Thursday, February 11, 2021

How would cryptocurrency function in a country where the government has shut down the internet?

I have a limited knowledge of cryptocurrency but my understanding is that bitcoin is a digital asset and not backed by any physical commodity and that its value is based on pure speculation. I have been watching the interest in bitcoin and other cryptocurrency coins explode over the past few weeks like many others. I have also been keeping general awareness of the Myanmar coup and subsequent internet blackout for its citizens. My question is, if these coins are digital assets and most people are storing and trading them through websites like Robinhood or Binance, what would happen in the event of a widespread internet blackout especially if the most widely used coins are simply digital assets?


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