Topic: Will BTC Replaced by an Altcoin ? - page 3. (Read 194 times)

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.

Other currencies can certainly push BTC to be better and they already are. Bitcoin will always have an advantage because it came first and because of what it stands for. Bitcoin unlike many is not controlled by its developer.

In short, bitcoin can be replaced but it will take something revolutionary and for bitcoin to not try compete.

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