I look forward to the day Bitcoin will have backer/tender

[MarjorieZimmermanGinger]

Bitcoin has a good project supporting it and the decentralization of the network is best in the crypto space. Satoshi has left everything in our hands, it's left to us to think and determine the future development of the network. As people are trying to develop the core, the backers offline will be a game changer in my thought.

The connection with the internet is down and how to support bitcoin if this happens is not a thing to think about too much, we are in the age of technology and it is certain that this kind of thing is necessary in life, talking about the percentage of missing internet support is the same as talking about how bitcoin was in the past when it was not as valuable as it is now. These doubts were still a thing when this actually happened, but leave things to their due process and bitcoin will remain a functioning digital currency in cyberspace.

It is precisely the centralized financial system that is going to be more problematic and the ATMs cannot be used when the internet stops, so this kind of thing is not possible in the long term and world access almost includes the need for the Internet and this is essential for the journey. Today's problem when there is a hack and the internet crashes because of certain people, but not in the thought stage when the internet stops working all over the world.

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[BenCodie]

I thought of it today that if banks have issues with their network, this will certainly bite but people will continue to transact with their paper money. What about bitcoin when there is no internet network?

Soon cash will not exist. Banks and governments around the world have been discussing removing notes/excluding them as legal tender, in order to lock people into the banking system. From here comes chaos. Anyone can be excluded from the economy at the click of a button, and this will probably end in the exponential growth of Bitcoin. I digress from the main point of this topic however...

With this suggested initiative, people can transact even when their gadget is not available. This is a huge issue that got me thinking if there could be possibility of having a note or any tenders in place offline in which the holders can later scan with their gadget and get their value credited when power and internet is later restored. It could be a coded paper or precious material depending on the value of BTC in it.

It might be a huge project in the future, much might not be said of it now and people might think it is not even necessary, but it will do a lot more in adopting it and having more access to it when power and internet is fails.

Your idea is fine however there is a flaw - In order for this idea to work, a central party would need to provide this tender and therefore they would have access to private keys. This would be the equivalent of a custodial wallet.

Or, an open source tool is created to create your tender, which you can then create notes yourself and spend them yourself. The private key being its authenticity. To make this work though, merchants and others who are accepting would need to be able to have a tool that can sweep the private key. The next problem from there, is change. (e.g, I have a 0.01 BTC tender item, though I am buying something worth 0.009 BTC. How do I get the 0.001 BTC change, and what is stopping this amount from being swept by the seller/merchant/receiver too?)

The next issue after that, is the design standard. Since a private key is all that is needed for valid tender, what would this look like? How do people distinguish amounts (as there is nothing stopping all possibilities of design). I suppose Ordinals or NFTs might even be useful here...

Creating an offline option is possible, but not as simple as it seems in theory.

[Similificator]

Bitcoin has a good project supporting it and the decentralization of the network is best in the crypto space. Satoshi has left everything in our hands, it's left to us to think and determine the future development of the network. As people are trying to develop the core, the backers offline will be a game changer in my thought.

I thought of it today that if banks have issues with their network, this will certainly bite but people will continue to transact with their paper money. What about bitcoin when there is no internet network?

With this suggested initiative, people can transact even when their gadget is not available. This is a huge issue that got me thinking if there could be possibility of having a note or any tenders in place offline in which the holders can later scan with their gadget and get their value credited when power and internet is later restored. It could be a coded paper or precious material depending on the value of BTC in it.

It might be a huge project in the future, much might not be said of it now and people might think it is not even necessary, but it will do a lot more in adopting it and having more access to it when power and internet is fails.

Honestly, I am not really fond of the idea itself. having anything like what you describe offline would only give a little convenience (which isn't even really needed by the majority) in exchange for a huge security risk not just for your crypto but for your life as well. And besides, I believe that bitcoin remaining online would be for the best. Just think about it, if there ever comes a time when the electricity and internet disappears that would just mean that the world is already fcked to an unimaginable extent. Which would only make bitcoins or any crypto that can be accessed offline entirely useless.

[BVeyron]

Bitcoin has a good project supporting it and the decentralization of the network is best in the crypto space. Satoshi has left everything in our hands, it's left to us to think and determine the future development of the network. As people are trying to develop the core, the backers offline will be a game changer in my thought.

I thought of it today that if banks have issues with their network, this will certainly bite but people will continue to transact with their paper money. What about bitcoin when there is no internet network?

With this suggested initiative, people can transact even when their gadget is not available. This is a huge issue that got me thinking if there could be possibility of having a note or any tenders in place offline in which the holders can later scan with their gadget and get their value credited when power and internet is later restored. It could be a coded paper or precious material depending on the value of BTC in it.

It might be a huge project in the future, much might not be said of it now and people might think it is not even necessary, but it will do a lot more in adopting it and having more access to it when power and internet is fails.

Any digital currency (both fiat and crypto) is vulnerable to network failure. That's one of the main problems with cryptocurrencies: they can't exist in non-digital (material) form. So network stability (at least at the level of core hubs) is vital for the existence of cryptocurrencies.

[Blitzboy]

I thought of it today that if banks have issues with their network, this will certainly bite but people will continue to transact with their paper money. What about bitcoin when there is no internet network?

Soon cash will not exist. Banks and governments around the world have been discussing removing notes/excluding them as legal tender, in order to lock people into the banking system. From here comes chaos. Anyone can be excluded from the economy at the click of a button, and this will probably end in the exponential growth of Bitcoin. I digress from the main point of this topic however...

With this suggested initiative, people can transact even when their gadget is not available. This is a huge issue that got me thinking if there could be possibility of having a note or any tenders in place offline in which the holders can later scan with their gadget and get their value credited when power and internet is later restored. It could be a coded paper or precious material depending on the value of BTC in it.

It might be a huge project in the future, much might not be said of it now and people might think it is not even necessary, but it will do a lot more in adopting it and having more access to it when power and internet is fails.

Your idea is fine however there is a flaw - In order for this idea to work, a central party would need to provide this tender and therefore they would have access to private keys. This would be the equivalent of a custodial wallet.

Or, an open source tool is created to create your tender, which you can then create notes yourself and spend them yourself. The private key being its authenticity. To make this work though, merchants and others who are accepting would need to be able to have a tool that can sweep the private key. The next problem from there, is change. (e.g, I have a 0.01 BTC tender item, though I am buying something worth 0.009 BTC. How do I get the 0.001 BTC change, and what is stopping this amount from being swept by the seller/merchant/receiver too?)

The next issue after that, is the design standard. Since a private key is all that is needed for valid tender, what would this look like? How do people distinguish amounts (as there is nothing stopping all possibilities of design). I suppose Ordinals or NFTs might even be useful here...

Creating an offline option is possible, but not as simple as it seems in theory.

Though seemingly beneficial, its vital to scrutinize the initiative entirely. The proposal threatens Bitcoin's principles by endorsing centralization, doesn't it contradict Bitcoin' ethos? How can we prevent power misuse by this authority? How can we evade a scenario of undue dominance over the BTC market? Offline transactions also bring forward the intricate issue of change transactions. What mechanisms can we establish to prevent merchants from pocketing the full tender? Lastly, the standard design. How can we ensure the tangible Bitcoin holds the right value? Implementing ordinals or NFTs offline could pose challenges. The proposal, while intriguing, bears significant complexity and possible issues. However, lets not forget, Bitcoin is about transformation and innovation

[worle1bm]

Not only Bitcoin but today everything relies on internet connection and banking services you are talking about also need it so internet can never go off permanently because it would cost trillion dollars of loss to the whole world if you understand how everything is connected with it.But with btc for some time transactions would not happen but after that everything would be normal like in LN you have to broadcast the main transactions only so in future there could be more possible solutions for it we don't need to worry about it.