Nothing Can Stop Bitcoin, Not Even a Generalized Shutdown of the Internet at a Global Level
Developers prepare the Bitcoin network to resist all types of attacks.
|Sep 23, 2020||3|
Bitcoin is a system with unique monetary attributes based on a disruptive technology called Blockchain. Without the Blockchain technology, Bitcoin could not work. However, without Bitcoin, the Blockchain is just one of many data storage technologies.
Bitcoin is a decentralized system that works through the Internet today. Every user on the network can become a full node and have their own version of the Bitcoin Blockchain.
Its full node will work permanently and exchange with all the other nodes in the network to always have access in real-time to the latest version of the Bitcoin Blockchain.
As a Bitcoin user, you do not have to become a full node. However, by becoming a full node, you really take control. I often explain that Bitcoin gives you access to the best bank in the world: yourself.
This is true, but if you don’t run your full node, you are limited to the bank branch level. By running your own full node, you take the lead of your own bank. This gives you real leverage over the system because at any time you can build your own version of the truth.
Since you need the Internet for this, opponents of the Bitcoin network explain that to stop Satoshi Nakamoto’s invention, all you have to do is shut down the Internet.
The first thing I say to all those who say this is that by cutting off the Internet, you will no longer have access to the interbank SWIFT payment network. The traditional banking system would therefore be out of order, which would have serious consequences.
It, therefore, seems illusory to me to think that you can cut off the Internet as if you had an ON/OFF button at your disposal.
Nevertheless, in the Bitcoin world, some people have taken this seriously. They have therefore decided to propose a solution so that the network can continue to function even without the Internet.
This is notably the case of Blockstream, which offers a dedicated satellite system to operate the Bitcoin network without any connection to the Internet.
BitMex, which is known as one of the most popular exchange platforms, has just successfully tested this satellite system that allows the execution of Bitcoin network nodes without the need to have an Internet connection.
In its announcement, BitMex explains that Blockstream’s satellite system provides sufficient bandwidth to keep the node up and running most of the time.
While the installation of such a system seems to be reserved for the most enthusiastic users of the Bitcoin network, it is above all a breakthrough for the entire Bitcoin industry, as Bitmex explains very well :
“However, because this satellite-based system does have the potential to improve the censorship resistance characteristics of the Bitcoin network and defend against some forms of eclipse attacks, its existence is probably a positive development.”
With this system provided by Blockstream which costs $1,200, your full node installation for the Bitcoin network can continue to work even without the Internet.
This is what makes Bitcoin more resistant to all types of attacks. From now on, even a worldwide Internet outage won’t be able to prevent Bitcoin from continuing to work to build block after block its revolution.
While users of the Bitcoin system living in Western countries will not find immediate use for such a system, people living in countries where access to the Internet may be restricted may see it as a solution to free themselves from the censorship of their rulers.
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