Topic: What happens when there is NO electricity? How does one trade with BTC? - page 9. (Read 3132 times)
May 24, 2018, 09:08:43 PM
Bitcoin is very dependent on internet access and the internet certainly uses electricity, if there is no electricity then we can not automatically access the internet so we will never know bitcoin, we must be grateful to the inventor of electricity.
May 24, 2018, 08:43:00 PM
If there's a natural disaster cutting off electricity for days, trading bitcoin should be least of your worries really. Priorities man.
sorry I meant to say, how does one trade with BTC
ie. how does one buy food/water with BTC in such circumstances if BTC is the most preferred currency for trade (like Venezuela)
The simple answer is: you don't.
For a transaction to be validated you need to send it over the network. And this needs electricity and connection.
Normally at least the sender and recipient's phone would work (again: electricity and connection)
If this minimum requirement is not met, you're out of luck.
A different approach would be to have with yourself a number of paper wallets and had over the actual wallet. But that needs a super-high level of trust between you and the other part, since you can hand out empty paper wallets or just empty them at a short time later. Or give the same wallet to many others... This idea has far too many issues to be a good solution...
Does this mean that in 3rd world countries where electricity is a luxury and data very expensive switch fully to bitcoin from fiat currency?
May 24, 2018, 08:37:45 PM
In my opinion, electricity and connections are very important elements in sending or receiving in the form of Bitcoin to be validated, without your network being unable to do it.
May 24, 2018, 07:34:58 PM
Without electricity technology is nothing because almost all of technology that we used are commonly need electricity and if you are asking how do we trade without electricity i think bitcoin is not created because bitcoin is a "Electronic Coin or Electronic Currency" by the name itself its created by electronic technology thats simple as that.
May 24, 2018, 06:55:04 PM
Yes, an interesting question you asked in many developing countries there are problems with electricity supply, it is often disconnected without warning in this case it is necessary to purchase a diesel generator of electricity in order not to depend on a centralized supply of electricity.
but if there is an automatic power outage the Internet network will weaken because some may not work well because of lack of electrical energy to be able to run it, so if you use diesel power generator, can make sure the internet connection you use will be slightly disturbed even will run long enough to be able to access anything, May 24, 2018, 06:28:37 PM
Yes, an interesting question you asked in many developing countries there are problems with electricity supply, it is often disconnected without warning in this case it is necessary to purchase a diesel generator of electricity in order not to depend on a centralized supply of electricity.
but if there is an automatic power outage the Internet network will weaken because some may not work well because of lack of electrical energy to be able to run it, so if you use diesel power generator, can make sure the internet connection you use will be slightly disturbed even will run long enough to be able to access anything, May 24, 2018, 06:06:49 PM
We all know that internet is the main ingredient of Blockchain technology so if electricity will be gone. I think everything will become useless. BTC will not exist.
I don't know if there is no electricity in the world the crypto currencies are not to be usable it will be an important thing for all the people we need to make alternative idea for this.
May 24, 2018, 05:57:25 PM
We all know that internet is the main ingredient of Blockchain technology so if electricity will be gone. I think everything will become useless. BTC will not exist.
May 24, 2018, 05:19:34 PM
We hear in the news that many people in countries that have currency issues are starting to trade in BTC - for example, Venezula.
My friend asked me what about in regions where they lose electricity, how would they trade with BTC?
For example Puerto Rico is right now devastated by the hurricane, and many parts of its region don't have electricity. A lot of people need to buy food and even fresh water.
Is there a way to still trade with BTC in such situations?
Can P2P trade still occur despite having any connection to the greater block-chain network? Keep in mind that it's easy to charge mobile phone so they have access to wallet apps, but probably not the Internet.
I don't know too much about mobile data networks, but I doubt one's 4G/LTE data plan would work in such situations. I assume that data would have to be relayed to a tower/dish before it's sent to satellites. Am I correct?
My friend asked me what about in regions where they lose electricity, how would they trade with BTC?
For example Puerto Rico is right now devastated by the hurricane, and many parts of its region don't have electricity. A lot of people need to buy food and even fresh water.
Is there a way to still trade with BTC in such situations?
Can P2P trade still occur despite having any connection to the greater block-chain network? Keep in mind that it's easy to charge mobile phone so they have access to wallet apps, but probably not the Internet.
I don't know too much about mobile data networks, but I doubt one's 4G/LTE data plan would work in such situations. I assume that data would have to be relayed to a tower/dish before it's sent to satellites. Am I correct?
Obviously, there is no way to trade your bitcoin without electricity. Unless you have other devices can produce electricty like generator or solar energy power. Mobile data cannot even open enchanges or trading apps.
May 24, 2018, 05:08:27 PM
it is estimated that several million years later there will be a meteor that hit the earth and resulted in power outages around the world, at that time all the technology can not be used including blockchain technology.
May 24, 2018, 04:59:52 PM
I think that it won't be able to do anything if it will be like that, but it will be last of your problems when you won't have electricity around you.
Well when there is no electricity that means we can not trade our bitcoin, we can not trade all of our coins, because electricity is all people needs, and without electricity it means we dont also have an internet so we can not trade all of our coins. May 24, 2018, 03:47:15 PM
Concerning bitcoin it is up to you to decide what to do, to hold or to sell, so it can be considered more safe.
Yeah this is actually the game. There are different ways and methods to earn money from bitcoins. There is short term investment and there is long term investment as well. Trading can be done as day trading and holding and then there comes campaigning that includes signature one and bounty as well. So there comes so many methods to earn from bitcoins, just make a will for it. May 24, 2018, 07:12:37 AM
I think it is impossible if there is no electricity in our lives. all bitcoin trading activities will be paralyzed and will not be able to walk again. and all investors will suffer huge losses and economic destruction will occur worldwide.
Sometimes blackouts happens, even in united states of america. So without electricity, one can't execute a transaction, he can't transfer, he can't send or receive bitcoins. Also internet the same, without it, the network connection is not presented.
May 24, 2018, 06:59:39 AM
Without electricity bitcoin trading will not be happen.
Because of lost connection thru internet. We all know that internet is the life of crypto currencies operation .
Because of lost connection thru internet. We all know that internet is the life of crypto currencies operation .
You took the words right out of my mouth. Yes, Without electricity we can not trade, we can not joined in a signature campaign, we can not used our money in the wallet. Without electricity we can not invest or buy and sell. In short without electricity bitcoin is nothing. And bitcoin or the cryptocurrency will be crashed. Especially if the internet connection will be lose. That's why physical money or fiat is very important because you can used it with or without electricity, with or without an inter connection compare to cryptocurrency. Many things has a purpose in a lots of situations.
May 24, 2018, 06:25:47 AM
Without electricity bitcoin trading will not be happen.
Because of lost connection thru internet. We all know that internet is the life of crypto currencies operation .
Because of lost connection thru internet. We all know that internet is the life of crypto currencies operation .
May 24, 2018, 06:04:48 AM
When there is no electricity, all activities on the internet will stop. Bitcoin trading also will not work. If there is no electricity, everyone will live like a primitive man
Everything will crash if there is no electricity. In today’s world almost everything is on electricity and no electricity means back to stone ages. Bitcoin and other crypto will also crash and no trade will be possible without electricity. Electricity is the power switch of bitcoin investment and trading and if you switch off the power everything will be dead. May 23, 2018, 02:35:24 PM
And how you pay things with paper money if there is no electricity?
Same like with Bitcoin if we talk about regular legal payment.
Same like with Bitcoin if we talk about regular legal payment.
May 23, 2018, 06:15:56 AM
Yes, an interesting question you asked in many developing countries there are problems with electricity supply, it is often disconnected without warning in this case it is necessary to purchase a diesel generator of electricity in order not to depend on a centralized supply of electricity.
May 23, 2018, 06:06:38 AM
If there's a natural disaster cutting off electricity for days, trading bitcoin should be least of your worries really. Priorities man.
sorry I meant to say, how does one trade with BTC
ie. how does one buy food/water with BTC in such circumstances if BTC is the most preferred currency for trade (like Venezuela)
My answer to to that is NO. You can't trade anything in bitcoin if you do not have any electricity for a reason that electricity and internet is a must or really essential in accessing bitcoin or any other cryptocurrenc I think and in doing such activity in here like trading. In case there was no eletricity, you surely cannot connect and trade and I must say paper money and coins that is tangible are the ones you can trade not cryptocurrencies.
May 23, 2018, 06:05:16 AM
This is funny, but utopical. Because how would we face the end of electicity? World is too developed till the time to loose electicity
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