Bitcoin phased out

[audaciousbeing]

What if someone creates a better digital currency? Will bitcoin be phased out? And how likely  is it for that to happen?

After bitcoin, several digital currency have been established with the hope of solidifying and working on the disadvantages of bitcoin even with some backed by assets as we have seen in some established for a mining site, a gambling site, some solar panel, some am exchange site and none of them has been able to dislodge or phase out bitcoin.

The only one that I see that could be a threat due to the massive back up and push it could get is one backed by government and that is not going to phase out bitcoin but just a threat.

It is then safe to conclude that, until bitcoin is destroyed completely, I don't see any alt coin taking over the mainstream of crypto-currency.

[khufuking]

Well it is not about making a better currency that are better than BTC there is a lot of other factors , Now people looks to BTC as the father of them all and basically all other alt acts in 2 ways , There own way ( bad , good , news of there own ) and the other factor is always BTC , It is so clear now that any thing effect BTC will effect other currency no matter how good they are progressing . But on the other hand no existing alt coin can effect BTC . until this moment we do not see BTC drop in price because ETH not doing good , But on the other hand we always see big drop on price of altcoins if any bad news about BTC released . There is already coins out there that is better than BTC in term of tech. but in reality they can not even come close to BTC . I think it is already a done deal BTC is the main currency for the whole crypto world and any other currency is an alt , And I do not thing this gonna change anytime soon !

[Al Amin]

There is a possibility but it is difficult to remove bitcoin. Because bitcoin is the first besides that bitcoin for now has the largest population and fans. With time bitcoin will create new innovations and breakthroughs. so bitcoin will remain the number one and I am sure of it.

[aoluain]

What if someone creates a better digital currency? Will bitcoin be phased out? And how likely  is it for that to happen?

yet another FEAR based thread.

There may be coins in existence according to some which already
are better than Bitcoin but its about acceptance and adoption and
right now the coin with the most acceptance and adoption is BTC

no one ca tell what the future holds so dont worry until it happens,
IF IT HAPPENS AT ALL

[Skyshark]

That is not impossible, I mean for other coins to rise higher than bitcoin, but I think bitcoin will remain on the market and will not loose its fame, and there are so many investors who had invested in bitcoin so its gonna be hard for other coins to compete with bitcoin.

[Pursuer]

What if someone creates a better digital currency?

there is no "what if", it will happen. someday someone will create something better than bitcoin. either an improved version of a cryptocurrency or even a completely new technology to do the similar thing. that is the nature of any technology, they get replaced by newer and better ones.

Will bitcoin be phased out?

yes. looking back at the thousands of years of human history you can see a lot of things have been replaced, improved,...

And how likely  is it for that to happen?

you should ask WHEN will it happen instead.
and so far we have not seen any valid competitor for bitcoin and we won't see any for many years because everyone is focused on earning money and politics not developing.
it will probably not happen for another 20-30 years.

[virtualhero]

What if someone creates a better digital currency? Will bitcoin be phased out? And how likely  is it for that to happen?

Bitcoin won't phase out because it has more community than other cryptocurrency. Even the developers of bitcoin won't let that happen, there is a big money to involve to let that happen.

[VanDeinsberg12]

Depends to people, if people tend to like bitcoin more than the new technology which make bitcoin obsolete, it will, but if the new technology didn't liked by many people bitcoin will still stay.
But I must say that bitcoin still have potential to be developed furthermore.

[rcoins0720]

the possibility is yess maybe other can create but they will be competition against bitcoin and the
one who will be developed or created but the chance that it will like the price of BITCOIN now
is takes lots of time ..but who knows right? for now the BITCOIN is one of the valuable wee need to have
and in the near future that will grow and grow more bigger than now

[Voice-Of-Reason]

i guess it is more likely for bitcoin to phase itself out because of internal politics than a new better coin to come up

[whoisyourking]

What if someone creates a better digital currency? Will bitcoin be phased out? And how likely  is it for that to happen?

There are a possibilities that bitcoin will phase out, like if the government announced that bitcoin will no longer acceptable to use in any transaction or banned it world wide and the government will announce and implement their own version of bitcoin to use in global transaction and become no. 1 online currency worldwide.  

[subSTRATA]

that possibility may exist. but I think for now it is very difficult, because however bitcoin is the first digital currency available so it is difficult to remove bitcoin from circulation.

it definitely exists, even now we see people trying to come up with alternatives to overcome the deficiencies that bitcoin demonstrates. ethereum was, iirc, the latest big attempt, and it's gained a fair bit of traction with all of the features that people find better than the ones bitcoin offers. who knows, if ethereum came sooner, we might be seeing an entirely different cryptocurrency community today.

i guess it is more likely for bitcoin to phase itself out because of internal politics than a new better coin to come up

forks and disagreements within the community will always be present, but the majority will always win, it's how it was intended in the beginning, and it's working beautifully.

[hitrawal91]

What if someone creates a better digital currency? Will bitcoin be phased out? And how likely  is it for that to happen?

Well to be honest it is not going to happen soon, and i dont think it will be easy way to create a better digital currency. Since Bitcoin is the first cryptocurrency which made a good place in people's mind and now you cant replace the bitcoin or you cant attain the heights where is standing right now in all over the world. Everyone are searching the cryptocoins similar to bitcoin but till now i didnt find one, few people said that Doge coin will come up in future as a better digital currency but it fails .

[clickerz]

that possibility may exist. but I think for now it is very difficult, because however bitcoin is the first digital currency available so it is difficult to remove bitcoin from circulation.

it definitely exists, even now we see people trying to come up with alternatives to overcome the deficiencies that bitcoin demonstrates. ethereum was, iirc, the latest big attempt, and it's gained a fair bit of traction with all of the features that people find better than the ones bitcoin offers. who knows, if ethereum came sooner, we might be seeing an entirely different cryptocurrency community today.

i guess it is more likely for bitcoin to phase itself out because of internal politics than a new better coin to come up

forks and disagreements within the community will always be present, but the majority will always win, it's how it was intended in the beginning, and it's working beautifully.
[/quote

I agree with you, but this forks means that there is an upgrade and this upgrade is good for the community or bitcoin users. Bitcoin continue to improve as always and this improvement creates stress among members whether to accept it or support the old one.

[teilwalL05]

What if someone creates a better digital currency? Will bitcoin be phased out? And how likely  is it for that to happen?

There are a possibilities that bitcoin will phase out, like if the government announced that bitcoin will no longer acceptable to use in any transaction or banned it world wide and the government will announce and implement their own version of bitcoin to use in global transaction and become no. 1 online currency worldwide.  

OP is asking if bitcoin would be phase out by another Crypto and not by the Government I really think the Government would not implement in banning bitcoin without further explanation on what is their motives are, but I guess a newly digital currency would surely can't stand a chance against bitcoin but there are a possibility that thing might happen.

[krishnapramod]

What if someone creates a better digital currency? Will bitcoin be phased out? And how likely  is it for that to happen?

There is something called network effect.

A network effect (also called network externality or demand-side economies of scale) is the effect described in economics and business that one user of a good or service or technology has on the value of that product to others. When a network effect is present, the value of a product or service is dependent on the number of others using it.

Bitcoin has both direct and indirect network effects. With adoption its value is increasing, right now it is used more as a long-term investment/store of value and as a speculative asset/trading, but this is leading to indirect effects including merchant adoption and sooner or later we will see Bitcoin being majorly used in the areas of remittances and micropayments, a Bitcoin ETF in the near future, and it do have the potential to be a reserve currency.

It is not about creating a better currency, new technological implementations can be integrated into Bitcoin. It is about having a network effect far better than Bitcoin. And that's highly unlikely to happen in the sense that having a first come advantage, Bitcoin network effects are already in motion, a new cryptocurrency would have to start from scratch.

https://en.m.wikipedia.org/wiki/Network_effect

[NavI_027]

What if someone creates a better digital currency? Will bitcoin be phased out? And how likely  is it for that to happen?

If we assume that there is someone who invented a new cryptocurrency and become more famous than bitcoin, technically speaking, that new cryptoccurrency will definetely become bitcoin's worst nightmare.The value of bitcoin will decrease which leads to bitcoin earners to sell their btc or convert it to that new one. Everyone will become upset also and shocked at the same time due to this bad news.

But, that thing we assume right before is almost impossible to happen in reality. As you can see, there are still many new cryptocurrencies are introduced in the market but yet Bitcoins are still in the top most height. And there is still no existing unique concept greater than bitcoin, so bitcoin is still the best up to present.

But everything could still happen, no one knows the future but a very strong concept is required to make it possible

[Baofeng]

I don't see any altcoin that can "phased out" bitcoin. It has already established itself as the dominant coin and no doubt that it remain as it is. Remember the so called "flippening"? They said that it could happen last May when Ethereum has its peak days. Many are preaching that bitcoin is dead, etc.. But what happened, it didn't and Ethereum lost its grip while bitcoin continue to soar and even got to a new ATH. So they say BCC/BCH might overtook bitcoin, but this remains to be seen. Bitcoin has already gained the trust of most members and investors and its hard for them to be swayed into another direction.

[Kakawate]

I think that could happen knowing that bitcoin and altcoins have unlimited possibilities that can't be controlled by just anyone. I mean any coin can surpass bitcoin, but I think its gonna be a hard battle because there are just so many investors who invested in bitcoin.

[affandi]

currently bitcoin in my opinion is a reference for all existing altcoin. Maybe someday there will be a new currency digital currency that will replace bitcoin, but not now and sometime it will happen. One of the reasons a bitcoin can be dead / deleted is when there are no more enthusiasts, and there is no longer a market that trades with bitcoin. Then maybe slowly bitcoin will be destroyed.