Cryptocurrency is Safe if the Internet Goes Down?

Cryptocurrency has swept the whole world and penetrated into many devices via the internet. The internet is not just a technology it has become an essential part of our lives. It has penetrated almost everything in our lives. The Internet has changed the world in numerous ways. Now, we can talk to our relatives living across the globe.

We are connected to different countries via the internet that now the world has become a virtual global village. Disturbance in one country affects the whole world, due to the internet no country lives in isolation.

To bypass the central government’s control over the currency world citizens created cryptocurrencies. It is nothing but a digital currency which are stored in a digital wallet. It has decentralised the whole currency system that now people are looking for more opportunities in this sector.

But what happens to all the cryptos if one day the internet died? It is a hypothetical event whose chances are very minute but still, it can happen. Nobody has ever thought that they had to live in their house for months because some virus becomes wanderlust.

Both events are terrifying, however, today we are going to look into the scenario where one can save their digital currency offline and prevent its loss in case of such a scenario.

What is Cryptocurrency?

Cryptocurrency is not just money in the real sense. It is a big decentralized network of computers. They creates/stores/tracks/send money etc. Computers connected to these networks have their own special log called Blockchain. The computer in this network is called “miners”.

These miners use special software to create new ‘blocks’. Blocks contain new cryptos and are added to the blockchain. When it is completed, new cryptos are created. And the ‘Blockchain’ is nothing but a chain of blocks that records all the transactions.

In an uneventful event that happens (the internet dies) then nobody will be able to send or receive cryptos. Nobody will be able to trade them or buy anything from cryptocurrency. We will not be buying them anymore online. In short, if the internet is dead then cryptocurrencies like bitcoin, Ethereum etc will be dead too.

What is the Solution?

In order to save cryptos from getting lost, we need to store cryptocurrencies offline. It can be done with two main methods, first- store them on a hardware wallet and second on paper.

A hardware wallet is a physical device that connects a person to their computer to store their cryptocurrencies. Since it is an offline device then it will not get affected if anything happens to the internet or in case your computer gets infected by any kind of malware and your cryptos will be saved.

Another way to secure your crypto is to take that advantage of the latest technology of distributed networks to save your bitcoins and others. One can use a blockchain-based network like Sia or Storj to store cryptos on a distributed network.

So, if any time your primary internet service providers experience a blackout, one can maintain access to your cryptocurrency by simply accessing the distributed network.

Protect the Cryptos

A. Keep Bitcoins off the grid. It is one of the main and primary ways to protect virtual currency. Just make sure that coins are not stored on any computer or internet-connected wallet. If it is not done the cryptos will be vulnerable to hackers, as they can steal coins. So, storing the coins offline in a paper wallet makes more sense.

B. Offline transaction signing: if somebody decides to keep their cryptos on an internet-connected device then they can use the feature called ‘Offline Transactions Signing’. It lets you create a digital signature without sending coins over the internet.

C. Verify your computer is Secure. Protect the computer from malware and hackers by making your computer secure. Install antivirus software, set up a firewall and use a virtual private network (VPC) to encrypt all your internet traffic.

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