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Author Topic: Realistically does bitcoin have any competition ?  (Read 6091 times)
edric
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September 23, 2015, 11:50:10 AM
 #141

I understand there are 600 other coins and that banks might be involved in trying to put in place there own mechanisms based on the blockchain but now that bitcoin has become as big as it has is there even a 10% chance that anything could replace bitcoin in the next few years.

I think it's much higher than a 10% chance.  Yes, Bitcoin is a propelling proposition, given the limited supply and the amount of people willing to pay to have a share of the it, but you might be underestimating what the central banks and other centralized powers will do to take control as far as a global currency goes.  If fiat currencies become unpopular, and people resort to gold and bitcoin, who knows what governments will do to control inflation.

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September 23, 2015, 11:53:32 AM
 #142

The powers that be seem to be finding great success is regulating Bitcoin to the fringes and making it impractical for use as a mainstream currency. Couple that with the fact there's been no major improvements to the protocol since 2009 or 2010, and you have a recipe for disaster.

If core can't agree on a single 1-line code edit, how can bitcoin possibly compete in this world of rapid technological change.

"The Internet unshackled information, Satoshi Nakamoto unshackled money. And money makes the world go round."
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September 23, 2015, 01:46:07 PM
 #143

It has lots of competition, obviously, but within the digital world itself? I would say very little. It has dominated this space.

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September 23, 2015, 03:19:03 PM
 #144

Cash!   Smiley

Lol indeed. I miss the feeling to have money in my pocket. That's way I print paper wallets to got that feeling.
mallard
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September 23, 2015, 03:39:25 PM
 #145

Couple that with the fact there's been no major improvements to the protocol since 2009 or 2010

Do we really need any major changes?
BillyBobZorton
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September 23, 2015, 06:36:48 PM
 #146

It has lots of competition, obviously, but within the digital world itself? I would say very little. It has dominated this space.

Mention me a single coin that is competition to Bitcoin? Not even the XT fork was any competition. I don't see a single reason to use anything but Bitcoin (and solving the discrepancies inside Bitcoin Core through BIPs). Maybe Ethereum, maybe, could have a solid reason to exist in the future, and it wouldn't still be competition, ETH and BTC would compliment each other.


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WestHarrison
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September 23, 2015, 06:51:30 PM
 #147

Has anyone seen this GNU Taler thing? They say make pretty big claims taler.net
gentlemand
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September 24, 2015, 03:25:19 AM
 #148

Has anyone seen this GNU Taler thing? They say make pretty big claims taler.net

Never heard of it before now.

Sounds like yet another tokenised fiat payment system with some bells and whistles like every other supposed 'Bitcoin killer'. As ever it's not the same thing at all. Maybe a Ripple killer but I've no idea how Ripple works so wouldn't know.


stingers
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September 28, 2015, 03:33:14 PM
 #149

Couple that with the fact there's been no major improvements to the protocol since 2009 or 2010

Do we really need any major changes?
Exactly, changes are taking place whenever they are needed and we dont do major protocol changes just for fun.
Febo
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September 28, 2015, 07:13:56 PM
 #150

I understand there are 600 other coins and that banks might be involved in trying to put in place there own mechanisms based on the blockchain but now that bitcoin has become as big as it has is there even a 10% chance that anything could replace bitcoin in the next few years.

Bitcoin is nowhere yet. Maybe have 10% chances to actually replace something . Forget about something to replace Bitcoin.

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Mickeyb
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September 28, 2015, 09:15:57 PM
 #151

I understand there are 600 other coins and that banks might be involved in trying to put in place there own mechanisms based on the blockchain but now that bitcoin has become as big as it has is there even a 10% chance that anything could replace bitcoin in the next few years.

Bitcoin is nowhere yet. Maybe have 10% chances to actually replace something . Forget about something to replace Bitcoin.

Bitcoin doesn't need to replace anything, well except Western Union. There are huge gaps in the today's financial markets that Bitcoin can easily fill and even improve some current solutions.

This being said, Bitcoin still has to improve a lot and earn a lot of trust in order to get a chance of doing so. The road is still long ahead, this is where I agree with you!
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September 29, 2015, 02:06:29 AM
 #152

Quote
Realistically does bitcoin have any competition ?
Nope.

Remember Aaron Swartz, a 26 year old computer scientist who died defending the free flow of information.
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September 29, 2015, 05:37:45 AM
 #153

Bitcoin never felt having any competition, but I think the governments and the banks do. Thats why they always trying to compete bitcoin with creating their own cryptocurrency and blockchain technology.
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September 29, 2015, 07:06:20 AM
 #154

Has anyone seen this GNU Taler thing? They say make pretty big claims taler.net

seems a big joke what i've just read

"taxable" governments can trace the revenue of their citizens, then they say that it is "anonymous", how the hell something that his traceable is anonymous?

also it is centralized, and everything centralized isn't revolutionary to me, it's fiat garbage clone

http://taler.net/#
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September 29, 2015, 08:05:52 AM
 #155

Well here goes another competitor down the drain or at least they are in the deep s**t. Ethereum's Vitalik just announced that they are nearly broke! How did they manage this, I don't really know!

https://blog.ethereum.org/2015/09/28/the-evolution-of-ethereum/
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September 29, 2015, 03:39:33 PM
 #156

Well here goes another competitor down the drain or at least they are in the deep s**t. Ethereum's Vitalik just announced that they are nearly broke! How did they manage this, I don't really know!

https://blog.ethereum.org/2015/09/28/the-evolution-of-ethereum/

That's depressing, I think this is because the Bitcoin price halved instead of Ethereum failing.
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September 29, 2015, 03:53:19 PM
 #157


That's depressing, I think this is because the Bitcoin price halved instead of Ethereum failing.

Them of all people should've accounted for crypto volatility.

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September 29, 2015, 04:01:43 PM
 #158

Bitcoin faces no competition from other decentralised cryptos. Its competition is banks stealing the blockchain technology and make there own centralised version of a crypto. They have money, clients and government support. Will be tough for bitcoin when bank cryptos get off ground.
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September 29, 2015, 04:11:31 PM
 #159

Bitcoin faces no competition from other decentralised cryptos. Its competition is banks stealing the blockchain technology and make there own centralised version of a crypto. They have money, clients and government support. Will be tough for bitcoin when bank cryptos get off ground.

Nope. They're perfectly happy with their existing currencies and no retail bank in living memory has ever created a standalone currency. They'll use all the blockchain wonders to make existing currencies work faster and smoother.

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September 29, 2015, 04:16:26 PM
 #160

Bitcoin never felt having any competition, but I think the governments and the banks do. Thats why they always trying to compete bitcoin with creating their own cryptocurrency and blockchain technology.

Banks view bitcoins as threat to the fiat currency, if we look at the present scenario than bitcoins doesn't have any competition but the things would not be the same in the future, bitcoins will definitely face some competition from new currencies in the future and the fact is that bitcoin can never replace a major currency it would be used only as a secondary currency.
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