How Sustainable Will Bitcoin Be After the Apocalypse?
Over the past few years, worldwide fears of an apocalypse-type scenario have increased quite a bit. The trend is likely to be associated with global economic turbulence, failed central planning, and the rise of tyrannical governance. With people believing doomsday may come to pass, many are hoarding various commodities like precious metals, and now even bitcoins. However, people wonder how sustainable the Bitcoin network will be throughout a global apocalyptic crisis.
Also Read: Needham: Banning Does Not Prevent Bitcoin Adoption
Are Rich Silicon Valley-Types Hoarding Cryptocurrencies for Doomsday?
The New Yorker recently published a lengthy editorial called “Doomsday Prep for the Super-Rich” detailing some interesting findings on the world’s wealthiest preppers. Of course, the individuals are hoarding the usual supplies of precious metals, rations and building unique bunkers. But one particular rich-prepper, Tim Chang, a venture-capital firm managing director, says the super-rich are also stockpiling Bitcoin.
“There’s a bunch of us in the Valley,” Tim Chang details to the New Yorker. “We meet up and have these financial-hacking dinners and talk about backup plans people are doing. It runs the gamut from a lot of people stocking up on Bitcoin and cryptocurrency, to figuring out how to get second passports if they need it, to having vacation homes in other countries that could be escape havens.”
At the moment many individuals across the globe are using Bitcoin to avoid capital controls, currency devaluation, and absurd government mandates over a citizen’s wealth. The cryptocurrency has become known as a hedge and even a financial ‘safe haven’ among global investors. However, if there was a catastrophic apocalyptic scenario, would Bitcoin still be maintainable? Bitcoin is an online currency and events such as an electrical grid-outage could affect the network significantly.
Can Bitcoin Survive a Massive Power-Outage?
Bitcoin very much depends on the internet, and the cryptocurrency’s network of miners and nodes depend heavily on electricity. The digital asset could survive quite well if there were no loss of the web or a global electrical power crisis. However, if these particular events took place in an apocalyptic situation, Bitcoin would have a difficult time. Moreover, if the power grid fails, global citizens will have more problems on their hands than worrying about Bitcoin. Yet the blockchain could still survive offline, and node operators and miners could reboot the network as soon as internet connections came back. One Redditor details how the blockchain would not collapse and circulating bitcoins could survive a large electrical outage.
No new blocks doesn’t mean the blockchain would collapse. Only it would remain static and not include new transactions, but the coins would still be there.
As well as people rebooting the network after a power outage, there may be other ways the network could survive. There have been multiple theories of the blockchain being kept up-to-date with a 2400 HAM-radio baud connection and discussions of rudimentary mesh networks that could keep transactions going. Other concepts like broadcasting the blockchain over the radio have been tested in the past and thoughtful conversations on other ways to keep the network running. The fact of the matter is the human race will strive to restart the electrical system and get the internet running for communication purposes after the smoke clears. It’s definitely possible Bitcoin could very well survive this type of doomsday event.
Human Survival Will Not be Suppressed Forever
Bitcoin is a remarkable innovation and was released to the public during the 2008 financial collapse. During these times of duress, humans have always figured out ways to conquer the world’s obstacles. Hoarding bitcoins for a doomsday scenario may not be a bad idea as people could use the digital currency in multiple ways for survival. Of course, there are various vulnerabilities to the network the community will have to try to overcome. Yet as the old saying goes, ‘where there’s a will there’s a way.’
Do you think it’s smart to stockpile cryptocurrencies for the apocalypse? Let us know what you think about these subjects in the comments below.
Images courtesy of the movie Constantine, and Pixabay.
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