Topic: Why hasn't any altcoin replaced bitcoin? - page 17. (Read 3511 times)

Why no other metal was able to replace silver and gold for payment?
Why nothing could change paper money for decades?
Everything needs time, currently Bitcoin is mainstream despite the fact that we can find some other altcoins better and more developed than it but currently it is what it is. Time will pass and possibly bitcoin will be changed or bitcoin will be modified and will be leader again.

Almost all altcoins are developed according to the founder's vision, and above all altcoins are developed on Bitcoin's blockchain, altcoins are subject to government oversight, and Bitcoin does not I think those This creates value that no altcoin can replace.

I think there is one reason why altcoins are failed to replace bitcoin is price, Not altcoin is close in price with BTC, there is a huge gap in price, vol, cap in BTC and other altcoins prices. Bitcoin price is more attractive than other this is the reason why it is on the top to all other coins.

It's money based on technology. Money is the prime factor. Technology takes a far back seat in comparison and most of the alt technology out there is completely untested in the real world.

Replacing your TV has no bearing on your life. You get rid of the old one and get a nicer one.

Replacing your money has the potential for you to lose all of your value if you make the wrong bet. You're going to be vastly more inclined to stay put.

This is something altcoiners consistently fail to comprehend. A 1 second block time or 'partnerships' count for fuck all when it comes to money. You need to be able to depend on it which means security, trust and network effect.

They should be free to noodle away. They should not toss their cookies if no one else is remotely interested in moving their money into them.

Bitcoin is just too powerful. Let's be honest, it's hard to compare any altcoin to bitcoin.
What's more, Bitcoin is also so popular that it's quite accepted in some countries. You can find places where Bitcoin is one of the paying methods. I haven't heard about any place where you can pay with altcoins.
Also, Bitcoin is just the most available of all cryptocurrencies. You can buy it online (even with credit card) or purchase it at some physical shops.

Well I sometimes sit back and ask myself similar question over and over again. Since the introduction of Altcoin there have been speculations here and there that they will soon be taken over BTC dominance. Over a decade now and still BTC is still ruling. Will this overtaking really materialize, I don't really see with the trend the Altcoins have picked

The main reason bitcoin was introduced was to fight the financial system that was centralized. it was a means of payment. therefore, it serves the main purpose on which cryptocurrencies was build. there is little or none need for altcoins.
also all altcoins are pegged with btc. there is no need to see any coin top it's pair.

Your comparison will not apply to Cryptocurrency, majority of altcoins here are just clone of Bitcoin, if they are not a clone, they are centralized something we do not want if we are going to embrace if we are ardent supporters of Bitcoin.

I don't see any coins that compete Bitcoin right now, even Ethereum or Ripple.

What you are saying is true for some of the alts, such as Ethereum. Vitalik never claimed that Ethereum will replace Bitcoin in the future. But I remember the Cardano supporters claiming that its technology is much more advanced than that of Bitcoin and it is only a matter of time before ADA replaces Bitcoin as the number one cryptocurrency in terms of market cap. And it is not just Cardano, but several other cryptos have made the same claim.

The basic flaw with all these other cryptocurrencies is that they try to use the original idea by Satoshi with some minor modifications. Even for a third generation cryptocurrency such as Cardano, the basics are very identical to that of Bitcoin. That means that even after 10 years, none of the developers can match Satoshi Nakamoto in vision and implementation.

altcoin was developed not to be a competitor or to replace bitcoin, they were developed to run their product ecosystem. even if they are successful with their ecosystem, they will still not be able to get rid of bitcoin as the king of cryptocurrencies.
they (altcoin) still won't beat the user's trust in bitcoin which has been built so far.

I think no one know about that, cause no one can guess the future correctly. But in my opinion, altcoin can never be replaced bitcoin cause bitcoin is the first and original cryptocurrency. But once again, no one know about that. maybe in the future an altcoin will make a breakthrough in technology that might be able to rival bitcoin

It is simply because everything has its own way of working and you got to just accept it. So I don’t think Altcoin requires to be replaced, it’s more about something else creating its own space. And if you Track Cryptos, especially these top you will see they have performed incredibly well but just that recent times is not so much friendly, but otherwise in overall way you will see it has done incredibly well as compared to what was initially thought out of it.

In terms of utility, Bitcoin is more powerful than Altcoins. We see in terms of trading. We can see that now, most Altcoins pairs are to BTC and vice versa. Whereas Altcoin which has pairs against Altcoin only exists on DEX which is no more numerous than centralized exchange.

Until when a group of common interest comes together to build a single digital currency that will solve most human problems like transportation, education, health, politics, banks, etc with keen interest and passion and not for the money thereof, we can see something in the near future that can stand the test of time as Bitcoin did. For anyone to replace Bitcoin, it might happen but not at the current situation in which everyone is building on isolation.

So 10 years is not a lot  for you? How long will t have to continue to be an accurately measured asset? 20 or maybe 50 years?

Altcoins will not replace bitcoin until it remains free of faults and weaknesses. If it gets hacked or becomes bottlenecked like in 2017 it will have to be upgraded or replaced.

Why will bitcoin be replaced when all other altcoins are trying to be like Bitcoin in terms of technology and popularity and they are not yet. I don't think Bitcoin can be replaced by any altcoins in time to come but they can exist simoulteniusly.

No one altcoin have position to replace for bitcoin, right now many altcoin have lower price than bitcoin its why could not replace of bitcoin in the future, bitcoin is the main of all altcoin.

So far, too little time has passed to draw certain conclusions in this regard. For the new payment system, for several years, until bitcoin began to declare itself, it still means little. In twenty years, at least we can talk about the first results. Altcoins actually began to appear only in 2015. Projects after this are being developed for several years. Therefore, it’s too early to discuss this topic.

In my opinion why can altcoin not replace bitcoin and what makes Bitcoin different?
There are so many altcoins and they are starting to eat into the Bitcoin market! First, market capitalization is a highly manipulated metric. Second, the market naturally has a lot of noise and only smoothes out over long periods of time.

Due to network effects and decentralization, Bitcoin is different from all who pretend to be the throne. That does not mean that there is no way to replace Bitcoin. Such statements will be too broad and optimistic about Bitcoin opportunities.

But what is clear from studying the history of the cryptocurrency market is that Bitcoin has prospects that will not be easily released. New "features" at the expense of network effects and decentralization are not a very good exchange.

What does it take to replace Bitcoin?

Most likely an innovation is at least as big as Bitcoin itself or a bug that makes Bitcoin insecure. Tweaking some variables will not be enough for other coins to catch up. Even adding large features (eg privacy) might not be enough because network effects have created a special ecosystem for Bitcoin.

Decentralization is also not easy to achieve, and altcoin has not found a way to point their coins in that direction. Even the idea of ​​guiding coins in the direction of suggesting coins is centered! It is hard to imagine a maker of valuable coins who want to decentralize because they are given emotional, economic and social incentives to maintain power over their creations.

Bitcoin is different because unlike altcoin, Bitcoin creates a new category and has network effects as a result. Bitcoin will continue to be different because it is not like a centralized coin, it is market driven, does not change and cannot be changed. This is a property of large value storage and this gives Bitcoin a utility that other tokens do not have.

Since Bitcoin is not only a pioneer among cryptocurrencies, but also a leader in the cryptocurrency market, in any case, users will not be able to opt for altcoin, which for the most part does not even have a final product.  I believe that Bitcoin today has the biggest problem with scalability.  If this problem is solved, then Bitcoin will be the undisputed leader not only today, but also in the future.