5 ms·

> requiring them to have an internet-connected smartphone to even be able to be banked by Bitcoin An internet connection is not required to hold a private key.

by tyrust 3y ago

> requiring them to have an internet-connected smartphone to even be able to be banked by Bitcoin An internet connection is not required to hold a private key. A hardware wallet would probably make the most sense.

troupo 3y ago
And they would be able to acquire that hardware wallet and get money into it how exactly?
- polygamous_bat 3y ago
  And how would you create a transaction without access to internet or a fairly modern device?
  - yieldcrv 3y ago
    one party has to have an internet connection, eventually. you can trade signed transactions around like a file for a long time and then someone else goes to the internet cafe to bulk upload eventually. no different than the practice of bundling credit card transactions together to reduce static fees, or settling a bunch of checks at the end of some time interval. it is a temporary trusted environment in all of those systems including bitcoin, no big deal. keep track of anybody whose payment failed. bitcoin transactions can be signed and traded where only one party has an internet connection. bitcoin transactions can be signed and traded where neither party has an internet connection. it just has to be broadcast and added to the chain eventually. so even in a world without ubiquitous internet this concept doesn't go away, it will always exist in some form or anybody can recreate it or perpetuate a blockchain that has fallen into disuse.
    - troupo 3y ago
      "Just" needs to be bundled (who will do that?), "just needs to be broadcast", "just"... At this point it's much easier and cheaper to open a bank account for every homeless person. Other points: Some of the points, and others, covered here: https://news.ycombinator.com/edit?id=36547210 https://news.ycombinator.com/edit?id=36547210
- tyrust 3y ago
  The original comment was about giving cryptocurrency to the homeless. So you would give them a wallet with a private key. A benefactor could send that money to the wallet, no internet connection for the recipient required.
  - troupo 3y ago
    The original comment was about banking the unbanked. With all the piles of would-bes, and justs, and perhaps in this thread (an inevitability in any crypto discussion) these pretend benefactors could just open bank accounts for the homeless, and it would be actually cheaper, and more beneficial. See also other points: https://news.ycombinator.com/edit?id=36547210 https://news.ycombinator.com/edit?id=36547210
    - tyrust 3y ago
      You said something wrong and I corrected it. That's all.

by tyrust 3y ago

troupo 3y ago

And they would be able to acquire that hardware wallet and get money into it how exactly?

polygamous_bat 3y ago
And how would you create a transaction without access to internet or a fairly modern device?
- yieldcrv 3y ago
  one party has to have an internet connection, eventually. you can trade signed transactions around like a file for a long time and then someone else goes to the internet cafe to bulk upload eventually. no different than the practice of bundling credit card transactions together to reduce static fees, or settling a bunch of checks at the end of some time interval. it is a temporary trusted environment in all of those systems including bitcoin, no big deal. keep track of anybody whose payment failed. bitcoin transactions can be signed and traded where only one party has an internet connection. bitcoin transactions can be signed and traded where neither party has an internet connection. it just has to be broadcast and added to the chain eventually. so even in a world without ubiquitous internet this concept doesn't go away, it will always exist in some form or anybody can recreate it or perpetuate a blockchain that has fallen into disuse.
  - troupo 3y ago
    "Just" needs to be bundled (who will do that?), "just needs to be broadcast", "just"... At this point it's much easier and cheaper to open a bank account for every homeless person. Other points: Some of the points, and others, covered here: https://news.ycombinator.com/edit?id=36547210 https://news.ycombinator.com/edit?id=36547210
tyrust 3y ago
The original comment was about giving cryptocurrency to the homeless. So you would give them a wallet with a private key. A benefactor could send that money to the wallet, no internet connection for the recipient required.
- troupo 3y ago
  The original comment was about banking the unbanked. With all the piles of would-bes, and justs, and perhaps in this thread (an inevitability in any crypto discussion) these pretend benefactors could just open bank accounts for the homeless, and it would be actually cheaper, and more beneficial. See also other points: https://news.ycombinator.com/edit?id=36547210 https://news.ycombinator.com/edit?id=36547210
  - tyrust 3y ago
    You said something wrong and I corrected it. That's all.