Stumbled upon this White Paper by the evangelist´s super hero "Satoshi Nakamoto": https://bitcoin.org/bitcoin.pdf Abstract. A purely peer-to-peer version of electronic cash would allow onlinepayments to be sent directly from one party to another without going through afinancial institution. Digital signatures provide part of the solution, but the mainbenefits are lost if a trusted third party is still required to prevent double-spending.We propose a solution to the double-spending problem using a peer-to-peer network.The network timestamps transactions by hashing them into an ongoing chain ofhash-based proof-of-work, forming a record that cannot be changed without redoingthe proof-of-work. The longest chain not only serves as proof of the sequence ofevents witnessed, but proof that it came from the largest pool of CPU power. Aslong as a majority of CPU power is controlled by nodes that are not cooperating toattack the network, they'll generate the longest chain and outpace attackers. Thenetwork itself requires minimal structure. Messages are broadcast on a best effortbasis, and nodes can leave and rejoin the network at will, accepting the longestproof-of-work chain as proof of what happened while they were gone. So, what do we do if - God forbid - the internet network goes dark and we are all "lost in transaltion"? Yeah, I know - won´t happen, isn´t it evangelists?
What happens if hyper inflation destroys the dollar? What if someone blows up the NYSE? What if what if what if, indeed.
Btc is backed by its community, while fiat paper money by the state (in force). As long as a state can pay back it's debt, and has no political trust problems or others, like riots, it's no problem. But once it happens, btc will be like gold ; )
You can use BTC without internet. Blockstream broadcasts the blockchain via satellite network, so even when the entire world goes offline you can still access your money as long as you have a satellite uplink. You're not the only one who is thinking in "what if's" and there are people out there who are 100x smarter than you...and they have a lot of BTC
blazes - too many movies NYSE's servers aren't in NYC. It stands there as a symbol/museum, no more practical usage. If the hyper inflation destroys $, then the world as we know, probably will end up/cease to exist, prior of it happening. (given the fact, the almost all of the major currencies now, are printing) .com/2008/covi would be a farp in the wind, compering with first stages, of the road to such event. It would be like, ,,Walking Dead - Season 65''
Forgot to add, - a shadow banking product, for a shadow banking product. What could go wrong. (given the fact, that most of P2P client base, are those who gets rejected by the banks, due the bad credit score from the past / not meeting min safety requirements)
What happens, if millions of people put $1000 in each say, transfer money between themselves thinking that all is fine, then when there is a mass run on the money there is insufficents funds to give everyone there money as they've spent it ?? Other than that, great, it's what we all kinda want,although happy to go in and out of bank account as not doing anything illegal and no charges involved in that.
Bitcoin transactions require the internet. The whole concept of blockchain technology is to have the transaction through the net. All the transactions are recorded on Bitcoin ledger. Although, it does not include any intervention of any intermediary financial institution.