Bitcoin Forum

Hi,

So Bitcoin has issues like speed of transactions and energy consumption.

As there is no 'team' behind bitcoin, how is it going to develop and make sure it is always competing with newer coins?

There are alot of coins resolving these issues and people are buying into them, but why if bitcoin is considered No. 1 ? Is there a possiblity the  new coins could be linked with bitcoin or that  future bitcoin 'integrates with them and  their technology which therfore increases their prices?

Trying to understand this universe!

Thanks in advance

L

There is no official team because no one owns or control Bitcoin. But there are groups (like the Core team that maintains the Bitcoin Core software) that "work on Bitcoin" and suggest/implement new features on it.

For example, SegWit was implemented on Bitcoin 2 years ago, suggested by some Core devs: https://github.com/bitcoin/bips/blob/master/bip-0141.mediawiki

What exactly do you mean with "linked"? I would say it's unlikely, while possible in a technical way.

I don't see bitcoin merging with an alternative coin but as they will improve their blockchain to make it faster and consume less energy

I'd suggest you take a look at and maybe try to test the lightning network of bitcoin to see how it works as it means you can send a transaction that confirms in a second...

We also have omni which afaik is the smart contract solution for bitcoins blockchain.

Bitcoin has no team or owner for a good reason. It's meant to be a decentralized coin that goes against the banks and government's way of thinking and if there was someone who owned and was able to control the technology, it'll be no longer be decentralized.

There are multiple core BTC developers though that work on Bitcoin Core, and they help implement new technology and ideas into the system, with the latest change being the lightning network.

Yes. I agree. BTC will never merge or form with another coin, especially if it is a centralized coin because a lot of the developers won't agree and implement the new technology.

   Bitcoin is an open-source code project, while there isn't any centralized authority behind it, there are many contributors who help maintain the project so it can be up to date and functional. Bitcoin is number one because it is the foundation of the whole scene. It was Satoshi Nakamoto's proof of concept for demonstrating the blockchain use case. Bitcoin is the pillar that all other cryptocoins of today cast their molds from (hence, why the whole project is open-source to begin with) It is the prototypical cryptocurrency being the first of its generation, Ethereum being a second with the introduction of the smart contracts.
   the real beauty behind everything is the unity that brings all walks of life together in this digital age.
  

I believe all have an solution and for me energy comsuption isn't an issue as long as bitcoin transaction functions in good condition and give fast service transfer funds. About new to be link in bitcoin we can use local bitcoin as alternative use for local transactions but im not sure the good effect for this suggestion.

Bitcoin has a team but no owner. The team of dedicated miners and programmers are helping the bitcoin ecosystem. No other coins whether old, new or in the future can take over bitcoin. As for the speed of bitcoin transaction, works have been done in this area and more work are been done.

Why is it that bitcoin's confirmation time is still a problem to others? I don't find it slower these days and in fact the speed has improved a lot.

no, not a single coin exists that has resolved any issue without creating a dozen new ones. for example they "increase speed" or more precisely decrease the time between blocks but that increases the orphan rate and decreases the security. they increase the block size and that increases centralization, propagation time, resource consumption,...

well don't confuse speculators "temporarily" buying a pump and dump coin with real "adoption".

no bitcoin is standalone and will not "link" to any other coin.

we have core developer team and a few contributors supporting "Bitcoin"
any new implementation will have to go through and approved by user consensus

what issues do other coins solved?
if it is good solution without side effects, bitcoin will adopt it with (of course) network consensus
and people buying those altcoins are usually for profit taking purposes
if one of those altcoins is really superior than bitcoin, then it would have taken #1 spot in crypto world

Bitcoin is unique, and there will never be another equivalent coin - the resistance to 51% attack possibilities ensure that. Because of this, it doesn't have to compete with anything, and the 10 minute block generation average is an advantage, and not a disadvantage.

As a possible improvement in Bitcoin, I always liked Lighting Network. However, when it will be implemented is 100% unknown

this is a subject that has been discussed many times and for years, I see no reason to talk about it


In addition to what people have already answered, have you ever seen any altcoin have the same success bitcoin has? it's not bitcoin that is competing with altcoins, it's the altcoins that are competing with bitcoin


there are many shitcoins, meaningless projects

Bitcoin is #1 because it has the strongest blockchain behind it. Many of those "alot of coins" would fail if they would become used and valuable. But as they are now, they can be testing ground for this or that.
Bitcoin will not integrate other coins, but can take ideas from them (if they are indeed super great and useful).

Other coins' prices will increase only if those coins will become stable, useful, more mature.

Most people don't realize that Bitcoin is #1. Why aren't they aware? because they don't have bitcoin from the start, they only focus on coins that they think are quite good from bitcoin but see if the coins they think will be there if bitcoin isn't the first.

Bitcoin is 10 years old and new coins have emerged for the past 10 years. But look, is there a coin that is integrated with bitcoin, even though the coin is considered better than bitcoin. Well the answer is no, because bitcoin will remain the first and the nature of each coin is unique

Its great that Bitcoin can evolve and adapt then and remain decentralized!

So my question is why are people bothering to buy alt coins that currently are more energy efficient and faster transactions if Bitcoin will eventually implement these ideas and remain the true currency?

Coins like ZCOIN with their minting , and POS coins that dont rely on mining. If bitcoin will eventually implement the best ideas why are people buying? Does their value go up if bitcoin integrates their tech?

Why do you need a new bitcoin if you have an old bitcoin? Isn't that enough for you? We haven't learned enough about what we have before embarking on something new

It's true that it's more or less about balancing advantages and disadvantages when it comes to solving issues like scalability. However, IMO DAG is unfairly overlooked by the crypto-community. Sure, it's not without its own problems like serious centralization issues at early stages, and many bugs (the latter could be solved by more well-skilled people working on it, I guess). But it's better from the long-term perspective, because the hardest stuff is at the beginning, and as the community grows, the fees, speed and centralization issues disappear. I still hope IOTA will get its deserved attention someday.

Its great that Bitcoin can evolve and adapt then and remain decentralized!

So my question is why are people bothering to buy alt coins that currently are more energy efficient and faster transactions if Bitcoin will eventually implement these ideas and remain the true currency?

Coins like ZCOIN with their minting , and POS coins that dont rely on mining. If bitcoin will eventually implement the best ideas why are people buying? Does their value go up if bitcoin integrates their tech?

the main idea of bitcoin is that it is decentralized and there is no single entity or organization that control it
it doesn't mean that there is no team working on improving it and adding functionality
take the Core team for example , BIPs can be proposed  by others
and the introduction of LN helps alleviate the transaction speed problem , so bitcoin has no need to "merge" with any other coin
its the so far, unreachable number one, the gold of cryptocurrencies - you would not wanna mix gold with cheaper metals

People buy altcoins mainly for the profit the same goes for bitcoin even though they're more accepted than altcoins. I don't think having faster transactions or less block times will be implemented in Bitcoin in the near future because there could be more disadvantages to it. Implementing the ideas from altcoins won't increase their value, most altcoins usually get their value from bitcoin.

I don't think that bitcoin needs to adopt a new coin. Since bitcoin is already a coin and BTC has its own purpose. Altcoins are invented because there are also key features that they want to adopt and change in bitcoin. Yet, bitcoin works without them. In fact, it can be have bitcoin without alts but alts can't exist without bitcoin. I really believe in bitcoin specially that it is the foundation of cryptocurrency.

I don't think bitcoin will adopt new coins because its not that necessary when I can attest to the fact that bitcoin is independent and can stand on its own now. Aside that, its the most popular and the top leading cryptocurrency in the crypto business as at now hence adoption of new coins isn't that necessary.

You said there are lots of coins coming up with better solution, please where are they and what the adoption rate is. This is over 4 years now that the first altcoins that promised a better solution to bitcoin technology was launched, and till date, they still have never succeeded in doing so. All these things you mentioned are in every altcoins system also, tee reason why they are just so is because they have not had the volume and transactions that bitcoin has had.

Recently, a mate complained of Litecoin transaction fee getting high, and that was just because of its halving that is approaching, making lots of transaction occur, but you see them already experiencing what people complained about bitcoin, those coins you mentioned are just fast because they have never witnessed 1% of bitcoin transaction, not because they have a better speed or fee.

There is a strong developers community behind bitcoin that tries to improve the chain.
Even if there is not any official foundation behind bitcoin, there are many believers that they try to make Bitcoin better. However, I don't think that there will be any coins linked to bitcoin as there is not any direct benefit for bitcoin from that.

Before you even ask for a solution make sure that your problem is already existing or at least even reall. Because what you are saying now is the only thing most people see in mass media which we already have debunked or at least provided a solution now. For example the speed and even the price of the transaction is already solved by the introduction of the lightning network. The energy problem can be quickly be solved by the use of renewable energy.

Actually, there are some existing alt which really got a great platform and vision that somehow beat btc on such matter. However, all of us is up to the price and taking a look on the essence of the coin is just the second option. I'm not a hypocrite ro deny it and I know you are thinking the same way even withpit admitting it. That's the reason I think why the rest of alts in the market can't get even close to btc, it's superiority can strongly influence us up to extent that we can no longer leave it. If we will compare our life in crypto world to the vast sea then this could be the scenario. We, fishermen, choose to chase the biggest catch. We prefer catching a fully matured salmon rather than a baby bluefin tuna. In short, we tend to look and stick on the coin which got the highest value at this moment not knowing that the coin we rejected could be greater than the other one if it was only given a chance :).

We clearly know and are known by all, that bitcoin is indeed still the best and number one. and it is not denied, many have grown new coins and are also quite good but they are still dependent on bitcoin movements and cannot stand alone. still difficult to be able to replace bitcoin remains number one.

Bitcoin is undoubtedly the pioneer of the cryptocurrency market, but today Bitcoin cannot be considered the most profitable and invulnerable from the point of view of competition.  One way or another, the cost of Bitcoin transactions is still high, if you do not worry about transaction times.  But the period the Bitcoin moves on the network is still too high.  Although getting out of this, you need to work on other coins in order to try to implement Bitcoin ideas in other possibilities.

No matter how promising new coin can be, bitcoin will still be at the king of all cryptocurrency. If you can't afford bitcoin transaction fee, there are still profitable coin, that has low transaction fee to invest on. It depends on the market price

Why the need to merge, when Bitcoin is the one that started it all and we all know some early coins are just a clone of Bitcoin or fork of Bitcoin, Bitcoin is a stand-alone coin, it can take care of itself no need to merge to a new coins and if there is merge what coins will those be.

If someone expresses a negative opinion about Bitcoin, or maybe gives examples of other altcoin, which in his opinion will be somewhat better than Bitcoin, then this will undoubtedly cause a wave of indignation among Bitcoin fans.  I think that no one in my opinion wants to take away the Bitcoin Glory and its merits to users and the cryptocurrency market in general, but we must nevertheless admit that there are certain factors where Bitcoin passes to other cryptocurrencies.  I want to give an example of the Doge Coin coin, which was generally created as something that contradicted Bitcoin and as a mockery, but nevertheless this coin is highly valued in practice among cryptocurrency users and makes it possible to even use it as a means of payment, which was originally expected from Bitcoin  .  Nevertheless, we are still at the very beginning of the development of the cryptocurrency market and it is very difficult to predict what awaits us in the future.

Bitcoin, no doubt, needs to be improved. Now, probably, there is no longer a coin or even a token with such low scalability. However, mixing it or merging it with other types of cryptocurrencies is not a way out of this situation. After all, this will not be the same bitcoin anymore. Then they will rightly say that Bitcoin was deliberately destroyed. Original bitcoin must be kept clean. If someone wants to improve bitcoin, they usually make a hard fork with the formation of a new fork detaching from the bitcoin.

I don't see any issues. It's you who sees Bitcoin as slow and energy consuming. I see it as fast because it is much faster than my bank and I don't care about its energy consumption because it's paying for itself. It's not stealing energy from someone but using what it can afford. When it's not worth it for the miners they will stop paying for it and you can sleep well knowing that now your bank is using all that energy.

Bitcoin gains legitimacy, larger scale investors, and more adoption. The current value of bitcoin is largely driven by speculative interest. Bitcoin has exhibited characteristics of a bubble with drastic price run-ups and a craze of media attention. But speculative interest in bitcoin, we assume, will decline as it achieves adoption. These assumptions are can be the causes why bitcoin is on the top.

I think that is highly unlikely. BTC should come up with its own solution, like the lightning network. Linking and merging with another coin would likely damage its brand more than it could ever help its technology.

Just like what others have said, bitcoin has no team managing it because it is bitcoin. Besides, what you are saying is a problem that isn't even called a problem. The development of bitcoin as a coin itself is managed by different contributors who would want to develop bitcoin to a brand new age. Besides, bitcoin stands as the forefather of most coins and can be seen as the one who depicts whether other coins would rise or fall. Saying that bitcoin has issues means that the pillar that stands tall above other coins is just a piece of wood and not really something people would call a "pillar".
Also note, bitcoin isn't competing with others. Others compete with bitcoin. They try to surpass what bitcoin did and so far, they could do nothing but just stand and watch as bitcoin is still the overlord of cryptomarket.

There is no dedicated team which owns the complete blockhain or has the power to control the whole network but there is a team of core miners who are dedicated towards blocks mining and improvement over the network. These are rewarded for their work directly through the BTC mined by them while mining blocks of Bitcoin. Moreover if there is a new coin emerging out of bitcoin and there are a number of core miners who support it then BTC is generally hard forked by creating a new coin and splitting it in the same ratio. This new coin is transferred to an altogether separate blockchain. Bitcoin Cash & Bitcoin Gold were two most popular hard forks and after that there was a series of that. So this is how bitcoin gets improved.

At a point some of us felt Bytebal was the replacement for Bitcoin as it gave Bytebal a grievous chase in price. But that expectation soon died. Then cane the first fork and BCH was born out of Bitcoin. Nothing changed. It conveniently played second fiddle to Bitcoin. What about ETH? They've all failed in that regard. However, I do not still think that Bitcoin will want to adopt anything for anything.

Bitcoin is currently still in mining and the total supply is still quite large in proportion to the results of mining today. so for what new coins if the main is also not finished and is still expanding, maybe other innovations might be there like hardfork with new implementations and new features, and compete with bitcoin it's still possible. but for bitcoin itself I don't think thats gonna happend.

I think bitcoin will never be a team in different coins because they have different ways and different price in the market. Bitcoin do not belongs to anyone except of course the person under the pseudo name of satoshi nakamoto. If there will be new coin then it will process on its own and not as a part of the bitcoin.

I think you point out the altcoin because newer coin will get value when there are a lot of investment and it is hard to success like bitcoin in the newer coin because some are artificial coin which they use for a single time then it shows that the coin will be at the trash but I think the project was success but not the coin.

maybe now people don't want to invest with new coins especially they often see now new coins issued in these months can be said to be defeated by bitcoin market prices maybe if we look at the technology the possibility of new coins is more sophisticated than in bitcoin but bitcoin investors in my opinion don't think they will stop with bitcoin because they are very sure that bitcoin is the future.

Where are all the coins that claimed they were better than bitcoin and were going to kill or replace bitcoin? Most are in the grave now sending investors to a solitary life. Bitcoin has a dedicated communities and the support continues, they don't employ any, new coins do employ developers and still go bankrupt.

We all know that bitcoin is decentralized meaning there are no organizations or any groups taking care of it. And I think why bitcoin is considered number 1, is because bitcoin is the most used cryptocurrency than any other cryptocurrency, and I think it is the first crypto ever made that is why price and volume are dominant than any other cryptocurrency. In terms of prices, we cannot predict what will happen in the future but we should still support and believe that bitcoin can survive that long. As we have seen that bitcoin survive from the downfall in the last couple of months, and as of now it is recovering and I hope that bitcoin will hit the market again just like what happened in 2017.

They just are just making fake claims, How would other crypto tokens/coins defeat bitcoin. We know bitcoin is the one standing on top and most of the tokens/coins in the market are pairing with bitcoin. I don't know if they pertain to value. But if they are pertaining to the value it's possible but bitcoin will be always number one, especially that bitcoin influence spread out through the world.

That's too harsh on developers and yes we know for a fact that bitcoin does not adopt any new coins as bitcoin is not in need of any particular coin to survive wherein the fluctuations in the value of bitcoin affects the entire market. Altcoins still has a long way to travel before discussing about any sort of deal with bitcoin. Bitcoin don't need other coins but other coins need bitcoin for their survival.

Bitcoin is the most powerful coin. There’s no doubt about it. As you can observe, a lot of coins are now falling but bitcoin still remain at the top thought its price is no longer high like before. Nevertheless, I do not think that bitcoin will adapt new coin.

Bitcoin has no organization, company behind it and thus adopting a new coins is just like forking bitcoin. Everything is decided by the community through a consensus. During the consensus each voices and suggestions are being heard and being voted upon. If the position of adopting new coin to replace bitcoin will prevail then that possibility may occur. But based on the previous consensus bitcoin loyalist are super solid and will never replace bitcoin.

You need to dig further, bitcoin is a complete coin, if it is not there will be no cryptocurrency to speak off and it's not going to be the number coin in the market right now, at this point of time, talks about replacing Bitcoin should be out now, we are progressing in adoption let people coming get into Bitcoin first, this is so far out biggest attraction so far for new people who would like to explore Cryptocurrency.

I never thought that bitcoin would adapt to new coins, because I believe that bitcoin still remains.
I agree that that will not happen and bitcoin will still be the best and most expensive to date and is still being sought after.
although maybe bitcoin will go down but I believe at the right time bitcoin will rise again.
I believe that the time of increase will occur at the end of this year until 2020.

I think bitcoin will never adopt other new coins because basically bitcoin is made with a limited amount although there are some disadvantages such as the speed that is a bit slow when sending bitcoin but many people we see today are still very interested in bitcoin even though there is a problem of speed when sending not like other coins like xrp which have fast delivery speed but they are not very attractive with xrp coins even though they are superior in the sending system.

It is an interesting point of view. I don't think a new altcoin will be linked to or merge with Bitcoin in the future. It seems to me as a very far probability. Besides, I believe Bitcoin will continue to develop itself just as it has done until now.

I don't think it will happen too, as new coins has been developed in unique way too, and we don't know who is the real founder of Bitcoin, so I doubt it will happen and that we are good for that merging. But, for sure a lot of new crypto will try to compete with Bitcoin and will try their best to be on top.

I think he means if Bitcoin can intergrate technology like mimblewimble, as Litecoin will probably do in the future.
If there is consensus tech will be intergrated, there are a few limitations though.

Bitcoin is already an established cryptocurrency, there's no need for it to append itself to other cryptocurrency. What is happening is that, other crypto enthusiast are those who are associating their coin to bitcoin, such as the Bitcoin Cash, SV, and much more. In that case, they can benefit from its name to gain fellow supporters and hodlers. When it comes to bitcoin being slow, I don't perceive it could be a problem any more since the lightning network already solved this problem.

Bitcoin will adopt every new altcoin every time, new altcoin become part of bitcoin if success listing on exchange market and have trading peer with bitcoin or ethereum, when listing on big exchange market excatly new altcoin become part of bitcoin where investor can sell or buy using bitcoin peer. New altcoin have been success with sale investment and listed with big market.

Bitcoin cannot be integrated to other altcoins. They are using different blockchain technologies, some are more advanced than bitcoin has. I think what you're trying to convey is that bitcoin would adopt what other coins have 'features' in them and implement it to bitcoin. While this is not impossible, adoption is slow and better because it's good for decreasing risks of exploits, rather than adopting fast and increasing the risk of breakdown of the bitcoin blockchain. Always remember that new technologies comes with a risk, so developers need to plan and polish it before implementing it to our current blockchain, because if it goes wrong, it may be the starting point of bitcoin's death if not resolved.

what is so great about bitcoin?

Indeed, each coins got their own features and advantages and these cannot be shared to one another. So if you find bitcoin not practical because of its high transaction fee or if you find it slower then you are free to switch into other coins. But for me I'm still contented with btc's performance so far but honestly I might switch into eth or xrp on the upcoming years.
Is the Price enough to say it was great? ::)

Well, I don't think that bitcoin will adopt new coins because they might find another way to be able to consume lesser energy and also make their blockchain faster rather than adopting new coins instead. Yes, there are too many altcoins but they had different features and different ecosystems had built. But they use bitcoin as a pair of trading when they are listed on the market, seems like what happen to Ethereum.

So, how do you think other coins were created? Most of them are based on Bitcoin protocol as it was recognized as a perfect one, so it's logical that other coins are connected to Bitcoin.

I think you should go and look for the whitepaper of Bitcoin to help you understand some things about bitcoin.
That will help you to  avoid asking this kinda question in the future.  This just tells me that you don't really understand anything regarding bitcoin and its blockchain network.

Is Bitcoin competing with new coins right now? So far Bitcoin dominance is still 66%, Bitcoin is  decentralized so don't expect a central figure or a main office for it, unlike altcoins where there are offices and developers controlling the direction of the coin, the whole community are the one developing the direction of Bitcoin and that's what makes it unique compare to altcoins.

Maybe you mean hard fork? bitcoin changed their block system to bitcoincash. I think because it comes from bitcoin hardfork, the concept is to become a crypto that is still of high value. I think to make crypto with a different concept, cannot be done by bitcoin.

Blockchain technology keeps improving all the time, all that is needed is to improve the network on which bitcoin transactions are performed. There is no need for new coins to be linked with bitcoin to improve transaction speed or as a means to reduce energy consumption that comes with the mining of bitcoin.

Yes, bitcoin is bitcoin, and i think it will something like gold, for fast transaction will use something else, maby new crypto currency based on neiro blockchain tecnology)

Every cryptocurrency on the market is decentralized. So, Bitcoin will compete with newer coins on an equal basis. Also, there is not any cryptocurrency that is linked to Bitcoin and I don't think there will ever be.