Topic: Why would there be just one cryptocurrency? (Read 2867 times)
Bitcoin can be a store of value and a currency choose just one function is not needed.
We all know that alcoins are forcing bitcoin to keep upgrading and getting better, the problems that bitcoin is facing now if just one single coin it would had killed it or already had a solution. Altcoins are getting more and more interest over bitcoin, due to the easy to use and low and instant transactions, this is what crypto system need.
to me i think in present time thousands of crypt currencies are there, but bitcoin is the number one crypto currency, i think future there will also present thousands of crypto currencies but still the number one currency will be bitcoin. actually the number of bitcoin users are increasing as people are no now putting more and more trust on bitcoin. government are now also thinking about to make bitcoin as legal currency of the world. 
one crypto currency is possible if there is all country and all people is using in the same time and not depend on one currency and the most important is the internet connection. because if we only do it with offline, then its really hard to do, but with internet connection everything become possible. and for now, i think not all country have the same internet connection and this is the big problem for one community if they want to make one crypto currency. but i think it would be happen in future and we can not see this is really happen because we do not live in that future.
One crypto currencies for the whole world sounds very similar to one fiat for the whole world and that is simply not possible, different countries and different people have different needs, for example bitcoins average fee was half a dollar a few days ago, that may not be much for a person in the first world but for a person in the third world that fee is several hours of work.
Correct me if I'm wrong, and move me if this is the wrong board, but in my opinion we should not focus on how to make Bitcoin do everything. Right now Bitcoin works well as a store of value, digital gold if you will. A $1 transaction fee means nothing to a $1,000,000 transaction. It does however severely cripple smaller payments, something that a cryptocurrency could be very good at.
Now it is my understanding that the point of SegWit/BU is to allow Bitcoin to be used for smaller payments by bringing that transaction fee down. Instead of making Bitcoin the jack of all trades, why not have multiple cryptocurrencies that each excel in their own areas? Leave Bitcoin exactly as is, and invest money and time into establishing a micropayment currency, a smart contract currency, etc...
Just some food for though.
Johnny
tl;dr
Why try and make Bitcoin do everything instead of having an ecosystem of specialized currencies?
Now it is my understanding that the point of SegWit/BU is to allow Bitcoin to be used for smaller payments by bringing that transaction fee down. Instead of making Bitcoin the jack of all trades, why not have multiple cryptocurrencies that each excel in their own areas? Leave Bitcoin exactly as is, and invest money and time into establishing a micropayment currency, a smart contract currency, etc...
Just some food for though.
Johnny
tl;dr
Why try and make Bitcoin do everything instead of having an ecosystem of specialized currencies?
Who told there is only one cryptocurrency? There are so many altcoins developed for different areas. You can see now adzcoin, flash coin, prcoin etc. I understood that op is actually encouraging bitcoin community to use altcoins instead of bitcoins. But actually people will prefer to have well established coins with them .They dont want to get scammed. Bitcoin is already a well established coin.Thats why people still prefer bitcoin for everything.
We all know that alcoins are forcing bitcoin to keep upgrading and getting better, the problems that bitcoin is facing now if just one single coin it would had killed it or already had a solution. Altcoins are getting more and more interest over bitcoin, due to the easy to use and low and instant transactions, this is what crypto system need.
to me i think in present time thousands of crypt currencies are there, but bitcoin is the number one crypto currency, i think future there will also present thousands of crypto currencies but still the number one currency will be bitcoin. actually the number of bitcoin users are increasing as people are no now putting more and more trust on bitcoin. government are now also thinking about to make bitcoin as legal currency of the world. one crypto currency is possible if there is all country and all people is using in the same time and not depend on one currency and the most important is the internet connection. because if we only do it with offline, then its really hard to do, but with internet connection everything become possible. and for now, i think not all country have the same internet connection and this is the big problem for one community if they want to make one crypto currency. but i think it would be happen in future and we can not see this is really happen because we do not live in that future.
One crypto currencies for the whole world sounds very similar to one fiat for the whole world and that is simply not possible, different countries and different people have different needs, for example bitcoins average fee was half a dollar a few days ago, that may not be much for a person in the first world but for a person in the third world that fee is several hours of work. 
From what it looks like by what you're saying other cryptocurrencies are ignored with full emphasis on Bitcoin, but in reality the connections of alt-coin economies and BTC adapt the exchange of continued use of them all.
Many cryptocurrencies are region based or enable based on similarities in technologies easing multiple coins into one web service / wallet.
The principle held holds strong value for all coins involved, eventually leading to an index across them all.
Many cryptocurrencies are region based or enable based on similarities in technologies easing multiple coins into one web service / wallet.
The principle held holds strong value for all coins involved, eventually leading to an index across them all.
We all know that alcoins are forcing bitcoin to keep upgrading and getting better, the problems that bitcoin is facing now if just one single coin it would had killed it or already had a solution. Altcoins are getting more and more interest over bitcoin, due to the easy to use and low and instant transactions, this is what crypto system need.
to me i think in present time thousands of crypt currencies are there, but bitcoin is the number one crypto currency, i think future there will also present thousands of crypto currencies but still the number one currency will be bitcoin. We all know that alcoins are forcing bitcoin to keep upgrading and getting better, the problems that bitcoin is facing now if just one single coin it would had killed it or already had a solution. Altcoins are getting more and more interest over bitcoin, due to the easy to use and low and instant transactions, this is what crypto system need.
to me i think in present time thousands of crypt currencies are there, but bitcoin is the number one crypto currency, i think future there will also present thousands of crypto currencies but still the number one currency will be bitcoin. actually the number of bitcoin users are increasing as people are no now putting more and more trust on bitcoin. government are now also thinking about to make bitcoin as legal currency of the world. 
~snipped~
tl;dr
Why try and make Bitcoin do everything instead of having an ecosystem of specialized currencies?
tl;dr
Why try and make Bitcoin do everything instead of having an ecosystem of specialized currencies?
One of the reason is the competition where more cryptocurrencies are created (invented) every week or month and we see that every altcoin is having only few differences that could make them better than bitcoin and better than other altcoins.
To be only 1 cryptocurrency is not fair like we don't like to use only 1 currency all around the world because the price could be manipulated from the main institutions or if the main people who produce the cash could print more cash then the value of that currency could drop a lot
And it could affect the whole world economy which is not good, regarding to this there are many reasons why there are so many currencies and cryptocurrencies and I personally wouldn't like the only bitcoin without other altcoins which help the bitcoin too to have the actual price and value because many people have learnt bitcoin through altcoins.
Correct me if I'm wrong, and move me if this is the wrong board, but in my opinion we should not focus on how to make Bitcoin do everything. Right now Bitcoin works well as a store of value, digital gold if you will. A $1 transaction fee means nothing to a $1,000,000 transaction. It does however severely cripple smaller payments, something that a cryptocurrency could be very good at.
Now it is my understanding that the point of SegWit/BU is to allow Bitcoin to be used for smaller payments by bringing that transaction fee down. Instead of making Bitcoin the jack of all trades, why not have multiple cryptocurrencies that each excel in their own areas? Leave Bitcoin exactly as is, and invest money and time into establishing a micropayment currency, a smart contract currency, etc...
Just some food for though.
Johnny
tl;dr
Why try and make Bitcoin do everything instead of having an ecosystem of specialized currencies?
Now it is my understanding that the point of SegWit/BU is to allow Bitcoin to be used for smaller payments by bringing that transaction fee down. Instead of making Bitcoin the jack of all trades, why not have multiple cryptocurrencies that each excel in their own areas? Leave Bitcoin exactly as is, and invest money and time into establishing a micropayment currency, a smart contract currency, etc...
Just some food for though.
Johnny
tl;dr
Why try and make Bitcoin do everything instead of having an ecosystem of specialized currencies?
It is not that we are focusing on bitcoin and not interested on the other Altcoins, it is just that bitcoin is the only coin that is worth of our time to spend with because of its value, but we are also trading other Altcoins which have good value in the market, so that, we could have huge profit from it, because it is hard to buy Altcoins which price is so low, because there is no one using it anymore.
But since Trading is a long term business, and you have to wait for the right time to buy and sell your coins, that is why, for the meantime, we are focusing on earning bitcoin other than earning money by trading Altcoins.
Long term trading is the best kind of trading. And why is it by just having a capital of 1$ you can earn 1000 dollars up to 3k$. The secrets is long term trading, and that is buying the altcoins at a very low price then sell it on a much higher price lets say 100x to 1000x higher to the price you bought it. But we must also take note to check whether the coins has potential or not otherwise our satoshis will turn into waste.
We all know that alcoins are forcing bitcoin to keep upgrading and getting better, the problems that bitcoin is facing now if just one single coin it would had killed it or already had a solution. Altcoins are getting more and more interest over bitcoin, due to the easy to use and low and instant transactions, this is what crypto system need.
I am not sure how other crypto currencies are forcing the bitcoin developers to keep on upgrading the system because i have not seen any significant changes for the past two years since i am into it and how come you say that they are upgrading .Now people have more options as there are different coins which have a faster transaction time than bitcoin and with the ever increasing transaction fees the developers will be forced atleast now to make some changes. Correct me if I'm wrong, and move me if this is the wrong board, but in my opinion we should not focus on how to make Bitcoin do everything. Right now Bitcoin works well as a store of value, digital gold if you will. A $1 transaction fee means nothing to a $1,000,000 transaction. It does however severely cripple smaller payments, something that a cryptocurrency could be very good at.
Now it is my understanding that the point of SegWit/BU is to allow Bitcoin to be used for smaller payments by bringing that transaction fee down. Instead of making Bitcoin the jack of all trades, why not have multiple cryptocurrencies that each excel in their own areas? Leave Bitcoin exactly as is, and invest money and time into establishing a micropayment currency, a smart contract currency, etc...
Just some food for though.
Johnny
tl;dr
Why try and make Bitcoin do everything instead of having an ecosystem of specialized currencies?
Now it is my understanding that the point of SegWit/BU is to allow Bitcoin to be used for smaller payments by bringing that transaction fee down. Instead of making Bitcoin the jack of all trades, why not have multiple cryptocurrencies that each excel in their own areas? Leave Bitcoin exactly as is, and invest money and time into establishing a micropayment currency, a smart contract currency, etc...
Just some food for though.
Johnny
tl;dr
Why try and make Bitcoin do everything instead of having an ecosystem of specialized currencies?
It is not that we are focusing on bitcoin and not interested on the other Altcoins, it is just that bitcoin is the only coin that is worth of our time to spend with because of its value, but we are also trading other Altcoins which have good value in the market, so that, we could have huge profit from it, because it is hard to buy Altcoins which price is so low, because there is no one using it anymore.
But since Trading is a long term business, and you have to wait for the right time to buy and sell your coins, that is why, for the meantime, we are focusing on earning bitcoin other than earning money by trading Altcoins.
First of all we need to define what 'specialization' means. Many newly launched altcoin have target group that the coin is addressed to (e.g. gamers, women, drug dealers 
, taxi drivers - whatever), however each time it looks like an weak excuse to perform pump&dump. In fact, there are some altocoins with decent marketcap at the moment, that offer faster transaction speed than BTC and can be used as alternative (ETH, XMR...). The last point is, that success of any coin is not a decision made by anyone, but market will decide if it needs that or not.
, taxi drivers - whatever), however each time it looks like an weak excuse to perform pump&dump. In fact, there are some altocoins with decent marketcap at the moment, that offer faster transaction speed than BTC and can be used as alternative (ETH, XMR...). The last point is, that success of any coin is not a decision made by anyone, but market will decide if it needs that or not.
That's not true,of course BTC is the most popular and used crypto and there are reasons for this,it just has established as the most reliable and trustworthy one,and the oldest one,however the market is the same for all coins so there aren't any restrictions on the other cryptos.
Correct me if I'm wrong, and move me if this is the wrong board, but in my opinion we should not focus on how to make Bitcoin do everything. Right now Bitcoin works well as a store of value, digital gold if you will. A $1 transaction fee means nothing to a $1,000,000 transaction. It does however severely cripple smaller payments, something that a cryptocurrency could be very good at.
Now it is my understanding that the point of SegWit/BU is to allow Bitcoin to be used for smaller payments by bringing that transaction fee down. Instead of making Bitcoin the jack of all trades, why not have multiple cryptocurrencies that each excel in their own areas? Leave Bitcoin exactly as is, and invest money and time into establishing a micropayment currency, a smart contract currency, etc...
Just some food for though.
Johnny
tl;dr
Why try and make Bitcoin do everything instead of having an ecosystem of specialized currencies?
I guess you are mistaken. There are many other crypto currencies but they are not as good as bitcoin.Now it is my understanding that the point of SegWit/BU is to allow Bitcoin to be used for smaller payments by bringing that transaction fee down. Instead of making Bitcoin the jack of all trades, why not have multiple cryptocurrencies that each excel in their own areas? Leave Bitcoin exactly as is, and invest money and time into establishing a micropayment currency, a smart contract currency, etc...
Just some food for though.
Johnny
tl;dr
Why try and make Bitcoin do everything instead of having an ecosystem of specialized currencies?
And moreover bitcoin is the number one crypto currency so other people do not look upon other currencies as such.
Also some people invest in other crypto currency thinking that they will also become as famous as bitcoin and the people can make profit that way.
you have some major mistakes. in my opinion.
- bitcoin was never supposed to be a store of value. it was always meant to be a digital cash, and i believe this is one of the reasons it is being adopted. if it becomes just an investment that means we are trading numbers on our screen and that is pointless in my opinion.
- bitcoin was never supposed to be a store of value. it was always meant to be a digital cash, and i believe this is one of the reasons it is being adopted. if it becomes just an investment that means we are trading numbers on our screen and that is pointless in my opinion.
Then bitcoin was not well designed for this task. No single block chain can do that ; but moreover, then there shouldn't have been a finite number of bitcoins, there shouldn't have been block reward halvings, there shouldn't have been any block size limits. All these things lead you to a purely speculative asset. People don't pay groceries with paintings of Picasso of which there are only a finite number ever. And with 2-3 transactions at most per second, transactions becoming a finite resource, that's not possible either for a fluid currency.
Bitcoin has *all the right aspects* to become a very expensive reserve currency kept in vaults and only transacted in very big amounts.
21M bitcoins is a lot of bitcoins when you can divide them down into mBTC, uBTC, and Satoshis.
21M is plenty to use for a payment system - especially since the code was released open source making it easy for anyone to create a new crypto-currency if bitcoins did become too scarce.
I do not think Satoshi ever intended Bitcoin to be the only implementation. In fact I seem to remember that he asked for others, resulting in namecoin, before he went on walkabout.
Creating the digital currency everyone in the world would use was not his goal.
the first point is true only if bitcoin value is very high that it's submultiples would have a decent value worth to be considered
by creating a new crypto you mean forking or altcoin? the first will not happen, the second is already there...
I also think like that, but for now crypto currencies still not too famous, if we split the crypto into category it will weakened all the crypto and eventually will die, we need to made one strong foundation which is bitcoin and in the end if the society needed then we will have specialized crypto, crypto is a freedom currency as long as there are many people want request then there will be special alt coin created
We all know that alcoins are forcing bitcoin to keep upgrading and getting better, the problems that bitcoin is facing now if just one single coin it would had killed it or already had a solution. Altcoins are getting more and more interest over bitcoin, due to the easy to use and low and instant transactions, this is what crypto system need.
yes there is no doubt about this. that bitcoin is now becoming one of the most popular currency of the world. people are now giving preference to online currency, therefore they have the only option to use bitcoin as it is one of the best crypto currency, although there ar so many other currencies but still bitcoin is one of the best online currency. This has always been my opinion - that there are many different financial niches, and there will ultimately be highly optimized cryptocurrencies for each one. I used to think there would be 4 or 5 major cryptos, now I think the number of "successful" ones will ultimately range into the hundreds. Which is to say, there are still a ton more on Coinmarketcap than we really need.... but the competition is good in the long run. :-)
Correct, it is a mistake to try to use a tool for every single job, it may be a great tool but sometimes you need another tool to solve the job, we would not use a hammer to try to open a smartphone, right? So different cryptos need to focus on different things and we will use them as we need them.Jump to: