No One Can Shut Down Bitcoin

[oemar bakrie]

bitcoin is very difficult to lose, because many people already know bitcoin is a good asset or investment.
bitcoin will be lost if transactions in the market, especially for crypto stop and can no longer be done by people in the world..

[pinggoki]

The shutdown of bitcoin become a hot topic way back years ago in which it talks by so many people and still the topic is being open again today especially due to the hype of bitcoin on the past few months wherein people start talking again about the shutdown of bitcoin that will never happen. Shutdown bitcoin is like saying there will be no electricity in the world in which will never happen. Let's just start talking about the largest exchanges in the cryptocurrency which is Binance, do you really think that CZ will let bitcoin to shutdown and if bitcoin will shut down then probably the whole market and cryptocurrency will follow also as we all know that Bitcoin is the king of all cryptocurrencies.

[Weawant]

Pretty much. They can outlaw it, but they can't ban it.

And yes, a country's government making the ownership of bitcoin illegal would definitely be unfortunate, but let's be honest here: how successful are governments going to be in banning digital things? They can't even ban digital piracy and drug usage, what more with a freakin decentralized asset?

I agree with this. It would be hard for the government to stop cryptocurrencies from being used by the people. And we all know that not even a single programmer can remove the existence of it. Comparing it to piracy and drug usage. Drugs are tangible enough to be stopped but still, it stays alive. The industry is still there and winning. Unless all of the nodes are removed and the chance is only around .01%.
And also, sooner or later people would put the Bitcoin to the space. At that point it would be harder for them to stop it. That's the truth.

[lepbagong]

bitcoin is very difficult to lose, because many people already know bitcoin is a good asset or investment.
bitcoin will be lost if transactions in the market, especially for crypto stop and can no longer be done by people in the world..

Currently, in an era that has advanced, the need for digital money is very important, plus it's time to reduce the use of fiat because it is indicated that fiat is one of the means of transmission from Covid-19.

so with bitcoin, this is an era that has made progress, of course it must be used, because apart from trading, bitcoin is very reliable for long-term investment and daily trading.

whether crypto can be lost, the possibility is always there if there are not many who use it and there are other alternatives, but we know that every time the use of bitcoin is increasing, it can be seen from the ever-increasing market cap which indicates that people actually need bitcoin.

[Rajamuda]

Basically this is like trust on each person in bitcoin, the more people are believe in it.. of course it will last a long time, but if worry is greater than trust, it will only make bitcoin weaker. It's like the movement of something naturally towards human life.
Bitcoin's destiny is still good I think, it seems to be successfully supported by various things, conditions and situations from time to time.

[Nightz]

Binance CEO Changpeng “CZ” Zhao said it’s impossible for a single entity to kill bitcoin and its underlying blockchain technology. “I don’t think anyone can shut it down now, given that this technology, this concept, is in 500 million people's heads,” he added. Binance is the biggest cryptocurrency exchange by volume.

Theoretically, this is true, but governments and regulatory bodies can severely restrict access to and redemption of bitcoin. While the network will always be accessible through an internet connection, and Bitcoin will always have value, it is another issue if BTC use and custody are heavily regulated or outlawed due to Governmental fear of losing their monopoly on the money supply.

Your opinion?

That would require a united global approach because otherwise certain countries will take that opportunity and do the exact opposite: make it legal tender.

Let me ask you this: when in the history of planet earth did the countries around the world successfully collaborate in order to achieve one and the same goal collectively, in particular when money is involved?

Keep also in mind that old politicians are soon to leave and younger politicians with kids who are into crypto will follow. I have heard politicians talk about their kids and how they are into digital assets. Such an action would be of temporary success only, for sure.

[angrynerd88]

As we all know ,Bitcoin is decentralized,Its uniqeness and major strenght of the Bitcoin.There may well be facilitated assaults from governments, but i highly doubt that they will do it.There is government and central banks big entites to brek the Bitcin but they have no formal platform to stop the Bitcoin.But so distant nations are still separated with respects to crypto and bitcoin,younger generation knows crypto is best way to support family and live life with freedom.

[Issa56]

I started cryptocurrency few years ago but from the experience am having I don't think there is anybody that can shut down bitcoin currently because of the mass adoption of bitcoin the only thing I believe can happen now is to dump the price of bitcoin will will definitely increase again I don't really panic about shutting down bitcoin because I know is not really possible there are lot's of institutional bodies adopting bitcoin there are lot's of new people beginning to know about bitcoin.

[Chathusand]

The shutdown of bitcoin became a big topic years ago, with many people talking about it, and it is still a hot topic now, especially owing to the hype surrounding bitcoin in recent months, where people are talking about the shutdown of bitcoin, which will never happen. Shutting down bitcoin is like to declaring that the world will be without electricity, which will never happen.

[Paisleyvn]

True in theory, but regulatory bodies and governments can severely limit access to and redemption of Bitcoin for goods and services. While the network will always be usable through an internet connection, and Bitcoin will always have value, there is a question of what happens if the use and custody of BTC is heavily regulated or straight outlawed due to Governmental fear of losing their monopoly on the money supply. Sure at a fundamental level, governments and regulatory bodies cannot control who or what you send your bitcoins to, and from where you might receive them. However, it can be made extremely difficult logistically to spend your Bitcoin on goods and services which is ultimately what you will hve to spend it on if you’re going to live off of it.

[S4VV4S]

Binance CEO Changpeng “CZ” Zhao said it’s impossible for a single entity to kill bitcoin and its underlying blockchain technology. “I don’t think anyone can shut it down now, given that this technology, this concept, is in 500 million people's heads,” he added. Binance is the biggest cryptocurrency exchange by volume.

Theoretically, this is true, but governments and regulatory bodies can severely restrict access to and redemption of bitcoin. While the network will always be accessible through an internet connection, and Bitcoin will always have value, it is another issue if BTC use and custody are heavily regulated or outlawed due to Governmental fear of losing their monopoly on the money supply.

Your opinion?

The government banned but could not stop the existence of bitcoin. Especially now that the bitcoin trend is growing rapidly. I don't know how long bitcoin will last, but I'm optimistic that bitcoin's future will be better than it is now. In fact, many countries have openly supported bitcoin, even making it a legal medium of exchange in their country.

[flyer88]

They tried to scare us off it, but they couldn't. Now it's unstoppable. They obviously can't do much about it anymore, so they're coming up with various excuaes to try scaring us off it again. Energy consumption, terrorism funding, illicit activity in general, money laundering.. these aren't real reasons but just excuses, and a fair amount of people do take the bait!

i agree with what you say , they just scare , only ban but they still can't stop its existence . The proof is now bitcoin is still standing strong, even though we never know what the future will be like. Many governments have fully supported the existence of bitcoin in their countries. So you don't have to worry about this. Just enjoy the ups and downs of the market.

[swiftbits]

The only long-term threat I know of is quantum computers, but it is still impossible to crack crypto right now.
Shutting down is a much bigger challenge; the worse I could think of is the idea of bitcoin losing its credibility due to manipulation.
No such information provided that killing BTC is possible.

[Anonylz]

The only long-term threat I know of is quantum computers, but it is still impossible to crack crypto right now.
Shutting down is a much bigger challenge; the worse I could think of is the idea of bitcoin losing its credibility due to manipulation.
No such information provided that killing BTC is possible.

And I really doubt btc can lose credibility over market manipulation, many people already know the reason why market is been manipulated, whales do this to create panic and weak hands will sell their coins away cheaply, this has nothing to do with btc reputation,
And as for government, they can only try to ban and that is as far as it goes, even when they ban trading still go on in the background, government can really do much because people will always find alternatives.

[Nightz]

The only long-term threat I know of is quantum computers, but it is still impossible to crack crypto right now.
Shutting down is a much bigger challenge; the worse I could think of is the idea of bitcoin losing its credibility due to manipulation.
No such information provided that killing BTC is possible.

And I really doubt btc can lose credibility over market manipulation, many people already know the reason why market is been manipulated, whales do this to create panic and weak hands will sell their coins away cheaply, this has nothing to do with btc reputation,
And as for government, they can only try to ban and that is as far as it goes, even when they ban trading still go on in the background, government can really do much because people will always find alternatives.

Anyone who participates in market with either trading or investing should know that manipulation is always part of the game in one form or another. It is what it is, whether it is crypto or gold or real estate or anything else, the markets are manipulated in some way. I don't think there is ever a solution to that. It's like a set in stone rule of the game.

[haidil]

The only long-term threat I know of is quantum computers, but it is still impossible to crack crypto right now.
Shutting down is a much bigger challenge; the worse I could think of is the idea of bitcoin losing its credibility due to manipulation.
No such information provided that killing BTC is possible.

the chances are very slim and i'm hardly sure btc will lose its credibility even if there is manipulation. we know some people have tried to manipulate with fud and bad news about btc. but until now btc is still going strong and still surviving no one doubts that.
from here we already know what the credibility is like and in the future I also think it will be like that, the credibility of tc will remain above and will not waver due to manipulation

[MinoRaiola]

A Bitcoin ban can only happen indirectly if there is a threat to the real economy. The threat potential depends on the size of the hype. Bitcoin has lost some of its attractiveness with some credit card providers. The reason is that credit cards are issued in someone else's name and are therefore suitable for converting money obtained through criminal activity into cash.

[bekti3]

Pretty much. They can outlaw it, but they can't ban it.

And yes, a country's government making the ownership of bitcoin illegal would definitely be unfortunate, but let's be honest here: how successful are governments going to be in banning digital things? They can't even ban digital piracy and drug usage, what more with a freakin decentralized asset?

when the government banned bitcoin and made it illegal, its citizens did not necessarily follow such advice. there must be some of its residents who are still doing both trading, mining and trading here.
because yes, it is like you said, even though it is forbidden to trade drugs, it still exists and is rampant everywhere as well as bitcoin whose assets are decentralized and of course it is very difficult for countries to track and prohibit.
although it may sound like illegal and criminal to be on the other side (not allowed by the government) but I'm sure there are still some people in countries where bitcoin is banned still doing that

[nikrobi]

Theoretically, this is true, but governments and regulatory bodies can severely restrict access to and redemption of bitcoin.

Politicians rule their governments looking for votes all the time. At this moment they are testimonying this phenomenum called "Cryptocracy" and surely they won't want to loose the opportunity to advantage of it. This is the dangerous part for the crypto's success!

One thing is to let cryptocurrency be regulated in a decentralized way another thing is a government dictate its rules about. Specifically, Bitcoin has its own identity so it is a self protected coin against the old financial system but a non protected coin when exposed to the nonstop reinvented politics in hands of unscrupulous polticians. It could occur If, I say if, they monopolized Bitcoin, fact that is practically impossible!

Long live to the Cryptocracy!!!

[brainactive]

Agree that no one can shut down Bitcoin from a technical standpoint. But it can fall out of favour just as fast as it fell in favour over the last few years. The price of Bitcoin is determined game-theroretically (it's valued by people according to what they think other people will value it). While some things can be dismissed as FUD when there is just a perceived threat, when the threat becomes reality eventually it well reflect in the game theory determined value.