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Author Topic: Realistically does bitcoin have any competition ?  (Read 6074 times)
PolarPoint
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September 29, 2015, 04:25:39 PM

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.

Banks are not looking into creating a new currency, they are creating a new crypto in fiat units to gain the advantage of a secure fast moving payment and clearing system.
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September 29, 2015, 04:26:08 PM

Practically bitcoin is a internet money. So, online money transaction providers are competitors for bitcoin.
1. Competitors for Bitcoin as a internet money : paypal kind of processors
2. Competitors for bitcoin as money transfer : western union
3. Competitors for bitcoin as investment : gold, shares
4. Competitors for Bitcoin as a payment processor : Visa, master card, Amex etc
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September 29, 2015, 04:27:24 PM

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.

I agree with you. Bitcoin cannot be made as the first currency in any country for to many reasons. But can bitcoin becomes first world currency? What do you think about this? Can you comment the ideas that you can find in this below thread?

https://bitcointalk.org/index.php?topic=1191118.0

I would thank you very much if you will write your comments after the reading.
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September 29, 2015, 04:29:10 PM


Banks are not looking into creating a new currency, they are creating a new crypto in fiat units to gain the advantage of a secure fast moving payment and clearing system.

That was my point too. And if you live in much of Europe you can move money instantly and free already. It's great for the users but does nothing to address the gripes people have with fiat that they feel Bitcoin addresses.

Falconer
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September 29, 2015, 04:33:32 PM

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.
Well if people feel that the new currencies in future are more profitable and efficient than bitcoin, surely bitcoin will face the competition. Anything is possible to happen Smiley
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September 29, 2015, 04:46:45 PM

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.
Well if people feel that the new currencies in future are more profitable and efficient than bitcoin, surely bitcoin will face the competition. Anything is possible to happen Smiley

Exactly, anything is possible in future, if people find something more attractive and profitable they won't hesitate in switching to something new and innovative as they know as they can a profit in a long run as people are very much tech-advanced they would definitely research on it and then take the next possible step, So if there is something better than bitcoins they would adopt it for sure.
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September 29, 2015, 05:00:42 PM

For now Bitcoin is undisputed king of cryptocurrency. There is not even one altcoin close to it (Doge is second imo).
But remember - this is liquid and very unstable world, technologies comes and go, ideas fly around and changes everything.
Do you remember yahoo? No? It was once bigger than Google. And every yahoo has its google.

Mickeyb
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September 30, 2015, 07:51:54 AM

For now Bitcoin is undisputed king of cryptocurrency. There is not even one altcoin close to it (Doge is second imo).
But remember - this is liquid and very unstable world, technologies comes and go, ideas fly around and changes everything.
Do you remember yahoo? No? It was once bigger than Google. And every yahoo has its google.

It's an unstable world, however Bitcoin ecosystem has huge amount of money invested in it. This means a lot of trust invested as well. No other coin is even close to this.

I am not saying that Bitcoin needs not to continue improving, but we also need not to screw something up the big time. We must be careful. Everything is in our hands.
neonshium
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October 03, 2015, 09:39:40 AM

For now Bitcoin is undisputed king of cryptocurrency. There is not even one altcoin close to it (Doge is second imo).
But remember - this is liquid and very unstable world, technologies comes and go, ideas fly around and changes everything.
Do you remember yahoo? No? It was once bigger than Google. And every yahoo has its google.

Yes. Time changes everything.
Yahoo was bigger when google was a child. May be google outgrown yahoo.
The competitor of bitcoin may be unborn still. So, people will choose the right thing over time. The versatile thing will stand for ever.

n2004al
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October 03, 2015, 09:47:54 AM

For now Bitcoin is undisputed king of cryptocurrency. There is not even one altcoin close to it (Doge is second imo).
But remember - this is liquid and very unstable world, technologies comes and go, ideas fly around and changes everything.
Do you remember yahoo? No? It was once bigger than Google. And every yahoo has its google.

Yes. Time changes everything.
Yahoo was bigger when google was a child. May be google outgrown yahoo.
The competitor of bitcoin may be unborn still. So, people will choose the right thing over time. The versatile thing will stand for ever.

I don't hope this because I have bitcoin in my wallet but bitcoin XT may be one of those. It is practically the same product (same qualities) but more improved in some directions (as I have heard).
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October 03, 2015, 09:52:21 AM

Practically bitcoin is a internet money. So, online money transaction providers are competitors for bitcoin.
1. Competitors for Bitcoin as a internet money : paypal kind of processors
2. Competitors for bitcoin as money transfer : western union
3. Competitors for bitcoin as investment : gold, shares
4. Competitors for Bitcoin as a payment processor : Visa, master card, Amex etc


paypal and others are just payment processors, so the main competition comes from fiat. and honestly I don't see bitcoin anywhere near fiat despite all of its good benefits.
also as an investment, while bitcoin has the possibility to give a good profit, at the same time the risk of losing a lot of money is also huge so I would consider other ways of investment instead of bitcoin.

n2004al
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October 03, 2015, 10:03:14 AM

Practically bitcoin is a internet money. So, online money transaction providers are competitors for bitcoin.
1. Competitors for Bitcoin as a internet money : paypal kind of processors
2. Competitors for bitcoin as money transfer : western union
3. Competitors for bitcoin as investment : gold, shares
4. Competitors for Bitcoin as a payment processor : Visa, master card, Amex etc


paypal and others are just payment processors, so the main competition comes from fiat. and honestly I don't see bitcoin anywhere near fiat despite all of its good benefits.
also as an investment, while bitcoin has the possibility to give a good profit, at the same time the risk of losing a lot of money is also huge so I would consider other ways of investment instead of bitcoin.

The part in bold is correct according to me. I haven't heard in three years of my life with bitcoin any site which had offer profits consistently and regularly in bitcoin for a long time. Or that is live actually. Mostly of this kind of similar sites were scam which had scammed hundred and thousands of people. I think that the best way to have profits from bitcoin is to leave it in the wallet and to wait the increase of its price in the future.
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