Topic: Bitcoin has no competition - page 82. (Read 43198 times)

This might be the reason for the weaker coins but if you see the stronger coins with solid community behind it.  They are going up in price along with bitcoin.  I can understand the reason behind dumping coins that has not much of development or strong development team because it won't go up that fast the same way Bitcoin is going up in price.  So better ride the uptrend of bitcoin that bagholding a non-uptrending altcoin.

The main reason the exchanges rates of other coins are not rising is because right now there is a massive pump in bitcoin and so everyone wants to get a piece of the action, while other coins cannot rival the popularity of bitcoin to say they cannot rival bitcoin in tech its incorrect since there are other coins with very interesting algorithms and features.

Agreed.
Most people, along with myself, probably feel the same way, and use altcoins for the same purpose. The altcoin rate of change is much faster than bitcoins. While risky, the profits can present themselves much quicker than investing with bitcoin. But at the end of the day, all of that profit goes directly back into Bitcoin

To be cocky and say there is no competition?  Probably the coin that will pass bitcoin has not even been built yet. Anything can happen.

Antagonism between "currencies" is natural.
What you are describing is unnatural and will only lead to eventual failure.

Fairplay and other types of hand holding contradicts the laws of this system.
In fact, the system works because it assumes base and malicious intent.

You are suggesting raising a child in an isolated bubble environment, only to
later purposefully expose them to all forms of common viruses and etc.

The more the system is able to withstand the competition and attacks,
the stronger the system will become. Not doing so now, will only hurt the
masses later if this system is used on any mass average population scale.

I strongly agree with GMPoison opinion. This is not the time to have a competition in the sense of antagonism between currencies. Instead of it a healthy competition, in the sense of fair play would lead the crypto currencies to be done day by day better and earning mass adoption of people worldwide.

I don't necessarily think that at this very moment competition is a good thing. I think the people need a coin that they can understand, they can trust, and they can adopt. Maybe in the future competition will be good, but for now I think it's necessary for one coin and one coin only to introduce the world to crypto currency. If more coins come along, that's of course never a bad thing.

Bitcoin is perfect for transactions where traceability is desired, and to some extent, transparency. This is because all Bitcoin transactions are visible on the blockchain. Businesses love this feature of Bitcoin, not to mention that chargebacks are impossible. Bitcoin is very business friendly, and I'm still surprised at how few businesses realize all the benefits that BTC offers. If they're concerned about volality, they can instantly convert the BTC to cash via Coinbase or another service.

When privacy is desired, Monero is the better choice. A rich list can't exist since Monero is truly private. There are companies which specialize in tracing Bitcoin transactions (https://moneroforcash.com/monero-vs-dash-vs-zcash-vs-bitcoinmixers.php) so if privacy and/or anonymity is desired, go with Monero. Now that Monero has a GUI, even more people will begin using it.

In that sense, Bitcoin has competition, but I view that as complimentary competition and not antagonistic competition: use Bitcoin for transparency, and Monero for privacy.

i agree with you bitcoin is very much stronger currency and getting more power day by day and you are right that bitcoin is more profitable than gold because bitcoin increasing its price too much faster so we can get big profit in short time from bitcoin and gold increasing its price too much slow and we can not get big profit in short time from gold.

All of these coins have no reputation. They have no proven track record, except from Ethereum or Monero, but Ethereum has suffered from several hard forks as well as the DAO hack that severely damaged its reputation.

If there was no bitcoin then there will be no Eth, XMR, LTC or anything like that. Bitcoin has the reputation of being the first cryptocoin and that's one part of why it is superior to the altcoins even though altcoins may have more functions than bitcoins.

in fact all the alt coins that you consider as the competitors of bitcoin are still far behind from  bitcoin, in one sense we can say that that there is no competitor of bitcoin, and bitcoin is the best of all the currency so far created

you are right that no one can be replace bitcoin by another crypto currency because bitcoin is very much stronger and powerful currency and i think bitcoin is much more better and profitable than gold and people like to invest their money in bitcoin instead gold.

I keep seeing and hearing many jokes similar to these ones above nowadays moon rubies just lol, litecoin might be a right choice to try for a quick buck but competing with bitcoin? please stop dreaming and start to think how will you be able to wake up.
Crypto is now out in the open, so people should really see other coins potentials faster than before right? now take a look at top 10 marketcap and tell me if you found a +$50 coin.

I agree that BTC has really no competition,at least for what we are seeing now there are no other cryptocurrencies ready to compete with it,BTC is the leader of the cryptos with the biggest market share,it is the most traded crypto and the one with the biggest possibilities in front of it.I think people associate BTC with the technology that will be able to change how things are working right now,which is extremely important for BTC.

That must also be the reason why no other car exists but Daimler-Benz.  After all, they invented the internal combustion engine with 4 strokes, and all other cars are just copycats.  So they never made it to the market, and Toyota never got beyond a measly market cap compared to Daimler-Benz.  Or did it ?

There's still another difficulty with bitcoin: "protocol-stiffness".  It is increasingly difficult to modify profoundly the technology of an existing crypto currency, because its value proposition resides exactly in the immutability of its basic principles.  The more mature a crypto currency gets, the harder it becomes to change anything fundamentally.  This is not true with other technologies, where the first mover often also has most experience in *improving* technology.  Bitcoin is stuck with old technology, and it is much harder to get new features into bitcoin, than it is to create a new coin, or implement new features in a young coin that is still malleable enough to accept modifications.

The most striking problems of bitcoin are of course the backed-in limited amount of transactions per second, which seem hugely difficult to overcome.  And the transparency of the block chain (in other words, the failure of pseudonymity, because of the networks of change payments, and combinations, which propagate unwillingly a lot of real world knowledge of identities), together with the too simple PoW scheme which has led to ASIC mining and hence, re-centralisation.

That said, because of most of crypto today is speculation on exchange IOU tokens, the actual block chain tech doesn't really matter for the moment.  The speculative game that supports most of the market cap of bitcoin and crypto in general doesn't even need any block chain, so the technology doesn't really matter (apart for boasting and hyping).  The little use that is really made of crypto can do with just any block chain tech. 

Bitcoin has already patented the primary idea behind cryptocurrencies

I refer to a paradigm of confirming transactions in a trustless decentralized environment using public-key cryptography. Almost all altcoins are using the same approach (if not all of them), so, in this respect, they are no more than copycats, whether you like it or not. That's why it is impossible for them to effectively compete with Bitcoin. Regarding new great features that worthy altcoins might actually have, they need to be tested by time and real use to be considered for replicating in Bitcoin

Many of them are actually great ideas, but too bad Bitcoin cannot get like updates and add all the great features up to it. I think we'll see some challengers, for example Monero is one of the possible ones. It's growing very fast and has even less coins to be mined than Bitcoin has. We'll get a few challengers but I don't think any coin will ever get past Bitcoin. Nobody will ever trust any coin more than they will trust Bitcoin!

Bitcoin is like Usain Bolt and the records that bitcoin broken in the cryto currency world could not be matched no matter how many coins people come out with and since we have seen a couple of thousand coins and assets till now i do not think that nothing could challenge bitcoin.

Then tell me how one can start as an altcoin with as user base as big as Bitcoin or whatever you need to be satisfied. If you start there is no user base, but that does not mean it is a bad coin. The user base can grow quickly. 

None of the other altcoins have even one-hundredth of the user-base which Bitcoin is having right now. They can't rival Bitcoin in popularity, reach and technology. That is the main reason why their exchange rates are not rising right now.