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Author Topic: what happens to bitcoin if the electricity and internet goes out.?  (Read 579 times)
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October 28, 2022, 07:45:02 AM
 #41

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 that were to happen, the world would be left without electricity and the internet, how do you think other things would work? 2Banks for example? all monetary transactions are made over the Internet. at that point, money would probably no longer have any value, many things would change.
So, any loss because of holding value in bitcoin would be insignificant.
If it happens the internet, bitcoin and bank won't be much problem to Man. The level at which technology has gone if electricity and the Internet seize I bet you many lives will be lost because it will affect the health sectors and operation of aircrafts.  Monetary transactions can even be the last thing people will think of at that time, people will think how to survive first.

R


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October 28, 2022, 08:21:27 AM
 #42

It's funny how people worry about how they are going to transact bitcoin in case of a worldwide electricity and internet outage. Worry about having enough ammunition for your shotgun before the looting starts. The world will come to a halt, and your main concerns will be finding enough food and clean drinking water so you and your family don't starve. If such conditions were to last, many wouldn't make it simply because we aren't used to it.     

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October 28, 2022, 08:26:04 AM
 #43

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?
Imagine the scenario just remove the bitcoin from it what do you think? The whole world will be in Chaos and without internet banking system will also be broken even if they manage to get power with generator still without internet there will be no transaction and the essential items like food, gas, oil will become the currency.

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October 28, 2022, 10:22:16 PM
 #44

The imagine a good answer to the question of what happen to bitcoin when electricity or the internet golly off, first one needs to know that Bitcoin doesn't and can't exist without the internet and that is why Bitcoin is referred to as the internet money since all it operations are done on the internet.
But we must also know that not only Bitcoin will be shutdown without the internet, all other essential services will also be shut down along side such as financial sector health sector and others that requires power and the internet to operate.

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October 28, 2022, 11:11:48 PM
 #45

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?
When this happens, not only Bitcoin cannot run but also all systems in this world that are using electricity and the Internet will not be able to turn. But, it doesn't mean that you lost your BItcoin. You cannot access it. If someday the electricity and internet connection are on again, you can then gain access again. This will also happen to all around the world that are using them. And if there is no electricity and internet again in this world ever after, this means there is doomsday happens

R


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October 29, 2022, 06:44:14 AM
 #46

It's funny how people worry about how they are going to transact bitcoin in case of a worldwide electricity and internet outage. Worry about having enough ammunition for your shotgun before the looting starts. The world will come to a halt, and your main concerns will be finding enough food and clean drinking water so you and your family don't starve. If such conditions were to last, many wouldn't make it simply because we aren't used to it.     
The survival conditions would become extremely difficult because the business would shut down and the economy would disturb and there will be revolts and loots as you say and bitcoin won't help in that manner because you would not to be able to make btc payments at all and the best will be how to survive that tough situations.But with internet and electricity going off this is not happening as we all know it would cost billion of dollars loss in seconds and government won't let it happen.

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November 01, 2022, 10:26:15 PM
 #47

If the world remains without electricity (and I don't even want to assume what should happen for this to happen), then the absence of the Internet and the naturally disappeared Bitcoin will worry humanity very little. It will literally be the fall of civilization, a return to the Middle Ages. And scattered groups of adventurers in Mad Max style will build their well-being on completely other things.
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November 02, 2022, 06:21:58 AM
Merited by inthelongrun (1)
 #48

what happens to bitcoin if the electricity and internet in this world goes out?
Bitcoin is a decentralized cryptocurrency that works on various blockchain nodes. As long as there is one blockchain node accessible through the network, Bitcoin will survive, in other words blockchain based currencies require large amounts of electricity.
If the electricity and internet in this world goes out then no one has access to the internet. Even if there is no longer access to the internet Bitcoin will still exist like all other data. In theory how would you buy or sell Bitcoin offline.? Bitcoin is basically a digital currency, its basic value is determined by online supply and demand because most digital goods and services depend on a connection to the internet.

whether bitcoin buying and selling transactions are still running or not?
The above question (Op) is just like you fly to another planet with $10 million, of course you can't spend it because it's not the default currency there.

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xSkylarx
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November 03, 2022, 12:12:14 PM
 #49

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.

It wouldn't crash because there is no selling or buying pressure, so it will immediately stop at that price. But agree, electricity and the internet are impossible unless there is world war 3 when all infrastructure is damaged, and only the military can access the internet. The problem is that if the internet is back, what will happen to the price, is the whales will kick in ? since only a few are selling or buying pressure. I don't want to overthink, but this topic seems interesting to me now; I will have more research about this.
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November 04, 2022, 02:46:06 PM
 #50

If the electricity and internet goes out per say, although highly unlikely, bitcoin mining and other of its processing parts that make it function might have to also shutdown till it is restored. I dont have doubt that it might impact the exchange rates of the moment, because the world will have to be at a standstill. The stock market would crash and almost all businesses may have to shutdown.

The topic gets so interesting because the thoughts of what might happen far out weighs what might not happen and this is scary.

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November 05, 2022, 04:37:45 AM
 #51

Even though you may have heard that Bitcoin transactions may be created offline, they actually still require the internet for the last step in order to be executed and recorded on the blockchain. If the internet and electricity go out, no one will be able to trade Bitcoin any longer, and I predict that the price will fall since it would be rendered useless. But since so many renewable energies may be employed to generate electricity and an internet connection, it is essentially impossible for electricity and the internet to go out in this planet.
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November 05, 2022, 05:50:42 AM
 #52

If there is no electricity in the world then how our life will be can be easily guessed. Assuming there is no electricity in the world, then you can easily think that vehicles, factories and various institutions that depend on electricity will be shut down. If all these factories are closed then our life will be disrupted.  Let's come to the main point in particular, our primitive civilization where there was no electricity i.e. before the invention of electricity people lived like nomads, they had no fixed address, they had to depend on hunting for food, they had no clothing, they were completely victims of the natural environment.  , their life span was very short, so without electricity our life system would be like Adam civilization. Just like the primitive man did not have a coin like Bitcoin, our Bitcoin will not exist.  This is because the use of electricity is undeniable if you want to run Bitcoin, if you want to make a transaction, you will need a computer and a mobile phone.  If there is no electricity, the computer mobile will not work.  So to think of Bitcoin apart from our electricity is absolutely foolish.

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