Post
Topic
Board Economics
Re: What happens when there is NO electricity? How does one trade BTC?
by
Btcmicel
on 26/04/2018, 04:33:06 UTC
If there's a natural disaster cutting off electricity for days, trading bitcoin should be least of your worries really. Priorities man.

sorry I meant to say, how does one trade with BTC


ie. how does one buy food/water with BTC in such circumstances if BTC is the most preferred currency for trade (like Venezuela)

The simple answer is: you don't.
For a transaction to be validated you need to send it over the network. And this needs electricity and connection.
Normally at least the sender and recipient's phone would work (again: electricity and connection)
If this minimum requirement is not met, you're out of luck.

A different approach would be to have with yourself a number of paper wallets and had over the actual wallet. But that needs a super-high level of trust between you and the other part, since you can hand out empty paper wallets or just empty them at a short time later. Or give the same wallet to many others... This idea has far too many issues to be a good solution...
if someone ask me that question I would answer the same as you and ask this questions. Can you use a device without electricity? If there's an electricity second question will be ask if you can use a device with an electricity, Is there an internet connection? Why would bother asking that question that even a kid can answer the first and second question. The answer is You can't without electricity and internet connection.

We can't move forward, because nowadays electricity is very important in terms of all aspect especially in our gadgets. We can't trade our bitcoin unless we have solar.