The Coming War Between Digital Currencies

[ivrynx]

Coming war, i think it is korr of a competition, all altcoins' goal as of now is to beat bitcoin's price, which is a good sign, since withough competition currencies will not work. i think this is history repeating itself again, but this time in form of currency, and to be specific, cryptocurrencies. Before gold was being used by all as means of transsctions, then silver coins came, but if you take a look at it, along that time period, some also use gems, crystals, and other earth minerals to trade goods, but it was not that valuable as gold, if we compare gold to cryptocurrency now, it is true that it can be compared to bitcoin, however,.there came a time that gold was.no longer used, rather it was valued as commodity, along with other forms of currency, excluding fiat, then silver was the means of trading, i think the same will also happen to cryptocurrencies, those altcoins, that are only few in volume, would then cost that much, as well as bitcoin, and probably, a new active altcoin will be used as means of ttanssctions, but still have a relations with the price of bitcoin. I think no altcoin as of now can best the price of bitcoin, but what will happen is they will compete among themselves who is the best cryptocurrency.

[Collinslevi]

Bitcoin has been one of the best performing currencies this year. It has attracted the savings of many , as assets with high investment returns remain scarce on the mainland. Supporters of the new method include Microsoft, the bitcoin exchange Coinbase and a variety of other bitcoin proponents who would like to see the currency used more widely in commerce. Reformers had threatened to stop recognising transactions confirmed by miners who hadn't adopted the upgrade. Though the change is designed to improve capacity on the increasingly clogged network, some miners had objected because it could reduce transaction fees they collect.

[Marry Finch]

It can hardly be said that the digital currencies will be at war with each other. Most likely it is necessary to call it a competition for the best impact on human life and for increasing the demand for them. It will be an honest and positive competition, which is necessary for the digital currency to be improved in general.

[pekingcoepo]

As Bitcoin's current growth has reached about $ 4000, some Altcoin also do not want to miss it. In the past week, there has been intense competition with Top 10 CoinMarketCap.
Interesting enough to see that some crypto signs are being replaced by other crypto signatures. This is evidence of the fact that no entity has a monopoly in a particular position.
I hope there will be no central government bank that manages the digital currency.

[SuperSnic]

 Here is a little something that may make you feel better:

https://fee.org/articles/imf-head-predicts-the-end-of-banking-and-the-triumph-of-cryptocurrency/

[farhaan]

I do agree that governments would create their own digital currencies as a competitor to bitcoin.But,i don't think that it would be possible for all the governments to join together and create a common digital currency to compete with bitcoin world wide.Regionally released digital currencies by the governments would in no way be accepted universally and it would in no way be a competitor to bitcoin.

[Hexah]

If that would be the case then these central banks are all cheaters and that would literally make other digital currency a more exciting to own by this time around. And if government might get involved in the blockchain technology I don't think many bitcoin enthusiast would prefer to have them because if that happens digital currency will also be taxed and that is the one I hate the most, government will corrupt the blockchain too.

[ViperCS]

Bitcoin has been one of the best performing currencies this year, lately trading above US$3,000 per coin. It has attracted the savings of many Chinese investors, as assets with high investment returns remain scarce on the mainland.

[Potato Chips]

Not really expecting that but its a possibility so lets assume that they'd created their own cryptocurrency which is centralized i assume. what are the odds of it overpowering

bitcoin? or even having a close competition to it? of course they will make lots of advertisement of it now people will be divided to two 1). people who are interested to use 2).

people who can't comprehend how to use. As the people who are interested dwell deeper on the governments cryptocoin, it is inevitable to know bitcoin and soon they will realize

that its better so bitcoins users will just increase. i'm kinda confident tho that if ever it happens bitcoin will retains its place besides governments cryptocoin is not mandatory

right? because if its is then they plan to use it to be a primary money which is impossible unless they provide a free internet for the whole people.

[bitart]

Not really expecting that but its a possibility so lets assume that they'd created their own cryptocurrency which is centralized i assume. what are the odds of it overpowering

bitcoin? or even having a close competition to it? of course they will make lots of advertisement of it now people will be divided to two 1). people who are interested to use 2).

people who can't comprehend how to use. As the people who are interested dwell deeper on the governments cryptocoin, it is inevitable to know bitcoin and soon they will realize

that its better so bitcoins users will just increase. i'm kinda confident tho that if ever it happens bitcoin will retains its place besides governments cryptocoin is not mandatory

right? because if its is then they plan to use it to be a primary money which is impossible unless they provide a free internet for the whole people.

If they (governments) want to get rid of bitcoin, they will simply ban it. There's no reason why they would compete, when they can just ban the competitors. They don't really need to create new cryptocurrency for a country, it's enough if they digitalize the existing money somehow. Blockchain just can be a solution to get all done in a cost effective way, but it's not a must, it's an option.

[pginvest]

Clearly government ts are already planning for digital currencies. I think the thing that is at play is really control. With Bitcoin, the control is pretty much hardcoded in from the beginning and the economic philosophy was a pretty conservative one. That philosophy is at odds with most modern governments who want to have an inflatable currency.

It is possible to program this concept into the blockchain, but it is difficult to change it at say "a monthly fed meeting".

It is a great article. Thanks

[MakeMoneyBtc]

I also think there is going to be a war between currencies. Now ,that they have seen how powerful is bitcoin and altcoins governments are creating their own coins. They are all going to survive but the price is not going to be the same. I am wondering if Usa or China will create their own cryptocurrency what price it would have. Maybe it is goint to surpass bitcoin

[Semar Mesem]

In total cryptocurrency market share has reached more than $ 170 billion, this is certainly very worrying for many countries so that all countries agree to banned bitcoin and ICO.

[azguard]

In total cryptocurrency market share has reached more than $ 170 billion, this is certainly very worrying for many countries so that all countries agree to banned bitcoin and ICO.

Not all and this is more false rumors and news. Yes there are some that ban both , some just one, but many are trying to adopt it more rather not to ban it at all.
Market cap is something that is good for some indication but more for some experience traders they know what to do with this information, on other site government are more less here to spectate some maybe to take a gamble in all this but for the moment, more will try to adopt it rather then ban it.

[Bruce Wayne]

I think my money will be on BTC, Ether, and Litecoin.

[1Referee]

Market cap is something that is good for some indication but more for some experience traders they know what to do with this information

Market caps mean absolutely nothing, especially not when it comes to altcoins. It's far too easy to manipulate the market cap into an insanely high figure by having hundreds of millions, and even billions of tokens in circulation. You shouldn't forget that you just needs to buy or sell 1 token at a certain price, where after that the market cap instantly jumps to a certain figure. In other words, if you have a coin with 100 billion units in circulation, you purchase 1 at $1, and your coin has a market cap of $100 billion -> what exactly does this tell you?

[entrepmind23]

I have been saying this all along that governments appreciate the many innovative feature of the blockchain technology but there is just one thing they can't take and that is the lack of controls once they would let the whole beast roam. That is why they always want to establish regulations so as not to lose the thing that makes them as the government.

We should expecting that soon there would be central banks who can be using digital currency platform to launch their own version of cryptocurrency and these coins can be competing directly with Bitcoin. But as the man above is telling us: never be fooled as we should know what side are we siding with.

Bitcoin being decentralized make them lose control so they will always find a way to get back that control of the people. They have been continuously studying blockchain technology to compete to the existing digital currencies and later on would make their own version of it and would insist to people that it should be the one use because it is the legal one. They would make their own version which is the legal one and make bitcoin and other digital currencies already in circulation illegal so that people would avert their attention to their own version. This would not be good on our part being enthusiast already but maybe in the impending war, I might just give in because I want to follow the law.

[Yakamoto]

"A digital society needs digital cash."

Jesus they're dedicated to pushing that meme aren't they.

But when it comes to the "war" between decentralized cryptos and centralized cryptos, it's obvious how the lines will be drawn and how people will divide themselves between the two systems. You're going to have your crypto people sticking to the decentralized stuff, you're going to have some new people moving to decentralized cryptos as it becomes apparent what's going on, and then you're likely going to have your average people who will switch to the centralized cryptos only because they have to.

[MoonHodler]

I read a possible solution for this somewhere, and it was to make computing power parallel  for all cryptocurrencies, this would prevent competition amongst cryptocurrencies, with mining atleast. Miners would be spend X computer power to generate coin A & B & C .. instead of 3X times the power.
this way all crypto currencies would have the same level of security & integrity. using different  blockchains of course, a mega blockchain may have bad implications I suppose.

[centralbanksequalsbombs]

Hahahaha LOL. So uninformed.

BLOCKCHAIN without bitcoin = SCAMCHAINS
BLOCKCHAINS without bitcoin ARE SIMPLY PRIVATE DATABASES that every small business has even a coffee shop = NO VALUE, its like fiat currency, small minimal value!

BITCOIN BLOCKHAIN = SECURE IMMUTABLE VALUABLE OPEN-SOURCE DECENTRALIZED FAIR (scarce bitcoin supply). Globally people poured over $70Billion (USD) equivelent value into bitcoin and this will increase with time.

Forks creating scamchains are a courtesy brought to you by DCG group of companies led by Barry Silbert with his fellow minion Jeff Garzik and friend Roger Ver. Central banks love to fund their operations so they can get inside the community to circumvent Bitcoin's progress and try to destroy bitcoin.

Luckily their attempts have been marked by continuous failed altcoins...
"Bitcoin Classic" failure
"Bitcoin XT" failure
"Bitcoin Unlimited" failure
"Bitcoin Cash" failure
coming soon..."Bitcoin Segwit2x" (BTC1) failure

Recommend reading post: "Hacks Puppets and Forks - How to destroy Bitcoin"
https://bitcointalk.org/index.php?topic=1834310.20

hacks (these people may have been well-meaning previously...but people change...):
Mike Hearn : “the "Bitcoin experiment" has "failed." goes on to Ethereum an app coin.
Hearn - Big Bank Bitcoin Bully - https://medium.com/@tradertimm/hearn-big-bank-bitcoin-bully-c61531c082e#.okh9viyze
Craig Wright - desperately claimed to be Satoshi & then flees fraud trying to file a bunch of IP patents! LOL!
Mark Karpeles
Paul Vernon
Josh Garza
Roger Ver
Jeff Garzik (2017 recent; hard forking BTC1 / segwit2x)
"Jeff Garzik wants you to connect to his Bitcoin transaction analytics (spy) company Skry, by default, in the SegWit2x fork. Jeff is a sneaky snake!":https://www.reddit.com/r/Bitcoin/comments/6n9grc/jeff_garzik_wants_you_to_connect_to_his_bitcoin/
Barry Silbert (and his DCG portfolio of companies-ie Coinbase, Bitpay, sponsoring ilk of Jeff Garzik characters)


Bitcoin has the highest value because of the totality of what it is - if it lacked the features of what it is, then there would be no value.

If it wasn't secure, there would be no value.
If it wasn't immutable, there would be no value.
If it wasn't globally distributed, there would be no value.
If it wasn't so strong, open-source decentralized and unstoppable, there would be no value.
If it wasn't so scarce, there would be no value.
If it was easy to spam transactions, there would be no value
If it didn't have the history of 8+ years (and still no hacker can exploit bitcoin blockchain), there would be no value
If it was exactly like fiat and only did transactions, there would be no value.

Bitcoin has all these together to make the most value and increasing more than any other financial-asset option coming from the fiat central-banking debt-system.


Though it is still very early adoption (most people everywhere don't know what it is)...
Bitcoin has freed, continuing to free, and tomorrow will still free many people globally from the centrally controlled debt-based fiat system that confiscates your wealth with inflation and tax. Bitcoin is a TRUE savings vehicle. Buying Real Estate, Hospital healthcare, Global traveling, College Education gets cheaper as you hold Bitcoin.

And it has become clear that...
Bitcoin CANNOT be controlled.

Bitcoin cannot be made legal. Governments may still attempt to do so. They can never have such domination on Bitcoin.

Bitcoin cannot be made illegal. Governments may still attempt to do so.

Central banks already control and manipulate Stocks, Real Estate, Gold, Interest Rates. Central banks will never have such domination on Bitcoin.

Bitcoin reached escape velocity 4-years ago in 2013 which means it cannot be stopped - cannot make it illegal or legal - governments/banks do not matter.

On the opposite end of the spectrum the global fiat (US Dollars, Indian Rupees, Chinese Yuan, etc) bubble system broke a couple of decades ago.

Fiat around the world is forced to inflate issuance as its heavily infested, burdened and broken with:
-regulatory burden on fiat banks & system (incredibly costly)
-unemployment & other welfare costs
-inflating fiat to keep stock market rising and to keep house-prices from collapsing
-financing conflicts, bombs, and "aid"
-insurance fraud
-false claims and insurance loss-events
-stabilize regions after natural disasters
-keeping monopolies with internet access centralized and search engine crawlers centralized
-money laundering
-chargebacks
-frivolous legal costs (lawsuits bogging the system down)
-state-sponsored corruption and unofficial corruption (governments and gangs, banks and conartists)
-retirement obligations (debasement in value to keep up with payments from government or other retirement-obligations)
-fake credit (goods being transacted with credit-loss, replaced by inflation of monetary base rather than bringing perpetrators & source to justice)
-using enforcement labor to freeze accounts and assets and take away your money
-costs of auditors and budgetors and accountants to governments and businesses

Bitcoin, systemically, is free from these burdens.

Bitcoin is GLOBALLY held and sought after by people in almost every country - see global trade data by country or see this list:
https://bitcointalk.org/index.php?topic=1853019.0

BLOCKCHAIN without bitcoin = SCAMCHAINS
BLOCKCHAINS without bitcoin ARE SIMPLY PRIVATE DATABASES that every small business has even a coffee shop = NO VALUE, its like fiat, currency, small minimal value!

CAN SOMEONE PLEASE STOP BLOWING BUBBLES OF EXTRA FIAT MONEY AROUND THE WORLD? (PLEASE NO MORE USD, EUROS, JAPANESE YENS, INDIAN RUPEES, CHINESE YUAN, MEXICAN PESOS - PLEASE STOP INFLATING AND MAKING BITCOIN SO VALUABLE)...stop this pumping

https://macromon.wordpress.com/2017/04/26/the-chart-that-floats-overvaluation/