Yes and no. You can store the numbers representing a private crypto wallet on a printed piece of paper. Now your 'money' (crypto) lives on paper. You can ressurrect it with the numbers or with your seed phrase which is like 20 words in a specific order.
When the power comes back on. Data saved on hard drives also, they come back when power is back on, unless something wiped it like a strong magnetic field. That's why you should always have a save wallet that is paper, and you only use a spend wallet that has small amts of crypto. That way, its like your long term holdings are 'airgapped' by paper.
I'm describing general common sense operational security wrt crypto
ATMs are also dependent on energy, so are traditional banks. And so are credit cards, payment processing systems (like visa/mc), etc, electronic clearinghouses and interbank systems.
If the grid went down it would be CHAOS for everyone. Regular cash money wouldn't work that well either. Suddenly, there'd be a huge demand for something that is scarce (cash) and shit would hit the fan
Isn’t crypto all dependent on electricity?
Yes and no. You can store the numbers representing a private crypto wallet on a printed piece of paper. Now your 'money' (crypto) lives on paper. You can ressurrect it with the numbers or with your seed phrase which is like 20 words in a specific order.
When the power comes back on. Data saved on hard drives also, they come back when power is back on, unless something wiped it like a strong magnetic field. That's why you should always have a save wallet that is paper, and you only use a spend wallet that has small amts of crypto. That way, its like your long term holdings are 'airgapped' by paper.
I'm describing general common sense operational security wrt crypto
ATMs are also dependent on energy, so are traditional banks. And so are credit cards, payment processing systems (like visa/mc), etc, electronic clearinghouses and interbank systems.
If the grid went down it would be CHAOS for everyone. Regular cash money wouldn't work that well either. Suddenly, there'd be a huge demand for something that is scarce (cash) and shit would hit the fan