Topic: Why hasn't any altcoin replaced bitcoin? - page 14. (Read 3501 times)

Basically, altcoins are copies of Bitcoin one way or another. Some are a direct copy of BTC with the same source code and everything, while others mimic its properties/functionalities. If you take a deep look at the crypto industry, you'll notice that every altcoin is just an improved version of Bitcoin. As the pioneer cryptocurrency is the original project which started it all, altcoins will never be able to take its rightful place on the market. It's as simple as that. While this is true, I believe that a few rock-solid altcoins like Ethereum and Litecoin will be able to complement Bitcoin in many ways. In areas where Bitcoin cannot fulfill certain tasks, altcoins come into play. Given how Bitcoin is recognized by many as "digital gold", it's safe to say that altcoins are more like "digital cash" than anything else.

Of course, some altcoins are even much more valuable than Bitcoin is now (like 42-coin). But even so, they've been unable to surpass BTC's market cap for a very long time. If we were to classify the best altcoins that will live alongside Bitcoin, those will be Ethereum, Litecoin, and Monero. They not only have innovative features, but they're also rock-solid in development and innovation. Additionally, these altcoins have a good degree of usability within the mainstream world. For once, Monero was highly popular with darknet markets while Ethereum was the top cryptocurrency for ICO tokens. Those days seem to be over, as people have lost the excitement between these cryptocurrencies. It's now the day where both ETH and XMR are extremely cheaper than they were some time ago. Despite their many advances, Bitcoin is still the world's largest cryptocurrency by market cap.

Nonetheless, it's highly unlikely that altcoins will replace Bitcoin anytime soon. The pioneer cryptocurrency has grown big enough to a point where it's virtually unstoppable. Since the whole crypto market depends on Bitcoin as a reserve currency, the situation of replacing Bitcoin would turn out to be academic. Just my thoughts

that's true and when there are transactions that are faster but don't have good security then it will only make its popularity decrease, we don't care about slower transactions because if it's safe then it will be the right choice to maintain. so it is not easy to replace bitcoin, even though the price is dropping very hard but it will not make the position of bitcoin easily replaced because the market is still very affected by the trends that happen in bitcoin

There have been many examples of altcoin which have higher coin specifications than bitcoin, but still cannot compete with bitcoin because of the bitcoin community and history itself is more valuable than the specifications. and also the comparison is not too far away. but certainly bitcoin as pioneer crypto will always be number 1 or i can say main coin in the crypto market.

I have different point of view.I see bitcoin and legitimate altcoins like a one cryptocurrencies movement alternative to fiat money. Bitcoin is king because bitcoin was first but bitcoin blockchain is most secure from all kind of blockchain. Security is most important and will be most important factor

I completely agree with your opinion, since Bitcoin is not a panacea for the entire cryptocurrency market.  Perhaps Bitcoin will remain a valuable asset in the cryptocurrency market for most cryptocurrency users, but I believe that quite a few cryptocurrencies can claim leadership thanks to the best qualities.  I always hope that on the cryptocurrency markets it is Ethereum that will replace Bitcoin, but if you take into account, for example, the history of the dogecoin coin creation, as well as what results this project has achieved, even Dogecoin can completely replace Bitcoin.  Although I'm sure there are more suitable cryptocurrencies for this.

And yeah? How does your post answers what the original poster actually asked. Please read before replying. The market cap of bitcoin has nothing to do with Bitcoin being the top coin. The same goes for the "68%" dominance thing you are talking about. Just because it has 68% dominance does not mean that no other altcoin in the future can't replace bitcoin.
People have heard more about bitcoin than altcoin when anyone talks about crypto currencies. Bitcoin has been the first and the oldest crypto currency out there. Thus, people trust bitcoin more than any other coins and they are kinda reluctant to give chances to the new altcoins.

The first thing is that bitcoin replaces the fiat currency. I do not think any current altcoin can replace bitcoin. Consider the market cap of bitcoins and the altcoins. Bitcoin dominance is 68% and all the alt-coins make only 32 percent of the dominance.

Replace Bitcoin at the top of the market cap list or as a means of exchange?
I have my stash if cryptocurrencies and each one has it's own use case; I use some as hedge funds and others to access a certain product. Bidooh for example is used to purchase exposure on digital billboards. Bitcoin can not serve all this purposes, so every investment should have a target market.
If I were a developer, I wouldn't aim at replacing Bitcoin, rather I'd look for a unique way to utilize the blockchain.

Most of the top cryptocurrencies are exchanged via Bitcoin, I don't think there will be a single currency that will replace bitcoin. The mysteries of this money bring really curious. Besides, Bitcoin is the first currency and brings the blockchain technology we know until today.

I agree with you that bitcoin will not be replaced by some altcoins even though they have power, still their main thing is to get bitcoin, even though they have strong and good technology they still won't be able to replace bitcoin and it's quite impossible to do it. .

Strongly agree, bitcoin is the determinant of altcoin. for all fields, bitcoin is very clear and can determine altcoin, but not vice versa. so I haven't seen a very surprising correlation that altcoin will be able to replace bitcoin.

Bitcoin as it is today, can't work. Satoshi could support the development of Bitcoin. The old addresses are an issue. And we need a Quantum secure network.

Otherwise

'Post Quantum Bitcoin' will replace Bitcoin.

The main reason we have not seen any alternative coin replacing Bitcoin is just the interest. Most of the projects are there to grab the money and even dump on investors. Remember Bitcoin was already a finished product with extensive research for years before it was launched. Until we have a paradigm change where the interest will be on the successful outcome of the use cases and not when lambo? when moon? but rather when will this or that feature will be added, then we are still far from seeing any project competing with Bitcoin.

A temporary spike can't be mistaken for an altcoin bull run. After a short spike which lasted one or two weeks, the altcoin exchange rates are going down once more. The users have realized that as of now most of these coins have very little practical usage. In my opinion, they will continue to go down, with or without Bakkt. Just because Bakkt has been launched, it is not going to give any lifeline for these shitcoins.

Although it is possible that Bitcoin will be replaced in the near future, I just don’t think there is a coin worth to replace it yet as of now. But who knows, maybe someone will make a better cryptocurrency and mold it into a much better coin than Bitcoin then everyone would know about it for sure. It’ll be all over the news by then but so far I don’t think its possible with the new coins created though based on its platforms. Just my opinion though.

No one can replace Bitcoin in a crypto space when it comes to ranking competition in Coin market cap. Remember that altcoins remained altcoin and that is different from Bitcoin. I remember before, back then a year 2017 that Ethereum was almost surpassed the Bitcoin price, but the Ethereum did not make it. Maybe this coin will follow the step on Bitcoin and I saw news and rumors that Ethereum blockchain will increase their transaction fee like Bitcoin fee.

Too generic and too sweeping a question. In a world with how many, 3? 4? thousand coins and tokens, has any coin actually replaced any other?

The best any coin can do is to displace another in terms of some arbitrary metrics. Ethereum was a pretender to the Bitcoin crown in market cap. I've actually seen altcoins whose single coin value was more than Bitcoin at one point. Don't know if it was ever really bought and sold on actual orders, but hey, that's one way to replace it.

But segments of Bitcoin use? Sure. I remember when Monero first spiked noticeably, in 2016 when supposedly darkmarkets adopted it. They didn't replace Bitcoin, but Monero took over any roles of anonymity that people mistakenly thought Bitcoin had.

It is pretty simple — Bitcoin is the first and the biggest. The starter of it all, with an unknown creator, which gives it mystery, and a massive community, which gives it strength and price. Bitcoin is more than a project — it has become a symbol. It is simpler than other coins, but simple is good, means that there are fewer things to go wrong. That is what makes it the best, even though it is still flawed. It might be replaced by something someday, but i think it is becoming too big for something like that to happen.

To make it simple, the reason why there is altcoin is because of bitcoin. The idea, purpose, and aim of every crypto is derived from bitcoin, which is decentralization, convenience and being open on an open market. Bitcoin is one of the best innovation, it made transactions and exchange of commodity easy. That is why a lot of people had seen the long term potential of it.

Bitcoin has gained the trust of the people for years now due to its exceptional performance. Some of these altcoins are still young and are yet to proof themselves worthy to the people. Bitcoin was designed on the revolutionary Blockchain technology which makes it entirely decentralized, not even Satoshi or any government body owns control over the transactions. This is why the people trust in it and prefer to use it transactions.