Topic: What happen if Bitcoin shutdown? - page 5. (Read 1052 times)

The government has no full control over bitcoin because its decentralized. They can obviously banned it nor restrict the people from using bitcoin but they can never put an end to it, they can never force it to shut down. That's the advantage of being centralized, one thing that bitcoin users have an edge over fiat users.

However, if let's say that bitcoin has been force to shut down, then most likely the whole crypto market will lost its value too because bitcoin is the lifeblood of the crypto market, altcoins are only dependent on the image of bitcoin.

If the assumption is that bitcoin can be turned off by the government then I want to ask you this question again and why didn't they do that before? Let's take it a step further and assume that happens, then the altcoin market will suffer chaos of a much worse nature than bitcoin. Exchanges will experience chaos resulting in closures and there are many people who will suffer losses and this scenario will make the face of crypto and exchanges suffer a setback or it could be that we will return to the time when the beginning was not yet discovered.

But on the positive side maybe we won't see that scenario happen because if you look at the process, it's almost impossible to happen and the government would have done that a long time ago if they could. In terms of mathematics, perhaps this will never happen unless we are faced with a third war where any source can destroy the continuity of human life.

It's good to ask questions but fortunately for us Bitcoin operates as a decentralized system which means it has no centralised system of pulling the plug.

Imo crashes always happen in crypto and this is because BTC is vulnerable to speculation and news.

Altcoins usually follow bitcoins foot steps, so if BTC goes do expect them to go down and vice versa.

It doesn't have the resources to pull this off.

Like I said earlier, bitcoin is going nowhere mate!! Just don't over think about the ifs because you need a positive mind to play the long game.

luckily bitcoin is run by a large community so if the government/hackers want to shut down bitcoin altogether they need to go after all these people and that is a very difficult thing to do.

and if the government/hackers were successful in carrying out this action, you can imagine how massive the impact would be on the crypto market globally, perhaps the prices of ethereum, monero, etc., would fall significantly and losses could be estimated at billions of dollars.

however, this will not be possible considering how large the bitcoin market is and how many banking and government institutions have joined it. and even if bitcoin is disrupted there will be a community ready to defend it and maintain its existence.

I do not believe that Bitcoin can go away, and even if it could, I do not believe that it will happen anytime soon because of how quickly people are adopting Bitcoin. If Bitcoin were to shut down, the market would undoubtedly collapse.
I don't think you need to ask this question because it is very simple to answer and will definitely affect altcoins. I don't think altcoins can stand on their own, and that is the reason why whenever the Bitcoin price is going down, you see almost every altcoin going down. Most of the tokens you are seeing whenever they are going down will be pumps. They are even the worst shitcoin because they just use that pump to attract people to scam them, and that is why the pump can only be used for a few hours. Altcoin doesn't have pillars to stand on its own with the existence of Bitcoin.
Though their intentions are not succeeding, governments are making every effort to take down Bitcoin. For governments, that will not be an easy task. I can't really talk about what will happen in the future, but assuming it's straightforward to implement, the government ought to have had its strategy for a while now.
If it were easy, hackers should have done more than enough damage to Bitcoin investors by stealing almost all their funds. The only way hackers will cause a lot of damage is through exchanges, and that is why you are always advised not to leave your money on exchanges but instead save it in non-custodial wallets.

Just as the invention of the Internet changed lives and drastically influence the way we do things and relate with one another, so did or has the invention of Bitcoin ever since 2009 change the way we transact with people both within and across borders in the tastes possible time, of which when it comes to shutting down, I don't think the possibility of it happening soon as possible, reason been since it's not been control by anyone (i.e either governments nor it's  Central banks). While secondly, any attack on Bitcoin, will surely affects the entire crypto market.

If they cooperate with each other, at massive scale, with many nations that have big proportion of Bitcoin mining hashrate, they can gain enough network power to do 51% attack. It will be like the end for Bitcoin but honestly I don't think it will happen.

Because there are not many countries on Earth, with governments can 100% control everything in their countries. One or two countries like China, North Korea can not change anything of Bitcoin decentralized network. For nations in Western, I believe with their Democracies, they will not be able to do this because citizens will seriously fight for their freedom and future of Bitcoin.

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.

BTC is a decentralized currency that is not control by the government and the government have no power to shutdown BTC all over the world which is among some of the advantage that is giving people joy to continue investing in BTC and, continue hodling BTC until the price reach to their satisfaction before they can sell to make more money.

I've also thought like that in the past, but after seeing that Bitcoin has existed and the system has continued to run for more than ten years now, it doesn't feel like any government is capable of shutting down the existing system in Bitcoin. Likewise, hackers are only able to hack the wallets of people who don't guard their wallet data properly or people who carelessly open useless links via any site. So for now I have also started to think that Bitcoin cannot be turned off by the government or by hackers so that there is a possibility for Bitcoin to live forever without death unless there is no more internet in this world.

Don’t think too far, man, because I don’t think what you are thinking will happen. However, if bitcoin will shut down today, there will be no market because the market was made to sell and buy bitcoin. Also, if bitcoin will shut down, it would have happened since when it was newly created because at that time there was not as much technology as it’s now, so now there is technology that will prevent such things from happening. Some governments have tried harder to stop bitcoin, but still they did not succeed. Also, a lot of hackers tried, but they didn’t succeed. In short, bitcoin cannot be shutdown.

OP, you have thought beyond reason, above average thinking about Bitcoin, you need to know that in this world nothing is eternal, that's the point, never mind Bitcoin, all of us or the creator of Bitcoin can die, so think professionally.

Bitcoin has been running for more or less 14 years, for now people all over the world accept it well, whether in trading or investment methods, my advice is to think wisely about what you can do for yourself and also regarding the development of Bitcoin.

Many entrepreneurs in this world treat Bitcoin wisely for themselves, they are successful in what they do, without thinking negative things, if you think too much about Bitcoin from the negative side, I'm sure you never find anything, it's actually you who loses, while those who think positively achieve income successfully, now you can choose and think Bitcoin is good for you or bad for you, no one forces you to do something with Bitcoin, Bitcoin continues to run and grow by itself, without third parties.

True. There is no reason for the government to ban it if they can shut it down. Bitcoin has been the direct opposition of banks since its first appearance. The government tried to control it. They failed and invented centralized exchanges where people would submit their identity to do transactions. Maximum exchanges collect KYC just because of law enforcement.


It's because they don't know about it. They don't know how Bitcoin works!

I think everything will collapse. After all, if there is no Bitcoin, there will be no faith in cryptocurrency at all. Immediately everyone will stop investing and developing this industry. Therefore, it will be a disaster.
And the loss of trust in cryptocurrency is the main indicator of the development of any direction

Bitcoin nodes are scattered in every country in the world and there is only one possibility for a government to shut down bitcoin and that is for all governments to band together to shut down bitcoin. But we live in a multipolar world, not unipolar. Each country will have its own choices, not everyone has to follow the orders of a single country like the US. So that possibility also cannot happen. There's really no way to stop bitcoin, because if the government could do that, I think they would have done it a long time ago instead of trying to ban people from using bitcoin.

Bitcoin has been around for 15 years and is worth tens of thousands of dollars, it's funny that in these days there are people still thinking about this scenario.

As long as even one user is using bitcoin it is not shut down. It is censorship-resistant meaning that governments cannot stop it because they don't like. It is decentralised which means that no central body is in control of it which makes it even more difficult to stop let alone, shut down.

Market crash is something secondary to a negative news. It is not what is shutting down would actually infer though maybe for centralised coins like Ripple this might be a useful term.

Hackers are knowledgeable enough to not attempt to stop bitcoin, they would rather try to steal coins.

Don't you think several governments tried to stop Bitcoin somehow? I believe a lot of hackers, too. But would you believe governments or some hackers would be able to shutdown almost 50K computers running nodes? The number of online nodes is around 17K at this moment. There are a lot of backups, too.

I do not want to believe that any hacker or a group of hackers would be able to find this system to shutdown that many nodes. If you talk about governments, the nodes are from different regions. It's impossible for a single government to find all those nodes all over the world. So, forget it and move on.

The Bitcoin network is designed in a way that makes it very difficult to shut down. The nodes and miners that make up the network are distributed worldwide, making it practically impossible to shut them all down. It would take a catastrophic end-of-the-world scenario for Bitcoin to be shut down completely.

Will the market crash? If Bitcoin's value continues to decline, altcoins will likely fall, causing a domino effect.

I think the government can't shut down Bitcoin, and also the hackers. If this is possible, then it should be happening now.

Bitcoin's decentralized nature is its greatest strength, rendering it impervious to single points of failure that can cripple centralized systems. While centralized exchanges and mixers can be shut down by seizing their servers or websites, Bitcoin's distributed network, with thousands of nodes and miners scattered across the globe, cannot be easily controlled or disrupted.

Even if governments or powerful entities attempt to exert control over miners in one jurisdiction, miners can simply relocate to more supportive and censorship-resistant environments. The sheer scale and global reach of Bitcoin's network make it an impractical and costly endeavor to attempt a complete shutdown.

bitcoin is not regulated by any government or institution, so it's a decentralized platform no government controlled it,
so it will never shutdown, government can stopped it's using in their own country,
there no power who's shutdown it all over the country, without bitcoin i don't believe altcoins will alive.

It's true that no one knows what the future holds, but I think it's difficult to bring down Bitcoin, because as long as there are people transacting it will continue, even though the government hasn't legalized it, but they also can't stop it, precisely because the number of Bitcoiners in a country increases, so the government can profit from it by imposing tax rates, and can actually increase state income, because it is seen that the longer it takes, the greater the tax that can be obtained