Topic: Where is "Why Bitcoin can never be beaten by any other cryptocurrencies?" (Read 236 times)

Yup all this and Bitcoin is decentralized, which essentially no other cryptocurrency is.

Also Bitcoin is just trying to be great money, most cryptocurrencies rightly abandoned that task years ago because they realized (for all the above reasons) that they can never compete with Bitcoin, so now its all apps and meme tokens and stuff.

Also PoW gives Bitcoin a huge advantage. There are hardly any PoW blockchains out there anymore because it's pretty much a winner-take-all market. If a PoW blockchain doesn't have the most hashpower, it's going to be small compared to the global hash power, which means it is not very secure. The fact that Bitcoin was first, and therefore PoW mining grew up alongside Bitcoin, that meant Bitcoin was always by far number one, it was always very secure, and every other smaller PoW chain was always not very secure. Every other consensus algorithm has downsides compared to PoW, and because it was first Bitcoin was always the dominant PoW chain, so its unlikely we'll ever see another blockchain get the sort of strength for it that PoW provides for Bitcoin. Not to mention the fact that PoW has big side benefits for society in terms of solving societal energy imbalance issues, even solving heat issues, making energy generation a stronger market, and being good for the renewable energy market. Other consensus algorithms don't have any of these external societal benefits.

Well, true, you do have a point, and that's why I don't understand those who are stopping or saying that new coins should not be given a chance. For me, I like to explore and discover different new coins that have the potential to grow or that will give me a lot of profit. I like bitcoin; in fact, I have a few holdings, but I don't just own bitcoin; I expand my knowledge and assets into different coins that have the potential, and honestly, it's fine with me or that I earn from it. Yes, there is a risk, but it's better to find new coins so that I'm in from the start, hoping that the coin will also succeed. It's just that bitcoin is the first and mother coin of all, but that doesn't mean we will not give a chance to other coins. There are many more coins that could reach where bitcoin is, but we still should not ignore the fact that they can still be worthwhile to invest in.

Some people think Bitcoin is untouchable because it was the first and is widely recognized as a digital gold. However, the crypto world is always changing. Newer cryptos bring in cool features, faster transactions, and different use cases. It's like a race where Bitcoin started ahead, but others are catching up. It's like Bitcoin is the OG, the pioneer that set the stage. People have this solid connection with it and even with new cryptos popping up, it's hard for many to ditch Bitcoin because it's been there from the start

[quote author=Pi-network314159 link=topic=5483573.msg63601043#msg63601043 date=1706878636
Bitcoin is like planet earth 🌎 where all living being exist. And even if they will go to explore other planets it will just be like a trip, but would still come back home.
[/quote]

This is not far from the truth scientist keep discovery and searching for better earth but have not found any planet better than earth, that applicable to all shiltcoin, altcoin and so on non can conquer Bitcoin. Bitcoin have stand out as father. Belley no be show glass the secret of Bitcoin at the top is unknow, that make the problem of its competitors difficult to solve because dey need Start from know to unknown, they will still come back as children know matter how they try Bitcoin is the father.

No matter what ever happens Bitcoin is still the number 1. Many other crypto currency will come to challenge Bitcoin but all has been proven abortive. Because bitcoin is the father and and non will superseed it because bitcoin has set different record and has done tremendous things right from the origin that makes people stick and be more comfortable with bitcoin. So I doubt if any new project will be as Bitcoin. Because people have build and develop love and trust on bitcoin so it's very difficult for many people to leave Bitcoin for any random coin. Bitcoin is like planet earth 🌎 where all living being exist. And even if they will go to explore other planets it will just be like a trip, but would still come back home. That is the only terminology used to describe how solid Bitcoin is. Bitcoin is like earth.

No matter how much people use or adapted Bitcoin but still there's always cons that's why altcoins existed because of bitcoin having cons. One of it is the speed of a transaction getting confirmed unlike the altcoins which us faster than bitcoin. I think one of the reason why bitcoin is still at the top is the time or how long bitcoin existed. I know that you know how long bitcoin existed or what year it is created. Anyway, it also depends on the person on what crypto they will use in the end.

The concept of cryptocurrency is derived from Bitcoins only. So if we see practically then definitely it’s impossible to overpass Bitcoins by any other crypto. Moreover Bitcoins are there in the market from the past 15 years. They have gained enough popularity and its marketcap is already very high. Hence, it’s not possible to go beyond this. As a Bitcoin investor we should be really proud of it. So i don’t think we need to worry much about it.

- Bitcoin is not the most secure currency, have a look at some other altcoins.
- Bitcoin is not the most decentralized because have a look at hashrate distribution, two pools, AntPool and Foundry USA own the most hashrate, two countries, China and the USA own the most hashrate. You can't mine from home with your GPU, you need a very expensive equipment and a very cheap electricity, this is the thing that only big corporations can access to. It's transaction fees can easily be abused, like Ordinals do.
- Yes, it really is the highest valued cryptocurrency, it's the OG.
- It's most adopted, that's true.

I think Bitcoin has its pros and cons and it's wrong to pretend that cons don't exist.

Where did you read that? I have read the Bitcoin Whitepaper and there wasn't a word Government mentioned. Bitcoin was created to allow online payments to be sent directly without going through a financial institute.

I am also an investor in altcoins but this question has never crossed my mind. Why do I need some altcoin to beat bitcoin, what benefit does it bring me? That's nonsense and meaningless to an altcoin investor.

As for why no altcoin can beat bitcoin , it's simply because bitcoin is completely different from the rest of the market . Bitcoin is decentralized, created with the intention of being a peer-to-peer currency, giving us privacy. While altcoins are mostly just projects created for the purpose of bump and dump . People's faith in bitcoin is absolute, while altcoins are just short-term speculation and that creates a huge difference between bitcoin and altcoins.

By the way, what altcoin projects are looking for today is profit, not a single project intends to beat bitcoin as you say.

Satoshi Nakamoto took his time to be successful in what he had started despite other people ha e done something related before him but couldn't made it to the end, when we are doing something, we should consider it's elasticity before venturing I to it, which is a clear picture of what Satoshi Nakamoto mandate includes, to see bitcoin as a global and acceptable digital currency, the rest are on the whitepaper we could also have access to and know more.

Good to read this here and this remains to be educational after years of posting which may not be found anymore originally. Now, I believe that for the time being and can also be true for many years to come, Bitcoin will remain to be the crowned King of Crytpos because, first and foremost, it is the leader of the pack and where it goes so does the rest of the crypto community and the altcoins. Even Ethereum which is the second largest crypto could not yet toppled Bitcoin and I think it terms of use and features the two are travelling away from each other so I would say Ethereum to not anymore be the heir apparent to Bitcoin. I guess there is nothing that can come close to Bitcoin in terms of impact it created with finance, money, banking and maybe even international commerce. There are flaws, of course, but those do not stop Bitcoin from being on the top.

You are looking for this thread? https://ninjastic.space/topic/5325584

I think it was deleted for some reason. I don't know. Or maybe it was moved to a hidden board or to trashcan.

We will never know what really happened to Satoshi Nakamoto. Maybe he wanted a to sell a part of his 1.1 million BTC, but died before that.
The coins were circulating freely because nobody wanted to buy them and give them any monetary value. If someone creates an altcoin today and nobody wants to buy that altcoin, I'm sure that the coins of this particular altcoin will also circulate freely between several early adopters. That doesn't necessarily mean that the redistribution of the altcoins between multiple early adopters will be fair.
Is there something wrong with the founder/developers of a cryptocurrency wanting to profit from their creation? I don't find anything wrong with this. The altcoin founders/dev can sell their coins and profit. Nobody would blame Satoshi for selling his BTC.

What your are asking has been a question in the mind of several altcoin investors. The question came up when Ethereum after it's launch became the second most invested cryptocurrency in the world. The reason why Bitcoin cannot be beaten by other cryptocurrencies is because of its dominance in the crypto market as it is the biggest paired crypto in exchanges. Other cryptocurrencies did try to break its dominance by opening DEX on thier own blockchain and creating thier own Bitcoin token and yet again they failed. They will keep coming up with new ways to beat Bitcoin, but will fail eventually because it's adoption.

This has always been a very common question, in other words there isn't just one topic about it in this forum. The reason is usually because either
- some shitcoin scammers have been advertising their shitcoin as the "bitcoin replacement" (like what ETH scammers did a couple of years ago) so newbies are bound to question such stuff, or
- it is natural reaction of some newcomers who look at the price and think just because bitcoin price is at a certain level (be it $1, $100, $1,000, $10,000 or $100,000) that means it is the end and they've missed out so they start looking for an "alternative" that could go up like bitcoin has hence the question.

Either way you didn't need to dump a big wall of text here. If you have something to discuss, try keeping it short and to the point. Nobody is going to read that whole thing, specially since you're all over the place.

https://ninjastic.space/post/56719064

Now that everyone knows that cryptocurrency can give you money, everyone started thinking of cryptocurrency only as means of profit so it is truly impossible to encounter a founder that would not want to benefit from his own creation

Even I would want to cash some profit out
 

Some might not know what crypto is but they might have heard of bitcoin

You are correct that bitcoin being the first one has created a brand for itself and paved the way for the rest of the coins to continue on to

It is a lifestyle now that more and more people are adapting and it might not be the best choice of cryptocurrency in the future but as of now right as we are speaking bitcoin is the most well-known and that is not easy to defeat

There are a few reasons why Bitcoin may never be beaten by any other cryptocurrency. First, Bitcoin has the first-mover advantage, meaning that it was the first cryptocurrency to be created and has the largest market share. This gives it a huge head start over any other cryptocurrency. Second, Bitcoin has the network effect, meaning that its value increases as more people use it. The more people who use Bitcoin, the more valuable it becomes, making it harder for any other cryptocurrency to catch up. Third, Bitcoin has a limited supply, which makes it resistant to inflation and gives it a scarcity value. These factors make it very difficult for any other cryptocurrency to over take Bitcoin. More reason why Bitcoin can never be beaten by any other cryptocurrency is because Bitcoin has layed a very strong foundation that can never be broken..

A few years back, there was a thread titled Why Bitcoin can never be beaten by any other cryptocurrencies?  Does anyone know what happened to it?

Some of the posts included:
OP- It's always possible that another cryptocurrency could overtake bitcoin as #1, but there's only one altcoin that currently exists that could possibly do that and I really don't see it happening. Another cryptocurrency could be invented and possibly overtake bitcoin one day, but bitcoin is currently the most secure, most decentralized, most valuable, most adopted, and most fairly launched cryptocurrency that is currently in existence, and it also has the biggest infrastructure.
 
Satoshi created bitcoin to solve the problem of trust with governments and to be a store of value that can be sent/received anywhere/anytime without permission or trust of anyone else. Over 99% of altcoins were created to enrich their founders and over 99% of them have no future. None of them are as secure, as decentralized, or launched as fairly as bitcoin. Cryptocurrency is full of scammers/grifters, ignorance, and people that actually believe the lies because they've been sucked into shady cults. People use altcoins for trading/gambling to increase their bitcoin stack or even their ethereum stack if they don't understand bitcoin and cryptocurrency. Gambling on altcoins can be very profitable during a bull run, but you can also lose bitcoin.
 
Satoshi took careful steps to make sure that the world would look back and observe that bitcoin was launched fairly:
 
 
    No premine (Satoshi didn’t grant himself any coins)
    Gave a 2 month heads up before launching the network (no sudden release and no mining before release)
    Coins had no value for 1.5 years so they circulated freely (this cannot even be replicated)
    Satoshi never cashed out (unlike every other founder in history and I bet that it never happens again)
 
Satoshi created bitcoin for the world and he never even cashed out. He did it for us and he didn't even profit from it. It's truly amazing and it's 100% impossible to ever have a cryptocurrency where the coins are circulating in the wild freely for 18 months before having any value. I also don't think that we'll ever see another cryptocurrency created where the founder never cashes out. It's also decentralized with the nodes in full control and there's no central leader, which is probably why he left us because it was best for bitcoin's success. No premine, no developer fund, no developer tax, never sold, no profit, no fame for his real identity, and he gave a two-month heads up about before he launched bitcoin. Everyone altcoiner has Satoshi to thank for all of the cryptocurrencies that even exist. Satoshi paved the way and i's impossible for anyone to ever replicate the exact way that he launched bitcoin because the genie is out of the bottle and cryptocurrency now exists.
 
Your thoughts?
 
Bitcoin is a brand
 
Bitcoin is currently giving class to any other cryptocurrency. However, it's starting to slowly show its weaker points such as not being able to scale well enough to sustain the entire userbase and tx count.
 
It's probably only a matter of time before someone else comes out with an even better currency that beats Bitcoin to the ground. I expect that to happen someday since tech is only going to advance and so will humanity (hopefully). At the time of writing this post, I feel like most alts are battlegrounds for Bitcoin. Alts are coming out with various updates and features, Bitcoin gives them time and if everything works right and the said updates/features have the capacity of improving Bitcoin's decentralization, scalability etc then BTC might take the features as well through future updates.
 
Alts are unstable. Some of them are prone to various kind of attacks. Others have supposed privacy that can easily be broken within a reasonable time. The alt that will conquer BTC is the one that will come out as an even more decentralized one that will be also newbie-friendly and will have enough features and updates to be considered a proper enemy of BTC. If we take a look at the top 5 alts, we can already see that even the closest enemies of BTC cannot even compare to it. They're all having the issues BTC already has/had, they're mostly more centralized than Bitcoin is.. I'm also still waiting for a proper warrior to come out and battle BTC's abilities.
 
When bitcoin was invented by Mr. Nakamoto back in 2009, did he expect that bitcoin will see that much popularity that it is enjoying today. Did Mr. Laszlo think that his pizza purchase would someday be valued at few hundred millions? I guess no!
 
So I personally think we should not assume that bitcoin will forever remain as a king of the crypto world. It will definitely remain as a pioneer cryptocurrency of course.
 
It may happen that some other cryptocurrency will take over bitcoin in the long run. Sadly bitcoin is mostly being used as an investment rather than a currency and for a good reason! It is very much possible for people to adopt a faster and cheaper alternative to transact money! You never know!
 
Tech isn't the only facet, though.  There's so much that can't be easily replicated.  It's almost like finding life on other planets.  The conditions have to be just right.   
 
Even if someone did come up with a technology that proved to be faster and more secure without sacrificing decentralisation, it's likely they wouldn't be as altruistic as satoshi was.  Transparent and fair distributions are an exceedingly rare thing.  Will the developers lay the foundations out of sheer belief in the goals of the project without financial recompense?  If not, how will they be paid?  How do you prevent a big company or a rich individual from buying up the vast majority of the early coin emissions?  The earlier point raised in the thread about Bitcoin having no value when it was first launched is an important consideration.  Every "next big thing" is now hyped and marketed for rampant speculation.  Crypto is big business now.  There's no going back to "flying under the radar" for several years like Bitcoin did.  Bitcoin spent long enough being adopted by people who understood and believed in its underlying principles that money and corruption can't undermine it.  Other coins have allowed a moral rot to set in and began making questionable changes in direction.
 
Also, if you released a genuinely superior technology open-source, people would naturally be making forks of it all over the place to try and cash in.  Without an established, dominant currency, it effectively splinters everyone into competing collectives, dividing the potential network effects each group can achieve.  On top of that, it will suffer the usual conflicts of ideology, where people can't agree on consensus rules, so split off for that reason.  I suspect those factors make it almost impossible for something better to come along.
 
I think it's still early to think about how altruistic Satoshi was. At the end of the day, his supposed coins are still unspent and you never know what his plan was/is about them. At any point in the future, he might end up selling at least a part of those.
 
I agree though, it's unlikely that someone will come up with the next big thing and not want to be paid for it. On the other hand though, there are lots of very intelligent people doing it just as a donation to everyone. If I was to create somethting like this, I would already know it's unlikely people would like hearing I want to be paid for a supposedly free and decentralized economy.
 
Therefore, I believe the next big thing will be exactly this: a free currency without premine, better than Bitcoin without sacrificing the decentralization. It will come, it's all about time. Personal opinion..
 
The points listed by the OP are very important. But the first and foremost point is regarding technology. Bitcoin is the first ever cryptocurrency. All the other cryptocurrencies that have come after Bitcoin (irrespective of the language or algorithm being used) are basically the same as far as the basics are concerned. And that is the main reason why Bitcoin can never be replaced by any of the other cryptocurrencies.
 
i said these two because we keep talking about decentralization and security but there are a lot of people who don't care about either of them and are only here to make money. if it were anything else 90% of the altcoins would have died already!
 
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You presented interesting points about Satoshi's conduct regards bitcoin. These are indeed good reasons why an investor should trust bitcoin more than any other crypto currency.
 
I remembered days ago on the internet there was a statement saying that the end of Satoshi identity's mistery would mean a fall in bitcoin's price. By those news we can see how the identity of the creator behind the currency can affect the market negatively, while anonymity affects it positively or doesn't affect at all. Bitcoin is seen truly as a decentralized currency, while another cryptos aren't, probably because everyone knows the identity behind the currencies, meaning the developer has personal interests Satoshi didn't.
 
The quote below should represent the answers to all question in the OP. But the main obstacle felt by most new decentralized asset maker was user trust. Currency failure have occurred tens to hundred of time before. But 1 decade now, not a single altcoin has been able to overtake this position from bitcoin, but there is still a possibility in the future.
 
 
Quote from: https://bitcoin.org/en/faq#what-if-someone-creates-a-better-digital-currency
What if someone creates a better digital currency?
That can happen. For now, Bitcoin remains by far the most popular decentralized virtual currency, but there can be no guarantee that it will retain that position. There is already a set of alternative currencies inspired by Bitcoin. It is however probably correct to assume that significant improvements would be required for a new currency to overtake Bitcoin in terms of established market, even though this remains unpredictable. Bitcoin could also conceivably adopt improvements of a competing currency so long as it doesn't change fundamental parts of the protocol.
 
So, why do we still doubt bitcoin after everything seem useful for everyone to get freedom to manage their money?
 
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Another reason why Bitcoin can't be beaten by another de facto cryptocurrency is that the crypto asset universe is ever expanding, and now Bitcoin investors can diversify into DeFi tokens such as UniSwap, which are essentially stocks and completely different from Bitcoin.
 
A crypto savvy investor will be diversifying into Uniswap or SushiSwap before something like Litecoin.
 
DeFi takes the heat out of the race to find a new Bitcoin.
 
People only have so much disposable income so are unlikely to spend it all on Bitcoin plus Bitcoin alternatives.
 
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AFAIK it's not a race or what came first, all crypto coins compliment each other to push crypto to higher heights and make adoption easy.
 
Tbh bitcoin has quite a number of flaws compared to what others can do and if it was based on what has what and does not have bitcoin wouldn't even make top 100. But because every crypto has a role to play in its niche crypto is bound for greatness.
 
We will have to see how bitcoin evolves from now on, as we know right now its biggest use case is as a store of value which means there is not a lot of need to move it too frequently, this has helped to reduce the impact of the huge number of people that adopted bitcoin during the previous years, but we are reaching a breaking point, if bitcoin is to develop into a world currency then we need the lightning network to gain massive usage during the next years.


Without an established, dominant currency, it effectively splinters everyone into competing collectives, dividing the potential network effects each group can achieve.
DoMAD https://bitcointalksearch.org/topic/--5325584