Topic: Realistically does bitcoin have any competition ? - page 6. (Read 6331 times)

There are much more than 600 coins already

"A few years" is a short period of time. My guess is that no existing coins have a greater than 10% chance of passing Bitcoin in the next few years.


Both of those aim to do something that bitcoin cannot do currently (but sidechains could potentially change this at least for some functions).  I am a professional chess player. Many chess players have at least heard of bitcoin. I have yet to meet one who has ever mentioned Ethereum or Monero to me.

Most people still think money is the main purpose of blockchain technology. Ethereum wants to do a lot more but it will take a lot of continued development (years) before many of those applications are available for common users.

Monero addresses privacy concerns some have about blockchain technology. The general public still thinks bitcoin is anonymous by design.  Once they realize that bitcoin has privacy issues will they suddenly want to switch? A very small percentage of the public uses a VPN or Tor. Privacy is important but I doubt enough people will agree that it is so important that a privacy focused coin will pass bitcoin in market cap within "a few years".

Change your timeframe from "a few years" to "5-10" years and I would reconsider my answer. Your 10% chance criteria sounds much more realistic over a slightly longer timeframe

Here is another question:

Do you think there is a greater than 10% chance the bitcointalk community will beat me in our current chess game?  I have been pretty impressed with the quality of play by #teambitcoin so far
https://bitcointalksearch.org/topic/lets-play-a-game-of-chess-1148538

Do you see Wall Street investing in Litecoin or Monero?

There is not much competition, but many new cryptos already have introduced far more advanced features than bitcoin. Bitcoin, being the first of many still has the advantage because it has the biggest network supporting it! That's what gives its true value.

Yes, innovation could easily kill Bitcoin. If any current altcoin (less likely) or future provides enough advantage compared to Bitcoin then it could become number 1. This is just normal evolution, happens all the time.

We are still in the early days, is like saying back in the days if Netscape had competition.

Bitcoin has 0 competition to get replace from where it is. Other projects can ONLY complement it and therefore make it stronger. Case in point, if Ethereum is a success it will never rplecace Bitcoins function and place, it will only compliment whatever Bitcoin cannot do in terms of smart contracts.
If Monero is a success, it will only compliment the Bitcoin ecosystem as al alternative for anonymous transactions, etc, you get the point

There are plenty of coins that are technically better and more balanced in terms of politics than Bitcoin. That's because there's no pressure on them. If they did look like taking the lead a lot of the same issues are going to pop up.

Monero may be lovely but it's going to take an awful lot to get it up there. I remember Rpetilia trying to entice people into Monero by getting them to imagine what one person putting in the proceeds of their house sale would do to the market cap. That's not a sexy prospect especially when ten more people try to buy a house from said market cap.

 
 
Nah, they got me.  I'm like a one-man army of Don Drapers: 
 
[NSFW link] https://bitcointalksearch.org/topic/--1067922

From a general user view, only Monero offers something of value to use it over Bitcoin

maybe a coin created by a bank can overtake btc.

Monero is only a little over a year old... people were essentially saying this about bitcoin back in the day, so to say that monero is not going to become very popular in the future due to the newer features that it presents doesn't bring up a very valid point imo.

The topic question should be changed to "Can Bitcoin compete with the competition?"

I believe I have one of the better/more thorough analysis of Bitcoin & altcoins right now:

https://bitcointalksearch.org/topic/the-state-of-crypto-the-only-serious-thread-on-the-subforum-1171109

Monero lacks marketing, almost none knows what monero even is. Most alt coins just need a huge marketing budget in order to compete with bitcoin.

it has value because it is the second biggest and most secure blockchain after Bitcoin.

i very optimistic that Litecoin can adapt faster than bitcoin because there are only 2-3 main Devs + C. Lee who is the creator of Litecoin.

But since Litecoin is pretty much like a replica of bitcoin and doesn't have any features that really make it stand out from bitcoin in general... doesn't that make it have the same potential flaws of block size when it gets higher and higher in price and when more people start to use it?

I've been really looking into merging my bitcoins with another coin that I like that has the best chances of success due to offering something a lot different from btc; and as of right now, I just really like monero... but idk, people can speculate all they want about which coin is going to "make it", but in reality btc can fall in an instant tomorrow and then everyone will lose.

Investing a lot of money in cryptos have always been sort of a gamble, but I like gambling.. so it fits right up my ally

not really. the second biggest crypto is Litecoin. you can see it as a backup for bitcoin. (blocksize...?)

people say that Bitcoin is like Gold and Litecoin is like Silver.

 
 
The other guy posted a more in depth link, but let me give you the layman's version:  Monero uses Cryptonote and ring signatures to provide true anonymity: it's a mathematically complete solution.  Dash uses something called "masternodes" to create a trick with an illusion of privacy.  The entire masternode idea is totally flawed though.  You are basically promoting some users to "mega" users which have the power to break anonymity... it's like declaring you've discovered the secret to seducing beautiful women and then taking your pants off and putting them on your head.  It's literally pants-on-head retarded. 
 
It's made worse by the fact that the launch had some extremely sketchy business going on with an alleged instant pre-mine. 
 
Dash is not a privacy solution at all, and in many ways is inferior to regular bitcoin: if privacy can be broken by *any* actor, then it's better than no one has privacy by default.  If a system guarantees privacy, then all nodes need to be regarded as equals in that aspect. 
 
Monero is what you want.  But don't believe me; keep reading and researching. 
 
It might be the most important research you ever do.

 
 
Think of now as beta testing.  The core has just recently become sleek and rock solid, and after that is taken care of the GUI should be trivial.  I would expect a GUI before 1st quarter 2016, after which we will likely experience a full on Monero-rush. 
 
 
 
Looking at this logarithmic chart we can see that since birth Monero has slingshotted around a reasonable true value of about 60 cents each.  And I think that's horribly undervalued for what is basically the only cryptocoin out there with a real chance to overtake bitcoin.  Once the GUI comes out and 2016 hits there will be no reason at all for them not to be 1:1.

Exactly, and it totally depends on the adoption level of bitcoins by the people, if the adoption level is high than bitcoin would survive, but that doesn't guarantee the success of bitcoin in a long run as the technology keeps on advancing and new innovations are part and parcel of technology So I believe that it would definitely face a competition from new entrants in the future.

In my humble opinion, it is easy to see.  There are many new directions that some of the alternative technologies are taking in recent times....So, if bitcoin can't get over its governance issues and if its elite group of market manipulators can't clean up their images, then bitcoin may very well have some competition in the near future.

This post explains it well.