Bitcoin Forum

If Bitcoin is old tech, hard to scale,  and slow transaction speed, why don't we turn our focus to another cryptocurrency which solves these challenges? Is Bitcoin just enjoying the benefits of the first? How long would this be?

Old Tech, lol. Bitcoin has only existed since 2009, the network isn’t bloated any more since it stopped being spammed by shitcoin enthusiasts Ver & Jihan Wu. The time to scale will come but that time isn’t now. Most otyer cryptocurrencies are pump & dump shitcoins, run by scammers.

There are no good alternatives. Other Blockchain-based cryptocurrencies will have essentially the same problem, maybe just a postponed version of it. They will also have a smaller community, weaker team of developers and less worldwide recognition. Then there's DAG technology that in principle promises to solve the scalability issue. If Blockchain is cheap, fast and easy at first, but it all gets harder as the community grows, DAG promises a bright future, but instead has problems on the initial stage. The problem is that people tend not to find something that's bad but might get better in the future as appealing, so while there are some DAG cryptos like IOTA, they are not getting too popular. And they have their own buggy problems.

1. The "old tech" argument is only being used mostly by shitcoiners who are desperate to pump their bags. Bitcoin is the cryptocurrency project that's most adopted, and the most worked on project.

2. Blockchains are slow, hence why we have layer 2 solutions.

3. Though I'm not 100% sure what you mean here, but Bitcoin's network is "bloated" because people actually use it.

4. Moving to other cryptocurrencies is just going to sacrifice decentralization and security for faster transactions and cheaper fees. And not to mention that most cryptocurrencies are fast simply because no one uses most of them.

5. It sure is enjoying the benefits of being one of the first, and for one good reason: because it's actually the most successful, and for good reasons.

Nobody is forcing you to use bitcoin, and I doubt the community is forced either. If you don't wanna use it then you can move one, and tried to compete with the bitcoin chain. Old or young doesn't matter in crypto, or if you want that to count, then factoring the security of the network must be included too.

Simply because something started earlier than everyone, doesn't mean it's no longer good.

Because there is not a single coins that actually solves this problem. There are coins that claim to have zero fees, thousands of transactions per second, lightweight blockchains and so on, but it all comes at the price of decentralization - you can't run your own node or it's extremely prohibitive, so you can't verify the blockchain on your own and have to trust others. This is more like a bank than cryptocurrency, and if you're going to use something centralized, it's better to pick an actual bank that might be held accountable, over a coin that can scam you any minute.

Bitcoin is hard to scale because it is secure and decentralized. There is no cryptocurrency that solved scalability trilemma yet. Bitcoin has survived because when everyone realized how important and valuable it was, it already had robust security and high level of decentralization, it is very difficult to attack and destroy bitcoin network now. If some cryptocurrency is suddenly better than bitcoin it will be very hard for it to survive the hackers attacks, because it won't be widely spreaded.

How secure are those alternatives though? And what cryptocurrency you think that solves these challenges? Fork coins? Alt coins? So I would say that stability is far the reason why people prefer bitcoin over any other altcoin we have in the market.

Maybe he is putting himself in the future where he sees bitcoin as an old tech, that's why he called it old even it has been only around for 10 years.

To be fairly honest, there are lots of cryptocurrencies that is better in some aspects of bitcoin like the speed of transaction, case uses etc. like ethereum why only people keeps choosing bitcoin because it has already a reputation in the market after being the introduced cryptocurrency, it also has 21m limited supply (the scarcity) and has more liquidity than ethereum, but on the other hand 3 to 5 years from now we'll able to see ethereum platform being adopted by various company for digital payments.

I think this is too early to say bitcoin is an old tech because bitcoin is just starting to reach the world if you already here back in 2017 only bitcoin become too famous around the world when the price goes up like a rocket at 20k. That was just more than 2 years ago since that happen around 4 quarter of the year 2017. I agree with you that there are so many new coins and tokens out there that can compete with bitcoin or even faster, lower in fees and more but still bitcoin is the best among all of them.

     Although you can say that Bitcoin truly has the benefits of being the first, that is not the reason alone why people prefer it more than other alternative coins out there. Also, there are a lot of misunderstood details about bitcoins on your side. Bitcoin is not that old. It is not that bloated. And scaling, is something that is not impossible to happen to bitcoins just not today.

     Now if I had to choose on which is the most popular reason that makes bitcoins stand to this day, it would be it's popularity. This is because if you try and ask around, most of the people will answer that bitcoin is the first crypto currency that they have heard of and the very first they used since it is more famous than others which makes it easier to get and to trade.

 I am not saying Bitcoin isn't good, my argument however is that they seem to be other faster and more scalable blockchains in existence right now.

Well, i cant deny that you do have the point but still the big support do still stick out with bitcoin.Why? Its simple.. because it already gives out on what most people do need.

No matter how many coins do pop out and claiming to have better tx speed,tx fee etc. . The community does know on which one would be main supported in the end which is BTC itself.

We can look for other alts but this one would be on the main purpose of investment.

The benefits of being the first isn't arguable anymore.
Tx speed and scaling problem with Bitcoin can be fixable, and switching to other alts ain't gonna be the solution.
If you have forgotten, Bitcoin was being created to be completely decentralized and secure. Some alts sacrifice the very fundamental feature of Bitcoin to boost transaction speed.
Not to mention 100% of alts are just a copycat of Bitcoin, trying to top Bitcoin.

Even if they try to beat bitcoin in terms of performance, they can't beat its popularity of usage. Up until now, no one has come close to the popularity of bitcoin. Ask a non crypto user and ask if he knows crypto, and they will ask if it is bitcoin? The first thing that will come up to their minds is bitcoin. And try asking about other alts, and they don't know about them. So yeah, I don't know what is the intention of the OP here but definitely btc can't be beaten yet by other alts.

In what way you can judge that Bitcoin is old tech? For me, it is still new tech and even many people still don't know about it. How can we conclude it as an old way! Anyway, until now, we cannot find any altcoins better than Bitcoin that solve all problems on Bitcoin. So, it is nonsense if we want to focus on other crypto coins. Or you already have a better coin than Bitcoin? Tell me, please..  :D

You really don't know what you are talking about I guess you can fool some newbies with this kind of marketing but not us who knows what is Bitcoin and its capability. Bitcoin is just 10 years old how could you say an old tech like that? And FYI many have tried to imitate Bitcoin by making tons of shitcoins but they always failed once they belong to the centralized digital currency.

You are wrong...
Who complaints that the Bitcoin transaction is slow? Who says that Bitcoin technology is old already?
There is no other Bitcoin than this the Old one (as you say). Yeah, we can create a lot of altcoins but not another Bitcoin.

We don't need to be FUD in here if we don't believe and trust this technology. Bitcoin is just a 10-year-old baby and it already showing great and amazing results. We have the dumps and ups but people are still happy with this, don't you ever know that? I hope you don't mind this but to consider reconciliation rather than to think wild.

There is something that always rejuvenates bitcoin, TRUST!

Trust started with just two people and now there are millions, the improvements that some ask for, may result in a loss of Trust, in fact some changes have emerged, but with all its effects, Trust remains.

Consensus is the improvement that can take bitcoin to the next level and only if necessary to improve Trust!

Bitcoin is old, yes, no one can deny that but its tech isn't old. The technology that created Bitcoin was an evolution that may change the world someday and Bitcoin is still inspiring other currencies to move forward and discover new fields. Moreover, people still believe in Bitcoin rather than other currencies because of its old age, it's truth. Time has proven that Bitcoin is truth worthy and no other currencies can take its first place yet.

Because the main Bitcoin's benefit as the first is a strong reputation. Bitcoin exists for a long time, we know that it isn't a scam and use it for the wealth storage and making payments.

it saddens me to see how many newbies like the starter of this topic have been brainwashed by the altcoin scammers into thinking like this. it is specially worse when the shitcoin that fooled them into this way of thinking is the exact copy of bitcoin with a poor design and lots of weaknesses because of the changes they made while copying bitcoin.

The Ford Model T is also old tech but it´s still appreciated as the first mass produced automobile. Bitcoin might not have the best solution underlying it when it comes to speed and scalability but it will always have the first mover advantage and the prestige that comes with it. Beside all that, acceptance is key and nobody cares about the 4281 shitcoin.

I don't consider bitcoin as old tech but I do think that Satoshi never expected so many people using bitcoin all together.
There are problems with bitcoin and I do accept it but it will always stay as a first comer in the crypto industry.

Sometimes things are created not to solve a problem but to open the gates for further advancement, to make new inventions to solve complex problems.
Satoshi did try to eliminate most problems with bitcoin but as he left bitcoin to grow on it's own it made bitcoin to lead the way and with that bitcoin paved the way for better currencies to arrive. Cryptocurrencies like ether are trying to solve many problems which is why I think bitcoin will stay and more better cryptocurrencies will be used to solve more complex problems in future.

There are plenty of altcoins.If you don't like Bitcoin just pick one altcoin and use it everyday.
That's the beauty of the cryptocurrency world.You have choice.You are not forced to use a particular currency,like in the fiat world.
If you want instant transaction speed,just use VISA or Masrtercard.;D We in the crypto world are focused on features that are more important than transaction speed or scale-security,decentralization,etc.
I don't understand your whining about scaling and speed.Are you some BCH/BSV supporter?Are they faster than BTC?

If someone says bitcoin is old tech, it means that the person doesn't understand technology. Bitcoin dominates the market from being
created until now, this proves that there is still more demand for bitcoin compared to another cryptocurrency. Lots of cryptocurrency
others that have cheaper and faster transactions than bitcoin, but that does not guarantee more profitable. In my opinion bitcoin is still
can last for the next 50 years, because bitcoin uses blockchain technology. Which blockchain technology is still fairly sophisticated,
even some countries are still studying blockchain technology until now.

Why do people still use output cars, in the 70s, 'antique' is also considered the oldest technology.

Here, someone's trust and confidence will appear in one thing that is believed to bring benefits in the future, if so Bitcoin is a crypto technology that is 'antique' never obsolete always can be traded by many people even though Bitcoin technology is old.

Bitcoin always gets, everyone's trust in the world, you don't need to doubt Bitcoin which uses the oldest technology, You can stay smooth & fast when, you make transactions in Bitcoin.

Well you have a point, Antique cars do have a value that didn't depreciate over time and it is the opposite who rises its value as time goes by. The only thing that they are different is usability, Bitcoin can still be used normally like its when first used comparing to antique cars that have the high possibility that it will break down when it's used. But I'm sure both have a legacy and good value that's why it can't be replaced by any other new technology. It's hard to doubt bitcoin especially it holds a greater value over the new tokens that have to find a solution to bitcoin problems.

Most of the altcoins claiming to be the most up-to-date technology have a single developer who might update the code repository once a week, maybe.  Then after a while, they get bored of developing a dead-end project and disappear.  

Bitcoin, on the other hand, has numerous developers and frequent updates.  It can't be "old tech" if it's updated more frequently than the gimmicky altcoin projects that fold and vanish without a trace when they run out of marketing buzzwords to throw around.

People also need to consider how useful any new technology actually is.  Someone could invent a portable machine that allows you to simulate arctic temperatures in your living room, which would be an impressive technological accomplishment.  But who actually needs that?  A lot of people don't need the supposed benefits these altcoins are claiming to offer.

I am not FUDing mate, rather I am seeking for information or input from the community

Bitcoin is the most secure decentralized currency. That's why people prefer it over altcoins that are marketed with fancy buzzwords.

It's because speed and scalability isn't the main goal in the first place; these things are secondary. What's mostly important is that the blockchain remains secure and as decentralized as possible. The reason why Bitcoin is quite slow, is that it's quite difficult to have on-chain changes to improve speed, without sacrificing security and decentralization. Hence why the devs are focusing on 2nd layer solutions when talking about scalability.

It's not enjoying any benefits of being first, all it has gotten is it's reliability property of transactions. I mean how many altcoins are there ? Many more but still none of them were able to handle the purpose of transactions with great efficiency.

I couldn't imagine bitcoin getting old, rather it will keep improving in its network, compatibility and way it works. It would be hard to say when more patches will come for upgradation or may not even come looking at it's ideal framework right now.

The final coin will be minted in 2145, it's not old yet.

Bitcoin is just the beginning of something new,usable,unique and valuable digital currency that exist in our world with modern and high technology. It was the most adopted and accepted digital currency that brings it's value higher until now. If you want to turn into another cryptocurrency, i am sure it will only turns to nothing and useless. Everything is base on demand,supply and adoption which bitcoin already gained.

Other are just copycat and if we're to shift our focus to the so called better cryptocurrency that means we will have to keep shifting our focus as better and new ones will be developed daily per se just improving on a particular aspect of the parent cryptocurrency just to profit from the supposed hype that'll be recieve from improving on already existing technology.

We stick to bitcoin because it has proven without any doubt it's intention to make the currency Industry a more decentralized and better one and not been promoted by some selfish CEO like other cryptocurrency in the market. The technology is still under development and it's been improved in when the opportunity presents itself.

We're just into the first decade of the existence of the  cryptocurrency and look how well it has done in achieving adoption and price appreciation. Just keep believing in the technology and you won't regret.

You really cant put Bitcoin out of the map considering its legacy and popularity among the cryptocurrencies out there. Bitcoin is more convenient and popular so using an alternate coin would be like switching from a smartphone to a keypad phone. I hope you get my point.

Your statement still boils down to the philosophy that suggests that Bitcoin might only be enjoying the benefit that comes from its popularity of being the first cryptocurrency not necessarily that its better than other new generational cryptos.