Topic: Why hasn't any altcoin replaced bitcoin? - page 16. (Read 3478 times)

We should look on the different point of view. The question is why some altcoin should replace bitcoin. Cryptocurrency market is in early stage and we will see application of the blockchain in many of cases. Bitcoin is concrete implementation of the blockchain i mean transfer funds from address A to address B. This is fin tech. That's it. Other cryptocurrencies like ethereum or neo or stratis or something else try to implement blockchain in order to make better life like improvement supply chain in medical industry for example.
To sum up isn't necessary that some altcoin should replace bitcoin.

Aside from that, the popularity of usage of Bitcoin is large as compared to any other altcoins combined.
When you ask an ordinary individual if he knows about crypto, the first thing they come up with is bitcoin.
Though they are not totally oriented with crypto, most of them have heard or encountered the name of Bitcoin somewhere.
And as more shops, merchants and companies are adding  crypto payment method, with the first choice to be btc, the btc  adoption will be far more than other altcoins.

I think any other altcoin couldn't match the level bitcoin. So that's why altcoin couldn't replace bitcoin. Basic difference between bitcoin and altcoin are prices, popularity, features which altcoins are lack of comparing to bitcoin.

Bitcoin is the first digital currency and after seeing bitcoin success many altcoins have arrived at the market. So, we cant think altcoin can replace bitcoin now or near future.

people create altcoins because they think bitcoin earns alot and will earn even more  if it dont have any competitors  . many alt developer do thier best so that they can attract more people and thier coin can become on top but people cant just forget bitcoin too easily  , they still make bitcoin as thier primary asset  .

why some people do wanted to see bitcoin being replaced ? why cant they just be happy what bitcoin achieved  ? hmmmm ?

The idea of altcoin was not meant to replace bitcoin, I struggle with this argument always. The Idea is to take care of other features bitcoin cant do. Though some have struggle to believe why bitcoin has been excelling so well even with the limited functions but I believe at a point in the growing space we will place our priority right. Even the anonymous coins in the space function in a different level and path. I believe the competition everyone brought to the space affect the tokenomics of larger number of the altcoin and their performance.

The main problem with Libra is that it can be shutdown. This is what makes it garbage. You need something truly decentralized to gain people's trust. Bitcoin cannot be shutdown, therefore the people believe in it(s code).

When you want to evaluate an altcoin, this is one of the first things you need to check: Can it be shutdown? Either by their creators, or an external entity?

See, even Satoshi cannot stop Bitcoin now... Get it? That is why a bitcoin is worth what the market says its worth, well there is that and its other features but here i'm focusing in decentralization. Of course the blockchain matters, security and ireversability of its transactions, etc.

It is because bitcoin is the foundation of all crypto and prices growth depends on it. It is hard to beat the price of bitcoin with any other altcoins because it is more popular on every investors and any services have accept and adapt it. Bitcoin is stronger and when the value gets down, mostly of altcoins are affected of it.

Many countries have accepted Bitcoin as a legal means of payment, many Bitcoin ATMs have been set up in many countries, the community of people who know Bitcoin is very strong, much more than other currencies. The value, security and decentralized platform that makes Bitcoin stand strong, are the irreplaceable

It's hard to argue that Bitcoin will always be king in the cryptocurrency market. With a position as the main currency in all exchangers, Bitcoin demand will always be there and this makes Bitcoin transactions always the highest compared to altcoin. Besides that, I think it's about investor confidence in the Bitcoin network that is hard to duplicate or hack and also the limited supply

Yes, Bitcoin was the first and it started crypto revolution but I can't agree that other altcoins can't exist without Bitcoin. That was just a trigger.
No other coin has replaced Bitcoin because the market hasn't accepted anyone of them in a way they would achieve bigger value and  acceptance compared to Bitcoin. Bitcoin has certain advantage because it was first but if any other coin proved on the market to be better it would have replace Bitcoin. But that didn't happen.

This have been asked so many times already but let me give my opinion about this thing again. Altcoin cannot replace Bitcoin's throne because of the term we called "superiority" meaning that Altcoins won't exist without Bitcoin itself. Bitcoin is the father of all coins here in the cryptocurrency world, and you won't call it a father with no reason at all. I know there is a lot of coin developers who are thinking that they might get to a point where they could make a coin that could beat Bitcoin, but until now, I can't see any of them making one.

So in my conclusion, Bitcoin will continue to reign this empire forever, because it's only the best coin we've ever had.

I don't think that any of the existing altcoins are capable of replacing Bitcoin in the near future. Coins such as Ethereum, Ripple, Litecoin.etc doesn't pose any challenge to Bitcoin because they are unable to capitalize on the deficiencies of Bitcoin. In some aspects, they are even worse than Bitcoin. So the users don't see any reason to use these coins instead of Bitcoin.

The idea of Bitcoin, as proposed by Satoshi Nakamoto in 2008 was a revolutionary concept at that time. It was an entirely different idea when compared to the existing technologies and even after 10+ years none of the other developers have come even close in creating something that could challenge Bitcoin, and at the same time maintaining its own uniqueness.

Even if any of the altcoins is capable of replacing bitcoin in the future, this cannot happen quickly. We see that for many altcoins that create a real-life product, a full development cycle takes years. Altcoins only exist for about four years. Therefore, it is too early to ask this question. In any case, you need to wait ten to twenty years, and then we'll see. We can’t say right now what will happen with the development of cryptocurrency in twenty years.

Agree. What Bitcoin has on top of other altcoins is trust among everything. Being the oldest and most secure cryptocurrency, is one of the reasons why most people prefer Bitcoin than any other altcoin on the market. It took quite a long time and effort for Bitcoin to become the biggest cryptocurrency in the world. With widespread adoption from businesses, merchants, and companies alike, it has become the standard of the crypto world. Of course, we cannot hide the fact that most altcoins are superior than Bitcoin in terms of features and scalability. Some are capable of processing thousands of transactions per seconds at faster speeds than the pioneer cryptocurrency. But unfortunately, they lack mainstream adoption which is essential towards the longevity of any cryptocurrency.

Nonetheless, there's still the possibility of an altcoin replacing Bitcoin in the future, if it becomes extremely prominent within the mainstream world. Bitcoin's contender would need to provide unparalleled scalability, stable prices, and most of all, mainstream adoption in order to take its place as the world's largest cryptocurrency by market cap. But be aware, that it would take a lot of effort for this to happen as Bitcoin has a huge market cap and recognized branding. Perhaps, within a couple of years from now, we will see Bitcoin at the same place in market cap while altcoins are left behind as secondary assets. After all, Bitcoin's market dominance is on the rise where altcoins only control 30% of the market. Which is why, it'll be hard or nearly impossible for any altcoin to take down Bitcoin's place on the market anytime soon. Just my thoughts

With the positive things you said about bitcoin, there's no need for people to switch into another coin or even altcoins just to satisy them because bitcoin alone is already very beneficial to them. The popularity of bitcoin even at the present time will always on top and will never be outdated with altcoins so they cannot surely replace bitcoin from its position because bitcoin will always be the king of crypto and will always have the biggest trust from the people compared to altcoins.

All the technological innovation you mentioned had a purpose and was widely used by people.
The purpose of BTC is not clear and it's used by a very small group of individuals, so it's difficult improve something that's is difficult to explain what it's useful for.    

Boy do I wish this one was taken out and shot in the head.

Nobody had anything to lose by switching to Facebook. It was a few clicks. The potential to lose everything by 'switching' to an alt is very real. No one's going to leap first. They will stay and work on making BTC good enough.
 

That's certainly true, mate. The same way Facebook replaced Myspace, the same situation could happen within crypto land. Bitcoin has been the most prominent cryptocurrency for a very long time, yet being extremely limited in transaction capacity. There are now several altcoins with greater scalability and features which prove to be tempting towards people in the mainstream world. With their superior design, they could take down Bitcoin at any point in time. While this is true, most altcoins (if not all) lack the most important thing for long-term success. And that is mainstream adoption.

In this regard, Bitcoin is still in the lead with first-mover advantage within the crypto market. It'll be quite difficult to take down its place as the world's largest crypto by market cap, because of its strong branding and mainstream recognition. Not even Ethereum has been capable of overcoming Bitcoin, despite being superior in every way. Every day, Bitcoin's market cap increases by a large margin greatly minimizing altcoin's chances of surpassing the pioneer cryptocurrency within the future. If you take a good look at today's market, you'll notice that ETH's market cap is far behind Bitcoin's. Which is why, I believe that no altcoin will be able to replace Bitcoin in the near future.

Nonetheless, the only way an altcoin could replace Bitcoin is if the same gains massive traction within the mainstream world. It needs proper marketing/promotion, and mainstream usage in other to establish itself as a true contender of Bitcoin. Even so, it would need to prove its security and stability as a cryptocurrency for daily transactions that's proven to be better than Bitcoin itself. Considering that most altcoins are efficient but not as secure as Bitcoin is, it'll take a long time before we'll be able to experience a true contender that will challenge Bitcoin's place as the world's largest cryptocurrency by market cap. Just my opinion

Great mate, and I didn’t know why people always try to crate unnecessary competition by comparing and this is still part of why government initially fought cryptocurrency because we have many people here who lack the understanding and making the government feel threatened of cryptocurrency because of the comparison that many people are doing as regards fiat to cryptocurrency and making it look like the system was created to remove power from government.

The crypto idea by the real satoshi is for it to supplement fiat, it is meant to be an alternative means of payment to fiat before we started taking it more as investment scheme, so same as altcoins, they are just to be an alternative system running on their own technology without competing with bitcoin.

Bitcoin is first blockchain innovation and it can not replaced by any altcoins because Bitcoin is father of all altcoins & dominance 70% market share. 
While on the other hand, all altcoins follow the footsteps of Bitcoin & made for earning money.
The second most popular ethereum capture only 6-7% of market. Then how we can think that any altcoin will replace Bitcoin.