Topic: Why no one creates bitcoin v2 to allow new users to join the bitcoin wagon? (Read 279 times)

Nothing beats out the first no matter how many times you would be creating revisions of it but still any coins which had been created after Bitcoin is considered automatically an altcoin

so its not surprising that there's no v2 but considered its forks then you could already see the result on what are the impressions of people who do really mainly support bitcoin.

So dont expect that there would some v2 of it because even how many they do create it would be still remains as an altcoin.

Why do you think that? There won't be two Bitcoin at all. Have you seen any country have two native currencies? If not then there won't another Bitcoin version and it wouldn't be accepted by the community. Creating another coin means it will call altcoin always. A lot of coins coming to the market lately, but there are no competitors for Bitcoin. You can invest in that coins if you like to be an earlier investor. Bitcoin Cash and SV call themselves real Bitcoin, but still, all are just altcoins.

A new version of bitcoin coming now can never beat the reach (the former one). The new version 2 of it will only make it to be centralized. The decentralized means has already taken its place and cannot be substituted or competed with by any new inventions alike. This is not a nice idea and it can only prompt threat to the people using it the new version of it.

and besides, many projects have tried creating their own version claiming to be more superior than bitcoin in all aspects. however, where are they now? they can't even get half the achievement of bitcoin. so creating another version may possibly fail as people will always go back to the original bitcoin creation. also, this is the reason why we have so many alts trying to get a niche in this market. for sure, you have encountered some of them saying they are much better than bitcoin, much faster, and cheap. but still up until now, we owed the popularity of usage of crypto because of BTC

What do you think it would achieve? It seems rather naive and wishful thinking, like someone trying to hop in at 1 dollar and hoping that they will magically be able to turn it around to sell for a thousand dollars in a week. Bitcoin is unique and will always have that "first mover" advantage, as you've already said there are thousands of other altcoins out there and plenty of Bitcoin clones if you want to go for that. People use different altcoins for the traits that they possess, whether that is increased anonymity, more coins in circulation or a less wasteful transaction verification procedure, not just because they want to own a piece of some clone coin with nothing original.

There are many of us who doesnt think it strange that there isnt a Bitcoin V2.

The vast majority of us follow the original. Bitcoin is open source and with the Bitcoin
consensus everyone involved to this date has agreed to follow the original.

We would all like to travel back to 2009 and mine the hell out of Bitcoin but we
cannot but anyone can buy Bitcoin and any amount they want.

No one has missed anything, bitcoin is freely traded and you can buy it as long as you have a small amount of money, now I know what you mean, you want to go back to the early stages in which you could buy bitcoin for less that one dollar, right?

But it cannot be done, even if by some miracle your idea was accepted if billions of people wanted to get that new coin then its price will not be below one dollar and will in fact be too high from the beginning, if you want to invest in a coin at its early stages you have the altcoin market for that, leave bitcoin alone, as such an important project is not going to bend to your desires just so you can get the profits that you want.

there are many many altcoins that just copied the bitcoin consensus and started at block 1 again,

you cannot just fork an alt and hope it will copy the progress of its pre-cloned sister simply because you call it bitcoin v2

the reason the actual bitcoin network started at a valuation of under $0.01 and achieved thos months bottomline value of $27k plus was because back then it only needed CPU power of 10 minutes and 1 PC to mine 50 coins and today has over a million asics all costing people money.

do the math.
if a pc uses say 100watts(rounded for simple math)
meaning 10 hours for 1KWH and it cost say 12cents in most residential electric costs in developed countries

then thats 12cents for 10 hours of mining = 3000 coins(50coin*6*10hours)
meaning if one person was solomining. his electric cost per coin would be $0.00004 per coin
people imagined upgrading their $500 PC every 4 years which would add on another $0.00004 per coin
then their internet bill of say $30 a month=0.000138 a coin
so the cost of a coin for one person mining = 0.000218


if 2 people mine. then they get half as many coins. because every other block goes to each person
meaning 0.000436 per coin
so when say 46 people were competing $0.01 per coin

the bottom underlying value of bitcoin in the early days was low for a reason. the bottomline value is only attained by the cost of acquiring bitcoin where people refuse to sell at a loss.

then it required more then one CPU to mine a block within a 10minute window.
then gpu then asics, each requiring more electric and hardware cost


bitcoin is only able to be at a above $27k bottomline value, not because of pure 100% eor silly economics of the 'supply/demand' or the emotion of hype or speculation or drama or social media.. but based on underlying cost everyone refuses to sell below.

the speculation,hype,drama of the volatile price above this bottom. is the volatile whim of the market price above the underlying value.
meaning if there were 46 miners in the early days where it cost them about a penny. they would all refuse to sell for less than a penny. but then fight over the price above that bottomline penny

..
for an altcoin to achieve good value and thus a price of speculation above the value. it requires alot of people to be well invested into mining it. or alot of investment into lots of asics to support a bottomline value.
this only happens if an asset becomes widely known accepted and used by many to be deemed worthy of putting effort into.

so again for emphasis
1. you cannot just fork an alt and hope it will copy the progress of its pre-cloned sister simply because you call it bitcoin v2
2. you cannot expect an alt to have a good value and a good price above that value, based on pure hype/drama/speculation. it actually needs good underlying mining support costs to give it an underlying value to then base a speculative price above
3. neither 1 or 2 would happen if the coin did not become popular and useful. to actually make it worth competing for

As long as they are referred to as crypto, then there is basically nothing new and unique. All just plagiarism from the initial version (namely bitcoin) with some improvements.  If you want something start from 0, then it has to be unrelated to the blockchain. Maybe a more sophisticated fintech.

Fortunately, Satoshi freed copyrights and patents for developers to imitate all his ideas which later became derivative coins or altcoins. If not, then there is no altcoin story in this world.

It is a simple case of economics. Bitcoin is popular and has its value because of its reputation as the original and the first cryptocurrency.

Literally anyone can create Bitcoin V2, within 30 minutes simply by forking the client and making some minute changes but that is not how economics works. You don't gain the clout and the following of Bitcoin just because you use the same name or have similar parameters on different networks. You'd be a fool to think that Bitcoin's success is only attributed to the different parameters or having Bitcoin in its name.

As others have stated, most of the 19400 cryptos you wasted are a complete waste of time.


Another reason that has been mentioned, is, why bother? There is nothing new to solve that needs urgent addressing. If the bitcoin community needed to change something urgent, and it was a breaking change, then a hard fork would merely be made, and the old version would cease to be in use just like that - so long as a majority is reached bu that's not the topic here.

Drastic solutions are only required for drastic problems, and in the current state of affairs, you will find little that needs to be solved in cryptocurrencies already.

[examples: smart contracts (ethereum), anonymity (monero), scalability of tx speed (tron), etc...]

True but like most other things in this world, everyone cannot have access to or acquire everything they want because of the number in which there are produced and the same with Bitcoin and it could be that if Bitcoin wasn't as limited as it is, it wouldn't have had the value it has and it wouldn't make any sense to have a 2.0 cos it wouldn't be Bitcoin anyways.

As said, there have been many forks of BTC and none seem to have gained traction and support.
There have been countless altcoins and outside of a few none have gained traction and support.
Why can't new users join? You don't need to buy a full BTC to start. You can run a node on a $50 laptop. And so on.

BTC does not need to change and most people don't want it to change.
Not to mention the huge ecosystem behind it has a lot of inertia, changing that IMO would be just about impossible.

-Dave

If that happens, somehow somebody copies the entire framework then there will be no chase behind the current bitcoin. In short, bitcoin will loose share of value since rest of them including the ones who are already involved in the current bitcoin will start mining or chasing other version so that they will want to be first to try it out.

In the process bitcoin will loose the value. There will be high supply but less demand to the original or parent bitcoin and thus whole concept of using bitcoin at will won't be useful.

Though I know its next to impossible, but since its hypothetical question, I wanted to add my theory behind it.

Do you really believe that this can be a success? Immediately understand that it will not have such value. I am absolutely sure of this.

This is one of the best examples if you are the first, not only in cryptocurrency.
We all believe Bitcoin is the highest market cap cryptocurrency right it is the first cryptocurrency for me that is decentralized and created to solve most of our financial problems right now.

If you take a look at other altcoins nowadays and there are already a lot of altcoins before that tried to copy or do what Bitcoin likes but most of them are failed or are not effective at all.

Many altcoins are basically clones of Bitcoin without much new stuff, and there are always many forks of Bitcoin. Doing something like this would just create another altcoin, the vast majority won't care about it, and it's not likely to achieve much greatness IMO. Bitcoin is here to stay, and a new "Bitcoin" would not be significant enough to change that. If people jumped over to the next big thing in the crypto industry, Bitcoin would have lost its #1 place a long time ago, being drowned by other projects.

You can conclude that nearly every coin today is a copy paste of the idea, changed little here and there, even xrp tried to jump over,...

Only true original Bitcoin solved the thing, Satoshi. Even smart contracts with rich Bitcoin script that nobody really understood until... errr

Do you know How Many Bitcoin Forks Are There? You will be surprised!!!

There are hundreds of Bitcoin fork and the number will increase. Unfortunately, you can not call those forks are successful ones. What upgrades do they have to improve Bitcoin? What are features they can provide to crypto users?

Have they ever survived to crypto blackswan events?

You can order a developer to fork a coin from Bitcoin source code but who will use it and who will invest in your fork?

For some the SegWit airdrop is the v2 version already, but managed to keep brand and ticker

Bitcoin is more than just source code.

It's the whole network of people involved in it, running nodes, mining it, etc.

You can of course copy and paste the source code, but you can't just copy and paste the entire Bitcoin network of people and devices that have been running for more than a decade.

Bitcoin is digital scarcity, a concept that wasn't invented until 2009.

Bitcoin is unique because it's completely decentralized and it's completely in the community's hands. If someone starts a new bitcoin it's already something centralized, and I don't see a single reason why the whole community should change their side. During the years we had also forks like Bitcoin Cash, Bitcoin Satoshi Vision and I don't remember what else, did they take bitcoin's place? No.

Anyway you're completely free to start your own bitcoin.

I've read about it that satoshi meant BTC to be a test but the miners didn't stop. So whats there is there and  here we are now.

If we start BTCv2, should they start with GPU? Because that would make it fair to all who are interested in mining BTC v2. But it wouldn't kill the real BTC though, those miners who had built their ASIC farms today wouldn't mind and they will just go on mining BTC while this BTC v2 not adopted.


There are lots of altcoins today which there 19400 cryptocurrencies to choose from. They may be adopted way faster than the BTCv2.

That is not bitcoin v2 or anything you called it, it would just be an altcoin.

If bitcoin supply should be changed, it has to be proposed and majority of bitcoin community (I mean the miners) would have to support this before it can happen. Bitcoin should remain 21 million. Bitcoin has limited supply and it is deflationary, no need of altering the supply like centralized coins like ethereum and binance coin.

You mentioned already, that they are forks. Bitcoin cash is a hardfork of bitcoin while bitcoin sv is a hardfork of bitcoin cash. They are also all altcoins. You can start your own altcoin project that will have total supply of 21 million but it would also be an altcoin, not bitcoin.

I do not know about that and that is probably incorrect, but bitcoin remain the superior as of now.

What about billions of people who missed the bandwagon? Not to mention 4 million or so Lost BTC.

It's because it doesn't really make sense to have a Bitcoin ver 2.0 and start from scratch. What will it accomplished?.

And that's why we have this forks that you have mentioned, and as you can see neither anyone of the becoming successful as BTC.

There have been more than 19400 cryptocurrencies but strangely no one has come with an idea to restart bitcoin so to allow new users to buy and mine it from the start. We already know that 4 million or more have been lost. What stops a computer programmer to copy the entire bitcoin code and change only the limit from 21million to 20 million.
 What stops the average crypto user to not to invest in it?

Yes there have been forks like bitcoin cash or bitcoin sv but they dont start from 0

Satoshi himself stated that bitcoin is only one of the first, there might be superior versions of a cryptocurrency.