Do you see alts have chances against Bitcoins? - page 86.

onemanatatime

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Quote from: Stedsm on April 14, 2017, 02:49:21 PM

I have been seeing Bitcoins' price rising with a stability in its growth, but due to the higher mining fee that is being levied on transactions these days, big businesses are now moving their funds towards alts and taking advantage with their least fees as well as shaping a completely new economy in the trends of altcoin markets. Do you think this may harm Bitcoin's dignity and open up a chance in real for alts to rise?

I don't suppose you mean by rising in "price" only - because that has already proven itself to be true - all the coin markets fluctuate and at certain times, some markets will outperform bitcoin.

However in the long run, I still do not see any existing altcoin "taking over" Bitcoin in a sense of being the #1 cryptocurrency in the world in terms of security, usage, and network value (not just market capitalization). Sure we'll run into problems like today's scaling debate and BU vs CORE drama going on; but the Bitcoin network has been time- and battle-tested, and will survive many more attacks to come.

My opinion is that Bitcoin is here to stay. Altcoins with great tech, leaders, and community will rise up, not to compete with BTC, but to exist alongside BTC in a bid to pursue their own unique vision by their own principles.

aardvark15

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Quote from: Stedsm on April 14, 2017, 02:49:21 PM

I have been seeing Bitcoins' price rising with a stability in its growth, but due to the higher mining fee that is being levied on transactions these days, big businesses are now moving their funds towards alts and taking advantage with their least fees as well as shaping a completely new economy in the trends of altcoin markets. Do you think this may harm Bitcoin's dignity and open up a chance in real for alts to rise?

The only way an altcoin can pass Bitcoin right now is if there is a hard fork. Otherwise Bitcoin is so much more well known than any altcoins and since there are so many of them it would be hard for one to rise above the others.

andron8383

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Sure mate if BTC will be stagnated forever it will be replaced like ANY software (MSDOS, Paint, notepad)

Software have to evolve and adapt if BTC will fail at scaling it for sure lose most of its value over time.
You see that now how people are dumping BTC to buy alts becouse BTC cannot be changed.
This couse BTC miners loos ETH today paying miners same cash and BTC their.
AND BTC is 5x higer in market cap.
WHe BTC miners will start getting 1/3 of ETH or LTC miners they will adopt some changes.
BTC doesn have to go up is anouth that only alts will keep rissing same time BTC will be holded in time.

BTC miners doesn't like LN but don't worry ETH will have own sooner than BTC/LTC duo and BTC miner won't hav to ever cry that there is 2nd layers solution and stole their fee.
BTC miners can not stop technology maybe it won't happen on BTC but others will adopt good stuff.

Quote from: terrate on April 14, 2017, 05:43:05 PM

no chance. because bitcoin is like run gold.
do u see silver can surpass bitcoin, no.

But if big transfer, doge will be less risk.
altcoin only play as a sub.

Ignorance i 1st step to fail race man.
https://coinmarketcap.com/charts/#btc-percentage

look like BTC is fadding over time to alts and NEVER recover its top % position.

LittleBitFunny

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Quote from: currentvalue on April 14, 2017, 05:21:45 PM

Bitcoin dominance was around 90% for a long while, now it has dropped to 67.5%. A lot of money has been put into alt coins. Also the number of coins with more than 10 million USD value has risen.

This means we're getting less dependable on BTC and in the future more coins will have a billion marketcap. The total marketcap of 28 billion total in crypto is peanuts on a global economy's scale.

Actually, at one point months before this alt hype began it had a sharp drop to around 75%. The recent drop has not been as giant as people think.

If Bitcoin's market cap as a total of all cryptocurrencies drops to below 50% it won't mean that Bitcoin has been overtaken by another cryptocurrency or that it ever will. It can live peacefully alongside other cryptocurrencies with different use cases and it can also still be higher than all other cryptocurrencies individually because none of the other ones would take the entire non-Bitcoin market share.

Not to mention that market cap is quite misleading and doesn't represent the actual investment in the currency or the trading volume (or other factors, like premine, that could affect its future price).

terrate

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no chance. because bitcoin is like run gold.
do u see silver can surpass bitcoin, no.

But if big transfer, doge will be less risk.
altcoin only play as a sub.

richardsNY

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Quote from: currentvalue on April 14, 2017, 05:21:45 PM

Bitcoin dominance was around 90% for a long while, now it has dropped to 67.5%. A lot of money has been put into alt coins. Also the number of coins with more than 10 million USD value has risen.

This means we're getting less dependable on BTC and in the future more coins will have a billion marketcap. The total marketcap of 28 billion total in crypto is peanuts on a global economy's scale.

It has all to do with how things are going with uncertainties around the potential chain split -- people use altcoins to hedge Bitcoin. I am sure that if there was no threat and Bitcoin has reached consensus, altcoins wouldn't be pumped up so badly. That's why I consider altcoins to sit in a massive bubble. Bubble will continue to grow as long as there is no scaling solution. From there I wouldn't be surprised to see Bitcoin's dominance in percentages go down further.

Hazir

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Quote from: currentvalue on April 14, 2017, 05:21:45 PM

Bitcoin dominance was around 90% for a long while, now it has dropped to 67.5%. A lot of money has been put into alt coins. Also the number of coins with more than 10 million USD value has risen.

This means we're getting less dependable on BTC and in the future more coins will have a billion marketcap. The total marketcap of 28 billion total in crypto is peanuts on a global economy's scale.

It is foolish to think that altcoin market won't grow naturally. It will over time, with or without bitcoin.
The coins with 10 million marketcapt are still insignificant, extremely prone to simple manipulation, one big whale can own it all.
Additionally, altcoins (with small exceptions) have no use other that being used as speculative tokens.

FasTroy

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Quote from: PeRo on April 14, 2017, 05:13:17 PM

Bitcoin will always be the top cryptocurrency, alternatives are just copies of it or scamcoins. No altcoin will ever get past Bitcoin, even if it has some problems right now, but the problems will be fixed soon enough. No large company that accepts Bitcoin will ever accept some altcoin.

Yes, I agree with you. It's too hard for an altcoin to have chance against bitcoins. In some months ago, I saw ETH price increase, when i decided to buy some of it, but something in mind tell me "no". and i bought btc. I was right in this decision.
So, i don't think that an altcoin will be the same or more power than bitcoin in the future.

currentvalue

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Bitcoin dominance was around 90% for a long while, now it has dropped to 67.5%. A lot of money has been put into alt coins. Also the number of coins with more than 10 million USD value has risen.

This means we're getting less dependable on BTC and in the future more coins will have a billion marketcap. The total marketcap of 28 billion total in crypto is peanuts on a global economy's scale.

PeRo

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Bitcoin will always be the top cryptocurrency, alternatives are just copies of it or scamcoins. No altcoin will ever get past Bitcoin, even if it has some problems right now, but the problems will be fixed soon enough. No large company that accepts Bitcoin will ever accept some altcoin.

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Quote from: Iranus on April 14, 2017, 05:03:25 PM

Even with scaling solutions Bitcoin will never be as convenient as newly developed and regularly forked / less immutable alts can be.

Easily forked and non immutable takes away the entire point of crypto. You may as well stick to your credit card. Far more stable, far more acceptance and zero possibility of the entire thing disappearing in a puff of failed forkage. There is no potential upside.

There's definitely something to be said for systems that are more nimble than BTC. If they completely abandon the core principles, and many already have, they're useless.

Iranus

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Alts aren't against Bitcoin, they're developments on Bitcoin (except for copycats).

Most businesses which accept altcoins are accepting both Bitcoin and altcoin payments. Bitcoin should be viewed as a pioneering currency, which doesn't necessarily make it the best in existence. However, Bitcoin's long-term purpose will be very different to its current purpose.

Even with scaling solutions Bitcoin will never be as convenient as newly developed and regularly forked / less immutable alts can be. For that reason, Bitcoin will be seen more as a "master currency" while others are traded with Bitcoin and savings are held in Bitcoin.

gentlemand

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Quote from: avikz on April 14, 2017, 05:00:38 PM

Bitcoin will be replaced by any altcoin one day. Probably after 2023 when the mining will be finished. A new coin will have to take its place otherwise what will happen to the mining equipment people have bought. They will have to make a good use of it. So they will start mining altcoins and market dynamics will change automatically.

Your reading needs brushing up. Mining continues until 2140. The machines that mine Bitcoin are solely able to mine that one algorithm. Not a single one of the big alts can be mined with them.

avikz

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I am optimistic about alts even before this situation arise. Not just companies, I have seen many people have now started investing in promising altcoins which has comparative lower fees as of now. That is the reason why new currencies like Byteball or zcash has risen up quickly.

Bitcoin will be replaced by any altcoin one day. Probably after 2023 when the mining will be finished. A new coin will have to take its place otherwise what will happen to the mining equipment people have bought. They will have to make a good use of it. So they will start mining altcoins and market dynamics will change automatically.

FLoving

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AN year ago I was have the doubt for ethereum but after their tragedy now I do not think that it will come again with that fashion or any other coin will have the chance to stand against bitcoin to compete it or to take the place of it.

BitcoinGirl.Club

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Altcoins have always had that chance to take on bitcoin but because of scamy developers and their shit coins they do not give investors the confidence to put their money into alt projects so not until they show some seriousness and commitmen...bitcoin will remain # 1

The Sceptical Chymist

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It's crazy to me that bitcoin has a huge first-mover advantage (and I hate using that term), but it totally does. If you think about it, there's really no reason why anyone should use bitcoin over, say dogecoin, to buy something. In fact, it would be to someone's advantage to do so, because doge has faster confirmation times and the fees are near zero. But good luck trying to find any merchant that accepts doge or any other altcoin. No one does. And when people think of cryptocurrency at all, it's bitcoin that they think of.

So do alts have a chance? Maybe. They should be competitive, but as of right now they're not.

gentlemand

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Quote from: alyssa85 on April 14, 2017, 04:14:14 PM

If services like Bitpay start allowing alts, then Yes, I can see alts overtaking bitcoin. We've already started to see the major exchanges like coinbase and co start listing alts, it is only a matter of time till all the surrounding services allow alts as well, and then the market can decide.

Even when Bitcoin fees were palatable for everyday transactions, hardly anyone was doing them.

Bitpay themselves say that more and more transactions are B2B. I don't think that's mainly down to the fees squeezing out the little guy. It's overall a better fit for that purpose. In that scenario a $1 fee for something that's done and dusted within an hour is still a vast improvement over conventional banking.

If you've got a debit card then there's no point in paying in BTC unless you have a huge gain you want to splurge or you're simply doing it to support the concept.

It won't be business or merchant usage that causes Bitcoin to be eclipsed, if it ever is, it'll be the speculation that's been driving this thing since the early days.

And in the case of big business using alts, most of the time it'll be like ETH. If you look a little closer these alliances are lifting the code and making private versions. A nice endorsement but not much more.

BitcoinPanther

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I believe every altcoins have their chances, it depends on how their core technical developers, market developers, main PR people and community to strengthen and spread information and adoption of the coin. In fact there are several altcoin that is more advance than Bitcoin. The only advantage Bitcoin has is being the first mover.

alyssa85

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If services like Bitpay start allowing alts, then Yes, I can see alts overtaking bitcoin. We've already started to see the major exchanges like coinbase and co start listing alts, it is only a matter of time till all the surrounding services allow alts as well, and then the market can decide.

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