Why would there be just one cryptocurrency?

[ethereumhunter]

one crypto currency is possible if there is all country and all people is using in the same time and not depend on one currency and the most important is the internet connection. because if we only do it with offline, then its really hard to do, but with internet connection everything become possible. and for now, i think not all country have the same internet connection and this is the big problem for one community if they want to make one crypto currency. but i think it would be happen in future and we can not see this is really happen because we do not live in that future.

[bitjoin]

tl;dr
Why try and make Bitcoin do everything instead of having an ecosystem of specialized currencies?

Nobody is in control so thats why we get a ton of alts created.  As regards BTC i think its good to have many options with the currency, you dont have to use them.  It has more value because it has potential to do so much in the future.

[romero121]

tl;dr
Why try and make Bitcoin do everything instead of having an ecosystem of specialized currencies?

Nobody is in control so thats why we get a ton of alts created.  As regards BTC i think its good to have many options with the currency, you dont have to use them.  It has more value because it has potential to do so much in the future.

Blockchain technology makes innovation in several sectors. So based on the same technology several ICO projects evolve around and this in turn gets value and moves into circulation as a store of value. These day countries try to make their own fiat get digital form. This too is an reason for the existence of lots of digital currencies.

[stomachgrowls]

tl;dr
Why try and make Bitcoin do everything instead of having an ecosystem of specialized currencies?

Nobody is in control so thats why we get a ton of alts created.  As regards BTC i think its good to have many options with the currency, you dont have to use them.  It has more value because it has potential to do so much in the future.

Blockchain technology makes innovation in several sectors. So based on the same technology several ICO projects evolve around and this in turn gets value and moves into circulation as a store of value. These day countries try to make their own fiat get digital form. This too is an reason for the existence of lots of digital currencies.

Just as expected since because the existence of bitcoin they will surely generate their own idea on creating one since people do really love to copy innovations and the results there are lots of cryptos and soon e-currency that would use blockchain technology which is really normal to happen.

[micher143]

tl;dr
Why try and make Bitcoin do everything instead of having an ecosystem of specialized currencies?

Nobody is in control so thats why we get a ton of alts created.  As regards BTC i think its good to have many options with the currency, you dont have to use them.  It has more value because it has potential to do so much in the future.

Blockchain technology makes innovation in several sectors. So based on the same technology several ICO projects evolve around and this in turn gets value and moves into circulation as a store of value. These day countries try to make their own fiat get digital form. This too is an reason for the existence of lots of digital currencies.

Just as expected since because the existence of bitcoin they will surely generate their own idea on creating one since people do really love to copy innovations and the results there are lots of cryptos and soon e-currency that would use blockchain technology which is really normal to happen.

Just imagine if the bitcoin is the only cryptocurrency there will be no trading at all the buy and sell of bitcoin is the only one will exist. I think the new coins introduced to us are normal because of bitcoin idea to people they are trying to imitate the bitcoin and make some earning. For me that is good to because of that trading of altcoins exist.

[buwaytress]

I think it isn't so much that "we" are trying to make bitcoin "do everything". It just so happens that it is as you say, the first mover, and has the most structured or at least the most tangible development people on board.

There are certainly others who advocate for different things and direction, we see this expressed as some alts and others wanting bitcoin to split.

All in all, the deliberation behind bitcoin that gets more complex has to be good for all involved. The guy on the ground (like me) can only comment from the byline but it looks good from here!

[Rinder]

We all know that alcoins are forcing bitcoin to keep upgrading and getting better, the problems that bitcoin is facing now if just one single coin it would had killed it or already had a solution. Altcoins are getting more and more interest over bitcoin, due to the easy to use and low and instant transactions, this is what crypto system need.

[Ayers]

Correct me if I'm wrong, and move me if this is the wrong board, but in my opinion we should not focus on how to make Bitcoin do everything. Right now Bitcoin works well as a store of value, digital gold if you will. A $1 transaction fee means nothing to a $1,000,000 transaction. It does however severely cripple smaller payments, something that a cryptocurrency could be very good at.

Now it is my understanding that the point of SegWit/BU is to allow Bitcoin to be used for smaller payments by bringing that transaction fee down. Instead of making Bitcoin the jack of all trades, why not have multiple cryptocurrencies that each excel in their own areas? Leave Bitcoin exactly as is, and invest money and time into establishing a micropayment currency, a smart contract currency, etc...

Just some food for though.
Johnny


tl;dr
Why try and make Bitcoin do everything instead of having an ecosystem of specialized currencies?

other altcoin are not better at micro transaction than bitcoin, and what is the point of them if they can't do what bitcoin is bad at? also how i'm supposed to use other altcoin, if none of them are accepted by any big merchants? any merchants will never accept any alt, they are too damn unstable for them, it's a very risky business

[bitbob82]

tl;dr
Why try and make Bitcoin do everything instead of having an ecosystem of specialized currencies?

Nobody is in control so thats why we get a ton of alts created.  As regards BTC i think its good to have many options with the currency, you dont have to use them.  It has more value because it has potential to do so much in the future.

Blockchain technology makes innovation in several sectors. So based on the same technology several ICO projects evolve around and this in turn gets value and moves into circulation as a store of value. These day countries try to make their own fiat get digital form. This too is an reason for the existence of lots of digital currencies.

Just as expected since because the existence of bitcoin they will surely generate their own idea on creating one since people do really love to copy innovations and the results there are lots of cryptos and soon e-currency that would use blockchain technology which is really normal to happen.

Just imagine if the bitcoin is the only cryptocurrency there will be no trading at all the buy and sell of bitcoin is the only one will exist. I think the new coins introduced to us are normal because of bitcoin idea to people they are trying to imitate the bitcoin and make some earning. For me that is good to because of that trading of altcoins exist.

but i think bitcoin is already the only famous currency of the world and becoming more and more popular. i think there is not any other currency that can compete with bitcoin. i do not thing that there is any other crypto currency that people are using for different purposes.

[calkob]

Correct me if I'm wrong, and move me if this is the wrong board, but in my opinion we should not focus on how to make Bitcoin do everything. Right now Bitcoin works well as a store of value, digital gold if you will. A $1 transaction fee means nothing to a $1,000,000 transaction. It does however severely cripple smaller payments, something that a cryptocurrency could be very good at.

Now it is my understanding that the point of SegWit/BU is to allow Bitcoin to be used for smaller payments by bringing that transaction fee down. Instead of making Bitcoin the jack of all trades, why not have multiple cryptocurrencies that each excel in their own areas? Leave Bitcoin exactly as is, and invest money and time into establishing a micropayment currency, a smart contract currency, etc...

Just some food for though.
Johnny


tl;dr
Why try and make Bitcoin do everything instead of having an ecosystem of specialized currencies?

I think you are right in a way,  however when sidechains come along and the likes of tumblebit and mimbelwimble we wont need to use the likes of zcash and monero.  especially considering that bitcoin has a massive network effect.

[South Park]

This has always been my opinion - that there are many different financial niches, and there will ultimately be highly optimized cryptocurrencies for each one. I used to think there would be 4 or 5 major cryptos, now I think the number of "successful" ones will ultimately range into the hundreds. Which is to say, there are still a ton more on Coinmarketcap than we really need.... but the competition is good in the long run. :-)

Correct, it is a mistake to try to use a tool for every single job, it may be a great tool but sometimes you need another tool to solve the job, we would not use a hammer to try to open a smartphone, right? So different cryptos need to focus on different things and we will use them as we need them.

[bitllionaire]

We all know that alcoins are forcing bitcoin to keep upgrading and getting better, the problems that bitcoin is facing now if just one single coin it would had killed it or already had a solution. Altcoins are getting more and more interest over bitcoin, due to the easy to use and low and instant transactions, this is what crypto system need.

yes there is no doubt about this. that bitcoin is now becoming one of the most popular currency of the world. people are now giving preference to online currency, therefore they have the only option to use bitcoin as it is one of the best crypto currency, although there ar so many other currencies but still bitcoin is one of the best online currency.

[xuan87]

I also think like that, but for now crypto currencies still not too famous, if we split the crypto into category it will weakened all the crypto and eventually will die, we need to made one strong foundation which is bitcoin and in the end if the society needed then we will have specialized crypto, crypto is a freedom currency as long as there are many people want request then there will be special alt coin created

[Amph]

you have some major mistakes. in my opinion.
- bitcoin was never supposed to be a store of value. it was always meant to be a digital cash, and i believe this is one of the reasons it is being adopted. if it becomes just an investment that means we are trading numbers on our screen and that is pointless in my opinion.

Then bitcoin was not well designed for this task.   No single block chain can do that ; but moreover, then there shouldn't have been a finite number of bitcoins, there shouldn't have been block reward halvings, there shouldn't have been any block size limits.  All these things lead you to a purely speculative asset.  People don't pay groceries with paintings of Picasso of which there are only a finite number ever.  And with 2-3 transactions at most per second, transactions becoming a finite resource, that's not possible either for a fluid currency.

Bitcoin has *all the right aspects* to become a very expensive reserve currency kept in vaults and only transacted in very big amounts.

21M bitcoins is a lot of bitcoins when you can divide them down into mBTC, uBTC, and Satoshis.

21M is plenty to use for a payment system - especially since the code was released open source making it easy for anyone to create a new crypto-currency if bitcoins did become too scarce.

I do not think Satoshi ever intended Bitcoin to be the only implementation. In fact I seem to remember that he asked for others, resulting in namecoin, before he went on walkabout.

Creating the digital currency everyone in the world would use was not his goal.

the first point is true only if bitcoin value is very high that it's submultiples would have a decent value worth to be considered

by creating a new crypto you mean forking or altcoin? the first will not happen, the second is already there...

[ReLieD]

Correct me if I'm wrong, and move me if this is the wrong board, but in my opinion we should not focus on how to make Bitcoin do everything. Right now Bitcoin works well as a store of value, digital gold if you will. A $1 transaction fee means nothing to a $1,000,000 transaction. It does however severely cripple smaller payments, something that a cryptocurrency could be very good at.

Now it is my understanding that the point of SegWit/BU is to allow Bitcoin to be used for smaller payments by bringing that transaction fee down. Instead of making Bitcoin the jack of all trades, why not have multiple cryptocurrencies that each excel in their own areas? Leave Bitcoin exactly as is, and invest money and time into establishing a micropayment currency, a smart contract currency, etc...

Just some food for though.
Johnny


tl;dr
Why try and make Bitcoin do everything instead of having an ecosystem of specialized currencies?

I guess you are mistaken. There are many other crypto currencies but they are not as good as bitcoin.
And moreover bitcoin is the number one crypto currency so other people do not look upon other currencies as such.
Also some people invest in other crypto currency thinking that they will also become as famous as bitcoin and the people can make profit that way.

[asuryan180]

That's not true,of course BTC is the most popular and used crypto and there are reasons for this,it just has established as the most reliable and trustworthy one,and the oldest one,however the market is the same for all coins so there aren't any restrictions on the other cryptos.

[vrm86]

First of all we need to define what 'specialization' means. Many newly launched altcoin have target group that the coin is addressed to (e.g. gamers, women, drug dealers , taxi drivers - whatever), however each time it looks like an weak excuse to perform pump&dump. In fact, there are some altocoins with decent marketcap at the moment, that offer faster transaction speed than BTC and can be used as alternative (ETH, XMR...). The last point is, that success of any coin is not a decision made by anyone, but market will decide if it needs that or not.  

[doomistake]

Correct me if I'm wrong, and move me if this is the wrong board, but in my opinion we should not focus on how to make Bitcoin do everything. Right now Bitcoin works well as a store of value, digital gold if you will. A $1 transaction fee means nothing to a $1,000,000 transaction. It does however severely cripple smaller payments, something that a cryptocurrency could be very good at.

Now it is my understanding that the point of SegWit/BU is to allow Bitcoin to be used for smaller payments by bringing that transaction fee down. Instead of making Bitcoin the jack of all trades, why not have multiple cryptocurrencies that each excel in their own areas? Leave Bitcoin exactly as is, and invest money and time into establishing a micropayment currency, a smart contract currency, etc...

Just some food for though.
Johnny


tl;dr
Why try and make Bitcoin do everything instead of having an ecosystem of specialized currencies?

It is not that we are focusing on bitcoin and not interested on the other Altcoins, it is just that bitcoin is the only coin that is worth of our time to spend with because of its value, but we are also trading other Altcoins which have good value in the market, so that, we could have huge profit from it, because it is hard to buy Altcoins which price is so low, because there is no one using it anymore.

But since Trading is a long term business, and you have to wait for the right time to buy and sell your coins, that is why, for the meantime, we are focusing on earning bitcoin other than earning money by trading Altcoins.

[HaXX0R1337]

We all know that alcoins are forcing bitcoin to keep upgrading and getting better, the problems that bitcoin is facing now if just one single coin it would had killed it or already had a solution. Altcoins are getting more and more interest over bitcoin, due to the easy to use and low and instant transactions, this is what crypto system need.

I am not sure how other crypto currencies are forcing the bitcoin developers to keep on upgrading the system because i have not seen any significant changes for the past two years since i am into it and how come you say that they are upgrading .Now people have more options as there are different coins which have a faster transaction time than bitcoin and with the ever increasing transaction fees the developers will be forced atleast now to make some changes.

[Xester]

Correct me if I'm wrong, and move me if this is the wrong board, but in my opinion we should not focus on how to make Bitcoin do everything. Right now Bitcoin works well as a store of value, digital gold if you will. A $1 transaction fee means nothing to a $1,000,000 transaction. It does however severely cripple smaller payments, something that a cryptocurrency could be very good at.

Now it is my understanding that the point of SegWit/BU is to allow Bitcoin to be used for smaller payments by bringing that transaction fee down. Instead of making Bitcoin the jack of all trades, why not have multiple cryptocurrencies that each excel in their own areas? Leave Bitcoin exactly as is, and invest money and time into establishing a micropayment currency, a smart contract currency, etc...

Just some food for though.
Johnny


tl;dr
Why try and make Bitcoin do everything instead of having an ecosystem of specialized currencies?

It is not that we are focusing on bitcoin and not interested on the other Altcoins, it is just that bitcoin is the only coin that is worth of our time to spend with because of its value, but we are also trading other Altcoins which have good value in the market, so that, we could have huge profit from it, because it is hard to buy Altcoins which price is so low, because there is no one using it anymore.

But since Trading is a long term business, and you have to wait for the right time to buy and sell your coins, that is why, for the meantime, we are focusing on earning bitcoin other than earning money by trading Altcoins.

Long term trading is the best kind of trading. And why is it by just having a capital of 1$ you can earn 1000 dollars up to 3k$. The secrets is long term trading, and that is buying the altcoins at a very low price then sell it on a much higher price lets say 100x to 1000x higher to the price you bought it. But we must also take note to check whether the coins has potential or not otherwise our satoshis will turn into waste.