When Crypto has replaced Fiat, but then the internet is shutdown!!!

[faceless 296]

I was thinking, what if Bitcoin and other altcoins has replaced fiat money and fiat has gone extinct. Then in few years the internet is shutdown, that means no transactions no food, maybe people will go back to barter trade but then some will suffer as they will have nothing to offer.

 

What exactly do you think will happen then.

[Sumayya 493]

There will be prevention for that to happen. It will not be allowed to Happened, the internet will be monitored so much that it will not go off even for a second

[ibtismanipun 120]

Logically it's true. But there is no chance of it. And another fact is , cryptocurrencies can never replace fiat currency due to trust issue.

[faceless 296]

25 minutes ago, ibtismanipun said:

Logically it's true. But there is no chance of it. And another fact is , cryptocurrencies can never replace fiat currency due to trust issue.

What trust issue, crypto will surely relce fiat, juts like Fiat replaced barter trade. It is simple evolution.

[faceless 296]

2 hours ago, Hamden said:

Thanks for the topic.

Digital currencies will unite the place of banknotes. The Internet is a means of transmitting data via cable, satellite or terrestrial radios.
Sir, do you think the world will lose the internet?

Anything is possible, i men what's the best hack if not disabling the whole internet service. There are hackers who are dedicated juts to do that.

[TimopheyKa 3900]

Fiat currency is in fact the usual world currency? But what about without it? It turns out that in order to get food, we will have to work. It's quite illogical, in fact we go back to ancient times when people worked to eat food well, too

[miskyming 1588]

If there is no internet nor electricity then people will go to the old way which is barter, trading items or food in order to survive, but I believe this will resolve immediately to go back internet or electricity, some people are smart

[Migo 7946]

I don't think so mate, fiat currency can not be replaced or disappeared just like that, I think bitcoin will at the same side with real currency not replace it

[fuer44 1083]

then we will return to fiat, and if fiat is already gone when it is replaced by crypto, then we will return to barter. where we will barter in goods to get what we need.

[maricans 401]

On 11/26/2019 at 10:01 PM, faceless said:

I was thinking, what if Bitcoin and other altcoins has replaced fiat money and fiat has gone extinct. Then in few years the internet is shutdown, that means no transactions no food, maybe people will go back to barter trade but then some will suffer as they will have nothing to offer.

 

What exactly do you think will happen then.

In my personal opinion, i don't think fiat currencies will extinct, crypto currencies and fiat will both exist in the world of mankind for more option of people to use for in the case of "internet shutdown".

[Afrizal rahman 2636]

I think bitcoin will be used all over the world and the internet will still be maintained because people have used it all. this is just my opinion, sorry if there are mistakes because I'm a beginner here.

[kyoukage01 3181]

What, you have been watching too many Terminator movies, haven't you?

 

People might be able to adjust if the shutdown of the internet is previously announced and is gradual. (This scenario of course is very unlikely to happen, but the possibility isn't zero.) But if the change is sudden and the internet is suddenly gone, expect chaos and panic throughout the world. The most hit will definitely be the highly populated and highly urbanized areas, as the local populace struggle to meet their daily needs on a fast dwindling supply. And with no means of transaction (digital currency like crypto has already replaced physical money, remember?) then businesses might shut down, jobs will be lost, and 'mobocracy' might reign.

 

Or maybe people will remain calm and will just simply revert to the 'old ways'. Third world and rural societies might be able to make this transition easily, compared to the highly urbanized and digital society.

 

Maybe if you want to avoid this, don't invest in cryptocurrencies alone. Get yourself some land, then do whatever you want with it. Maybe farm crops? LOL 😄.

 

Edited June 21, 2020 by kyoukage01

[yifnt 666]

The internet will never be turned off and will continue to grow rapidly because we are already heading for the 4.0 technology revolution. What will happen is indeed the possibility that physical money will rarely be used because all will switch to digital money such as using NFC etc. So after that we will only go to cryptocurrency

[Naylor89 1223]

If the internet goes down then bitcoin would be useless. The reason is exist is because of the internet. it can't be used if there's no internet, but the chance is very low as much as probability of cross privkeys.

[Brushless4500KV 4214]

Cryptocurrency may or may not replace fiat currency some day but it has nothing to do with internet shutdown! Internet will remain useful as a means of communication and information transfer. Internet was not developed to support cryptocurrency!

In my opinion, cryptocurrency and fiat should coexist. Think of it for a moment. There are lots of topics here in which members discuss about cryptocurrency price. This means we measure cryptocurrency price against fiat price. If there is no fiat, how can you trade and make profit? Cryptocurrency volatility is also relates to fiat. If there is no fiat, there is no volatility and without volatility there is no trading! Most of us buy and sell cryptocurrency with our fiat currencies. If fiat becomes extinct, there will be no investments and no price predictions!

 

Edited November 29, 2019 by Brushless4500KV

[Thekingcallme 1975]

There are dangers everywhere and even the banks are working on a local network and sometimes the network is interrupted or there is a problem.
This has happened to me once I'm in the bank in order to withdraw some money
That is why these will be temporary problems that we can wait to solve and will not be for a lifetime

[avatarkiyoshi 270]

If internet is shut down this will shut down every activities, communication, or even the circulation of fiat itself, so this situation will not happen unless there are a world war 3.

[Muphin 459]

On 11/26/2019 at 10:01 PM, faceless said:

I was thinking, what if Bitcoin and other altcoins has replaced fiat money and fiat has gone extinct. Then in few years the internet is shutdown, that means no transactions no food, maybe people will go back to barter trade but then some will suffer as they will have nothing to offer.

 

What exactly do you think will happen then.

I would like to think that crypto are still in the future as well as fiat currency. It would be so hard if there were to be no fiat currency in a country, businesses and companies would be very much affected it that is to happen. 

But if what you said were to happen, I think the government from that time had already seen this scenario so by that time, I think they would release again the local currency.

[Yanadia 1517]

1st it feels like bitcoin and fiat are running. As do not mutually not replace each other like.  Fiat.and gold is a parable of "bitcoin and fiatthia time  and in the future of it.

 I believe the government has anticipated this because internet is already a primary need.  All aspects., Company, etc.almost them using internet .... 

[duncun007 3577]

i was thinking the same thing and thats why i say bitcoin and fiat need each other to survive because if youre traveling with cash its dangerous so its better to have your money in crypto and cash it in when you need it and also use cash when you cant use crypto.

[lcm 172]

For many reasons crypto will replace FIAT soon. Crypto is way better than FIAT money. the main feature is that it is decentralized! border-less, unmutable, fair, etc, etc!

[SyntaxEr. 709]

On 11/26/2019 at 10:01 PM, faceless said:

I was thinking, what if Bitcoin and other altcoins has replaced fiat money and fiat has gone extinct. Then in few years the internet is shutdown, that means no transactions no food, maybe people will go back to barter trade but then some will suffer as they will have nothing to offer.

 

What exactly do you think will happen then.

To be honest this scenario is very impossible the only possible to happen is that cryptocurrency will take over the fiat system.

[duncun007 3577]

25 minutes ago, SyntaxEr. said:

To be honest this scenario is very impossible the only possible to happen is that cryptocurrency will take over the fiat system.

well ever since online payment came to existence the general people started asking this important question what will happen if the internet got shut down worldwide? and that would be a problem to bitcoin because you can take your money out of banks but cant take it out of bitcoin.

[aqua 773]

On 11/26/2019 at 9:01 PM, faceless said:

I was thinking, what if Bitcoin and other altcoins has replaced fiat money and fiat has gone extinct. Then in few years the internet is shutdown, that means no transactions no food, maybe people will go back to barter trade but then some will suffer as they will have nothing to offer.

 

What exactly do you think will happen then.

We cannot continue to use crypto because we don't have a connection, and we can be stuck in that time. The market will go down, and it is hard to raise again, and even people will leave crypto because they don't think that they can make money from the crypto again. But I am sure that we will have new things that will help us to make money because the human will search the other way if we got a problem with the previous one. But for sure, we will use the traditional way to make a transaction because the human need to buy and sell something to fill their lives.

[zhaazure27 524]

On 11/26/2019 at 10:01 PM, faceless said:

I was thinking, what if Bitcoin and other altcoins has replaced fiat money and fiat has gone extinct. Then in few years the internet is shutdown, that means no transactions no food, maybe people will go back to barter trade but then some will suffer as they will have nothing to offer.

 

What exactly do you think will happen then.

This is a problem that must be solved by people who want crypto to be used in the future. A very seriuos problem if when we all over the world already use crypto currency and at one time the internet network is paralyzed with time that can not be determined. This will greatly threaten life in the world. Maybe people will go back to using the barter system to make a living until the internet recovers.