Bitcoin Forum

i was just thinking about what will happen if everyone from my country just goes to the bank and withdrawls their money from it i am sure banks will be shutdown with this inncident but what will this effect on bitcoin if something like this happens to it?if it does then how kuch will it effect on the complete network.

i am using the bankrupt word as lossing all the balance and is not related with a bank.

what you mean exactly? people can't simply dump all their bitcoin and move away, because they bought those bitcoin at a certain level, which is the price you see right now on the market, with dollars, you don't buy it first and then you dump, so i think the comparison is wrong

This is not possible, how could Bitcoin go bankrupt? Bitcoin is not a bank, company or individual to go bankrupt, it's not controled by any institution. You don't have to be afraid of that.
Maybe the exchanger where you keep your coins, if you do, can bankrupt but this is totaly different story.

If a whole country decided that it wanted to dump its bitcoins then all that would happen would be that i would be able to buy slightly cheaper bitcoins before the price recovered. To actually affect bitcoin it would have to be a fairly big dump across various exchanges. I dont know the numbers but im sure someone else will have a rough idea.

Bitcoin is a currency!
If anyone withdraw their money from the bank, the currency will stay there! just the banks goes away...

Bitcoin don't have a bank! Well, you are your own bank, if you withdraw, you will "bankrupt your bank"... ;)

sorry but you arenot getting my point i just want to know as i am curious about the results i dont care if reaching that state is hard or impossiblei know people are not fool enough to do this type of action but just imagin that every bitcoiner just withdrawled their money i mean everyoneincluding you and me too.what will happen if btc has no ones money in it?

Ok so your question is what will happen if total money invested on buying bitcoin (marketcap) will be $0 ? In this case price per bitcoin will be $0 but if there will be even few miner and nodes supporting bitcoin network it will keep on working as normal but without any value per coin.

If you look at current marketcap its $11billion+ so for sure this all money will not be withdrawn from bitcoin in a short period of time, support will always be there for bitcoin.

As long as there are miners who mine bitcoin and as long as the network works OK, bitcoin can't go bankrupt. It can lose its value a lot but that doesn't mean it is going o collapse. Bitcoin's price is ~700$ now because we (i mean the whole bitcoin community) think it should be. Bitcoin can be at the price of 1$ and still can work as it is working now.

So you don't care if a thing is impossible, you just want to know what are the results if the impossible thing happens?

I don't think you understand what the word "impossible" means.


Withdraw their money from where?  Bitcoin isn't a bank.  It isn't an account.  Bitcoin IS money.  If you withdraw your bitcoin from a bitcoin service, then you will have bitcoin in your wallet.

Perhaps you mean "What if everybody SELLS their bitcoin in exchange for their local currency?"

But if that is what you mean, then that can only happen if somebody else BUYS the bitcoins with local currency.  That means that someone else still has the bitcoins.  If EVERYONE is going to SELL their bitcoins, then who are they going to sell it to?  Who is going to buy it if nobody is going to have any anymore?

If, all of the sudden, EVERYBODY decides to SELL their bitcoin and NOBODY wants to BUY it, then the sellers will just be stuck with the bitcoins and they won't get any buyers.

Of course, if that happens, then I will agree to pay $1 for 20,000,000 BTC.  Then I will own ALL of the bitcoins.

I think he is confusing the term "bankruptcy" with "bitcoin price going to zero", in the OP.
If not, then this person doesn't understand how Bitcoin is not a corporation or business.

this scenario maybe never happen, bitcoin is a currency the only thing maybe can happen is drop in the price although chinans are buying a lot of bitcoins everyday, so don't worry about this scenario, there are other scary things like forks, or security breachs.

I just got the point if this thread is made for a troll, Just asking about the irrelevant question and totally reverse with fact?
OP are not get their point totally their sentences are wrong like
the bank doesn't get a bankrupt just caused by the people are brings their money back.

No bro I Don't think it Will Happen Because If Some People Quit Bitcoin Then Some Other People Start Using it and Also No One Can Suddenly Dumb Their Bitcoins....
Many Traders are Putting their Money into Bitcoin For Making Their Money Grow So I Don't Think that Bitcoin Will Be Bankrupted....

Bitcoin is a currency.


Ok are saying that if all people will hold their bitcoin on their own? My guess is that the price price of bitcoin will go up, in terms of law of demand and supply.

true if everyone will just buy Bitcoin, then its price will grow. But if you decide to sell it, there will be a collapse of prices. But this is unlikely to happen

Bitcoin can not simply collapse. He has a completely different system, unlike the centralized exchange. Its value and the value provided by other processes.

No way. You can sell your bitcoins to other, so there is not possible to get bankrupt. And to withdraw, you can trade your bitcoins to other physical currency, it mean your bitcoins go to other. So that i conclude that no way of bitcoin to get bankrupt. And Nakamoto won't buy all of his bitcoin market supply.

Yes thats true bitcoin can not easily collapse bitcoin have a great foundation and have a great adopters.

bitcoin can get bankrupt mate !

i cant imagine how bitcoin bankrupt  ;D can someone explain i still confused

actully the word "impossible" is very unpridictable and very very complex specially on these type of situations. i am sure early mens have not thought about our modern citys and cup of coffes but still it happened with the passing time.so a scnerio which is impossible today can ever happen in the future because future is unpredictable and i am just curious that what can be the possible results or actions people will take on that time.

do not worry its not gonna happen at the current state or you can say its just an imaginable thought till now. you are newbie and you should probably visit servic section of this board and the beggener section they will help you better in learning