3 ms·

Another reason why itcoin is a pipedream too, particularly for third world countries

by skc 1y ago

PhilippGille 1y ago
If an ATM is down, it's down. With Bitcoin you can still use mesh networks. Here's an old article about an example: https://bitcoinmagazine.com/culture/samourai-and-gotenna-enable-bitcoin-transactions-without-internet-access https://bitcoinmagazine.com/culture/samourai-and-gotenna-ena... (Samurai wallet is defunct, but the principle holds up)
peab 1y ago
You can have physical bitcoins - devices that hold a private key in a tamper free way. The private key holds a fixed amount of BTC
- _heimdall 1y ago
  Without power or an internet connection you can't validate that the btc hash is unspent, avoid double spends, or validate that your taking ownership of it made it to the blockchain and was confirmed for a few blocks. Sure you can transfer the private key from one device to another, but (a) you can't know the other person didn't retain a copy of it and (b) you would be limited to spending the exact amount you have in an existing transaction because you couldn't send a transaction to the chain that splits it.
  - emporas 1y ago
    You've to got a reputation system with identities also stored on the blockchain, and you accept the transactions only from the most trustworthy people. Counterfeit paper currency exists, and counterfeit bitcoin (not BTC) transactions might exist, but not every person is equally suspect of using counterfeit money.
    - _heimdall 1y ago
      Sure, but then you aren't really using bitcoin. The whole point of bitcoin was to be a trust less system where transactions are verified cryptographically on the blockchain. Transacting bitcoin private keys without going to the network and trusting the other party to not scam you defeats the whole purpose.
throw9393r8r9rj 1y ago
[flagged]
red_admiral 1y ago
I agree that bitcoin is a poor solution for anyone but a small elite. But as long as you have the mobile network on diesel generators (which you do in countries where power cuts happen regularly), something like M-PESA still works.

Another reason why itcoin is a pipedream too, particularly for third world countries

by skc 1y ago

Another reason why itcoin is a pipedream too, particularly for third world countries

If an ATM is down, it's down. With Bitcoin you can still use mesh networks. Here's an old article about an example: https://bitcoinmagazine.com/culture/samourai-and-gotenna-enable-bitcoin-transactions-without-internet-access https://bitcoinmagazine.com/culture/samourai-and-gotenna-ena... (Samurai wallet is defunct, but the principle holds up)

peab 1y ago

You can have physical bitcoins - devices that hold a private key in a tamper free way. The private key holds a fixed amount of BTC

_heimdall 1y ago
Without power or an internet connection you can't validate that the btc hash is unspent, avoid double spends, or validate that your taking ownership of it made it to the blockchain and was confirmed for a few blocks. Sure you can transfer the private key from one device to another, but (a) you can't know the other person didn't retain a copy of it and (b) you would be limited to spending the exact amount you have in an existing transaction because you couldn't send a transaction to the chain that splits it.
- emporas 1y ago
  You've to got a reputation system with identities also stored on the blockchain, and you accept the transactions only from the most trustworthy people. Counterfeit paper currency exists, and counterfeit bitcoin (not BTC) transactions might exist, but not every person is equally suspect of using counterfeit money.
  - _heimdall 1y ago
    Sure, but then you aren't really using bitcoin. The whole point of bitcoin was to be a trust less system where transactions are verified cryptographically on the blockchain. Transacting bitcoin private keys without going to the network and trusting the other party to not scam you defeats the whole purpose.

throw9393r8r9rj 1y ago

[flagged]

red_admiral 1y ago

I agree that bitcoin is a poor solution for anyone but a small elite. But as long as you have the mobile network on diesel generators (which you do in countries where power cuts happen regularly), something like M-PESA still works.