets adopted by every single country in the world. One could only dream about it.

Yes, it would be stupid if all our assets were 100% fiat as inflation would cause them to lose value over time but keeping a low amount of fiat in a bank or in cash would be very useful in our lives. That will help us be more proactive in life, especially in emergencies.

Like the correction a few days ago, bitcoin dropped more than 10% in just 1 day. If we needed money urgently that day, would we happily accept cutting losses? Meanwhile, with fiat, we will have no problems at all. The role of fiat is extremely important in our daily lives, don't try to deny its role.

But I wonder, how would we use bitcoin without the internet? If that can be done, why didn't Bangladeshi investors think of this when their internet was cut off for days?

Abiky

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Quote from: Smack That Ace on July 30, 2024, 10:35:21 PM

I have the opposite thought, it would be stupid to not have cash or savings. Inflation sounds very terrible and terrible but I want to know what is the annual inflation rate in your country and is it so terrible that it loses 30% of its value in a short period of time? Meanwhile, BTC could even drop 20% or even 50% in a few months if a black swan occurs, and I don't think it's a wise idea to have all of our assets in BTC.

Many people keep talking about inflation but do they really know how much inflation is in their country and what the short-term impact is? I guess not many people know but they love to talk about inflation every day. You should have some cash or some emergency savings because I believe that our cash will not suddenly lose 20%-30% of its value in a month or a few months.

Investing for the long term and saving for emergencies are completely different.

Of course. Always maintain a low portion of cash savings for emergency situations. With inflation rising like crazy, it would be unwise to risk it all in Fiat. A little over here and a little over there should do the trick. I'm talking about putting a portion of your money into Gold, Bitcoin, Cash, etc. (diversification).

While it's still possible to use Bitcoin without Internet, you'd be limited to the number of physical merchants/businesses accepting it as payment method. The vast majority are still sided with Fiat. Who knows? Maybe this will change once BTC gets adopted by every single country in the world. One could only dream about it.

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Quote from: Marvell1 on August 03, 2024, 10:20:51 AM

Quote from: FatFork on July 28, 2024, 06:54:26 AM

Quote from: Marvell1 on July 28, 2024, 03:25:34 AM

I have also heard about some solutions to use bitcoin without internet but I believe that will never be possible, bitcoin is completely dependent on internet.

Well, I disagree. We all know that Bitcoin's decentralized nature is both its strength and its challenge, but just because something seems impossible now though doesnt mean it always will be. Technology keeps shocking us with its wild new capabilities. Solutions for offline Bitcoin transactions could show up down the road even if that seems impossible now.

As I said, there have been many articles about different methods to use bitcoin without the internet but we need to be realistic that so far there is no usable solution. It's all just ideas, hypotheses, and just on paper.

Actually, I have to disagree with you on this one also. The idea that there are no usable solutions for using Bitcoin without the internet isn't entirely accurate. Sure, the majority of methods are still in development or not widely adopted, but there are real, functioning systems out there.

For instance, methods like SMS-based transactions or using satellite technology to broadcast Bitcoin transactions already exist. Companies like Blockstream have been using satellite networks to transmit Bitcoin data, allowing transactions even in areas without internet access. There is also the case of the Finnish Kryptoradio project which successfully broadcast Bitcoin transactions over a national digital TV network more than ten years ago. These aren't just "ideas" or "hypotheses". They're operational technologies that people have successfully demonstrated in real life. Sure, most ways of using Bitcoin without the internet are still getting off the ground, but it's not true there's nothing out there that actually works.

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Quote from: FatFork on July 28, 2024, 06:54:26 AM

Quote from: Marvell1 on July 28, 2024, 03:25:34 AM

I have also heard about some solutions to use bitcoin without internet but I believe that will never be possible, bitcoin is completely dependent on internet.

Well, I disagree. We all know that Bitcoin's decentralized nature is both its strength and its challenge, but just because something seems impossible now though doesnt mean it always will be. Technology keeps shocking us with its wild new capabilities. Solutions for offline Bitcoin transactions could show up down the road even if that seems impossible now.

As I said, there have been many articles about different methods to use bitcoin without the internet but we need to be realistic that so far there is no usable solution. It's all just ideas, hypotheses, and just on paper.
Talking about the future, if you believe that technology is constantly evolving and anything is possible then I do not rule out the possibility that a better currency than bitcoin will appear in the future when technology advances a level. Until we find a solution to use bitcoin without the internet, maybe by then there will be something to replace it.
I don't want to think too far ahead about what we cannot know, we should accept the fact that bitcoin is inseparable from the internet these days and for the foreseeable future.

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If the internet is down there is nothing you can do until the connection is restored. If the internet is intentionally shut down by the government what can you do? Even satellite communication may be unavailable because the government may be jamming the connection. In this case the only solution is to emigrate out of the country or wait if you cannot travel.

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Quote from: Abiky on July 30, 2024, 08:55:07 PM

Quote from: darkangel11 on July 27, 2024, 02:26:21 PM

I really don't think about it too much. I'm prepared to have some of my money in cash in case of emergency and that's all.
If there's Internet outage, I won't have my bank account, communication with some of my friends, I won't be ale to check prices, stocks, news, you name it. I'll have to wait it out and endure,, like most other people. The difference is that I have cash. I have almost the same amount of money in physical form than I have in digital, so I'm sure I'll be better suited to survive than people who rely on their credit cards.

With inflation levels rising sky-high, it would be dumb enough to hoard cash in case of emergencies. You're better off holding Gold or BTC in a paper wallet. The latter can still be used without an Internet connection. It's just that you won't have a way to declare transactions as final (unless you connect to the Internet and broadcast it to the Blockchain). It's something I wouldn't worry much about. Especially when there are many ways to get access to Bitcoin. The only downside is the limited number of merchants accepting the cryptocurrency as payment method.

At least, BTC is off to a good start. With due time, it will improve enough until it becomes a "force to reckon with". Just buy, "hodl", and forget about the rest. Wink

I have the opposite thought, it would be stupid to not have cash or savings. Inflation sounds very terrible and terrible but I want to know what is the annual inflation rate in your country and is it so terrible that it loses 30% of its value in a short period of time? Meanwhile, BTC could even drop 20% or even 50% in a few months if a black swan occurs, and I don't think it's a wise idea to have all of our assets in BTC.

Many people keep talking about inflation but do they really know how much inflation is in their country and what the short-term impact is? I guess not many people know but they love to talk about inflation every day. You should have some cash or some emergency savings because I believe that our cash will not suddenly lose 20%-30% of its value in a month or a few months.

Investing for the long term and saving for emergencies are completely different.

Topic: Are Bitcoiner are really prepare to Face these situations?[No Internet] (Read 882 times)