Who is top bitcoin competitor? | Bitcointalksearch.org

Uhwuchukwu53

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Quote from: Mia Chloe on January 27, 2024, 09:48:27 AM

Firstly the story that a coin in the future will surpass Bitcoin someday is actually a myth.
Bitcoin is the first and best crypto currency having the ability to act as both a P2P currency for transactions, and a suitable asset.
Not all governments of different countries have embraced Bitcoin probably because they are scared they can't control it because of its decentralized nature and obviously the decentralized nature of Bitcoin is something is part of what makes it special.However a majority if not all will adopt Bitcoin in the future.

You speak allot in my mind bitcoin is operating in the climax that will be difficult to any competitors to easily overtake or conquer, that is the reason many shiltcoin, altcoin etc are released on daily basis but can't stand test of time the idea of Satoshi nakamoto is very clear using the decentralized and P2P method I have seen any other method that can be better this this for now, if properly check almost every body and nation is eyes is on Bitcoin to be adopted in all area.

lizarder

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Quote from: nngella on February 18, 2024, 04:12:13 AM

I think the main issue is the concern of decentralization of Bitcoin. The government cannot monitor where the money is coming from (and going to). Hence, it is risky and prone to money laundering (which most of the time related to crimes and illegal activities). There are also concerns regarding the monetary policies which regulate the flow of money in the market which is important in handling inflation and prices of goods.

In related to this, we are just doing trial and error as of the moment - finding the right balance of decentralization and government policies to provide limitations.

Regardless of any issues about decentralization or not, Bitcoin is a pretty good accurate source for everyone who needs it. If it is placed on an exchange, the money may be tracked because there it requires KYC and it is easier for the government to track it, unless it is stored in a wallet which does not require KYC. The problem of money laundering has occurred long before bitcoin was developed and perhaps not everyone commits this crime, it's just that some individuals use bitcoin for their criminal activities.

I don't agree if bitcoin is considered a crime because it is related to the individual perpetrator and when people don't try to commit crimes involving bitcoin then everything will never happen. Crime has been happening long before bitcoin was developed and there is a lot of illegal activity going on. The question is why is Bitcoin so in the spotlight regarding this crime?

nngella

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Quote from: lizarder on February 18, 2024, 03:45:46 AM

Quote from: Baghdad on January 27, 2024, 09:35:36 AM

The government own billions of population, and by setting her face against bitcoin is a competitor, but doesn't seem to prove that they're a top bitcoin competitor without having a downward course in the process. Last question please forgive me, what stops them from building a coin on the block chain that'll bypass the total sum of bitcoin users, and regulate it?

They oppose the existing pattern in bitcoin because they are afraid that their system will collapse, but that does not apply to society. They tried to create a bank product to provide a little resistance, but it was deemed inappropriate and unable to provide any resistance. If we imagine how they try to limit the journey of bitcoin and we can also see adoption continuing to expand. Their decisions are sometimes confusing and they are too worried about bitcoin becoming a competitor to fiat or replacing it.

I think the main issue is the concern of decentralization of Bitcoin. The government cannot monitor where the money is coming from (and going to). Hence, it is risky and prone to money laundering (which most of the time related to crimes and illegal activities). There are also concerns regarding the monetary policies which regulate the flow of money in the market which is important in handling inflation and prices of goods.

In related to this, we are just doing trial and error as of the moment - finding the right balance of decentralization and government policies to provide limitations.

lizarder

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Quote from: Baghdad on January 27, 2024, 09:35:36 AM

Satoshi, in his invention of the blockchain, had given us the inch, what is preventing other bodies or organization from taking the ell? Does it mean no coin hosted on the blockchain will gain mass adoption enough to bypass the users of bitcoin?

The advantages of Satoshi's ideas have become a great discovery in human life and this opens the way for anyone to move their minds to get involved in it. Bitcoin is unique in that it has all its advantages and no attempt can be made by anyone else to limit it.

Quote from: Baghdad on January 27, 2024, 09:35:36 AM

The government own billions of population, and by setting her face against bitcoin is a competitor, but doesn't seem to prove that they're a top bitcoin competitor without having a downward course in the process. Last question please forgive me, what stops them from building a coin on the block chain that'll bypass the total sum of bitcoin users, and regulate it?

They oppose the existing pattern in bitcoin because they are afraid that their system will collapse, but that does not apply to society. They tried to create a bank product to provide a little resistance, but it was deemed inappropriate and unable to provide any resistance. If we imagine how they try to limit the journey of bitcoin and we can also see adoption continuing to expand. Their decisions are sometimes confusing and they are too worried about bitcoin becoming a competitor to fiat or replacing it.

Rustam Meraj

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Quote from: Patrol69 on February 17, 2024, 10:14:31 AM

There are many coins in the market but these coins cannot compete with Bitcoin at all. Popularity Considering the value of Bitcoin and all other aspects, Bitcoin will undoubtedly be ahead of other coins and if we consider the difference in popularity of Bitcoin with other coins, we will notice that the popularity of Bitcoin is much higher. All other coins in the market depend on Bitcoin, that is, the fluctuation of all other coins in the market depends on the increase or decrease in the price of Bitcoin, in that case, all other coins in the market cannot be considered a competitor of Bitcoin at all. Coins other than Bitcoin can be compared to each other but I will not compare Bitcoin to other coins until now.

I agree that Bitcoin is very different from other coins. It's the most popular and valuable in the market. Other coins often change in value based on what Bitcoin does. Bitcoin is a good choice for investing because it's stable and reliable. Many people prefer to invest in Bitcoin because it's the best cryptocurrency. Like we can see now how it is performing at this time. Already crossed 50k and sooner or later it will cross 100k too.

Lukmanfirdaus1

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hallo world ^_^

for now there are no competitors now, the distance is too far and it is somewhat impossible to match bitcoin. maybe all the altcoin volumes combined are still bigger than bitcoin's volume. In my opinion, the only thing that could be a competitor to Bitcoin is banks, from its central and decentralized nature, KYC and privacy, so it could be argued that Bitcoin's competitors are banks and governments. but banks are too big and massive to be compared to bitcoin, maybe they will be replaced by, the biggest competitor of banks is bitcoin Grin

nngella

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Quote from: Jawhead999 on January 28, 2024, 06:16:44 AM

Not government, not Elon Musk, not Blackrock, etc are the Bitcoin competitors.

The biggest Bitcoin competitor is centralized exchange, they're creating a fake system that harm the decentralization. Unfortunately most people don't aware with this and they still use CEX to exchange or hold their coins. As long as people still use centralized exchanges, we haven't win against centralization.

what stops them from building a coin on the block chain that'll bypass the total sum of bitcoin users, and regulate it?

I think what you are referring in this one is the geographical and political risks involve in the widespread use of cryptocurrency. The government of a certain country may push multiple policies to discourage their citizens to use bitcoin. Or maybe they will provide policies that will encourage their citizens to choose their central bank instead of choosing a decentralized technology.

Quote from: Jawhead999 on January 28, 2024, 06:16:44 AM

There are already more than 20K altcoins exist until now, is there any coin ever overtake Bitcoin? nope, it's proving anyone who create a new coin can't beat Bitcoin.

My hypothesis is maybe a coin/chain that can host other altcoins (e.g. zetachain, eth, wax) to fulfill a specific purpose might rival Bitcoin. The selling factor of some altcoins is that they want to use decentralized technology to solve specific real world problems (a master of one than a a jack of all trades)

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Quote from: Baghdad on January 27, 2024, 09:35:36 AM

Satoshi, in his invention of the blockchain, had given us the inch, what is preventing other bodies or organization from taking the ell? Does it mean no coin hosted on the blockchain will gain mass adoption enough to bypass the users of bitcoin?

Yes, others are still a thousands miles far away from achieving unto what bitcoin has made as a success, they cant be as the decentralized network as bitcoin is, most of them are with the aim of making money and profits to use for their financial development while Satoshi was then busy considering what he could offer to the people freely.

Quote from: Baghdad on January 27, 2024, 09:35:36 AM

The government own billions of population, and by setting her face against bitcoin is a competitor, but doesn't seem to prove that they're a top bitcoin competitor without having a downward course in the process. Last question please forgive me, what stops them from building a coin on the block chain that'll bypass the total sum of bitcoin users, and regulate it?

the government has raised many counter attacks on bitcoin but they couldn't hold because its a decentralized network and they don't know who or how to fight it, only bitcoin is the recognized digital currency for exchange and payment, others are not mostly adopted by the people.

Patrol69

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There are many coins in the market but these coins cannot compete with Bitcoin at all. Popularity Considering the value of Bitcoin and all other aspects, Bitcoin will undoubtedly be ahead of other coins and if we consider the difference in popularity of Bitcoin with other coins, we will notice that the popularity of Bitcoin is much higher. All other coins in the market depend on Bitcoin, that is, the fluctuation of all other coins in the market depends on the increase or decrease in the price of Bitcoin, in that case, all other coins in the market cannot be considered a competitor of Bitcoin at all. Coins other than Bitcoin can be compared to each other but I will not compare Bitcoin to other coins until now.

nil_krokodil

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Quote from: Ratters on February 02, 2024, 06:53:45 AM

I tend to see USDT as a trade facilitator rather than an actual currency in that its sole purpose seems to be to enable people to trade Crypto at $ cost without using Fiat.

Sure, USDT is a big competitor for Bitcoin because it's less volatile.
But Ethereum is a bigger competitor because Ethereum is on position number 2, directly behind Bitcoin and Ethereum is a more modern coin. Ethereum can do Defi and NFT while Bitcoin is more a pay coin.
More industries will benefit from Ethereum, making it more requested and more demand means higher price, where Ethereum can challenge Bitcoin better.

Top Bitcoin competitor is clearly Ethereum.

Gormicsta

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Quote from: NeuroticFish on January 27, 2024, 10:35:46 AM

Quote from: Baghdad on January 27, 2024, 09:35:36 AM

Does it mean no coin hosted on the blockchain will gain mass adoption enough to bypass the users of bitcoin?

No it doesn't mean this. Satoshi, like anybody else, cannot predict the future.

Quote from: Baghdad on January 27, 2024, 09:35:36 AM

The government own billions of population

This is wildly incorrect. A government doesn't own population. The revolutions have shown this.
Of course, in a couple of countries the revolutions went wrong or they are stull due, but that's an exception, not the rule.

You are entirely correct; governments serve their people, not "own" them. In addition, as you pointed out, history has witnessed several revolutions that demonstrate the ability and willingness of the population to overthrow tyrannical administrations. It's important to keep in mind that the consent of the governed bestows power on a government, and that government collapses with the withdrawal of that consent.

Ratters

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I tend to see USDT as a trade facilitator rather than an actual currency in that its sole purpose seems to be to enable people to trade Crypto at $ cost without using Fiat.

nil_krokodil

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Quote from: Jawhead999 on January 31, 2024, 05:17:22 AM

Quote from: nil_krokodil on January 31, 2024, 04:56:30 AM

Top Bitcoin competitor is Ethereum because of many reasons:

Best reason is Ethereum's second rank on CoinGecko, where only Bitcoin has a better place, place one. From all crypto currencies, Ethereum is closest to Bitcoin to possibly overtake Bitcoin, while not likely, of course.
Experts always recommend Ethereum as second choice after Bitcoin.
Ethereum has a long history of competition against Bitcoin.

Bitcoin needs to be aware about Ethereum to get not overtaken but I don't see a big danger for Bitcoin to be overtaken by Ethereum generally.

If you only use "marketcap" or "second rank" as your reasons, it means Ethereum can't be Bitcoin's competitors.

Because I have used "marketcap" and "second rank" as my reasons, Ethereum is very cleary Bitcoin's competitor. Because no coin comes as close to Bitcoin as ETH. ETH is second place currently.
Ethereum is Bitcoin’s biggest competitor.

Quote from: Jawhead999 on January 31, 2024, 05:17:22 AM

I can also say USDT is the Bitcoin competitor because the trading volume is higher than Bitcoin if we talks about statistic.

But USDT is not a big competitor for Bitcoin currently. It's only position 3 currently.
Yes, it can get a big competitor of Bitcoin but only if it can gain places and overtakes BNB and Ethereum, what will be really hard to do for USDT.
And trading volume is pretty meaningless because it doesn't determine official ranks on CoinGecko.

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Quote from: Baghdad on January 27, 2024, 09:35:36 AM

The government own billions of population, and by setting her face against bitcoin is a competitor, but doesn't seem to prove that they're a top bitcoin competitor without having a downward course in the process. Last question please forgive me, what stops them from building a coin on the block chain that'll bypass the total sum of bitcoin users, and regulate it?

The government doesn't need to build its own blockchain based currency to compete with Bitcoin. A government controlled cryptocurrency would end up being as permissioned and centralized as fiat which already works pretty well and doesn't need to be replaced with crypto. We are already seeing coins like Tether and USDC gaining adoption. Stablecoins don't threaten dollar hegemony, they can be traced easily, and they can be frozen and confiscated. Stablecoins are already a government friendly crypto. This is Bitcoin's only real competition.

It is possible that they could try to bring BTC closer to where Tether is by demanding greater compliance in order to transact with it. Some cryptocurrencies like Zcash have already taken measures in order to keep regulators satisfied. I don't believe Bitcoiners will allow this to happen, but by increasing regulatory pressure it could become harder for people to adopt BTC.

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Quote from: Baghdad on January 27, 2024, 09:35:36 AM

Satoshi, in his invention of the blockchain, had given us the inch, what is preventing other bodies or organization from taking the ell?

The fact that this whole "Blockchain technology" isn't really useful and Bitcoin is really the only succesful use so far. All the attempts to build something other than a cryptocurrency on blockchain has failed, and cryptocurrencies fail to compete with Bitcoin because they have far worse security both in terms of network fundamentals and in terms of code quality. So it's actually very hard to compete with Bitcoin because it's being developed by the most skilled people in the world in the field of cryptocurrency.

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Quote from: Baghdad on January 27, 2024, 09:35:36 AM

Satoshi, in his invention of the blockchain, had given us the inch, what is preventing other bodies or organization from taking the ell? Does it mean no coin hosted on the blockchain will gain mass adoption enough to bypass the users of bitcoin?

That's not what it mean. The idea was to make Bitcoin decentralized as much as possible so that organization and the government wont have control over it just like they do with fiat currency.

Quote from: Baghdad on January 27, 2024, 09:35:36 AM

The government own billions of population, and by setting her face against bitcoin is a competitor, but doesn't seem to prove that they're a top bitcoin competitor without having a downward course in the process. Last question please forgive me, what stops them from building a coin on the block chain that'll bypass the total sum of bitcoin users, and regulate it?

Bitcoin never has a competitor, it's only a competitor in the mind of governments, people, organizations, and business owners that see it as a threat to their centralization power due to Bitcoin being decentralized.

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Quote from: Upgrade00 on January 27, 2024, 09:52:44 AM

The top Bitcoin competitor is centralization and anti privacy activities by Bitcoin holders. Giving your Bitcoin to the government to help keep safe is one way to indirectly centralize/regulate the network.

Seems the author is more concerned if another coin can be developed or already in existence that will rival Bitcoin and present some better alternatives. In the aspect of government crackdown on the privacy issue of Bitcoin, I think it is something we have to live with because as it stands it is obvious the governments will always win. Most people are now using exchanges because of high fees, ordinal attack and other issues of recent have discouraged a lot of people from integrating Bitcoin payment into their businesses. The future is really uncertain as it has to do with Bitcoin.

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There are many competitors in the market - but what kind of competition do you expect?
Bitcoin is a decentralized currency - while many coins out there are centralized. The government cannot create competition even though they basically don't want this decentralized currency to grow. What governments are doing now is reducing dependence on decentralized currencies and preventing many of their use cases - they sometimes succeed in some cases ^{[regulating users],} while they also fail in many others.

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Quote from: Baghdad on January 27, 2024, 09:35:36 AM

The government own billions of population, and by setting her face against bitcoin is a competitor, but doesn't seem to prove that they're a top bitcoin competitor without having a downward course in the process. Last question please forgive me, what stops them from building a coin on the block chain that'll bypass the total sum of bitcoin users, and regulate it?

There is really nothing in the way of competition for Bitcoin except for Ethereum. Government services such as CDBCs are hardly used if ever, and that being among the ones that exist already, and Ripple is really only known by banks.

All in all, don't expect banks to make any sort of competition for Bitcoin anytime soon. Why do you think they are buying some more?

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Yes, the government are Bitcoin's top competition, but not a competitor in the Crypto scene, but more a competitor by protecting their own Fiat currency.

They know that they are in full control of the fiat supply, so they want to protect that power that they have over the money printers. (It is used as a manipulation tool in the global economy)

Bitcoin or anyone else for that matter, are not stopping anyone from creating any Alt coin... the main thing will be to get people to buy that new token and to get them to accept the regulation that you applied to it.

Some governments already started to work on their own digital currencies (Govcoins) ....and they might force you to use it, depending on what country you stay in. (China) Roll Eyes

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