Topic: What happen if Bitcoin shutdown? - page 2. (Read 1052 times)

Exactly all the other cryptocurrencies and altcoins and airdrops will collapse because everyone is relying or depending on Bitcoin and if Bitcoin is shutdown then the totality of cryptocurrency will shutdown and people will be using Bitcoin as a good example for any coming up coin and for that the government will be very happy and warn citizens that they told them not to invest in it but we refused. That is the fall of one man is an happiness for another.

But I don't think Bitcoin will fall again. Though hackers are on the high speed to hack the network but Bitcoin is well secured that the hackers can nor do anything. The stand of Bitcoin is the stand of all.

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.

If BTC happens to shutdown suddenly, then expect prices of altcoins to either increase/decrease drastically depending on the reason on why BTC fell in the first place.

For your second question, I do think that the government CAN shutdown BTC but this will require a unity of all governments in all countries for it to happen. Remember that there are certain countries that prohibit the transaction/utilization of BTCs (e.g. China, Saudi Arabia, etc.) but this does not stop other countries from accepting it as legal tender (e.g. El Salvador and Central African Republic) which overall contributes to its price.

Assuming that all countries prohibit its transaction, then expect its price to decrease and it will slowly become obsolete.

For your last questions about hackers, I doubt that hackers can completely destroy it. The reason is simple- it is the blockchain that makes it fool proof. Every transaction is confirmed by a significant number of miners that can make detect whether a certain transaction is fake or not.

If you are asking this question after spending more than 8 years here in the Forum, I'm really curious of what you have learn so far in this place. Have you for once heard of the phrase associated with bitcoin like "no single point of failure" and "no middle man"? They are simply implying that bitcoin doesn't depend on one person, see it as a community and they are not situated in the same place; just like you and I can run the bitcoin network independently without even knowing each other, now imagine if everybody decide to stop and the rest of us continue to run the network, is it possible to shut down. The only way bitcoin network will ever shutdown is "if internet never work again" which is not possible.

Bitcoin network is a connection of bitcoin nodes and miners that are distributed around the world, a node and a miner make up the bitcoin network and they communicate hand in hand to make security, decentralization and speed up time by synchronizing together. When node A, B, C and miners A₁, B₂ and C₃ shutdown in a particular location or jurisdiction, the rest in another part of the world will continue to function and transactions will be mine through them. The only challenge with shutting down some miners is that it will only affect how decentralized the bitcoin network has been which will adjust again if more people join the network.

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.

As a currency, Bitcoin has revolutionized the way we perceive and interact with money. Millions have built their lives and businesses around it, leveraging its unique properties to offer innovative solutions. Its decentralized nature freed them from the constraints of traditional financial systems, fostering a global network of commerce and exchange.

The potential shutdown of Bitcoin throws this fragile ecosystem into disarray. Businesses built on its infrastructure would face unimaginable challenges, and countless individuals reliant on it for their financial well-being would be left stranded.

You and anyone else do not have access to buy and sell it anymore. LOL
The question is who will close it and for what purpose?

Confusing question and you say what if bitcoin shuts down and then also ask what impact it will have on altcoins. The many questions will make it difficult for you to get involved in Bitcoin because skepticism will appear and it will be difficult for you to develop yourself to get involved in it. You don't need to think much about hackers because it is closely related to how you store bitcoins in a safe place.

Study several nearby sources that can lead you to a safe wallet for bitcoin and use the search button on the forum so you have references. Thinking too much about the negative will make it difficult for because you will be dominated by excessive fear while other people have already flown to the moon at this time.

Everyone is familiar with the technological updates that are taking place, and since it is clear that there is Bitcoin, you can be sure that everyone has used it. Of course, the implication is that there will certainly be very crucial problems that could occur with the closure of Bitcoin. But will there be anyone who wants to do that, where it will actually be rejected by many who have used it for purposes that have been very profitable and have even helped a lot with what has been done?

If you just assume, of course it can always happen, where it is possible and can happen, because we cannot know the situation where and when it could happen. But I really agree that there will emerge solutions that can and will be done by those who feel that what they are doing might start to make them uncomfortable with the actions that are taking place.

So it must be acknowledged that the situation regarding technological updates is something that should be able to provide a solution and not be thought to be detrimental. We cannot avoid the fact that this progress is absolutely necessary to be a solution that can alleviate what may be needed now and in the future. trying to be able to adapt to situations where the need for bitcoin is truly unavoidable.

What exactly do you mean by "shutdown"? Like the network failing or something? That is very unlikely to be happen because if you follow the consensus, you will know that bitcoin is immune to "single point of failure".  So, no. No hackers can shutdown the entire bitcoin network. Not even the government. All they can do put strict ban on usage of bitcoin. But people will still use bitcoin "illegally" I guess. As long as they don't interact with fiat currency, there is nothing much the government can do. But lets assume something has happened to bitcoin. Then yes, it will affect all the other altcoins. The price will go down with bitcoin because most people would already have lost faith in crypto currencies. Even if it does take time to recover, it will take decades.

Comparing Bitcoin and Crypto capitalisation to gold and stock market is just like comparing an adult and a child together. An adult is matured enough to withstand whatever pressure because it has built its capacity over the years while growing up and a child is still growing up and in the course of growth, there are possible storms to encounter and conquer before becoming an adult. This is the situation of the Crypto market capitalisation.
The gold and stock market has been there for years and running while the Crypto market is just a decade plus old and as such have made a significant contribution to the world market capitalisation just at its young age.

Although the Crypto and Bitcoin market is still young but it has tasted the test of time and should be able to wax stronger than it was when it first emerged looking at the potentials it has to benefit the populace who believes in the evolution.

You have stated the obvious. Without Bitcoin, altcoins will die. After all, BTC is the one cryptocurrency that started it all. While a shutdown is unlikely to happen anytime soon, we cannot let our guard down. For Bitcoin to survive, it needs to remain as decentralized and censorship-resistant as possible. It's the collective effort of the community (miners, users, node operators, etc) that helped Bitcoin become the cryptocurrency it is right now.

If governments really wanted to shut it down, they would've done so within the early days of the project. Now it's too late to do anything about it. A good thing because this allows people to achieve true financial freedom and self-sovereignity. Who knows if BTC is still alive by the time CBDCs take over the world by storm?

I'm just excited to hear a lot of adoption from big companies. So I don't think for the near term. Right now all I know is that China is banning and many citizens are going abroad to keep access. Overall, Bitcoin cannot be controlled, so no one can shut down, only ban. Globally it may be very difficult to ban. Because some countries have legalized crypto as a commodity asset. They have also collected taxes from traders and investors.

No government can shutdown its operations because it is decentralized, meaning no entity has full control about its existence.
This is why most governments don't like its market because they can't get a hold of its actual transactions happening.
And if in the future, the btc market becomes obsolete, and so most of the alts. We don't know if there will be another currency that will replace this technology.
But for now, it seems the life of btc is still long as the adoption is continuously increasing especially these days that we are seeing it to hit the $40k level.

No one can say with certainty that Bitcoin will last a lifetime or even that it will last a lifetime. However, if for some reason Bitcoin shuts down, it will have a major impact on the global economy. All the major corporations in the world that rely on Bitcoin will be on the brink of bankruptcy. And for those who depend on Bitcoin for their livelihood, the post-shutdown situation will be dire.

I think the government can never shut down Bitcoin. Because the government has no control over Bitcoin.

To me no crypto will even exist when Bitcoin gets shut down, there is no other cryptocurrency that has stand the test of time aside Bitcoin, Bitcoin is the head in the industry and the coin that  most people belived and trust in the space because it transparency and when the head is cut off from the body, the body dies ,So that is gonna be a catastrophic event in the crypto space if at all such a scenario occurs, but I doubt with the level of adoption and advancement of Bitcoin the chances for it to happen is very tiny.

Do you have an idea how much cyberwar is going on? Do you have an idea what North Korea would do if it wasn't for other countries to protect their IT infrastructure? There is one incentive to not do it and that is when a country holds a lot of Bitcoin themselves. Or when a country is an interest in not getting Bitcoin destroyed because it helps them circumventing sanctions. This is what makes Bitcoin more resilient over time because whether different parties or even enemies like it or not, they might have an aligned interest in Bitcoin to not die, or to even increase in value. But if an attack was possible for someone, sure there is potential it would be executed. As if every country wants to be friends with everyone.

It is possible for Bitcoin to shutdown? This will be a big delema and it could lead to big problems. We should never thought of it of Bitcoin shutting down. Even though we hear the news that Bitcoin was shutdown, it would never take longer because the network is very big and it would affect all crypto market. Since Bitcoin had been in existence for a longer time and nothing had happened to it, that does not mean that the network is safe, all we needed to do is to invest what we know we can afford to lose in the market.

Previously people were talk about bitcoin that government will shutdown bitcoin because in most of the countries bitcoin is not allowed for transaction and investment but now everyone gets familiar with the fact that bitcoin is one of the best investment tool that can never be shutdown by government.

As we are taking about altcoins so they will totally vanish if bitcoin unfortunately loss its value. Bitcoin is the first cryptocurrency coin that increases in worth all the time therefore we cannot that it will ever vanish. But if we think about reality then cryptocurrency is not guaranteed and we can see each and everything ranging from boosting price to vanishing nature therefore fully conditional on crypto is not suggested.

Which industries will be affected if bitcoin stops working? Can you name some industries that rely on or use bitcoin? Bitcoin has only existed for 14 years and before there was no bitcoin, people could still live and survive. Who will die if bitcoin stops working? Your life depends entirely on bitcoin and you don't have any other job?

Bitcoin has potential but we don't need to exaggerate it like that. Bitcoin is just a digital currency, an investment, and many people don't know about it but are still living a very good life. I never expect bitcoin to crash because it has made my life so much better, but if it does, I will find another way to improve my economy, I will not tie up my life mine with bitcoin.

If you do a small comparison between financial markets like stocks and gold with bitcoin. You will see bitcoin is very small when gold market capitalization is more than 10 trillion USD, stock market capitalization is more than 70 trillion USD. Bitcoin and crypto are just a baby compared to other markets, so I wouldn't consider it mature enough to not crash.

But just because they are small doesn't mean it's a disadvantage, it can be a huge benefit. Have you ever thought about the scenario if bitcoin's capitalization is equal to gold's capitalization, how much will bitcoin be worth? The value of bitcoin will be so great that we cannot imagine. I believe that in the future bitcoin will surpass gold in terms of capitalization.