Can Bitcoin Network Be Shutdown Or Hacked?

[Celph]

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.

Hmmm.
   I havent showed alot of thought on this acctually but could that really be possible?
   I actually think in the part of the bitcoin network getting hacked;it is quite almost impossible.Why i say this is cause the bitcoin netqork has been in existence for almost 16 years now and we've not had any situation of it been entirely hacked.I doubt if there would be any future occurences too as it has proven to be mechanically strong and reliable.
   On the part of it being shutdown now;i quite doubt if that is entirely possible too.I don't really think it could altgough circumstances might make it to shake;could it actually be entirely shutdown? It won't be quite possible since the network has accumulated alot of investors who have laid down alot of capitals on bitcoin.Seeing that it would affect we the investors entirely as well as the government itself in some aspects;it won't be possible i think.

[bitterguy28]

   I havent showed alot of thought on this acctually but could that really be possible?
   I actually think in the part of the bitcoin network getting hacked;it is quite almost impossible.Why i say this is cause the bitcoin netqork has been in existence for almost 16 years now and we've not had any situation of it been entirely hacked.I doubt if there would be any future occurences too as it has proven to be mechanically strong and reliable.

well technology has been developing better and better these years i trust the bitcoin network but we can't deny the possibility of something being able to at least threaten the network it doesn't mean though that it could shut down bitcoin easily because this is where developers come in place they will continue to improve the bitcoin network and would make sure it still functions as efficiently or even more now

It won't be quite possible since the network has accumulated alot of investors who have laid down alot of capitals on bitcoin.Seeing that it would affect we the investors entirely as well as the government itself in some aspects;it won't be possible i think.

the entire network can't be shut down or at least it is hard to because it does not have one single point of vulnerability however a government can definitely ban bitcoin and make sure that their citizens are not able to make use of bitcoin the network will still continue to stand tho

[joniboini]

however a government can definitely ban bitcoin and make sure that their citizens are not able to make use of bitcoin the network will still continue to stand tho

Yeah, they will go after exchanges and so on but it's impossible to control what people do in their bedroom. If anything it will probably foster more P2P activity instead. I don't think my government will go that far since they enjoy tax money from us. It would be stupid to let that go unless it makes international relations harder. Judging from how the US treats crypto I don't think that day is coming soon. CMIIW. Better be prepared for the worst though.

[Gurujebs]

Yeah, they will go after exchanges and so on but it's impossible to control what people do in their bedroom. If anything it will probably foster more P2P activity instead. I don't think my government will go that far since they enjoy tax money from us. It would be stupid to let that go unless it makes international relations harder. Judging from how the US treats crypto I don't think that day is coming soon. CMIIW. Better be prepared for the worst though.

The question we should be asking is Bitcoin illegal for to be thinking this way. Bitcoin doesn't harm anyone's life, Bitcoin has never threatened the existence of mankind, Bitcoin has never been anti government in any country, some people has use it as political in stability but it never work, even some government has tried to push bad agenda for it but it didn't work, that's why I believe that Bitcoin will always be Bitcoin.

Bitcoin will not get shut down, it will not break down, it will not collapse, it will remain the only digital currency everyone is running for it's supply, that's more reason why it can't be shut down before our own eyes.

[TomPluz]

...the entire network can't be shut down or at least it is hard to because it does not have one single point of vulnerability however a government can definitely ban bitcoin and make sure that their citizens are not able to make use of bitcoin the network will still continue to stand...

The scenario presented is when all the world will have no more power and all places will be a no-internet zone...but then again I think that would be not possible unless there will be a global nuclear war to erupt where all nations would be taking sides and all will be hit. Therefore the impossibility of such an idea can make Bitcoin resist any attempt to shut it down...a country can ban it though and its people ordered not to get involved just like what happened in China but then again am sure there are still many Chinese who are into Bitcoin and they still account for a big portion of mining power. Now, another thing that may disrupt Bitcoin is quantum computing and it would be something to look forward to and if it would still not able to stop Bitcoin then there is really nothing that will maybe except if the whole Earth is blown up and all of us sent to the kingdom come.

[New Ranger]

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.

My opinion on this matter is that perhaps for the Bitcoin Network it can be said that it is impossible to shut down because it is decentralized—nodes are spread all over the world. Even if there is a discourse to turn off the global internet or electricity simultaneously, it is also considered unrealistic if that is the only goal and for hacking itself usually occurs to individuals for example, unsafe wallets, not to the network itself and lastly for chip production disruptions can affect mining, but not directly destroy Bitcoin as I think for now.

[bitcoin-shark]

Fortunately, the network, the bitcoin blockchain, cannot be hacked or influenced, and in reality its strength as long as there is even just one computer on which it runs will always be online and cannot be turned off by anyone

[yohananaomi]

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.

My opinion on this matter is that perhaps for the Bitcoin Network it can be said that it is impossible to shut down because it is decentralized—nodes are spread all over the world. Even if there is a discourse to turn off the global internet or electricity simultaneously, it is also considered unrealistic if that is the only goal and for hacking itself usually occurs to individuals for example, unsafe wallets, not to the network itself and lastly for chip production disruptions can affect mining, but not directly destroy Bitcoin as I think for now.

Because of its nature, it is very unlikely that someone can stop the network. Besides, it is like there is a plan to turn off the internet or any way, but the action is not rational and is very unlikely to occur without an element of intent that is aimed at doing sabotage.
If the aim is for hacking, it is not possible. The most can be hacking in individuals because the wallet cannot be maintained safely and known to others so that something unwanted can happen.

[Chilwell]

Bitcoin network cannot be hacked, it will be extremely difficult to hacked bitcoin network or shut it down, because it is decentralized and it is not own by any single entity or governments, it is well designed and the transactions are secure, and it also contains or have security threats that will be use to safeguard the Bitcoin network to prevent the attackers from getting access to the network.

[itscryzie]

The Bitcoin network is very hard to shut down or hack because it is decentralized and doesn't rely on a single server. Even if part of the network goes down, the rest will keep working.

The network itself is tough to hack because it's secured with cryptography. But users must take care of their wallet security.

Overall, the Bitcoin network is safe, but it's important to protect your data.

[robelneo]

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.

All that we read about Quantum computers hacking Bitcoin wallets and disrupting the blockchain were just rumors and will remain rumors that keep resurfacing because mainstream financial services do not want Bitcoin to gain adoption, so they resort to these rumors and speculations. Unless there is concrete evidence that there is a supercomputer that can possibly hack Bitcoin, then that's the time that we should be worrying.

[Baofeng]

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.

All that we read about Quantum computers hacking Bitcoin wallets and disrupting the blockchain were just rumors and will remain rumors that keep resurfacing because mainstream financial services do not want Bitcoin to gain adoption, so they resort to these rumors and speculations. Unless there is concrete evidence that there is a supercomputer that can possibly hack Bitcoin, then that's the time that we should be worrying.

For now it's still rumor although QC is making far advances in the last couple of years so there could be possibility that it can break but they have to know the public key first and then uses it to try to hack the private key.

But still, QC is going into the hands of only few probably government and it's not for everyone to used. And if such cases, Bitcoin will be then ahead of the game and could used a different algo already.

[SmartGold01]

Bitcoin network to my knowledge can not be hacked but a personal wallet can also be hacked, thus, this could be as a result of exposure your seed phrase to theft and if such happens they swipe off your wallet by sending out the Bitcoin Inside the wallet. Again, Bitcoin network can't be hacked but it's configured on an open network where other people can tap to the network by building their projects on the Bitcoin network, this cause network congestion or high transactions fees because there is now a competitions on the network on whom is to be given a higher priority and at the process of this you see people increasing their transaction for them to include as the higher priority. And of course, the Internet can not be shutdown for any reason or for even a day as lot could happen including affect human life.

[joniboini]

a personal wallet can also be hacked, thus, this could be as a result of exposure your seed phrase to theft and if such happens they swipe off your wallet by sending out the Bitcoin Inside the wallet.

To be fair, most open-source & popular wallets have decent security. If the users fall for phishing or malware attacks I don't think we can put the blame solely on wallet developers. If we're talking about seeds being exposed because the user put it on the cloud or something similar, I don't think you can call that hacked either. CMIIW.

But still, QC is going into the hands of only few probably government and it's not for everyone to used. And if such cases, Bitcoin will be then ahead of the game and could used a different algo already.

Yeah, I'm also a bit worried that the government or anyone with access to a quantum computer or any advanced tech will use it to attack Bitcoin, but I agree that we can prevent or fix it quickly as long as we're prepared.

[omori]

Yeah, I'm also a bit worried that the government or anyone with access to a quantum computer or any advanced tech will use it to attack Bitcoin, but I agree that we can prevent or fix it quickly as long as we're prepared.

If that would be the case, BTC wouldn't be the first target on the list, so we should be chill about it, imo.