Topic: Who is top bitcoin competitor? (Read 559 times)

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.

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?

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.

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.

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 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.

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

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.



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)

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.


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.

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.

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.

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.

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.

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.



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.

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.

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.

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.

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.

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.

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.

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?

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) 

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.

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?

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

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.

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.

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.

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

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.

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!


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.

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.

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.

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.

I think you need to tell us what is "ell" in this context.


Nobody knows. It's possible another coin will become more popular than Bitcoin.


I don't know what exactly you mean, but as reminder not everyone live under dictator.


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.

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.
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.

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.

I love how you managed to contradict yourself in a 20 words phrase!


Whales..
Kodak, Nokia, Saab, TOYS R US , Compaq and hundreds others have disappeared in a few decades with whales with a different size of pockets behind them, if you look at a longer time span you see entire countries that have disappeared and you think Bitcoin is something magically that can't be overcome by anything?
There is no such thing as impossible, you're looking at thing that is barely 14 years old and you think it will last millennia unchallenged?

I'm probably one of the most biased bitcoin maxi here but I even I wouldn't dare make a century old prediction.

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


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.


The part you're missing is that the world is made of many countries and many governments which have different agendas.


Nothing. A lot of governments have plans for CBDCs (regulated crap they tried to advertise as crypto). Some are dropping already the plans, some go on with them.
Some tried to make proper crypto too (iirc Venezuela, for example) with no success.
Fiat already is a "bigger success" if you think like that, so Bitcoin still have a great deal to recover.

Making a crypto is easy. Making it successful is very difficult - see the plethora of altcoins, some going ok, most going bad - but not impossible. But if this goes together with regulation, I see no good reason for people to switch from Bitcoin to the new coin. At least not now. And the governments try to regulate Bitcoin. It's the approach that can be easier achieved than making a new coin.


Right now, nobody, it seems.
It may emerge in the future, since Bitcoin is not perfect. But for now it seems easier to improve and build around Bitcoin, maybe regulate it too, than start from scratch.

Yes, none for now, there is a unique standard bitcoin has proven in which none could compete yet with it, name it, is is fiat that you will say is now better than bitcoin or any other cryptocurrencies like Ethereum and their likes could withstand competing with bitcoin.


Government are not it's competitors, they are only taking fake rumours around about to get people discouraged while they have never succeeded in any of their attacks.


They can't, it will be centralized if they do so and the people wanted a decentralized digital currency and not the one that will subject them under centralized authorities like we've been used to with fiat.

Bitcoin being established and loved already by the community is prolly one reason why they're stopping. Or, they have probably made already a few but then it doesn't make sense to compete against the one that has started it all.

They just can't go with the people when everyone has already made their choice by investing in Bitcoin. And in fact, if you go around with the market and see the various altcoins there.

Who knows if one or two or several of them are like watch dogs and backed by government but even so, none of them can stop and compete against BTC.

If we are talking about Bitcoin competitor in Cryptocurrency market, currently the number #2 in Ethereum. It has been like this BTC #1 and ETH #2 for several years now. For people who are watching the Altcoin board in this forum I think the popular discourse is no longer what coin will beat BTC but what coin will be the next or even beat Ethereum. I think it's because they realize that it is very hard and almost impossible to take Bitcoin throne.

I get your point but what I meant is that Bitcoin is a Cryptocurrency and of course it's possible some other coin surpasses it in the future but the chances of something like that happening is so thin it's currently negligible and seems impossible. What makes most coins grow is mainly adoption so if some other coin can gain more adoption by Bitcoin, it could probably surpass it but the chances of that happening is just too thin.
Besides that it would be a loss on the side of whales so they probably won't let that happen.

Lol, what? You're going to tell me that there is zero chance that by 303 000 AD when we first exist the Milky Way there is another coin surpassing Bitcoin?
Zero chance?


Common, let's stop already with this!
This whole non-sense is getting really repetitive and out of date, of course if we talk about real government and not dictatorships in shitholes like Russia or Iran or North Korea. I've heard that for the US like every day, they will kill Bitcoin because is a threat to the USD meanwhile:
- the US will kill bitcoin will not accept it anywhere, yet the largest companies that accept Bitcoin payments are in the US
- the US will ban bitcoin mining, they will crack down on every miner, yet you have the largest hashrate and listed stock companies there
- the US will never legalized any aspect of Bitcoin, done, done and done
- the US will never allow an ETF, it's a threat to wall street and bank and investments fund...d'oh!
- largest number of ATMS where you can purchase coins, done, largest number of nodes, done, largest numbers of LN channels done!
So, how are they trying to kill it?

So who is this evil gubbermint you're talking about , and again, not some shithole country?


You know who created both SHA-2 and TOR? 

Government wants control over the people, they cannot build something without attaching much value on it for themselves thereby creating a centralized scheme. The people on the other hand wants independence and embraces whatever gives the government less control over them. Bitcoin has brought liberation to the people and that's why they are embracing it without a moment pause.

The government controls whatever scheme they introduce, if they were to build a coin, it will still be a centralized coin and another Bank in coin clothing, Bitcoin on the other hand through non-custodial wallets gives the masses total power over their finances, such thing the government can never introduce to the population.

Bitcoin has no top competitor at the moment. Other less value coins are trying their bests, but none of them are close to meeting the uniqueness of features that bitcoin possesses. They may continue trying to compete, but Bitcoin is way out of their league. Bitcoin sets the pace, and others follow.

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.

The government does not own anyone.

You can build a coin on a blockchain you created, nothing is stopping you from doing that, but you cannot make it bypass the sum of Bitcoin users. People would use your design if it offers the values they need.

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.

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?