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Author Topic: Is bitcoin network unique in nature - or could there be many in parallel?  (Read 1445 times)
wumpus
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April 01, 2013, 05:48:36 PM
 #21

Absent some fundamental flaw, it's going to be very hard for any alt cryptocurrency to catch up with Bitcoin given the head start it has.
A fundamental flaw in bitcoin will extremely likely affect the altcoins as well. Most of them are forked from the same code base, and are only different in a few points.

Also true in a non-technical sense: if it turns out that bitcoin has a big problem and thus suffers a blow big enough to derail it, people will be talking of cryptocurrencies (at least the block-chain based ones) as a failure for a long time to come. Maybe the idea will be picked up again in 50-100 year, but none of the current altcoins will 'take over' bitcoins place.

Bitcoin Core developer [PGP] Warning: For most, coin loss is a larger risk than coin theft. A disk can die any time. Regularly back up your wallet through FileBackup Wallet to an external storage or the (encrypted!) cloud. Use a separate offline wallet for storing larger amounts.
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