Can Bitcoin Network Be Shutdown Or Hacked?

[JusticeDeGreat]

Sometimes it is believed that shutting bitcoin network would require shutting down global connections such as internet or electricity as the case maybe. Also people talk about their bitcoins being hacked, does this have any effect on global chip manufacturers; What effect does it also have on the value of bitcoin network that connects people together today?
I want our humble ideas on this subject.

[Sim_card]

Bitcoin network cannot be hacked because a lot of people are the ones controlling the not and that makes it difficult due to mining. Some people said super computer will be out in time to come that can be used to hack bitcoin network, but it will be impossible because before such super computer would be evented, the devs will also know over to overcome such threat. Bitcoin is decentralized and open source for all to work on its security.

[Findingnemo]

Since Bitcoin is completely decentralised so the only way to stop the network is to shutdown the internet so the nodes can't able to communicate will lead to a stall but once the network back online everything will be back on the track. 

Well, it impossible to takedown the internet world wide, it would collapse the governments, banks, hospitalsand many more important stuffs.

Bitcoins are hacked in multiple ways and it only happens at the user end not possible on the network level.

[ZAINmalik75]

Sometimes it is believed that shutting bitcoin network would require shutting down global connections such as internet or electricity as the case maybe. Also people talk about their bitcoins being hacked, does this have any effect on global chip manufacturers; What effect does it also have on the value of bitcoin network that connects people together today?
I want our humble ideas on this subject.

Bitcoin network cannot be shut down because it is decentralized and that means it is being ran by numerous nodes situated in different places in all the regions so if network won't be working in USA it does not mean the network will be down because other nodes will be supporting the network.

It cannot be destroyed never because of it's blockchain structure instead it might be stopped but when the nodes will join and start processing again then new blocks will be made and network will start functioning again. It can never be hacked.

[NotATether]

No it cannot - in fact Bitcoin is quite distributed across thousands of nodes in dozens of countries that you'd have to go to all of those countries and shut down each node yourself, if you want to destroy it. Some of these nodes are ran by corporations and even government to get an idea on what it would take to ban Bitcoin (which is impossible).

[TomPluz]

Sometimes it is believed that shutting bitcoin network would require shutting down global connections such as internet or electricity as the case maybe. Also people talk about their bitcoins being hacked, does this have any effect on global chip manufacturers; What effect does it also have on the value of bitcoin network that connects people together today?
I want our humble ideas on this subject.

People who understand Bitcoin, blockchain technology and cryptocurrency grasped well why this beast is beyond shutting down in normal times and that makes Bitcoin really resilient but then again maybe you are talking of a worldwide catastrophe when all economic activities will come to a halt so there is no electricity powering computers and mining and maybe even billions of people dead...maybe that can be the time when Bitcoin may stop temporality to function but can be revived anytime. Now, if there will be End of the World scenario factor, Bitcoin will be hard to be stopped or hacked maybe even if the quantum supercomputer will come on the scene. This is one reason why Bitcoin is really valuable and will continue to be a very important asset into the future.

[tequilla_sunset]

No it cannot - in fact Bitcoin is quite distributed across thousands of nodes in dozens of countries that you'd have to go to all of those countries and shut down each node yourself, if you want to destroy it. Some of these nodes are ran by corporations and even government to get an idea on what it would take to ban Bitcoin (which is impossible).

Even though there are fewer nodes than in the past (now it's 11k of them or so!), I agree - it's just impossible to do that currently.
Especially knowing that some of them are the ones that are in the custody of big companies.

[bayu7adi]

Well, it impossible to takedown the internet world wide, it would collapse the governments, banks, hospitalsand many more important stuffs.

Bitcoins are hacked in multiple ways and it only happens at the user end not possible on the network level.

It's a bit more dramatic, because this world was once in an era without the internet, yes, more precisely before the internet was discovered as ARPANET using TCP/IP in 1982... it's a bit ticklish because in the years before that, both governments, banks, large companies and hospitals were actually already operating... but it's true that it wasn't optimal... the internet is not the heart of this world, but without the internet life is really very hard..

Some articles that I read, say that Bitcoin can be transacted without using the internet... but I also think about miners, can they mine without the internet? I think the answer is no... the Bitcoin network can only be turned off when all miners are dead... and to kill all miners, just turn off the internet... meaning Bitcoin can be shut down in a very cruel way, namely eliminating global internet services...

As for hacking, it is very difficult... a 51% attack is quite a possibility to hack the Bitcoin network, but it sounds very unlikely considering the large base of miners around the world today.

[Tribalchief]

Sometimes it is believed that shutting bitcoin network would require shutting down global connections such as internet or electricity as the case maybe.

And why will the government want to take down the internet or electricity, considering its importance to the world economy. You take down the internet, boom!!, So many things goes down with it which I don't think the government will be prepared for, and want to see happen.

Also people talk about their bitcoins being hacked, does this have any effect on global chip manufacturers; What effect does it also have on the value of bitcoin network that connects people together today?
I want our humble ideas on this subject.

I'm not sure if using the phrase "Bitcoin hack" is proper here because they don't actually hack Bitcoin, but hackers target the wallets that acts as a store house for the keys. If there is any vulnerability like leaked seeds or PKeys, then that wallet will definitely be compromised, and it literally doesn't have anything to do with the Bitcoin network.

[bhadz]

It cannot be taken down unless there's an apocalypse and the entire internet connection globally and even in space has been turned down as well. Being hacked is almost unlikely, you're probably hearing about supercomputers and quantum computers, they're all just plain buzz and have been said for so many years ago and the bitcoin network remains complete intact and safe.

[Findingnemo]

It's a bit more dramatic, because this world was once in an era without the internet, yes, more precisely before the internet was discovered as ARPANET using TCP/IP in 1982... it's a bit ticklish because in the years before that, both governments, banks, large companies and hospitals were actually already operating... but it's true that it wasn't optimal... the internet is not the heart of this world, but without the internet life is really very hard..

Some articles that I read, say that Bitcoin can be transacted without using the internet... but I also think about miners, can they mine without the internet? I think the answer is no... the Bitcoin network can only be turned off when all miners are dead... and to kill all miners, just turn off the internet... meaning Bitcoin can be shut down in a very cruel way, namely eliminating global internet services...

As for hacking, it is very difficult... a 51% attack is quite a possibility to hack the Bitcoin network, but it sounds very unlikely considering the large base of miners around the world today.

Well in those time we didn't have this much population, we didn't have this kind of communication precisely it will take atleast days to connect with people and not only that now we digitised everything let's say bank, so all the data must transfer via the internet or no one knows how much money and individual have/had in their bank so shutting down will take away the poverty to some extent.

There are some ways but it definitely needs internet to sign in the TX or else it won't be moved.

[Gurujebs]

Sometimes it is believed that shutting bitcoin network would require shutting down global connections such as internet or electricity as the case maybe. Also people talk about their bitcoins being hacked, does this have any effect on global chip manufacturers; What effect does it also have on the value of bitcoin network that connects people together today?
I want our humble ideas on this subject.

The world has advanced to the point where I think nobody can do anything Bitcoin network, if they are planning to take over the hash power so they can control the mining, they will only be spending half of the country national budge, no government will ways their time doing such. As for the internet, we have private internet right now and electricity is the least problem because there are private ways electricity can be generated.

As much as Bitcoin is concerned right now, it has caught alot of high influencial people interest, everyone want it. The incoming US government want it so much and there are some other people underground want it to but are not saying it, such people can't sit and allow Bitcoin be destroyed, it will not happen.

[Zed0X]

~ What effect does it also have on the value of bitcoin network that connects people together today?

If people would doubt bitcoin's main selling point which is decentralization, the value would significantly drop or maybe just drop to zero. I cannot remember when but some companies immediately sold their BTC after some rumors/news of double spend surfaced. Just imagine what would they do if someone actually hacked the entire network.

[joniboini]

Also people talk about their bitcoins being hacked, does this have any effect on global chip manufacturers;

What chip manufacturer are you referring to? ASIC miners? I also think most "hacking" cases are related to malware, user errors, etc. I never saw a hacking case where someone brute-forced a wallet address with little to no effort. I don't think ASIC manufacturers get affected by those cases at all.

If you're referring to something like a quantum computer, then there are solutions to address that. I think we're far from quantum computers breaking algorithms left and right too. CMIIW.

[hugeblack]

The definition of hacking does not apply to decentralized networks, so describing the Bitcoin network as hacked would be incorrect. Shutdown (all the nodes&miners are down) could happen (single bitcoin node could be down)  if a very major flaw occurs or the value of Bitcoin becomes so low that no one cares about its initiatives. In fact, Bitcoin network has a Downtime Event in 2013, but since then we have been working with 100% uptime.
read more about CVE-2010-5139 and CVE-2013-322 ---> https://www.cvedetails.com/cve/CVE-2013-3220/