Bitcoin Forum

I saw a few tweets about this on one of the social media a few days ago and it made me think of something.
Will there be a viable replacement for bitcoin one day?
we know that bitcoin has been the first and only one that can be trusted (at least for me) until now but have you ever thought that there will be other projects later that can replace bitcoin in the future?
this refers to a number of things where indeed there is always something new that can replace the old and this has been proven by several cases such as when the Spanish dollar used to rule and was always number 1 for two centuries but now it has been replaced by the US dollar. For Crypto, we also know that MT Gox was the biggest Exchange at its time but for now the biggest is Binance.

I have never doubted bitcoin from the beginning when I was here until now, but my wild thoughts have always asked whether new projects can compete with or even replace bitcoin, especially with the current conditions of bitcoin, which is very difficult to pass anything.

Depends what you specifically meant by "replace".

- If you meant a different cryptocurrency replacing bitcoin as the best currency/SoV, then it's totally unlikely in the foreseeable future.

- If you meant bitcoin being replaced as the #1 cryptocurrency in terms of marketcap, then it's kinda likely — specifically, potentially overtaken by a stablecoin.

In number of users? It could be. More precisely, Bitcoin users are moving to something new.

Pound Sterling, Mt Gox, and the Spanish Dollar you mentioned ^{(but I don't know about spanish dollar)} prove that everything has its time. Certain people are able to find something that they think is important and then make other people believe that is really important and use it.

But technically, Bitcoin is still unbeaten; it may take a long time to overtake it.

If there is, it has not yet been created. As of today there is bitcoin, and apart from that there are 21,999 shitty alternative cryptocurrencies, created to try to compete with it, but they are not even close to it because they are not decentralised to begin with. And even if tsomeone tried to make a truly decentralised alternative, it wouldn't make much sense because not many people would jump on the bandwagon, as bitcoin already exists. The normal thing would be to try a fork or something as was done in the past, without much success as we have seen.

Bitcoin is too new for us to even talk about its replacement! The innovation has also not progressed that much to give us any kind of hope for a better solution to have the potential to push bitcoin down and take its position as far as real usage and real adoption is concerned.
Keep in mind that even if such new coin were created in the future it is still very unlikely for it to "replace" bitcoin, it could work alongside it though.

I think it is practically guaranteed for something like this to happen since market capitalization is very easy to fake.
It also did happen in the past at least one time (that I know of) but it lasted a couple of hours before the shitcoin got dumped.

I wouldn't say stablecoin marketcaps are easy to fake, but when talking about cryptocurrencies in general, then I'd agree. This is why the "Bitcoin dominance" metric is mostly irrelevant.

Those hypothetical questions are always tricky to answer, in theory there is nothing which could stop a better technology to eventually perform the current function of bitcoin as money in a more efficient way while keeping its ideals intact.

But we have no idea of when this could happen, personally I do not lose any sleep over this as it would not happen soon, also I do not think that such an improvement will come from one of the thousands of coins released in the market, and instead it will have to be a completely new and revolutionary concept which takes inspiration on bitcoin but that at the same time is widely different, otherwise bitcoin developers could simply add those functions to bitcoin and be done with it.

This isn't a hard law of nature. It's just an observation that humanity makes progress. I'm sure at some point in history Bitcoin would fade away, maybe the network will even effectively stop. But it might not be described as a direct replacement. Bitcoin could be used less and multiple other things could be used more.

If we think about narrower terms, like another coin replacing Bitcoin, that's highly unlikely. Historically Bitcoin always remained number 1 because it's a project that at its core is honest and doesn't have any hidden motivations. Unlikely altcoins, which are created for profit. So, anyone who truly wants to make a decentralized currency would rather work on Bitcoin then try to invent a wheel by forking Bitcoin for no reason.

I have no doubt that people should be informed, but I also believe that one should know how to find the right sources of information - in other words, bad information can only confuse you.


Do you think it is possible for a new Satoshi to appear and simply say "my project is better than Bitcoin"? People believe in Bitcoin because it is the only decentralized cryptocurrency, and this is something that no other project could do regardless of how much money, time and everything else they invested. My personal opinion is that in some distant future, Bitcoin and the whole concept of the financial system may no longer exist because people will move to a higher level of existence.

Until then, Bitcoin will exist as an alternative for those who feel that they need something like that, and whether that number of people will grow over time or not, only time will tell.

I'd take it when you say replace, as in completely removing bitcoin on its spot in most terms of it. I have seen people telling and asking the same question for years and then advertises the altcoin that they support, good thing that you've never mentione any.

Well, let's take it at the current situation of it that it's very unlikely that it will be replaced by any other altcoin.

I saw those giving explanation about quantum computers that will do something against bitcoin that shall turn its value lower and in that way, it'll be replaced by another one - I don't believe them.

bitcoins price is highly supported by a mining industry whos costs are a starting point of about $15k/coin. meaning no one on the planet wants to sell btc for less than the most efficient mining cost on the planet

for another coin to take over with sustainable price support. that coin would need to grab alot of hashpower.

it wont be some scrypt coin because they just dont have enough asics..
to achieve a sustained supported price of $15k+

it would have to be a sha256 coin that steals atleast half the bitcoin asics by mining pool jumping off bitcoin to the altcoin. and gets users and merchants to full node this altcoin more so than bitcoin

of the already existent altcoins of sha256, if that were to happen. it would have happened by now.

so it would have to be a new sha256 coin offering new features that beat bitcoins feature offerings
..
if you are talking about the meaningless market cap valuation

i can start an altcoin of 1trill premined coins. sell 0.01 coin for just a penny
and create $1trill market cap.. .. for a penny
..

if you are talking about a utility coin that has more merchant adoption and customer use.. ok see you in a few years. it wont happen over night

Will that make a difference? Bitcoin is still small to make a global impact and therefore it has not topped to be replaced, or if you mean in cryptocurrencies, the influence of Bitcoin extends to all cryptocurrencies and therefore will always remain number one, regardless of the market value that can be easily faked in altcoins compared to Bitcoin.

It is true that any technology can be replaced by a newer technology, but we are still in a stage of development for Bitcoin, and we have not reached a stage where development stops.

Yeah I was talking generally but also stablecoins check all the boxes needed for fake supply too. They are centralized and their supply is in full control of the company that issues them and on top of that they don't have to be backed by anything. Like Tether that has a high chance of not being backed by real USD 1:1 and they can issue more at any time they want.

There are majorly use cases for people who own bitcoin right now, the first set use bitcoins majorly for transaction purpose, the others have found a use for it as a way to invest their money. Asking if there will be replacement has to be directed to one aspect. Will bitcoins be replaced as the number one for use in transactions, there is a possibility as technology evolves. Will bitcoins be replaced as the best thing to invest in right now, the possibility still exist.

Speaking about the future, it is difficult to give exact predictions, anything is almost possible.

You mean another cryptocurrency will replace the marketcap value? Then yes surely it is possible.

If you mean another project copies the same PoW concept then already there are thousands but if you mean the trust then it depends, we can't find what will happen in future but with existing projects nothing js trusted enough by the community like bitcoin so it won't be replaced atleast in the near future.

Yes.  And I am not convinced Bitcoin will live forever as the best alternative to Fiat.

There were many attempts at creating an alternative before Bitcoin existed.  All of them failed, Bitcoin was able to prosper.  I therefore imagine there are new attempts every year at creating something better than Bitcoin and everything before.  We may not hear about them, but some people are probably sitting right now thinking about an even better technology.

There are still a few things Bitcoin lacks and while this does not make it replaceable now, I imagine there will be a day some body will create something like a better version of what we know today as Bitcoin, allowing the creation of an economical sphere where all flaws Bitcoin currently has are gone.

Does this mean Bitcoin is not a good investment?  No.  If something better will ever be invented and released, I doubt we will still be alive by then.  And if that is ever launched, it will be met by a lot of skepticism for the first years.  Bitcoin by then will have a very long history showing and proving its success, so anything new claiming to be better will meet this barrier of people like us who know and think Bitcoin is going to be undefeated.

The generations following us will think of Bitcoin the same way some of us thought about Gold and Fiat before they knew Bitcoin.  An asset that proved multiple times to be a safe way out of the system will offer a level of safety a new asset can not.  But will I think there will be better alternatives sometime in the distant future?  For sure.

-
Regards,
PrivacyG

You won't be the first, certainly not the last, to ever ask that question.

That's why anything that isn't Bitcoin is called "alternative". They almost all of them thought they could be the replacement for Bitcoin. At least coins like Monero and Litecoin were honest in what they wanted to do, true alternatives (one anonymous, which Bitcoin isn't, the other had no pretenses and just wanted to be a cheaper Bitcoin).

All the rest, pretenders to the crown. Even Ethereum people learnt not to compare the two with the abortive "flippening" of 2017.

bitcoin
2009-2014
seen by its users as a currency.
legally treated as private property

2014-2017
seen by its users as a investment asset .
legally treated as currency

2017-2021
seen by its users as commodity asset.
legally treated as investment asset

2022
legally treated as a commodity asset

a commodity being a base product used in the creation of other products

so here we are bitcoin in 2022
where the main net is commodity and producing sub networks (of mixed) currencies(ingredients) with other networks (to become products)

but right now this mechanism is not secure. the pegging mechanisms of the subnetworks can be broke. especially on the subnetwork side of the ramps to and from networks
as seen many times by the subnetworks and sidenets of many coins.

the current "products (child networks) of bitcoin and foster kids of bitcoin are not secure, not bug fixed and not have the same trust as bitcoin.

however

bitcoin has the potential to strengthen those mechanisms in the future..
and could result on strong child networks(products) in the future..

but bitcoins real strength and value is not in those sub networks.
bitcoins strength is in its utility "onchain"
we should not be letting corporate sponsored develops disable or limit bitcoin features just to establish better offramps to other networks to push users towards. we should be trying to keep bitcoin relevant and useful for people to use onchain.

yes make secure and stronger features for bitcoin to expand upon for utility outside the network. but not at the cost of making it congested, burdensome, expensive and annoying to use the network itself

we should not sacrifice the mother to spoil the unruly. neglected and untrained child

I don't think another project can replace Bitcoin because Bitcoin still remain the king among other projects in the community which will be difficult for other new or old projects to replace Bitcoin. Even though, there are new projects in the land, bitcoin will still remain on top of the valuable coin people will like to invest their money.

Since you never doubted Bitcoin from the beginning, you don't need to doubt bitcoin in this bear season that is about to leave the market for bull market to continue till next year before bear will come back.

It depends on what do you mean by the term replacement.

If you are referring to it as the most trusted cryptocurrency, I don't think that there's any that can surpass Bitcoin. I mean it's the first cryptocurrency created, and it has gained the trust of every investor of it. In terms of usage, there might be something in the future that will surpass it. In terms of market cap, I don't think that there's any as well.

We are in a digital era and TBH, technology is slowly upgrading as years go by so there might be a chance that Bitcoin might get replaced by some other crypto in the future. We don't know if it will happen or not but right now, Bitcoin can't be surpassed in terms of trust, market cap, usage and popularity.

I like Bitcoin and I wanted it to stay on top but I also believe that the only permanent in this world is changing.  There is no fixed thing in this world.  Everything has to be updated, changed or replaced.  I believe in the future Bitcoin will be replaced by a better currency, but when and who will create it is still unknown.  In terms of being top of the market cap, of course, it is possible that it can be replaced by another higher market cap coin.  Development continues so with the advancement of technology, the once advanced feature of Bitcoin will become obsolete one day, just like how barter was replaced by currency, physical money by digital money, and so on.

I think i came across a thread as well of recent that ask about this same thing if bitcoin will be replaced but OP you need to understand that what we have as at present is bitcoin and ever since the invention of this there have been alot of altcoins coming in and out to create something similar to it but all were centralized, bitcoin has not yet witnessed a counterpart for now and no any other form of digital currency be it cbdc, crypto projects, altcoins or tokens and that is why bitcoin has an ever increasing value despite it volatility people were still in search for it over the internet, they want to know, learn and invest in it because it's the present time world financial  economy solution of decentralization, which is absolute freedom and no other form of currency aside bitcoin comes with such.

With the current conditions, actually I also answered this for myself, but indeed I am still not very satisfied with the answer I have, even though I also know that bitcoin is still in the ongoing development stage and maybe even will continue to exist until I am old and not even in the world because they will run out in a century to come but when this answer is only me who answers it doesn't feel very complete in my opinion so I need someone else who convinces and your answer adds confidence in me.

This is a point that I am aware of in this case because indeed we live where everything always refers to progress in all fields but on the other hand we are still thinking whether there will be a point where bitcoin will disappear because looking at the current conditions and for the progress of bitcoin which is getting more and more well and its development continues to make a real splash is it possible that the word "lost" will happen? So what will happen to the many people who are even willing to call this their religion, even though I'm not that extreme, my thoughts are getting wilder and wilder.


This is my fault maybe because in this case I always look for several sources which are sometimes not very clear on the legitimacy of these sources which makes me more confused because of thoughts that keep floating. and maybe I will make another filter to find information later so that it will minimize other wild thoughts.

As for this I'm not sure because it refers to Satoshi now he also doesn't even say anything because indeed confessions about good things have to be from others not self-confessed and I don't even hesitate to say it's a mistake if someone admits that the project is superior to bitcoin without any real proof there.


Thanks for your feedback, I'm very satisfied with some of the answers provided and I'll probably lock this thread so it doesn't lead to other wild thoughts.

Really? After so much bitcoin is going through and we are going to talk about this straight to the face of Bitcoin.  :D
Nah, I dont think so there are any capable projects. There is no way they gonna replace it because bitcoin is like tried and tested coin which is #1 since then and ETH was on who went very close to it but Bitcoin jumped 100 steps further from it and went up crazy up in terms of valuation. As you know if anything is precious then people will always find a way to posses it and that's what bitcoin is going through. It has already created unprecedented amount of attention and it's gonna increase more as move further. There is no way any project will come out of thin air and cross all the phases of life that Bitcoin lived!

^Inshort, only BTC has a real decentralized feature than the others.
I don't know what is replacement OP talking about, it is a replacement that means BTC is become totally vanished?
I don't think so, BTC will remain always the number one digital currency, for how many years BTC has existence and beyond that how many coins/project that has been created for the purpose of alternating BTC functions, but most of them has remained altcoins and BTC cannot be replaced.
My answer is no, there is no one the same on BTC that can replace it.

It is possible that there could be a viable replacement for Bitcoin in the future. The world of cryptocurrency is still relatively new and evolving, and it is difficult to predict with certainty what the future holds. While Bitcoin has been the first and most successful cryptocurrency to date, it is possible that new projects and technologies could emerge that could compete with or even surpass Bitcoin in terms of adoption, functionality, and value.

However, it is important to note that Bitcoin has a large and dedicated community of users, developers, and investors who are committed to its success and continued growth. In addition, the technology behind Bitcoin, the blockchain, is a proven and secure platform for digital transactions and has been widely adopted by other cryptocurrencies and industries. These factors make it unlikely that any single project could easily replace Bitcoin as the dominant cryptocurrency in the near future.

Ultimately, the success or failure of any cryptocurrency, including Bitcoin, will depend on its ability to solve real-world problems and provide value to its users. As long as Bitcoin continues to meet these criteria, it is likely to remain a viable and trusted option for investors and users.

A few years back we hadn't imagined we will see Bitcoin this way. But Bitcoin ruled digital currency though there were exist some other fiat digital currencies. So it's hard to forecast what will be the near future. If you talk about truly decentralized currency then I don't anything can be replaced with Bitcoin. Because till now all other currencies aren't truly decentralized anyway.

speaking of wild thoughts. just for a laugh

the tulip craze of the 1700's happened

its now 2022 and i can still buy tulips in my local florists/garden centre, they still have value and still make businesses profit by selling them