Topic: Will Bitcoin be replaced by another cryptocurrency? - page 170. (Read 186407 times)

I should tell you that bitcoin is reaching its 8th birthday But anyways, bitcoin has been used and trusted for a long time and it's gaining much attention as well as power, so bitcoin can hardly be taken over by other cryptocurrencies, and it would take years and years before bitcoin really has to step back and leave the place for others

Correct me if I'm wrong here but I understand it's possible to track specific Bitcoins as they travel from wallet to wallet. Of course it's true that gov't couldn't prevent the use of "confiscated" Bitcoins, but as I said they could prevent their use on exchanges within their jurisdiction. If someone owes you Bitcoins, would you rather be paid in "clean" Bitcoins that you could sell on an exchange or in "confiscated" Bitcoins you couldn't sell? Remember Gresham's law (bad money drives out good). People would hoard their "clean" Bitcoins and try to get rid of their "confiscated" Bitcoins. At the very least this would create two classes of Bitcoins.

Suppose that it were a felony to trade "confiscated" Bitcoins. Are you really so confident that you can cover your tracks that you would be willing to risk prison time to continue to use your "confiscated" Bitcoins? I wouldn't. Would you continue to buy or accept even "clean" Bitcoins knowing that they might be blacklisted at any time? I wouldn't do that either.

I don't think it will happen in the near future. Especially nowadays, the prediction of 1000$ price value for BTC is nearly close to be happen this year. So how come that there is some altcoin  can be replace for bitcoin. That's not possible for now, because up to the present there are lots of bitcoin lover increase everyday.

Being the oldest does not exempt from being replace, bitcoin started from being new, love by the people and until now it is constantly supported. So far, bitcoin is the most progressive compared to altcoins but everyone has it's own time and no such will last forever to take that number 1 spot.

There's no perfect currency any, bitcoin has its flaws also but as long as people will accept it, they will continue to support and bitcoin will exist.

I don't think another cryptocurrency will replace bitcoin. Bitcoin is the oldest coin so far and many people already know about bitcoin, even the price for each bitcoin is really high. That cryptocurrecy who want replace bitcoin need to achieve that to replace bitcoin.

I personally find that altcoins are nothing more than a speculative investment tool. In some cases legitimate coins are bringing some sort of a new feature set to the market, but if you look closely, then none of these features see much real world usage. It's just an addition that is being implemented from time to time to give people something to speculate about. It drives the price up, and that's exactly the point that people are looking to use in their advantage.

bitcoin is already over 4 years old , and very very much people know and use it often , so i dont really think that there will be another cryptocurrency that can replace bitcoin 

of course bitcoin will last you could see millions of people already live and depend on the bitcoin. although many coins that competitors will not make the user leaves bitcoin. for another coin just alternative

There are some serious gaps in your reasoning

Let's assume that a government declares that some bitcoins are illegal (for example, in this or that wallet). Does it mean that a person who happens to hold these bitcoins can't spend them? If you think that he can't spend them, what exactly will prevent him from doing just that? Will the government be able to revoke his private key or can it make exchanges in other jurisdictions reject them? I guess that it won't and can't. It can't even prevent him from sending these bitcoins from one his wallet to another (I remember you said something about Bitcoin not being truly fungible). In this way, the government can as well ban the law of gravity tomorrow (and some American court is rumored to have actually done that), but does it mean that there will be no more gravity? Let's get real here. As Napoleon once said, and his dictum fits here perfectly, one should never forbid what one lacks the power to prevent

Bitcoin, as a way of storing value, in fact does not present flaws that compromise its use. But there are some things that need to be improved if the currency wants to reach the mainstream.
One of them is the scaling issue. The number of people using the platform may be a limited number at the moment, but that number may grow absurdly. Another problem, at least for some users, is the confirmation time. It would not be a problem if the network did not present delays sometimes.

there is a contradiction in your comment, there is no reason for a fiat currency to be obsolete. you are looking at it from the outside, but from the inside there is no "should" as long as that nation is alive and people living int it!

But now lightning network for bitcoin is being discussed. We will have cheap and instant transaction with this technology.
more info about it : https://www.youtube.com/watch?v=8zVzw912wPo
website : https://lightning.network/

if this has been realized, bitcoin can not be replaced.

Bitcoin is not truly fungible or anonymous. For those who don't know, fungibility is the property of one unit being the same as any other unit. When you borrow $20, the lender doesn't expect you to pay him back with the same $20 bill. Any $20 bill will do.

There is an established legal principle that states that once cash has been spent, it can't be clawed back even if it is proven that that the particular bill in question was obtained illegally. If someone mugs you for $20, and spends the money at a liquor store, you can't get the $20 back from the liquor store even if you can prove via the serial number on the bill that it's the one that was stolen from you. Imagine the havoc that would follow if it were possible for the treasury department to blacklist certain bills because they had been obtained illegally. One couldn't trust the cash in his wallet.

This legal principle does not apply to Bitcoin, which could lead to Bitcoin's demise. This could happen tomorrow - the feds could declare that this list of bitcoins [insert list here] had been used to pay a ransom or to buy drugs or support terrorism and were now forfeit. Obviously there would be no way for the feds to actually confiscate said Bitcoins, but this would effectively keep them off the exchanges and make them worthless.

This is why I believe that one of the anonymous cryptocurrencies (of which Monero is currently the frontrunner) could eventually replace Bitcoin.

Those issue has been already talked about, sure its a problem that the confirmations takes a bit time to make the transaction, something that some altcoins has it as instant, but the security at bitcoin its very high. I do believe its possible to reduce those period to 1 minute or less, but some changes must be done at those point. Bitcoin wont be replaced by any other currencie, atleast not now, even with some issues to handle it keeps in the control, the last year week just showed that people trust into bitcoin and wanna it.

I could see that bitcoin has the features on which people couldnt ask for more and i dont think any flaws that bitcoin had.Things on this world could possibly be replaced anytime and theres no really permanent on this world.Yes,bitcoin could be replaced anytime but seeing on the situation bitcoin still has the edge to remain its place for a long time.

It's possible but it's hard to take away the trust of the people with bitcoin. You can find a lot of better system compared to bitcoin, but look at bitcoin now, despite of the problems you have mentioned, the price is still rising.

yeah , you said true . I also found some disadvantage in Bitcoin bitcoin . That is confirmation system . There should be some rules like if we are not getting confirmation  , but we send/receive bitcoin easily .
So if such type of things will not fix in the  bitcoin , then may be it is possible that any new Coin came in the market and effect the Bitcoin position lot

IMO, in future there is a strong chance that Bitcoin will be replaced with a technologically advanced crypto-currency. Bitcoin has a lot of advantages, but at the same time, it is having a few issues as well. In future, if a new crypto-currency is capable of avoiding these issues, then there is a good chance that it will replace Bitcoin.

naaaaaa . bitcoin cant replace by any other cryptocurrency . if ever they can replace bitcoin , its ok bitcoin has done to it .

I don't really think what you said at the end has any chances of happening but i actually agree with what you said before that, bitcoin is probably the most popular crypto currency in the world, in terms of value and in terms of belief among the users, so it is very likely to happen that a new crypto currency might take over bitcoin.