Topic: Will the bitcoin be outdated by another currency? - page 33. (Read 5719 times)
It has been about 10 years since the creation of the bitcoin and we all know that it is the most popular and the most attractive cryptocurrency in terms of value which is why I highly doubt there will be any coin that can overcome it.
I think the answer to this goes far beyond the emotional and estimative aspect that bitcoin can generate in those who have followed it for a long time. It is also about the technical aspects that are the basis of all technology that has been developed to meet a specific need.
Many think that bitcoin has failed to satisfy any of these needs in an increasingly competitive market, however it is undoubted that every market always requires a currency that fulfills the function of being a stable and reliable reference to determine the comparative value of all the other currencies, like the dollar does with the fiat currencies, and I have no doubt that the bitcoin fulfills perfectly with that task, so I believe that no other cryptocurrency can displace the bitcoin from this indispensable function, despite many people think that bitcoin is an outdated coin.
Many think that bitcoin has failed to satisfy any of these needs in an increasingly competitive market, however it is undoubted that every market always requires a currency that fulfills the function of being a stable and reliable reference to determine the comparative value of all the other currencies, like the dollar does with the fiat currencies, and I have no doubt that the bitcoin fulfills perfectly with that task, so I believe that no other cryptocurrency can displace the bitcoin from this indispensable function, despite many people think that bitcoin is an outdated coin.
Frankly speaking yes because nothing is permanent here on earth, everyone get old, industries get passed by other industries that causes shift of industries. The effect of modernization must be connected with the industry or company you are within in order to survive. Just like in bitcoin, a lot of competitors had come out which require bitcoin to expand and develop more if they don’t want to be outdated. So bitcoin can be outdated if they will stop to develop or expand especially today that many more crypto currencies were come out that are almost the same or copied the style and process flow of bitcoin.
Bitcoin is the first cryptocurrency ever. So, I don't think it will be outdated. Perhaps, there will be more expensive, but it will take time.. Bitcoin will be forever be on trend, eventhough there are a lot of altcoins popped out there. Bitcoin will be treated like a gold that increases it's price as timw goes by.
yeah indeed, bitcoin can't be outdated, the king of crypto will survive and will stay in the last longer bitcoin will improve but still in the slow time because the community who supporting it
That's quite difficult to answer but nothing is impossible. If it ever get to that, my best bet would be on Etherum. This is because Etherum is being explore by many projects because of it DApps ability to develop their applications.
I am also with you in this matter. If it was to happen ever then is think, it would have happened already. Now that bitcoin has become more powerful than ever, expecting it to get defeated by weaklings is mere a sweet dream of haters. I also believe that cryptos market cannot exist without bitcoin. It entirely depends on this currency. All altcoins depend on BTC for survival. This asset was, is and will remain the crypto king. indeed there are many alternative coins that have the potential to grow and develop, but to take the position of bitcoin is not possible alternative coins will always be under bitcoin, bitcoin as a benchmark price of each alternative coin they follow the bitcoin price movement to determine their price
True, there are many altcoins that I think have good potential and can become very valuable in the future but I do not see any coin surpassing bitcoin in fact I really think that a new technology will need to be created that is not a cryptocurrency in order to replace it because even if bitcoin still has some details to fix, it is still by far the best cryptocurrency and it does not seem like it can be surpassed. Bitcoin is simple, and that's what people like. People want to store value, move value back and forth, and if possible, at low cost. Altcoins have been offering all sorts of gimmick features throughout the years, but 95% of the people aren't interested in using these features at all, which once again points out that it there is no such a thing as Bitcoin being outdated.
Another aspect I see people complain about, is that Bitcoin's transaction fees are so expensive while altcoin fees are so insanely low. Roger Ver did that too, and he even made fun of Bitcoin various times in his streams as well. People should understand that the only reason altcoins are able to offer cheap transaction fees is because barely anyone is using their networks. High fees = high demand for block space. Low fees, or even no fees = low to no demand for block space (ie, coin is practically redundant). While I don't like altcoins, I do like their presence and the global interest in them. It's impossible to point out exactly, but the altcoin market makes sure a very large number of Bitcoins are taken out of direct circulation, and that makes sure there will only be more coin scarcity in the coming years. In other words, booming altcoin market is great for Bitcoin as well.
Another aspect I see people complain about, is that Bitcoin's transaction fees are so expensive while altcoin fees are so insanely low. Roger Ver did that too, and he even made fun of Bitcoin various times in his streams as well. People should understand that the only reason altcoins are able to offer cheap transaction fees is because barely anyone is using their networks. High fees = high demand for block space. Low fees, or even no fees = low to no demand for block space (ie, coin is practically redundant). While I don't like altcoins, I do like their presence and the global interest in them. It's impossible to point out exactly, but the altcoin market makes sure a very large number of Bitcoins are taken out of direct circulation, and that makes sure there will only be more coin scarcity in the coming years. In other words, booming altcoin market is great for Bitcoin as well.
I really like your explanation above about why transaction fees are priced the way they are, so I'd appreciate your take on the following:
I recently came across an article about a new fork called Bitcoin Origin, which is essentially a "Penta-fork" off the top 5 coins; Bitcoin, Bitcoin Cash, Ethereum, Litecoin and Dash. What do you think the launch of this new coin would do to the demand of other Altcoins, and consequently the demand for Bitcoin and the transaction fees thereof?
( https://www.bitcoinorigin.io/ -their main page if you haven't heard of them and you'd like to have a look at it
)
I think that we will not have any competitors for the bitcoin in the nearest future but there are good and promising coins that can be an addition to the bitcoin investments such as ethereum and NEO.
indeed there are many alternative coins that have the potential to grow and develop, but to take the position of bitcoin is not possible alternative coins will always be under bitcoin, bitcoin as a benchmark price of each alternative coin they follow the bitcoin price movement to determine their price
In order to outdate the Bitcoin another cryptocurrency must have features and functions more responsive than the Bitcoin; this is impossible as after Bitcoin many coins had designed and all those coins are very low in value as compared to the Bitcoin, even its comparison with Bitcoin is also irrelevant. The Bitcoin can not be outdated and will never as this is the advantaged coin in the modern world and others will take a lot and long time to even survive in this market.
There is many alternative cryptos that are claiming to be able to perform that, but as far as I know none of them are not even close to that.
At present, I don't think that any other coin would beat bitcoin, but there are a few good coins that have got a very bright future such as Neo.
That's true in everything that a Bitcoin has contribute to people I guess this will be hard for some cryptocurrency to sprout and win the place and reputatuion that the Bitcoin started. This forum serves as an extra income for most of the people here and I guess it will be hard for a newly sprout currency to win the trust of the people when Bitcoin performs very well.
Bitcoin features seem to be outdated if you compare it to the other coins in the market with their much advanced features and technology. But bitcoin is still on the top and many people are now having a hard time in guessing who would be the next king of cryptocurrencies. There is no doubt that someday bitcoin might be replaced by an altcoin but achieving what the bitcoin achieved in recent years might take time for any prospective altcoin.
There is always a change in every era, and I'm sure that someday there will be a coin or currency that has many enthusiasts, but I'm not sure it can happen any time soon, it may take at least 10 years from now.
Yes, Bitcoin is money and same is gold, but who still talks about nowadays? Lol. So you don’t just say ‘no that’s impossible’ cause it is very possible. And by the way, you should know that Bitcoin is not the same level gold and conventional currencies, they are all running on different grounds, so if you’re talking about being outdated or replaced by another currency, then you should comparing that statement with other cryptocurrencies. And talking of whether Bitcoin can be replaced by another cryptocurrency, the answer to that should be a YES, but the rate of it being replaced by another cryptocurrency is on a different level.
My answer to the principle is: NO
Bitcoin is money, the value of money is built on confidence, tradition and security, attributes that Bitcoin offers easily. The analogy between Bitcoin and social networks is completely incorrect, people think that Bitcoin is an myspace that will be replaced by facebook. It turns out that Bitcoin is money and not a social network, so this comparison is completely wrong.
Most of mankind's wealth resides in vaults for hundreds of years, so the circulating medium is derisory close to it. Why are we going to need fast, no-fee coins if we can use paper money and banks? Bitcoin's purpose is to be a safe asset, scarce and superior to gold. What is behind Bitcoin is the fact that no politician can steal you through taxes or inflation, there is nothing safer than Blockchain and Bitcoin. So far no technologically superior currency has emerged to Bitcoin to the point of provoking an abyss between technologies and will hardly emerge.
BUY BITCOIN TODAY AND ALWAYS.
Bitcoin is money, the value of money is built on confidence, tradition and security, attributes that Bitcoin offers easily. The analogy between Bitcoin and social networks is completely incorrect, people think that Bitcoin is an myspace that will be replaced by facebook. It turns out that Bitcoin is money and not a social network, so this comparison is completely wrong.
Most of mankind's wealth resides in vaults for hundreds of years, so the circulating medium is derisory close to it. Why are we going to need fast, no-fee coins if we can use paper money and banks? Bitcoin's purpose is to be a safe asset, scarce and superior to gold. What is behind Bitcoin is the fact that no politician can steal you through taxes or inflation, there is nothing safer than Blockchain and Bitcoin. So far no technologically superior currency has emerged to Bitcoin to the point of provoking an abyss between technologies and will hardly emerge.
BUY BITCOIN TODAY AND ALWAYS.
Every cryptocurrency in the market today can be surpassed by any altcoins or vise versa so there is no doubt that if the developers will really work hard on maintaining the balance on their coins then the price will grow even more in the future and might surpass bitcoins.
My answer to the principle is: NO
Bitcoin is money, the value of money is built on confidence, tradition and security, attributes that Bitcoin offers easily. The analogy between Bitcoin and social networks is completely incorrect, people think that Bitcoin is an myspace that will be replaced by facebook. It turns out that Bitcoin is money and not a social network, so this comparison is completely wrong.
Most of mankind's wealth resides in vaults for hundreds of years, so the circulating medium is derisory close to it. Why are we going to need fast, no-fee coins if we can use paper money and banks? Bitcoin's purpose is to be a safe asset, scarce and superior to gold. What is behind Bitcoin is the fact that no politician can steal you through taxes or inflation, there is nothing safer than Blockchain and Bitcoin. So far no technologically superior currency has emerged to Bitcoin to the point of provoking an abyss between technologies and will hardly emerge.
BUY BITCOIN TODAY AND ALWAYS.
Bitcoin is money, the value of money is built on confidence, tradition and security, attributes that Bitcoin offers easily. The analogy between Bitcoin and social networks is completely incorrect, people think that Bitcoin is an myspace that will be replaced by facebook. It turns out that Bitcoin is money and not a social network, so this comparison is completely wrong.
Most of mankind's wealth resides in vaults for hundreds of years, so the circulating medium is derisory close to it. Why are we going to need fast, no-fee coins if we can use paper money and banks? Bitcoin's purpose is to be a safe asset, scarce and superior to gold. What is behind Bitcoin is the fact that no politician can steal you through taxes or inflation, there is nothing safer than Blockchain and Bitcoin. So far no technologically superior currency has emerged to Bitcoin to the point of provoking an abyss between technologies and will hardly emerge.
BUY BITCOIN TODAY AND ALWAYS.
Every cryptocurrency in the market today can be surpassed by any altcoins or vise versa so there is no doubt that if the developers will really work hard on maintaining the balance on their coins then the price will grow even more in the future and might surpass bitcoins.
Maybe Now this will not expire by other currencies in because bitcoin is very good, and this bitcoin is the first digital currency created by youth from Japan if the future there is a better digital currency maybe this bitcoin will be replaced by the currency the.
Absolutely NO, because bitcoin is now a foundation in crytocurrency, If the bitcoin become outdated many altcoins become outdated also or the value of price become low. No one can beat bitcoin or over pass in crytocurrency. Bitcoin have convertion to many altcoin and can used to buy other altcoin, thats why bitcoin is the King in cryptocurrency.
Bitcoin can not be defeated by another Altcoin. and there is no expiration term for Bitcoin because it is replaced by another altcoin. Bitcoin is a digital currency that has gained almost 100% confidence in everyone who plays in Cryptocurrency, so it will not be possible that Bitcoin is out of date.
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