Will Bitcoin be replaced by another cryptocurrency? - page 137.

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Quote from: Xenophoto on April 22, 2017, 10:58:59 AM

Quote from: pinkpanther03 on April 21, 2017, 05:44:14 PM

Quote from: Moneroman88 on June 07, 2016, 03:19:53 PM

Does it make sense to believe that Bitcoin could one day be replaced by another cryptocurrency, that is, a cryptocurrency that really does make Bitcoin obsolete?

As long as bitcoin exist and the community using it there's no chance for the other cryptocurrency to replace it. But once bitcoin disappear that's the only time for cryptocurrency to replace it, but now it's too impossible to replace by somebody else.

It's possible that the same people whose lives were changed by their bitcoin business can also be the one that's going to destroy bitcoin. Keep in mind that it takes just 5 minutes to switch from using bitcoins into using a different cryptocurrency. If a different coin prevails, bitcoin will still not vanish. It will still be there but the user base will be lessen, and the price will be lessen as well. We all know that the user base of a cryptocurrency is the coin's foundation

If something can (potentially) happen it doesn't mean that it will

An asteroid could wipe life from Earth within seconds but does it mean that we should take into account such a possibility (which is still not zero, just in case) in our daily plans? And it is essentially the same with Bitcoin. Indeed, people can dump their bitcoins within minutes and buy some other coin, but how likely is this event? I don't think it is very useful to consider such events up to a point of preparing for them (since you will obviously fail to prepare for events which are more likely to happen)

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Quote from: pinkpanther03 on April 21, 2017, 05:44:14 PM

Quote from: Moneroman88 on June 07, 2016, 03:19:53 PM

Does it make sense to believe that Bitcoin could one day be replaced by another cryptocurrency, that is, a cryptocurrency that really does make Bitcoin obsolete?

As long as bitcoin exist and the community using it there's no chance for the other cryptocurrency to replace it. But once bitcoin disappear that's the only time for cryptocurrency to replace it, but now it's too impossible to replace by somebody else.

It's possible that the same people whose lives were changed by their bitcoin business can also be the one that's going to destroy bitcoin. Keep in mind that it takes just 5 minutes to switch from using bitcoins into using a different cryptocurrency. If a different coin prevails, bitcoin will still not vanish. It will still be there but the user base will be lessen, and the price will be lessen as well. We all know that the user base of a cryptocurrency is the coin's foundation.

Bitcoin will not just disappear at some point and then a different currency will replace it. It's likely that another coin will kill it or bitcoin will kill itself.

kurokishi10

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the term believe is not appropriate as a fellow member said the perfect term would be statistical probability,currently bitcoin stands on top of the cryptocurrency market and has no equivalent competition,and it is very unlikely that it would suffer such a loss that the other currencies would rise above it,so this may or may not happen but surely not for the next 10 years untill and unless something very very unpredictible happens. Shocked

ekoice

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Quote from: Moneroman88 on June 07, 2016, 03:19:53 PM

Does it make sense to believe that Bitcoin could one day be replaced by another cryptocurrency, that is, a cryptocurrency that really does make Bitcoin obsolete?

No,Bitcoin couldnot be replaced by any other coin.No altcoin has the potential to replace bitcoin.Instead,they need bitcoin to know their values.So,Bitcoin would continue as king of crypto currency.

batang_bitcoin

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Quote from: radjie on April 21, 2017, 09:55:49 PM

It could happen if there are other crypto able to compete more strongly with bitcoin, but it will not be easy for other crypto is able to shift the bitcoin.

There are tons of alt coins in the market. And its going to be hard for a new coin to pump and will be able to replace the current original coin which is bitcoin. But I really doubt that it is possible to happen because we are all staying in bitcoin and in reality now, there is no way to replace bitcoin by another coin.

Sadlife

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If BU gets implemented and the hardfork activate the BTU coin may replace BTC
if a hardfork occurs but with the current happenings it may not be far from possible as the mining pools has change their minds into mining BU's block.
Jihan's centralized Blockchain may come true.

radjie

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It could happen if there are other crypto able to compete more strongly with bitcoin, but it will not be easy for other crypto is able to shift the bitcoin.

Janation

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Quote from: pinkpanther03 on April 21, 2017, 05:44:14 PM

Quote from: Moneroman88 on June 07, 2016, 03:19:53 PM

Does it make sense to believe that Bitcoin could one day be replaced by another cryptocurrency, that is, a cryptocurrency that really does make Bitcoin obsolete?

As long as bitcoin exist and the community using it there's no chance for the other cryptocurrency to replace it. But once bitcoin disappear that's the only time for cryptocurrency to replace it, but now it's too impossible to replace by somebody else.

Bitcoin will never be replaced by any other cryptocurrency especially with it's price and popularity. Though, there is a chance, but that chance is like winning in a lottery with the whole population of the world participating. Still, other cryptocurrency can be used as an alternate to earn profit by trading. It depends on you on how will you use these cryptocurrency to help you earn some profits.

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Quote from: LivingDeath on April 21, 2017, 05:19:44 PM

Maybe in the age of quantum computers there will come some reasons to replace bitcoin. Maybe transfer it into something else but the name will stay.

This quantum computer has been so often discussed here, some say its existence won't destroy bitcoin and the rest is disagree, but, at the end of all, it's a matter of the time. But, I'm sure by the time, the technology will also grow and bitcoin have its way to face this quantum computer problem, just, we don't even know whether the quantum computer will really put bitcoin to an end or not.

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Quote from: Moneroman88 on June 07, 2016, 03:19:53 PM

Does it make sense to believe that Bitcoin could one day be replaced by another cryptocurrency, that is, a cryptocurrency that really does make Bitcoin obsolete?

As long as bitcoin exist and the community using it there's no chance for the other cryptocurrency to replace it. But once bitcoin disappear that's the only time for cryptocurrency to replace it, but now it's too impossible to replace by somebody else.

LivingDeath

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Maybe in the age of quantum computers there will come some reasons to replace bitcoin. Maybe transfer it into something else but the name will stay.

FasTroy

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Quote from: Haladay on April 21, 2017, 03:47:29 PM

Quote from: Mpamaegbu on April 19, 2017, 12:42:24 PM

Of course Bitcoin will not forever dominate the crypto market. I see Litecoin or Etherum already giving it a strong run. In the next 5-10years, who says Bitcoin may not have become what dogecoin is today and dogecoin the future Bitcoin?

Remember, in March Bitcoin had about 87% dominance of the coin market but today its effect is about 67%.

The things you said are totally fallacies... Bitcoin will dominat the global market forever even though that garbage coins keep existing...

I agree with you, Bitcoin is too strong. I don't see that any currency can beat bitcoin when we talk about price and the power ( Peoples who use it ).
In worst case bitcoin will dominate about 15-20 years. and then maybe the time to die or to continue surviving with high potentiel of price. It's hard to predict what's will happen. So in case of dying, automatically there is some currencies will grow and get the place of bitcoin.

tosmartak

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From the look of things I don't see that happening anytime soon even if it happens eventually. Bitcoin is the mama of all cryptocurrencies and it is more like its value impacts on other ones. If any other cryptocurrency spikes the game though, who knows?

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Quote from: Abiky on April 21, 2017, 03:35:55 PM

Quote from: Mpamaegbu on April 19, 2017, 12:42:24 PM

Of course Bitcoin will not forever dominate the crypto market. I see Litecoin or Etherum already giving it a strong run. In the next 5-10years, who says Bitcoin may not have become what dogecoin is today and dogecoin the future Bitcoin?

Remember, in March Bitcoin had about 87% dominance of the coin market but today its effect is about 67%.

That might happen for sure in the future, if Bitcoin doesn't solve its current issues like scalability. Other altcoins will climb in market cap and price, diminishing Bitcoin's dominance in the markets.

Both Dash and Ethereum look like good candidates towards becoming the top cryptocurrency in market cap. They have a strong development team and community, and most of all, can scale, unlike Bitcoin. Dash has already a 2mb block size, while Bitcoin is still struggling to reach a consensus between miners towards increasing block size, or even activating SegWit.

The fact that most of Bitcoin's hashrate relies on the Chinese, make it harder to reach consensus as mining becomes more centralized each day. Bitcoin would need to change its algorithm to an ASIC resistant one that will prevent further centralization in its PoW scheme. Just my opinion.

That won't happen until the most foul miners are gone, but they won't until they squeeze all life forces from Bitcoin leaving us with a weightless and lifeless corpse. That's why Bitcoin Unlimited is counterintuitively important. It will let us get rid of most rogue miners. Though I don't think they are really going to part any time soon with this milky cow that Bitcoin has become for them. More centralized means less chance for voluntary changes in Bitcoin protocol

It will be clear soon enough whether Bitcoin will make it (to the next level)

Haladay

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Quote from: Mpamaegbu on April 19, 2017, 12:42:24 PM

Of course Bitcoin will not forever dominate the crypto market. I see Litecoin or Etherum already giving it a strong run. In the next 5-10years, who says Bitcoin may not have become what dogecoin is today and dogecoin the future Bitcoin?

Remember, in March Bitcoin had about 87% dominance of the coin market but today its effect is about 67%.

The things you said are totally fallacies... Bitcoin will dominat the global market forever even though that garbage coins keep existing...

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Quote from: Mpamaegbu on April 19, 2017, 12:42:24 PM

Of course Bitcoin will not forever dominate the crypto market. I see Litecoin or Etherum already giving it a strong run. In the next 5-10years, who says Bitcoin may not have become what dogecoin is today and dogecoin the future Bitcoin?

Remember, in March Bitcoin had about 87% dominance of the coin market but today its effect is about 67%.

That might happen for sure in the future, if Bitcoin doesn't solve its current issues like scalability. Other altcoins will climb in market cap and price, diminishing Bitcoin's dominance in the markets.

Both Dash and Ethereum look like good candidates towards becoming the top cryptocurrency in market cap. They have a strong development team and community, and most of all, can scale, unlike Bitcoin. Dash has already a 2mb block size, while Bitcoin is still struggling to reach a consensus between miners towards increasing block size, or even activating SegWit.

The fact that most of Bitcoin's hashrate relies on the Chinese, make it harder to reach consensus as mining becomes more centralized each day. Bitcoin would need to change its algorithm to an ASIC resistant one that will prevent further centralization in its PoW scheme. Just my opinion.

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Of course Bitcoin will not forever dominate the crypto market. I see Litecoin or Etherum already giving it a strong run. In the next 5-10years, who says Bitcoin may not have become what dogecoin is today and dogecoin the future Bitcoin?

Remember, in March Bitcoin had about 87% dominance of the coin market but today its effect is about 67%.

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Quote from: jc89 on April 16, 2017, 11:22:20 AM

And what if that "other" coin gained many users and had many transactions per minute, don't you think that their fee will likely to increase as well? The quality of service is directly proportional to the required fee. That is why even bitcoin's fee increased, many are still using bitcoin.

There has to be a solid reason why that other coin has got so much users and transactions per minute. Perhaps, this new coin has solved the transaction time and fee problem? There is no other reason why a coin will have a chance to replace bitcoin except for the coin having a lightning network which is quite just an idea for now.

And assuming that it's the primary feature of that new coin, the quality of service wouldn't be directly proportional to the required fee. The coin might not even have a fee at all. When there's lightning network, we don't have to make our transaction as a priority since you know that it will not take that much time for the transactions before yours to get processed.

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Quote from: Westinhome on April 15, 2017, 02:04:04 PM

Quote from: vasrasus on April 15, 2017, 11:41:25 AM

Quote from: iram3130 on April 15, 2017, 11:37:19 AM

Quote from: fiorilia on April 15, 2017, 08:53:11 AM

Quote from: dhimasnk on April 14, 2017, 06:54:21 PM

Bitcoin replaced by another cryptocurrency?

I think it is impossible. Because we know and realize that bitcoin is the mother of all kinds cryptocurrency then I believe bitcoin will never be replaced by cryptocurrency

yes i agree in my opinion altcoin or other currency not value if there is no bitcoin

so if bitcoin die and replace by another currency i think is imposibble

There is an old saying as "No matter how good you do your job, there will be a person who can do better.."
More than 60k unconfirmed transactions, transaction fees raising day by day, Exchanges started asking for different fees to every user, many faucets and gambling sites turning to altcoins. Bitcoin replaced by some other crypto currency is a possible scenario in the future. May not be right now but after a few years, it is possible.

it is really possible since there were already a lot of users in bitcoin,some might find more reason to change in other currency to find some satisfaction,though bitcoin have lots to offer there is something to improved and to develop.

That is right. The average transaction fees are too high. People will start using other coins.

And what if that "other" coin gained many users and had many transactions per minute, don't you think that their fee will likely to increase as well? The quality of service is directly proportional to the required fee. That is why even bitcoin's fee increased, many are still using bitcoin.

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Quote from: numismatist on March 28, 2017, 12:22:37 PM

Quote from: zimmah on March 28, 2017, 09:20:25 AM

I should have bought some altcoin back then, would have made quite a good ROI

At least I bought some now.

Since this debate is far from over, I guess the altcoin market has still a lot of headroom.

zimmah, seeing the lobster avatar by chance you know what happened to that zoidberg developer and his Louisd’or project?

no i don't.

Quote from: Victorycoin on April 16, 2017, 07:44:39 AM

Quote from: BossMacko on April 16, 2017, 04:36:55 AM

Quote from: ekoice on April 16, 2017, 04:30:57 AM

Quote from: Moneroman88 on June 07, 2016, 03:19:53 PM

Does it make sense to believe that Bitcoin could one day be replaced by another cryptocurrency, that is, a cryptocurrency that really does make Bitcoin obsolete?

Bitcoin willnot be replaced.No altcoin could come to bitcoin's place.Bitcoin is the pioneer in crypto currency.Altcoins were in need of bitcoin for their valuation.Bitcoin has survived successfully many critical situations and it would survive more.

Bitcoin will not be replaced but it can be replicate, There are many attempt already but most of those coins are now no price. I wonder too that those other alt are a replication of Bitcoin also with a different roadmap and more different than Bitcoin that is why those are still surviving and some of its price are rising.

As is, we are yet to have any altcoin that actually have what it takes to replace Bitcoin, because all what that is currently paraded are copies and shades of Bitcoin and unfortunately, the limitations Bitcoin is facing also runs in them. Replacement would only be possible if a coin with unique and much better concepts and development than Bitcoin shows up or if Bitcoin comes "harakiri"

As it is now it doesn't take much to replace bitcoin because bitcoin is destroying itself from the inside.
Altcoins are innovating while bitcoin is not only standing still, it's actually losing use cases. So it's actively getting worse.

This is very bad and the longer it goes on the more likely it is bitcoin will be replaced by an altcoin.

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