Will Bitcoin be replaced by another cryptocurrency? - page 154.

Calangaman

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Quote from: delliaerd on February 18, 2017, 06:54:52 AM

Quote from: ASHLIUSZ on February 18, 2017, 04:46:39 AM

The word cryptocurrencies came into existence just because of bitcoin. Bitcoin needs altcoins to move further towards the next level to reach mainstream usage. Very few altcoins were experiencing stable growth similar to bitcoin. So soon bitcoin won't be replaced. About the future nothing is assured.

I think Altcoins were created by so many reason. Some altcoins is created by the developers that just wanna get profit from dump and pump of their coin then when the coin dump to the end they are run away. some altcoin created by the developer that want to make better technology such as eco friendly algorithm, lower energy usage or faster transaction. But the fact is no altcoin can replace bitcoin now, most of people who use crypto currency are believe that bitcoin will never die/dump.

I disagree
There are 2 main concerns about Bitcoin at the moment that will take years to be fixed:
- size of blocks and speed of transactions
- anonymity

Even if BTC will remain the standard for years, it is no surprise that altcoins bringing a solution to this issues boomed last year (ETH, MNR).
This year, it should be about ZEC and ZCL as they have strong attributes.

delliaerd

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Quote from: ASHLIUSZ on February 18, 2017, 04:46:39 AM

The word cryptocurrencies came into existence just because of bitcoin. Bitcoin needs altcoins to move further towards the next level to reach mainstream usage. Very few altcoins were experiencing stable growth similar to bitcoin. So soon bitcoin won't be replaced. About the future nothing is assured.

I think Altcoins were created by so many reason. Some altcoins is created by the developers that just wanna get profit from dump and pump of their coin then when the coin dump to the end they are run away. some altcoin created by the developer that want to make better technology such as eco friendly algorithm, lower energy usage or faster transaction. But the fact is no altcoin can replace bitcoin now, most of people who use crypto currency are believe that bitcoin will never die/dump.

ASHLIUSZ

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The word cryptocurrencies came into existence just because of bitcoin. Bitcoin needs altcoins to move further towards the next level to reach mainstream usage. Very few altcoins were experiencing stable growth similar to bitcoin. So soon bitcoin won't be replaced. About the future nothing is assured.

Eodguy149

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I think that it is definitely possible. While Bitcoin has a huge first mover advantage, if issues like scaling are solved in a better and more efficient way, or state level actors adopt something else I feel that there is a large chance it could lose its spot as the highest market cap crypto. Competition is good, I'm definitely watching how this space develops closely!

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Bitcoin might have pioneered the rise of cryptocurrencies but there is no guarantee that bitcoin would stay afloat especially there had been many good altcoins right now that also has better or improved features compared to what bitcoin has right now. Also take into consideration that there are some problems right now in terms of how should we move forward from what we have right now, so consensus might also be a problem in the future and an edge of different other altcoins.

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Quote from: deisik on February 17, 2017, 03:43:37 PM

Quote from: Patatas on February 17, 2017, 03:14:31 PM

It is 2017,people have already fallen victims to government's policies.They wouldn't miss a chance to revolt against the government ways of controlling their power/money (both are the same either way).Fiat is really dead long time back when credit/debit cards replaced the traditional exchange method.It's a matter of days until the remaining disappears too

Honestly, I don't quite understand your point

If what you say were true (i.e. people not missing a chance to revolt against the government and its ways), we would have already seen Bitcoin taking over fiat. But this didn't happen, and it is nowhere near to happen in the foreseeable future. I guess you should make a few reality checks. Regarding payment cards, they are only methods of payment and they can't possibly threaten fiat since it is basically the same fiat whether you pay with cash or via these cards. You can just think of such cards as just another form in which fiat money exists (paper bills, coins, bank accounts, etc)

Guess what you need for having debit in your account? Fiat is what being used to be the balance in your debit account? Guess what kind of payment you need to pay your credit card bills? Fiat is the mode of payment to pay of your bill with your credit card. And he is right there is no point in your statement because Fiat up to this date is being use in both debit and credit transactions.

bob123

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In the future there may be a crypto currency (based on blockchain technology) made by Banks and governments.. which may replace Fiat Money...
But as long as no (usable and cheap) attacks against BTC are possible.. i don't think some Cryptocurrency will replace BTC in its todays stage.
To let another Cryptocurrency replace BTC, there must be something which every BTC user wants.. so they leave BTC for some other Currency..
Kinda unrealistic regarding the todays BTC price.

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Quote from: LittleBitFunny on February 17, 2017, 05:03:07 AM

Quote from: Senor.Bla on November 17, 2016, 02:48:05 AM

Quote from: arcanaaerobics on November 17, 2016, 02:15:26 AM

Quote from: asuryan180 on November 16, 2016, 04:01:39 PM

If there is another crypto better than BTC yes,it can be replaced,the thing is it has to better than it and attract more people to it so it gains its proper market and volume so it doesn't crash,I definitely think that this can happen,however BTC is really well known and is the most famous cryptocurrency so for another one to take its place over it has to be significantly better and offer something unique

What's better for you?
It depend of your needs.

I think bitcoin will stay longer on top because none try 51% attacks on the blockchain and this like that, this coin have a lot of respect from all and others alts always will have haters.

funny how everybody always brings the argument that bitcoin is the most known coin and therefor will be not replaced. but how many people of the general public know bitcoin? not even 95% and we are not better then 1% when it comes to who has some bitcoins. so i do not understand how people can not imagine that maybe a big and known institution (maybe a bank) comes along bring out some coin (it does not even have to be better. it can be shitty) makes a huge marketing campaign and becomes more famous then bitcoin. shops that were afraid of using bitcoin will be suddenly open to it and this is how the story ends for bitcoin.

Banks would never create a currency with the decentralisation of Bitcoin. They like to keep control over money. The reality is that if they did create an online currency it would not have many of the features which made Bitcoin so popular amongst internet users and thus Bitcoin's community would stay strong.

As for altcoins, the improvements which they make to the Bitcoin network are minor and even they accept being secondary to Bitcoin - Litecoin, one of the biggest, wants to be the silver to Bitcoin's gold. Unless Bitcoin becomes genuinely obsolete, which we should not worry about in the near future, its community and, thus, its value is safe.

Do you still use Yahoo and nepster? Because once not to long ago they where leading pioneers at their field. If you really think that Bitcoin is safe, then you will be one of those who cry afterwards and never saw it coming. That Bitcoins value is safe like (whatever that means. is a 20% drop still safe value?) you said, does not mean it can not be replaced as number one crypto by some other cryptocurrency.

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Quote from: Patatas on February 17, 2017, 03:14:31 PM

It is 2017,people have already fallen victims to government's policies.They wouldn't miss a chance to revolt against the government ways of controlling their power/money (both are the same either way).Fiat is really dead long time back when credit/debit cards replaced the traditional exchange method.It's a matter of days until the remaining disappears too

Honestly, I don't quite understand your point

If what you say were true (i.e. people not missing a chance to revolt against the government and its ways), we would have already seen Bitcoin taking over fiat. But this didn't happen, and it is nowhere near to happen in the foreseeable future. I guess you should make a few reality checks. Regarding payment cards, they are only methods of payment and they can't possibly threaten fiat since it is basically the same fiat whether you pay with cash or via these cards. You can just think of such cards as just another form in which fiat money exists (paper bills, coins, bank accounts, etc)

Patatas

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Quote from: deisik on February 17, 2017, 02:31:59 PM

Trust is what we see

Or what he feel.

Quote from: deisik on February 17, 2017, 02:31:59 PM

Or don't see if there is none. But "trust, support, and confidence" cannot be based on nothing, since there is always something (reality or delusion as in the case of tulipomania) which they should rely on and stem from.

Getting a bit phycological here ? We're drifting away from the technical discussions though.

Quote from: deisik on February 17, 2017, 02:31:59 PM

With Bitcoin, it is the blockchain technology and its decentralized nature which are the basis for these things. With fiat, it is the power and might of the state behind this fiat. If this power is wasted (like it happened in the Roman Empire), it won't take long for the government money to lose its value as well as trust along, with that

It is 2017,people have already fallen victims to government's policies.They wouldn't miss a chance to revolt against the government ways of controlling their power/money (both are the same either way).Fiat is really dead long time back when credit/debit cards replaced the traditional exchange method.It's a matter of days until the remaining disappears too.

blackhawkeye1912

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Quote from: avikz on June 07, 2016, 11:11:14 PM

Nothing is impossible, but it is a very hard job to replace bitcoin by any other crypto currency because bitcoin is pioneer in the crypto world. Bitcoin showed the world what crypto currency is.

So it will not be an easy task to replace the pioneer. But you never know.

That is very possible if the segwit will be implemented in the future. But For sure it will not be happen for now because many bitcoin enthusiast will not agree to the matter or else if they insist it is probably that the community of bitcoin will jump up in other altcoin that are legit and had established a big community in crypto currency.

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Quote from: Xester on February 17, 2017, 06:45:26 AM

Quote from: deppil on February 15, 2017, 09:15:34 PM

Quote from: crackhawk on February 15, 2017, 09:01:15 PM

maybe yess, because bitcoin still have some problem, also the fee rise everyday, the price rise and the fee rise, in future i think bitcoin can't be micropayment anymore, maybe less fee like dogecoin or other can be next generation for bitcoin

I think we do not know what will happen in the future, we'll just say it might happen? see technology is always evolving and it is possible that there is a coin that is more sophisticated than bitcoin

Technology is not the reason that makes a cryptocurrency strong but is the trust, support and confidence of users to bitcoin. Even though there might be a coin much sophisticated to bitcoin but still it will never replace bitcoin if it does not attracts the heart of the people. The secret of bitcoin is the people who love it and more and more people are coming into bitcoin as time pass by. This just tells us that bitcoin is irreplaceable

Trust is what we see

Or don't see if there is none. But "trust, support, and confidence" cannot be based on nothing, since there is always something (reality or delusion as in the case of tulipomania) which they should rely on and stem from. With Bitcoin, it is the blockchain technology and its decentralized nature which are the basis for these things. With fiat, it is the power and might of the state behind this fiat. If this power is wasted (like it happened in the Roman Empire), it won't take long for the government money to lose its value as well as trust along, with that

Reid

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Quote from: Xester on February 17, 2017, 06:45:26 AM

Quote from: deppil on February 15, 2017, 09:15:34 PM

Quote from: crackhawk on February 15, 2017, 09:01:15 PM

maybe yess, because bitcoin still have some problem, also the fee rise everyday, the price rise and the fee rise, in future i think bitcoin can't be micropayment anymore, maybe less fee like dogecoin or other can be next generation for bitcoin

I think we do not know what will happen in the future, we'll just say it might happen? see technology is always evolving and it is possible that there is a coin that is more sophisticated than bitcoin

Technology is not the reason that makes a cryptocurrency strong but is the trust, support and confidence of users to bitcoin. Even though there might be a coin much sophisticated to bitcoin but still it will never replace bitcoin if it does not attracts the heart of the people. The secret of bitcoin is the people who love it and more and more people are coming into bitcoin as time pass by. This just tells us that bitcoin is irreplaceable.

Yeah that is why even if they spend a lot for advertisement they would do it.
That is like just business. Spend some capital and profits will come at the end. It is just riskier with this kind of currencies.
They might end up failing and all capitals will be lost. Now that ICO's are there it made it more easier for them.
Offerings like this are not experienced by Bitcoin so still there is no chance it will be replace. Others will just be options.

Xester

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Quote from: deppil on February 15, 2017, 09:15:34 PM

Quote from: crackhawk on February 15, 2017, 09:01:15 PM

maybe yess, because bitcoin still have some problem, also the fee rise everyday, the price rise and the fee rise, in future i think bitcoin can't be micropayment anymore, maybe less fee like dogecoin or other can be next generation for bitcoin

I think we do not know what will happen in the future, we'll just say it might happen? see technology is always evolving and it is possible that there is a coin that is more sophisticated than bitcoin

Technology is not the reason that makes a cryptocurrency strong but is the trust, support and confidence of users to bitcoin. Even though there might be a coin much sophisticated to bitcoin but still it will never replace bitcoin if it does not attracts the heart of the people. The secret of bitcoin is the people who love it and more and more people are coming into bitcoin as time pass by. This just tells us that bitcoin is irreplaceable.

Calangaman

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Bitcoin should remain the standard for a long time but there is room for altcoins that allow faster & larger blocks and a better anonymity

this is why ethereum and monero have been successful last year.

this year the good altcoins should be zcash and zclassic, as they bring those features.

deisik

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Quote from: 1Referee on February 17, 2017, 04:16:50 AM

Quote from: bitbunnny on February 16, 2017, 08:31:24 AM

New cryptocurrencies are beeing developed each day, some of them with tendency to replace tgu Bitcoin and hoping that it will achieve the same success. But so far there is no cryptocurrency who could take Bitcoins place. I'm not saying this is impossibe and maybe some even more perfect cryptocurrency will appear but not in the near future.

Despite the fact that certain altcoins rock plenty of features, they are still seen as a joke by serious investors and people. Especially in a time where greed is the only factor of importance when it comes to altcoins. Their only purpose is to serve as get rich quick tool for people behind these coins. It's impossible for an altcoin to replace something (Bitcoin) that has everything people want/need already. It directly wipes out the 'usefulness' of altcoins. Features that altcoins offer are nothing more than gimmicks that are not getting any real world usage

Well, Bitcoin doesn't actually have everything that people need. For example, its transactions (i.e. confirmation times) might have been faster as well as transaction fees might have been lower. But you obviously already know all that even without me telling you. Nevertheless, these are minor issues which are a concern of a relatively small group of Bitcoin users. Other than that, all altcoins are basically copycats of Bitcoin in respect to how they work (I refer to blockchain here), and unless a new altcoin comes up with something entirely new, the things are not going to change. We don't know what it might be, but that doesn't mean that it is impossible

After all, Bitcoin itself was exactly like that

LittleBitFunny

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Quote from: Senor.Bla on November 17, 2016, 02:48:05 AM

Quote from: arcanaaerobics on November 17, 2016, 02:15:26 AM

Quote from: asuryan180 on November 16, 2016, 04:01:39 PM

If there is another crypto better than BTC yes,it can be replaced,the thing is it has to better than it and attract more people to it so it gains its proper market and volume so it doesn't crash,I definitely think that this can happen,however BTC is really well known and is the most famous cryptocurrency so for another one to take its place over it has to be significantly better and offer something unique

What's better for you?
It depend of your needs.

I think bitcoin will stay longer on top because none try 51% attacks on the blockchain and this like that, this coin have a lot of respect from all and others alts always will have haters.

funny how everybody always brings the argument that bitcoin is the most known coin and therefor will be not replaced. but how many people of the general public know bitcoin? not even 95% and we are not better then 1% when it comes to who has some bitcoins. so i do not understand how people can not imagine that maybe a big and known institution (maybe a bank) comes along bring out some coin (it does not even have to be better. it can be shitty) makes a huge marketing campaign and becomes more famous then bitcoin. shops that were afraid of using bitcoin will be suddenly open to it and this is how the story ends for bitcoin.

Banks would never create a currency with the decentralisation of Bitcoin. They like to keep control over money. The reality is that if they did create an online currency it would not have many of the features which made Bitcoin so popular amongst internet users and thus Bitcoin's community would stay strong.

As for altcoins, the improvements which they make to the Bitcoin network are minor and even they accept being secondary to Bitcoin - Litecoin, one of the biggest, wants to be the silver to Bitcoin's gold. Unless Bitcoin becomes genuinely obsolete, which we should not worry about in the near future, its community and, thus, its value is safe.

1Referee

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Quote from: bitbunnny on February 16, 2017, 08:31:24 AM

New cryptocurrencies are beeing developed each day, some of them with tendency to replace tgu Bitcoin and hoping that it will achieve the same success. But so far there is no cryptocurrency who could take Bitcoins place. I'm not saying this is impossibe and maybe some even more perfect cryptocurrency will appear but not in the near future.

Despite the fact that certain altcoins rock plenty of features, they are still seen as a joke by serious investors and people. Especially in a time where greed is the only factor of importance when it comes to altcoins. Their only purpose is to serve as get rich quick tool for people behind these coins. It's impossible for an altcoin to replace something (Bitcoin) that has everything people want/need already. It directly wipes out the 'usefulness' of altcoins. Features that altcoins offer are nothing more than gimmicks that are not getting any real world usage.

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It might be possible but I don't see it would attract many users. Right now it is happening other small companies are doing that but in a smaller scale. Another thing is look at what happening to bitcoin the mass acceptance is still low compare to a real currency.

deisik

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Quote from: Senor.Bla on February 15, 2017, 12:20:26 PM

Quote from: deisik on February 15, 2017, 11:59:43 AM

Quote from: Senor.Bla on February 15, 2017, 03:19:33 AM

Quote from: FlightyPouch on February 15, 2017, 03:11:00 AM

Quote from: Pab on February 11, 2017, 06:35:10 PM

There are few cryptos what are on market from long time maybe will some few more but thay will exist together with bitcoin,it is any problem it is even very good to have some real strong alternatives

I think bitcoin will stay forever as a cryptocurrency and noone will replace it. Because bitcoin is a really efficient crypto and even there a lot of others that are being created they are still being called alt coins.
Lets say there are new created and being piqued of interest by many people, yes it will be popular, but bitcoin will be standing there a top of that alt coin. I think nothing can replace bitcoin by another cryptocurrency.

Bitcoin is not immune to problems and if big ones occur, then people might look for altcoins. Especially now with the blocksize problems and the uncertainty of soft fork, hard fork and different 2nd layer solutions. The worst case being that Bitcoin can not handle the Volume anymore and no solution is in place or while trying to implement one something goes wrong. This is what many people are afraid of and also how an altcoin could overtake Bitcoin very quickly. If the altcoin would then be the maincoin and we would call Bitcoin an altcoin is hard to say, but this depends on the people in the crypto world

In fact, it cuts both ways

While considering the possibility that Bitcoin is hard to update (even if there is a real need for updates like SegWit and likely Lightning Network), we should not forget that it may actually contribute to wider Bitcoin popularity since it will be looked at as something rock solid, immutable and invariable. These qualities are what is required for a reliable store of value, anyway. If gold changed its shine every two years, would it be as valuable as it is?

The blocksize debate is going on for years now. Undecided. I would prefer to see it decide and either way would be better then not deciding. Who want to invest in something that is undecided about the next steps. Nobody wants Bitcoin to change constantly, but if there is an security issue that need fixing, then i rather see it done sooner then later. Same goes for obstacles that prevent Bitcoin from growing. Being rock solid etc is usually an argument that is presented by the old, slow and established so you to stay with them, while there are better alternatives out there. Bitcoin does not need to be a trendsetter, but it needs to be up to date!

It takes time to be up to date

What it means is that Bitcoin shouldn't blindly embrace all the flashy features that altcoins are bragging about. As I know, the block size can be changed by just changing one variable (or constant) in the Bitcoin code, but the issues that Bitcoin faces now don't come down to just changing the block size. Regarding security issues, they are fixed pretty fast, if I'm not mistaken. In the past, there were a few such, and they were fixed without much ado

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