What Would Happen To Bitcoin If There Were No Internet?

The quite simple answer to this question would be that Bitcoin would not be in business because it relies on the internet to conduct all phases of the business. That may be enough of an answer for you, but if not read and learn about why this would be so.

Just in case you have been living under a rock we need to explain exactly what Bitcoin is. It is a platform that has been decentralized and it offers peers a way to transfer virtual fund in exchange for services or products. It is basically money, without being money. There is absolutely no interference from any governmental agency, and no fees or rules can ever be instituted by banks and lending agencies. You can obtain Bitcoins in numerous separate ways. You can buy them outright. You can sell goods or services to others on the platform. Or you can mine for them, which requires some specialized software and a decent amount of tech savvy.

To understand how Bitcoin works you also need to understand what Blockchain is. Blockchain is an innovative technology that allows data to be entered, and stored, in what is called a public ledger. This means that anyone on the platform can see the data entered in. At least the information that is pertinent to them. This data is placed into a virtual block that holds all the data. Once that specific block gets full a new one will form, and then it will connect itself to the previous block, forming a long chain of data that combines information entered at any site that is connected to it. In this case, Bitcoin and its agents.

All this information relies on internet plans that are stable and secure. The huge benefit of using Blockchain is that it is almost impossible to hack. Once the data is added and the block connects to the previous chain, the information is on the ledger. Everyone on the platform can add information or check it. If A hacker does get through the security of a specific location, the others will know immediately that something has been altered. From there it is easy to track down the location of the infraction, and then the culprit responsible will be nailed to the wall (arrested).

So now, back to the question at hand. The internet is the center of Bitcoin. Everything that is done is through online platforms of like-minded people. Without internet Bitcoin would be pushed into nonexistence, to be remembered as a lesson in history of why the technological world relies on the internet for everything.

As things are currently Bitcoin will continue to increase in value, if consumers continue to use the platform. The internet will never disappear, at least not permanently. It may have issues and stop working for a fleeting moment, just like every other service that we use throughout the day. Once the internet is back up Bitcoin will be up and running for you. Of course, why you were down the person across the ocean that you were competing with while mining was able to continue doing so, giving them a huge advantage.

The bottom line is that Bitcoin, as well as every other industry in the world, relies on the internet to continue operating. Consumers expect to be able to conduct business online, without ever having to leave home, or take time off work. Online platforms are no longer a thing of the future. They are here, and they are here to stay. For good or bad, the future will continue to shift towards online business, which leaves a company like Bitcoin huge opportunities to streamline the processes.