Will Bitcoin be replaced by another cryptocurrency? - page 231.

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Quote from: Moneroman88 on June 07, 2016, 04:19:53 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?

Theoretically I think for sure that yes. The new cryptos will be always more revolutionary. But this cannot be happened if bitcoin has the potential to be improved always and always. If this last option can be possible and the potential of bitcoin is without end then no reason exist that some coin replace bitcoin.

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Quote from: Moneroman88 on June 07, 2016, 04:19:53 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?

At this time. No. In future, yes it could but at this rate of popularity its going to be pretty hard for some other crypto to take over. None of the existing crypto can do that there needs to be a new crypto that is way much better than bitcoin to replace it.

DuckKeeper

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i dont think bitcoin is that easy to replace by an other currency. I only think that bitcoin would be the only currency that has add the past view years. There will not come anything else like the bitcoin and i hope he will survive.

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Many Bitcoin enthusiasts believe that altcoin absolutely necessary, and think that they can not compete with developed infrastructure Bitcoin. However, it is not pleading that altcoins are an important part of the market cryptocurrency. Decentralization is one of the most important goals of Bitcoin, but altcoins improve further the process of decentralization cryptocurrency community. In addition altcoins help developers to experiment with unique characteristics.

Although Bitcoin can copy any innovation, if the community so desires and developers fully functioning altcoins It is much better laboratory for Bitcoins than test the Bitcoin network, since altcoins have a certain monetary value, in contrast to a test network. Finally, altcoins offer a healthy competition in the market cryptocurrency and thereby provoke Bitcoin developers remain active and continue to develop innovations.

If part of the crypto community considers that the Bitcoin is outdated and no longer meets their needs, they can take altcoin.

iamnotback

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Quote from: calkob on June 07, 2016, 06:49:24 PM

Re: Will Bitcoin be replaced by another cryptocurrency?

Yes it could happen but i doubt very much it will happen the short to medium term, to actually make bitcoin obsolete would be a achievement.

It would have to offer something very important for mass adoption which Bitcoin doesn't offer.

And that something would need viral uptake.

I am planning to make that Bitcoin killer.

And yes very difficult to achieve and implementation is a Herculian undertaking that is more likely to not be achieved quickly enough.

Quote from: Enotche on June 08, 2016, 02:34:32 AM

Although Bitcoin can copy any innovation...

Bitcoin can't copy every innovation, especially if that innovation turns all the existing mining farms into useless door stops. The vested interests in Bitcoin could never agree to copy radical block chain overhaul. Also that new design would already have the first mover advantage with millions more users than Bitcoin. Bitcoin can't scale so it won't have those millions of users to start with.

Quote from: jtipt on June 08, 2016, 03:51:06 AM

...yes it could but at this rate of popularity its going to be pretty hard for some other crypto to take over...

What popularity? Do you have any clue that Bitcoin has less users than any one of dozens of minority marketshare social networks.

Virtually no one uses Bitcoin for commerce. The main use of Bitcoin is for avoiding capital controls, speculation, gambling, and "nefarious" activities. Bitcoin isn't close to becoming mainstream.

Merchants accept Bitcoin not because they get a lot of sales from it, but because it is free geek-cool promotion to the geek demographic.

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Quote from: isen on June 08, 2016, 12:33:56 AM

I don't see it happening very soon at least not with one of the cryptos that already exist.Bitcoin will be replaced only if it fails very hard and the same time a new improved crypto makes its appearance.

Improved cryptos are those that can protect the network from subversion and control, and all threats both foreign and domestic.

~~

isen

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I don't see it happening very soon at least not with one of the cryptos that already exist.Bitcoin will be replaced only if it fails very hard and the same time a new improved crypto makes its appearance.

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Quote from: Moneroman88 on June 07, 2016, 04:19:53 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?

I think it will most likely happen the way it happened with automobiles. The protocol is like the combustion engine, the body, and the four wheels.

Consumers seek novelty and will always demand a choice. So diversity has come in the way of the altcoins, and as always, the better man will win!

~~

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It will, but it will take some time. Bitcoin has stagnation in the form of a fixed blocksize limit hard coded into the protocol, so any significant growth in the demand for crypto - currency transactions (over say the 2-3 TPS or around 7 TPS being proposed) will have to be provided by another coin or coins. I have yet to have seen a solution the addresses both the need for an adaptive blocksize limit (the concern of the "large block" group) and maintaining security after the block subsidy runs out (the concern of the "small block" group).

Quote from: yayayo on June 07, 2016, 07:19:39 PM

...
No, it won't be Monero... Grin

Since nothing lasts forever it is of course possible that Bitcoin will be replaced some day. The question is it likely to be replaced by another cryptocurrency or will it be replaced by an entirely new concept? I think if a new system replaces Bitcoin it must have highly significant advantages over Bitcoin that come close to the paradigm shift that Bitcoin represents compared to the existing fiat money system.

The reason why I don't believe that Bitcoin is replaced easily by another cryptocurrency is its significant network effect that is the result of having the biggest user base. Bitcoin had a first mover advantage. That advantage can not be easily reversed.

ya.ya.yo!

Interesting choice for the coin that will not replace Bitcoin. It just so happens that this particular coin does address both the issues above since it has an adaptive blocksize limit and avoids the problem of security after the block subsidy runs out, by having the block subsidy never run out with a tail emission.

Edit: A first mover advantage is useless if the coin cannot scale to meet demand.

avikz

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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.

Edwardard

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i dont think that wiill happen. it is not possible for other cryptocurrency to replace btc. bitcoin is gone far above other cryptos.

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dollar replace gold
bitcoin replace dollar
new currency replace bitcoin
Roll Eyes

BitTyro

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Although bitcoin has some issues that needs to be address, I don't see any reason on why would bitcoin be replaced by another cryptocurrency. Not unless, the existing user base of bitcoin will totally lost confidence on bitcoin and an exodus to another crypto will happen, then bitcoin will be here to stay. Some cryptocurrency may reach the popularity of bitcoin as it has today, but it would just co-exist with bitcoin. More like friendly competition.

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Quote from: Moneroman88 on June 07, 2016, 04:19:53 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?

Does it make sense to believe? Depends on your current stand on that question. If you think yes then you can speculate that way, then if you think no same goes as well.

Take an example of some fantards of ETH when the price surged to that crypto, they think because of that it can replace bitcoin without putting some technical and nice analyzation before stating such. All in all like Lauda stated, speculation.

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Quote from: Moneroman88 on June 07, 2016, 04:19:53 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 will never be replaced by other cryptocurrency. Bitcoin is the mother cryptocurrency, Therr will br no other currency if bitcoin wont invented. Litecoin is 2nd to bitcoin in cryptocurrency. And lite coin is too far from bitcoin so it will never replace it

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Quote from: Moneroman88 on June 07, 2016, 04:19:53 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?

In my view, BTC will eventually be replaced as the number 1 crypto in terms of market cap. But that's it... I wouldn't go too far by saying that Bitcon will eventually die anytime soon.

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Quote from: Moneroman88 on June 07, 2016, 04:19:53 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?

Thats impossible because bitcoin is more uses than the other cryptocurency but if the cryptocurrency have new feature, new project or profitable than bitcoin i think that the reason to replaced by another crytocurrency. But i think theres no crypto currency can greater than bitcoin cause bitcoin is profitable than other cryptocurrency.

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Although Bitcoin is slowly growing in popularity, despite all of its various problems, there remains a certain psychological security in a currency held in one's hand. Moreover, fears of hacking, viruses, and other attacks on the entire financial foundation of a nation via purely digital means will likely make most nations slow to adopt such a form of currency.

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Quote from: Moneroman88 on June 07, 2016, 04:19:53 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?

In my view such a thing could happen, especially if bitcoin scam (I do not expect this happen). And I think that will replace bitcoin is ETHEREUM because the price

. thank you

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I believe that Bitcoin will be in the end replaced by some sort of more advanced digital money system. I am certain of it.
But most likely we won't see this change during our lifetime. I expect bitcoin to be alive and kicking for at least 50+ years.

Worrying about bitcoin's potential replacements and altcoins which can be viewed as BTC 2.0 is dumb idea anyway.

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