Topic: Why would there be just one cryptocurrency? - page 2. (Read 2835 times)

I think you are right in a way,  however when sidechains come along and the likes of tumblebit and mimbelwimble we wont need to use the likes of zcash and monero.  especially considering that bitcoin has a massive network effect.

but i think bitcoin is already the only famous currency of the world and becoming more and more popular. i think there is not any other currency that can compete with bitcoin. i do not thing that there is any other crypto currency that people are using for different purposes.

other altcoin are not better at micro transaction than bitcoin, and what is the point of them if they can't do what bitcoin is bad at? also how i'm supposed to use other altcoin, if none of them are accepted by any big merchants? any merchants will never accept any alt, they are too damn unstable for them, it's a very risky business

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 think it isn't so much that "we" are trying to make bitcoin "do everything". It just so happens that it is as you say, the first mover, and has the most structured or at least the most tangible development people on board.

There are certainly others who advocate for different things and direction, we see this expressed as some alts and others wanting bitcoin to split.

All in all, the deliberation behind bitcoin that gets more complex has to be good for all involved. The guy on the ground (like me) can only comment from the byline but it looks good from here!

Just imagine if the bitcoin is the only cryptocurrency there will be no trading at all the buy and sell of bitcoin is the only one will exist. I think the new coins introduced to us are normal because of bitcoin idea to people they are trying to imitate the bitcoin and make some earning. For me that is good to because of that trading of altcoins exist.

Just as expected since because the existence of bitcoin they will surely generate their own idea on creating one since people do really love to copy innovations and the results there are lots of cryptos and soon e-currency that would use blockchain technology which is really normal to happen.

Blockchain technology makes innovation in several sectors. So based on the same technology several ICO projects evolve around and this in turn gets value and moves into circulation as a store of value. These day countries try to make their own fiat get digital form. This too is an reason for the existence of lots of digital currencies.

Nobody is in control so thats why we get a ton of alts created.  As regards BTC i think its good to have many options with the currency, you dont have to use them.  It has more value because it has potential to do so much in the future.

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.

The problem is if you create too many, you get inflation.

The utility of digital currency for some may be the deflationary nature, but really only for those who have excess income.

For many of us, the utility is the ability to spend without tracking or over-sight of the corporate financial sector,

I don't need my bank knowing what I spend my money on. I don't need my bank denying a charge because they think it doesn't fit my profile of spending. I don't need my bank putting a 24-hour hold on funds I legitimately received. I don't need the IRS freezing my account.

Growing up, my dad took a second job as a LISP contractor and made some real bank. Unfortunately he did his own taxes and screwed up. Yup - our tax laws are so complex a LISP programmer has trouble figuring them out.

The IRS decided to audit and then suddenly froze all of his accounts, and after 9 months of haggling realized they also had made a mistake - Yup - our tax laws are so complex that our own IRS has trouble figuring them out - and realized that while Dad had underpaid them, it was not nearly the magnitude they had thought.

But for those nine months, we were really poor because all the assets were frozen - excess assets frozen.

Bitcoin, the IRS may be able to take my home but they can't take my accounts.

That's the value it has for me, it is free from government and banking tyranny and that is why I would rather spend bitcoin than use a fiat bank card.

With respect to bitcoin being deflationary, it is only deflationary if demand grows faster than supply. Other crypto-currencies have the potential to balance that out.

The problem is the majority of alternate crypto-currencies so far have been get rich schemes without developers qualified. However in the wake of bitcoin, more and more people are understanding block-chain technology and real alternatives to take some of the bitcoin demand will appear. Possibly even a fork of Bitcoin itself if the BU forks but blockstream loyalists keep using the 1MB chain.

Ah, the point is not that "there wouldn't be enough of them".  The point is that if you use a deflationary currency, you won't.  You'll obtain a collectible that will be hodled and that will rise spectacularly in price, and which mainly becomes a speculative asset.


As a first beta project it was brilliant.  And it IS still brilliant, but it is not what you think it is.  It is "gold".  Gold is not a currency.  It is kept in institutional vaults, its transactions are expensive with armored trucks and so on.  And it is mainly a speculative good.  It is not just a store of value, people see it as a speculative investment "that will rise".  Bitcoin has all the aspects of gold.  Not those of a currency.  Although of course, long ago, gold was used as a currency, until it was kept in vaults, it became expensive to handle and not very practical.  So people built fiat systems on top of it.  

Yes, some amateurs have some physical gold in their houses.  And they dare not move it.  But most gold is in vaults of central banks, and other big players.  Like bitcoin soon will be.

This is why there won't come a solution to the full blocks.  And why it is not needed either.

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.

Why won't we focuse bitcoin on that? We need something trusted and unique and bitcoin is that. Well, wealthy competition is always good and we hav ability of that but nowdays mostly altcoins can't to offer us such services and they are doing hard forks, lets take etherium for example. Also another factor is that there are many big datacenteres, exchangers and there is much, really much invested in bitcoins and everyone knows that bitcoin is really most trusted coin.

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.

For now since crypt curriency is not yet widely adopted so it is better if we focus on one(bitcoin to be specific). However i  am not telling as well that we should disregard alt cryptos because i also believe that they are part of the development but we should not also think for now to let them be on the higjer place than btc has right now

in the future maybe there will only be a few digital currency in the world. this time I think too many existing digital currency.
I believe the next few years the digital currency will grow very well.

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.

- also the biggest mistake you made is that you are assuming it is not possible with bitcoin. but it is! if scaling was something that was 100% impossible then you were right we should have thought about alternatives but it is possible and everything was fined a year ago and before that. things are messy these days only. and i hope we again see fine days after we are past this period.

Bitcoin will lose its value if it is not used as currency as well.Also creating new currency at will make them valuable also and people will start holding it as well

One possible solution for this problem is to require each country to make their own local cryptocurrency. Those national cryptocurrencies will be exchanged to bitcoin to purchase items abroad but local transactions will make use of local crytpcurrency. In this way the volume of transactions using bitcoin will be lessened making the transactions much faster and with lower fees.