What happens if internet connectivity gets terminated - page 4.

milani

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Quote from: romero121 on January 25, 2021, 03:48:22 AM

Came to a bank to repay monthly premium for the loan taken providing gold as collateral. I reached the support executive to know the total amount to be paid to get the collateral submitted. The internet connection has got some issue, and I wasn't able to get the required details. By the time it remembered me of the bitcoin into banking where everything is interconnected.

Right now each and everything is connected with internet and technology. The future of banking might happen through blockchain technology and bitcoin in mass adoption. By that time what will happen with the banking process if there happens a termination of internet connectivity for few days time.

n case something like that happens, so, yes it may be a collapse on a global scale. But it must happen something really extraordinary in order to get a situation without connection to the Internet and for some days. It may bring lots of demage for some processes, services or systems that need online Internet connection 24/7, but even in case something could happen it would be for some period of time, and after all people would do their best to cope with the consequences. In my opinion nothing bad would happen to Bitcoin in such case - the Internet would be connected again and everything would be ok.

ChrisPop

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Without electricity and internet the technology we use nowadays would be pretty much useless. It's quite stunning how fragile our society is. The good news is that we, as human race, are adaptable to very different environment conditions.

As a measure of last resort we can get back to the old barter system. Here's a cow for some grain, here's a car for a small house. lol But this is a doomsday scenario. In order for electricity to shut down at a global level it would require some kind of outter space event like a ionic shot or really big sun explosions.

NeuroticFish

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Quote from: romero121 on January 25, 2021, 03:48:22 AM

what will happen with the banking process if there happens a termination of internet connectivity for few days time.

With no internet there's no mail, no whatsapp, no Visa/Mastecard and also no Bitcoin.
But you were expecting this answer.

But the internet is a complicated bunch of interconnected networks. Falling the whole internet is highly unlikely, and for those affected by the failure, bad luck.
It's already rather difficult/unlikely to have a failure for more than a street or a town and in the future it will become even more unlikely.
Also big companies do use the services of multiple internet providers, if one fails the backup is used in seconds.

All in all, there's maybe a chance that your wallet will be not useful for a while, but for the whole Bitcoin to fall due to whole internet going down, no, the chance is slim.
Maybe solar explosions can do that, but then Bitcoin will be the least of our concern.

kentrolla

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Gosh I can't even imagine what would be the impact on this, without internet connection this era cannot survive that's for sure.

Internet is something that has connected the entire world and it has became a essential part of our lives the effects of this could lose tons of money will be blocked in banks, business and entire digital connection will be collapsed like how we were in Covid-19. And obviously Cryptocurrency will end up in disaster.

Baofeng

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Anyone still remember goTenna?

https://twitter.com/Coinsurenz/status/1052022462790033408

And we have a thread about it by @fillippone [Total privacy Bitcoin]: off grid Transactions LoRaWan/goTenna

Jet Cash

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Well Visa shut down for a couple of days last year, and that caused some difficulties. They said it was caused by tech problems following a software update, but I tink it was a test to research the effects of a shutdown during the global reset that will happen soon.

Re. the internet, There are some alternatives such as connectivity via mobile networks, and Tesla has been talking about a satellite linked system. I suspect we will have a choice of connectivity soon.

ImHash

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It is actually possible to happen, did you know that the internet is under the US's control and they can shut it down any time they want?
I think an admiral is the manager in charge of the internet, they can do whatever they want, whenever they want if things go bad, things will go bad for Bitcoin too, Bitcoin will not be the only thing affected by that though.
Don't know if the Starlink project is also under the control of the US government or not, if it's not, then Bitcoin could use that internet.

Question123

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If internet terminated there is a lot of business and project will gone too like banking and bitcoin need to have internet connection to make transaction if we do not have internet we cannot send bitcoin to another wallet and also online banking does need it. Right now most of the businesses are using the internet because it is very useful to us now like doing transaction so once it's terminated many project will shutdown.

Jawhead999

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It's hard to believe if internet connection got terminated since almost people in this world using internet for chat, business, online shopping, work from home, gambling, etc.

But if it will happen, Bitcoin can't be traded and the price could be dropped significantly since there's no volume and activity about the transaction occur.

Quote from: romero121 on January 25, 2021, 03:48:22 AM

By that time what will happen with the banking process if there happens a termination of internet connectivity for few days time.

What about using SMS to process the transaction? just like this thread Offline cryptocurrency transfer?

20kevin20

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The fact that Bitcoin is dependent on an internet connection is for sure a "weak point" of it, but I really think the shutdown of the internet would pull us back hundreds of years, and by that I'm talking about barter too. Fiat would likely have no more value since people would care way more about physical, real stuff rather than paper money!

The first probable thing that'd happen in this case is civil war, since internet today is considered a large % of our freedom. We come here to do and say about anything we want.. and most people (especially kids born from 2005 on) depend on the internet every day. Remember that this would cause a HUGE fuss in the most important sectors such as the food industry! Remember that the banks would probably not work anymore since they also depend on the Internet infrastructure themselves.

After all, Bitcoin is part of the technology advancement and most risks that tech has affects Bitcoin as well.

figmentofmyass

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Quote from: romero121 on January 25, 2021, 03:48:22 AM

Right now each and everything is connected with internet and technology. The future of banking might happen through blockchain technology and bitcoin in mass adoption. By that time what will happen with the banking process if there happens a termination of internet connectivity for few days time.

ISP connectivity problems will be mitigated by p2p mesh networks in the future. as mesh networking technology improves and becomes more user friendly, they will become more common and will make the bitcoin network much more robust. https://bitcoinmagazine.com/articles/from-isp-to-p2p-how-mesh-networks-take-bitcoin-off-the-grid

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How mesh networks tie into Bitcoin is pretty straightforward. Currently, there is a reliance on the traditional ISP-controlled networks. Not just for Bitcoin but for most things on the internet. If a network is controlled by a central entity, it can be easily shut down or censored. A mesh network is resistant to parts of the network going offline, so peers can route their data around the parts that have gone offline. This kind of resilience is important for a system like Bitcoin because it means that transactions can keep flowing and miners can keep producing blocks. If you’re a merchant or a miner and your ISP decides to shut off your connection, you’re kind of screwed.

For using Bitcoin via mesh networks, the amount of data that needs to be transmitted could be its weakness. If you are in the Locha Mesh but you don’t have an internet connection or a satellite dish, you will need to get the latest Bitcoin block data from a peer in the mesh and the number of hops you may need to do and bandwidth will be key for you to accomplish this. If there isn’t anyone offering you this service, you would be isolated from the Bitcoin network itself.

Fortunately, the Bitcoin community doesn’t stop innovating in the network side of Bitcoin, so improvements like Erlay, FIBRE and more will make transmitting Bitcoin’s block data over the mesh achievable. You will still be able to pretty easily use your Electrum wallet within the Locha Mesh as far as you can reach an Electrum server that serves you with your wallet’s latest balance updates, or you could make offline signed bitcoin transactions, reach a push-tx gateway and then receive a message when your transaction has been added to a block.

blockstream's satellite service ties into this as well:

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What the Blockstream satellite does is beam Bitcoin’s blockchain data and messages to Earth. You could use this service to get the latest transactions and blocks using a satellite dish on your rooftop and then transmit this important data to others through the Locha Mesh to allow people to transact in Bitcoin and the Lightning Network, even if they don’t have an internet connection. They just need to be inside the Locha Mesh and get the Bitcoin data from you.

Leviathan.007

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These days everything depends on internet and many business will be destroyed after terminating internet connection. Not just the business but some bank works such as online payment methods,etc.. will be broken. Internet is a huge part of our lives and shutting it down won't be easy, even for a few hours. Terminating internet connection will definitely effect the bitcoin and crypto but first before bitcoin this will destroy whole economic world. As an example, I'm developer and all my income comes from the internet, after terminating internet connections I'll lose my job.

cheezcarls

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I would freak out if there is no internet connectivity for a long while since my job is so dependent on the internet. There are countries by the way that are blacking out their citizens from the internet because of elections, civil unrest, etc. I can’t stand a day without the internet, even just for a little while.

Poker Player

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Quote from: romero121 on January 25, 2021, 03:48:22 AM

By that time what will happen with the banking process if there happens a termination of internet connectivity for few days time.

First, that's highgly unlikely in developed countries.

In the same way that the power can go out in a neighborhood of a city for a few hours, the same can happen with the Internet, but do not expect a massive blackout in all countries for several days and, even if that were to happen, the blockchain would still be there. The scenario you raise is so unlikely that I don't worry about it.

aoluain

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Almost Everything we do in todays world centres around connectivity through the internet.

Finance, communication, navigation, security, social interaction all depend on the internet.

Usually there is a minor disruption without internet for a few hours but with a few days
outage there would be a lot of disruption, everything above would be affected.

With banking specifically, well with their Fractional Reserve Banking practices they would
be in big trouble, people would need CASH for daily transactions for simply buying food
and fuel. The problem is that the banks would not have enough CASH reserves to meet
everyones requirements so they would have to close to prevent a "Run"
...so people would have no access to CASH or at best limited access to their deposits.

romero121

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Came to a bank to repay monthly premium for the loan taken providing gold as collateral. I reached the support executive to know the total amount to be paid to get the collateral submitted. The internet connection has got some issue, and I wasn't able to get the required details. By the time it remembered me of the bitcoin into banking where everything is interconnected.

Right now each and everything is connected with internet and technology. The future of banking might happen through blockchain technology and bitcoin in mass adoption. By that time what will happen with the banking process if there happens a termination of internet connectivity for few days time.

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