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 remarkable
if they all ceased at the same time.
In this current climate of fuel shortage and "possible" power shortages we have to
remember that it's going to be temporary if it does happen, it's seasonal related
to the winter when power consumption is at its highest.
ALL power isn't going to go out for a solid 4 or 6 months.
Topic: what happens to bitcoin if the electricity and internet goes out.? - page 3. (Read 645 times)
October 26, 2022, 12:51:36 AM
October 26, 2022, 12:51:16 AM
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?
October 26, 2022, 12:15:25 AM
I'm a newbie in bitcoin, and I want to ask everyone, what happens to bitcoin if the electricity and internet in this world goes out? whether bitcoin buying and selling transactions are still running or not?
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.
October 25, 2022, 11:42:52 PM
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
Personally, I think this question is rhetorical
October 25, 2022, 11:37:00 PM
I'm a newbie in bitcoin, and I want to ask everyone, what happens to bitcoin if the electricity and internet in this world goes out? whether bitcoin buying and selling transactions are still running or not?
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!
October 25, 2022, 11:36:23 PM
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.
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.
October 25, 2022, 10:57:20 PM
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.
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.
October 25, 2022, 10:44:54 PM
I'm a newbie in bitcoin, and I want to ask everyone, what happens to bitcoin if the electricity and internet in this world goes out? whether bitcoin buying and selling transactions are still running or not?
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.
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.
How will the price crash if nobody is able to sell it anymore?
October 25, 2022, 10:24:40 PM
Quote
I'm a newbie in bitcoin, and I want to ask everyone, what happens to bitcoin if the electricity and internet in this world goes out? whether bitcoin buying and selling transactions are still running or not?
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.
October 25, 2022, 10:21:16 PM
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.
October 25, 2022, 10:13:48 PM
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.
October 25, 2022, 10:06:05 PM
I'm a newbie in bitcoin, and I want to ask everyone, what happens to bitcoin if the electricity and internet in this world goes out? whether bitcoin buying and selling transactions are still running or not?
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