Will you switch to a new technology, if it offers better features than Bitcoin?

[chennan]

I'm not going to sit here and go on about altcoins, but I think a few of them (with one in particular) solve big problems with what's going on with Bitcoin and the scalability issue.  I like seeing what other coins have to offer (most of them are complete junk), but out of all of them I believe that having a dynamic block size proposed by the monero cryptonote whitepaper offers a proposal that could solve a lot of these issues... most obviously the scalability issue, but as well as fungibility and with Ring CT coming along complete obfuscation and anonymity on the blockchain.  Not only that, I think that governments will learn to love it because of the view key function which allows auditors to track business transactions for taxing purposes in the future.  There will be a lot of push back at first obviously, but I feel that this relates to what you are talking about.

The thing is, is that ideas that people have are hard to change.  So when it comes to bitcoin maximalists deciding to change over to something that is not bitcoin is going to be an all out brawl, philosophically speaking... I mean look at the block size debates.   

[BTCBinary]

I probably will... If a new currency that can overcome Bitcoin appears there will be a lot of people changing to it, of course. However, I guess that there will not be any of those anytime soon!

[chennan]

I probably will... If a new currency that can overcome Bitcoin appears there will be a lot of people changing to it, of course. However, I guess that there will not be any of those anytime soon!

Well, I mean in terms of "bank" coins, probably not.  Big banks are thriving on what the Central Banks are doing; so I don't think  they are going to propose a system that resembles "the gold standard" any time soon... I mean c'mon, charging interest to people through credit which is based on a system made out of literally nothing?  I think the big banks would prefer that system which forces people to come to them for their "services" to profit on, rather than handing over a system that allows people to become their own banks.

Plus I would be highly surprised if they would/could start hiring tech experts to do such things... I know a couple of people in the banking world, and they are far from tech experts and could care less about people in general.

[btvGainer]

Well, you can create an altcoin so you can add your own features to Bitcoin, but don't expect it to be better than Bitcoin.

There is always a room for improvement.We may not see what future has in store.Before bitcoin we all were happy with fiat,PayPal and whatever else monetary instrument we had but Bitcoin changed everything and now we believe bitcoin is best.Similarly unless something better arrives,we consider the existing one the best

[NorrisK]

Don't expect bank coins to be anything like bitcoin we know today.

For one, they will never allow anyone to mine their chain, it just won't happen. Secondly, the distribution will be similar to current fiat distribution, as they are the sole owners of the chain, they can fork to their likings and change anything whenever they want.

I might switch to a new technology in time, but it surely won't be a bank coin (unless it replaces normal fiat, I'd use it as I use fiat now).

[The Sceptical Chymist]

Ehhh...it'd be tough.  One good thing about bitcoin (as opposed to the hundreds of shitty shitcoins out there) is that a lot of other people are using it.  That's why it's at $420 per bitcoin and that's why merchants take it.  So I'd switch over if the market was pretty liquid.  Again, it would be tough to switch from bitcoin.  It's like asking a hardcore Coca-Cola drinker to switch to RC Cola.  It's a disgusting prospect.

[Hirose UK]

We know Bitcoin was the first and is the most trusted Crypto currency out there at the moment and that it is backed by a huge network with tons of hashing power and good security, BUT would you

forget about all of that and go for a alternative technology with better features, once it is developed by all these banks? {Permissioned, private ledgers} They will obviously just copy the concept and

add some bells n whistles and then improve on scalability.

The governments will obviously make things easier for them and make it more difficult for Bitcoin, and then Bitcoin will start to lose ground and things will change in their favor. How do we stop that

what could the governments and banks create that have better features than what bitcoin already provided? no government would spend a penny to make anything that is trustless and decentralized.

yeah, what's the new feature better than bitcoin? even if governments would be able to create such new feature, I think it will need more years.

[Kakmakr]

I see the point being made here would be that people are misguided by what they think are the best. Let's take the latest partnership between Mike Hearn's group of banks and Microsoft. Most people accept that Microsoft will chose the best technology for them, because they are a reputable and big organization. < It might even be the worst choice >

If this group put something on the table and it goes mainstream with Microsoft, most people will follow like sheep and will not know the difference if it bit them in the face.

[Vaskiy]

We know Bitcoin was the first and is the most trusted Crypto currency out there at the moment and that it is backed by a huge network with tons of hashing power and good security, BUT would you

forget about all of that and go for a alternative technology with better features, once it is developed by all these banks? {Permissioned, private ledgers} They will obviously just copy the concept and

add some bells n whistles and then improve on scalability.

The governments will obviously make things easier for them and make it more difficult for Bitcoin, and then Bitcoin will start to lose ground and things will change in their favor. How do we stop that

what could the governments and banks create that have better features than what bitcoin already provided? no government would spend a penny to make anything that is trustless and decentralized.

yeah, what's the new feature better than bitcoin? even if governments would be able to create such new feature, I think it will need more years.

yes i agree, if government desires to create, an interesting aspect is that there could be many such currencies based on similar technology. but all doesn't become bitcoin as soon as it is created.

[vinaha]

No.

People talk about the proverbial Bitcoin 2.0
I don't see that happening. Millions of dollars have been sunk into Bitcoin. Companies have been started, lives have been changed. That's not going to go away just because there's an altcoin that has some other feature.

People who haven't invested so much into Bitcoin can hypothesize about a 2.0, but no - Bitcoin is here to stay. Improvements can always be made, but it won't be replaced.

[BitcoinSupremo]

What ever happens I am sticking strongly to my Bitcoins, I don't need any new feature added to it. To me it offers all what I want from a currency , a total freedom, thats what I like and always will do, so am never quitting it for a new currency or new cryptocurrency.

[Herbert2020]

i have seen a lot of Alternative Crypto-currencies over the years and a large number of them claimed to be the next best thing and were planning on replacing bitcoin with their roadmap ahead.
but so far none of them could keep their trade volume and market cap up as long as bitcoin has.

all that said, if there is a new altcoin (new technology) that is better than bitcoin, i will start using that instead. but i don't really see anything that can offer a new feature that i can need instead of bitcoin.

[Denker]

I started to use Bitcoin because it is money outside the hands of governments!
So I never would switch to a coin issued by governments!
Bitcoin is decentralized without having any dictator, censorship resistant, borderless, permissionless.That is all I need!

[Denker]

I probably will... If a new currency that can overcome Bitcoin appears there will be a lot of people changing to it, of course. However, I guess that there will not be any of those anytime soon!

Ok this is something I would do as well as long as it is a decentralized coin and not controlled by any government, institution or conglomerate.
But OP asked if we would switch over if the new improved coin would be government issued. And in that case I would definitely deny that and stay with Bitcoin!!

[avikz]

Why not! Why I would not reap the benefit from the new technology?? But that certainly doesn't mean that I will leave earning bitcoin.

technology is very progressive and it evolves with time. So if a new technology is offering me good features and profit, I would definitely start using that technology. But I will also keep using the bitcoin like the ways I am using it now.

So, instead of switching technology, it will be an addition to my life.

[Kprawn]

BUT would you forget about all of that and go for a alternative technology with better features, once it is developed by all these banks? {Permissioned, private ledgers} They will obviously just copy the concept and

I don't even understand how this is a question. Wasn't the initial goal to take away the power of the banks? Why are you even here?

I think you're misunderstanding what a full decentralization is.

Correct. Bitcoin's strength lies in its decentralization.

If objectively superior features are developed elsewhere, they may be integrated into Bitcoin. In fact, many already have been.

Exactly, as long as these features are open-source as well.

Well, they will not develop something trustless, but they can make it decentralized.

That's not decentralized.

I want to determine, how many people use Bitcoin for the innovation and disruption it brings and if they will still use it, when these banks or financial organizations come up with a competing

technology. There are some people, who care less about the principle value of this new technology. {The disruptive side} and only care about the profits to be made. The origin of this technology

were clearly started and motivated by the people, who wanted to break the hold these banks has over people's finances .... but lately, a lot of other people entered this scene and they only

concentrate on the money they can make. Do we see a shift from changing the financial powers, to assisting the financial powers to become stronger?

[Xanidas]

I will switch. But bitcoin can also copy or adopt the new technology. Bitcoin should be able to evolve all the time.

[jakelyson]

these struggles are going on by a number of oter crypto-currency but they are unable to compete bitcoin and people are more attracted to bitcoin rather than any other technology.

People tend to trust the original which is bitcoin. But if other crypto can generate something that bitcoin does not currently possess right now, people can be swayed to switch. I'm still not certain what features can be added but if ever it has significant effect in performance, it is a major plus factor. But I do not agree if it is controlled by a bank or government.

[TastyChillySauce00]

I will switch. But bitcoin can also copy or adopt the new technology. Bitcoin should be able to evolve all the time.

obviously, but unfortunately seems its hard for bitcoin to make bitcoin better itself,just see the blocksize limit,it's only 1mb and always got bottleneck in every transaction, but the dev took 1 year for solving this one

[Wendigo]

I will use whatever is most efficient and has the lowest fees at the time of transacting so there will be more money left for the users (me). I don't have a permanent attachment to Bitcoin. It's not the Holy Grail of all the currencies out there. Also I think it would be stupid to not use the advantages of something else later on if it has better features than Bitcoin and will make my life easier doing business online.