What happens to Bitcoin if the power grid fails?
Does your Bitcoin disappear? Well, In the event of a power grid failure, the bitcoin network would continue working any where in the world where power was still going. So protecting bitcoin specifically – as long as it’s on a hardware wallet you are golden when power inevitably comes back on or you get to where power is at.
Power outage would mostly effect access to third party custody services. Your bitcoin is as safe in a hardware wallet during power outage as it is during any regular day & will still be there until you move them , assuming only you hold the private keys
In a power outage situation you’re #1 priority will be heat, food & water. But what about Hardware wallets and an EMF?
If an EMF wipes out your bitcoin hardware wallet, you can still recover your bitcoin with the seed phrase because the bitcoin still exists in the network, it is only your access to it that has been compromised. Even an EMF can’t wipe out all copies of the ledger as it is decentralized.
Any attack on Bitcoin network would have to be basically a “hack” in the sense that you’d have to directly attack people or their way of life to effect the network. That takes a LOT of energy, especially the more the network grows. You may be asking – how many nodes does it take (minimum) to keep Bitcoin running?
Only one. And it would keep printing blocks, so anyone who tried to create a fake network or a copy of it to change blocks going forward would always be behind the legit blocks , making it almost impossible to exhaust enough recourses to catch up and profit anything
Of course it would never be ONLY one, because of the amount of people participating in the network. So a power grid down type situation would definetly NOT be a “bitcoin killer” scenario – BUT that doesn’t mean that a “bitcoin killer” scenario doesn’t exist.
In my opinion, the only real threat to BTC long term is…. Satoshi’s wallet. Here is why I believe that…
Satoshi’s wallet has about 1.1 million Bitcoins in it. The amount of coins that Mt.Gox has to sell seems comparable, but if you factor in the fact that Satoshi’s wallet has sat UNTOUCHED for over a decade & could sit untouched for decades more….What happens in 40 years if bitcoin price is astronomical & THEN Satoshi dumps it all?
I’m not saying he/she/they/them would do that, but we just don’t know if Satoshi or anyone will ever have or use access to those coins. We don’t know anything about Satoshi – only about Satoshi’s creation (Bitcoin). The possibility that anyone could do so, far in the future, seems like the biggest threat to bitcoin one could imagine barring something unprecedented like quantum computing being a capability of certain secret intelligence networks & just being kept secret from academia.
Although, if the latter were true it would hint to the possibility that the whole damn thing was created and put out by the very same people who hold the “keys” to the old system. Either way though….If I had to guess the biggest threat to bitcoin…I think it’s Satoshis wallet.
You might also be aware of the threat that Quantum Computing holds over the Bitcoin Network….Well here is what I think about that.
Any real developments against possible Quantum Computing attack would be “headed off at the pass” so to speak by the “alphabet agencies”. However even assuming QC breakthroughs have been kept secret for decades – the level of Quantum Computing needed to rewrite the entire 13 years (and counting) of block history would be so astronomical that it’s really inconceivable that anything could take over the network.
In fact, every day that bitcoin network keeps running and making blocks makes it a little more immutable.
It could be argued that at this point it very much IS immutable , but there is always the “what if” factor. When compared to central reserve bank fiat paper currency however, it’s CLEARLY superior in almost every category that matters except saturation and as mentioned, every day that grows stronger, too
Thanks for reading!
PS – If I made any factual errors in this blog post; please be a neighbor and tell me in the comments or email me at ( firstname.lastname@example.org ) and let me know, so I can learn. To my knowledge, this information is accurate and in the event that I find out it isn’t it will be rectified and edited to reflect the new information. I hope this was helpful!