Iran Central Bank hacked. Other banks also hacked causing major disruptions.

[Wind_FURY]

BITCOIN, as a back-up/fall-back if the legacy banking system is disrupted or fails, FIXES THIS.

But I believe their engineers and their software/cyber security experts will fix the issue, but what if there's a multi-month long disruption in your country's banking system, and when digital payments/debit cards/credit cards are down or are unreliable?

HODL those precious Bitcoins as a savings account, and use them only if you have no other choice.

[Smartvirus]

Haven’t experienced a system where the banking network were inconsistent and fiat currency wasn’t able to go round, you begin to understand the need to exists nature of Bitcoin and digital assets out there. The problem has always been scalability with regards to fees and processing time but, that is just a side to it.

Now, the world needs a truly decentralized currency in Bitcoin as we have it to exists and functions side by side with Bitcoin.
Fiat currency is a tool for the government to instill certain conditions by either hoarding it or simply disrupting bank networks. It did hurt a lot for citizens in my nation when this became the order of things. It was just a means to prevent electoral malpractices which eventually did happen and banks took great advantage of it.

This made popular the innovation of fintech banks but, the actual banks weren’t having it. The fintech made their services an easy to access and quick transfers while normal banking networks were slow and difficult to access. Even with you having the capability to do certain transactions, you just didn’t have the access and guess who was in business, the banks.

We need Bitcoins continued existence and in time, we would have it being the order of the times.

[DaveF]

OTOH, a major internet outage / cyber attack would cripple peoples ability to use BTC.

And for the most part that is as easier attack to pull off in a lot of places then taking out *all* or even most of the banks.

It's only a big deal due to the limited nature of Iran's banking system. Take out Chase / Bank Of America / Wells Fargo / and a couple of others and people here in the US are going to be irritated, pissed off and stressed. But it's not going to matter that much in the scheme of things. Take out the internet in a large metro area and there will be chaos.

-Dave

[Apocollapse]

Iran isn't a safe country, so as long as we live in a safe country, the chance to banks being hacked is low and the banks have assurance. What we should aware is only hold till the maximum amount they can refund.

Haven’t experienced a system where the banking network were inconsistent and fiat currency wasn’t able to go round, you begin to understand the need to exists nature of Bitcoin and digital assets out there. The problem has always been scalability with regards to fees and processing time but, that is just a side to it.

Me too, I also never face any problem with banks, even they're under maintenance, they would back very soon and there's no problem when I want to withdraw money. Only for multi millionaires or billionaires that will have a problem with banks since the bank officers will keep approaching to use their banking product and not allow to withdraw big sum of money.

[Mia Chloe]

In such a situation I bet bitcoiners still may find it difficult to make transactions too with their bitcoin. Since banking system has failed, it would be difficult to make P2P transactions . Anyways transactions that can be made with bitcoin straight up will be easier than things that requires little units of bitcoin. I'm not very sure how their government regulations are over there but things could be way more difficult if they don't have crypto legalised there.
Bitcoin too is a method of digital banking and if the cyber issue is a big one, bitcoiners may not be able to do a thing. Everyone still may probably just rely on cash transactions till the whole problem is solved.
Don't forget to keep your keys safe!!

[kryptqnick]

When my country was just hit with a full-scale invasion by Russia, there were disruptions with electricity and thus banking in some places near active combat zones. I know that Bitcoin was actually used on some occasions as payment, although people relied more on cash (local and the USD) and barter (in rural areas, which were de facto blockaded and de jure occupied). So Bitcoin does have potential to be useful in such cases, but I think more for transactions that can't take place in person and/or for big purchases.

[Pandorak]

Bank hacking is still a small problem, imagine if your country was invaded, as is currently being felt by Ukraine & Palestine, then with the FIAT you have it will also be difficult to carry out transactions outside the territory (if in the end you become a refugee). With bitcoin, you can make transactions and buy supplies without any territorial restrictions, like Fadey did ^[1]. People should think again about holding all their wealth in the bank, because none of us will end up with what our lives will look like in the future.

[1] https://www.cnbc.com/2022/03/23/ukrainian-flees-to-poland-with-2000-in-bitcoin-on-usb-drive.html

[legendbtc]

BITCOIN, as a back-up/fall-back if the legacy banking system is disrupted or fails, FIXES THIS.

But I believe their engineers and their software/cyber security experts will fix the issue, but what if there's a multi-month long disruption in your country's banking system, and when digital payments/debit cards/credit cards are down or are unreliable?

HODL those precious Bitcoins as a savings account, and use them only if you have no other choice.

If the banking system is disrupted for a long time, you will not be able to use your bitcoins because bitcoin is not yet an official currency and there are not too many stores that accept bitcoin payments. If that happens in my country, my bitcoins will also be useless because my area doesn't have a single store that uses or accepts bitcoins. In that case, I think fiat would work best, not bitcoin.

But I don't think the banking system will be disrupted for a few months because that will directly affect the national economy, and will even collapse if the Government does not find a solution. Frankly, that scenario is highly unlikely.

[NotATether]

I don't feel sorry for them since Iranian hackers keep messing around with USA infrastructure and also regularly meddle around with elections to influence them for their own gain, so it's time that those hackers are kept busy with fixing problems in their own country. As legally employed professionals, that is. Not as black hats attempting to hurt their own country

[Spaceman1000$]

BITCOIN, as a back-up/fall-back if the legacy banking system is disrupted or fails, FIXES THIS.

But I believe their engineers and their software/cyber security experts will fix the issue, but what if there's a multi-month long disruption in your country's banking system, and when digital payments/debit cards/credit cards are down or are unreliable?

HODL those precious Bitcoins as a savings account, and use them only if you have no other choice.

The inefficiencies in The legacy banking system is too ambiguous to begin to unravel, just today alone in my country Nigeria, a commercial Bank called GTB is said to have been hacked, though they've come out to debunk the news but some customers are saying that there could be some element of truth in the rumors going around earlier because of certain glitches they've experience. So considering all of this uncertainties, the safety and security of funds in most of this our traditional banking system can be questionable.

The security of Holdings your Bitcoin in your own custody and the safety that is attached with it, is almost a near perfect system comparing it with the inefficiences of the traditional banking system.

[pakhitheboss]

BITCOIN, as a back-up/fall-back if the legacy banking system is disrupted or fails, FIXES THIS.

I do not think that Bitcoin can be a backup against a legal tender as to how will you pay your bills. Bitcoin can be considered an asset or a commodity that can be used in a scenario where local fiat is wasted. Something that EL-Salvadore is doing and to a certain extent they have been able to gain economic instability.

But I believe their engineers and their software/cyber security experts will fix the issue, but what if there's a multi-month long disruption in your country's banking system, and when digital payments/debit cards/credit cards are down or are unreliable?

It can be Israel that did this hack or you can banking issue. The timeline of the proxy war between these two countries does sound similar to what is happening in Iran.

HODL those precious Bitcoins as a savings account, and use them only if you have no other choice.

HODL is what drives Bitcoin adoption and it's a reality as Bitcoin has been a need for those who belong to countries where the fiat is depreciating and Bitcoin price is appreciating

[Upgrade00]

Question will be, to what scale can Bitcoin were for daily transactions and how much effect will that have on global fees? In such a situation I see people posting for faster and cheaper blockchains over Bitcoin.

OTOH, a major internet outage / cyber attack would cripple peoples ability to use BTC.

And for the most part that is as easier attack to pull off in a lot of places then taking out *all* or even most of the banks.

I don't exactly get what type of cyber attack you're referring to but a major Internet outage will cripple lots of things, including traditional financial networks. Fewer and fewer people rely on cash now, so the internet is still the major means of transacting.

[Slow death]

When the Iranian government finds the hackers involved in this case, they will probably be hanged. I believe that the worst place for someone to do this kind of thing is in Iran. In countries like Iran, laws are based on religion and leaders can impose whatever punishments they want. In my country last year there was a blackout in the entire payment system. Banks stopped working, ATMs, POS, mobile wallets also stopped working for 24 hours. It was a huge chaos. I had bitcoins in my wallet, but the only thing I can buy is just refills for my cell phone, so I had to be patient and wait for the banking system in my country to return to normal operation.

[naira]

BITCOIN, as a back-up/fall-back if the legacy banking system is disrupted or fails, FIXES THIS.

But I believe their engineers and their software/cyber security experts will fix the issue, but what if there's a multi-month long disruption in your country's banking system, and when digital payments/debit cards/credit cards are down or are unreliable?

HODL those precious Bitcoins as a savings account, and use them only if you have no other choice.

If referring to my country of course the existence of fiat is important and the most important, but if there is chaos in the banking system then the economic cycle will be completely paralyzed, all that remains and can be utilized is the fiat left in each pocket. Bitcoin is not a legal payment method in my country so it does not necessarily become an alternative unless a legal agreement is made at that time but the lack of adoption also makes transactions using bitcoin ineffective.
In addition, it takes time to reorganize the transaction system because not everyone understands how bitcoin works. For those of us who already know it might be easy but for the general public, it will definitely take months/years and where can they get bitcoin if all savings accounts cannot make deposits.

[tranthidung]

HODL those precious Bitcoins as a savings account, and use them only if you have no other choice.

Your example is very good to describe unpredictable and unwanted events in life and to be safe, we have no other ways than having one or some alternatives.

Bitcoin is one of best alternatives for banks and fiat currency systems but I would like to store my fund in some assets, Bitcoin, gold, stable coin and fiat currency. Nothing is perfect and each of these assets have pros and cons but by diversifying my assets to these things, I will have more flexibility, convenience and defend my fund better.

[m2017]

BITCOIN, as a back-up/fall-back if the legacy banking system is disrupted or fails, FIXES THIS.

How? I would like to hear a detailed story describing such a scenario of the collapse of the banking system.

How do you imagine it? The entire banking system collapsed and all people immediately began to use bitcoin  en masse? Firstly, the first will not be allowed, the second will not happen.

But I believe their engineers and their software/cyber security experts will fix the issue, but what if there's a multi-month long disruption in your country's banking system, and when digital payments/debit cards/credit cards are down or are unreliable?

In that case, in my country everyone will switch to the “natural exchange” regime, that is, to the barter system.

HODL those precious Bitcoins as a savings account, and use them only if you have no other choice.

But if everyone will only hold bitcoin, then how can we talk about BTC-mass adoption and buying coffee for it?

What to do when you are forced to spend your bitcoin, but the current trend in the market is bearish and using bitcoib turns out to be a loss for you?

[Iranus]

Bank hacking is still a small problem, imagine if your country was invaded, as is currently being felt by Ukraine & Palestine, then with the FIAT you have it will also be difficult to carry out transactions outside the territory (if in the end you become a refugee). With bitcoin, you can make transactions and buy supplies without any territorial restrictions, like Fadey did ^[1]. People should think again about holding all their wealth in the bank, because none of us will end up with what our lives will look like in the future.

[1] https://www.cnbc.com/2022/03/23/ukrainian-flees-to-poland-with-2000-in-bitcoin-on-usb-drive.html

Using bitcoin may not be limited by territory, but you will also encounter many difficulties if the area you migrate to does not use bitcoin or it is illegal. Don't forget that bitcoin is not a globally legal currency and there are still some countries that ban it, so bitcoin may not help you if you find yourself in that bad situation.

Also, is it a wise idea to use bitcoin for payment when we have to pay extra transaction fees. If I were in that situation and could use cryptocurrency to pay, I would use altcoins to minimize costs because our situation requires us to be frugal.

[Zaguru12]

BITCOIN, as a back-up/fall-back if the legacy banking system is disrupted or fails, FIXES THIS.

But I believe their engineers and their software/cyber security experts will fix the issue, but what if there's a multi-month long disruption in your country's banking system, and when digital payments/debit cards/credit cards are down or are unreliable?

That’s the advantage of bitcoin of bitcoin been an alternative currency it comes through when you have difficulty getting transactions done with fiat, I have been a big fan of using bitcoin for even cross border transactions as it saves one the hassle of converting from one currency to another for international transactions. But one a case scenario like this bitcoin will still fall short in some areas like the purchase of little items or basically some people or nations not familiar with it will hinder it, but in a place where it is adopted properly then it would provide a good solution

HODL those precious Bitcoins as a savings account, and use them only if you have no other choice.

Although some will want to treat bitcoin fully as a currency which is very good option I prefer to treat it more as an asset and only make use of it when it is the most convenient option and using fiat will only cause me problems, this way I can avoid the constant scalability problems that people faces or rather the transaction fees or congestion problems.

[avikz]

BITCOIN, as a back-up/fall-back if the legacy banking system is disrupted or fails, FIXES THIS.

But I believe their engineers and their software/cyber security experts will fix the issue, but what if there's a multi-month long disruption in your country's banking system, and when digital payments/debit cards/credit cards are down or are unreliable?

HODL those precious Bitcoins as a savings account, and use them only if you have no other choice.

Actually it is surprisingly easier to fix the hacking incidents within centralised banking system. Because everything stays within the banking system which can be consolidated manually with the help of the Central Bank. I don't think the age old banking system still exists in any country. So it's easier to tackle such hacking incidents of the money is not withdrawn via other means.

At the same time, tackling a bitcoin hacking is not at all easy. We have seen multiple such incidents in the past where the money couldn't be recovered.

The latest one is Wazirx hacking. The money is lost till date with no hope of recovery.

[Die_empty]

BITCOIN, as a back-up/fall-back if the legacy banking system is disrupted or fails, FIXES THIS.

But I believe their engineers and their software/cyber security experts will fix the issue, but what if there's a multi-month long disruption in your country's banking system, and when digital payments/debit cards/credit cards are down or are unreliable?

HODL those precious Bitcoins as a savings account, and use them only if you have no other choice.

Bitcoin is indeed a backup currency in times like this. The current financial system in most countries is fiat-driven, so Bitcoin might not be able to replace it in times like this. Most exchanges depend on banks to function and physical cash might not be available since many countries operate a cashless economy. But it is still better to hold cryptocurrencies because it's not good to put your eggs in one basket.

I don't feel sorry for them since Iranian hackers keep messing around with USA infrastructure and also regularly meddle around with elections to influence them for their own gain, so it's time that those hackers are kept busy with fixing problems in their own country. As legally employed professionals, that is. Not as black hats attempting to hurt their own country

All Iranians are not hackers or government officials. I am also sure that not all of them will support such an action against the US. But in this condition, top government officials will always have ways of engaging in financial transactions. The people who will suffer the effects of this attack are the common men. So I feel sorry for the people of Iran who will have to suffer from this banking disruption.