What happen if Bitcoin shutdown?

[KennyR]

The best part of Bitcoin, it can't be shut by anyone. If this is possible, long back itself this could've been done. Maybe at its initial days, this could've been a possible process. Now everything have gone beyond the limits and governments or any authorities cannot do anything. This has been discussed several times whenever a countries takes a stand against cryptocurrency and bans mining within their borders. Those incidents create slight market fluctuation and then moves as things happen regularly.

[1714649502]

1714649502

[1714649502]

1714649502

[1714649502]

1714649502

[1714649502]

1714649502

[1714649502]

1714649502

[1714649502]

1714649502

[n00ber]

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.

I have a question what is the government. We have many many many countries with many many many rulers.

can a government declare it illegal? the answer is yes any government can do that. Some have.

Let's talk murder. All governments have declared murder illegal (yeah I know most killings are declared illegal not all just must.

Yet we have killings . So if every government said btc was illegal we may have some btc but less than now.

I just do not think every government will do this.

Actually the government can shut down bitcoin but it needs the cooperation of all governments, but one government and one country cannot do that even if it is a power like America. But countries have competition and hatred for each other, so it is almost impossible for them to join together, so it is almost impossible for the government to shut down bitcoin. Furthermore, bitcoin brings benefits to everyone, it does not cause harm like terrorists or murderers, so banning it without a valid reason will encounter fierce opposition from the people.

[mirakal]

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.

If bitcoin shuts down, then everyone will move into altcoins, or everyone will leave the crypto market since crypto market without bitcoin is not trustworthy anymore. That is, if the government can really put an end to bitcoin. But as far as I know, that will never happen because any centralized entity can never control a decentralized entity. That creates an advantage for all bitcoin users and investors.

However, we should not be worrying for now because bitcoin itself is at its peak of progress and success. If this will continue, bitcoin adoption might turn into reality in the end.

[Bananington]

It might be hard for the government of a country to shutdown BTC because of their hatred for it, because it is on a decentralized network and the best they can do is restrict its operations in the said region. Am sure even in countries where it is illegal to trade crypto currency, individuals still have it in store or safe in a wallet for future basis when it becomes like a treasure for those who have it and have really invested so much to HoDL.
I don't pray for the worst of BTC to happen because that would mean that all the time inevstted in gaining the knowledge was a waste as well as the resources one has lost all in a bid to remain disciplined in maintaining a certain strategy of investment.

[gunhell16]

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.

I have a question what is the government. We have many many many countries with many many many rulers.

can a government declare it illegal? the answer is yes any government can do that. Some have.

Let's talk murder. All governments have declared murder illegal (yeah I know most killings are declared illegal not all just must.

Yet we have killings . So if every government said btc was illegal we may have some btc but less than now.

I just do not think every government will do this.

Actually the government can shut down bitcoin but it needs the cooperation of all governments, but one government and one country cannot do that even if it is a power like America. But countries have competition and hatred for each other, so it is almost impossible for them to join together, so it is almost impossible for the government to shut down bitcoin. Furthermore, bitcoin brings benefits to everyone, it does not cause harm like terrorists or murderers, so banning it without a valid reason will encounter fierce opposition from the people.

In Bitcoin's 14 years in this field of crypto space, if it really had the ability to shut down bitcoin, they would have done it long ago. But the only thing they can really do with Bitcoin is change it, not shutdown it. Why? That is because of the decentralization that it has.

They have to destroy or remove the decentralization that Bitcoin has before they can shut it down. Why didn't many countries ban Bitcoin, but in the end they also revoked it? With their ban, did they get rid of Bitcoin's decentralization? Isn't it, and until now, this decentralization has been the obstacle and thorn in their throat. In short, it is not possible for the government to shut down Bitcoin.

[armanda90]

Bitcoin is not the same like altcoin and less possibilities will shutdown, holder of bitcoin is one company or dominance by some one but many people hold bitcoin and controlling by holder. Difference with altcoin possibilities will shutdown because supply dominance hold by the owner of altcoin project and easily for them run away and make price altcoin drop drastically. Bitcoin have operation more than 14 years old and many bad news happening with many time top countries around the world banned bitcoin transaction, make as restrict payment currency but bitcoin keep strong and wake up more higher price before bad news happening.

I don't have ideas with OP talk about possibility bitcoin shutdown, how come bitcoin have been higher price and the holder want to sell their coins with cheapest price?

[Iranus]

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.

To answer your question, I just want to say. If governments can shut down bitcoin and hackers can attack bitcoin then why haven't they done it in the last 14 years and have to do this now? The government once wanted to eliminate bitcoin and they used many ways, but now they have gradually become more friendly with bitcoin instead of continuing to find ways to eliminate it. That shows they have failed and are integrating more with us.

Why are you skeptical when the government is gradually warming to it? Instead, you should look to accumulate more bitcoin before the government announces the legalization of bitcoin worldwide, and you will regret your skepticism.

[Blitzboy]

Theres really no way that Bitcoin could shut down; its a decentralized network, not a centralized entity. Its like asking if the internet can be turned off; its not possible in theory and not possible in practice. Why? Because Bitcoin is based on a global network of nodes, each of which checks transactions on its own. To "shutdown" Bitcoin, every node would have to be shut down at the same time by an organized, global effort on a scale that has never been seen before. Even governments, which have a lot of means, would have a hard time pulling off something like this.

Now, lets entertain the hypothetical scenario: if Bitcoin were somehow "shut down", would the market crash? Most likely, yes, because it has a big market cap and a lot of symbolic value. What will happen to altcoins? They might suffer at first, but they could get better in the long run because the crypto ecosystem is broad and strong. Hackers putting the system down? Again, very unlikely because Bitcoin's design is strong and decentralized. Thats proof of how strong and reliable blockchain technology is.

[Ayers]

Now, lets entertain the hypothetical scenario: if Bitcoin were somehow "shut down", would the market crash? Most likely, yes, because it has a big market cap and a lot of symbolic value. What will happen to altcoins? They might suffer at first, but they could get better in the long run because the crypto ecosystem is broad and strong. Hackers putting the system down? Again, very unlikely because Bitcoin's design is strong and decentralized. Thats proof of how strong and reliable blockchain technology is.

I also used to think that bitcoin was the creator of the cryptocurrency industry and also the symbol of the industry, so if it collapsed, this market would most likely disappear. But then, I don't think that will happen even if bitcoin disappears. The cryptocurrency industry will certainly be hit hard if bitcoin is stopped, but since this is a financial market, as long as it remains profitable for market makers, they will always find a way to maintain this playground. So it can still exist even if bitcoin no longer exists.

But bitcoin being shut down is almost unlikely. Bitcoin has become too big and it is just an illusion that the government or someone wants to shut it down.

[CryptSafe]

Bitcoin has long been in existence till this very moment and if it were to have crashed or be wiped out, that should have been long ago upon its inception but it has come a long way to face that and as such would be very difficult to be scrapped because it is not a one man show but rather community driven  and as such would not bend to any pressure of being scrapped.

On the other hand, it is a known fact that Bitcoin is the head of the Crypto market and there is no doubt about it that what ever happens to Bitcoin, it affects the Crypto market and community as a whole because there would be panic but notwithstanding, the Crypto market is now very much strong as there are players in the system which would not allow it to fade away of anything should happen to Bitcoin. The Crypto market is now a financial giant on its own with lots of other crypto's running as an entity on their own coupled with the fact that there are stakeholders who would not allow it die as a result of the financial gains they derive from it including the government that always wants to control and regulate everything under their nose.
So therefore, the idea of Bitcoin shutting down is near impossible.

[coinremitter]

While Bitcoin is decentralized and not controlled by any single entity, its shutdown, either by government intervention or external factors, could indeed have significant impacts on the crypto market. A sudden closure might lead to a temporary market downturn, affecting both Bitcoin and altcoins. However, the resilience of cryptocurrencies and the diverse nature of the market could mitigate long-term effects. It's crucial to stay informed and diversify your crypto portfolio to manage potential risks. As for the possibility of hackers shutting down Bitcoin, the decentralized nature of the network makes it challenging, but security measures are continually evolving to counter potential threats

[syedakhlaque]

To be shut down of Bitcoin.It is very difficult impossible. But if it happen it will be difficult for its sub-coin to survive. In this way, the existence of the crypto market will be on the way to danger and extinction.
But on the other hand, there is also the fact that this is a hypothetical and imaginary thought. And there is no chance of such a situation. Because Bitcoin's roots have become so strong that it is unlikely to be uprooted or destroyed. Even if it is temporarily closed. So it will recover soon.Because Bitcoin is a hope and an opportunity to remove your poverty and improve your condition۔

[Marvell1]

Bitcoin has long been in existence till this very moment and if it were to have crashed or be wiped out, that should have been long ago upon its inception but it has come a long way to face that and as such would be very difficult to be scrapped because it is not a one man show but rather community driven  and as such would not bend to any pressure of being scrapped.

On the other hand, it is a known fact that Bitcoin is the head of the Crypto market and there is no doubt about it that what ever happens to Bitcoin, it affects the Crypto market and community as a whole because there would be panic but notwithstanding, the Crypto market is now very much strong as there are players in the system which would not allow it to fade away of anything should happen to Bitcoin. The Crypto market is now a financial giant on its own with lots of other crypto's running as an entity on their own coupled with the fact that there are stakeholders who would not allow it die as a result of the financial gains they derive from it including the government that always wants to control and regulate everything under their nose.
So therefore, the idea of Bitcoin shutting down is near impossible.

I agree, it's unlikely that bitcoin will shut down or collapse, I'm pretty sure of that. But I don't think bitcoin and cryptocurrency is a huge financial market. If you look at the market capitalization, it's just over a trillion dollars. That means it's less than the US military's spending budget in a year and smaller than the capitalization of technology companies. How can it be said that it is a giant financial market that cannot collapse? Bitcoin cannot be shut down because it is decentralized and because no one can take down all the bitcoin nodes in the world. Not because it has become huge, bitcoin is still very small compared to other financial markets.

[tjtonmoy]

Bitcoin is not centralized and is not run by one single entity. It is scattered through all around the world. Only a natural apocalypse can stop it from running but only if it happens all around the world at the same time. Nothing other than some kind of natural disaster can stop Bitcoin. Hackers can only hack one device and in order to hack every system that is running BTC nodes is nearly impossible.
But theoretically speaking, if that ever happens, the market will face a huge crash. Especially the altcoin market. But the opposite could happen after the market starts to recover. When the big dog is out of the picture, the others will compete to fill that place. Many altcoins can come up and take that place. Or as many believe, the whole crypto market could vanish.

[gunhell16]

Bitcoin is not centralized and is not run by one single entity. It is scattered through all around the world. Only a natural apocalypse can stop it from running but only if it happens all around the world at the same time. Nothing other than some kind of natural disaster can stop Bitcoin. Hackers can only hack one device and in order to hack every system that is running BTC nodes is nearly impossible.
But theoretically speaking, if that ever happens, the market will face a huge crash. Especially the altcoin market. But the opposite could happen after the market starts to recover. When the big dog is out of the picture, the others will compete to fill that place. Many altcoins can come up and take that place. Or as many believe, the whole crypto market could vanish.

You stated it here, and they should get it. It is obvious that Bitcoin is not centralized like other currencies that may be readily controlled by any government. In short, no government has the power to truly regulate it.

Perhaps it's simply that other governments still believe they can overthrow or control Bitcoin. If the most powerful country on the planet cannot control it, we can clearly see that Bitcoin is unlike anything we've ever seen.

[CRAIC]

Will the market crash?

No, if Bitcoin shutdown, Ethereum will become the dominant coin

[atamism]

Hi y'all! Thank you for all of your thoughts. I still have 1 question but this is a new topic, might create a thread tomorrow for that. I don't know if I am the only one who have questions like that. What if Bitcoin disappear in just one snap and so on. I still hope Bitcoin and Altcoin last, all of us here have a very big part in all of the coins around the market. I still have a lot of what if, and thread is still open for more thoughts.

[Ever-young]

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 will happen?
People will lose money
People will lose hope
Most people will lose faith in digital asset.

But why worry about what will happen when you can think about what will not happen and get all the positive vibe that you can get from it why holding it, we know it won’t happen any ways as the chances of that coming to pass is very low, why we look at the possibility of it coming to reality. For now all I still think of is, invest and hold the little I could and take profit when ever it’s due, that’s what matters to me right now.

[oktana]

~~~

~~~

Actually the government can shut down bitcoin but it needs the cooperation of all governments, but one government and one country cannot do that even if it is a power like America. But countries have competition and hatred for each other, so it is almost impossible for them to join together, so it is almost impossible for the government to shut down bitcoin. Furthermore, bitcoin brings benefits to everyone, it does not cause harm like terrorists or murderers, so banning it without a valid reason will encounter fierce opposition from the people.

In Bitcoin's 14 years in this field of crypto space, if it really had the ability to shut down bitcoin, they would have done it long ago. But the only thing they can really do with Bitcoin is change it, not shutdown it. Why? That is because of the decentralization that it has.

They have to destroy or remove the decentralization that Bitcoin has before they can shut it down. Why didn't many countries ban Bitcoin, but in the end they also revoked it? With their ban, did they get rid of Bitcoin's decentralization? Isn't it, and until now, this decentralization has been the obstacle and thorn in their throat. In short, it is not possible for the government to shut down Bitcoin.

I don’t think they would have shut it down if they had the power, I’m talking of the government(s) to have done it before now. It is only now that everyone is paying attention to it that some government are also paying attention. I rather think that when Bitcoin was created, it would have been easier to shut it down; maybe the country Satoshi was in could have termed it illegal to put fear in people’s mind. But currently, Bitcoin has become a tree that has its root deep into the soil. It has anchored to different things and people so even if you tried to cut it one root, it still lives.

[NotFuzzyWarm]

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

Um, if the Bitcoin network ceases to operate then there no longer are Markets... One cannot exist without the other. If the BTC network ever shuts down then there is no way to buy/sell it ergo, no markets...

That said, it would be near impossible to shutdown Bitcoin. As long as at least 1 node and 1 miner is accessible on the internet the it can work. There is no way every single government in the world will ever cooperate to take down every single node and miner on the planet.

As for alts aka crapcoins,  most folks don't really give a flying fuck because most alts are useless anyway. That said, since most alts are traded for BTC and then converted to fiat then they become even more worthless