Topic: what happens to Bitcoin if internet goes down? - page 42. (Read 34295 times)
Theres that one guy out there that is printing out every transaction as it happens on a large receipt roll of paper. We'll have to ask him. lolol
Chances of that happening are pretty less... Topic should have been like "What happens to Internet if Bitcoin goes down?".
I've experienced a big loss when Liberty-Reserve went down, so to me, most things in cyber space look temporary, but actually, I don't think the cyber space itself would go down. That could only happen if the whole world goes down.
I've experienced a big loss when Liberty-Reserve went down, so to me, most things in cyber space look temporary, but actually, I don't think the cyber space itself would go down. That could only happen if the whole world goes down.
The chance of this happening is indeed very small. I would say we can ignore it. Since it makes no sense to me.
Bitcoin and it's network had been proven to be a very solid and strong network.
Well, correct me if I'm wrong, but isn't there one central internet agency in the USA who provides internet for the whole world? Seems like a single point of failure, if that place was attacked by terrorists or something like that.
Chances of that happening are pretty less... Topic should have been like "What happens to Internet if Bitcoin goes down?".
I've experienced a big loss when Liberty-Reserve went down, so to me, most things in cyber space look temporary, but actually, I don't think the cyber space itself would go down. That could only happen if the whole world goes down.
I've experienced a big loss when Liberty-Reserve went down, so to me, most things in cyber space look temporary, but actually, I don't think the cyber space itself would go down. That could only happen if the whole world goes down.
even if internet goes down bitcoin is safe since we are keeping it on our own and many of bitcoin users have a copy of blockchain on their hard drive.
Fiat would also go down, as about 97% of the £ (other currencies are similar) is electronic in that it's just recorded on private ledgers held by banks. In both cases wouldn't the ledgers still exist? Not sure if bitcoin could recover.
If a nuclear war happens, everything will go down, in some places people might have to go back to the barter system.
For ex. think of Zombie movies, does the fiat or any other form of currency works?? They don't because every currency depends on a system, if it goes down, so does its acceptance.
even if internet goes down bitcoin is safe since we are keeping it on our own and many of bitcoin users have a copy of blockchain on their hard drive.
Fiat would also go down, as about 97% of the £ (other currencies are similar) is electronic in that it's just recorded on private ledgers held by banks. In both cases wouldn't the ledgers still exist? Not sure if bitcoin could recover.
even if internet goes down bitcoin is safe since we are keeping it on our own and many of bitcoin users have a copy of blockchain on their hard drive.
I understand that Bitcoins obviously can't be traded without the internet, but, is this true only as long as the internet stays down? If the central internet technology went down for an hour, for example, would our bitcoins still be in the blockchain when the internet was back up, or would they be lost forever?
Well the thing is for bitcoin to go down, all nodes all over the world should go offline. So all data centres all over the world should run out of resources.
The chance this will happen is very small, but yes it can happen.
the only way that such thing can happen is if aliens invade earth for purpose of colonizing!
other than that there is just no possible scenario that internet goes down all over the world.
You are right there is no way that the internet would go down all at once on a global scale. if that happens then we are really being invaded.
I understand that Bitcoins obviously can't be traded without the internet, but, is this true only as long as the internet stays down? If the central internet technology went down for an hour, for example, would our bitcoins still be in the blockchain when the internet was back up, or would they be lost forever?
Well the thing is for bitcoin to go down, all nodes all over the world should go offline. So all data centres all over the world should run out of resources.
The chance this will happen is very small, but yes it can happen.
the only way that such thing can happen is if aliens invade earth for purpose of colonizing!
other than that there is just no possible scenario that internet goes down all over the world.
I can't imagine if this happen since in order to access bitcoin it need synchronize to server.
In order to synchronize , it need internet to make it work. But if that happen forever , since bitcoin is a digital currency ( can't be hold ) we will lost it forever except you've convert it earlier before internet down !
In order to synchronize , it need internet to make it work. But if that happen forever , since bitcoin is a digital currency ( can't be hold ) we will lost it forever except you've convert it earlier before internet down !
I understand that Bitcoins obviously can't be traded without the internet, but, is this true only as long as the internet stays down? If the central internet technology went down for an hour, for example, would our bitcoins still be in the blockchain when the internet was back up, or would they be lost forever?
Well the thing is for bitcoin to go down, all nodes all over the world should go offline. So all data centres all over the world should run out of resources.
The chance this will happen is very small, but yes it can happen.
Well come on . This is highly unlikely to happen. Internet cannot go down in this Digital Era. Not only bitcoins, but a lot of other networks and everything depends on the Internet. It can go down for some area for small amount of time, but you cant say that internet is gone forever and so is bitcoins.
I understand that Bitcoins obviously can't be traded without the internet, but, is this true only as long as the internet stays down? If the central internet technology went down for an hour, for example, would our bitcoins still be in the blockchain when the internet was back up, or would they be lost forever?
Well the thing is for bitcoin to go down, all nodes all over the world should go offline. So all data centres all over the world should run out of resources.
The chance this will happen is very small, but yes it can happen.
I understand that Bitcoins obviously can't be traded without the internet, but, is this true only as long as the internet stays down? If the central internet technology went down for an hour, for example, would our bitcoins still be in the blockchain when the internet was back up, or would they be lost forever?
Nothing will be happen to your bitcoins they will not be lost. I guess the difficulty of mining will be dcreased because all of the miners will be down . So it is positive for miners and maybe the price of bitcoins will decrease very badly although this is not going to happen. So be happy.
Just imagine if only a few miners left how easy for them would be to mine coins.
But then again the price could decrease so the coins might become almost worthless. ... Well I agree this is not going to happen, ever, period. ) 
Nothing can be done, if the internet goes off. Some alternate solutions might be initiated if such situations arise. I believe advancement in internet will take place in the future.
BIP 9000:
Nothing can be done, if the internet goes off. Some alternate solutions might be initiated if such situations arise. I believe advancement in internet will take place in the future.
I understand that Bitcoins obviously can't be traded without the internet, but, is this true only as long as the internet stays down? If the central internet technology went down for an hour, for example, would our bitcoins still be in the blockchain when the internet was back up, or would they be lost forever?
Nothing will be happen to your bitcoins they will not be lost. I guess the difficulty of mining will be dcreased because all of the miners will be down . So it is positive for miners and maybe the price of bitcoins will decrease very badly although this is not going to happen. So be happy.
I understand that Bitcoins obviously can't be traded without the internet, but, is this true only as long as the internet stays down? If the central internet technology went down for an hour, for example, would our bitcoins still be in the blockchain when the internet was back up, or would they be lost forever?
It's almost like it dies without the internet but I'm sure someone is working on physical coins in the near future hopefully. We can never know for sure what'll happen unless the internet actually does go down, which might never happen
if the internet goes down, bitcoin would be the last thing people would be worrying about lol.
but if that did happen bitcoin wudnt exist anymore because the blockchain only works on the internet.
but if that did happen bitcoin wudnt exist anymore because the blockchain only works on the internet.
No internet? then your bitcoin will be lost.
Even if you have your bitcoin in a hardware, where will you use it? nowhere.
No internet = NO BITCOIN
Even if you have your bitcoin in a hardware, where will you use it? nowhere.
No internet = NO BITCOIN
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