Bitcoin is a digital currency stored over a decentralized network. Internet is the foundation of the cryptocurrency and through it, the currency exists and is transferred from one wallet to another wallet. Without internet and computers, it would simply not exist but so would any other currency as much of the money in the world only exits within databanks of banks only. The only thing being transferred in real life right now is credit. Bitcoin, however has actual transactions that are recorded on the public blockchain and can be verified universally. None of the fiat currencies can promise that.
However, Bitcoin critics have pointed out the dependance on the internet as one of Bitcoin’s flaws even when physical hard cash aka currency notes only exist as 5% of the total money flowing around which is capable of an offline transaction. They argue that Bitcoin can only be owned and transacted with internet access. This is clearly inaccurate as one can own a hardware wallet like Trezor or Ledger series and still hold Bitcoin without constant access to the internet. Also, for transaction purposes, yes Bitcoin transfers’ triggering do require internet authentication in order to happen but one can also now remotely receive and send bitcoin with innovative technology.
Mesh networks are interconnected networks that can help transacting in Bitcoin without direct access to internet. Instead of triggering Bitcoin directly, a mesh network has several users in direct connection of one form or another. It can be made using various technologies including Bluetooth, Local Area Networks and remote local Wi-Fi Wide Access Points. In this type of connection, only one member of the network needs to have an internet connection and the rest can just relay information regarding the transaction and send/receive the alerts. There is no need to connect to the internet.
Instead of using a direct internet connection, Rodolfo Novak, a crypto innovator transmitted Bitcoin via radio frequency. Novak asked on Twitter who would like to receive Bitcoin through this approach and got many responses.
Bitcoin sent over national border without internet or satellite — just nature’s ionosphere. https://t.co/IKCAXGs9fW
— Nick Szabo (@NickSzabo4) February 12, 2019
So, he was able to send a symobolic amount of crypto from Canada to USA in a borderless transaction just using the natural elements.
This is the most practical option available right now for mass adoption around the world. It is especially significant for areas with poor or no internet connection. While it was previously thought that Bitcoin would fail here, it wasn’t so as an SMS (Short Messaging Service) based application was developed by several companies for this purpose. You only need the weakest of cellphone signals even 1G or 2G connections to work with this approach. You can just enter the details in the app and it will use the SMS service to relay and confirm transactions to a remote computer.
Despite the criticism, Bitcoin cannot be stopped. You don’t need to have access to the internet to own and send Bitcoin. The future is right here as even with cutting the internet to an entire country or a group of people, no one can stop that country from owning and transacting with money.
Image source: pixabay.com
Don’t worry, we hate spam too
one weekly digest, just the important stuff.
How about some social? Follow us on Twitter!