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bitcoin and most cryptocurrencies function without a ubiquitous internet as in: someone’s will always have computers linked together networking cant be shut o
by vmception 6y ago
bitcoin and most cryptocurrencies function without a ubiquitous internet
as in: someone’s will always have computers linked together
networking cant be shut off, ubiquity can
end users dont need todays convenience of always knowing their balance, it can degrade to going to an internet cafe or bank to check your balance
and transact with your notes
transactions can be made offline, transported offline like files and eventually sent to the network again for inclusion in the blockchain
someone has to go back to the internet cafe / bank
like the merchant at the end of the day
the only real issue is the initial hashrate drop if all major mining nodes were disconnected and couldnt reconnect. so up to the first few months, for bitcoin exclusively, could be stressful, but then difficulty will adjust for the remaining computers and accept transactions at the expected speed
- zupreme 6y agoI think you are missing the trust-factor inherent in Bitcoin and related cryptocurrencies. If you pay me 1 coin, I trust that you have the coin to spend because of collective verifications from other nodes in the network which confirm the same. Similarly once you spend that coin with me, others may trust that I now have that coin to spend because of the same collective verification structure. Offline transactions eliminate such trust capabilities due to the lack of transaction and balance verification.
- vmception 6y agowhile you work on restoring ubiquitous internet the rest of us in the wasteland still have something better than a bottlecap based economy you described something that temporarily puts it on equal footing with checks, but presented a higher standard exclusively for bitcoin to meet
- blueblisters 6y agoOffline double-spend is still an unsolved problem. What prevents a rogue actor from making duplicates of the tokens and transact with it multiple times a day before the transactions are tallied with a blockchain? And fyi, it’s much harder to duplicate bottlenecks than your bitcoin wallet at the moment. Edit: bottlecaps not bottlenecks lol