Some few days back when the forum went down for some hours, some thoughts that I used to have suddenly resurfaced in my mind. What if the internet crashes permanently! If for any reasons whether natural or manmade the internet suddenly stops working,, what will happen in the world. Unimaginable pandemonium is what will happen, because almost everything is connected to the internet, in fact the world today is so dependant on the internet to transact and communicate almost everything. Be it in finance, telecom, marketing and in every areas of technological advancements, all depends on the internet. It'll seem as if we've suddenly gone back to the stone age, if these where to happen.
It seems to be impossible for shutting down of internet from all over the world at once, but it is possible for it to shut down in a country. Like it shut down 2 time in this year. And we was not able to make any transaction either they are from banking apps or from BTC or cryptocurrency apps. We were totally off-grid and only relying on the money that we had in our banks.
The internet coverage was down for like 4 days, and everything was total disaster, the life slowed down, as a student I face a lot of problems, in the creation of my assignments, etc. I realize at that time, internet has become a catalyze of our life which increase the rate of it.
We all are really so dependent on the internet either for financial purposes or others.
I'll focus on finance, so I'm thinking what will happen to the bitcoin inside wallets, what will happen to every fiat currency in bank accounts, if everything erases as a result of internet total breakdown? Who do we hold responsible? I know that the internet technology is manmade, therefore it can not be hundred percent immune to faults and external attacks. And what if there is that less than one chance of it being faulty or compromised, what if that less than one chance happens,? what will be the fate of the world that mainly depends on it to get things done? I'm no tech guru or a prophet of doom, but this are my thoughts and fears on the matter, although I sincerely hope that I'm very wrong on these thoughts.
Your concerns are legit, but you have to understand that BTC blockchain is totally decentralized, and those who are validators/nodes downloaded the full blockchain in there computers and synchronize there downloaded blockchain with the overall BTC network. And when one TX is made then it is inserted into the network and then updated on all the nodes and then validated and processed by the miner or validators. Then added to the blockchain. Well, if internet goes down, the synchronization will stop, and no one would be able to make any transaction. As we know each TX need specific confirmation and without them TX cannot be confirmed. I hope now you understand it.