Topic: Why hasn't any altcoin replaced bitcoin? - page 22. (Read 3511 times)
Altcoins have served some niche roles that Bitcoin can't fill. Bitcoin isn't anonymous like privacy coins so most dark web users have moved over t privacy coins. Also bitcoin fees can be quite high so people like to use altcoins to move funds from one exchange to another.
It's simple. You can't replace the king of all cryptocurrencies, Bitcoin itself. If you take a look at the difference of its market cap to Ethereum and Ripple, it cannot be overtaken.
If you notice since after April Fools Day, Bitcoin started to spike as much as almost $14k before it stabilizes around $9.9k to $10.1k. As for Ethereum and others, it only had little impact. It is because altcoin has not started yet, as we are still experiencing the dominance of Bitcoin. Financial institutions gearing up for Bitcoin and the announcement of Facebook's Libra Coin made that huge difference, as it adopts massively compare to any other coins or tokens in the planet.
I am not expecting for altcoins to have their own season anytime soon, but I believe they'll have their turn later on.
If you notice since after April Fools Day, Bitcoin started to spike as much as almost $14k before it stabilizes around $9.9k to $10.1k. As for Ethereum and others, it only had little impact. It is because altcoin has not started yet, as we are still experiencing the dominance of Bitcoin. Financial institutions gearing up for Bitcoin and the announcement of Facebook's Libra Coin made that huge difference, as it adopts massively compare to any other coins or tokens in the planet.
I am not expecting for altcoins to have their own season anytime soon, but I believe they'll have their turn later on.
It's a good question, and I've been asking myself that as well. Honestly, I don't know the answer, and some of the important points were already mentioned by others (such as a small period of time it all exists and way more media coverage for Bitcoin than for anything else). But I'd like to mention two other possible reasons. One of them is that altcoins are not that much of improvement in comparison with Bitcoin to be worthy of taking over the king's place. Another one is while alts can be interesting ideas to offer, the Bitcoin dev team is the strongest, offering the best protection they can, and people thus trust it more than altcoins (which can be great in theory but buggy in practice).
It's already 10 years, and we haven't seen anything close to even challenge bitcoin's dominance in crypto universe. It is the gold standard of crypto so I doubt that any altcoin in existence can do much damage to it. How can someone replace it when all trading pairs is BTC/XXX?
It is still the most recognised crypto as of today and I have no doubt that it will stay as the most influential coin in the next 10 years and no altcoin can come close to it.
It is still the most recognised crypto as of today and I have no doubt that it will stay as the most influential coin in the next 10 years and no altcoin can come close to it.
In my opinion, everything lies in the reliability of Bitcoin. Unlike altcoins, Bitcoin is a time-tested asset that has not been compromised. This allowed the coin to become top 1 and be the main one in trading. Perhaps altcoins will occupy other niches because of their better functionality, however, Bitcoin will always be the main coin of the market.
There are three reasons that I can come up with
1. Highest Fiat Value
2. The highest number of Pairs.
3. High Demand and Less supply.
Although I believe this won't last longer than another 10 years if some significant changes are not made in Bitcoin. I understand that lightning network can bring those changes, but we have to wait and watch as there are big and better projects that are already active and are also in high demand.
1. Highest Fiat Value
2. The highest number of Pairs.
3. High Demand and Less supply.
Although I believe this won't last longer than another 10 years if some significant changes are not made in Bitcoin. I understand that lightning network can bring those changes, but we have to wait and watch as there are big and better projects that are already active and are also in high demand.
Until now, Bitcoin is the king and altcoins would be the subordinates.
There are so many questions and threads here regarding altcoins who's gonna be the next Bitcoin and which altcoins will beat the king. But bitcoin remains at the top, no one until now takes it's place. Others may say, there are other altcoins that have better platform than bitcoin. But bitcoin is the first blockchain technology that makes it more special and unique.
To make it simple, Bitcoin is the original archetype for crypto actions and altcoins are just created to make some lacking issues of bitcoin but the original would not be replaced by some alternatives. It contains the LARGEST user base compare with others and the impact of bitcoin in the society is far higher than some altcoins.
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What do you think?
What do you think?
I never like to speak for sure, but it's not easy for any altcoin to pass Bitcoin. Bitcoin is not just a crypto currency. It's also a mission. Therefore, it should promise a greater future for an altcoin to cross the BTC.
There are a bunch of reasons why no other cryptocurrency has yet replaced bitcoin, and probably one of the main ones is the price, most of the people who have invested in bitcoin have done it for the price , as bitcoin has proven times and times to be a great investment and a way to make some huge profit due to its fast rising value, and there has not been any coin that was able to come close to it rates, another reason is none of the any new coins had any ground breaking, or major new changes that will make it better than bitcoin in any way.
Although there are a lot of altcoin arising even with more updated features than bitcoin, bitcoin still remain the strongest because bitcoin already has the trust of people who strongly believe what bitcoin can do and I think that's the reason why bitcoin survived a decade.
Here are a couple of reasons why.
1. No altcoin that wanted to replace bitcoin, has been around for as long as BTC has.
2. No altcoin has received so much media attention, mainstream adoption, and has almost become mainstream.
3. No altcoin has BTC's market dominance or as much institutional and retail investments BTC has.
4. There is nothing wrong with BTC currently, so there is no need to change.
5. Altcoins have very little use compared to BTC.
And the most important one: BTC started the wave of decentralization that we know, and no other coin has been able to replicate the BTC blockchain and rally support from BTC users.
1. No altcoin that wanted to replace bitcoin, has been around for as long as BTC has.
2. No altcoin has received so much media attention, mainstream adoption, and has almost become mainstream.
3. No altcoin has BTC's market dominance or as much institutional and retail investments BTC has.
4. There is nothing wrong with BTC currently, so there is no need to change.
5. Altcoins have very little use compared to BTC.
And the most important one: BTC started the wave of decentralization that we know, and no other coin has been able to replicate the BTC blockchain and rally support from BTC users.
Bitcoin is very unique and we can't see any coin that could bring greatness more than enough that Bitcoin can do. That is why new coins are called altcoins cause that is only their place to be. If we look at its price, we will see a huge gap between them and making them totally separated.
This is just like in a certain community, there is a leader and that is Bitcoin a leader among cryptocurrencies.
This is just like in a certain community, there is a leader and that is Bitcoin a leader among cryptocurrencies.
Unfortunately, the concept on which bitcoin was built is different from the many technological innovations like television sets and other mechanical equipments. Bitcoin as a digital currency would only get better with time just as how popular innovations like PayPal and debit cards began.
I think that only good from all this altcoins is that they can serve as some kind of testing ground,
so we can see what are bad and good sides in changing things in Bitcoin code.
We now see that there is no need for so many coins, and none of them is better than Bitcoin.
If they try to improve one thing...big whole opens on other side, and then we have big issues.
(example is Craig Wrong creation monster BSV with gigantic block size, where we saw split in 3 parts)
We also see Ethereum blockchain is almost full now, and they still cant find solution for PoS transition
We saw numerous bugs and flaws in PoS coins
We saw many scams and failed projects in all masternodes coins circus
And many many more reasons why Bitcoin BTC is number 1
so we can see what are bad and good sides in changing things in Bitcoin code.
We now see that there is no need for so many coins, and none of them is better than Bitcoin.
If they try to improve one thing...big whole opens on other side, and then we have big issues.
(example is Craig Wrong creation monster BSV with gigantic block size, where we saw split in 3 parts)
We also see Ethereum blockchain is almost full now, and they still cant find solution for PoS transition
We saw numerous bugs and flaws in PoS coins
We saw many scams and failed projects in all masternodes coins circus
And many many more reasons why Bitcoin BTC is number 1
Every new thing and every technology is usually replaced by a newer one as the world is always developing.
The first television built was mechanical, then electronic television were invented, then colour televisions, digital, 3D, ....
The first automobiles invented were steam-powered wheeled vehicles, then electric automobiles appeared. Now we have autonomous cars. Now we have Tesla model S. Now we have Lamborghini.
All of us know about the developments made in mobile phones.
The first television built was mechanical, then electronic television were invented, then colour televisions, digital, 3D, ....
The first automobiles invented were steam-powered wheeled vehicles, then electric automobiles appeared. Now we have autonomous cars. Now we have Tesla model S. Now we have Lamborghini.
All of us know about the developments made in mobile phones.
Bitcoin is not set in stone, it changed a lot since it was created - bugs were fixed, SegWit and other softforks were activated, LN is being worked on. So, instead of showing how technologies evolve and looking at Bitcoin as an early iteration of some technology, you should view Bitcoin itself as the technology, and its versions as iterations.
Altcoins are generally not some brave attempts to revolutionize the field of cryptocurrency, most of them are just scams that lie to people that they are better than Bitcoin. In this light it's absolutely not surprising that Bitcoin is the king. The best developers in the world are working on Bitcoin, how can altcoins realy compete with that, especially if they just hire someone who might not be a passionate cypherpunk, and is simply interested to earn money for their work.
Because many pioneering altcoins thought if killing Bitcoin (which of course they couldn't) and forgot about the fact that their lives were dependent on bitcoin survival. Bitcoin is the king nd has since the beginning been. Interestingly, new projects have rather shifted attention towards building better blockchain platforms and not to focus on killing the king.
With the market still being considered as a young market this isn't really about the battle to who is the better coin out there its a battle of who is the most popular cryptocurrency available in the market and right now Bitcoin is the one who sits at the top. For all the people I know they will always be familiar with the word "Bitcoin" first but they really don't know anything about "altcoins" this just suggest that even for normal people Bitcoin still reaches out to them. You won't hear them anything about Ethereum, Litecoin, or Monero but only Bitcoin. The demand for the market isn't really focus on a lot of cryptocurrencies since a lot of the traders are just getting ready to enter now that is why they will always settle for what is the most popular.
Altcoins can't replace bitcoin at the moment because they're not popular, even though altcoins could offer more better things than bitcoin the cons outweighs most of them. With Bitcoin you get the good things all around and only suffer small cons. Most altcoins are used for trading, they have little to no uses since not many knows every single altcoin. If there's some good altcoins out there it'll be difficult for them to sustain their value because they're competing against other cryptocurrencies.
Agreed.
I doubt that something can replace btc. BTC was made as an innovation, every new altcoin - as a way to earn money.
I doubt that something can replace btc. BTC was made as an innovation, every new altcoin - as a way to earn money.
1. BTC is the first blockchain system.
2. BTC is the best blockchain system.
3. Nothing better than btc was created yet.
2. BTC is the best blockchain system.
3. Nothing better than btc was created yet.
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