Theres really no way that Bitcoin could shut down; its a decentralized network, not a centralized entity. Its like asking if the internet can be turned off; its not possible in theory and not possible in practice. Why? Because Bitcoin is based on a global network of nodes, each of which checks transactions on its own. To "shutdown" Bitcoin, every node would have to be shut down at the same time by an organized, global effort on a scale that has never been seen before. Even governments, which have a lot of means, would have a hard time pulling off something like this.
Now, lets entertain the hypothetical scenario: if Bitcoin were somehow "shut down", would the market crash? Most likely, yes, because it has a big market cap and a lot of symbolic value. What will happen to altcoins? They might suffer at first, but they could get better in the long run because the crypto ecosystem is broad and strong. Hackers putting the system down? Again, very unlikely because Bitcoin's design is strong and decentralized. Thats proof of how strong and reliable blockchain technology is.
Topic: What happen if Bitcoin shutdown? - page 4. (Read 1052 times)
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.
To answer your question, I just want to say. If governments can shut down bitcoin and hackers can attack bitcoin then why haven't they done it in the last 14 years and have to do this now? The government once wanted to eliminate bitcoin and they used many ways, but now they have gradually become more friendly with bitcoin instead of continuing to find ways to eliminate it. That shows they have failed and are integrating more with us.
Why are you skeptical when the government is gradually warming to it? Instead, you should look to accumulate more bitcoin before the government announces the legalization of bitcoin worldwide, and you will regret your skepticism.
Bitcoin is not the same like altcoin and less possibilities will shutdown, holder of bitcoin is one company or dominance by some one but many people hold bitcoin and controlling by holder. Difference with altcoin possibilities will shutdown because supply dominance hold by the owner of altcoin project and easily for them run away and make price altcoin drop drastically. Bitcoin have operation more than 14 years old and many bad news happening with many time top countries around the world banned bitcoin transaction, make as restrict payment currency but bitcoin keep strong and wake up more higher price before bad news happening.
I don't have ideas with OP talk about possibility bitcoin shutdown, how come bitcoin have been higher price and the holder want to sell their coins with cheapest price?
I don't have ideas with OP talk about possibility bitcoin shutdown, how come bitcoin have been higher price and the holder want to sell their coins with cheapest price?
Fortunately, the government cannot shut down Bitcoin, and it is in no one’s power to shut down Bitcoin. I am very sure that if the government could do that, they would have probably done that a long time ago (rather than just Banning it). In general terms, I think it’ll take the rise of a new innovation that is greater than Bitcoin to rise for Bitcoin to be considered as being shutdown. But what could be more than such cashless money with so much value… I see nothing except Bitcoin.
I have a question what is the government. We have many many many countries with many many many rulers.
can a government declare it illegal? the answer is yes any government can do that. Some have.
Let's talk murder. All governments have declared murder illegal (yeah I know most killings are declared illegal not all just must.
Yet we have killings . So if every government said btc was illegal we may have some btc but less than now.
I just do not think every government will do this.
In Bitcoin's 14 years in this field of crypto space, if it really had the ability to shut down bitcoin, they would have done it long ago. But the only thing they can really do with Bitcoin is change it, not shutdown it. Why? That is because of the decentralization that it has.
They have to destroy or remove the decentralization that Bitcoin has before they can shut it down. Why didn't many countries ban Bitcoin, but in the end they also revoked it? With their ban, did they get rid of Bitcoin's decentralization? Isn't it, and until now, this decentralization has been the obstacle and thorn in their throat. In short, it is not possible for the government to shut down Bitcoin.
It might be hard for the government of a country to shutdown BTC because of their hatred for it, because it is on a decentralized network and the best they can do is restrict its operations in the said region. Am sure even in countries where it is illegal to trade crypto currency, individuals still have it in store or safe in a wallet for future basis when it becomes like a treasure for those who have it and have really invested so much to HoDL.
I don't pray for the worst of BTC to happen because that would mean that all the time inevstted in gaining the knowledge was a waste as well as the resources one has lost all in a bid to remain disciplined in maintaining a certain strategy of investment.
I don't pray for the worst of BTC to happen because that would mean that all the time inevstted in gaining the knowledge was a waste as well as the resources one has lost all in a bid to remain disciplined in maintaining a certain strategy of investment.
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 bitcoin shuts down, then everyone will move into altcoins, or everyone will leave the crypto market since crypto market without bitcoin is not trustworthy anymore. That is, if the government can really put an end to bitcoin. But as far as I know, that will never happen because any centralized entity can never control a decentralized entity. That creates an advantage for all bitcoin users and investors.However, we should not be worrying for now because bitcoin itself is at its peak of progress and success. If this will continue, bitcoin adoption might turn into reality in the end.
Fortunately, the government cannot shut down Bitcoin, and it is in no one’s power to shut down Bitcoin. I am very sure that if the government could do that, they would have probably done that a long time ago (rather than just Banning it). In general terms, I think it’ll take the rise of a new innovation that is greater than Bitcoin to rise for Bitcoin to be considered as being shutdown. But what could be more than such cashless money with so much value… I see nothing except Bitcoin.
I have a question what is the government. We have many many many countries with many many many rulers.
can a government declare it illegal? the answer is yes any government can do that. Some have.
Let's talk murder. All governments have declared murder illegal (yeah I know most killings are declared illegal not all just must.
Yet we have killings . So if every government said btc was illegal we may have some btc but less than now.
I just do not think every government will do this.
The best part of Bitcoin, it can't be shut by anyone. If this is possible, long back itself this could've been done. Maybe at its initial days, this could've been a possible process. Now everything have gone beyond the limits and governments or any authorities cannot do anything. This has been discussed several times whenever a countries takes a stand against cryptocurrency and bans mining within their borders. Those incidents create slight market fluctuation and then moves as things happen regularly.
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.
talking about shutting down, what exactly do you mean by bitcoin shutting down, what aspect exactly are you referring to ? the only time such thing as that which you are referring to could be possible will have to be only when there is a regulatory policy by the government to restrict the usage of cryptocurrency in that particular region, then it could be possible that the usage of biitcoin in that region is restricted of which I'm very sure some persons will find there way around it and still transact in bitcoin and other cryptocurrency regardless of the said restrictions. talking about hackers hijacking bitcoin which i dont think is very much realistic except they target wallets and probably hijack the wallet. but until then, biitcoin still remains formidable.
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.
A straight up answer is that..1. Government can not shutdown bitcoin, they've probably tried more than a million times and have failed, so, if it was possible for them to shutdown bitcoin, they would have some long time ago.
2. Hackers can not shut down bitcoin either, hackers are not more sophisticated than the government, so, if government tried and failed, hackers won't succeed as well. And besides, governments also tried to shut down bitcoin through hackers but still failed.
And yeah, if bitcoin shutdowns for what ever reason, it is imminent that the entire crypto market will crash to ashes, bitcoin is the pillar that is currently holding the entire crypto market, including that if altcoins, fortunate enough, bitcoin is completely decentralized and out of anybody's control, so it cant be shut by any entity.
Bitcoin security protocol is highly and has protected Bitcoin from direct action from a third person who may not necessarily be adaptable
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I feel there is only one way the government can shutdown Bitcoin, and that's if they attack all the Bitcoiners in the world and collect all their Bitcoin, gather it in one wallet, and destroy the private key of that wallet, they will gather all the accessible Bitcoin. But the question is, can the government be able to cease all the Bitcoins possessed by all Bitcoiners in the world? The answer is no!
The government can also decide to create a centralized system where they want all Bitcoiners to interact with their Bitcoin wallets, but it's not every Bitcoiner that will fall victim. By so doing, the government cannot totally shutdown Bitcoin, but if perhaps anything happens to Bitcoin, then it means there will be no more trend in the crypto space because Bitcoin happens to be the reason why there is still much trust in cryptocurrency.
The government can also decide to create a centralized system where they want all Bitcoiners to interact with their Bitcoin wallets, but it's not every Bitcoiner that will fall victim. By so doing, the government cannot totally shutdown Bitcoin, but if perhaps anything happens to Bitcoin, then it means there will be no more trend in the crypto space because Bitcoin happens to be the reason why there is still much trust in cryptocurrency.
Fortunately, the government cannot shut down Bitcoin, and it is in no one’s power to shut down Bitcoin. I am very sure that if the government could do that, they would have probably done that a long time ago (rather than just Banning it). In general terms, I think it’ll take the rise of a new innovation that is greater than Bitcoin to rise for Bitcoin to be considered as being shutdown. But what could be more than such cashless money with so much value… I see nothing except Bitcoin.
I have a question what is the government. We have many many many countries with many many many rulers.
can a government declare it illegal? the answer is yes any government can do that. Some have.
Let's talk murder. All governments have declared murder illegal (yeah I know most killings are declared illegal not all just must.
Yet we have killings . So if every government said btc was illegal we may have some btc but less than now.
I just do not think every government will do this.
Fortunately, the government cannot shut down Bitcoin, and it is in no one’s power to shut down Bitcoin. I am very sure that if the government could do that, they would have probably done that a long time ago (rather than just Banning it). In general terms, I think it’ll take the rise of a new innovation that is greater than Bitcoin to rise for Bitcoin to be considered as being shutdown. But what could be more than such cashless money with so much value… I see nothing except Bitcoin.
I have a question what is the government. We have many many many countries with many many many rulers.
can a government declare it illegal? the answer is yes any government can do that. Some have.
Let's talk murder. All governments have declared murder illegal (yeah I know most killings are declared illegal not all just must.
Yet we have killings . So if every government said btc was illegal we may have some btc but less than now.
I just do not think every government will do this.
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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.
A straight up answer is that..1. Government can not shutdown bitcoin, they've probably tried more than a million times and have failed, so, if it was possible for them to shutdown bitcoin, they would have some long time ago.
2. Hackers can not shut down bitcoin either, hackers are not more sophisticated than the government, so, if government tried and failed, hackers won't succeed as well. And besides, governments also tried to shut down bitcoin through hackers but still failed.
And yeah, if bitcoin shutdowns for what ever reason, it is imminent that the entire crypto market will crash to ashes, bitcoin is the pillar that is currently holding the entire crypto market, including that if altcoins, fortunate enough, bitcoin is completely decentralized and out of anybody's control, so it cant be shut by any entity.
Why is bitcoin closed and who can close bitcoin now? that is a question that must be thought of first because with the current nature of bitcoin, no one can close bitcoin.
The government? they also won't be able to do that because what is happening now is that the government can only ban bitcoin not close it.
But if in the end something happens to bitcoin then the answer is definitely only one, namely the market collapsed. because regardless of anything we realize when the king dies then those under him will also lose the figure of the king who made them destroyed.
Likewise with bitcoin which until now is still above altcoins so that when bitcoin stops and finishes (although now it is impossible) then the others will also follow.
The government? they also won't be able to do that because what is happening now is that the government can only ban bitcoin not close it.
But if in the end something happens to bitcoin then the answer is definitely only one, namely the market collapsed. because regardless of anything we realize when the king dies then those under him will also lose the figure of the king who made them destroyed.
Likewise with bitcoin which until now is still above altcoins so that when bitcoin stops and finishes (although now it is impossible) then the others will also follow.
People who think about this are obviously not knowledgeable about bitcoin. Because if they have prior knowledge about bitcoin, they will never try to question it's nature and potentials, especially that bitcoin has already existed over a decade and yet shutting down was still not experienced.
Although the future remains unpredictable for Bitcoin, but if we chose to keep the positivity about bitcoin and always longs for its long term success, then thoughts like this should never be entertained.
Although the future remains unpredictable for Bitcoin, but if we chose to keep the positivity about bitcoin and always longs for its long term success, then thoughts like this should never be entertained.
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.
As long as bitcoin remains decentralized, shutting it down is highly impossible. Yes, the government may have the final say about bitcoin and continue to attack it but it does not lost the fact that bitcoin cannot be manipulated or controlled by any group or third party. It can be banned, but the government cannot make it fully vanished like thin air.This is the good thing about bitcoin, thanks to Satoshi for having a brilliant mind of making it decentralized. If not, then bitcoin would have been attacked and shut down in it's early existence.
Though this question has been asked in the forum multiple times but I don't wanna sound rude and wants to answer upto the point as follows:
1. Government can only ban or shutdown something which they control
2. Bitcoin is not controlled by government hence they cannot do anything to it.
3. Government can never shutdown Bitcoin because if it had capability to do it then they would have shutdown Bitcoin long time ago.
4. In worst case scenario of Bitcoin shutdown then yes Altcoins will become worthless atleast for a while post which there are chances of new beginning with new concept.
Since government cannot shutdown Bitcoin they had even doing smear campaigns and targeting exchanges to discourage people from using it.
Majority of the crypto exchanges are centralized so it's really possible that if they can't shut down Bitcoin, then exchanges are highly susceptible on that. But I guess the government are still fair on centralized exchanges, they won't impose shutting down if it had not seen any anomaly while the operation is ongoing.1. Government can only ban or shutdown something which they control
2. Bitcoin is not controlled by government hence they cannot do anything to it.
3. Government can never shutdown Bitcoin because if it had capability to do it then they would have shutdown Bitcoin long time ago.
4. In worst case scenario of Bitcoin shutdown then yes Altcoins will become worthless atleast for a while post which there are chances of new beginning with new concept.
Since government cannot shutdown Bitcoin they had even doing smear campaigns and targeting exchanges to discourage people from using it.
All those exchanges that have been put to an end have their own issues, and those issues have become huge and uncontrollable, the reason why shutting down remains the last option.
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 BTC is shut down then there will remain nothing to crash as the market is with BTC and if BTC is gone then the market is too, all money will vanish from the world, even from the universe but it all depends on what type of shutting down are you talking about. For example, if it's long term, or all the mining nodes are destroyed, or total lockdown from governments, etc.If BTC goes down ALTs will also go down but alts will remain functional, the money will be withdrawn from alts too but when Investors will see some stability in the ALTs like when they think it is safe to invest in alts and they will not be shut down like BTC then they will throw their money into ALTs.
And all of the BTC dominance will be converted into ALTs and its dominance will increase which will result in good things because more dominance means more money inflow in ALTs and more demand there will be. No government can't shutdown BTC and neither can hackers because BTC is not Centralized.
Oh you think BTC will live forever before? No, it will not live forever and you better know it now so that you will not invest all your money in one coin in the community because, another coin will take over from BTC when it disappear from the market. That is why you need to invest little money on some altcoins in case some thing negative happen, you will not too feel bad because you have other investments that will help you to recover from the loss.
There may be a chance that an altcoin will take over Bitcoin if ever it shuts down but I don't think it will be very high because as you have known that altcoins are created based on Bitcoin. If Bitcoin haven't used by many people then there won't be altcoins created today. That's why many people say that Bitcoin is the all father crypto and I agree with it. Jump to: