Venezuelan explains how when banks went down, Bitcoin stayed up

19 Mar, 2019
by Richard Allen
Bitcoin
Venezuelan explains how when banks went down, Bitcoin stayed up

Frances Coppola, banking, finance and economics writer for Forbes Tweeted early last month that the issue with Bitcoin is that you need electricity. Twitter account Crypto For Venezuela! Responded by saying when the country experienced rolling blackouts, banks stopped functioning while the Bitcoin network remained up.

A Redditor from Venezuela, going by the username ImViTo explained that when his country went without electricity for seven days. Banks can’t function without electricity, but the Bitcoin network was still up.

One user asked how they were able to run their wallets if the country had no electricity. ImViTo explained that some places used generators and the phone lines were still functional so WiFi was still up in some places.

Read more: 'Bitcoin won’t be $3,000 cheap ever again'

Another user pointed out that if places had internet wouldn’t card readers still work. The Redditor explained that it was the banks’ servers that were the issue, preventing all transactions from being processed.

Cash would’ work either. As one user explained, buying a single roll of toilet paper requires a bigger stack of cash than the toilet paper itself.

However, it’s important to note that the Redditor was explaining how the Bitcoin network remained functional throughout rolling blackouts, rather than implying Venezuelans were transacting using BTC. While Bitcoin adoption may still be relatively low in Venezuela, it does serve as evidence that your BTC will always be available and safe whenever you need it.

My whole country didn't had electricity, all banks were down. Bitcoin was still up. from r/Bitcoin

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