Topic: The Bitcoin killer would be... - page 2. (Read 1226 times)

IF a sovereign government adopted a crypto-currency, other than BTC, as a standard Bitcoin would take a serious hit in market share. In fact if BTC turns out to be a long term viable currency some government will do this.

It would be an ideal play for a small country that wanted to gain market share in central banking.

Bitcoin is great, but we can all admit its not a perfect technology. I'd like to hear what different attributes/qualities would make it better, just to see how far from a perfect online currency it actually is. Usually tech companies/ideas all start out flawed but they all have room to change significantly as they grow (think of all the tech companies of the last 15 years). However as far as I know Bitcoin is pretty set in stone and radical changes can't be implemented as technology progresses or lessons are learned. The aim here is not to bash Bitcoin for not being perfect (which is impossible in a constantly changing world anyways) but instead to analyze how future-proof it is and how resistant it is to possible new online currencies that might pop up as the idea of an online currency becomes more popular.

So I'll start with some ways that a competing online currency could theoretically edge out Bitcoin:

-Transactions/confirmation of payment can be made quicker
-51% network attack threat could be removed
-Exchanges can be made decentralized using a system like Ripple
-A less costly 'maintenance system' can be used instead of using GPU/CPU power.


That's all I can think of right now. It would be interesting to get some insights from more technological capable minds.