Post
Topic
Board Bitcoin Discussion
Re: What happens if internet connectivity gets terminated
by
Sithara007
on 27/01/2021, 03:37:44 UTC
Came to a bank to repay monthly premium for the loan taken providing gold as collateral. I reached the support executive to know the total amount to be paid to get the collateral submitted. The internet connection has got some issue, and I wasn't able to get the required details. By the time it remembered me of the bitcoin into banking where everything is interconnected.

Right now each and everything is connected with internet and technology. The future of banking might happen through blockchain technology and bitcoin in mass adoption. By that time what will happen with the banking process if there happens a termination of internet connectivity for few days time.

If the internet connection gets disrupted, then all the banking services will be disrupted. Credit cards, debit cards.etc will not work. So this is not just applicable for Bitcoin. Apart from physical cash (banknotes, coins.etc), everything else will get impacted. Only way to get around it, is to create Bitcoin banknotes that are backed up with real Bitcoin (just like the Casascius physical bitcoins). Even in that case, mining may get affected. There can't be any mining activity without internet.