What happen if Bitcoin shutdown? | Bitcointalksearch.org

Marvelman

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Quote from: dansus021 on December 19, 2023, 09:18:23 PM

In theory, the Government can shutdown bitcoin if all countries on this planet earth decide to shutdown bitcoin but the people are smart so I don't think this gonna be happening.

The chance that the governments of the world could get together and shut down Bitcoin is pretty slim. Even though in theory they could do it if they all worked together, that's really unlikely to actually go down. Bitcoin is not controlled by any government or company or anything, it's decentralized. So it would be super hard for any government to totally wipe Bitcoin off the map and plus, Bitcoin keeps evolving and getting more and more popular over time so it gets harder and harder for governments to try to regulate it. When you get down to it, yeah technically governments could join forces and shut down Bitcoin if they really wanted to try. But the odds are the governments wont ever be able to pull that off.

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Quote from: atamism on November 29, 2023, 01:21:34 PM

I am just wondering, what will happen if Bitcoin shutdown? Will the market crash? How about the effect of this to altcoins? Can government shutdown Bitcoin? I have a lot of question about this matter, because who knows, right? Also, how about hackers shutdown Bitcoin? What are your thought here? Let's discuss this.

Op Bitcoin can never be shutdown again because it has gained weight and ground in the whole world. But to answer your questions, I will say yes. If Bitcoin is shutdown the the market will automatically stopped and crash to the bottom. And also if you are reading what's happening in the forum this days you will understand that, it has given the AltcoinsTalks forum an opportunity to grow up. But government can not shutdown Bitcoin and the only thing government can do to Bitcoin is to stop Centralized Exchanges. And if hackers can shutdown Bitcoin, they would have done that since but they can't. Bitcoin is decentralized so it will be very hard for anyone to shut it down.

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Quote from: atamism on November 29, 2023, 01:21:34 PM

I am just wondering, what will happen if Bitcoin shutdown? Will the market crash? How about the effect of this to altcoins? Can government shutdown Bitcoin? I have a lot of question about this matter, because who knows, right? Also, how about hackers shutdown Bitcoin? What are your thought here? Let's discuss this.

How will bitcoin shutdown where no one controls bitcoin. Bitcoin is a decentralized currency and it operates automatically on its own terms.Bitcoin will only shut down when the internet is completely shut down worldwide because bitcoin is a completely internet based currency. And that's why people trust Bitcoin so much and feel free to invest huge amounts of money here.

If this is impossible if somehow Bitcoin shutdown then surely whole crypto market will be destroyed as Bitcoin alone is the most trusted currency in crypto world. So if something like this happens to bitcoin people will withdraw from the entire crypto world and people will lose billions of dollars.

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Quote from: dansus021 on December 19, 2023, 09:18:23 PM

In theory, the Government can shutdown bitcoin if all countries on this planet earth decide to shutdown bitcoin but the people are smart so I don't think this gonna be happening.

Next question what happens when bitcoin shuts down if all happen at once maybe the market will crash but not go to zero since most of the money is still on the chain and then people cant move their coin. the altcoin might will be hit hard and me as well Cry

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Good luck with that. If governments around the world can't reach a common agreement, what makes you think all of them will unite against Bitcoin? As long as there's one country supporting the cryptocurrency, don't expect it to die anytime soon. Besides, there's nothing stopping people from secretly running BTC nodes. The code is open source too, allowing BTC to be developed/improved without restrictions.

With how big the Bitcoin blockchain is, I'd say governments are already too late to stop it. Their best bet would be to restrict people from buying/selling BTC across centralized exchanges. But that won't stop them from using other methods (DEX, P2P exchange). Ultimately, BTC will live alongside Fiat currencies for generations. As long as it stays decentralized, we should have nothing to worry about. Wink

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In theory, the Government can shutdown bitcoin if all countries on this planet earth decide to shutdown bitcoin but the people are smart so I don't think this gonna be happening.

Next question what happens when bitcoin shuts down if all happen at once maybe the market will crash but not go to zero since most of the money is still on the chain and then people cant move their coin. the altcoin might will be hit hard and me as well Cry

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Quote from: atamism on November 29, 2023, 01:21:34 PM

I am just wondering, what will happen if Bitcoin shutdown? Will the market crash? How about the effect of this to altcoins? Can government shutdown Bitcoin? I have a lot of question about this matter, because who knows, right? Also, how about hackers shutdown Bitcoin? What are your thought here? Let's discuss this.

There is no government authority to shut down Bitcoin because no single country controls this technology. Most countries have recognized the development of Bitcoin technology, some even use Bitcoin as an alternative for transactions. Even though Bitcoin is illegal in most governments, it will still be used by users as long as they follow existing regulations by utilizing local exchanges to convert first to the local currency they use.

tbterryboy

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If BTC shuts down, I think yes, it will have a massive effect in the market, making them crash as well. When I say market, altcoins are already included with that. Governments can't shut down Bitcoin because they can't totally control it, but the best thing that they can do if they hate BTC that much, is to ban it in their country. Hackers are I think smaller than the governments despite their special ability.

So, if the government can't shut down BTC then obviously the hackers can't do it too. But like the governments, all they can do is to mess up with the BTC websites and BTC users. If you have lots of questions, just throw them here in your own thread and people here will try to answer it according to the knowledge they have. Don't be shy to us Wink

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Quote from: atamism on November 29, 2023, 01:21:34 PM

I am just wondering, what will happen if Bitcoin shutdown? Will the market crash? How about the effect of this to altcoins? Can government shutdown Bitcoin? I have a lot of question about this matter, because who knows, right? Also, how about hackers shutdown Bitcoin? What are your thought here? Let's discuss this.

Life continues, even the life you are living anything can happen to it, earthquakes happens in some place's without no one expecting . No you are alive do your best and get the best from life because anything can happen tomorrow, now their is Bitcoin do your best and do not miss out the opportunity in bitcoin. Enjoy the benefit of good things while they last, do not think what may happen to Bitcoin in the future, try to figure out what you can get from bitcoin today. The bank you are saving your money their is no guarantee that it can last forever because anything can happen which you can predict.

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Quote from: Suzume on December 09, 2023, 11:40:22 PM

I think is not going to happen because bitcoin is the most recommend currency ever. Creator Satoshi Nakamoto sayed that I made it for the bitcoin lovers future bright and the currency continuously maintaing the talks. Something time price drop and again it go up and clearly makes profit for the investor and it's ligal currency on every devolpo country. That's the reason there is no possibility to shutdown.

In past when Bitcoin was lower in price then people were in consideration that Bitcoin will shut down very soon and there was a rumor that Bitcoin cannot give income to its user therefore it will diminish after few years but as the Bitcoin shows greater success then I don't think that it will ever diminishing from the sight because more than any other business people are more focusing and are more trusting the Bitcoin investment.

If Price goes down to zero then I think that no other coin of Crypto will ever alive because most of them are related to the price of Bitcoin. Bitcoin possess the power to alter the price of each and every coin in the cryptocurrency market therefore due to such power it will shut down the other coins of Crypto world but such thing is not going to happen in my opinion.

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Quote from: atamism on November 29, 2023, 01:21:34 PM

I am just wondering, what will happen if Bitcoin shutdown? Will the market crash? How about the effect of this to altcoins? Can government shutdown Bitcoin? I have a lot of question about this matter, because who knows, right? Also, how about hackers shutdown Bitcoin? What are your thought here? Let's discuss this.

If the father of the crypto (bitcoin) shutdown today it will cause alot of pain, and the government will mock investors of bitcoin. While 90% of altcoin will be affected if not also short-down or worthless. i believe that is why the advocate of bitcoin stay awake to protect the investment, not to allow that happen although anything is possible.

If the government have the power to shortdown crypto, they will have done that long time ago, but they are still trying. Hackers are trying to enrich themselves, not to shortdown the mainstream of crypto. the advocates or those behind the crypto market understand all this question that is why Santosi still remain anonymous till date to avoid compromise.

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Quote from: atamism on November 29, 2023, 01:21:34 PM

I am just wondering, what will happen if Bitcoin shutdown? Will the market crash? How about the effect of this to altcoins? Can government shutdown Bitcoin? I have a lot of question about this matter, because who knows, right? Also, how about hackers shutdown Bitcoin? What are your thought here? Let's discuss this.

If the father of the crypto (bitcoin) shutdown today it will cause alot of pain, and the government will mock investors of bitcoin. While 90% of altcoin will be affected if not also short-down or worthless. i believe that is why the advocate of bitcoin stay awake to protect the investment, not to allow that happen although anything is possible.

If the government have the power to shortdown crypto, they will have done that long time ago, but they are still trying. Hackers are trying to enrich themselves, not to shortdown the mainstream of crypto. the advocates or those behind the crypto market understand all this question that is why Santosi still remain anonymous till date to avoid compromise.

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Quote from: wallet4bitcoin on December 09, 2023, 11:22:49 PM

All of your concerns and worries have been factored in, even the government in all its weight can not shutdown Bitcoin except the internet no longer works anywhere in the world anymore.

Worry about nothing, Satoshi is indeed a wise man, he knew systems and policies will warrant him to shutdown so he hid himself totally

Satoshi even made sure Bitcoin was open source to allow people to "resurrect it" if things go wrong in the future. Because of this, the cryptocurrency is truly unstoppable. Governments would have to shut down the whole Internet and eliminate traces of the source code to destroy Bitcoin for good. But this would be something impossible to achieve.

The least governments can do is make BTC "illegal" by banning its use across the region. Regulatory action can only be enforced through centralized exchanges and service providers. BTC has gone far since its inception, so I'm certain it will last another 10-20 years. As long as it stays decentralized, there should be nothing to worry about. Wink

Suzume

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I think is not going to happen because bitcoin is the most recommend currency ever. Creator Satoshi Nakamoto sayed that I made it for the bitcoin lovers future bright and the currency continuously maintaing the talks. Something time price drop and again it go up and clearly makes profit for the investor and it's ligal currency on every devolpo country. That's the reason there is no possibility to shutdown.

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Quote from: atamism on November 29, 2023, 01:21:34 PM

I am just wondering, what will happen if Bitcoin shutdown? Will the market crash? How about the effect of this to altcoins? Can government shutdown Bitcoin? I have a lot of question about this matter, because who knows, right? Also, how about hackers shutdown Bitcoin? What are your thought here? Let's discuss this.

All of your concerns and worries have been factored in, even the government in all its weight can not shutdown Bitcoin except the internet no longer works anywhere in the world anymore.

Worry about nothing, Satoshi is indeed a wise man, he knew systems and policies will warrant him to shutdown so he hid himself totally

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Quote from: Mr.right85 on December 09, 2023, 05:30:00 PM

Quote from: umbara ardian on December 09, 2023, 10:39:52 AM

The potential shutdown of Bitcoin, while seemingly remote, sends tremors across a vast landscape of industries and technological advancements. Its impact wouldn't be limited to the financial realm; it would reverberate through the very fabric of our interconnected world.

It’s something I don’t like to imagine as I don’t deem it feasible in my life time but perhaps, in a future where I might not be in existence but, instead of a no Bitcoin future, I think what we are more likely to see is a Bitcoin with some form of regulations through the various centralized systems that exists within the cryptospace and some measures being put on miners by the government of individual host nations.

The advantages of Bitcoin has pushed for CBDCs and I don’t see government being very eager to see a useful system go to waste. Once they find means to properly task it, then we can as well expect Bitcoin to stick around much longer.

Whats there to think of something thats not gonna happen. In recent years we've heard less about the term ban of cryptocurrency mining and cryptocurrencies on different countries. Before that quite often some country makes a statement that cryptocurrency mining is banned and this used to affect the network for a while. Soon it comes back as the same mining left were taken hold by some other country. This means the void isn't created in the network and the same lets the network function in a much effective manner. There is no need to worry about its long lasting., it lasts forever.

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Quote from: umbara ardian on December 09, 2023, 10:39:52 AM

The potential shutdown of Bitcoin, while seemingly remote, sends tremors across a vast landscape of industries and technological advancements. Its impact wouldn't be limited to the financial realm; it would reverberate through the very fabric of our interconnected world.

It’s something I don’t like to imagine as I don’t deem it feasible in my life time but perhaps, in a future where I might not be in existence but, instead of a no Bitcoin future, I think what we are more likely to see is a Bitcoin with some form of regulations through the various centralized systems that exists within the cryptospace and some measures being put on miners by the government of individual host nations.

The advantages of Bitcoin has pushed for CBDCs and I don’t see government being very eager to see a useful system go to waste. Once they find means to properly task it, then we can as well expect Bitcoin to stick around much longer.

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The only possible way to shut down Bitcoin in this stage is to destroy the internet globally.

As long as 2 people have internet, they will be able to transact.

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Quote from: atamism on November 29, 2023, 01:21:34 PM

I am just wondering, what will happen if Bitcoin shutdown? Will the market crash? How about the effect of this to altcoins? Can government shutdown Bitcoin? I have a lot of question about this matter, because who knows, right? Also, how about hackers shutdown Bitcoin? What are your thought here? Let's discuss this.

There's no way that bitcoin will shut down, as the government can only ban it but it will never be possible to shut it down. The only reason that bitcoin will shut down is to see the whole internet shut down, that would be the end for bitcoin and everything that is operated by internet. But it's very impossible to see the internet shutting down as the whole world rely on it, so it would be a very big mess if it happens.

For bitcoin, a lot of threats have been heard to shut it down but hey, look at it now, still very progressive and even become more famous and powerful. That only proves that bitcoin is hard to beat by fiat, by government, or by any centralized party that is against with bitcoin existence.

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Quote from: atamism on November 29, 2023, 01:21:34 PM

I am just wondering, what will happen if Bitcoin shutdown? Will the market crash? How about the effect of this to altcoins? Can government shutdown Bitcoin? I have a lot of question about this matter, because who knows, right? Also, how about hackers shutdown Bitcoin? What are your thought here? Let's discuss this.

I hope we're on the right track. If the government could shut down Bitcoin as you suggest, it would have done so long ago. That means the government can't do it, and no government in the world can.

It can only be outlawed for the time being; Bitcoin's decentralization is so robust that the government has not been able to regulate it in practice. According to Bitcoin history, someone has long desired to dominate the government, but no one has succeeded.

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Quote from: Renampun on December 09, 2023, 02:56:36 PM

Quote from: atamism on November 29, 2023, 01:21:34 PM

I am just wondering, what will happen if Bitcoin shutdown? Will the market crash? How about the effect of this to altcoins? Can government shutdown Bitcoin? I have a lot of question about this matter, because who knows, right? Also, how about hackers shutdown Bitcoin? What are your thought here? Let's discuss this.

I will try to answer all the questions you ask with my thoughts.
If Bitcoin shuts down there will be a big crisis in the crypto world and of course the crypto market will crash.
altcoins will also definitely be greatly affected and it is likely that many investors will withdraw the liquidity they have in altcoins.
The government will not be able to shut down Bitcoin because Bitcoin is open source, they can only monitor the use of Bitcoin through the regulations they enforce.
hackers might be able to hack bitcoin, if they could then it would have been done a long time ago.

Indeed, there will certainly be chaos that occurs if such a thing happens but the question is who can close bitcoin and what is the strongest reason for closing bitcoin because after all, with the nature of bitcoin itself, it is certain that this cannot be closed even by the government.
Prohibition may be possible but for an honest closure I don't think anyone will be able to do this because after all bitcoin will still be the same as it is now with no one in power in the sense that it can regulate at any time and will continue to roll as it should.
It sounds quite cliché but indeed this is a fact that bitcoin cannot be closed or eliminated at least for today and for the next few years.

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