Offline Transactions In Crypto World
As crypto transactions are done in a decentralized manner, we can call it lightning-fast for banking systems. The reason behind this decentralization is internet accessibility. When it comes to offline transactions, does Crypto really work without the internet?
Today, the Crypto-based ecosystem in the financial world is refining digital value. After being renewed, the Bitcoin, altcoins, and other digital assets seem centred on global financing, followed by powerhouses such as Intercontinental Exchange, NASDAQ, The Chicago Mercantile Exchange, and many others. These all are developing digital products in order to make these digital transactions more accessible to every corner of the world.
This is because crypto aimed to be a digital currency, not a digital asset. However, it became a digital asset. It aimed to enable P2P models to exchange values freely from anywhere, anytime without intermediary constraints, for example, government, monetary policies, and centralized banks.
The idea of a decentralized network was initially perfect, but after practice, only 0.1% of everyday problems were being solved with this technology. It was concluded that digital assets show no resemblance to fiat currency.
Although, fiat money and its systems are inherently imperfect; there are reasons behind its privately retained and centralized system. The conventional system is powered by a mountain of false truths and ever-exaggerated credit sacs. Centralized banks and other private institutions are (sometimes) able to verify unauthenticated transactions while rendering the monetary system idle. In addition, they are incapable of meeting global demands. The list begins here!
Where Crypto is perfect to solve security issues, cryptocurrencies cannot face value exchanging hands without internet access or at least a transport layer of the traditional OSI model.
Without offline accessibility, cryptocurrencies cannot survive for long, regardless of how omnipresent internet access becomes.
Luckily, it’s possible to make offline transactions in crypto.
OpenDime is one such advancement in the crypto world that could deliver Bitcoin into the physical world. A small USB stick (cryptocurrency hardware wallet) allows you to spend Bitcoin like a dollar bill. Pass it along multiple times. Connect to any USB to check balance. Unseal anytime to spend online.
Anyone can use these tools for their personal money spending purposes, as it is very safe to set up, verify and load an Opendime on an untrusted computer. While the product has an air of “gimmicky-ness” to it, it does appear to clear up an actual ‘pain factor’ about Bitcoin.
Nano, next-gen crypto, uses “block lattice” technology instead of a single blockchain. This essentially means that each wallet is its own blockchain. Nano offers faster transaction times and lower fees than Bitcoin. Perhaps one of the most overlooked benefits of the nano-ecosystem is the ability for the sender and recipient to exchange blocks of transactions signed offline, albeit with some technical expertise.
Various crypto generations are working on the modules to make cryptocurrencies accessible without active internet access. It is not hard to envision the future where accessing the decentralized network would be as easy as hot-spotting your cell phone to pay bills and calling an Uber.