The internet has allowed cryptocurrency to penetrate many devices and sweep the globe. The internet has evolved from a technology to an integral part of our daily lives. It is now part of almost every aspect of our lives. Internet has made the world a better place in many ways. We can now communicate with our relatives around the world.
The internet allows us to connect with other countries, allowing us to live in a virtual village. The internet makes it possible for any country to be affected by an outage in another country.
Cryptocurrencies were created to bypass the central government’s control of the currency world. It is a digital currency that can be stored in a digital wallet. Because it has decentralized the entire currency system, people now seek out more opportunities in this area.
What happens to all cryptos if the internet goes dark? Although it is unlikely, the possibility of such an event could occur. It is a possibility that someone could wanderlust and live in their home for several months.
These events are frightening, but today we will examine how one can save digital currency offline and avoid its loss in the event of an emergency.
What’s Cryptocurrency?
Cryptocurrency is more than money in its real sense. It is a large decentralized network of computers. They creates/stores/tracks/send money etc. Each computer connected to these networks has its own log called Blockchain. This network is known as “miners”.
These miners use special software for creating new “blocks”. The blockchain is updated with blocks that contain new cryptos. New cryptos can be created once the blockchain is complete. The ‘Blockchain’, which is a collection of blocks that records all transactions, is nothing more than a chain.
If the internet ceases to exist, then no one will be able send or receive cryptocurrency. They will not be able trade or purchase anything using cryptocurrency. They will no longer be available for purchase online. The bottom line is that cryptocurrencies such as bitcoin and Ethereum will also be gone if the internet ceases to exist.
What’s the solution?
To prevent cryptos being lost, it is important to keep them offline. There are two options: first, you can store them in a physical wallet and secondly, on paper.
A hardware wallet connects to a computer to store cryptocurrencies. It is an offline device so it won’t be affected by anything that happens on the internet.
You can also use distributed networks technology to protect your crypto. To store cryptos on a distributed network, one can use a blockchain-based network such as Sia or Storj.
If your internet service provider goes down, you can still access your cryptocurrency by accessing the distributed network.
Cryptos are your best friend
A. You should keep your bitcoins off the grid. This is the best and most effective way to protect virtual currency. Make sure coins are not stored on any internet-connected wallet or computer. Hackers can steal cryptos if this is not done. It is therefore more sensible to store the coins offline in a paper purse.
B. Offline transaction sign: If someone decides to keep their cryptocurrency on an internet-connected device, they can use the feature known as ‘Offline Transactions signing’. You can create a digital signature by sending only coins over the internet.
C. Make sure your computer is secure. Secure your computer against hackers and malware. To encrypt your internet traffic, install antivirus software and set up firewalls.