Bitcoin is virtually invincible, and the only concern for maximalists seems to be the performance of the cryptomarkets and their influence on the adoption of BTC as a global currency.
However, despite the “crypto winter,” many influential characters have been quite optimistic about the role that crypto plays in the development of society, and while some enthusiasts like Jack Dorsey explain how Bitcoin could become the world’s main currency in an optimistic scenario, other maximalists like Charlie Shrem have explained how Bitcoin could emerge triumphant from one of the most pessimistic scenarios ever faced by the humankind.
Bitcoin: The Best Currency for the Worst Scenario
On January 22, Mr. Shrem published an article in Hackernoon titled “Bitcoin Is The Most Durable Currency For A Nuclear War.” For the famous early adopter, decentralization and the fact that BTC is an entirely digital asset are the keys to trusting Bitcoin as the best possible global currency in a tragic scenario.
Charlie Shrem explains that in the event of a nuclear attack, the impossibility of withdrawing money from bank accounts would render the money reflected in bank accounts worthless in a short time:
“In the face of such an event, any payment system or bank would be crippled by the same catastrophic flaw: a single point of failure. Bank balances would suddenly become meaningless as no one would be able to go to the bank or ATM to get their cash since the banks would stop operating the day the first nuclear bombs detonate.”
To understand the importance of a constant flow of digital and physical money in a stable economy, it is unnecessary to imagine a nuclear war scenario. The cash restriction in Venezuela can serve as an example: In that country, money held in bank accounts has much less value than physical cash. According to a report published by Sputniknews, Venezuelans pay up to 200% to obtain cash in the face of restrictions imposed by national banks:
“A week ago I got cheap cash; I desperately needed to be able to pay for my tickets to work and they sold it to me at 70%, but my sister has bought up to 200% in Puerto Ordaz, Bolivar state (south),” Mirelbis Bastidas, an employee of a shoe store in eastern Caracas, told this agency.”
Mr. Shrem explained that Bitcoin does not have this problem. For Shrem, decentralization is a strength because even though the world’ s largest urban centers were attacked, all it takes is one functional single node for the network to remain active, making possible to download copies of the blockchain to subsequently incorporate new nodes, restoring its functionality:
“Compare this to Bitcoin, which has no physical presence. No Bitcoins will be destroyed even in the most intense nuclear fireball. More importantly, Bitcoin is decentralized and has no single point of failure. As long as there is at least one node running Bitcoin, the Bitcoin network will continue to function. It is highly likely that many Bitcoin nodes would survive even the worst nuclear attack since nodes are scattered worldwide, and they could communicate with each other via satellite internet.”
Even though the article is quite interesting, it demonstrates Mr. Shrem’s high level of optimism. Many have declared that Bitcoin has no value, but this type of material brings to the community the dose of confidence it needs to counteract the pessimists who flood the internet in bearish times.