Every cryptocurrency is based on Bitcoin's blockchain technology these days. No matter which shiny new features a coin has, its design is similar to Bitcoin in every way. There's a reason why other cryptocurrencies besides Bitcoin are called "altcoins" to this date. While it's true that the pioneer cryptocurrency has some limitations, its functionalities can be expanded thanks to its open source design. This means that Bitcoin can do everything the other coins do today, if developers are willing to integrate new features into the network. With sidechains, and the Lightning Network, there might be no need for altcoins at all. Bitcoin would become an "All-in-One" blockchain network capable of doing everything other cryptocurrencies do today.
What do you think? Will Bitcoin render other altcoins "obsolete" in the long term? Do you think it's a good thing to make Bitcoin an "All-in-One" blockchain network in the future? If not, why? Your input will be greatly appreciated. Thank you
What do you think? Will Bitcoin render other altcoins "obsolete" in the long term? Do you think it's a good thing to make Bitcoin an "All-in-One" blockchain network in the future? If not, why? Your input will be greatly appreciated. Thank you
To truly make altcoins obsolete , then Bitcoin would have to be better than the altcoins in all functions.
Alts Vs Bitcoin
Smart Contracts Nope
Energy Efficient Nope
High Onchain Transaction Capacity Artificially limited Onchain Transaction Capacity
Lower Transaction Fees High Transaction fees due to limited onchain capacity
Affordable Not Affordable
LN can do nothing to help Bitcoin make alts obsolete,
because the rub is, an Altcoin name Litecoins activated segwit before bitcoin did.
And anything Bitcoin can do on LN, Litecoin can also do , except much faster and at lower cost since they have plenty of onchain transaction capacity.
* If BTC artificial blocksize limit is not removed,
LN offchain will fail as theft of LN locked funds become easy if onchain congestion occurs.*
The real question is why anyone uses bitcoin over the alts, and the only answer for that is many have formed a false religion
around a technically inferior coin , only because it was the 1st, no other real reason.
As the crypto sphere adds new players , you will find this false worship of bitcoin beginning to fail,
as logic and reason , eventually sink in, even with the most die-hard bitcoiner cultist, whose chants hodl and fud.
