Never ask if Bitcoin will have threatening competition
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Topic: What is needed to beat the champion: bitcoin - page 2. (Read 1292 times)
the two main reasons for the bitcoin price
1. difficulty.. which means it costs alot of electric and equipment to produce so this makes the supply cost high
2. useability. the short and curlies of it is that shops accept bitcoin (atleast 100,000 places accept it) - this is the demand side of it.
so even if you had 500,000 shops accepting an altcoin, the price would still remain as low as it costs to create, and how much supply there is.
so step one is to get an alt usable and make people want it. the more they want it the more they will try to get it. which will cause a demand rise. which will then cause people to want to make people invest more into mining it, which will raise the cost of production which will raise the price.
it doesnt matter if there was only a 10.5mill coin limit and the block reward was only 12.5 coins, if it only takes 1ghash to mine a block. (under $1 electric/block), the price per coin would be under 8cent
1. difficulty.. which means it costs alot of electric and equipment to produce so this makes the supply cost high
2. useability. the short and curlies of it is that shops accept bitcoin (atleast 100,000 places accept it) - this is the demand side of it.
so even if you had 500,000 shops accepting an altcoin, the price would still remain as low as it costs to create, and how much supply there is.
so step one is to get an alt usable and make people want it. the more they want it the more they will try to get it. which will cause a demand rise. which will then cause people to want to make people invest more into mining it, which will raise the cost of production which will raise the price.
it doesnt matter if there was only a 10.5mill coin limit and the block reward was only 12.5 coins, if it only takes 1ghash to mine a block. (under $1 electric/block), the price per coin would be under 8cent
Start with beating this.
Oke so Bitcoin always had the highest price, because I think it was the first cryptocurrency.
that is why it's still the best coin, and Bitcoin is actually still very young.
Only 6 years old if you compare it to Litecoin it is only 4 years old.
All the other "300" altcoins are the same as Bitcoin, But they are still, all different from each other.
And they all add the newest features and try to become the best I think, but bitcoin can also still evolve from this.
It is like a whole family of coins and bitcoin is like the mother and father.
But my questions are:
What innovation has a Altcoin to bring, to beat bitcoin? Or maybe bitcoin cant ever lose to another cryptocurrency?
Could a government or bank create a coin, and hype it with the MSM and beat bitcoin?
Or maybe bitcoin cant ever lose to another cryptocurrency?
Will there be a new online currency in the future?
Maybe a new code which is way better then Bitcoin, think of Nano computers what will that change.
Lots of questions I know, but I hope it will bring some interesting discussions!
that is why it's still the best coin, and Bitcoin is actually still very young.
Only 6 years old if you compare it to Litecoin it is only 4 years old.
All the other "300" altcoins are the same as Bitcoin, But they are still, all different from each other.
And they all add the newest features and try to become the best I think, but bitcoin can also still evolve from this.
It is like a whole family of coins and bitcoin is like the mother and father.
But my questions are:
What innovation has a Altcoin to bring, to beat bitcoin? Or maybe bitcoin cant ever lose to another cryptocurrency?
Could a government or bank create a coin, and hype it with the MSM and beat bitcoin?
Or maybe bitcoin cant ever lose to another cryptocurrency?
Will there be a new online currency in the future?
Maybe a new code which is way better then Bitcoin, think of Nano computers what will that change.
Lots of questions I know, but I hope it will bring some interesting discussions!
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