Cryptocurrency Without The Internet
What Will Happen To Your Cryptocurrency If The Internet Goes Down?
This is the nightmare that has plagued all crypto enthusiasts since Satoshi Nakamoto came up with the idea
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FULL VIDEO TRANSCRIPT
00:00
this is matthew crowder from trader
00:02
university and this morning i want to
00:04
answer the question can bitcoin work
00:07
without the internet or work without
00:09
electricity this is a critique we often
00:11
hear from cold bugs to bitcoin or saying
00:14
what are you guys going to do when the
00:15
internet goes down for an extended
00:17
period of time or there’s no electricity
00:19
or something like
00:21
this this could be the global internet
00:23
going down or could just be a a local
00:26
area going down maybe all of asia goes
00:28
down or all of north america it could
00:30
also be something like a beaver attack
00:32
which could probably only happen in
00:34
canada here’s an example of a beaver
00:36
chewing through an internet cable and
00:38
shutting off service
00:40
for
00:40
900 internet customers for a period of
00:43
time so there is a solution for this
00:45
that a lot of people especially
00:46
non-bitcoiners don’t know about and that
00:49
is the block stream satellite network
00:52
these are geosynchronous satellites that
00:55
encircle the globe and make sure that
00:58
the bitcoin blockchain is available from
01:01
space without any internet connection
01:05
this means that anyone in the world can
01:07
access the latest version of the bitcoin
01:09
blockchain and can make sure that their
01:11
full node stays synced with the bitcoin
01:15
network the way it works is this you
01:17
have these ground stations which
01:19
blockstream calls
01:20
teleports they all run full bitcoin
01:23
nodes and then they transmit that
01:24
information to geosynchronous satellites
01:28
and then those satellites then relay the
01:29
latest version of the blockchain
01:31
worldwide and make sure that everything
01:34
stays
01:35
stays synced all you really need to to
01:38
participate in this is you need a small
01:40
base station called a block stream
01:42
satellite base station and with one of
01:44
these this has the antenna built in and
01:47
you can actually connect multiple
01:50
bitcoin nodes to this and this will
01:52
allow you to actually run a full noid
01:54
full node connect it to one of the block
01:57
stream satellites and you you’ll be able
02:00
to run it
02:01
either full time over the satellite or
02:03
use this as a backup in case your local
02:06
internet connection
02:08
goes down
02:09
one of the great advantages of this as
02:11
well besides allowing everyone all over
02:13
the globe to have access to the bitcoin
02:16
blockchain and to run a full node from
02:17
anywhere
02:18
this also allows users
02:21
to run a full node and never need to
02:24
send any information over the internet
02:26
and so in this way your isp will not
02:28
know that you’re running a bitcoin full
02:30
node and if a government or some hostile
02:33
power is trying to track down all the
02:35
full notes and shut them down it will
02:37
not be able to pinpoint
02:40
your location using
02:42
your ip address or using information
02:45
taken
02:46
from your internet service provider we
02:49
can see here a map of the satellite
02:51
network
02:52
coverage and the different parts that
02:55
are covered by
02:57
different
02:58
different satellites we can go up here
03:00
and we can just type in any address so
03:01
i’ll type up denver
03:03
colorado
03:04
and i’ll tell you the location
03:06
of the teleport stations there’s one i
03:09
guess
03:10
on high street and these are all over
03:13
all over the world
03:14
at this point as well so this is great
03:17
for those who live in remote locations
03:20
maybe live in a very rural area or in a
03:22
mountainous area you don’t have internet
03:24
maybe your bitcoin citadel is in a
03:26
remote location you still want to run a
03:27
full node or run a bitcoin miner you’d
03:29
be able to connect to the block stream
03:31
satellite it’s also good for developing
03:33
countries that have bad internet it’s
03:35
good for parts of developed countries
03:36
that have bad internet much of the us
03:38
has actually very poor internet
03:40
including
03:41
silicon valley of all places the
03:43
internet there is not nearly as good as
03:45
you would expect it to be south korea
03:47
for example is much better internet than
03:49
even
03:50
the bay area and silicon valley i guess
03:52
the next question would be what happens
03:54
if there’s no electricity in this case
03:57
bitcoiners are used to thinking in a
03:59
really decentralized manner and as such
04:02
as bitcoiners as bitcoin miners or
04:04
bitcoin uh people who run a bitcoin full
04:07
node we need to make sure that we always
04:08
have decentralized power available for
04:11
our full nodes or for our bitcoin
04:14
mining machines
04:16
this could include solar hydro wind and
04:19
then the inevitable battery backups for
04:21
when the wind’s not blowing or the sun’s
04:23
not shining or the river is not flowing
04:27
i’m especially interested in these
04:29
in hydro power
04:31
these look a little bit large these are
04:33
a little bit more industrial but they
04:34
might work for larger
04:36
larger projects and then there are a
04:38
bunch of companies springing up like
04:40
water lily that have these uh these
04:43
portable uh these portable hydro
04:46
turbines portable turbines you can just
04:48
stick them in a stream when you’re
04:50
camping for example you could uh use
04:52
them to recharge your your um your your
04:56
iphone or your uh your car whatever you
04:59
need when you’re in a remote location
05:01
you could also plug them in to a full
05:03
node and run them run one of these
05:05
permanently from your rural bitcoin
05:09
citadel so this is very exciting this is
05:11
another way of making bitcoin more and
05:14
more decentralized obviously you could
05:17
try to make the argument that this is a
05:19
centralized corporate corporation that’s
05:21
doing this that being said everything
05:24
everything is open source everything’s
05:26
transparent you can uh if you’re
05:28
technologically
05:29
sophisticated enough you can check and
05:31
make sure that there’s no spyware or
05:33
anything running on these blockstream i
05:35
believe is a really really good company
05:38
as is adam back so i trust them but it’s
05:40
also possible to verify these things as
05:44
well and this is uh really something
05:47
that uh
05:49
is is unique to bitcoin if you own one
05:52
of the altcoins let’s say you own xrp
05:55
you may have your own version
05:58
of the blockstream satellite and it’s
05:59
still really in a nascent version we
06:01
have
06:02
people like this who are actively
06:04
working
06:05
on creating a decentralized
06:08
way of accessing the xrp blockchain so
06:12
this is very exciting and i’m i’m proud
06:14
of people with 10 tinfoil hats
06:16
everywhere who own xrp
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and are trying to provide an alternative
06:21
to things like satellites that bitcoin
06:23
now runs on if you found this video
06:25
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06:32
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06:34
comment section below thanks a lot for
06:36
watching and i’ll see in the next video