Why are there no altcoins that can replace Bitcoin? - page 4.

DoublerHunter

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Quote from: Tony116 on March 27, 2022, 06:40:28 AM

BTC is not only the first coin but it has symbolic value for the entire crypto market, one symbol of the blockchain revolution.
Just like gold, there are thousands of metals produced such as steel, aluminum, silver, etc., which are widely used in daily life. but gold has always been the most valuable metal, still number 1.
So there will be no altcoins that can replace BTC although ETH, Sol, Tron or Xrp... have utilities, applications and technologies that are far superior to BTC.

^ Because BTC is a true example of a decentralization coin and no one does the same, most altcoins are centralized and we know that matters.
Another factor is, that BTC has been around and every coin has a BTC pair on an exchange, so it is impossible that there were other altcoins that will replace the BTC. Considering people BTC is the king of all cryptos, so many people believe in the network that is used by BTC not the other networks as you have said above. BTC is unique that is very simple and no one can even change or break the code.

tygeade

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Quote from: lixer on April 02, 2022, 07:51:43 AM

Not all cryptocurrencies are decentralized as Bitcoin. Majority of them are centralized and can be controlled by the developers or platform that owns it. Although some of them have promised to become fully decentralized as they continue to expand. And one of those that has promised to become fully decentralized is Solana, and I believe that they are getting to that stage now.

But, even at that they wouldn’t still come any close to Bitcoin, it is always going to be the topping the cryptocurrency market and that is the cryptocurrency most people are making sure that they invest in. As for the other cryptocurrencies, you just invest whatever little amount that is left in them.

That decentralization is not the "main" reason why they can't get close. Don't get me wrong, that is a very big deal but the fact that bitcoin has been here the longest and caused a big love from the people, is the main reason. We can see that bitcoin doesn't have the best blockchain, no smart contracts, not even cheap after so many developments, no nft, no meta, no new things.

Just plain old bitcoin that you could buy and sell, you really do not do much else with it. Why then it is the biggest? Because of love, people love it the most for sure and trust it the most. This requires a lot more than just technology or the system to break, you need a lot more than that to make people not love it as much.

suzanne5223

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Quote from: OgNasty on April 02, 2022, 03:30:58 PM

First mover advantage is a pretty big one... With crypto, it was massive and the fact that satoshi disappeared instead of cashed out his hoard like every other founder of every other altcoin was a big step in the right direction for community adoption.

Yes, first mover has a big advantage that only if the potential and benefit are also vast. Even if Satoshi chooses to sell his hoard no altcoin can replace Bitcoin because it's the number one true community-driven crypto with genuine decentralization and no censorship etc. These make people to easily trust Bitcoin and supported it to the fullest.

Quote from: OgNasty on April 02, 2022, 03:30:58 PM

Sure, there might be more useful coins out there, but no coin has the backing that Bitcoin does.

There is some altcoin with powerful concept and they didn't get enthusiast or community backing because most of the team involve created them to fill their bag.

Quote from: OgNasty on April 02, 2022, 03:30:58 PM

In such a distrusting environment, the trust that satoshi led the world to have in Bitcoin is something that can't be discounted.

This is the reason why the government can not break the bond people had for Bitcoin and its also the reason why no altcoin can replace Bitcoin.

OgNasty

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First mover advantage is a pretty big one... With crypto, it was massive and the fact that satoshi disappeared instead of cashed out his hoard like every other founder of every other altcoin was a big step in the right direction for community adoption. Sure, there might be more useful coins out there, but no coin has the backing that Bitcoin does. In such a distrusting environment, the trust that satoshi led the world to have in Bitcoin is something that can't be discounted. Many people are too risk adverse to even invest in Bitcoin, so altcoins to them are like penny stocks. Ethereum is beginning to break through the scamcoin barrier as far as public sentiment goes, but even it doesn't have the sort of adoption that Bitcoin does among major players in the financial world.

retreat

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Quote from: Tony116 on March 27, 2022, 06:40:28 AM

BTC is not only the first coin but it has symbolic value for the entire crypto market, one symbol of the blockchain revolution.
Just like gold, there are thousands of metals produced such as steel, aluminum, silver, etc., which are widely used in daily life. but gold has always been the most valuable metal, still number 1.
So there will be no altcoins that can replace BTC although ETH, Sol, Tron or Xrp... have utilities, applications and technologies that are far superior to BTC.

in the internet world, reputation is important, especially the reputation of an asset, so far Bitcoin is more secure and remains decentralized compared to the new altcoins that appear, even the figure of satoshi is still a big question mark until now. there is no safest and most trusted cryptocurrency other than bitcoin.

Joyawan13

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Quote from: Sebas.tian on April 02, 2022, 02:41:19 AM

Quote

The crypto world perhaps bitcoin is the most unique, is the first created coin, is the most fully decentralized coin on the market. This asserts that bitcoin is an inviolable asset that can only be used by the holder of the key. Unlike bitcoin, today's altcoins are not fully centralized, so security is not as guaranteed as bitcoin.

Yes, bitcoin is the first created coin that was fully recognized as a decentralized coin, that is more unique than any other coins in the community. Bitcoin has demonstrated some positive impact to some countries that made it legalized, to feel the difference between decentralized coin and centralized fiat. Those that made bitcoin as their first choice came to discovered that, bitcoin still remain the king among other cryptocurrencies in terms of huge amount of profits making. Bitcoin is more reliable in terms of security for long and short term investments.

it is difficult of course for altcoins to shift or replace bitcoin which of course is unique from other altcoins, because bitcoin is in great demand by large investors to be used as their investment for a long time, and bitcoin price movements are certainly difficult to predict when the price will rise. and when to lower the price, bitcoin price movement due to market demand and price can't be manipulated by someone, even if it's a big investor they won't be able to change bitcoin price as they wish.

mildmanneredsuffering

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every retard on earth thinks the news and the press is legit. thats why you think bitcoin is so great because the press tells you it is. technically, economically, and most other metrics, bitcoin in no way can be considered the best cryptocurrency even available right now. only actual low iq victims of the press agree with such nonsense

andeluna

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in my opinion Bitcoin is the first crypto currency that already built and make its foundation to be the center of all crypto currency and alt coins in the market but even if its the center or having a higher value crypto, its possible that someday one altcoin will replace the bitcoin because we can't analyze the price movement of all the crypto currency in the market because of its volatility. We all know that.

lixer

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Quote from: lightduty on April 01, 2022, 07:41:27 AM

Bitcoin is the best. Is decentralized (others are too), it's open source (the source have been review a million times) works (a bit slow), there is acceptance as money replacement, can order anywhere online, transfers are auto, etc.

When i first got bitcoin i was surprised with this new idea, and it was trending, other projects came along like Ethereum but it wasn't the same.

Not all cryptocurrencies are decentralized as Bitcoin. Majority of them are centralized and can be controlled by the developers or platform that owns it. Although some of them have promised to become fully decentralized as they continue to expand. And one of those that has promised to become fully decentralized is Solana, and I believe that they are getting to that stage now.

But, even at that they wouldn’t still come any close to Bitcoin, it is always going to be the topping the cryptocurrency market and that is the cryptocurrency most people are making sure that they invest in. As for the other cryptocurrencies, you just invest whatever little amount that is left in them.

jhonjhon

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Because bitcoin has been around for over a year and a lot of people are investing in it, the more popular it becomes, the more difficult it is to replace. Even though many altcoins are excellent, they are unable to replace bitcoin. Thus a lot of people are using bitcoin for investment as it continues to grow, It also offers some advantages because it is a decentralized digital currency, which means you have complete control over your funds and there is no need to be concerned because it is built on a secure technology called the blockchain. I read it on www. avg.com hope it helps

Sebas.tian

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Quote

The crypto world perhaps bitcoin is the most unique, is the first created coin, is the most fully decentralized coin on the market. This asserts that bitcoin is an inviolable asset that can only be used by the holder of the key. Unlike bitcoin, today's altcoins are not fully centralized, so security is not as guaranteed as bitcoin.

Yes, bitcoin is the first created coin that was fully recognized as a decentralized coin, that is more unique than any other coins in the community. Bitcoin has demonstrated some positive impact to some countries that made it legalized, to feel the difference between decentralized coin and centralized fiat. Those that made bitcoin as their first choice came to discovered that, bitcoin still remain the king among other cryptocurrencies in terms of huge amount of profits making. Bitcoin is more reliable in terms of security for long and short term investments.

jokers10

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Quote from: Tony116 on March 27, 2022, 06:40:28 AM

BTC is not only the first coin but it has symbolic value for the entire crypto market, one symbol of the blockchain revolution.
Just like gold, there are thousands of metals produced such as steel, aluminum, silver, etc., which are widely used in daily life. but gold has always been the most valuable metal, still number 1.
So there will be no altcoins that can replace BTC although ETH, Sol, Tron or Xrp... have utilities, applications and technologies that are far superior to BTC.

I looked through most answers in the topic, most say about technologies and decentralization. But some altcoins have all that and more right now. And yes, as for now bitcoins reputation is the main reason why no other coin can replace it now when we can still talk about replacement. Next (I guess in many many years) the situation will change and there will be many strong cryptocurrencies and none and never as important as bitcoin now and that's why none of them would replace bitcoin anyway.

lornadane

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For me he is the King of coins among other coins.
Then from a thousand coins or altcoins are also not able to replace the position of bitcoin even though the price can be more expensive than bitcoin, but the position of bitcoin still cannot be competed.
Thousands of millions of people now believe in bitcoin and of course they will not easily turn away from leaving bitcoin. 99% of altcoin price movements also follow bitcoin price movements.

adzino

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Quote from: Tony116 on March 27, 2022, 06:40:28 AM

BTC is not only the first coin but it has symbolic value for the entire crypto market, one symbol of the blockchain revolution.
Just like gold, there are thousands of metals produced such as steel, aluminum, silver, etc., which are widely used in daily life. but gold has always been the most valuable metal, still number 1.
So there will be no altcoins that can replace BTC although ETH, Sol, Tron or Xrp... have utilities, applications and technologies that are far superior to BTC.

We can't say bitcoin is far superior in all cases. Maybe superior when it comes to decentralization and security. Other than that, it is just a coin that people hold or use for making payment. But the value is high because it is "Bitcoin". It is the first crypto currencies that was made/invented. No matter how good other altcoins are, people will always in the end hold some bitcoins because believe in bitcoin and its future. Think of it like this, bitcoin is the leading all other altcoins. If bitcoin fails, there is a high chance the whole market will fall because people will lose faith on crypto currencies.

Oilacris

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Quote from: Tony116 on March 27, 2022, 06:40:28 AM

BTC is not only the first coin but it has symbolic value for the entire crypto market, one symbol of the blockchain revolution.
Just like gold, there are thousands of metals produced such as steel, aluminum, silver, etc., which are widely used in daily life. but gold has always been the most valuable metal, still number 1.
So there will be no altcoins that can replace BTC although ETH, Sol, Tron or Xrp... have utilities, applications and technologies that are far superior to BTC.

Its the KING of all crypto which it isnt surprising that it would be staying on the top.If bitcoin did not exist then so as with altcoins that we do have today. Blockchain technology does really give out that

revolutionary kind of utility and Bitcoin did really make out that kind of possibility on having anonymous and decentralized kind of payment system.There might be lots of alts in the market which

do works better and cheaper but the community does know on where they would really be putting up their support.

abderrazak belkhir

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I always asked the same question and i think the best answer for this is that bitcoin have a far better reputation in all over the world and all new crypto adopters hear about bitcoin as the first thing in crypto, i want also to montion that it's not logi to make ETH and Sol for example in the same level cause ethereum is far better for me

Oceat

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Quote from: jrrsparkles on April 01, 2022, 03:41:47 PM

Quote from: Tony116 on March 27, 2022, 06:40:28 AM

BTC is not only the first coin but it has symbolic value for the entire crypto market, one symbol of the blockchain revolution.
Just like gold, there are thousands of metals produced such as steel, aluminum, silver, etc., which are widely used in daily life. but gold has always been the most valuable metal, still number 1.
So there will be no altcoins that can replace BTC although ETH, Sol, Tron or Xrp... have utilities, applications and technologies that are far superior to BTC.

Actually you made the wrong comparison the reason why gold is expensive is simply because its rare and the extraction process cost also bit expensive but one day if asteroid mining became reality we can expect the supply of gold will increase which will greatly reduce the gold. Meanwhile bitcoin can be replaced as well but until now every other project created is trying to become the next bitcoin not better than the bitcoin.

I don't know what was the OP thinking that Bitcoin would be replaced by some altcoins who are just merely a copy of the original one. If you want to beat or replace Bitcoin then better make one that has utilities such as your altcoins pick and decentralized at the same time that cannot be controlled by no one. And I agree that he made the wrong comparison since both have different attributes and difficulty level when mined.

verita1

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Bitcoin is the most important active in Crypto space for being the pioneer is somewhat unquestionable where we all agree. It has great value due to decentralization, it is safe, it is a true store of value.
It is money disruptor,
It has achieved what no one had thought that people move their capitals of traditional assets to digital assets.
Although there are Altcoins they walk in seeking to accumulate more bitcoin.

It is already news in a tweet The CEO of Terraform Labs, DO Kwon, has plans to accumulate Bitcoin to support the StableCoin TerrausD (UST).

https://twitter.com/stablekwon/status/1503296630396645376?t=7wsm-v1E40cou6d_8bif1q&s=19.

https://www.theblockcrypt.com/post/139871/how-bitcoin-is-becoming-the-new-decentralized-gold-standard-according-to-terraform-labs-do-kwon.

wozzek23

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Quote from: Jawhead999 on April 01, 2022, 07:53:06 AM

Quote from: lightduty on April 01, 2022, 07:41:27 AM

Bitcoin is the best. Is decentralized (others are too), it's open source (the source have been review a million times) works (a bit slow), there is acceptance as money replacement, can order anywhere online, transfers are auto, etc.

Most of altcoins is centralized, not decentralized.
Not sure what does works a bit slow you mentioned above, the development is slow, but the transaction isn't. It's same as other altcoins, depends how much the fees you paid to miners.
Yeah, El Salvador was the one proof where Bitcoin got accepted as legal tender, other coins not yet or perhaps wouldn't.
The other you mentioned isn't only on Bitcoin alone, all altcoins do can transfer online and buy on anywhere.

This is like 90% of the problem with the crypto market right now. There are tons of people who do not realize the fact that we are in a period where altcoins are mainly centralized and have teams and founders that get your money and promises you that they will use that money to do wonders.

I hate that, money should not be paid to the owners for betterment of the project, if the project is good then it is good, if you want to make it better, some developer will offer a better solution and if the public likes it then they will go with it. Do we still use the legacy network of bitcoin? No we do not, we use segwit mostly, did satoshi created segwit? No he did not. That means there is no need for a creator to keep it going.

jrrsparkles

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Eloncoin.org - Mars, here we come!

Quote from: Tony116 on March 27, 2022, 06:40:28 AM

BTC is not only the first coin but it has symbolic value for the entire crypto market, one symbol of the blockchain revolution.
Just like gold, there are thousands of metals produced such as steel, aluminum, silver, etc., which are widely used in daily life. but gold has always been the most valuable metal, still number 1.
So there will be no altcoins that can replace BTC although ETH, Sol, Tron or Xrp... have utilities, applications and technologies that are far superior to BTC.

Actually you made the wrong comparison the reason why gold is expensive is simply because its rare and the extraction process cost also bit expensive but one day if asteroid mining became reality we can expect the supply of gold will increase which will greatly reduce the gold. Meanwhile bitcoin can be replaced as well but until now every other project created is trying to become the next bitcoin not better than the bitcoin.

Topic: Why are there no altcoins that can replace Bitcoin? - page 4. (Read 1055 times)