Can coins like Monero challenge Bitcoin?

[From Above]

Thinking of privacy coins like Monero, do you think that they could ever rival or challenge Bitcoin in its position?

I think not.


Maybe Monero can reach $100 per coin at the end of 2016? Who knows......?


A leader of the Monero community and donator to this forum thought that Bitcoin would go to 1000000 USD/BTC in 2013:

Not only I believe it will go to $1M this year, I have not heard very many good arguments from anyone, what can hinder it  

~CfA~

[X-ray]

Thinking of privacy coins like Monero, do you think that they could ever rival or challenge Bitcoin in its position?

I think not.


Maybe Monero can reach $1000000 per coin at the end of 2016? Who knows...?


A leader of the Monero community and donator to this forum thought that Bitcoin would go to 1000000 USD/BTC in 2014:

Not only I believe it will go to $1M this year, I have not heard very many good arguments from anyone, what can hinder it 

~CfA~

Never, just thinking if money is ever to challenge bitcoin. they should stand alone with their price and not take bitcoin became their base price. Like ETH a lot of people have the same question with this.

[unamis76]

I think altcoins can definitely challenge Bitcoin and make us question how we do things. However I do not think that any of these coins can really change anything in Bitcoin, or rival it, including Monero. The coin that will be able to influence changes on Bitcoin will most likely be a coisa that's worth implementing over Bitcoin, or worth switching to.

[bitcoineverything]

IMHO, the success of a cryptocurrency relies on how many people are using it. It could somehow challenge Bitcoin though because other people are looking for other option or just trying anything new. These altcoins like Monero, IMHO are even helping bitcoin in a competition sense.

[7788bitcoin]

Monero is just another alt-coin. It is interesting but it is quite unlikely for it to reach even $10 by end of the year, let alone challenging bitcoin.

[The Sceptical Chymist]

Nah, most of the world could care less about anonymity and most don't even know about bitcoin.  Monero?  Hell no.

[iv4n]

I don't about know about monero, personally I have some other more favorite alt coins. I think any of them can't challenge bitcoin, but I also think they can worth much more then now one day. If btc reach some very high price, I believe certain alt coins will rise also. Like someone said, price will rise if more people start to use it, and btc has limited number of coins so not everyone will be able to have btc. Logic say that many people will have to be satisfied with some other coin. Cause of that blockchain is the future, there will be coin for everyone's pocket.

[Bit_Happy]

Nah, most of the world could care less about anonymity and most don't even know about bitcoin.  Monero?  Hell no.

Today someone asking me about the best way to send money (i.e. Western Union), responded to a suggestion of Bitcoin by saying "isn't that for illegal stuff?"
One advantage of an alt coin (perhaps not "Monero") is that it doesn't suffer from all the bad press that BTC has received.

[botany]

There is quite a bit of marketing effort which has gone into Monero.
But right now, it seems to be far away from challenging bitcoin/

[The Sceptical Chymist]

Nah, most of the world could care less about anonymity and most don't even know about bitcoin.  Monero?  Hell no.

Today someone asking me about the best way to send money (i.e. Western Union), responded to a suggestion of Bitcoin by saying "isn't that for illegal stuff?"
One advantage of an alt coin (perhaps not "Monero") is that it doesn't suffer from all the bad press that BTC has received.

Yes but it has no (mainstream) press at all.  I have no friends that I could send bitcoin to, much less monero.  And what is someone supposed to do with monero?  Convert it to bitcoin!  And that's why at present it's no challenge at all.

[electronicash]

One thing I like monero is that its always there, has the reason to exist and has the support of the community.
They've found a good place in the crypto unlike other coin today that are still finding where they wanna be until they turn out to be scam.

price may not compete btc but yes they are valuable.

[carlisle1]

it will never challenge bitcoin i guess . it has a low value and it is impossible for monero to reach even a value that is same as litecoin maybe it would take so many year before monero can reach that value .

[mkc]

I think Bitcoin is very concentrated, being a currency and being an asset uncorrelated to genera stock market. All alt-coins are trying to do too much, they want to change the world, probably end up an nitch coin at best, which means in terms of market cap, can not compete with Bitcoin at all.
 

[beastmodeBiscuitGravy]

If we can raise BTC transaction fees to 50 cents or more we can make some good gains for the Monero holders. Monero has an adaptive blocksize, right?

[franky1]

If we can raise BTC transaction fees to 50 cents or more we can make some good gains for the Monero holders. Monero has an adaptive blocksize, right?

gmaxwell, icebreaker, lauda and carlton would love monero to take over. which you know very well.

but sorry monero will not prosper. it just doesnt have the hundreds of thousands of retailer acceptance. nor the many other things that bitcoins infrastructure has

[electronicash]

If we can raise BTC transaction fees to 50 cents or more we can make some good gains for the Monero holders. Monero has an adaptive blocksize, right?

gmaxwell, icebreaker, lauda and carlton would love monero to take over. which you know very well.

but sorry monero will not prosper. it just doesnt have the hundreds of thousands of retailer acceptance. nor the many other things that bitcoins infrastructure has

That's the unfortunate thing  though.  i can see there are dice sites intended for monero, someday monero will eventually be used by thousands of users.

The only i can see that hinders the progress is that every time monero rise for just $0.50, the bagholders suddenly dumps pulling the price down which discourages buyers at some point.

[BitcoinSupremo]

Monero price is very cheap and can never challenge bitcoin. But from the ideology of Monero many persons using the dark net are becoming more and more interested in this, I have seen there in some market places people have already started to accept Monero but not in mass adoption. Who knows what can happen in the future, if the Monero coin is widely accepted in the dark net communities it sure will increase much higher in a price but challenging bitcoin is almost impossible from a coin like this. Maximum of what Monero can do is become the currency of choice in dark net and raise in price however this is not enough to challenge bitcoin.

[asriloni]

monero can't challenge bitcoin as a payment proceccor but i'm sure people who pay more attention to their security will use monero because monero can't be tracked

[Amph]

are you livig under a rock, monero has its chance in 2014, now it is like forgotten, etheruem was the only coin with a very tiny possibhility to challenge bitcoin, and it failed as expected

[Enotche]

I do not think so. It's a fork.
Yes, this coin has its advantages. But I tend to rely on psychological principles. Namely habits. Bitcoin is the most popular as the cryptocurrency, he was accustomed to handling. And what is monero? I do not think that most people have heard about it cryptocurrency anything. Everything just got used to Bitcoins.
YES, monero can have their target audience. And it can be used in some special cases for any specific purposes, but not a replacement Bitcoins.