Hello Steemians,
you have recently been able to read in the news about the huge amount of electricity consumed for mining bitcoin and its transactions. At least one article pops up weekly in the news.
But what if there has been a massive disaster and a long-term global power outage?
Blockchain
Cryptocurrencies need an internet network, miners and, most importantly, electricity to function. Without electricity, the blockchain would remain static, no one would confirm the transactions, and no one would mine new coins.
If the hardware was not damaged, the blockchain would be safely stored until the power was restored and then the blockchain could be restored aswell.
Modern Payment System
Similarly, the modern payment system works largely electronically. Credit card payments would not be possible, nor would it be possible to withdraw money from an ATM.
People could only use coins and banknotes that they would have at their disposal at the time of the disaster. So it is clear that the global disaster would affect the same way both the cryptocurrencies and the classical financial system.
Credits: PEXELS
There Would Be Bigger Problems
If there really was a major global disaster, there would be way more serious problems than the inability to pay for goods and services or mining coins.
The food in the fridges would start to deteriorate. It would not be possible to cook meals unless you have a mobile gas cooker or fireplace.
Outside lighting would not work, and looting would begin. The phones would not work and it would not be possible to call for help.
Security in the streets would be very low and people's main worries would be survival.
Hospitals would operate in a restricted regime, hospital devices would cease to function as soon as the electric generators would consume all the fuel. Medical supplies would run out and so on.
As you can see, it does not matter what means of payment we use or prefer. The classic financial system would collapse, just like cryptocurrencies.
Thank you for reading :)