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Author Topic: What is needed to beat the champion: bitcoin  (Read 1146 times)
nickenburg
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October 20, 2015, 10:29:31 PM
 #1

Oke so Bitcoin always had the highest price, because I think it was the first cryptocurrency.
that is why it's still the best coin, and Bitcoin is actually still very young.
Only 6 years old if you compare it to Litecoin it is only 4 years old.

All the other "300" altcoins are the same as Bitcoin, But they are still, all different from each other.
And they all add the newest features and try to become the best I think, but bitcoin can also still evolve from this.
It is like a whole family of coins and bitcoin is like the mother and father. 
But my questions are:

What innovation has a Altcoin to bring, to beat bitcoin? Or maybe bitcoin cant ever lose to another cryptocurrency?
Could a government or bank create a coin, and hype it with the MSM and beat bitcoin?
Or maybe bitcoin cant ever lose to another cryptocurrency?
Will there be a new online currency in the future? 
Maybe a new code which is way better then Bitcoin, think of Nano computers what will that change.
Lots of questions I know, but I hope it will bring some interesting discussions!
 
 
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brg444
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October 20, 2015, 10:37:51 PM
 #2



Start with beating this.

"I believe this will be the ultimate fate of Bitcoin, to be the "high-powered money" that serves as a reserve currency for banks that issue their own digital cash." Hal Finney, Dec. 2010
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October 20, 2015, 10:51:05 PM
Last edit: October 20, 2015, 11:31:21 PM by franky1
 #3

the two main reasons for the bitcoin price

1. difficulty.. which means it costs alot of electric and equipment to produce so this makes the supply cost high
2. useability. the short and curlies of it is that shops accept bitcoin (atleast 100,000 places accept it) - this is the demand side of it.

so even if you had 500,000 shops accepting an altcoin, the price would still remain as low as it costs to create, and how much supply there is.

so step one is to get an alt usable and make people want it. the more they want it the more they will try to get it. which will cause a demand rise. which will then cause people to want to make people invest more into mining it, which will raise the cost of production which will raise the price.

it doesnt matter if there was only a 10.5mill coin limit and the block reward was only 12.5 coins, if it only takes 1ghash to mine a block. (under $1 electric/block), the price per coin would be under 8cent

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Please do your own research & respect what is written here as both opinion & information gleaned from experience. many people replying with insults but no on-topic content substance, automatically are 'facepalmed' and yawned at
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October 20, 2015, 11:20:47 PM
 #4

Never ask if Bitcoin will have threatening competition

Believe that it won't. We don't need a non believer.
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October 20, 2015, 11:25:30 PM
 #5

To be honest I don't think that bitcoin will ever be "Beaten" by an altcoin because the concept just doesn't make sense IMO.
Every single alt-coin is based off Bitcoin and therefore is prone to the short-comings that bitcoin has and it is only reactionary to the upgrades/updates that bitcoin makes.

In other words, alt-coins will remain alt-coins and bitcoin will remain king, period.
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October 20, 2015, 11:56:28 PM
 #6

you can't do anything to beat bitcoin,just follow the popular of bitcoin,its advantage.
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October 21, 2015, 12:00:39 AM
 #7

To answer some of your questions:

What innovation has a Altcoin to bring, to beat bitcoin? Or maybe bitcoin cant ever lose to another cryptocurrency?
- Higher demand than bitcoin already has / Higher value than bitcoin with less time mining each coin compared to bitcoin.

Or maybe bitcoin cant ever lose to another cryptocurrency?
- That will also be my guess as I see hardly any other coin could beat bitcoin for the obvious reasons

Will there be a new online currency in the future?
- I believe so and as i' typing this, some are getting developed from scratch


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October 21, 2015, 12:15:19 AM
 #8

Bitcoin can't ever be beaten. From those words it should be clear that the reason why it shall never be is that because of people contiously supporting the growth of bitcoin. People believes in the potential of bitcoin. We can never erase the thought that there will always be anoher cryptocurrency tho, but then, it shouldn't be taken as a competition to bitcoin. Bitcoin is bitcoin and that is that.
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October 21, 2015, 05:37:47 AM
 #9

Most Alt coins are pre-mined to benefit the creators, and this should not be the case. You do not create a Alt coin to make a quick fortune, when you dump the pre-mined coins.

We also have a huge developer base out there, that support the development side of things. Bitcoin can add or remove features to stay on top of any innovation out there, if it is needed.

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October 21, 2015, 05:57:35 AM
 #10

Oke so Bitcoin always had the highest price,
Nope, 42Coin has a higher price than Bitcoin.

Quote
that is why it's still the best coin,
No, being the best coin has virtually nothing to do with its price, and everything with its usability, level of trust, size of network, acceptance rate, community, market maturity, and the whole eco system of products and services around it. In terms of all these factors, Bitcoin is much, much bigger by far than any other coin (or all other coins combined, even).

Quote
What innovation has a Altcoin to bring, to beat bitcoin?
Why does an altcoin have to 'beat' Bitcoin? What's the point?

But to answer the question: it would need to surpass Bitcoin in the criteria I mentioned above.

Quote
Could a government or bank create a coin, and hype it with the MSM and beat bitcoin?
Most definitely not, as this is in no way comparable to Bitcoin.

Banks have already created a coin: the Euro, the Dollar, the Pound, the Yen, et cetera. They have been hyping it for decades. However this is not a cryptocurrency, and any 'bank owned/controlled' coin is by definition not a cryptocurrency but just another kind of fiat money.

The whole idea of cryptocurrency is that it derives its trust and independency from being decentralized (P2P) and based on open source cryptography. Thus, NOT owned or controlled by anyone (especially not a bank or government).

In theory, there's no difference between theory and practice. In practice, there is.
Insert coin(s): 1KazimirL9MNcnFnoosGrEkmMsbYLxPPob
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October 21, 2015, 06:19:00 AM
 #11

Oke so Bitcoin always had the highest price,
Nope, 42Coin has a higher price than Bitcoin.


That may be true but is completely bullshit at the same time. Ofcourse a coin with only 42 coins ever will have a higher price than something with 21 million coins, of which 2/3 is already mined..

Nobdy is using or buying 42Coin, therefore price of that is completely irrelevant as an argument that there is a coin with a higher price. It should always be compared to total circulating coins, thus marketcap, which is nowhere near bitcoin.
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October 21, 2015, 06:48:11 AM
 #12

Unless something really bad happens to Bitcoin, this isn't going to happen. Altcoins are a nuisance at best. The only people who really believe that this could happen are people who are invested in them (i.e. biased opinion).

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October 21, 2015, 06:54:51 AM
 #13

Oke so Bitcoin always had the highest price,
Nope, 42Coin has a higher price than Bitcoin.


That may be true but is completely bullshit at the same time. Ofcourse a coin with only 42 coins ever will have a higher price than something with 21 million coins, of which 2/3 is already mined..

Nobdy is using or buying 42Coin, therefore price of that is completely irrelevant as an argument that there is a coin with a higher price. It should always be compared to total circulating coins, thus marketcap, which is nowhere near bitcoin.

Of course, I fully agree, just meant to make a point that the price of a coin is completely irrelevant.

If Bitcoin just so happened to be created with a limit of 21 trillion instead of 21 million, the price per bitcoin would have been a million times lower, while Bitcoin itself would be exactly as successful and 'good' (in context of this topic) and valuable and everything.

In theory, there's no difference between theory and practice. In practice, there is.
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October 21, 2015, 07:14:55 AM
 #14

Bitcoin is a start. Maybe it will be displaced in the future.
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October 21, 2015, 07:19:46 AM
 #15



Start with beating this.

Hehehehe.  Noice noice, very noice.


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October 21, 2015, 07:41:12 AM
 #16

Never ask if Bitcoin will have threatening competition

Believe that it won't. We don't need a non believer.

and we don't need another clone of it

surely if we want to beat bitcoin you need a new coin that is revolutionary like bitcoin was in its prime

but no one will leave bitcoin so easily, because tons of money are involved already and there will be only a big loss
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October 21, 2015, 07:42:44 AM
 #17

Oke so Bitcoin always had the highest price, because I think it was the first cryptocurrency.
that is why it's still the best coin, and Bitcoin is actually still very young.
Only 6 years old if you compare it to Litecoin it is only 4 years old.

All the other "300" altcoins are the same as Bitcoin, But they are still, all different from each other.
And they all add the newest features and try to become the best I think, but bitcoin can also still evolve from this.
It is like a whole family of coins and bitcoin is like the mother and father. 
But my questions are:

What innovation has a Altcoin to bring, to beat bitcoin? Or maybe bitcoin cant ever lose to another cryptocurrency?
Could a government or bank create a coin, and hype it with the MSM and beat bitcoin?
Or maybe bitcoin cant ever lose to another cryptocurrency?
Will there be a new online currency in the future? 
Maybe a new code which is way better then Bitcoin, think of Nano computers what will that change.
Lots of questions I know, but I hope it will bring some interesting discussions!
 
 

just wait for the power wars to begin .....not that long ,you can see it if you observe .. forum and reddit. Smiley
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October 21, 2015, 08:49:43 AM
 #18

You would have to convince the miners to stop mining Bitcoin, but mine your Altcoin.
That is one scenario, that seems realistic to me, but that might also destroy confidence in cryptocurrencies in general and not just Bitcoin, which would also hurt your Altcoin.

Another scenario might be if a well known player, like Apple or Google make a coin and gives it out to their userbase with just an update of their OS. I am not sure, how that would turn out.

https://forum.bitcoin.com/
New censorship-free forum by Roger Ver. Try it out.
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October 21, 2015, 09:24:19 AM
 #19

I love Bitcoin, but anyone who thinks it can't be beaten is dangerously deluded.

Top dog never stays top dog forever.

Fact of life.

Life is Code.
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October 21, 2015, 09:31:45 AM
 #20

I love Bitcoin, but anyone who thinks it can't be beaten is dangerously deluded.

Top dog never stays top dog forever.

Fact of life.

That is right.But the top dog can stay on top for a very long long time!! Wink
Furthermore if there would be anything out there which could have beaten Bitcoin it would have already happened.So far there is nothing for the moment and maybe for the next several decades which can do so.Bitcoin as open source will/should always try evolve as the markets demand it.If not people will choose other options.
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