Will Bitcoin be replaced by another cryptocurrency?

[deisik]

This legal principle does not apply to Bitcoin, which could lead to Bitcoin's demise. This could happen tomorrow - the feds could declare that this list of bitcoins [insert list here] had been used to pay a ransom or to buy drugs or support terrorism and were now forfeit. Obviously there would be no way for the feds to actually confiscate said Bitcoins, but this would effectively keep them off the exchanges and make them worthless.

This is why I believe that one of the anonymous cryptocurrencies (of which Monero is currently the frontrunner) could eventually replace Bitcoin

There are some serious gaps in your reasoning

Let's assume that a government declares that some bitcoins are illegal (for example, in this or that wallet). Does it mean that a person who happens to hold these bitcoins can't spend them? If you think that he can't spend them, what exactly will prevent him from doing just that? Will the government be able to revoke his private key or can it make exchanges in other jurisdictions reject them? I guess that it won't and can't. It can't even prevent him from sending these bitcoins from one his wallet to another (I remember you said something about Bitcoin not being truly fungible). In this way, the government can as well ban the law of gravity tomorrow (and some American court is rumored to have actually done that), but does it mean that there will be no more gravity? Let's get real here. As Napoleon once said, and his dictum fits here perfectly, one should never forbid what one lacks the power to prevent

[1714891247]

1714891247

[1714891247]

1714891247

[1714891247]

1714891247

[1714891247]

1714891247

[1714891247]

1714891247

[1714891247]

1714891247

[NEWGOODOUBLE]

I think it's very hard to replace bitcoin with another crypto currency.
all people over the world have know much more about bitcoin and now it's a popular crypto currency for payment.
and in the near future , bitcoin will be a central digital currency for payment, transactions, and holding as safe assests.

of course bitcoin will last you could see millions of people already live and depend on the bitcoin. although many coins that competitors will not make the user leaves bitcoin. for another coin just alternative

[MakeMoneyBtc]

bitcoin is already over 4 years old , and very very much people know and use it often , so i dont really think that there will be another cryptocurrency that can replace bitcoin 

[richardsNY]

I think it's very hard to replace bitcoin with another crypto currency.
all people over the world have know much more about bitcoin and now it's a popular crypto currency for payment.
and in the near future , bitcoin will be a central digital currency for payment, transactions, and holding as safe assests.

of course bitcoin will last you could see millions of people already live and depend on the bitcoin. although many coins that competitors will not make the user leaves bitcoin. for another coin just alternative

I personally find that altcoins are nothing more than a speculative investment tool. In some cases legitimate coins are bringing some sort of a new feature set to the market, but if you look closely, then none of these features see much real world usage. It's just an addition that is being implemented from time to time to give people something to speculate about. It drives the price up, and that's exactly the point that people are looking to use in their advantage.

[jualidbitmixer]

I don't think another cryptocurrency will replace bitcoin. Bitcoin is the oldest coin so far and many people already know about bitcoin, even the price for each bitcoin is really high. That cryptocurrecy who want replace bitcoin need to achieve that to replace bitcoin.

[Ziskinberg]

I don't think another cryptocurrency will replace bitcoin. Bitcoin is the oldest coin so far and many people already know about bitcoin, even the price for each bitcoin is really high. That cryptocurrecy who want replace bitcoin need to achieve that to replace bitcoin.

Being the oldest does not exempt from being replace, bitcoin started from being new, love by the people and until now it is constantly supported. So far, bitcoin is the most progressive compared to altcoins but everyone has it's own time and no such will last forever to take that number 1 spot.

There's no perfect currency any, bitcoin has its flaws also but as long as people will accept it, they will continue to support and bitcoin will exist.

[pinkpanther03]

Does it make sense to believe that Bitcoin could one day be replaced by another cryptocurrency, that is, a cryptocurrency that really does make Bitcoin obsolete?

I don't think it will happen in the near future. Especially nowadays, the prediction of 1000$ price value for BTC is nearly close to be happen this year. So how come that there is some altcoin  can be replace for bitcoin. That's not possible for now, because up to the present there are lots of bitcoin lover increase everyday.

[sp_skeptic]

This legal principle does not apply to Bitcoin, which could lead to Bitcoin's demise. This could happen tomorrow - the feds could declare that this list of bitcoins [insert list here] had been used to pay a ransom or to buy drugs or support terrorism and were now forfeit. Obviously there would be no way for the feds to actually confiscate said Bitcoins, but this would effectively keep them off the exchanges and make them worthless.

This is why I believe that one of the anonymous cryptocurrencies (of which Monero is currently the frontrunner) could eventually replace Bitcoin

There are some serious gaps in your reasoning

Let's assume that a government declares that some bitcoins are illegal (for example, in this or that wallet). Does it mean that a person who happens to hold these bitcoins can't spend them? If you think that he can't spend them, what exactly will prevent him from doing just that? Will the government be able to revoke his private key or can it make exchanges in other jurisdictions reject them? I guess that it won't and can't. It can't even prevent him from sending these bitcoins from one his wallet to another (I remember you said something about Bitcoin not being truly fungible). In this way, the government can as well ban the law of gravity tomorrow (and some American court is rumored to have actually done that), but does it mean that there will be no more gravity? Let's get real here. As Napoleon once said, and his dictum fits here perfectly, one should never forbid what one lacks the power to prevent

Correct me if I'm wrong here but I understand it's possible to track specific Bitcoins as they travel from wallet to wallet. Of course it's true that gov't couldn't prevent the use of "confiscated" Bitcoins, but as I said they could prevent their use on exchanges within their jurisdiction. If someone owes you Bitcoins, would you rather be paid in "clean" Bitcoins that you could sell on an exchange or in "confiscated" Bitcoins you couldn't sell? Remember Gresham's law (bad money drives out good). People would hoard their "clean" Bitcoins and try to get rid of their "confiscated" Bitcoins. At the very least this would create two classes of Bitcoins.

Suppose that it were a felony to trade "confiscated" Bitcoins. Are you really so confident that you can cover your tracks that you would be willing to risk prison time to continue to use your "confiscated" Bitcoins? I wouldn't. Would you continue to buy or accept even "clean" Bitcoins knowing that they might be blacklisted at any time? I wouldn't do that either.

[lol3c]

bitcoin is already over 4 years old , and very very much people know and use it often , so i dont really think that there will be another cryptocurrency that can replace bitcoin 

I should tell you that bitcoin is reaching its 8th birthday But anyways, bitcoin has been used and trusted for a long time and it's gaining much attention as well as power, so bitcoin can hardly be taken over by other cryptocurrencies, and it would take years and years before bitcoin really has to step back and leave the place for others

[Zadicar]

naaaaaa . bitcoin cant replace by any other cryptocurrency . if ever they can replace bitcoin , its ok bitcoin has done to it .

IMO, in future there is a strong chance that Bitcoin will be replaced with a technologically advanced crypto-currency. Bitcoin has a lot of advantages, but at the same time, it is having a few issues as well. In future, if a new crypto-currency is capable of avoiding these issues, then there is a good chance that it will replace Bitcoin.

I could see that bitcoin has the features on which people couldnt ask for more and i dont think any flaws that bitcoin had.Things on this world could possibly be replaced anytime and theres no really permanent on this world.Yes,bitcoin could be replaced anytime but seeing on the situation bitcoin still has the edge to remain its place for a long time.

Bitcoin, as a way of storing value, in fact does not present flaws that compromise its use. But there are some things that need to be improved if the currency wants to reach the mainstream.
One of them is the scaling issue. The number of people using the platform may be a limited number at the moment, but that number may grow absurdly. Another problem, at least for some users, is the confirmation time. It would not be a problem if the network did not present delays sometimes.

Confirmation times wouldnt change at all and the more users who engage to bitcoin then transaction will surely pile up and expected longer confirmation times which is somehow a hassle thing when this thing would happen in the future when adoption fully extent to its peak.

[calkob]

I think that we can safely say now that the answer is NO....    the network effect now is just to good, i would say that most of the good altcoins will have to work along side bitcoin from now on. 

[Senor.Bla]

I think that we can safely say now that the answer is NO....    the network effect now is just to good, i would say that most of the good altcoins will have to work along side bitcoin from now on. 

Bitcoin will always have its place in the history at least. It still can be replaced. If you do not think an altcoin can overtake it because it is better, then it might be the fall of Bitcoin and not the rise of an altcoin that will happen. I am not sure, was Mt Gox the leading exchange? They made a mistake and we still remember it, but just in the history. Why should this not happen to Bitcoin?

[deisik]

This legal principle does not apply to Bitcoin, which could lead to Bitcoin's demise. This could happen tomorrow - the feds could declare that this list of bitcoins [insert list here] had been used to pay a ransom or to buy drugs or support terrorism and were now forfeit. Obviously there would be no way for the feds to actually confiscate said Bitcoins, but this would effectively keep them off the exchanges and make them worthless.

This is why I believe that one of the anonymous cryptocurrencies (of which Monero is currently the frontrunner) could eventually replace Bitcoin

There are some serious gaps in your reasoning

Let's assume that a government declares that some bitcoins are illegal (for example, in this or that wallet). Does it mean that a person who happens to hold these bitcoins can't spend them? If you think that he can't spend them, what exactly will prevent him from doing just that? Will the government be able to revoke his private key or can it make exchanges in other jurisdictions reject them? I guess that it won't and can't. It can't even prevent him from sending these bitcoins from one his wallet to another (I remember you said something about Bitcoin not being truly fungible). In this way, the government can as well ban the law of gravity tomorrow (and some American court is rumored to have actually done that), but does it mean that there will be no more gravity? Let's get real here. As Napoleon once said, and his dictum fits here perfectly, one should never forbid what one lacks the power to prevent

Correct me if I'm wrong here but I understand it's possible to track specific Bitcoins as they travel from wallet to wallet. Of course it's true that gov't couldn't prevent the use of "confiscated" Bitcoins, but as I said they could prevent their use on exchanges within their jurisdiction. If someone owes you Bitcoins, would you rather be paid in "clean" Bitcoins that you could sell on an exchange or in "confiscated" Bitcoins you couldn't sell? Remember Gresham's law (bad money drives out good). People would hoard their "clean" Bitcoins and try to get rid of their "confiscated" Bitcoins. At the very least this would create two classes of Bitcoins

I'm inclined to think that you are incorrect in your premises

You say that Bitcoin is less fungible than cash while it is certainly the other way round (if we are not talking about nickels, of course). Every paper bill has a serial number on it, so, strictly speaking, it is unique and can be distinguished by this number from other such notes. That's basically why they have serial numbers, to easily tell one bill from another. In respect to Bitcoin, after you send, say, 1 BTC to your wallet which has a balance of 9 BTC, you won't be able to tell which one among 10 bitcoins is the bitcoin that you sent to your wallet (Bitcoin address). In this way, it is easy to understand that Bitcoin is in fact by far more fungible than any paper money out there. So what you suggest is simply impossible to implement since ultimately you would have to mark as dirty all existing bitcoins and the government will have to ban the entire Bitcoin network

Suppose that it were a felony to trade "confiscated" Bitcoins. Are you really so confident that you can cover your tracks that you would be willing to risk prison time to continue to use your "confiscated" Bitcoins? I wouldn't. Would you continue to buy or accept even "clean" Bitcoins knowing that they might be blacklisted at any time? I wouldn't do that either

Only certain transactions can be marked as dirty, not bitcoins which they are used to transfer

[mastica]

Its getting harder to get near bitcoin, the recent pumps at bitcoin made almost all crypto going into the red, loosing value against bitcoin, at the moment is very hard to believe bitcoin will be replaced, and if there is a crypto coin with balls to challenge bitcoin at the moment, looks like bitcoin is growing and there is no space to altcoins get close.

[Vikingr]

I don't think another cryptocurrency will replace bitcoin. Bitcoin is the oldest coin so far and many people already know about bitcoin, even the price for each bitcoin is really high. That cryptocurrecy who want replace bitcoin need to achieve that to replace bitcoin.

Acheiving a high price do not mean that it will be able to replace bitcoin but when an altcoin will be able to provide all the opportunities and services which bitcoin is providing then a that time that altcoin will reach to the point where bitcoin is today but at that time bitcoin will be established much more and no one will be able to compete it.

[GMPoison]

This legal principle does not apply to Bitcoin, which could lead to Bitcoin's demise. This could happen tomorrow - the feds could declare that this list of bitcoins [insert list here] had been used to pay a ransom or to buy drugs or support terrorism and were now forfeit. Obviously there would be no way for the feds to actually confiscate said Bitcoins, but this would effectively keep them off the exchanges and make them worthless.

This is why I believe that one of the anonymous cryptocurrencies (of which Monero is currently the frontrunner) could eventually replace Bitcoin

There are some serious gaps in your reasoning

Let's assume that a government declares that some bitcoins are illegal (for example, in this or that wallet). Does it mean that a person who happens to hold these bitcoins can't spend them? If you think that he can't spend them, what exactly will prevent him from doing just that? Will the government be able to revoke his private key or can it make exchanges in other jurisdictions reject them? I guess that it won't and can't. It can't even prevent him from sending these bitcoins from one his wallet to another (I remember you said something about Bitcoin not being truly fungible). In this way, the government can as well ban the law of gravity tomorrow (and some American court is rumored to have actually done that), but does it mean that there will be no more gravity? Let's get real here. As Napoleon once said, and his dictum fits here perfectly, one should never forbid what one lacks the power to prevent

This is exactly what I find to be so interesting, and why I think a financial revolution will occur. Bitcoin isn't something governments can control. So what are they to do? They can embrace it or they can fight it. How can they embrace that which they have no control over, and how could they possibly fight it when it's not something that can be fought by a government? If we assume an idea like bitcoin is a big enough idea to change the world, the only outcome of the two aforementioned scenarios is.... a revolution.

[Positid]

This legal principle does not apply to Bitcoin, which could lead to Bitcoin's demise. This could happen tomorrow - the feds could declare that this list of bitcoins [insert list here] had been used to pay a ransom or to buy drugs or support terrorism and were now forfeit. Obviously there would be no way for the feds to actually confiscate said Bitcoins, but this would effectively keep them off the exchanges and make them worthless.

This is why I believe that one of the anonymous cryptocurrencies (of which Monero is currently the frontrunner) could eventually replace Bitcoin

There are some serious gaps in your reasoning

Let's assume that a government declares that some bitcoins are illegal (for example, in this or that wallet). Does it mean that a person who happens to hold these bitcoins can't spend them? If you think that he can't spend them, what exactly will prevent him from doing just that? Will the government be able to revoke his private key or can it make exchanges in other jurisdictions reject them? I guess that it won't and can't. It can't even prevent him from sending these bitcoins from one his wallet to another (I remember you said something about Bitcoin not being truly fungible). In this way, the government can as well ban the law of gravity tomorrow (and some American court is rumored to have actually done that), but does it mean that there will be no more gravity? Let's get real here. As Napoleon once said, and his dictum fits here perfectly, one should never forbid what one lacks the power to prevent

This is exactly what I find to be so interesting, and why I think a financial revolution will occur. Bitcoin isn't something governments can control. So what are they to do? They can embrace it or they can fight it. How can they embrace that which they have no control over, and how could they possibly fight it when it's not something that can be fought by a government? If we assume an idea like bitcoin is a big enough idea to change the world, the only outcome of the two aforementioned scenarios is.... a revolution.

That is my greatest fear when the judgment of the government will not be for the good of overall economy of bitcoin. We hope, they will understand us and they can find a way somehow to regulate us otherwise they will ban us.

[numismatist]

That is my greatest fear when the judgment of the government will not be for the good of overall economy of bitcoin. We hope, they will understand us and they can find a way somehow to regulate us otherwise they will ban us.

If they want to ban you, only a huge bribe can save you. Govs are like criminal associations, and now comes along president Trump.

[drwtsn32]

It's like the chances of survival has gone even lower for the altcoins to be able to take over the king (bitcoin).
Nowadays, my answer is a big NO. It will not be replaced by any cryptocurrency as of the moment.
Though it is either a good or a bad news because as an ordinary bitcoin user, the rise was beneficial for me. I don't know for the side of the altcoin owners.

[Weatherby]

It's like the chances of survival has gone even lower for the altcoins to be able to take over the king (bitcoin).
Nowadays, my answer is a big NO. It will not be replaced by any cryptocurrency as of the moment.
Though it is either a good or a bad news because as an ordinary bitcoin user, the rise was beneficial for me. I don't know for the side of the altcoin owners.

If the price of bitcoin is to go down i am sure all the coins will fail without any doubt because the entire crypto currency market is modeled around bitcoin and its success and if one bubble break the entire bubble bursts.