Topic: Why are there no altcoins that can replace Bitcoin? - page 6. (Read 1111 times)
The advantage of bitcoin is that it is the first and most widely developed cryptocurrencies so it is difficult for altcoins to replace bitcoin until now, but if we look at the transaction volume and marketcap data, bitcoin is decreasing, this opens the opportunity that one day there will be altcoins that can compete and even replace bitcoins.
Bitcoin is the most decentralized network and blockchain and no altcoins can be even called decentralized as most of them are totally centralized. The reason why bitcoin remains the only one and that no altcoins can ever replaced bitcoin. Bitcoin is the king of crypto and has the highest store of value while altcoins are just alternative coins for bitcoin and their value are only based on the movement of the price of bitcoin.
This is true, there are too many centralized projects that people ignore that part. Bitcoin is truly decentralized and I believe there are zero projects with that much decentralization. Of course, you can name stuff like ETH, because we know that Vitalik doesn't "control" it, but at the end of the day if people like to do what he says we should do, then even though he can't change things himself directly, he has enough influence over it to make it less decentralized.Bitcoin doesn't have a figure at the top, I mean we have Satoshi Nakamoto if we want to be technical about it but he is nowhere to be found and hasn't written anything for many years now.
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.
That is right about gold but also know that Bitcoin has a dual application use unlike gold or any other metal, bitcoin is a digital store of value and serve as a good source of an investment assets, the two has been the most leading asset for store of value and Investment in general.
Someone can use an altcoin and thinks this altcoin is better than btc, so he will never use btc anymore. He literally replace bitcoin there but to the majority that loves bitcoin, no matter how good an altcoin is, we will always consider bitcoin to be better than them.
Altcoins are sub branches of bitcoin that makes Bitcoin to have competitor, so no altcoins can challenges Bitcoin or be greater than Bitcoin, instead of that altcoins grow with bitcoin increment in market, from what i notice instead of altcoins to replace bitcoin all the altcoins will vanished
The main reason is true decentralization, there are a few good altcoins around the market but not truly decentralized. They likely decentralized functionally on the chain, but not overall. Bitcoin is the mother coin backed by the worldwide Bitcoin community and investors that no altcoin succeed to build. That's the reason still now no altcoin replaced Bitcoin. Not sure about the Future, there would be a more powerful cryptocurrency with the latest technologies that would replace Bitcoin. But there is a matter of community that we can't ignore. It will play a major role in replacing Bitcoin.
Bitcoin is the most decentralized network and blockchain and no altcoins can be even called decentralized as most of them are totally centralized. The reason why bitcoin remains the only one and that no altcoins can ever replaced bitcoin. Bitcoin is the king of crypto and has the highest store of value while altcoins are just alternative coins for bitcoin and their value are only based on the movement of the price of bitcoin. Bitcoin is the first cryptocurrency that has used blockchain technology. It may not be technically as the first crypto because there were other digital cash that have been produced before but they weren't recognized and no success has been with them.
The first born cannot be replaced as it's the market's standard and it's where all of them are relying based on its market sentiment. Have you noticed when bitcoin dumps? altcoins are suffering too?
The first born cannot be replaced as it's the market's standard and it's where all of them are relying based on its market sentiment. Have you noticed when bitcoin dumps? altcoins are suffering too?
yes it is. but not all, mostly major alts are following the market trend of btc. and yes, the reality is if you ask someone, not a crypto user, if they know crypto, the first thing that usually comes up with their mind is bitcoin. but if you try to mention -ethereum, solana, xrp or ltc, they will be lost in discussion. so yeah, the popularity of bitcoin now is hard to beat by alts. have you seen also the time that a lot of alts are trying to beat btc - claiming to be the one who will kill btc...where are they now? if gold is like the basis among precious metals, USD for fiat currencies, then we can say, BTC is for cryptocurrencies.
That's why if it's about bitcoin, there's no way an alt or alts will be able to replace it. It is the reality although for some it's hard to accept it but it is what it is.
I guess its because BTC is unique and the world's best - known crypto coin, and its also Decentralized. All other altcoins must follow Bitcoin's foundation, making it impossible for any altcoin to replace BTC.
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.
That is right about gold but also know that Bitcoin has a dual application use unlike gold or any other metal, bitcoin is a digital store of value and serve as a good source of an investment assets, the two has been the most leading asset for store of value and Investment in general.
I just happened upon an article that answers the OP rather nicely:
https://bitcoinmagazine.com/culture/why-bitcoin-has-no-competition
From the article:
... it then continues and explains how other alts lack the level of immutability which bitcoin seems to have.
https://bitcoinmagazine.com/culture/why-bitcoin-has-no-competition
From the article:
Quote
Bitcoin’s job is simple. Follow the rules agreed upon by the network and keep going.
That’s it.
It does this job extremely well. Not even the most powerful government in the world has the power to change Bitcoin’s rules.
This, then, is Bitcoin’s key feature. The one thing that sets it apart from every single altcoin: Immutability.
That’s it.
It does this job extremely well. Not even the most powerful government in the world has the power to change Bitcoin’s rules.
This, then, is Bitcoin’s key feature. The one thing that sets it apart from every single altcoin: Immutability.
... it then continues and explains how other alts lack the level of immutability which bitcoin seems to have.
If you ask me, some of the altcoins that you're mentioning probably have more utility than bitcoin has, I mean look at ethereum, they probably have more projects attached to them compared to bitcoin.
The DAO exploit proved that Ethereum has the interest of a centralized group of powerful individuals at heart. They mad a re-org so that those 'important' Ethereum figures don't lose money. Bitcoin would never do that as long as the blockchain and consensus rules function the way they should. Everything works properly in Bitcoin. It also worked in Ethereum during the hack, but they still reorganized the blockchain. Ethereum will never be an immutable and decentralized platform. Remember the 3 pillars of blockchain? decentralization, immutability, and transparency. Ethereum failed in this regard.All those coins that are marketing themselves as being better than Bitcoin have a creator or main developer who gladly cashed out, made millions, and left. Many were pre-mined to generate as much profit as possible for those who created them.
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.
don't talk that everything is permanent because Indeed that Bitcoin is the symbolic and also the most valuable but have you ever think of your comparison ? 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.
metal cannot be compared to Cryptocurrency because this can be a usable currency but never be as permanent like Bitcoin in top , there are chance that this can be taken position , but of course this cannot be decided now and there are more time to increase the value of bitcoin because the top is finally over.
Because only Bitcoin is decentralized and that, among many other features, makes it unique.
I totally agree. This is the real reason why bitcoin is unique, the total decentralization. All the other cryptos are created and owned by some individuals, everybody knows how is behind them, bitcoin is the only one that is different and, at this point, I would say also unreachable.
Is gold the most valuable metal? I don't think so. Neither is gold the most precious metal. But perhaps gold is the most popular metal. It is partly because of its uses and beauty and because it has played a great role in our culture.
The reason why Bitcoin can't be replaced as Bitcoin is that it is the one and only Bitcoin. The most that altcoins could claim is that they're better than Bitcoin, or they're the next Bitcoin, or they're like Bitcoin. We all have also heard of a claim that they're the original Bitcoin. But whatever they say, they're merely altcoins. It all means they're not Bitcoin. Bitcoin is inimitable.
The reason why Bitcoin can't be replaced as Bitcoin is that it is the one and only Bitcoin. The most that altcoins could claim is that they're better than Bitcoin, or they're the next Bitcoin, or they're like Bitcoin. We all have also heard of a claim that they're the original Bitcoin. But whatever they say, they're merely altcoins. It all means they're not Bitcoin. Bitcoin is inimitable.
Going through the existence of money it is possible to see different kinds of practice from the early days of human existence. Slowly there happened transformation in the exchange and trade process leading to the creation of coins and paper currencies. After a long the gold as a backing to the currency happened and this standard is being followed by the countries.
Now in the cryptospace we've been seeing more changes, and existence of different coins. For now gold serves to be the best in terms of usage and as an investment. Most of the new projects compare with bitcoin for promotion and say they have better features and everything, then why they weren't able to overcome bitcoin.
Now in the cryptospace we've been seeing more changes, and existence of different coins. For now gold serves to be the best in terms of usage and as an investment. Most of the new projects compare with bitcoin for promotion and say they have better features and everything, then why they weren't able to overcome bitcoin.
maybe bitcoin will one day be replaced by something that catches the hearts and minds of the global community although I think that's highly unlikely as no one knows in the future.
bitcoin has been running for over a decade building on its momentum and has become a global phenomenon, I imagine it will take time for something else to replace it.
there is still a long way to go even though we are no longer in this world and there is a possibility that there will be new things that we will not experience, so yes or no we will not know and so far no one has replaced it and there are only those who compete but cannot replace it.
bitcoin has been running for over a decade building on its momentum and has become a global phenomenon, I imagine it will take time for something else to replace it.
there is still a long way to go even though we are no longer in this world and there is a possibility that there will be new things that we will not experience, so yes or no we will not know and so far no one has replaced it and there are only those who compete but cannot replace it.
Bitcoin is the first cryptocurrency that has used blockchain technology. It may not be technically as the first crypto because there were other digital cash that have been produced before but they weren't recognized and no success has been with them.
The first born cannot be replaced as it's the market's standard and it's where all of them are relying based on its market sentiment. Have you noticed when bitcoin dumps? altcoins are suffering too?
The first born cannot be replaced as it's the market's standard and it's where all of them are relying based on its market sentiment. Have you noticed when bitcoin dumps? altcoins are suffering too?
yes it is. but not all, mostly major alts are following the market trend of btc. and yes, the reality is if you ask someone, not a crypto user, if they know crypto, the first thing that usually comes up with their mind is bitcoin. but if you try to mention -ethereum, solana, xrp or ltc, they will be lost in discussion. so yeah, the popularity of bitcoin now is hard to beat by alts. have you seen also the time that a lot of alts are trying to beat btc - claiming to be the one who will kill btc...where are they now? if gold is like the basis among precious metals, USD for fiat currencies, then we can say, BTC is for cryptocurrencies.
Bitcoin is the first cryptocurrency that has used blockchain technology. It may not be technically as the first crypto because there were other digital cash that have been produced before but they weren't recognized and no success has been with them.
The first born cannot be replaced as it's the market's standard and it's where all of them are relying based on its market sentiment. Have you noticed when bitcoin dumps? altcoins are suffering too?
The first born cannot be replaced as it's the market's standard and it's where all of them are relying based on its market sentiment. Have you noticed when bitcoin dumps? altcoins are suffering too?
Their is no direct explanation.Their is not symbol to explain this. When the trade of crypto was occurred, it also impact the price of bitcoin.When the price of bitcoin had increased the lot, the same will reflected on the altcoin.Since bitcoin is the decentralized crypto, it had a potential to reach 100 percentage from the present value.
Bitcoin in addition to mastering the crypto market is also a fully decentralized crypto and makes it an investment choice for investors because it is considered more certain. Bitcoin is a pioneer among the many cryptos in the market so that Bitcoin has influence and control the crypto market. It is true that although many Altcoins are good, until now they have not been able to replace Bitcoin because basically Altcoins were created as an alternative to Bitcoin where the goal is to correct the shortcomings of Bitcoin. that is why Altcoins cannot compete with Bitcoin even though many altcoins are constantly growing and booming in the crypto market.
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.
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.
This is actually quite an important point.
I think platinum is rarer than gold and has more uses.
But gold is simply valued more because of its color.
Jump to: