Will Bitcoin be replaced by another cryptocurrency? - page 182.

Xenophoto

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Quote from: Dedova on November 24, 2016, 02:42:11 AM

No it doesn't make sense to believe that bitcoin will be replaced by another crypto currency

Actually it would make perfect sense once we get there. One of the biggest flaws of bitcoin is the slow transactions, if a crypto-currency successfully fixed that, then the developer of that coin can explain how did they do it. It would make sense especially to the makers of bitcoin how to fix that flaw.

There are also things that you should (potentially) be worried about like China holding the majority of bitcoins. We don't know what is their plan about it so using an altcoin for that reason makes sense.

zahra4577

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Quote from: equator on November 24, 2016, 03:04:29 AM

Quote from: uname on November 24, 2016, 02:37:43 AM

Quote from: Shenzou on November 23, 2016, 02:49:46 PM

Probably because of the high demand and the high price of bitcoin and how it became hard to mine and no one can buy it for its very high price it maybe possible to see other alt coins taking over probably litecoin since it is the second after it

nope the higher the price, the demand will be higher, you know in advance the price of bitcoin was $ 1 course everyone will want to buy bitcoin in the price of $ 500, but you can see by now everyone buy bitcoin at a high price

As much i know Bitcoin is not controlled by any individual but the code is freely available to mine but other altcoins are controlled by the Developer if tommorrow he runs away or scam and he can manipulate the price which is not good for the users. So i think their is no alternative coin for Bitcoin it will be the leader till the digital technology is their

Good point.Bitcoin is independent in true sense as it is supported by community and not a bunch of dev who can pump and dump their coins at their own will.Bitcoin is developed by anonymous Satoshi Nakamoto and he hasn't dumped his coins

diodio5

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Quote from: madwica on November 24, 2016, 12:51:39 AM

We do not know what will happen in the future more other crypto currency compete bitcoin in the top but we can help bitcoin to remain number one by using it much more to increase the demand.

one way to help the bitcoin to stay afloat is to continue to use it and at least you invite a friend to join using bitcoin, if it continues to run the bitcoin will persist from any threat

equator

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Quote from: uname on November 24, 2016, 02:37:43 AM

Quote from: Shenzou on November 23, 2016, 02:49:46 PM

Probably because of the high demand and the high price of bitcoin and how it became hard to mine and no one can buy it for its very high price it maybe possible to see other alt coins taking over probably litecoin since it is the second after it

nope the higher the price, the demand will be higher, you know in advance the price of bitcoin was $ 1 course everyone will want to buy bitcoin in the price of $ 500, but you can see by now everyone buy bitcoin at a high price

As much i know Bitcoin is not controlled by any individual but the code is freely available to mine but other altcoins are controlled by the Developer if tommorrow he runs away or scam and he can manipulate the price which is not good for the users. So i think their is no alternative coin for Bitcoin it will be the leader till the digital technology is their

Dedova

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No it doesn't make sense to believe that bitcoin will be replaced by another crypto currency

uname

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Quote from: Shenzou on November 23, 2016, 02:49:46 PM

Probably because of the high demand and the high price of bitcoin and how it became hard to mine and no one can buy it for its very high price it maybe possible to see other alt coins taking over probably litecoin since it is the second after it

nope the higher the price, the demand will be higher, you know in advance the price of bitcoin was $ 1 course everyone will want to buy bitcoin in the price of $ 500, but you can see by now everyone buy bitcoin at a high price

Taki

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Quote from: olushakes on November 23, 2016, 03:57:24 PM

It will really be hard to say whether it will be replaced or not, time will tell but a lot of Alts have tried and failed maybe "the next big thing" can do the magic we are waiting. But in the real sense, Bitcoin has really come to stay and has maintain its position right up there and even other cryptos real value are determine in relation to the price of Bitcoin just like the USD in the FIAT world but who knows? The future is uncertain.

Yes the future will show what will happen with bitcoin. By my opinion bitcoin can join with other crypto currencies and make some one named crypto currency. I think in the case if it would be only one crypto currency the work would easy accept it, banks would start to work with it as with any other currency. Today there are many alts, some of them fall, some rise. Such not stabile situation attracts only low percent of users. And one crypto would get big popularity I think.

Caladonian

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Quote from: madwica on November 24, 2016, 12:51:39 AM

We do not know what will happen in the future more other crypto currency compete bitcoin in the top but we can help bitcoin to remain number one by using it much more to increase the demand.

well said mate as long as we are all here supporting the chain and continuously adding more and more people to get involved for sure bitcoin will still the number one currency from crypto industry we are the one who can change bitcoin future if we do support/create another coin project to support with.

Snorek

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Quote from: BitcoinPanther on November 24, 2016, 12:48:18 AM

Most probably bitcoin will stay the top currency. There is a current researched done by San Francisco based Kraken to a university to choose between Bitcoin and Ethereum if they had given 1 million Dollar to invest. The answer clearly states that Bitcoin will still dominates the market for the next decades because majority of the participant choose Bitcoin over Ethereum.

The Article link : https://news.bitcoin.com/university-choose-bitcoin-ethereum/

It's good to see that Bitcoin is still considered as the king and top cryptocurency by people. The problem with Bitcoin currently is development which is more like popularity contest.
Ethereum's devs don't have this problem - coin is fully controlled by them, if they want/need to fork it, they just do it tomorrow.
Meanwhile bitcoin is more like a religion to some people they won't accept any upgrades because it won't be "pure" BTC anymore.

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Quote from: madwica on November 24, 2016, 12:51:39 AM

We do not know what will happen in the future more other crypto currency compete bitcoin in the top but we can help bitcoin to remain number one by using it much more to increase the demand.

It depends on there offered service and other needs but I don't think with this time no crypto will be able to compete bitcoins. But just like what happened from the early days of bitcoin. We don't know that this will come out of nowhere, then I think some another currency will be able to come out from nowhere and will make some hard competition with bitcoin.

madwica

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We do not know what will happen in the future more other crypto currency compete bitcoin in the top but we can help bitcoin to remain number one by using it much more to increase the demand.

BitcoinPanther

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Most probably bitcoin will stay the top currency. There is a current researched done by San Francisco based Kraken to a university to choose between Bitcoin and Ethereum if they had given 1 million Dollar to invest. The answer clearly states that Bitcoin will still dominates the market for the next decades because majority of the participant choose Bitcoin over Ethereum.

The Article link : https://news.bitcoin.com/university-choose-bitcoin-ethereum/

boyptc

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Quote from: olushakes on November 23, 2016, 03:57:24 PM

It will really be hard to say whether it will be replaced or not, time will tell but a lot of Alts have tried and failed maybe "the next big thing" can do the magic we are waiting. But in the real sense, Bitcoin has really come to stay and has maintain its position right up there and even other cryptos real value are determine in relation to the price of Bitcoin just like the USD in the FIAT world but who knows? The future is uncertain.

As of now, I'm not even thinking that bitcoin will be replaced by another crypto currency. Because if we will just look upon the achievements of bitcoin then no one can really able to reach it and look upon those hundreds of alts. I will frankly say that no one can ever replace bitcoin for these days or for next 10 years, but after that I can't tell.

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Quote from: rizkyhiw on November 23, 2016, 05:39:05 PM

Quote from: Sled on November 23, 2016, 11:34:07 AM

Quote from: rizkyhiw on November 23, 2016, 11:25:56 AM

required a lot of times to build reputation and networking to make this happen
i stated clearly bitcoin is irreplaceable , nothing can switch it
the bitcoin community is the largest
only miracle and an altcoin breakthrough features could replace bitcoin

As of now, you are right bitcoin is irreplaceable and our community have the largest number in case of supporters but we can't stick to that word "only miracle and an altcoin breakthrough features could replace bitcoin" because we can't be sure that bitcoin will be stable for the next 20 or more years because we know that there is a event that we called halvening where the bitcoin block reward will be half and the mining difficulty will be higher and higher and so on. If that happens many miners will find a new one or another crypto-currency that can satisfy their needs both in profit and expenses. If they find another one that is giving much better income than bitcoin then they will push that coin and continue to support that new coin rather than sticking on bitcoin. Its all about stability and the profit that it gives and second is the features of a coin. We can't predict the future, So just enjoy on what we have now.

if then bitcoin cannot survive in the next few years
how can you say any other cryptocurrency will do? it's a simple logic
mining difficulty is not the real problem for people to leave bitcoin and start seeking for a new one i guess
every altcoin has a block difficulty, and if bitcoin diffculty gained , so do altcoin!

exactly!
some people forget that when they are comparing bitcoin with an altcoin they should consider the same amount of usage for that altcoin. in other words the same amount of miners (hash rate) the same number of transactions, .... and most of the altcoins will fail because for example their blockchain will grow 20 times faster that bitcoin's blockchain and they automatically fail the first week.

avikz

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Impossible it self says "I m possible" so I would say nothing is impossible in the crypto world. But also you have to remember that bitcoin is a pioneer crypto currency with the highest market capitalisation. So it will be a very hard job to replace bitcoin if not impossible.

However, after 2023 bitcoin will become the most rear coin and then probably people will start looking for an alternative. So around 2023 we may see some other currency is replacing bitcoin. It may or may not happen.

rizkyhiw

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Quote from: Sled on November 23, 2016, 11:34:07 AM

Quote from: rizkyhiw on November 23, 2016, 11:25:56 AM

required a lot of times to build reputation and networking to make this happen
i stated clearly bitcoin is irreplaceable , nothing can switch it
the bitcoin community is the largest
only miracle and an altcoin breakthrough features could replace bitcoin

As of now, you are right bitcoin is irreplaceable and our community have the largest number in case of supporters but we can't stick to that word "only miracle and an altcoin breakthrough features could replace bitcoin" because we can't be sure that bitcoin will be stable for the next 20 or more years because we know that there is a event that we called halvening where the bitcoin block reward will be half and the mining difficulty will be higher and higher and so on. If that happens many miners will find a new one or another crypto-currency that can satisfy their needs both in profit and expenses. If they find another one that is giving much better income than bitcoin then they will push that coin and continue to support that new coin rather than sticking on bitcoin. Its all about stability and the profit that it gives and second is the features of a coin. We can't predict the future, So just enjoy on what we have now.

if then bitcoin cannot survive in the next few years
how can you say any other cryptocurrency will do? it's a simple logic
mining difficulty is not the real problem for people to leave bitcoin and start seeking for a new one i guess
every altcoin has a block difficulty, and if bitcoin diffculty gained , so do altcoin!

olushakes

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It will really be hard to say whether it will be replaced or not, time will tell but a lot of Alts have tried and failed maybe "the next big thing" can do the magic we are waiting. But in the real sense, Bitcoin has really come to stay and has maintain its position right up there and even other cryptos real value are determine in relation to the price of Bitcoin just like the USD in the FIAT world but who knows? The future is uncertain.

ArticMine

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This is going to come down to a question of basic supply and demand. If the demand exceeds the capacity of the 1 MB maximum blocksize in the Bitcoin protocol, it is only a matter of time before somebody else will fill the unmet demand.

https://bitcointalk.org/index.php?topic=1690349.0;all
https://blockchain.info/unconfirmed-transactions

Senor.Bla

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Quote from: rickadone on November 23, 2016, 02:41:59 PM

Quote from: MTBTT on November 22, 2016, 11:18:01 PM

Quote from: arcanaaerobics on November 20, 2016, 09:06:14 AM

This week/month showed to us the power of bitcoin in terms of global acceptance.

If bitcoin can be replaced? Well, it will be an long road to another crypto get that highlight...

I think for any bitcoin life, if bitcoin continue berovolusi according to the times and user trust and continue to use bitcoin, then there will be no other cryptocurrency which will replace the bitcoin

The trust of the people on bitcoin is continuously increasing and therefore they are putting investing their assets in bitcoin and that is the reason that the price of bitcoin is increasing rapidly, hope that the trend of increasing the price of bitcoin will continue for a long time. As long as people keep their trust bitcoin will never get replaced.

you can lose the trust in something very quickly. inventing something is usually the hardest part and it gives you an advantage for some years, but usually other people will find a way to optimize it and make something better that can eventually replace the invention.

Shenzou

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Probably because of the high demand and the high price of bitcoin and how it became hard to mine and no one can buy it for its very high price it maybe possible to see other alt coins taking over probably litecoin since it is the second after it

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