When Crypto has replaced Fiat, but then the internet is shutdown!!! - Page 7 - Crypto World - CryptoTalk.Org Jump to content
faceless

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

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I do not think that crypto will ever be able to completely replace the fiat currency mainly because it is the fiat currency that gives the crypto its value and therefore without the fiat currency as a backing there is going to be no legal tender and this will make many transactions impossible. Therefore i think that the presence of crypto is to work in conjunction with the fiat currency and not as a way to overtake the fiat currency because if they work together then the currencies will be able to achieve much more.

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Cryptocurrencies are hugely depends on electricity and internet, without these two there is no concept of cryptocurrencies. So if cryptocurrencies completely replaces fiat in future then there should be some mechanism by which internet or electricity can't go even for a second.

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On 11/26/2019 at 3:01 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 think crypto can't replace FIAT totally. Note that Crypto is digital currency that can't be manipulated by Government and meanwhile Government can manipulated FIAT - which simply means that Govern. will never allow FIAT to be replaced by any other currency. 

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first of all i don't think this will happen since crypto is considered as illegal by countries and it is impossible to allow it to replace their national currencies  but in case anything happened and internet cut off for a period of time then price of coins will fall for sure

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Don't worry the chance that the internet would be shutdown is so low because no one owns it, so there is no one who knows how to shutdown it. Well maybe it would happen if we destroyed all the gadgets and satellites, see it is so impossible.

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You are thinking backward I guess. Because internet shutdown is same as current cut. If internet is shutdown do you think that it will only effect crypto. No never. It will effect every thing. We are as much as in need of internet that we are in need of current. So I will say never its going to happen. But the point that crypto will replace fiat that will happen.

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First of all, cryptocurrency can't replace the fiat currency because cryptocurrency are only the means of transaction and those who like to transact crypto they will transact who want with fiat they will do same. But the only difference is majority people will transact with cryptocurrency because it will be fast and easy and finish with in a seconds.

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Probably yes friend, obviously not going to like many as this happens.

Imagine that 80% of the world's population take their savings out of the bank and invest them in crypto? If no one wants to accept fiat money anymore, or usd, or euros, only BTC or another currency, then it will be time for the internet to be radically taken down by the great powers that have their control. Dark times will be seen at that time. It is not very far from the truth.

Will governments integrate into the new reality and accept that they lost their power?

Many countries have already made it legal for their citizens to handle BTC or other crypto as a form of payment, they recognize them. Others not so many and still do not give the arm to twist and recognize the future.

Greetings.

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On 11/26/2019 at 4:01 PM, faceless said:

Then in few years the internet is shutdown

What is the possibility of this happening? 0%. So you are talking about something that is not ever going to happen, is there any reason to make a post about something that is never going to happen?

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10 minutes ago, kryptonick said:

What is the possibility of this happening? 0%. So you are talking about something that is not ever going to happen, is there any reason to make a post about something that is never going to happen?

yea a lot of members on here make stupid posts about hypothetical scenario, just so they can get paid because we all know with the technological age we live in it will be impossible to have the internet shutdown worldwide. 

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Hello dear friends and colleagues of this great forum I personally believe that if that happened we would be talking about the apocalypse but I honestly believe that this is very unlikely to happen
  Good luck and big winnings for the whole community
A big greeting

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Cryptocurrency in my opinion cannot replace fiat, if there is no internet anymore then fiat and cryptocurrency cannot be used, not only fiat cryptocurrency too, the reason is 80% digital fiat and 20% paper, if lots of paper prints will definitely make the fiat value lower. So fiat and cryptocurrency both need the Internet, otherwise the internet cannot be used.

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Where have you seen this that the internet can be shut down? Very good argument there. If the sun turns black what will happen to Bitcoin. Would you be able to use your banks without the internet? They require the internet too you know.

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I have also thought that what happens if there will be no more internet and there is no longer fiat money, people will enter into a great cause and it would be poverty in many countries and people since they will not have their cryptocurrencies and they will not have money to support themselves I think the world  I would have to re-occupy fiat money although I don't think they will ever remove the fiat money but anything is possible.

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Every problem have their own solution and if the people face an kind of problem they must find any way to over come this issue. If the internet will shut and they crypto is stuck for a bit then the people might be back to the old way to transaction.

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Just like crypto currency, the internet cannot just be shut down without any form of justifications, many private internet services providers will loose millions in revanue if they decide to do so

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We have never witnessed the internet being shut down. I don't think that will happen anytime soon. There are lots of people and firms that invest heavily into the stability of the internet because their businesses depends on it. The government too is also putting huge money into the maintenance of the internet.

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The problems will be bigger if the internet somehow ever shuts down and it will not only be a problem for cryptocurrencies. So as you see you make a point about the small percentage of problems that will be created if we don't have suddenly any internet at all.

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Perhaps you live at a place where internet is offline very often but this is not happening everywhere. In most countries the internet is stable and you can't shut it down. Perhaps the ISP can do that after an order by a government but there will be ways found as there is satelite internet too.

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My friend you are asking questions that are so extreme that will not ever happen. Is it possible what you ask to happen? This is fiction and not even a movie ever made with something about all the internet shutting down because it is easier to find aliens in space than this to happen.

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The internet is not shutting down, so this is the answer. Also you can't trade Bitcoin without the internet and no transaction can take place unless you use the private key inside a wallet that is connected to the internet. Without internet Bitcoin doesn't work.

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I don't think bitcoin and altcoin will replace fiat, because a country has its own currency and is governed by the country's constitution. If the internet doesn't exist, it's not just cryptocurrency that doesn't exist, meaning that fiat can't be used anymore because most fiat is already in digital form. Only a small percentage of fiat uses paper.

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That's messed up but when you talk about the internet been shutdown, that's another level of apocalypse bro, almost impossible.

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On 11/26/2019 at 7:01 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.

If this happened all the world will be in chaos and economic crisis will fall to everywhere because small, medium and large investment will be at internet and we don't have any excess to them. The old era will comes again and people will start with gold or other mediums for trading. So better be hold gold for those time. 

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