What happen if Bitcoin shutdown?

[adzino]

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 exactly do you mean by "shutdown"? Like the network failing or something? That is very unlikely to be happen because if you follow the consensus, you will know that bitcoin is immune to "single point of failure".  So, no. No hackers can shutdown the entire bitcoin network. Not even the government. All they can do put strict ban on usage of bitcoin. But people will still use bitcoin "illegally" I guess. As long as they don't interact with fiat currency, there is nothing much the government can do. But lets assume something has happened to bitcoin. Then yes, it will affect all the other altcoins. The price will go down with bitcoin because most people would already have lost faith in crypto currencies. Even if it does take time to recover, it will take decades.

[yohananaomi]

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 it will have devastating implication on loads of industries and technoogical solutions. The Bitcoin as a currency, if it shuts down, the impact will be damaging as loads of people have now built their lives and businesses around the technology and leveraging it to offer solutions.

Corss border solutions were much of a challenge before Bitcoin's inception, have you considered the implications of Bitcoin shutting down, it resurfaces again. Note that the government and financial institutions are yet to offer solutions to the cross border challenges associated with finance. Little wonder why Satoshi never came to disclose his identity, he/they knew it will be devastating if he/they did

Everyone is familiar with the technological updates that are taking place, and since it is clear that there is Bitcoin, you can be sure that everyone has used it. Of course, the implication is that there will certainly be very crucial problems that could occur with the closure of Bitcoin. But will there be anyone who wants to do that, where it will actually be rejected by many who have used it for purposes that have been very profitable and have even helped a lot with what has been done?

If you just assume, of course it can always happen, where it is possible and can happen, because we cannot know the situation where and when it could happen. But I really agree that there will emerge solutions that can and will be done by those who feel that what they are doing might start to make them uncomfortable with the actions that are taking place.

So it must be acknowledged that the situation regarding technological updates is something that should be able to provide a solution and not be thought to be detrimental. We cannot avoid the fact that this progress is absolutely necessary to be a solution that can alleviate what may be needed now and in the future. trying to be able to adapt to situations where the need for bitcoin is truly unavoidable.

[lizarder]

I am just wondering, what will happen if Bitcoin shutdown? 

You and anyone else do not have access to buy and sell it anymore. LOL
The question is who will close it and for what purpose?

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. 

Confusing question and you say what if bitcoin shuts down and then also ask what impact it will have on altcoins. The many questions will make it difficult for you to get involved in Bitcoin because skepticism will appear and it will be difficult for you to develop yourself to get involved in it. You don't need to think much about hackers because it is closely related to how you store bitcoins in a safe place.

Study several nearby sources that can lead you to a safe wallet for bitcoin and use the search button on the forum so you have references. Thinking too much about the negative will make it difficult for because you will be dominated by excessive fear while other people have already flown to the moon at this time.

[umbara ardian]

The potential shutdown of Bitcoin, while seemingly remote, sends tremors across a vast landscape of industries and technological advancements. Its impact wouldn't be limited to the financial realm; it would reverberate through the very fabric of our interconnected world.

As a currency, Bitcoin has revolutionized the way we perceive and interact with money. Millions have built their lives and businesses around it, leveraging its unique properties to offer innovative solutions. Its decentralized nature freed them from the constraints of traditional financial systems, fostering a global network of commerce and exchange.

The potential shutdown of Bitcoin throws this fragile ecosystem into disarray. Businesses built on its infrastructure would face unimaginable challenges, and countless individuals reliant on it for their financial well-being would be left stranded.

[Huppercase]

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 you are asking this question after spending more than 8 years here in the Forum, I'm really curious of what you have learn so far in this place. Have you for once heard of the phrase associated with bitcoin like "no single point of failure" and "no middle man"? They are simply implying that bitcoin doesn't depend on one person, see it as a community and they are not situated in the same place; just like you and I can run the bitcoin network independently without even knowing each other, now imagine if everybody decide to stop and the rest of us continue to run the network, is it possible to shut down. The only way bitcoin network will ever shutdown is "if internet never work again" which is not possible.

Bitcoin network is a connection of bitcoin nodes and miners that are distributed around the world, a node and a miner make up the bitcoin network and they communicate hand in hand to make security, decentralization and speed up time by synchronizing together. When node A, B, C and miners A₁, B₂ and C₃ shutdown in a particular location or jurisdiction, the rest in another part of the world will continue to function and transactions will be mine through them. The only challenge with shutting down some miners is that it will only affect how decentralized the bitcoin network has been which will adjust again if more people join the network.

[qwertyup23]

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 BTC happens to shutdown suddenly, then expect prices of altcoins to either increase/decrease drastically depending on the reason on why BTC fell in the first place.

For your second question, I do think that the government CAN shutdown BTC but this will require a unity of all governments in all countries for it to happen. Remember that there are certain countries that prohibit the transaction/utilization of BTCs (e.g. China, Saudi Arabia, etc.) but this does not stop other countries from accepting it as legal tender (e.g. El Salvador and Central African Republic) which overall contributes to its price.

Assuming that all countries prohibit its transaction, then expect its price to decrease and it will slowly become obsolete.

For your last questions about hackers, I doubt that hackers can completely destroy it. The reason is simple- it is the blockchain that makes it fool proof. Every transaction is confirmed by a significant number of miners that can make detect whether a certain transaction is fake or not.

[Renampun]

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 will try to answer all the questions you ask with my thoughts.
If Bitcoin shuts down there will be a big crisis in the crypto world and of course the crypto market will crash.
altcoins will also definitely be greatly affected and it is likely that many investors will withdraw the liquidity they have in altcoins.
The government will not be able to shut down Bitcoin because Bitcoin is open source, they can only monitor the use of Bitcoin through the regulations they enforce.
hackers might be able to hack bitcoin, if they could then it would have been done a long time ago.

[Mate2237]

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 will try to answer all the questions you ask with my thoughts.
If Bitcoin shuts down there will be a big crisis in the crypto world and of course the crypto market will crash.
altcoins will also definitely be greatly affected and it is likely that many investors will withdraw the liquidity they have in altcoins.
The government will not be able to shut down Bitcoin because Bitcoin is open source, they can only monitor the use of Bitcoin through the regulations they enforce.
hackers might be able to hack bitcoin, if they could then it would have been done a long time ago.

Exactly all the other cryptocurrencies and altcoins and airdrops will collapse because everyone is relying or depending on Bitcoin and if Bitcoin is shutdown then the totality of cryptocurrency will shutdown and people will be using Bitcoin as a good example for any coming up coin and for that the government will be very happy and warn citizens that they told them not to invest in it but we refused. That is the fall of one man is an happiness for another.

But I don't think Bitcoin will fall again. Though hackers are on the high speed to hack the network but Bitcoin is well secured that the hackers can nor do anything. The stand of Bitcoin is the stand of all.

[Furious 7]

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 will try to answer all the questions you ask with my thoughts.
If Bitcoin shuts down there will be a big crisis in the crypto world and of course the crypto market will crash.
altcoins will also definitely be greatly affected and it is likely that many investors will withdraw the liquidity they have in altcoins.
The government will not be able to shut down Bitcoin because Bitcoin is open source, they can only monitor the use of Bitcoin through the regulations they enforce.
hackers might be able to hack bitcoin, if they could then it would have been done a long time ago.

Indeed, there will certainly be chaos that occurs if such a thing happens but the question is who can close bitcoin and what is the strongest reason for closing bitcoin because after all, with the nature of bitcoin itself, it is certain that this cannot be closed even by the government.
Prohibition may be possible but for an honest closure I don't think anyone will be able to do this because after all bitcoin will still be the same as it is now with no one in power in the sense that it can regulate at any time and will continue to roll as it should.
It sounds quite cliché but indeed this is a fact that bitcoin cannot be closed or eliminated at least for today and for the next few years.

[gunhell16]

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 hope we're on the right track. If the government could shut down Bitcoin as you suggest, it would have done so long ago. That means the government can't do it, and no government in the world can.

It can only be outlawed for the time being; Bitcoin's decentralization is so robust that the government has not been able to regulate it in practice. According to Bitcoin history, someone has long desired to dominate the government, but no one has succeeded.

[Viscore]

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.

There's no way that bitcoin will shut down, as the government can only ban it but it will never be possible to shut it down. The only reason that bitcoin will shut down is to see the whole internet shut down, that would be the end for bitcoin and everything that is operated by internet. But it's very impossible to see the internet shutting down as the whole world rely on it, so it would be a very big mess if it happens.

For bitcoin, a lot of threats have been heard to shut it down but hey, look at it now, still very progressive and even become more famous and powerful. That only proves that bitcoin is hard to beat by fiat, by government, or by any centralized party that is against with bitcoin existence.

[highalch]

The only possible way to shut down Bitcoin in this stage is to destroy the internet globally.

As long as 2 people have internet, they will be able to transact.

[Mr.right85]

The potential shutdown of Bitcoin, while seemingly remote, sends tremors across a vast landscape of industries and technological advancements. Its impact wouldn't be limited to the financial realm; it would reverberate through the very fabric of our interconnected world.

It’s something I don’t like to imagine as I don’t deem it feasible in my life time but perhaps, in a future where I might not be in existence but, instead of a no Bitcoin future, I think what we are more likely to see is a Bitcoin with some form of regulations through the various centralized systems that exists within the cryptospace and some measures being put on miners by the government of individual host nations.

The advantages of Bitcoin has pushed for CBDCs and I don’t see government being very eager to see a useful system go to waste. Once they find means to properly task it, then we can as well expect Bitcoin to stick around much longer.

[romero121]

The potential shutdown of Bitcoin, while seemingly remote, sends tremors across a vast landscape of industries and technological advancements. Its impact wouldn't be limited to the financial realm; it would reverberate through the very fabric of our interconnected world.

It’s something I don’t like to imagine as I don’t deem it feasible in my life time but perhaps, in a future where I might not be in existence but, instead of a no Bitcoin future, I think what we are more likely to see is a Bitcoin with some form of regulations through the various centralized systems that exists within the cryptospace and some measures being put on miners by the government of individual host nations.

The advantages of Bitcoin has pushed for CBDCs and I don’t see government being very eager to see a useful system go to waste. Once they find means to properly task it, then we can as well expect Bitcoin to stick around much longer.

Whats there to think of something thats not gonna happen. In recent years we've heard less about the term ban of cryptocurrency mining and cryptocurrencies on different countries. Before that quite often some country makes a statement that cryptocurrency mining is banned and this used to affect the network for a while. Soon it comes back as the same mining left were taken hold by some other country. This means the void isn't created in the network and the same lets the network function in a much effective manner. There is no need to worry about its long lasting., it lasts forever.

[wallet4bitcoin]

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.

All of your concerns and worries have been factored in, even the government in all its weight can not shutdown Bitcoin except the internet no longer works anywhere in the world anymore.

Worry about nothing, Satoshi is indeed a wise man, he knew systems and policies will warrant him to shutdown so he hid himself totally

[Suzume]

I think is not going to happen because bitcoin is the most recommend currency ever. Creator Satoshi Nakamoto sayed that I made it for the bitcoin lovers future bright and the currency continuously maintaing the talks. Something time price drop and again it go up and clearly makes profit for the investor and it's ligal currency on every devolpo country. That's the reason there is no possibility to shutdown.

[Abiky]

All of your concerns and worries have been factored in, even the government in all its weight can not shutdown Bitcoin except the internet no longer works anywhere in the world anymore.

Worry about nothing, Satoshi is indeed a wise man, he knew systems and policies will warrant him to shutdown so he hid himself totally

Satoshi even made sure Bitcoin was open source to allow people to "resurrect it" if things go wrong in the future. Because of this, the cryptocurrency is truly unstoppable. Governments would have to shut down the whole Internet and eliminate traces of the source code to destroy Bitcoin for good. But this would be something impossible to achieve.

The least governments can do is make BTC "illegal" by banning its use across the region. Regulatory action can only be enforced through centralized exchanges and service providers. BTC has gone far since its inception, so I'm certain it will last another 10-20 years. As long as it stays decentralized, there should be nothing to worry about.

[Omahabit]

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 the father of the crypto (bitcoin) shutdown today it will cause alot of pain, and the government will mock investors of bitcoin. While 90% of altcoin will be affected if not also short-down or worthless. i believe that is why the advocate of bitcoin stay awake to protect the investment, not to allow that happen although anything is possible.

If the government have the power to shortdown crypto, they will have done that long time ago, but they are still trying. Hackers are trying to enrich themselves, not to shortdown the mainstream of crypto. the advocates or those behind the crypto market understand all this question that is why Santosi still remain anonymous till date to avoid compromise.

[Omahabit]

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 the father of the crypto (bitcoin) shutdown today it will cause alot of pain, and the government will mock investors of bitcoin. While 90% of altcoin will be affected if not also short-down or worthless. i believe that is why the advocate of bitcoin stay awake to protect the investment, not to allow that happen although anything is possible.

If the government have the power to shortdown crypto, they will have done that long time ago, but they are still trying. Hackers are trying to enrich themselves, not to shortdown the mainstream of crypto. the advocates or those behind the crypto market understand all this question that is why Santosi still remain anonymous till date to avoid compromise.

[God bless u]

I think is not going to happen because bitcoin is the most recommend currency ever. Creator Satoshi Nakamoto sayed that I made it for the bitcoin lovers future bright and the currency continuously maintaing the talks. Something time price drop and again it go up and clearly makes profit for the investor and it's ligal currency on every devolpo country. That's the reason there is no possibility to shutdown.

In past when Bitcoin was lower in price then people were in consideration that Bitcoin will shut down very soon and there was a rumor that Bitcoin cannot give income to its user therefore it will diminish after few years but as the Bitcoin shows greater success then I don't think that it will ever diminishing from the sight because more than any other business people are more focusing and are more trusting the Bitcoin investment.

If Price goes down to zero then I think that no other coin of Crypto will ever alive because most of them are related to the price of Bitcoin. Bitcoin possess the power to alter the price of each and every coin in the cryptocurrency market therefore due to such power it will shut down the other coins of Crypto world but such thing is not going to happen in my opinion.