Why better tech can't kill Bitcoin

[bittrojan]

If you ask why,then we gonna answer because that technology not yet appear or founded,lets compare bitcoin with other digital payment,and we know bitcoin was number one in security and easy to acces and lowest fees. then we should know what next technology that can beat bitcoin as better payment and investment,might you all think Etherum can do that?

[Windpower]

If you ask why,then we gonna answer because that technology not yet appear or founded,lets compare bitcoin with other digital payment,and we know bitcoin was number one in security and easy to acces and lowest fees. then we should know what next technology that can beat bitcoin as better payment and investment,might you all think Etherum can do that?

What's more secure, you ask than bitcoin?

A bitcoin alt using SHA-512

[Pitchblackroom]

You know I don't exactly agree of it as a "useless collectible" It does have uses. Will Bitcoin survive as the main cryptocurrency in the long run? We don't really know right now.

There is a lot of future forecasting which we really do not know what will happen to the state of Cryptocurrency in general.

[bladeandsoulguide]

bitcoins already have too much users

so they can not kill it






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[yayayo]

It really is an interesting comparison. However in contrast to sports cards, Bitcoin and altcoins are not for collecting purposes only - they have a practical utility as currencies. The reason that Bitcoin is unlikely to be endangered by these altcoins is not that individual altcoins are on oversupply or that these altcoins are not used. The reason that Bitcoin is valuable is also not based on the loss of significant parts of its supply.

The simple reason of why Bitcoin is valuable is that it was the first cryptocurrency. Bitcoin stands out against all other altcoins simply because it was a first mover. The correct aspect of the sportscard - altcoin comparison is that the number of different kinds of altcoins has grown very large. Because individual altcoins are only perceived as members of the seemingly homogeneous "altcoin"-category, every new altcoin adds to the "oversupply of alternatives" to Bitcoin.

ya.ya.yo!

[groll]

As long as many people are using bitcoin, Techs will never  destroy the bitcoin. As now many people are using it and still adding so in the future bitcoin coudnt destroy

[cjmoles]

While I agree that bitcoin might not be killed, I don't believe that a more advanced alternative blockchain couldn't overtake the utility and liquidity of bitcoin.  I believe that bitcoin will always have a place in the digital market place but I do not know how it might be positioned in the future as a speculative investment platform.  It seems to me that increased utility leads to increased valuation so those alternatives that offer more utility will also produce better investments.

Let us not forget the lessons learned with the 17th century Tulip bubble!

[mirakal]

Bitcoins cannot be killed because this is what people are looking, with the best features on decentralized transaction is all we need to make our money safe keeping it online. How can anymore beat the cheap transaction fee and with the anonymous features that others cannot imitate.

[Naughtid]

Bitcoins cannot be killed because this is what people are looking, with the best features on decentralized transaction is all we need to make our money safe keeping it online. How can anymore beat the cheap transaction fee and with the anonymous features that others cannot imitate.

Bitcoin is the ideal money or currency. Its monetary policy is very clear. All finanacial institutions know about that.

[ObscureBean]

It is true that with the advent of Bitcoin, people have grown wiser. No new coin will be able to replicate the initial Bitcoin distribution because everyone is now ready to invest money to mine any new coin that comes out. However the Bitcoin distribution is far from perfect. A perfect distribution would be one where everyone has the same opportunity to accumulate an initially worthless token without requiring any special knowledge. When Bitcoin was launched only a very small group of people knew about it and while it's true that they could not have foreseen that it would get so big (and were thus probably not motivated by monetary gain), they were still the only ones who got to choose whether or not to accumulate the then worthless token/coin.

[jaysabi]

While I agree that bitcoin might not be killed, I don't believe that a more advanced alternative blockchain couldn't overtake the utility and liquidity of bitcoin.  I believe that bitcoin will always have a place in the digital market place but I do not know how it might be positioned in the future as a speculative investment platform.  It seems to me that increased utility leads to increased valuation so those alternatives that offer more utility will also produce better investments.

Let us not forget the lessons learned with the 17th century Tulip bubble!

Exactly. There was a growing concern that Bitcoin was going to kill itself fairly recently with the blockchain capacity issues and then everyone's inability or unwillingness to address it. If Bitcoin is going to keep growing, it has to have he ability to scale transactional volumes, or it will lose out to an alt that can handle the demands placed on it. At this point, bitcoin's biggest threat is probably a failure to adapt to a fast changing crypto marketplace or refusal to innovate for risk of upsetting the status quo it has created.

[outatime1]

I think you are on to something with bitcoin sort of being the foundation of the cryptocurrency technology. It is the most well known and oldest and it will have a limited number made. I think it will hold some value for long time.

[Xester]

"We are often absorbed by the get rich quick hype forced on us by past successes of the few that were lucky enough to find and keep what was once considered nearly worthless.

In the 80's and early 90's we saw just that. Before the 80's sports cards were pieces of cardboard packed in with a stick of gum. They were worth nothing and often used in the spokes of bicycles, stored in children's wallets or glued to cardboard and hung on the wall. Their destruction had a whole lot to do with their later financial success. The initial distribution was minimal and with an added destruction along with a fascination for childhood memories the price rose fast on those worthless sports cards that still existed. This was the start of the sports card bubble of the 90's. Demand grew because people were cashing out big profits on something that people considered garbage ten years earlier. This caused a sudden increase in investments in sports cards produced in the early 90's with investor hopes that their purchases would produce a future fortune. Unfortunately as demand grows so do the companies and their production. People bought the overproduced cards of the late 80's and 90's, barely touching them, they took the cards from the packs and put them directly into cases, or sports card specific storage boxes, keeping them in mint condition. Since these cards were over bought and over produced and in perfect condition they are now worth close to nothing.

Not long ago we witnessed something very similar. Before the digital currency craze their was just Bitcoin. Thousands of these digital tokens were used to purchase a pizza or a drug dealer used Bitcoin to purchase narcotics online. Many were stored on hard drives but eventually a lot of these hard drives were lost or thrown away. With a fixed and limited amount, and many lost or misplaced, all of a sudden the price of Bitcoin started to rise nicely bringing some very lucky individuals fortunes overnight. As the demand grew so did the variety of coins and the production of these alternative coins skyrocketed to meet demand. People bought the coins and put them directly into cold storage hoping for their future fortune. Like sports cards of the 80's and 90's, few have been lost or destroyed and they are being over produced and over bought. Alternative coins will never match Bitcoin because the distribution will never be as perfect as the distribution of something that initially had absolutely no value. There will never be a more technically advanced digital token that can take this particular characteristic away from Bitcoin, the perfect initial distribution. The perfect digital gold."

Source:
https://www.linkedin.com/pulse/why-better-tech-cant-kill-bitcoin-thomas-bartsch?trk=prof-post

It seems like that bitcoin is like an antique the older it gets the higher its value. Your comparison of bitcoin to sports cards is explained in a clear and logical manner. But there is a missing piece bitcoin is not a card and a collectible item but a currency. Sports card has no potential to be a legal tender but bitcoin as a currency does. Sports cards can ba manufactured in an unlimited way but bitcoin does a limit. Though there are similarities but their differences is great that will make their future not the same.

[European Central Bank]

No matter how initial distribution is, after a period of time wealth always concentrates in a small number of hands.

That's how it's always been and always will be.

[jaysabi]

It seems like that bitcoin is like an antique the older it gets the higher its value. Your comparison of bitcoin to sports cards is explained in a clear and logical manner. But there is a missing piece bitcoin is not a card and a collectible item but a currency. Sports card has no potential to be a legal tender but bitcoin as a currency does. Sports cards can ba manufactured in an unlimited way but bitcoin does a limit. Though there are similarities but their differences is great that will make their future not the same.

Bitcoin is less than half the price it was a few years ago. It does not only get more valuable with time. It's highly volatile and regularly swings up and down wildly. And secondly, Bitcoin hardly qualifies as a currency because it does not satisfy the stable store of value component of money. The fact that you don't know with any reasonable certainty how much your bitcoin's will be worth in 30 days is a pretty meaningful argument against Bitcoin being a viable currency.

[Red-Apple]

if by KILL you mean wipe if off the face of the earth then no it will never happen and bitcoin can always exist even if it is in a museum!

but a better technology, a better cryptocurrency in the far away future can in fact replace bitcoin and nothing is going to prevent that. but remember that is for the very far future and the technology needs to be new and so much better than bitcoin and bitcoin has to have no room to change or adapt with the new world like in the year 2150

[betohell]

bitcoins already have too much users

so they can not kill it

yeah the more users, the bitcoin will be difficult anyway to kill even someone in a large trader would be more difficult to manipulate the price when users continues to grow

[Snorek]

Speed in transactions? People are ranting about how the confirmations are taking too long. It takes an average of 20-30 mins before the block is mined. This is actually one of the weaknesses of BTCTC. There are tons of transactions going on, meaning there would be some traffic before the coins completely go into your wallet. Nevertheless, I'm pretty sure someone might resolve this issue. Maybe the traffic can't be resolved but people might find a way of coping with the situation of this. For example, after 1 confirmations in blockchain.info, that transaction is already counted as done.

You can consider that when sending bitcoins, 1 confirmation means the transaction is done because unlike with other processors, you can't cancel your transaction in BTCTC once you clicked the 'send' button.

These are technical properties and everything you described can be 'upraded' and in fact is being worked on right now.
Early test version of SegWit is already added to the code, we still waiting for it to be accepted and introduced to the retail version of BTC.
Same with Lightning Network and other upgrades patience is a key here - we don't want to add features and risk another DAO situation here.

[OrangeII]

bitcoins already have too much users

so they can not kill it

yeah the more users, the bitcoin will be difficult anyway to kill even someone in a large trader would be more difficult to manipulate the price when users continues to grow

technology will not be able to kill bitcoin, I think they are a very good combination. maybe in the future the better the technology used then, bitcoin will also be growing. even the Internet is part of the technology, I suppose someday there is a technology that supports the development of bitcoin

[Barnabe]

Well, technology is also the key if a state wanted to destroy bitcoins (via hacks, transaction spam or even 51% attacks). Technology is only a tool, it can be used for various proposes.