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Author Topic: could bitcoin be replaced by another crypto currency?  (Read 11669 times)
jag1969
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June 12, 2017, 02:25:22 AM
 #1

i do this question because i´ve read in this website issues with bitcoin, slow mining process, high fees, etc. and i´ve read too good reviews of some altcoins, ethereum (smart contracts), ripple (for transfers between banks), dash and nem. these altcoins called 2.0. could bitcoin become just in future virtual gold reserved to companies and rich people?
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June 12, 2017, 03:20:35 AM
 #2

At first I thought it was impossible for Bitcoin to be replaced since it is the first cryptocurrency, but you are right, some altcoins may have better features than Bitcoin and people may prefer them instead.

Here's an analogy, lets imagine all cryptocurrencies are like mobile phones. Bitcoin is Nokia, and started the mobile phone trend. And soon after everyone started using Nokia. But brands like Blackberry, Samsung and Apple soon created their own phones, and Apple made a major breakthrough with a touchscreen function, where everyone gradually switched to that after a while, and now Nokia is outdated.

Bitcoin has our trust now, but other cryptocurrencies might overtake BTC in the future. Smiley


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June 12, 2017, 03:31:22 AM
 #3

i do this question because i´ve read in this website issues with bitcoin, slow mining process, high fees, etc. and i´ve read too good reviews of some altcoins, ethereum (smart contracts), ripple (for transfers between banks), dash and nem. these altcoins called 2.0. could bitcoin become just in future virtual gold reserved to companies and rich people?

There is a possibility. However the probability of this ever happening is quite low.

In all of cryptocurrency's history, bitcoin has always been the number one crypto. Litecoin, Ethereum, Ripple have all come close but none have ever overtaken it. I believe that the reason this is the case even though you can see that Ethereum has more functionality, ripple is able to do interbank transactions and already have partners, and litecoin being cheaper in transaction fees and faster in blocks is that bitcoin has a reputation that no one else has.

All these altcoins are built on top of bitcoin's blockchain technology. Bitcoin was the first to implement it, it has a wider community etc. You barely can find one person that is involved in altcoins but not bitcoin. But you'll find lots that only believe in bitcoin, but not altcoins.














 

 

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June 12, 2017, 03:52:29 AM
 #4

i add to my post that you have to watch in www.coinmarketcap.com, tools, global charts, the last chart about percentage of capitalization of the main coins. look how the dominance of bitcoin has reduced since end of february 2017 even considering the amazing uptrend in last months.
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June 12, 2017, 03:59:25 AM
 #5

i do this question because i´ve read in this website issues with bitcoin, slow mining process, high fees, etc. and i´ve read too good reviews of some altcoins, ethereum (smart contracts), ripple (for transfers between banks), dash and nem. these altcoins called 2.0. could bitcoin become just in future virtual gold reserved to companies and rich people?
I think sp, there are some paties were discussed about it yesterday. looks ethereum gain more demand in this time. and you can see the market capitalization of ethereum still always be going to the moon. The answer is yes.

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June 12, 2017, 04:05:10 AM
 #6

i do this question because i´ve read in this website issues with bitcoin, slow mining process, high fees, etc. and i´ve read too good reviews of some altcoins, ethereum (smart contracts), ripple (for transfers between banks), dash and nem. these altcoins called 2.0. could bitcoin become just in future virtual gold reserved to companies and rich people?

You are correct. This is how corporates are gonna destory the bitcoin from us. Many International MNCs invested on Etherum projects. This info you can find on Google news itself. After the meeting with the blockchain team with the US commerce department in January, after that bitcoin mining fees has been increased initially in the blockchain itself. Now all the wallet providers and network use to transact the bitcoin. All has increased the fees to 0.001 btc as a default fee in many wallets. Still Multibit and Mycelium seems good in fees wise.   


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June 12, 2017, 04:17:02 AM
 #7

i do this question because i´ve read in this website issues with bitcoin, slow mining process, high fees, etc. and i´ve read too good reviews of some altcoins, ethereum (smart contracts), ripple (for transfers between banks), dash and nem. these altcoins called 2.0. could bitcoin become just in future virtual gold reserved to companies and rich people?
It depends on the people who are using it. Some thinks that eth is the  next to bitcoins reign.
The war on cryptocurrencies is like survival of fittest.  But i will stick on bitcoin no matter what happens.

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June 12, 2017, 04:29:14 AM
 #8

It's possible but it require some time since bitcoin are the first and in order to take the first place, they need extra trust and extra advantage so it can compare on bitcoin. It's only a matter of time since many people start build their own advantage to be the best cryptocurrency that ever exist

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June 12, 2017, 06:56:52 AM
 #9

Whenever there is a big need for something, like there may be a need for a crypto currency that is better structured for making loans with better transaction speed or better protection against spam transactions, there is usually a big opportunity that goes along with those needs. Crypto is no different in that regard.

All great inventions fulfill some basic human need.

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June 12, 2017, 08:25:13 AM
 #10

Possibly it can happen but first, those alt coins need to surpass bitcoins total market cap. I understand that there are issues with bitcoin today but once it was solved, do you think investors will still look for some other altcoins and will treat it as their major crypto currency? I guess they will stay.

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June 12, 2017, 11:32:40 AM
 #11

Yes it is possible that another cryptocurrency can dethrone bitcoin if it will crash. Either etherium, dash, litecoin, ripple,monero etc. But it can only happen when people no longer trust bitcoin anymore.

       
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June 12, 2017, 11:39:01 AM
 #12

Replace I think is not a proper term since bitcoin is already establish as bitcoin. Maybe its possible that bitcoin can be dislodge in other metrics like in traded volume, Number of tokens value etc. ETH has still space to grow.

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User365
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June 12, 2017, 02:57:16 PM
 #13

It could happen some time but right now I think that it won´t be possible.

Why ?

1. Australia accepts bitcoin as a currency as of June 2017
2. Smart contracts are coming to bitcoin (need to do more reasearch on that) https://bravenewcoin.com/news/ethereum-style-smart-contracts-are-coming-to-bitcoin-in-june/

Furthermore I think it would be better if more devs would work on improving BTC instead of creating loads of Altcoins (I know some altcoins are cool and BTC has disadvantages)

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June 13, 2017, 07:08:33 AM
 #14

At first I thought it was impossible for Bitcoin to be replaced since it is the first cryptocurrency, but you are right, some altcoins may have better features than Bitcoin and people may prefer them instead.

Here's an analogy, lets imagine all cryptocurrencies are like mobile phones. Bitcoin is Nokia, and started the mobile phone trend. And soon after everyone started using Nokia. But brands like Blackberry, Samsung and Apple soon created their own phones, and Apple made a major breakthrough with a touchscreen function, where everyone gradually switched to that after a while, and now Nokia is outdated.

Bitcoin has our trust now, but other cryptocurrencies might overtake BTC in the future. Smiley

You actually echoed my position and reinforced the answer to the question the OP asked. I have always believed that sooner than later Bitcoin will be replaced by other altcoins. Bitcoin technology has somehow become obsolete and cumbersome. Transactions now take longer than necessary to reach confirmation even when you pay the accurate miner fees. There are always backlog of transactions waiting to be processed. As I type this, my transaction had been pending since yesterday for no just reason except backlog.

Anyway, Bytebal was nearing the $1000 threshold before it dipped again to around $600 and many more cryptos are coming up for the chase too. Ethereum, Zcash, Dash, Monero are all coming up for this great challenge. This should happen soon.


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June 13, 2017, 07:29:18 AM
 #15

i do this question because i´ve read in this website issues with bitcoin, slow mining process, high fees, etc. and i´ve read too good reviews of some altcoins, ethereum (smart contracts), ripple (for transfers between banks), dash and nem. these altcoins called 2.0. could bitcoin become just in future virtual gold reserved to companies and rich people?

This is just my opinion.

Well as all we know that bitcoin has a limited 21,000,000 supply. For sure, as years pass by, the supply will be very low. Many will be hoarding bitcoin and there's no enough supply in the market. So our miners need to do something. They mine altcoin to  improve the crypto currency. Ehthereum in the other hand prove itself in the market. And many altcoin today are now following its step. So even bitcoin is the top crypto currency today if it will be running off in supply no wonder other altcoin will be take of its place.

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June 13, 2017, 07:45:50 AM
 #16

i do this question because i´ve read in this website issues with bitcoin, slow mining process, high fees, etc. and i´ve read too good reviews of some altcoins, ethereum (smart contracts), ripple (for transfers between banks), dash and nem. these altcoins called 2.0. could bitcoin become just in future virtual gold reserved to companies and rich people?

Actually, those features you listed there are something that beholds the eye which might move bitcoin to the background considering the current technological development they possesses but at the same time, I see most of these projects complementing each other rather than replacing them, the block chain that backs bitcoin is another fundamental infrastructure useful to a large extent and that several organisation are equally adopting this alone might create a fixed number of years before it can be changed into another software.

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June 13, 2017, 07:50:02 AM
 #17

i do this question because i´ve read in this website issues with bitcoin, slow mining process, high fees, etc. and i´ve read too good reviews of some altcoins, ethereum (smart contracts), ripple (for transfers between banks), dash and nem. these altcoins called 2.0. could bitcoin become just in future virtual gold reserved to companies and rich people?

It could. If the fork does not go well in August, which i doubt, then Ethereum has a real chance to catch up. It's already within nearly 10 billion in market cap which may sound like a lot but really a $150-200 price increase of ethereum will easily exceed bitcoin.

The main problem with altcoins in my opinion is ICOs. Devs are trying to monetize their coin, having the rewards before anything has even been released to the public. This is unlike bitcoin which is built from scratch, never had any ICO, early adopters didn't know that bitcoin was going to take off etc.

Even if bitcoin gets exceeded in market cap by another altcoin, i really wouldn't call it being "replaced". Take for example, fiat and gold. Fiat obviously has a larger "market cap" than gold, but gold's status is unmatched.

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June 13, 2017, 08:01:29 AM
 #18

Yeah, i think the only benefit Bitcoin has, is the fact that it is the first one. Other than that, it becomes almost useless. Etherium is used for smart contracts, but it can also be used just like Bitcoin, for payments. And let's not even talk about the absolutely enormous BTC transaction fees. Sure if you transfer $1000+ they are not that high, but imagine you would like to use BTC in a store and buy a loaf of bread and you end up paying $1+ in fees...

Bottom line is, i think there are way better coins than Bitcoins, each in their own field of usage. If you want anonymity, go with Monero, you want some smart contracts and platforms? Choose Etherium, Stratis, Lisk, .... You want Youtube like service on the blockchain? Take a look at LBRY. Sports betting? Check out Wagerr ICO.

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June 13, 2017, 08:06:20 AM
 #19

i do this question because i´ve read in this website issues with bitcoin, slow mining process, high fees, etc. and i´ve read too good reviews of some altcoins, ethereum (smart contracts), ripple (for transfers between banks), dash and nem. these altcoins called 2.0. could bitcoin become just in future virtual gold reserved to companies and rich people?

It may be possible.

If enough hype is generated around Ethereum, then it's quite easy actually for them to surpass bitcoin in market capitalization. However should market capitalization really be a mesaure of how successful a coin is, or whether it is the #1 crypto or not? I think not. Even though EThereum is currently very close to bitcoin, people still don't know it. Maybe 1% of people on earth know about bitcoin but only 20% of people who know bitcoin knowns about Ethereum. I find it hard to even find info on how to install and use ethereum apps. It's confusing af.

And even if ethereum surpasses bitcoin, it'll be short term. Bitcoin will definitely make a comeback.

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June 13, 2017, 08:40:34 AM
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It may be possible because bitcoin is the only one but when other cryptocurrency is build maybe just maybe. But bitcoin is very useful especially with the people who don't have work to support themselves. Even if it have one who compete with bitcoin as a cryptocurrency yes it's possible

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