What's Hot

    CFTC plans to tighten regulation of the crypto industry in 2023

    04.02.2023

    A resident of Maykop lost 1 million rubles while trying to make money on cryptocurrencies

    04.02.2023

    Huge state-owned Chinese blockchain ChainMaker

    04.02.2023
    Facebook Twitter Instagram
    Saturday, February 4
    Facebook Twitter Instagram
    Crypto News
    • Home
    • Bitcoin
    • Ethereum
      • Altcoins
      • ICO
    • Analytics
    • Blockchain
    • Other
      • DeFi
      • Mining
      • Regulators
      • Security
    Crypto News
    Home»Analytics»What will happen to bitcoin if the internet goes down
    c5b43da116d07b4573f7a13dd0870abe8fe2bc8e
    Analytics

    What will happen to bitcoin if the internet goes down

    AdministratorBy Administrator07.03.2022No Comments4 Mins Read
    Share
    Facebook Twitter LinkedIn Pinterest Email


    Reading time: ~2 m


    The editors of BeInCrypto tried to find out how the scaling of sanctions could affect bitcoin and the cryptocurrency market

    At the end of February, the United States increased sanctions pressure against Russia due to the geopolitical conflict with Ukraine. Soon the scale of restrictions reached the cryptocurrency market. The editors tried to figure out what will happen to bitcoin if isolation from Europe and the United States reaches its climax.

    Bitcoin will live, but not everywhere

    First of all, it is worth noting that Bitcoin itself will continue to exist. The West has long prepared for even the toughest scenarios. For example, the Blockstream company launched its own satellite into space with support for the Bitcoin network a long time ago. The BitMEX exchange has already connected to it.

    However, they admitted that they are not completely sure of the usefulness of the satellite for exchanges due to certain restrictions when completely disconnected from the Internet. In addition, data transmission is centrally controlled by Blockstream, which also complies with the requirements of the sanctions regime.

    In Russia, too, by the way, they proposed launching a blockchain satellite into space, but so far no progress has been made officially beyond talk.

    Miners between two fires

    Whether the sanctions have affected bitcoin miners is still difficult to say. It is known that restrictions are already being introduced in some of the largest mining pools for ether. However, even if miners from Russia are cut off from the entire market, although this will lead to a reorganization of the hashrate, it will not greatly affect the entire bitcoin network.

    This is because the US alone accounts for 35.2% of the total network hashrate, according to the University of Cambridge. For comparison, Russia accounts for 13.6% and Kazakhstan for 21.9%. In fact, the US almost covers the market of Russia and Kazakhstan. You can read about how the protests in Kazakhstan and the complete shutdown of the Internet in the region affected bitcoin (and whether it affected at all) here.

    Non-custodial wallets under attack

    There is an expression in the cryptocurrency community “not your keys, not your cryptocurrency”. This implies that the maximum security of a cryptocurrency can only be in personal storage on a wallet with control of a private key.

    However, even here there can be difficulties. One such illustrative example was the MetaMask non-custodial wallet, which temporarily became unavailable to all users from Venezuela. Shortly after the wave of indignation appeared on the Internet, representatives of the wallet said that the cause of the problems was “incorrect configuration” at the data provider – Infura.

    Of course, MetaMask does not support bitcoin. However, this does not mean that other non-custodial bitcoin wallets do not work on a similar principle. Most mobile applications for storing cryptocurrencies use the services of API providers in one way or another.

    It is simply convenient and expedient from an economic point of view. There is no need for a business to deploy and maintain a node for each individual blockchain network. Instead, there are providers like Infura, Alchemy and others who take care of all the technical part and process transfers, display rates and other indicators. These same providers decide whether you can send cryptocurrency on most applications or not.

    The only option for the most secure storage and circulation of bitcoin is the full download of the node, however, the network weight exceeds 200 GB. Also, the user should understand that even with a full node, you still need an active Internet connection for constant data exchange.

    Disclaimer

    All information contained on our website is published in good faith and objectively and for informational purposes only. The reader is solely responsible for any actions taken by him on the basis of information received on our website.




    #happen #bitcoin #internet

    Bitcoin happen Internet
    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
    Avatar of Administrator
    Administrator

    Related Posts

    “Cryptotolet will start in Q2 2023”

    04.02.2023

    Artificial intelligence determined the price of Solana on February 28

    04.02.2023

    Top Altcoins Unlucky This Week

    04.02.2023

    how the decision of the American authorities affected the crypto market

    03.02.2023
    Add A Comment

    Leave A Reply Cancel Reply

    Recent Posts
    • CFTC plans to tighten regulation of the crypto industry in 2023
    • A resident of Maykop lost 1 million rubles while trying to make money on cryptocurrencies
    • Huge state-owned Chinese blockchain ChainMaker
    • “Cryptotolet will start in Q2 2023”
    • Elon Musk vows to share ad revenue with content creators
    Recent Comments
    • 수원출장 on A professor from a US university restored the Tornado Cash code to GitHub
    • 123 on Taproot support added to LND Lightning client
    • houston junk car buyer on 16,000% increase in social media mentions in 2021 Shiba inu
    • Jim Carrey Memy on Bitwise Launches NFT Tracking Index Fund
    • hotshot bald cop on Kava developers launch testnet with EVM support
    Archives
    • February 2023
    • January 2023
    • December 2022
    • November 2022
    • October 2022
    • September 2022
    • August 2022
    • July 2022
    • June 2022
    • May 2022
    • April 2022
    • March 2022
    • February 2022
    • January 2022
    • December 2021
    • November 2021
    • October 2021
    • September 2021
    • August 2021
    • July 2021
    • June 2021
    • May 2021
    • April 2021
    • March 2021
    • February 2021
    • January 2021
    • December 2020
    Categories
    • Altcoins
    • Analytics
    • Bitcoin
    • Blockchain
    • Ethereum
    • ICO
    • Mining
    • Other
    • Regulators
    • Security
    Meta
    • Log in
    • Entries feed
    • Comments feed
    • WordPress.org
    Top Posts

    Subscribe to Updates

    Get the latest sports news from SportsSite about soccer, football and tennis.

    Advertisement
    Demo
    Facebook Twitter Instagram Telegram
    • Home
    • Bitcoin
    • Ethereum
    • ICO
    © 2023 Bt-Crow.com - CryptoNews

    Type above and press Enter to search. Press Esc to cancel.