Will another currency overtake bitcoins?

[BitshireHashaway]

Bitcoins has had its run and I feel like with all the other crypto-currencies out there and the new ones being created every day, one of them is bound to take over bitcoins and become the next supreme leader. Do you guys believe that this is true, or do you think that it will never happen and why?

[jhansen858]

I see no evidence that "bitcoin has seen its day".. Saying that is the same as saying "linux has seen its day"  I don't think either are going anywhere any time soon.  Bitcoin is like "open source money".  Its here to stay. 

[Streets 2.0]

I see no evidence that "bitcoin has seen its day".. Saying that is the same as saying "linux has seen its day"  I don't think either are going anywhere any time soon.  Bitcoin is like "open source money".  Its here to stay. 

100% agree, BTC is here and is not going anywhere for quite some time.  You may see it evolve and change to fit the needs of regular consumers, but it will not die and it certainly has not "had its day."  There is far to much interest and traction with this currency and its revolutionary impact cannot be denied, other crypto's are currently just cookie cutter copies of BTC.  LTC offers minimal advantages, its marketing is far to low at this point in the game and exposure was behind.  These other cryptocurrencies are simply pump and dump in my opinion, and the average consumer will not see them as a trust worthy option when they can just choose to use the proven stable that is BTC.

[Odalv]

Bitcoins has had its run and I feel like with all the other crypto-currencies out there and the new ones being created every day, one of them is bound to take over bitcoins and become the next supreme leader. Do you guys believe that this is true, or do you think that it will never happen and why?

When another currency will have better parameters than bitcoin:
 - Network hashrate 92.142 Thash/s ( this year we will go above 250 Thash/s)
 - 30-day Volume 5,020,997 BTC ($526,510,678.15 USD)

Do you understand ? It tooks years of hard work. ( No copy/paste of open source and rename to shit-coin)

[smoothie]

Litecoin is close but Ripple has, apparently, already done it.

http://www.thebitcointrader.com/2013/05/ripple-is-now-tsunami.html

Only reason that is the case is they have 100 Billion units.

LOL let's change Litecoin to have 1 trillion units then it will be > Bitcoin

What a weak ass argument. 

[smoothie]

Market cap really means nothing in essence when you can simply change the total units in circulation to any large number of your choosing.

Hardly a way to be > Bitcoin.

[Odalv]

the argument is that they have a valuation of 1.3 billion USD... no?

" the XRP market cap is $1.43 billion USD."

That's big, no?  They say it's going to $10 billion?

Everybody can make nice site saying what they want. Bitcoin is able to prove.

[Odalv]

Wait, I'm confused. 

"Market cap really means nothing in essence when you can simply change the total units in circulation"

I understand it's tied to the number of, in this case, coins... but it's also tied to a value.  They are saying there is $1.3 billion in ripple, no?

As I say I'm confused.

be confused. It is up to you. Do not confuse other. (bad karma)

[skull88]

Litecoin is close but Ripple has, apparently, already done it.

http://www.thebitcointrader.com/2013/05/ripple-is-now-tsunami.html

So if I make a coin that has 1 billion coins and sell one for 1000$, I created a coin that is bigger than both of them? Shouldn't be that hard 

[Abandon]

Any decentralized currency that achieves instant (less than a minute) transactions, while remaining without vulnerability, will take off, leaving bitcoin in the dust. Yet there's a good chance that bitcoin might become this currency, or that this currency will not be possible in an ideal way.

[Odalv]

Any decentralized currency that achieves instant (less than a minute) transactions, while remaining without vulnerability, will take off, leaving bitcoin in the dust. Yet there's a good chance that bitcoin might become this currency, or that this currency will not be possible in an ideal way.

Open Transactions as the next layer over bitcoin blockchain will work great.
a) very fast  .. under 1 ms
b) does not require transaction in blockchain (OT will use blockchain only for clearing ... 1 transaction daily/weekly/monthly/yearly? .. is enough)

EDIT: it will work even GOVERNMENT ban bitcoin, ... blockchain is your bank / (government can disable new transactions ) but he cannot change history. (already existing transactions)

EDIT2: I do not believe, it is possible to create an clone (alt-coin). ... you did not understand what is bitcoin, and all ideas not yet implemented in current bitcoin beta version.

[Abandon]

Any decentralized currency that achieves instant (less than a minute) transactions, while remaining without vulnerability, will take off, leaving bitcoin in the dust. Yet there's a good chance that bitcoin might become this currency, or that this currency will not be possible in an ideal way.

Open Transactions as the next layer over bitcoin blockchain will work great.
a) very fast  .. under 1 ms
b) does not require transaction in blockchain (OT will use blockchain only for clearing ... 1 transaction daily/weekly/monthly/yearly? .. is enough)

EDIT: it will work even GOVERNMENT ban bitcoin, ... blockchain is your bank / (government can disable new transactions ) but he cannot change history. (already existing transactions)

That's currently the only known method of instant transactions with crypto currencies, and is how Ripple itself works, yet it remains centralized. It can be destroyed, it can become malicious, it is not 100% safe, and won't be largely adopted by bitcoin enthusiasts.

[dopamine]

Markets will determine if bitcoins will get replace and so far nothing has come close to what bitcoins offer.

[Odalv]

Any decentralized currency that achieves instant (less than a minute) transactions, while remaining without vulnerability, will take off, leaving bitcoin in the dust. Yet there's a good chance that bitcoin might become this currency, or that this currency will not be possible in an ideal way.

Open Transactions as the next layer over bitcoin blockchain will work great.
a) very fast  .. under 1 ms
b) does not require transaction in blockchain (OT will use blockchain only for clearing ... 1 transaction daily/weekly/monthly/yearly? .. is enough)

EDIT: it will work even GOVERNMENT ban bitcoin, ... blockchain is your bank / (government can disable new transactions ) but he cannot change history. (already existing transactions)

That's currently the only known method of instant transactions with crypto currencies, and is how Ripple itself works, yet it remains centralized. It can be destroyed, it can become malicious, it is not 100% safe, and won't be largely adopted by bitcoin enthusiasts.

Ripple is excellent example how it will not to work
1. centralized
2. malicious
3. not 100% safe
4. won't be largely adopted

... :-)

[Abandon]

Any decentralized currency that achieves instant (less than a minute) transactions, while remaining without vulnerability, will take off, leaving bitcoin in the dust. Yet there's a good chance that bitcoin might become this currency, or that this currency will not be possible in an ideal way.

Open Transactions as the next layer over bitcoin blockchain will work great.
a) very fast  .. under 1 ms
b) does not require transaction in blockchain (OT will use blockchain only for clearing ... 1 transaction daily/weekly/monthly/yearly? .. is enough)

EDIT: it will work even GOVERNMENT ban bitcoin, ... blockchain is your bank / (government can disable new transactions ) but he cannot change history. (already existing transactions)

That's currently the only known method of instant transactions with crypto currencies, and is how Ripple itself works, yet it remains centralized. It can be destroyed, it can become malicious, it is not 100% safe, and won't be largely adopted by bitcoin enthusiasts.

Ripple is excellent example how it will not to work
1. centralized
2. malicious
3. not 100% safe
4. won't be largely adopted

... :-)

I see now that it is not based on a centralized model or minority trust. I'll look into it further. Will it be adopted, you think?

[Odalv]

Any decentralized currency that achieves instant (less than a minute) transactions, while remaining without vulnerability, will take off, leaving bitcoin in the dust. Yet there's a good chance that bitcoin might become this currency, or that this currency will not be possible in an ideal way.

Open Transactions as the next layer over bitcoin blockchain will work great.
a) very fast  .. under 1 ms
b) does not require transaction in blockchain (OT will use blockchain only for clearing ... 1 transaction daily/weekly/monthly/yearly? .. is enough)

EDIT: it will work even GOVERNMENT ban bitcoin, ... blockchain is your bank / (government can disable new transactions ) but he cannot change history. (already existing transactions)

That's currently the only known method of instant transactions with crypto currencies, and is how Ripple itself works, yet it remains centralized. It can be destroyed, it can become malicious, it is not 100% safe, and won't be largely adopted by bitcoin enthusiasts.

Ripple is excellent example how it will not to work
1. centralized
2. malicious
3. not 100% safe
4. won't be largely adopted

... :-)

I see now that it is not based on a centralized model or minority trust. I'll look into it further. Will it be adopted, you think?

In bitcoin community any bitcoin holder can choose how to spend his bitcoins.

EDIT: sell for $115 ($50, ... $1500) or rule the world

[Abandon]

Any decentralized currency that achieves instant (less than a minute) transactions, while remaining without vulnerability, will take off, leaving bitcoin in the dust. Yet there's a good chance that bitcoin might become this currency, or that this currency will not be possible in an ideal way.

Open Transactions as the next layer over bitcoin blockchain will work great.
a) very fast  .. under 1 ms
b) does not require transaction in blockchain (OT will use blockchain only for clearing ... 1 transaction daily/weekly/monthly/yearly? .. is enough)

EDIT: it will work even GOVERNMENT ban bitcoin, ... blockchain is your bank / (government can disable new transactions ) but he cannot change history. (already existing transactions)

That's currently the only known method of instant transactions with crypto currencies, and is how Ripple itself works, yet it remains centralized. It can be destroyed, it can become malicious, it is not 100% safe, and won't be largely adopted by bitcoin enthusiasts.

Ripple is excellent example how it will not to work
1. centralized
2. malicious
3. not 100% safe
4. won't be largely adopted

... :-)

I see now that it is not based on a centralized model or minority trust. I'll look into it further. Will it be adopted, you think?

In bitcoin community any bitcoin holder can choose how to spend his bitcoins.

EDIT: sell for $115 ($50, ... $1500) or rule the world

I like the idea behind Open Transactions, but it seems very cumbersome and clumsy. Way more hackish than bitcoin itself is. Not that it is without use or potential. But perhaps spread too thin.

[oda.krell]

Any decentralized currency that achieves instant (less than a minute) transactions, while remaining without vulnerability, will take off, leaving bitcoin in the dust. Yet there's a good chance that bitcoin might become this currency, or that this currency will not be possible in an ideal way.

Open Transactions as the next layer over bitcoin blockchain will work great.
a) very fast  .. under 1 ms
b) does not require transaction in blockchain (OT will use blockchain only for clearing ... 1 transaction daily/weekly/monthly/yearly? .. is enough)

EDIT: it will work even GOVERNMENT ban bitcoin, ... blockchain is your bank / (government can disable new transactions ) but he cannot change history. (already existing transactions)

That's currently the only known method of instant transactions with crypto currencies, and is how Ripple itself works, yet it remains centralized. It can be destroyed, it can become malicious, it is not 100% safe, and won't be largely adopted by bitcoin enthusiasts.

Ripple is excellent example how it will not to work
1. centralized
2. malicious
3. not 100% safe
4. won't be largely adopted

... :-)

I disagree. I see Ripple as one of bitcoin's biggest threats. Not because it is better, but because it is worse, but in a convenient way.

All the points you mentioned (except for the last one) are irrelevant for consumers (and small businesses) who just want some convenient and cheap way to use "digital money".

The marketing of the Ripple team so far is impressive, and they try to position themselves in such a way that they seem to pose no threat to bitcoin.

In fact, they're actively trying to warm up the bitcoin community for their project -- they sort of want us to think of Ripple as "another layer on top of bitcoin". Maybe that's how it really is. No objection from me then. But I suspect the Ripple people wouldn't exactly object either in case Ripple manages to take the place of bitcoin as an actual currency and store of value.

tl;dr There's something decidedly disinenginous about the way Ripple markets itself, and I'm not completely sure the people behind it won't try, and perhaps even manage, to become a "bitcoin replacement". Don't underestimate them.

[Zaih]

I think it's definitely a viable situation to keep in mind.

However, if so, it's not going to be any time soon. At this rate at least (unless people in high places are secretly working on something to take over with at this very moment )

[xorglub]

Right now there are no coins that offer significant improvements over bitcoin. The cost of switching is too great - bitcoin has proven legitimacy, wide support across merchant platforms (well compared to other coins anyway...), and a much higher market cap allowing for a real economy to take place.

The only way for an alt-coin to replace it will either be a massive technological and/or practical advantage, or backing by a government/bank/other influential entity.