Bitcoin Forum

What if someone creates a better digital currency? Will bitcoin be phased out? And how likely  is it for that to happen?

that possibility may exist. but I think for now it is very difficult, because however bitcoin is the first digital currency available so it is difficult to remove bitcoin from circulation.

It is possibly very severe to overcome bitcoin at any stage because bitcoin has build its market of attraction and vastly holding the interest and attention of people.
I don't think someone again may come up with such unique featuring ideas to take place of bitcoin currency.

Is possible, and you can see how many new alt coins are borned in the last time..
But at this moment nobody can beat bitcoin :)

There are more than 1000 other cryptos. None has made it to 'phase out' Bitcoin yet. I really doubt, that this is going to happen and I will tell you why: Bitcoin has the best of the best developers working on it.

Bitcoin cannot be phased out that easily because it has a widespread population from all over the world. Bitcoin has acquired a tremendous amount of people using it on a regular basis and so in order for bitcoin to phase (which is almost impossible) the so called new digital currency has to acquire more number of people than bitcoin does. And this won't be happening in this decade. So there is no chance for Bitcoin to phase out as long as we live.

It is not impossible, but bitcoin has a big advantage of being the first. There are cryptocurrencies that may be considered technically better, but none of them phased out bitcoin yet.

bitcoin be phased out? i think it's impossible

if there is a better digital currency, and market demand switches to this coin maybe it will only affect the price of Bitcoin.
some altcoins claim that the coin is better than bitcoin, however,Until now Bitcoin is still king

I doubt it, bitcoin has become a pioneer in the cryptocurrency and now it just began to expand its power to become a worldwide currency and i think its value now more overated then a few years before and has become the strongest cryptocurrency, its the same as US DOLLAR its a strong currency and in this case its not an easy way to phased out Dollar as does Bitcoin  ;D ;D

Phasing out BTC means phasing out the whole cryptocurrency ecosystem.

For me that cryptocurrency possibly replace Bitcoin on the top in the near future is already existed. Bitcoin Cash (BCH) the same as bitcoin but with larger blocks 8MB while Bitcoin only have 1MB this means that BCH can transfer funds faster and transaction fees are more cheaper. The only problem is BCH don't have that much attention while Bitcoin has a larger network and supporting infrastructure.

the possibility is always there. bitcoin's value comes from its network, and what happens if most of its users migrate to a different currency? well, most of the value will go with it. that's literally what will happen if the segwit2x fork goes as planned---the btc1 devs and NYA companies think that most people will migrate to the new fork since most miners are on board.

i'd say the possibility that bitcoin is "phased out" is unlikely. i'd give it maybe ~5% chance. that accounts for existential protocol failure (due to quantum computing, broken hashing algorithm, etc) and the possibility that an altcoin overtakes it.

None of them have been achieved by creating altcoin which has potential and market supply more than bitcoin. Even bitcoin supporters will never allow that happen at all. Since vitaliak creates eth to fight with bitcoin still that is also not fine to compete with the BTC. Smart contracts been now widely used by many people now with ethereum.

I don't think so Bitcoin will never be phased out the other altcoins will be the first to go before Bitcoin go and what could be the other feature of that new digital currency, because all the other best features of digital currency has been exhausted.

to replace bitcoin in my opinion may happen, but it is very difficult and little chance to happen, because we understand that bitcoin is the first digital currency ever created and also as the mother of coin, and I think bitcoin is still number one and never doubted.

I saw many coins in the market but in my 12months in crypto world no coins can phase out the bitcoin because bitcoin is a strong currency.

Each crypto has their own unique ways and even if their is such that is created it should be recognize as its own and not just 2nd bitcoin. And i dont think the aim of any other coin that has been created is to overstep bitcoin but rather just to extend their services using there own currency as a business opportunity by the help of the blockchain.

Well to be fair new coins come along everyday in hundreds which means new technologies/ approaches and bug fixes come with them. So its quite easy to be phased but when youre as old as bitcoin youl be always in the spotlight.

If someone were able to create a better digital currency then you will see Bitcoin as an alt coin like eth or other crpyto. That is really possible in the future but Bitcoin that is the reason they are creating alt coin to exceed Bitcoin.

There was a time when I used to believe in bitcoin, the virtual currency backed by math instead of any government, thought that it might one day replace cash as a relatively anonymous way to pay for everything from groceries to your morning coffee but now  I think that dream might be smack dab in the midst of crashing down, a function of the currency's code playing out. At stake is nothing less than two competing visions for the future of bitcoin itself.

After bitcoin, several digital currency have been established with the hope of solidifying and working on the disadvantages of bitcoin even with some backed by assets as we have seen in some established for a mining site, a gambling site, some solar panel, some am exchange site and none of them has been able to dislodge or phase out bitcoin.

The only one that I see that could be a threat due to the massive back up and push it could get is one backed by government and that is not going to phase out bitcoin but just a threat.

It is then safe to conclude that, until bitcoin is destroyed completely, I don't see any alt coin taking over the mainstream of crypto-currency.

Well it is not about making a better currency that are better than BTC there is a lot of other factors , Now people looks to BTC as the father of them all and basically all other alt acts in 2 ways , There own way ( bad , good , news of there own ) and the other factor is always BTC , It is so clear now that any thing effect BTC will effect other currency no matter how good they are progressing . But on the other hand no existing alt coin can effect BTC . until this moment we do not see BTC drop in price because ETH not doing good , But on the other hand we always see big drop on price of altcoins if any bad news about BTC released . There is already coins out there that is better than BTC in term of tech. but in reality they can not even come close to BTC . I think it is already a done deal BTC is the main currency for the whole crypto world and any other currency is an alt , And I do not thing this gonna change anytime soon !

There is a possibility but it is difficult to remove bitcoin. Because bitcoin is the first besides that bitcoin for now has the largest population and fans. With time bitcoin will create new innovations and breakthroughs. so bitcoin will remain the number one and I am sure of it.

yet another FEAR based thread.

There may be coins in existence according to some which already
are better than Bitcoin but its about acceptance and adoption and
right now the coin with the most acceptance and adoption is BTC

no one ca tell what the future holds so dont worry until it happens,
IF IT HAPPENS AT ALL

That is not impossible, I mean for other coins to rise higher than bitcoin, but I think bitcoin will remain on the market and will not loose its fame, and there are so many investors who had invested in bitcoin so its gonna be hard for other coins to compete with bitcoin.

there is no "what if", it will happen. someday someone will create something better than bitcoin. either an improved version of a cryptocurrency or even a completely new technology to do the similar thing. that is the nature of any technology, they get replaced by newer and better ones.

yes. looking back at the thousands of years of human history you can see a lot of things have been replaced, improved,...

you should ask WHEN will it happen instead.
and so far we have not seen any valid competitor for bitcoin and we won't see any for many years because everyone is focused on earning money and politics not developing.
it will probably not happen for another 20-30 years.

Bitcoin won't phase out because it has more community than other cryptocurrency. Even the developers of bitcoin won't let that happen, there is a big money to involve to let that happen.

Depends to people, if people tend to like bitcoin more than the new technology which make bitcoin obsolete, it will, but if the new technology didn't liked by many people bitcoin will still stay.
But I must say that bitcoin still have potential to be developed furthermore.

the possibility is yess maybe other can create but they will be competition against bitcoin and the
one who will be developed or created but the chance that it will like the price of BITCOIN now
is takes lots of time ..but who knows right? for now the BITCOIN is one of the valuable wee need to have
and in the near future that will grow and grow more bigger than now

i guess it is more likely for bitcoin to phase itself out because of internal politics than a new better coin to come up

There are a possibilities that bitcoin will phase out, like if the government announced that bitcoin will no longer acceptable to use in any transaction or banned it world wide and the government will announce and implement their own version of bitcoin to use in global transaction and become no. 1 online currency worldwide.  

it definitely exists, even now we see people trying to come up with alternatives to overcome the deficiencies that bitcoin demonstrates. ethereum was, iirc, the latest big attempt, and it's gained a fair bit of traction with all of the features that people find better than the ones bitcoin offers. who knows, if ethereum came sooner, we might be seeing an entirely different cryptocurrency community today.

forks and disagreements within the community will always be present, but the majority will always win, it's how it was intended in the beginning, and it's working beautifully.

Well to be honest it is not going to happen soon, and i dont think it will be easy way to create a better digital currency. Since Bitcoin is the first cryptocurrency which made a good place in people's mind and now you cant replace the bitcoin or you cant attain the heights where is standing right now in all over the world. Everyone are searching the cryptocoins similar to bitcoin but till now i didnt find one, few people said that Doge coin will come up in future as a better digital currency but it fails .

OP is asking if bitcoin would be phase out by another Crypto and not by the Government I really think the Government would not implement in banning bitcoin without further explanation on what is their motives are, but I guess a newly digital currency would surely can't stand a chance against bitcoin but there are a possibility that thing might happen.

There is something called network effect.


Bitcoin has both direct and indirect network effects. With adoption its value is increasing, right now it is used more as a long-term investment/store of value and as a speculative asset/trading, but this is leading to indirect effects including merchant adoption and sooner or later we will see Bitcoin being majorly used in the areas of remittances and micropayments, a Bitcoin ETF in the near future, and it do have the potential to be a reserve currency.

It is not about creating a better currency, new technological implementations can be integrated into Bitcoin. It is about having a network effect far better than Bitcoin. And that's highly unlikely to happen in the sense that having a first come advantage, Bitcoin network effects are already in motion, a new cryptocurrency would have to start from scratch.

https://en.m.wikipedia.org/wiki/Network_effect

If we assume that there is someone who invented a new cryptocurrency and become more famous than bitcoin, technically speaking, that new cryptoccurrency will definetely become bitcoin's worst nightmare.The value of bitcoin will decrease which leads to bitcoin earners to sell their btc or convert it to that new one. Everyone will become upset also and shocked at the same time due to this bad news.

But, that thing we assume right before is almost impossible to happen in reality. As you can see, there are still many new cryptocurrencies are introduced in the market but yet Bitcoins are still in the top most height. And there is still no existing unique concept greater than bitcoin, so bitcoin is still the best up to present.

But everything could still happen, no one knows the future but a very strong concept is required to make it possible

I don't see any altcoin that can "phased out" bitcoin. It has already established itself as the dominant coin and no doubt that it remain as it is. Remember the so called "flippening"? They said that it could happen last May when Ethereum has its peak days. Many are preaching that bitcoin is dead, etc.. But what happened, it didn't and Ethereum lost its grip while bitcoin continue to soar and even got to a new ATH. So they say BCC/BCH might overtook bitcoin, but this remains to be seen. Bitcoin has already gained the trust of most members and investors and its hard for them to be swayed into another direction.

I think that could happen knowing that bitcoin and altcoins have unlimited possibilities that can't be controlled by just anyone. I mean any coin can surpass bitcoin, but I think its gonna be a hard battle because there are just so many investors who invested in bitcoin.

currently bitcoin in my opinion is a reference for all existing altcoin. Maybe someday there will be a new currency digital currency that will replace bitcoin, but not now and sometime it will happen. One of the reasons a bitcoin can be dead / deleted is when there are no more enthusiasts, and there is no longer a market that trades with bitcoin. Then maybe slowly bitcoin will be destroyed.

Its difficult to say that bitcoin can phased out unless whole world decide to ban the bitcoin or cypto currencies which is unlikely to happen. Yes you can say that demand may go down if few countries ban it or restrict th trade or it becomes too expensive so altcoins would be used more than bitcoin.

Quite possible but will take time for that to happen and it will only replace bitcoin if its 100% better than bitcoin and if people think that bitcoin is not doing its purpose anymore.

what is with people these days who ask this question? i mean what is your goal? are you trying to "invest" in that. if so i assure you that you won't find it currently invented yet ;)

obviously someday there will be something better than bitcoin and bitcoin will be obsolete. it is how the world has always worked. for example the first cell phone that came out was HUGE you needed 2 hands to hold it and it had a gigantic antenna! now a cell phone is as small as the palm of your hand and as thin as a paper.

They created much better coins than bitcoin but none of them could survive in this community. The feature is not everything for a coin. The way its community behave is more important.

you can see so many new ico emerging, that's a new coin created by some developers. you can see the results are always the same. bitcoin is always at the forefront, no one can beat it all the time.
no possibility will be destroyed and will disappear. because crypto has its own way.

Bitcoin is currently serving as a gold standard to others cryptocurrency and as a matter of fact it might not be replaced by any other coin as nor of them can have a good business structure that bitcoin has established so far. However others coins should not look at bitcoin as a competitor but as a mentor.

Never say never, after all there are nearly 1000 other currencies on coin market cap, all hoping to climb the charts. There are likely to be different currencies and different blockchains for different purposes, but BTC has a commanding lead at least for now. There are many other promising alt coins out there.

To kill bitcoin too little to create a new currency. Even if it is better than bitcoin it will not have such prevalence. It's like a dollar. Everyone understands that it is the papers which do not cost anything but they're so common in the world that no one wants to fight with the dollar because everyone will lose their money.

bitcoin will not be deleted by anyone. because bitcoins are not owned by any systems and developers. there is always a new coin that appears, look at the market, it is very clear there is always a new born.
but will not be able to beat bitcoin with a short time.

There is a possibility because bigger players of bitcoin like to fork bitcoin again. The fork may happen next month https://news.bitcoin.com/another-bitcoin-fork-bitcoin-gold-project-plans-to-fork-bitcoin-next-month/
 So bitcoin may be split again. If the split coin surpassed bitcoin. I think Bitcoin is done. The new born split coin will take the place of bitcoin. But killing bitcoin is a very hard thing to do.
Bitcoin is so unstoppable right. But who knows? Maybe the one the could kill bitcoin is it's split coin. We don't know that. It's hard to imagine. But i always keep in mind that bitcoin may replaced by any altcoin.

I don't think so, Ethereum is quite better than bitcoin because of smart contract and very low block time. But still ETH is struggling to get 10% of the bitcoin price and any coins we might have in near future which will be way better than bitcoin will also struggle to gain adoption and price like bitcoin.

You can never rule out that possibility. Like everything else, something old can be replaced by something better. That can happen to bitcoin too. But I do not thing bitcoin will lose all its value when it happens. It will retain some value because there will still be loyal users.

It is possible but i think that it is too soon for bitcoin to be phased out. Bitcoin is like the founder of currency, the father of digital currency. He is the gamechanger so i don't think that there would be a better currency than bitcoin but who knows.

Better in terms of what? Transaction fees and speed? Security? Blockchain size? Scalability? Privacy? If one of those features will be implemented at expense of some of the rest, it won't be able to directly compete with Bitcoin. Look at the current coins - there are many with better privacy, cheaper fees, faster transactions, but every merchant and service use mostly only Bitcoin because it's secure and reliable - and that's more important than other features. And if some new coins would be overall better than Bitcoin, it will take a long time before people will start massively adopting it, since very new tech requires years of testing.

There's already a better digital currency created, it's Ethereum and yet bitcoin is still there on top. Please Google, Bitcoin vs Ethereum Which Is Better and you'll find all the answers you need to know.

Technology moves at a very fast pace, no need worrying yourself about an eventuality. Will cross that bridge when we get there, for now, it is all about bitcoins and the over 1000 alts competing for relevancy.

If the banks can create a currency use blockchain technology, I think they can do that.
Because when they can create a currency use platform like Bitcoin, only difference is centralization, they will apply more rules in Bitcoin and make us use their currency.

I don't think that it is possible that anyone can create new currency like bitcoin because many coins coming and going to dead  but no one getting success for bitcoin like currency.
Here we should see at the factor that what is making us to use bitcoin more than any other coin.
Here most of the people knows about the bitcoin because it is the first coin which entered in the bitcoin field, so here we have trust that we are with guinune thing and another things after it are only a type of copy.
But still here we can think that there can be a future where only the team. Of bitcoin only will be able to make bitcoin and no one because to compete the bitcoin, the new coin needed not only a new concept but a better stable technology like bitcoin have.

Bitcoin have already gained a huge community support and demand for bitcoin is growing because people are talking about bitcoin in every corner of the world as well as big media outlets are covering so much about bitcoin lately.

There are many merchants already accepting bitcoin, which will be quite hard for any other altcoin.

So no any altcoin can kick out bitcoin anytime soon.

There are several cryptocurrencie already exist that are better than Bitcoin. Have you seen Bitcoin stepped down from its throne? Nope. So an altcoin will not overtake the position of Bitcoin. Bitcoin will stay at the top even there is something better. The main issue there is the trust and the support from the community. It may happen in the future, the phasing out of Bitcoin, but it will not be replaced by a new coin. It will be replaced by an old coin.

Their are chances of taking over Bitcoin but for that the coin should be not controlled by the developers and it should be more innovative and with more technically tested. But even then if it got existed it will take more time to get recognize as you can see Bitcoin also took so many years to get success. other coins like ETH and all started good and even they got recognized so much but still as it is controlled by the developers it did not got that much value that it can replace BTC.

I agree. If a cryptocurrency better than bitcoin is created it will take time for them to remove BTC from it's place right now. BTC pioneer all the coins and most of them are used in trading in a BTC/coinX way. Most country are legalizing the use of bitcoin plus it takes time to finished the whole roadmap of a token/cryptocurrency.

This is one of the impossible thing to phase out bitcoin because it is the strongest coin of this era and those who tried to harm it are attracted toward it because of its profit giving nature, and now the bitcoin is name of faith one possibility is there if there is no one in the world bitcoin can be phased out so keep your motives high, invest and enjoy.

Its hard to say but maybe yes it can phased out bitcoins. You can see advertiser are everywhere. If the company hire a good advertiser like google, yahoo  etc anything is possible. Currently anyways bitcoin is the first digital currency and a lot of people are making profit from it , maybe they won't leave bitcoin for the sake of new currency .