Topic: Will BTC Replaced by an Altcoin ? - page 2. (Read 194 times)
Well there's a possibility, but I don;t think this will happen anytime soon. A lot of altcoins holders convert to btc when there is crisis in cryptocurrency in panic. So I think bitcoin will till be strong in spite of the above disadvantage reasons that you give.
My Points:
Your points are all right. But, you have forgotten that bitcoin is the most acceptable currency that can be converted into fiat. This alone gives bitcoin the upperhand from all the other alt coins. Still, the most important thing in this market is how you will be able to obtain your fiat money from digital money. - BTC is tracable
- BTC is having a huge txn costs
- Time taken to transfer money is more than 10 minutes
- Mining is being done with somewhat centralized servers(pools)
- Several other Alts are now at the market and they performs well in the market
- People use different currencies for different purposes
I don't think bitcoin is replaceable with any altcoin although it's transactions time getting slower but still people feel confident with bitcoins more and why not it's the first decentralized digital currency and survived for over 9 years with lot of bad news, government regulations etc. Bitcoin will always stay on top.
It's not possible it can be replaced by alt coin but at great cost. Bitcoin is huge with currently over 40% cake of the market portion. Bitcoin is the base of the market. Say "mother" of crytpo currencies, without its foundation alt coin might be hard to scale up.
However, I don't agree you say txn cost is expensive that there were segwit to reduce it made possible by two major exchanges.
However, I don't agree you say txn cost is expensive that there were segwit to reduce it made possible by two major exchanges.
My instincts are saying “Of course not”. Bitcoin is clearly a protocol for sending value around the internet. Any computer science geek can tell you it meets all the requirements to be a bona fide protocol. All protocols gain dominance and hold it in the same way, without exception: Once one protocol gets out in a clear lead against any competing protocols, the Network effect never fails to work for it and against every competitor. This is unavoidable; it's just human nature. For instance, HD DVD is never going to overtake Blue Ray, just like Minidisc never overtook CDs, nor Betamax never overtook VHS. Many have tried to create better protocols than these, (and minidisc was clearly superior to the CD) but nothing ever overtook TCPIP nor HTTP nor FTP either for their respected roles... This clearly means that no altcoin you can create today is ever going to overtake bitcoin, period. -No matter how advanced it is. You may ask then why we don't use VCRs nor CDs anymore; but they weren't beaten by others attempting to replace their protocol... They were made useless by some new level of technology that doesn't even need that format at all anymore. (A CD is a protocol for storing music on a cheap disc... We don't need the format of discs anymore, so hence that whole format has gone extinct, not just CDs.)
For some new kind of money to come along that can do the same to bitcoin it would have to be so advanced that we cannot imagine it today. I believe telepathy would be required, or it may be be based on some kind of data that can be sent faster than light... But the thought of it just being more anonymous, secure, or have faster confirmation times is laughable... Think of how much better bitcoin had to be than the Dollar for it to overtake that. (When it finally does.) That's the amount of difference you must look for before bitcoin can be over taken.
For some new kind of money to come along that can do the same to bitcoin it would have to be so advanced that we cannot imagine it today. I believe telepathy would be required, or it may be be based on some kind of data that can be sent faster than light... But the thought of it just being more anonymous, secure, or have faster confirmation times is laughable... Think of how much better bitcoin had to be than the Dollar for it to overtake that. (When it finally does.) That's the amount of difference you must look for before bitcoin can be over taken.
NICE
My Points:
- BTC is tracable
- BTC is having a huge txn costs
- Time taken to transfer money is more than 10 minutes
- Mining is being done with somewhat centralized servers(pools)
- Several other Alts are now at the market and they performs well in the market
- People use different currencies for different purposes
Bitcoin to me is unreplaceable when it comes to altcoins potentially replacing it. Bitcoin has much more base value, has a much more bigger community and a deeper potential when it comes to all that is said and done. GRanted that you have been able to provide the cons you have listed above the potential still far outweighs it whenever you are looking for the answer to this. Try to compare the two values and which one you like now, would it change after a few years? If no? Then that your andwer
well there is one i know has a plan on replacing the bitcoin but hello bitcoin is rising again.
Well said, i think it is very hard to replace btc. Because as far as i know altcoin is alternativecoin . Bitcoin was the first coin that ever made. Then there is altcoin that was next. So i guess replacing btc is difficult.
Substitutions will not be exact. They will always go as friends in kinoshku and will always be nearby. But there is no substitute for friend-ruga.
bitcoin are traceable, YES it is, you can track how many bitcoin your account or ones account send by other account but it will not give you who send it (name and location) what they called Anonymity
It have a huge fee in sending bitcoin, because it was maintain by miners
Receiving takes more 10 minutes, ..."Currently, bitcoin network traffic is unusually high due to increasing demand for transactions per block. Block sizes are limited, so this means that transactions which exceed the capacity for a block get stuck in a queue for confirmation by bitcoin miners. This queue of unconfirmed transactions is called the bitcoin mempool." Ref: as for bitpay
.."Confirmation times vary. Confirmation times depend on the transaction fee paid by the sender. If the fee is high enough, Bitcoin transactions can obtain three confirmations in as little as 30 minutes. If the fee is low, it may take days for a transaction to be confirmed." ref: Luno
I believe that it takes many year before bitcoin will be replace by Altcoin, if these problem will not resolve. But, for now bitcoin will be remain on top of all crypto as it is the first crypto embrace by society.
It have a huge fee in sending bitcoin, because it was maintain by miners
Receiving takes more 10 minutes, ..."Currently, bitcoin network traffic is unusually high due to increasing demand for transactions per block. Block sizes are limited, so this means that transactions which exceed the capacity for a block get stuck in a queue for confirmation by bitcoin miners. This queue of unconfirmed transactions is called the bitcoin mempool." Ref: as for bitpay
.."Confirmation times vary. Confirmation times depend on the transaction fee paid by the sender. If the fee is high enough, Bitcoin transactions can obtain three confirmations in as little as 30 minutes. If the fee is low, it may take days for a transaction to be confirmed." ref: Luno
I believe that it takes many year before bitcoin will be replace by Altcoin, if these problem will not resolve. But, for now bitcoin will be remain on top of all crypto as it is the first crypto embrace by society.
well there is one i know has a plan on replacing the bitcoin but hello bitcoin is rising again.
My Points:
- BTC is tracable
- BTC is having a huge txn costs
- Time taken to transfer money is more than 10 minutes
- Mining is being done with somewhat centralized servers(pools)
- Several other Alts are now at the market and they performs well in the market
- People use different currencies for different purposes
Maybe, maybe not. Or maybe no one will care in the future as long as it serves its purpose. There may be a time bitcoin will be replaced but bitcoin will never be forgotten as it was the first product of blockchain technology.
My Points:
- BTC is tracable
- BTC is having a huge txn costs
- Time taken to transfer money is more than 10 minutes
- Mining is being done with somewhat centralized servers(pools)
- Several other Alts are now at the market and they performs well in the market
- People use different currencies for different purposes
If we make an analogy to compare digital assets,it is more accurate to say that bitcoin is like gold and altcoins are like platinum or silver. They are at thr back of bitcoins. But bitcoins and altcoins are both valuable for different reasons as digital assets.
And for me Bitcoin will remain and none of the altcoins could replaced bitcoin. Because bitcoin is always be the original digital asset. It solved the problem of trust-less scarcity on the internet. It is also a survivor. Bitcoin survived from 9 years of constant attack,bad press,attempted government regulation,an onslaught of altcoins and tons of ICO tokens. Despite all of this bitcoin continues to grow and remains the purest,strogest,most decentralized,most valuable,most leaderless version of cryptocurrency. Bitcoin is always the best digital asset and no altcoins can replaced.
My Points:
No, because it is about thrust. When the coins developer gone then the price will be crash. Bitcoin has no developer that exist but it is become the number one cryptocurrency. This because people are thrust bitcoin, bitcoin will not scam them. Why? Because it is just a currency. So I am sure that btc will not replaced by an altcoin. - BTC is tracable
- BTC is having a huge txn costs
- Time taken to transfer money is more than 10 minutes
- Mining is being done with somewhat centralized servers(pools)
- Several other Alts are now at the market and they performs well in the market
- People use different currencies for different purposes
Many say that in the future coins will appear that can beat even replace bitcoin. But, so far the new coins that appear cannot replace bitcoin because the coins still make bitcoin as a benchmark to determine the price so that the coins can not be separated from the effect of bitcoin fluctuations. If there is one coin whose price movements are not influenced by bitcoin prices then the coin can be said to be able to replace bitcoin because it has a different market for bitcoin.
My Points:
- BTC is tracable
- BTC is having a huge txn costs
- Time taken to transfer money is more than 10 minutes
- Mining is being done with somewhat centralized servers(pools)
- Several other Alts are now at the market and they performs well in the market
- People use different currencies for different purposes
People are always going to be searching for the "next" bitcoin in the altcoin market. Realistically, it will take alot to oust BTC as the market leader. The great "flippening" has been talked about in the past and ETH has come closest but I don't see BTC leaving it's seat any time soon. IMO, the only way that happens if there becomes greater FIAT entry directly into other coins. Right now the FIAT to altcoin market is limited so the majority of buying and selling funnels through ETH and BTC pairs
All AltCoins came from Bitcoin and so far, none of them showed an impressive performance compared to the original currency. So I don't believe Bitcoin is going to be replaced soon. The points you listed can make sense, but what you said is already happening since some good time ago and meanwhile Bitcoin only gets stronger... The conclusion I can reach is that these points aren't affecting Bitcoin existence and dominance.
It may happen or it will not happen, but if it happens sometime I can not be sure, but I think it is very difficult to replace the bitcoin position that is very famous in the world, we'll see just the same future development later.
My Points:
- BTC is tracable
- BTC is having a huge txn costs
- Time taken to transfer money is more than 10 minutes
- Mining is being done with somewhat centralized servers(pools)
- Several other Alts are now at the market and they performs well in the market
- People use different currencies for different purposes
You forgot a very important point:
In the era of CO2 emissions,
- Running the bitcoin network uses as much electricity as a medium-sized country
https://digiconomist.net/bitcoin-energy-consumption
My Points:
- BTC is tracable
- BTC is having a huge txn costs
- Time taken to transfer money is more than 10 minutes
- Mining is being done with somewhat centralized servers(pools)
- Several other Alts are now at the market and they performs well in the market
- People use different currencies for different purposes
I think even my sight for now, there is no Altcoin that can match bitcoin, until now it all depends on bitcoin price in the world market there is no Altcoin movement that rival bitcoin, of course we also do not know in the coming year whether there is a as well as bitcoin, to really be able to shift the bitcoin on the layover ...
It is true that bitcoin in delivery time is slower compared to coin coin altcoins, but this does not affect the bitcoin always best, I think bitcoin will not be replaced by altcoins because bitcoin already has a lot of confidence in society and bitcoin to be coin was first created in this world, so I think it's hard to be a bitcoin substitute.
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