Government creating a "bitcoin competitor" is a paradox!
One of the main principles of Bitcoin is to be decentralized, it is impossible for government to create anything remotely decentralized. All they create is what they can fully control, meaning something 100% centralized like the CBDCs that are being talked about a lot these days. And we already know that centralized things are not even in the same category as Bitcoin to want to compete with it.
Topic: Who is top bitcoin competitor? - page 2. (Read 478 times)
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?
Regulations I guess. Government wouldnt create such coin lile bitcoin that they will never regulate or govern which totally the opposite of bitcoin. Of course people hate the way these people handle it as far as politics concern since they will insert a lot of things only favors to them. Its not that easy to make such coin like bitcoin which is trusted by many and expect people to check out this new one especially made by crocodiles? 
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. 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.
I can also say USDT is the Bitcoin competitor because the trading volume is higher than Bitcoin if we talks about statistic.
Monero is one of coin that can compete Bitcoin and they offer something that Bitcoin don't have, but I don't think Monero is Bitcoin competitors since Monero is a public enemy.
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.
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.
I dont think any coin would surpass bitcoin, especially since most altcoins are actually there to support bitcoin in a kind of way, like matic having one of the lowest gas fees and most persons use it for daily transactions. And bitcoin made decentralization a reality, and has been the pace setter for more than a decade now, most coins actually depend on bitcoin price to have a value. So I don't see this reality unless some other projects comes with something better than bitcoin with its own blockchain built from scratch and probably better ideas and solutions.
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?
Why would I use a coin created by them when I'm using Bitcoin so that I can be safe from them and their regulations? It doesn't make sense. Even though they and their financial institutions have way more users than Bitcoin, people who are using Bitcoin are mostly doing it for its decentralized nature, there is no third party between you and your money when you are using Bitcoin which isn't the case with traditional financial institutions and that is the reason why most people prefer Bitcoin.They can't create a coin and make it decentralized because that will be useless for them just like how they are against Bitcoin because they can't control it and manipulate everything, they can't ban people from using it or hold the funds and ask for extra verification to release the funds, the list is endless.
You mean the government will need a help of another Satoshi to set up a fresh block chain that'll be centralized before setting up their own coin? Since they won't dim it fine to build on the existing block chain due to its decentralized nature.
Do you know the unique address of bitcoin is lower than ETH? It doesn't reflect the actual number of users in both of those blockchains but it shows that the Ethereum network has more users than bitcoin users. This is obvious why one is the most valuable and another has most of the adoption. Bitcoin is a great store of value but in terms of utilities there are very few sectors. On the contrary ETH has real adoption and a large ecosystem with all of its dapps and layer 2 blokchain.
There's the CBDC if you haven't heard of it yet but it's incomparable to Bitcoin. Yes, the government can unite and push people to adopt what they want to adopt. But the thing here is, they can't stop Bitcoin as it is decentralized and it is covering the entire global population and everyone is free to use it. So, if the governments are going to come up with their own solution, that only means that there will be more of them producing another currency and they'll still come divided and it won't be able to compete Bitcoin. That's why, no matter what they do, they're not going to get comes close to BTC.
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 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 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?
TBH, as usual, I would say there's no doubt Bitcoin will stand by its position as of now. No coin can replace it, Moving onto your question of why governments cant establish their digital currency more like Bitcoin buddy try to understand as they are not even accepting the existing solution so why they would develop their own?
Actually, there's something called control, and that control they don't want to lose, ahh due to so-called dirty politics you know the power game. So this si the only reason they don't recognize the efficient solution.
In the end Bitcoin is Bitcoin, except Bitcoin most of the projections are just Myth. #Hodl
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?
Why would I use a coin created by them when I'm using Bitcoin so that I can be safe from them and their regulations? It doesn't make sense. Even though they and their financial institutions have way more users than Bitcoin, people who are using Bitcoin are mostly doing it for its decentralized nature, there is no third party between you and your money when you are using Bitcoin which isn't the case with traditional financial institutions and that is the reason why most people prefer Bitcoin.They can't create a coin and make it decentralized because that will be useless for them just like how they are against Bitcoin because they can't control it and manipulate everything, they can't ban people from using it or hold the funds and ask for extra verification to release the funds, the list is endless.
Some of them is because of there usage, demand etc. that have made them successful. Ethereum, Binance and Solana are a typical example.
Binance coin?
A centralized shitcoins that will go down when Binance goes and that was pumped with the fees Binance is fleecing its gullible users?
Nobody in its right mind would want to touch that unless forced by being tied with its finances to that exchange!
Governments and centralized authorities can create their own cryptocurrencies, but they face challenges in the areas of decentralization, trust and user adoption.
Why would they face such things?
First they don't care about decentralization, trust is already there, you're using your national currency every day, you go to shop and that shop accepts it, that's the trust, as for adoption, that can come in a second, all they have to do is pay all govemermnt wages in that coin, then merchants will have no choice but to adopt it since they need to sell stuff, and that's it, it's done in a day.
If a govemermnt would truly want that they could simply stop printing cash, migrate all bank deposits and balances to the new CBDC and here you have it, how would you be able to stop it?
Don't be apologetic this is a valid question you have asked as when we were new to Bitcoin and this forum we had similar questions in our mind.
First thing why government cannot compete with Bitcoin is because government wants to control everything and keep a track of it but with decentralization it's not possible and that's the reason Bitcoin was created and that's why government and bankers are against Bitcoin because they cannot control your finances as Bitcoin or decentralization in general removes any third party from the transaction. But they are upto something just to fool the users but they will never be successful.
First thing why government cannot compete with Bitcoin is because government wants to control everything and keep a track of it but with decentralization it's not possible and that's the reason Bitcoin was created and that's why government and bankers are against Bitcoin because they cannot control your finances as Bitcoin or decentralization in general removes any third party from the transaction. But they are upto something just to fool the users but they will never be successful.
Governments and centralized authorities can create their own cryptocurrencies, but they face challenges in the areas of decentralization, trust and user adoption. Bitcoin, in turn, continues to gain attention as a store of value and a medium of exchange. Here, of course, the question is about supporting users from all over the world, I think there are more of them than in any other country.
No one knows the top bitcoin competitors. Since there are so many cryptocurrencies with strong blockchain backgrounds,. Each of them brings a new development and solution to the world of digital finance. However, there are top altcoins that are prospering ever since they came to existence. Some of them is because of there usage, demand etc. that have made them successful. Ethereum, Binance and Solana are a typical example.
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.
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?
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.
A little change of perspective, bitcoin is not created for universal acceptance rather it is the acceptance of bitcoin by everyone with it. I see there are many other challenges for bitcoin from the past to the present or in the future, but there doesn't seem to be any convincing.
Instead of a story where we try to express the complexity of the problem, let me describe the great opponent as "the sun", "the atomic bomb", "human cruelty",... It is possible to imagine many other things but perhaps similarly unnecessary to the journey we exist with bitcoin.
Instead of a story where we try to express the complexity of the problem, let me describe the great opponent as "the sun", "the atomic bomb", "human cruelty",... It is possible to imagine many other things but perhaps similarly unnecessary to the journey we exist with bitcoin.
For the main time until we have to see any other development which can surpass bitcoin we can boldly say that there is no coin yet which have meet the requirements to take over bitcoin purpose, but one thing I believe is this just like no body believe or ever imagine there will ever be something called bitcoin back in the days before it’s creation that’s how we can also wake up one day and meet another great innovation.
we are in an innovative age new idea comes and we are entitled to good things so no one will come across what they compare and deem worthy of there investment and also to hold it that will not dive into it, let us also know that nothing is develop to last forever, Bitcoin is here to stay but we can’t say for sure how long it’s going to last.
Satoshi, in his invention of the blockchain, had given us the inch, what is preventing other bodies or organization from taking the ell?
I think you need to tell us what is "ell" in this context.
Does it mean no coin hosted on the blockchain will gain mass adoption enough to bypass the users of bitcoin?
Nobody knows. It's possible another coin will become more popular than Bitcoin.
The government own billions of population
I don't know what exactly you mean, but as reminder not everyone live under dictator.
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?
Nothing can stop anyone can create regulated/centralized coin. Although i doubt it'll surpass Bitcoin in terms of total users/owner.
bitcoin will become a pioneer in the world of cryptocurrency and there will be no cryptocurrency that can match it, even when other coins have a higher valuation than bitcoin. this is not a race, where coins compete with each other to be the best, but this is a matter of credibility and integrity, where bitcoin has always remained steadfast in its vision and mission to become a decentralized cryptocurrency that is free of intervention and the best coin that has potential. so that at any time there will be no coin that can compete with what bitcoin has achieved so far.
Nobody knows what is going to happen in the future. But, I do not consider any cryptocurrency as a competitor of Bitcoin. Bitcoin alone still dominates more than 50% of the total market and almost every coins move according to the Bitcoin pattern. Bitcoin is become popular because it's decentralized and gains the trust of the community.
If a new decentralized coin appears, it will take a long time for it to get popularity like Bitcoin. Don't you think there are similar coins like Bitcoin? I guess there could be a better coin, but then again, they are not popular for some reason.
If a new decentralized coin appears, it will take a long time for it to get popularity like Bitcoin. Don't you think there are similar coins like Bitcoin? I guess there could be a better coin, but then again, they are not popular for some reason.
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 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?
It doesn't imply that other organizations or bodies cannot surpass bitcoin success. I means, some factors come. For example btc first mover advantage and established user base make it difficult for other coins to gain mass adoption. 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?
Maybe, governments can regulate cryptocurrencies, including potentially creating their own cryptocurrencies. Make a coin on the blockchain that surpasses btc user base would require a compelling value proposition, trust-building, and community support. For you question, it's hard to say and find solution for now, why? yeah. because, btc already existed, its user base was already large and established. Apart from that, regulations are also an important factor. So even though it might be possible in theory, in reality there are many factors that make it difficult.
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