Would Bitcoin Be Badly Hurt if Binance Goes Down?

[Bushdark]

I don't think it's going to impact bitcoin any more than CZ isn't a bitcoin owner unless it refers to BNB then it's bound to happen but for another implied boom in bitcoin I wouldn't believe bitcoin would be any worse but for a bit of a correction, I think this is reasonable thing.

Yeh US is a market threat but it's only for part of the region but globally it can't influence that resulted in the market going down badly even I saw on twitter BlackRock and other US banks bitcoin in large quantities is this maybe a sign where they are doing anything to buy more bitcoins in preparation for Halving 2024 later?

Since CZ is not Satoshi Nakamoto, it will never have any effect on Bitcoin. This is just an exchange not a body or a project. If the sec is able to sanction cz, this will have minimal effect on us but Binance would have to leave the United States which I am very sure that the court will not want this to happen.
The matter is already in court and we hope to see positive outcome because it won't be a good news for me if Binance is finally sent out of the United States.

[uche6215]

I don't think so. Binance exchange and bitcoin wallet are not connected so it will not. CZ is not the owner of bitcoin so it will not. They operate different class with different nature. The Binance exchange only serve the purpose of bitcoin. Satoshi Nakamoto create bitcoin for p2p transactions which Binance is using it as part of is service.
The accusations level against Binance has do with bitcoin. Though the are fighting against bitcoin indirectly but they will not succeed.

[GideonGono]

Bitcoin or Crypto would surely be hurt whenever a big player or company goes down,
Just imagine how many traders are using it and we could assume some of them only got into crypto because of trading and it is their only trusted trading site, for sure some of those would quit while others would look for alternative.
The impact would surely be felt but I think it could only be for a short time.

[Ultegra134]

I don't think it's going to impact bitcoin any more than CZ isn't a bitcoin owner unless it refers to BNB then it's bound to happen but for another implied boom in bitcoin I wouldn't believe bitcoin would be any worse but for a bit of a correction, I think this is reasonable thing.

Yeh US is a market threat but it's only for part of the region but globally it can't influence that resulted in the market going down badly even I saw on twitter BlackRock and other US banks bitcoin in large quantities is this maybe a sign where they are doing anything to buy more bitcoins in preparation for Halving 2024 later?

Bitcoin will be affected if Binance goes down, similarly to how it was affected by the Mt.Gox and FTX exchanges' falls. Just because Binance is closely related to BNB doesn't mean that only their coin will crash; such a disruption causes a chain reaction of events. Binance holds the largest transaction volume; such news would cause a disastrous disruption in the market, leading to a bloodbath that would take Bitcoin with it. So far, it's doubtful that Binance will shut down completely; there's no way it's happening. Perhaps it could stop operations in the USA, which is still negative and will cause a minor drop that may last from a few weeks to a few months in the worst-case scenario, similarly to how the market was affected a few months ago with the FTX exchange.

[Dr.Bitcoin_Strange]

I really am no fan of Binance because I found their KYC annoying. What is not in doubt is that CZ is supposedly one of the most credible faces of crypto. How much harm do you think a Binance implosion would cause Bitcoin? Is the US a big threat to the coin market?

I will give a wired instance, which you might well not understand or you might, but here it is: perhaps you know what the word "wood" is. Yea, if you set up a fire under the sun with some woods and the fire is blazing very well and you decide to put out the fire by pouring water on it, don't forget that the blazing of that fire may stop at that moment and those woods will start smoking, but immediately the water dries up (don't forget that the fire was set under the sun), the smoke will stop, and the fire will begin to blaze again.

That's to say that if Binance, which is very popular, most used, and trusted by many people, collapses, the Bitcoin price can get a bit lower because of the bad news, but that will not last a year before the market can begin to recover again. In crypto, it usually happens that something will cause the market to drop, and another good thing will help it recover.

Cheers 🥂, Dr.Bitcoin_Strange 👺👺

[adzino]

I really am no fan of Binance because I found their KYC annoying. What is not in doubt is that CZ is supposedly one of the most credible faces of crypto. How much harm do you think a Binance implosion would cause Bitcoin? Is the US a big threat to the coin market?

https://www.cryptoinfowatch.com/a-former-sec-official-said-the-binance-ceo-and-others-may-face-criminal-charges-soon/

Yeah, if a big, I mean the largest exchange in the world goes down, of course it is going to affect the whole crypto market. It is going to be ugly since everyone will be pancking, but remember that, bitcoin is decentralized and "a single" entity can never take down the whole bitcoin market. What we will see is some short term after affect on the market, but eventually the market will recover and start to rise again. It has happened before and we have seen how the market eventually recovers and survives everything.

[Smartvirus]

The US government is also a big name, as they are currently regarded as a world power. If they shut down Binance, which they can only do on their end, they can only shut it down in their country. So long as other countries are still in support of the exchange, it won't completely go down.

Only in their country you say. You might as well want to keep in mind that other nations would like to follow suit and US as we know it always tries to find a way to instill there policies on other nations and a lot of nations, developing nations to be precise with an intention to benefit from foreign aids would oblige to a binance or crypto exclusion.

This could be an attempt to attack the giant before migrating to other smaller exchanges in the industry so as to impose there policies on them but as well, it would be a push towards a more private and decentralized exchange.

[Nwada001]

The US government is also a big name, as they are currently regarded as a world power. If they shut down Binance, which they can only do on their end, they can only shut it down in their country. So long as other countries are still in support of the exchange, it won't completely go down.

Only in their country you say. You might as well want to keep in mind that other nations would like to follow suit and US as we know it always tries to find a way to instill there policies on other nations and a lot of nations, developing nations to be precise with an intention to benefit from foreign aids would oblige to a binance or crypto exclusion.

This could be an attempt to attack the giant before migrating to other smaller exchanges in the industry so as to impose there policies on them but as well, it would be a push towards a more private and decentralized exchange.

Yea, that's obviously the truth. I guess countries have already started doing it. There are people who just want someone to raise an issue, and they will follow.

This is really the right time for most projects that see centralized exchanges as the big deal because of the large trading volume to start redirecting their steps and choosing a few better decentralized exchanges that they can use as an alternative because they're even safer, and listing will also cost little to almost nothing compared to that of the centralized exchanges.

[qwertyup23]

I really am no fan of Binance because I found their KYC annoying. What is not in doubt is that CZ is supposedly one of the most credible faces of crypto. How much harm do you think a Binance implosion would cause Bitcoin? Is the US a big threat to the coin market?

https://www.cryptoinfowatch.com/a-former-sec-official-said-the-binance-ceo-and-others-may-face-criminal-charges-soon/

Assuming that Binance indeed goes offline, lots of exchanges would now be affected by this kind of damage.

Binance is without a doubt one of the most trusted exchanges in the market due to its market cap and liquidity. At least almost a majority of cryptocurrency holders have used Binance once in their life as it is considered one of the pioneers of exchanges. It has built its name and reputation from countless of transactions as it is now trusted by almost all users.

If Binance goes offline, this would definitely affect most of the exchanges world-wide. Expect prices of cryptocurrencies to plummet as there would be no reliable exchange for users to transact their coins from users across the globe.

[borovichok]

Assuming that Binance indeed goes offline, lots of exchanges would now be affected by this kind of damage.

Binance is without a doubt one of the most trusted exchanges in the market due to its market cap and liquidity. At least almost a majority of cryptocurrency holders have used Binance once in their life as it is considered one of the pioneers of exchanges. It has built its name and reputation from countless of transactions as it is now trusted by almost all users.

If Binance goes offline, this would definitely affect most of the exchanges world-wide. Expect prices of cryptocurrencies to plummet as there would be no reliable exchange for users to transact their coins from users across the globe.

Some exchanges that receive favorable aid from Binance will follow suit if the exchange's dump, which occurred in a single day and would quickly broke the entire crypto market. For example, the crashes of Terra Luna and FTX witnessed horrific events in space, and I wouldn't be surprised if Binance crashed, since it has competitors. Should Binance suffers a setback and goes offline or downgrades, bitcoin will not be affected. Bitcoin existed prior to Binance, and it is a self-sufficient prominent initiative capable of dominating the entire market with a single bull or bear movement.

[Blitzboy]

Like you said, CZ is a big name in the crypto market, but what do you call a big name? He has been able to make his way to the top with his business ideas and amazing upgrades. I don't know how he did it, but for him to pilot his exchange to the top above all others existing before his, then I guess he deserves the big-name title.

The US government is also a big name, as they are currently regarded as a world power. If they shut down Binance, which they can only do on their end, they can only shut it down in their country. So long as other countries are still in support of the exchange, it won't completely go down.

And even if something happens and Binance completely goes out of business, one thing is for sure: the Bitcoin price will shake because it's among the exchanges that hold the highest Bitcoin trading volume, so such action will shake the market with a lot of panic selling, a huge number of withdrawals, and so on.

But above any given action, there is nothing that's going to happen to the market that has not happened before, so nothing will appear new to us again. The Luna crash, FXT, and many other big incidents could have wiped out people's faith in crypto, but they didn't, so with or without Binance, Bitcoin will survive. With or without the US government's support, either negatively or positively, Bitcoin is not dying off.

Your view on CZ's success and the potential fallout of Binance' downfall is compelling. CZ's entrepreneurial skill is evident, but can we dismiss Binance' questionable activities? Is reaching the pinnacle the only goal? If US authorities exert their regulatory powers, wouldt the collapse of Binance reverberate globally? Could this not darken the crypto world's horizon?

Indeed, Bitcoin' value may wobble or take a significant dip. But havent we already weathered similar crises? Havent we invariably bounced back? Still, should we not evaluate this recurring boom and bust pattern?

Bitcoin will persist, but at what toll? How many more upheavals until we secure stability and broad acceptance?

[nlovric]

Bitcoin or Crypto would surely be hurt whenever a big player or company goes down,
Just imagine how many traders are using it and we could assume some of them only got into crypto because of trading and it is their only trusted trading site, for sure some of those would quit while others would look for alternative.
The impact would surely be felt but I think it could only be for a short time.

You are 100% correct it would surely have a big impact if a large player or organisation in the bitcoin industry were to fail. There are a lot of traders that use these platforms and for many trading cryptocurrencies has replaced other types of investing and income. Some people could decide to completely leave the market if their dependable trading site suddenly went down while others might rush to locate new platforms to carry on with their trading. However it is plausible to anticipate that the impact would be very brief notwithstanding the initial shockwaves. As evidenced by previous moments of market turmoil the bitcoin ecosystem is renowned for its adaptability and durability. New platforms would eventually appear and traders would slowly restore trust but with more caution. In the end even while the loss of a large player may temporarily cause turbulence the crypto market has demonstrated its capacity to bounce back and develop making it a robust and dynamic environment for traders over time.

[worle1bm]

The market volume is controlled by Binance to most extent and if anything happens to it the market will be affected badly for a temporary period as btc is not dependent on them in long run but at this time they have highest market share and huge user base with them.The billion of dollars worth of coins will be wiped and you should check how many Bitcoins they hold and then imagine the impact for it.

I don't think so. Binance exchange and bitcoin wallet are not connected so it will not. CZ is not the owner of bitcoin so it will not. They operate different class with different nature. The Binance exchange only serve the purpose of bitcoin. Satoshi Nakamoto create bitcoin for p2p transactions which Binance is using it as part of is service.
The accusations level against Binance has do with bitcoin. Though the are fighting against bitcoin indirectly but they will not succeed.

It's not the way you are seeing it because the market don't exactly work the way bitcoin is designed as when Binance will go down the market will be affected because they hold btc and liquidity will be out while billion dollars loss would be there even if CZ not own btc.At this time they are main exchange globally and volume of transactions is so high so it would certainly affect the prices.

[www.Gambler.Casino]

Binance is the largest cryptocurrency exchange. If it completely stops work, the cryptocurrency will fall very much! The market will hardly be able to recover in 3-5 years.
But I don't think it will happen

[|MINER|]

In my opinion I think It will give a big impact on whole Crypto industries. Even though I don't like centralized exchanges but I have to say that Binance is the most biggest exchange platform in this Cryptocurrencies world. The journey of this exchanger has started on the 2k17 and after then it is gaining huge success gradually. And it has become a big part of the cryptocurrency world to get success. But it doesn't means that Bitcoin will goes down for ever if this exchanger goes disappear because before Coming it on the market Bitcoin was running on its own way and after It will do the same but if Binance goes down them I think it will be take little time to get recover.

[peter0425]

I really am no fan of Binance because I found their KYC annoying. What is not in doubt is that CZ is supposedly one of the most credible faces of crypto. How much harm do you think a Binance implosion would cause Bitcoin? Is the US a big threat to the coin market?

https://www.cryptoinfowatch.com/a-former-sec-official-said-the-binance-ceo-and-others-may-face-criminal-charges-soon/

Not sure what made you look at the KYC as annoying when you are talking about centralized exchanged? meaning they are complying with governments concern so KYC is a must , if you don't wanna comply then never use centralized exchanged at all.
if you also believe that CZ is most credible faces then you should listen and follow what the company asks yo?

but about the affect in bitcoin , this will only be a short term issue and believe me that it will changed eventually .

[Ayers]

I don't think so. Binance exchange and bitcoin wallet are not connected so it will not. CZ is not the owner of bitcoin so it will not. They operate different class with different nature. The Binance exchange only serve the purpose of bitcoin. Satoshi Nakamoto create bitcoin for p2p transactions which Binance is using it as part of is service.
The accusations level against Binance has do with bitcoin. Though the are fighting against bitcoin indirectly but they will not succeed.

Yes, both are completely different and have no relation to each other. But both co-exist and develop in a common environment, so it is inevitable that one of the two collapses will seriously affect the other. The SEC's charge against Binance.us alone sent the market down, and bitcoin is no exception. So if global Binance crashes, bitcoin will surely be hit hard. But of course, bitcoin will not be able to completely collapse because of Binance, but it will take a long time for everything to return to normal.

[superman184]

Binance is the largest cryptocurrency exchange. If it completely stops work, the cryptocurrency will fall very much! The market will hardly be able to recover in 3-5 years.
But I don't think it will happen

I actually think that if Binance really does fall for whatever they're going through, then there's going to be another exchange that makes it big in the crypto space with a lot more users. Because users who used to use Binance will definitely move to use other exchanges that are no less good than Binance even though the effects caused by this are not wanted by many people, which might result in a decline in the price of cryptocurrencies.

Even though this can recover when market visitors are completely safe and comfortable in their new place and this is starting to remind me of the FTX case which also fell, causing several cryptocurrency prices to also fall. But apart from all that, right now I don't think that Binance will really fall because Binance has its own way of solving every problem and developing their exchange to be better for the future.

[Alpha Marine]

I actually think that if Binance really does fall for whatever they're going through, then there's going to be another exchange that makes it big in the crypto space with a lot more users. Because users who used to use Binance will definitely move to use other exchanges that are no less good than Binance even though the effects caused by this are not wanted by many people, which might result in a decline in the price of cryptocurrencies.

This is true.  There will always be other exchanges. But then it might lead to more troubles because people will now start using various exchanges and they might not know which is trustworthy and which is not. For an exchange to be as big as Binance, it will take time. It takes time to build trust, especially the kind of trust that Binance has built with its customers.

If Binance completely does down, it will affect Bitcoin price but that's all it will do. I don't believe it will go below $16k though. 

[Tony116]

-snip
 But apart from all that, right now I don't think that Binance will really fall because Binance has its own way of solving every problem and developing their exchange to be better for the future.

I also don't believe that Binance will collapse just because of the SEC's baseless accusations because Binance is not cheating and is not as bad as FTX did. But in the distant future, it is difficult to say with certainty that they will continue to exist and develop, anything is possible. I'm still using Binance, but I can't rule out the possibility that it will crash in the next bear seasons, but not this time.

If Binance completely does down, it will affect Bitcoin price but that's all it will do. I don't believe it will go below $16k though. 

You are underestimating the influence of Binance, I even believe that $5k will be easy if Binance really crashes, and it will take us at least 3 to 5 years to recover everything. The dominance of Binance is unprecedented, no exchange has done this to date, not even Mt.gox.