Topic: What makes Bitcoin new from Other coins - page 4. (Read 1168 times)

You saying the demand for bitcoin is not as much as it was 15 years ago is so false and so funny at the same time. You can clearly see that more people are interested in owning bitcoin now, and countries are becoming open to it. Countries where it was illegal to have are now making it legal to have and trade bitcoin, more countries are making it legal tender, and some are talking about having a bitcoin reserve. More people trust bitcoin today, people who thought bitcoin would be a failure 10 years ago are saying how wrong they were but here you are saying the demand is not as how it was 15 years ago. funny.


So wrong again because the majority of the people buying bitcoin don't care about any anti-government whatsoever which is why they're still comfortable using exchanges.


Why don't you at least check for facts before you say things?
Currently, an average of $85 billion in bitcoin is traded a day, how are you saying bitcoin cannot match that?
When you mean digital currency I hope you're not talking about altcoins. Because there's no way the government will allow currency that is not theirs to replace their own.

"Scarcity" This is intentional because the supply limit ensures that Bitcoin remains a scarce asset. In theory, as demand increases and the supply is limited to 21 million coins (there is no additional supply after 21 million coins are mined), its value will increase.
"Unique" Satoshi goal in creating Bitcoin was to make it a decentralized (digital) currency and store of value, while other coins aim to improve certain aspects by utilizing blockchain technology.

This difference makes Bitcoin unique because it is more flexible compared to the various functions offered by other coins and Bitcoin is one of the most popular Cryptocurrencies that inspires the emergence of other coins.

Oh give me a break. Do you really think the average buyer of Bitcoin today does so because they are worried their government is going to imminently turn totalitarian? Maybe a few thousand more individuals every year would harbor this concern, but that wouldn't even explain even 0.01% of Bitcoin's current market cap.

And I'm as concerned about the US sliding into a Putin-like regime with Trump at the top, but I also know that Bitcoin wouldn't help me in the least in that scenario since there would be so many other things to worry about.

There are a number of other use cases for a censorship-resistant decentralized currency, beginning with "the unbanked".

But even if you were correct with your assumption and "hiding from your government" was the primary use case, then the part I marked in bold is simply wrong. Authoritarianism is growing in the world. Russia and Venezuela are examples of coutries that went completely downhill when it comes to civic/human rights in the last 15 years (they were not perfect democracies in 2009 but the difference is abysmal). Bitcoin (and also Monero, which you dismiss as a currency for criminals) are extremely useful there. For example, people in Russia with anti-war stances can basically only support Ukrainian and Russian opposition movements with cryptocurrencies. The most secure and popular ones? Bitcoin, Litecoin, Monero.

And other countries are also in danger. India has become, in some areas, quite autocratic under the Modi government, even if it's still a democracy as a whole, and the same happens currently in some other countries like Bolivia. These countries, in a worst case scenario, could see a similar slide than Russia or Venezuela. Other examples are Myanmar and the Philippines.

And there is Trump in the US, even if the US is of course still far away from authoritarism, and also I believe that it won't slide down that much due to its strictly federal organization. But at least fears of authoritarism are also growing in democratic countries, so this is also a demand driver (take all those who think the fiat system is "rigged" and "only favours the elite").

The academic term is democratic backsliding, and there are a lot of studies about that, so it can be considered a confirmed phenomenon. And the more countries slide back, the more potential demand for censorship resistant cryptocurrencies, and again Bitcoin is the strongest one.

I recognize that Tether has something to do with Bitcoin's skyrocketing. I've remembered the 2017 bull run first when that was a big issue.

But if you're talking about not being serious about Bitcoin for the long term, I think we've got some receipts already that it's a good one played for the long term.

That's why it is the king of this market and let's just say that it's supported by Tether as well and the majority of the other alts in the market.

Bitcoin's original purpose was to provide a means of trade for people who could not safely use traditional means for fear of prosecution by their government. It was never meant to do anything else.

The demand for that product still exists, but it's no bigger than it was when Bitcoin started 15 years ago, and it's a tiny fraction of the current overall business. The reason new products aren't slow and expensive to transact like Bitcoin is because... nobody wants that.


You are measuring Bitcoin's benefits in a way that 99% of people do not. Monero is made to evade the government: most people don't want to do that, or don't care.

When you remove the anti-government aspect of Bitcoin, all you are left with is a product that is slow and expensive.



Other digital currencies will eclipse Bitcoin's prominence because they will be more practical to use, and thus will be adopted more widely. In the future, we will pay for everything using digital currencies: but that will mean billions of transactions per day, and Bitcoin cannot do this. The currencies that can do this will become the ones every consumer will see.

In a sense it's how PCs took over IBM mainframes in the 1980s: IBM was "THE computer company", and when people thought computers, they only knew IBM. But PCs took over in the minds of average people because that's what they saw every day, and now most people probably haven't heard of IBM--but they've heard of Apple, Google, etc.

And unlike hardware, the value of a currency is based largely on how widely it is used. In 90% of consumers use, on a daily basis, some other digital currency to pay for their everyday things, then that will be the one they hold--just like most people hold USD or EUR today.

We can also say that, in fact, no coin, even with the same motive and structure (which is not profit-oriented), would be able to become the second BTC credibility and success wise..
Why? - The momentum is gone, and people don't believe in anything from the get-go the way it was back then (and rightfully so). And why would they, given the fact that BTC is already there?
I don't know what else to say there, other than to agree with the fact that.. BTC won't be toppled by anyone or anything during our lifetime, Period.

Let's be for real, please. What is the evolution that other coins have evolved that has made them better than bitcoin? Is there any coin that is even close to bitcoin aside from Monero? Does bitcoin look like a coin that is having a decline or it looks like a coin that has not even reached its peak? About 60% of the entire industry is made up of bitcoin and this is insane considering that there are thousands of coins out there. Are you talking about the kind of evolution that is going on with Solana coin where there are so many memecoin in its network or Ethearum that shitcons have ruined? How have the progress of these coins? Or BNB that's a centralised coin?
These are the biggest altcoins currently and none of them is even close to bitcoin in anything.
Bitcoin might have a downfall, but lack of evolution is not one of them.

That's right, most investors in recent years are only interested in the profits that bitcoin can bring them, not many people care about its decentralization anymore. We can see this more clearly with the large amount of money pouring into bitcoin these days but mainly through ETFs. But there is no denying that before bitcoin became popular and recognized by governments, what made bitcoin great was its decentralized nature. If bitcoin were not decentralized, the demand for it would not exist and it would not have achieved the recognition and status it has today.

It can be said that the decentralization of bitcoin is not the focus of investors today, but it is the factor that helps bitcoin achieve the position it has today.

I don't see it happening.
When decades pass and you are proven right, I will return to this post and be grateful for your perspective.
But for now, I don't see it happening. Because coins nowadays are not created with what BTC was created in mind.

Consumers don't care about decentralization.

Bitcoin is currently the most valuable digital currency because it was the first one. It's the same reason Netscape's browser has the biggest market share (oh wait).

Using crypto as an investment is okay.
Now wanting to know for what BTC and many coins are created for in the first place - is not.
That's how I see it.

When at least one coin would come as close as BTC for being trusted by ordinary people and bigger institutions alike, and would surpass it in most metrics and decentralization - we would talk about that hypothetical downfall

And that will be its downfall. The entire market is evolving and Bitcoin is not.

There's nothing new. Nothing has changed about Bitcon. Bitcoin has always been miles ahead of every other alcoins. in fact, it has always been heads and shoulders above all altcoins put together.  The price of bitcoin is going up simply because the demand is increasing and its increasing because investors speciulate that bitcoin price will go up soon because of the reduced supply while some believe Trump will make favourable policies that will benefit bitcoin community and that will make the price go up.

If you want to talk about what makes bitcoin differnt from altcoin, then you have to look at how decentralised bitcoinis, the fact that nobody owns it, its limited supply which curbs infaltions, a stong community that trusts and will always trust bitcoin, amount of miners.
People will trust a coin less if they can point to the person or company that created that coin even if it is completely decentralised.

You hit it all but addition, the limited supplies of Bitcoin and its PoW in the scalability of it as most dominance digital currency has muchly made Bitcoin a good form for store of values giving adoptors lesser risk on holding and potentially volatile digital currency.

Altcoins thereby with its own recognizance on high contrasts of PoS giving enhancement to its blockchain which performs effective technical services within its scalability though highily risky to determine its worth values due to highily volatile.

And while some Altcoins may be centered unifying on the baseline of other coins blockchains which course of its decentralized potential as self moderated values it should be, it is likely to be contradicted while Bitcoin is tendered on its own blockchain strictly reliable potential to its decentralizations.

Virtually nobody cares about "censorship resistance", and I suspect that if you explained this to most Bitcoin investors today, they would just assume that means you want to use Bitcoin to launder your stolen money or evade taxes. Almost nobody cares about that: hardly anybody has a need to evade their own government, and 99.9% of people wouldn't even want to try since they would be afraid of getting in trouble.

And even as a means of evading government detection, Bitcoin is a total fail since it's a public ledger. Serious criminals don't choose Bitcoin these days, they choose Monero or others like it.

Almost all holders of Bitcoin today do so through a mechanism that is centralized and has KYC. If this is what you are calling Bitcoin's key advantage, it's a really, really weak one.

Bitcoin blockchain is resistant to censorship. There were attemtps to censor Bitcoin tranactions but these attempts failed to scale up.

OFAC-Sanctioned Transactions Being Censored.
Six OFAC-sanctioned transactions missing.

Bitcoin network is decentralized and it's really hard to attack it successfully.
How many Bitcoin confirmations is enough?
https://jlopp.github.io/bitcoin-confirmation-risk-calculator/

I think what makes bitcoin different from other coins in the industry is its decentralized nature because other altcoins can copy every feature of bitcoin and even outperform bitcoin. For example, in terms of transaction speed and fees, bitcoin cannot compete with altcoins but no altcoin can replicate the decentralized nature of bitcoin.


Bitcoin was not originally created as an investment but there is no denying that it is also being used as a speculative asset these days. Bitcoin also gets pumped and dumped but less than altcoins and memes.

Today, non-Bitcoin digital currencies offer every single feature that consumers actually care about that Bitcoin offers.

And then, in addition, some non-Bitcoin currencies go where Bitcoin will never go, which is common daily transactions (hyper-scale, hyper-low transaction cost).

I predict the overall digital currency market to be $10T in five years.

I predict Bitcoin will be only 20% of that market--or even less. Since they will never "improve" Bitcoin, it will never track what the market actually wants--with predictable results.