How far would the internet take us? It has currently made a number of conveniences like bitcoin, blockchain technology, and NFTs available to us. What benefits for humankind! Except that we now depend more and more on it. Without internet, we wouldn’t have access to things like phone lines, banking services, etc. Additionally, we will lose access to military defense systems, air transportation, and regrettably bitcoin transactions at the same moment.
Online blackout and some experimentation
In light of the conflict between Russia and Ukraine, several observers have proposed the theory that Vladimir Putin has hacked the Internet. Fortunately, the Kremlin strongman hadn’t considered it, or we wouldn’t have access to our cryptocurrency wallet and many other conveniences.
You should be aware, though, that nature can also act on its own and strike the Internet with regret. This is in addition to human volition. The massive forest fires, which directly effect the availability of electricity, would also have an impact on online accessibility.
Similar to how decisions about internet filtering by the government influence bitcoin enthusiasts’ activity Iran and India are accustomed to turning off their local internet when there are protests by opponents, whereas Russia enjoys using firewalls.
Following violent clashes between security forces and demonstrators earlier this year, Kazakhs were also forced to pay for an internet blackout. The latter group is dissatisfied with the rise in fuel prices.
The demonstrators had no means of communicating without the internet. Unfortunately, this ruling also affected bitcoin miners in Kazakhstan. stating that according to Fortune, the nation is responsible for 18% of the world’s Bitcoin mining.
However, due to its interdependence, the crypto world is still affected by internet restrictions in Kazakhstan. The price of bitcoin dropped all the way to $43,000 shortly after it was set up. It is significantly better than the course at the time this piece was written. In fact, CoinGecko shows 19,173 USD.
This illustrated Kazakhstan’s significance in the bitcoin ecosystem.
Impacts of Internet Outage and Bitcoin
Bitcoin will continue to exist without the internet. But because they are wholly dependent on him, the transactions will cease to exist or at least be significantly reduced.
In the absence of internet:
- The computers won’t be able to communicate with one another since the Bitcoin network will stop operating. The blockchain ledgers’ data, which will be available once the Internet is restarted, will be unaffected by the downtime. The phrase “temporary suspension of transaction processing” would be the most appropriate;
- The inevitable outcome of this transactional restriction is a complete loss of faith in bitcoin. People who use bitcoin as a store of value will have an unfavorable opinion of the queen of cryptocurrencies if they are denied access to it for an extended period of time.
