Op your questions are not straight forward. You over lap the questions so I don't know which one to answer first. And your second question has answered the first question. Because if Bitcoin shot down definitely it will crash and you supposed to know that. The creator of Bitcoin didn't just launched Bitcoin to the internet to be crash for few years but to ever lasting.
If the altcoins network is the same with Bitcoin then it will affect the altcoins but if they are operating different Blockchain then it will not affect them. And the only part that will affect the altcoins is that the mind of the people will be affected to use the altcoins because everyone take Bitcoin has the king in the cryptocurrency and when the king died, the trust to the other altcoins will not be there again.
Topic: What happen if Bitcoin shutdown? - page 8. (Read 1052 times)
The market would not be available for bitcoin if it does shutdown, so people wouldn't be able to cash out any money they have on bitcoin, they wouldn't even be able to access their wallets most likely. But the panic that this would cause will create waves across the industry which will definitely cause a massive cash and perhaps may even spell death for the whole industry. Crashes and shutdowns happen all the time in the crypto industry, but in my experience here as a crypto enthusiast I have never heard of bitcoin ever experiencing a massive outage, and unless the internet goes down due to a solar storm or something along those lines I don't think the bitcoin network's due for any shutdown whatsoever, so calm your tatas.
Although it sounds unlikely, I'm contemplating the worst case scenario...what if it's genuinely possible.
Firstly, IMO there would be panic among BTC holders and exchange platforms. The most likely scenario is that exchange platforms would freeze activities for converting BTC to other cryptocurrencies and also to fiat. It's certain that there would be a tremendous panic if BTC shutdown were indeed a fact. While they wouldn't incur losses if BTC continues to be traded, exchange platforms seem reluctant to sacrifice their reputation.
Secondly, the global economy would be slightly shaken. Yes, the current crypto market is not as vast as the stock market, commodities, bonds, and so on. This would be significant news but not a massive impact on the world, as the percentage of crypto holders worldwide has not yet reached 25%.
This forum would transform its purpose and become a nostalgic memory. Yes, BTC is no more, leaving only knowledge, and perhaps altcoins could survive in the short term. They would still lose trust over time, as there would no longer be BTC serving as the backbone of all cryptocurrencies.
Firstly, IMO there would be panic among BTC holders and exchange platforms. The most likely scenario is that exchange platforms would freeze activities for converting BTC to other cryptocurrencies and also to fiat. It's certain that there would be a tremendous panic if BTC shutdown were indeed a fact. While they wouldn't incur losses if BTC continues to be traded, exchange platforms seem reluctant to sacrifice their reputation.
Secondly, the global economy would be slightly shaken. Yes, the current crypto market is not as vast as the stock market, commodities, bonds, and so on. This would be significant news but not a massive impact on the world, as the percentage of crypto holders worldwide has not yet reached 25%.
This forum would transform its purpose and become a nostalgic memory. Yes, BTC is no more, leaving only knowledge, and perhaps altcoins could survive in the short term. They would still lose trust over time, as there would no longer be BTC serving as the backbone of all cryptocurrencies.
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.
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.
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 you wondered to the extend of Bitcoin shutting down as thought it was something controlled by one entity, then you really need to go back to the basics to learn more about Bitcoin. Just as a clue, Bitcoin is decentralized and is not shutting down. On the other aspect of your concerns, anything that happens to Bitcoin affects every other thing. The entire market is driven by Bitcoin as the leader.
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 was to shutdown don't you think it would have done that long time ago? Bitcoin has lasted for over a decade and 4 years since it's use and it's has not been shutdown ever since then or even the attacks on it has never had a deep effect on it to shutdown. Bitcoin as a paradigm shift can't in anyway shutdown because it the new way of doing things, if Bitcoin will ever shutdown it will be in hundreds of century maybe by then there must have been another evolution that might bring up something stronger.
I would have love to write multitudes of words but the first sentence of my reply should cover everything you will want to ask.
If the father of all crypto, which most people know other currency through, is to shutdown today, can't you just predict what will be of those Altcoins? Definitely, if not all, at least mehr als 80 % of them are going to be valueless and worth nothing in the market.
What if Bitcoin shut down today? This question have been asked countless time here in this forum in different form and people have given their 1 scent about the situation.
If the government could be able to shut it down, don't you think they could have done it long time ago, since they can't control it. Shutting it down could have been the next option, and beside their, is there no CEO for Bitcoin that the government will go after and force the person to shutdown the system? It's a decentralized system, and there's little to almost nothing that the government can do about it.
Und even if in any way the blockchain is to experience a blackout, people will suffer emotionally because billions of dollars will be going down. Some might even not be able to survive it, but after sometime life goes on, it has always been so, their has been life before bitcoin, its existence changes lot of things, but definitely society will move on.
What if Bitcoin shut down today? This question have been asked countless time here in this forum in different form and people have given their 1 scent about the situation.
If the government could be able to shut it down, don't you think they could have done it long time ago, since they can't control it. Shutting it down could have been the next option, and beside their, is there no CEO for Bitcoin that the government will go after and force the person to shutdown the system? It's a decentralized system, and there's little to almost nothing that the government can do about it.
Und even if in any way the blockchain is to experience a blackout, people will suffer emotionally because billions of dollars will be going down. Some might even not be able to survive it, but after sometime life goes on, it has always been so, their has been life before bitcoin, its existence changes lot of things, but definitely society will move on.
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.
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