What happen if Bitcoin shutdown?

[philipma1957]

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.

What happens when I die?
Do all of us die?
 Am I just Imaging all of this world?

pretty nonsense and hard to answer.

same as your question.

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[Zaguru12]

3. CAN HACKERS SHUTDOWN BITCOIN?

Well, theoretically, it's possible for hackers to hack the Bitcoin network but the chances are very slim as it's almost impossible to do so, I say this because Bitcoin is controlled by a network of nodes or computers which are distributed around the globe so for a hacker to be able to successfully hack the Bitcoin network or short it down, he'll need to take control of at least more than half of the nodes which of course we know is almost impossible. But even if the hacker succeeds to actually take control of a good number of those nodes, the Bitcoin network could still be forked and go back to using the actual Blockchain so th3 possibility of Bitcoin being hacked or shut down by hackers are technically Almost impossible.

The only two hack that is possible to cause problem to bitcoin is the 51% attack and probably if a quantum computer comes out to be able break the SHA256 algorithm to able move from an address to the private key it comes from. The more realistic one is the 51% attack (which doesn’t mean having half the network nodes but the hashrate) which is also not possible because of the economic cost associated with having that. Only a 51% attack which can cause a reverse or say double spend of bitcoins will be a threat for now.

According to my opinion, there can be only one reason for Bitcoin to shut down or crash, and that is if Satoshi suddenly appears and releases the Bitcoins kept in his wallet into the market, then I think it can cause such a crash. which may be far beyond imagination. And when the price is dumped and goes to the absolute bottom, people will not be able to buy it out of panic, and the recovery of BTC will not be possible. But it is not possible to return satoshi and sell all BTC.

Release of bitcoin isn’t same as shutdown but yes it can cause a crash. Although even if Satoshi releases the bitcoin which is mostly rumored to be a round a million bitcoin it will cause the crash of bitcoin price but will not cause its shutdown because they are still 19 million plus available. So this isn’t a thing that would cause any bitcoin failure.

[Stalker22]

Bitcoin is decentralized digital currency that no government or central authority controls.  Makes it wicked hard for any suits to just shut it down entirely.  But they got ways to make it a pain for folks to use.  They could outlaw biznesses trading it for regular fiat or the other way around and  maybe even get ISPs to block Bitcoin traffic.  Like how some governments block internet services they do not like.  But Bitcoin would probly adapt if that happened.  So, even if governments were to take all of these steps, it is unlikely that they would be able to completely shut down Bitcoin.

[Gormicsta]

3. CAN HACKERS SHUTDOWN BITCOIN?

Well, theoretically, it's possible for hackers to hack the Bitcoin network but the chances are very slim as it's almost impossible to do so, I say this because Bitcoin is controlled by a network of nodes or computers which are distributed around the globe so for a hacker to be able to successfully hack the Bitcoin network or short it down, he'll need to take control of at least more than half of the nodes which of course we know is almost impossible. But even if the hacker succeeds to actually take control of a good number of those nodes, the Bitcoin network could still be forked and go back to using the actual Blockchain so th3 possibility of Bitcoin being hacked or shut down by hackers are technically Almost impossible.

The only two hack that is possible to cause problem to bitcoin is the 51% attack and probably if a quantum computer comes out to be able break the SHA256 algorithm to able move from an address to the private key it comes from. The more realistic one is the 51% attack (which doesn’t mean having half the network nodes but the hashrate) which is also not possible because of the economic cost associated with having that. Only a 51% attack which can cause a reverse or say double spend of bitcoins will be a threat for now.

Yes the 51% attack aka majority attack has been proven to be another vulnerability and a threat to Bitcoin (if actually pulled off) because it would grant an individual more than half of the Bitcoin computing power, be able to create new blocks, and sources proved that it could even grant them access to even reverse a transaction. LoL I wonder the crazy genius that even came up with such a theory.

Although, inasmuch as it's actually possible to pull it off, it's really going to require lots of resources and expenses, making it very difficult to pull off.

[TelolettOm]

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.

Shutdown Bitcoin?
Then who will do it? Bitcoin has many investors and has extraordinary growth, being on various strong exchange platforms globally too. So, if the government is going to shut down, what will be shut down? then which government? Will the shutdown mean that our Bitcoin will no longer be accessible or are they doing some bad FUD about Bitcoin so that we should no longer have anything to do with Bitcoin?

the answer in my opinion is no way. However the government prohibits the use of Bitcoin, we can still access it and carry out activities with it in various ways. Not only that, Bitcoin is not like a computer that we can shut down easily by just turning off 1 feature, right, so it will be very difficult to bring it down. We have experienced many things, a lot of FUD which made Bitcoin drop in price, but in the end, Bitcoin was able to rise again and was even much stronger. Many governments prohibit their citizens from using crypto and make various regulations, but that doesn't stop them from getting involved in the crypto world.

[ultrloa]

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.

Automatically the crypto market will experience a huge collapsed and majority of people will go away from it since many would provably think that this is the end point of the whole crypto market. If your question is can government shutdown bitcoin? Yes they can actually do that. They all have the power to restrict and influence the leaders of the country to restrict bitcoin and its circulation so once they put a hard stoppage on its usage this could affect the transaction and demand for bitcoin.

But for sure many could find ways to revive back the crypto industry and once bitcoin totally get crumpled for that reason maybe there's another crypto that can replaced its position then will dominate the market.

[taufik123]

Why do you have so many questions about shutting down Bitcoin, about Bitcoin being shut down? Will it be useful?
We will not know what will happen to Bitcoin in the next 10 to 20 years, whether Bitcoin is still active or not.

But what is clear is that when Bitcoin as the king of all coins dies, then all of them will die.
Although there is life, it will not go perfectly, The crypto system will falter, but perhaps a new era of the crypto world will grow again.

After all, governments cannot regulate or shut down completely because Bitcoin cannot be regulated by anyone.

In the concept of a Bitcoin death scenario like this, perhaps a 51% attack could be the closest example of how Bitcoin and the blockchain can be controlled by attackers who can add or remove blocks as they see fit, make fake transactions, or even stop the network entirely.
This can severely undermine trust and disrupt the normal operation of the network.

So the death of Bitcoin or other networks is possible, but for now the development of Bitcoin continues to run so as not to occur such a scary attack.

[WhyFhy]

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.

The only way I can see Bitcoin shutting down is if people stop using it and mining it.
I don't think it could be hacked as a whole with current technology but never say never.

[oktana]

Fortunately, the government cannot shut down Bitcoin, and it is in no one’s power to shut down Bitcoin. I am very sure that if the government could do that, they would have probably done that a long time ago (rather than just Banning it). In general terms, I think it’ll take the rise of a new innovation that is greater than Bitcoin to rise for Bitcoin to be considered as being shutdown. But what could be more than such cashless money with so much value… I see nothing except Bitcoin.

[suzanne5223]

I am just wondering, what will happen if Bitcoin shutdown? Will the market crash?

The market will crash.

How about the effect of this to altcoins?

The effect will be huge just like how the Bitcoin halving influence the market.

Can government shutdown Bitcoin?

The government can only shut down something they can control and for the record Bitcoin is decentralized so there's no way they can shut it down. Besides, BTC surpasses the verge of the government shutting it down.
What the government can do now is to introduce new regulations or frameworks that will put most crypto platforms under their control.

[hatshepsut93]

Bitcoin operated without any disruptions since the first block was mined so it's safe to say that it's extremely unlikely to be shut down ever. And this hypothethical scenario of Bitcoin shut down really depends on how severe it is. If it's just a few days an then return to normal, then the confidence in Bitcoin will be bruised but ultimately it will recover, while if it would be more severe and Bitcoin would be down for weeks or months, many people would not return to it and dump it as soon as they can.

[Emmanuelex]

If Bitcoin goes down, it will be the end for majority of the altcoins in the market. Maybe the top altcoins like Ethereum would continue standing, but that would make people doubt the reliability of the coins that are still left in the market, including ETH. People have invested their money in Ethereum would start withdrawing, because they will have the fear that if Bitcoin is able to shut down, then there is no doubt that Ethereum would also shut down one day. It's definitely going to create chaos and panic in the market for sure.

But that's not something we are hoping, and I also don't see the possibility of that happening, because of the way that Bitcoin is made. It would have only been possible if Bitcoin was centralised.

[serjent05]

I am just wondering, what will happen if Bitcoin shutdown? Will the market crash?

This question shouldn't be asked and can be answered personally, obviously if the source shutdown, automatically anything that have something to do with the shutdown source will crash.  Same goes with Bitcoin, if Bitcoin shutsdown its market will be paralyzed and automatically crash.

How about the effect of this to altcoins?

There are two different effects of this incident on altcoin, the first one is some may lose trust in cryptocurrency and pull out their investment making the altcoin industry crash, or if there is some altcoin that emerges as an alternative then this altcoin market will greatly boosted because the fund from the crashing Bitcoin will then be moved to that altcoin.

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.

The government can ban bitcoin but they can have difficulty or probably impossible to shutdown Bitcoin network.  You can see how they track and shut torrenting sites but the government still fails to shut them down due to its decentralized nature.  Same goes with Bitcoin, due to its decentralized nature, the Bitcoin network is somehow impossible to shut down by the government unless they shut down power supplies and the internet.

[CryptopreneurBrainboss]

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.

I believe if anything was to happen to Bitcoin then the whole industry is as good as nothing because people won't believe anything can be achieved again as the pioneer of the industry and the most decentralized cryptocurency has been taken down. People are only paying attention to the industry because of Bitcoin. Investment are flowing into the market from both institutional investors and small investors because of the success of Bitcoin so if anything was to happen to Bitcoin, the industry is dead but nothing can happen to Bitcoin (at least not any of those you mentioned) so you don't have to be scared, Bitcoin Blockchain can't be hacked and for there to be any form of manipulation of the blockchain, it'll cost so much that it'll not be worth it.

Bitcoin controls the whole market, a positive move in Bitcoin price affect other coins either directly or indirectly that's why the market decrease when Bitcoin is having a bad season (bear market) and increase when Bitcoin is having a good season (bull market). The government can shutdown altcoins because they're centralized and having a face that they can be targeted and get negative publicity to affect the price of the coin but that isn't possible with Bitcoin because it's a decentralized cryptocurency without any identifiable face just a community of supporters and adopters.

What will the hackers hack to shutdown Bitcoin? Bitcoin doesn't have a centralized server that can be attacked and the blockchain is basically unhackable. Bitcoin service providers can be targeted and shut down especially does operating centralized but nothing can be done to Bitcoin except manipulation of the price by sell pressure and negative policy but it'll recover from that as well.

[Darker45]

The market will definitely fall, albeit temporarily assuming problems are eventually addressed. And that's a normal reaction. We can actually go back to Bitcoin's history for this.

Contrary to what others are saying, Bitcoin doesn't have a perfectly smooth operation. Bitcoin doesn't have a 100% uptime since the genesis block. There were two instances when the network went down. First was in 2010. It was down for more than 8 hours. Bitcoin didn't have a USD value at that time so there was no price reaction. The bug was eventually addressed by Satoshi himself/herself/themselves.

The second down time of Bitcoin happened in 2013. It lasted for more than 6 hours. Again, there was a bug. By this time, however, Bitcoin was already actively traded. As a result, the price fell to more than 20%. Had the downtime lasted longer, I'm sure the impact on the price was much worse. Hence, my belief that the market will experience some serious red candles should Bitcoin go down.

However, these two downtimes of Bitcoin aren't caused by an outside attack. It wasn't because of a hacker or a government. Those were simply caused by bugs which were easily addressed.

Sources:

1. https://bitcointalk.org/index.php?topic=822.msg9474#msg9474
2. https://buybitcoinworldwide.com/bitcoin-downtime/

[seoincorporation]

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.

Is hard to think of a way to shutdown Bitcoin because it works with nodes. That means is not a single machine that you can turn off and shut down Bitcoin, taking off all the nodes from the network is an impossible task.

But let's think in that scenario for a moment, let's say bitcoin gets off. That means no one can send transactions and miners are not validating blocks, in that scenario bitcoin would be worth zero because it would be useless. Simple as that. Even if the market's still operating for a day, the price would go in free fall because everyone would want to get rid of those useless coins.

[peter0425]

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.

Have read this many times before and have answered several of them but yet here we go again same question different account.

Bitcoin is Decentralized and am not sure if there will even one entity that can shut this down , though banning worldwide will hurt it but never be shut down.

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Considering it can be shutdown(but surely will never) then yeah  other altcoin if not all will also die with Bitcoin , though some will survive and may be used as alternative to what bitcoin use to bring them , but also if bitcoin will be shutting down then sure every crypto will face the same faith sooner or later.

[bitterguy28]

Fortunately, the government cannot shut down Bitcoin, and it is in no one’s power to shut down Bitcoin. I am very sure that if the government could do that, they would have probably done that a long time ago (rather than just Banning it).

exactly , because we have seen other countries that getting their power banning bitcoin or its mining industry so what more if they have the power to shut it down?
but sadly no government has its power over decentralization so yes they wont and will never drop this down , though there are measures that can be taken to lower if not totally stopped the circulation and use of bitcoin in their jurisdictions.

In general terms, I think it’ll take the rise of a new innovation that is greater than Bitcoin to rise for Bitcoin to be considered as being shutdown. But what could be more than such cashless money with so much value… I see nothing except Bitcoin.

If something comes out that can break what bitcoin can bring to people, then it is the people itself that will shut this down.

-lack of usage

 -using other crypto/online payments.

 -withdrawing all their funds inside.

if those are taking part then yeah bitcoin will shut down itself .

[blue Snow]

I am just wondering, what will happen if Bitcoin shutdown? Will the market crash?

I will be the first person to bring it back to life. because there is no competition anymore to mining it, and I will collect BTC as much as I want.
Dude, if you can do (shutdown) that, I am very thanks to you, I will give you a gift as thanks.
Because you are newbie, and don't know how the bitcoin network work; lots of people (big company, the government, and the richest people) want the Bitcoin network to die. Because they want to mining it as much as they want, if much then they can easily control it. And about the market, as long as the bitcoin is still decentralized as today, the bitcoin price is not be affected too much, because bitcoin is basic of traditional economy, supply and demand.

[Essential10]

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.

I think you are very scared of the Bitcoin or crypto currency investing part so you have a lot of curiosity in your mind. At this point in time you can't say Bitcoin will shut down, that's ridiculous. Bitcoin is completely independent and moves at its own pace. With no government regulation of Bitcoin there is no question they will shut down Bitcoin. it is true that some altcoins have disappeared in the past. Altcoins are created as alternatives to Bitcoin, and they can come and go from the market. Many may have different opinions but I do not bother when such questions come before me. I believe Bitcoin has a long way to go.