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Author Topic: What happens when Bitcoin technology fail?  (Read 92 times)
x8664amd
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January 30, 2018, 05:29:27 AM
 #1

With all the features that are introduced into the Bitcoin core code, we shouldn't be surprised if a bug gets introduced at some point. However, no one seems to be asking the question "What happens when it does fail?". What if a bug causes a total outage in the Bitcoin protocol? Who can the average Joe ask? What can merchants do to get their payments? What if BTC just get locked up permanently in your wallet?  Huh

Fearful when others are greedy and greedy when others are fearful. Just HODL.
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January 30, 2018, 06:34:57 AM
Merited by btcton (1)
 #2

The Bitcoin protocol have been globally tested and searched with a fine comb to validate that it has no exploits. <Peer review>

Most of the new code are tested on the Test network first, before it goes out on the live network. Lately some people are rushing the Lightning Network, before it is 100% validated and tested, but these people are only testing on the live network with small amounts and some even give guarantees that money lost in this way, would be refunded.

Bitcoin has a very good track record, when it comes to the testing of their code. ^smile^

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January 30, 2018, 06:43:21 AM
 #3

1, increasing the volume of transaction data, install a bitcoin client, light wallet data will be synchronized for several days, will be bigger and bigger in the future.
2, transaction confirmation speed is too slow, transaction processing capacity is also very weak, the number of transactions per second can not meet the large-scale use.
3, Bitcoin itself emphasizes decentralization and decentralization, but now more and more dependent on the center
Addywealth
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January 30, 2018, 06:47:28 AM
 #4

Nothing too bad will happen. Banks technology also fail at times, if bitcoin technology fails today it will only slow down and deprive people from doing business with it for a while.
AmericanBit
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January 30, 2018, 07:02:44 AM
 #5

Nothing too bad will happen. Banks technology also fail at times, if bitcoin technology fails today it will only slow down and deprive people from doing business with it for a while.

Yes, but it should be mentioned that bank operations are regulated by laws of governments, bitcoin system is not regulated in most countries, so there are some edditional risks. But the system was tested for sure, so it will be difficult to lead it to failure.
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January 30, 2018, 07:11:41 AM
 #6

If and if that happens then it would be the end to some investors who have invested a lot on bitcoin. And it would be a great loss for those who sold their cars or house or even left their jobs for bitcoin. A lot of confusion and frustration will happen and will lead to arguements and all that.

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January 30, 2018, 07:41:14 AM
 #7

With all the features that are introduced into the Bitcoin core code, we shouldn't be surprised if a bug gets introduced at some point. However, no one seems to be asking the question "What happens when it does fail?". What if a bug causes a total outage in the Bitcoin protocol? Who can the average Joe ask? What can merchants do to get their payments? What if BTC just get locked up permanently in your wallet?  Huh
Relax, man. The best blockchain engineers are working with bitcoin infrastructure. When a problem occurs, the solution is always find.

asu
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January 30, 2018, 07:46:56 AM
 #8

If bitcoin will fails I know that it will rise soon. Bitcoin is the fastest and growing industry. Sometime it can be fall.  But just look for the advantages of it. Just look for the benefits for it. But in my country bitcoin has a high profile in many bank. So sometimes its difficult to cash out.  They technology fails sometime.

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January 30, 2018, 08:07:26 AM
 #9

Immediately suspend to upgrade and soon come into operation
apologize and compensate adequately for everyone
x8664amd
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January 30, 2018, 09:31:50 AM
 #10

Immediately suspend to upgrade and soon come into operation
apologize and compensate adequately for everyone

But who is there to "apologize and compensate"? Bitcoin is decentralized, so there isn't a central authority to dedicate who are the beneficiaries of the technology.

Fearful when others are greedy and greedy when others are fearful. Just HODL.
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January 30, 2018, 09:35:23 AM
 #11

Yes, if bug is found in protocol all should expect that their savings are lost.
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