Can Bitcoin(first cryptocurrency to exist) be THE one?

[justone123]

So i'm just wondering....something that will change humanity forever(invention of bitcoin), can it be done in the first try? Bitcoin is just a first try and it's hard to imagine it will be the best of them all? Or will it work as a reserve currency for the crypto economy(like gold).

They often referr Bitcoin to this picture


But i don't understand what they mean with that. Is it that a new crypto will emerge and be the "better car", or is this the Bitcoin in the early stages. Does it has a GOOD core-the underlying protocol is all we need, and everything above will be created on another(upper) layers? Or will another cryptocurrency take over?


Because you see a lot of Bitcoin maximalists(even andreas). Like there can only be one gold. You can't just say this X shitcoin is the new gold, it will not work.

Is Bitcoin IT?

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[aleksej996]

No one can know this. It is up to the market to decide. I can just tell you that Bitcoin will be very different in the future then it is now.
Bitcoin constantly evolves and develops. Even at it's core it changes using softforks or even hardforks in case of security issues or critical bugs.
If Bitcoin is not good enough and vast majority agrees, then it will fork and it will change and adapt to the market.

Bitcoin is a protocol, not a mechanical machine that was built out of non-malleable metal.
If it needs to change, it will change, but in the end all cryptocurrencies change in one way or another over time.
Only thing they have to share in common with their past versions is the ledgers, or in other words, balances of the accounts in that cryptocurrency.

[piotr_n]

Internet and it's IP packets routing protocol was the first global network to exist - and it became THE one.

So I would say: YES

Not because Internet's protocol was the best and perfect.
But it was the first one and after it was already working people would rather build applications on top of it than try to invent and introduce a new type of wheel.
This wheel is good enough - the remaining potential is only in what we will do with it.

[justone123]

Well Bitcoins(and any other blockchains) biggest problem is scallability. Did the internet have the same scaling problems?

[aleksej996]

Well Bitcoins(and any other blockchains) biggest problem is scallability. Did the internet have the same scaling problems?

Of course it did. It still does. Ever heard of IPv4 and IPv6? This is just one of the issues that is currently being upgraded (softforked in a way).

[dado7]

It's hard to know. It has grand scaling problems. That is the minus. But it can adopt and evolve. At this moment I would rather put a bet on somethe other coins. But Bitcoin community has already announced lower fees and adoption of smart contracts.

If you take a little look into the history you can see what can be done out of almost nothing, not to say what can be done from something that already has such general acceptance and has become a synonim for the whole industry - which is a huge marketing tool.

You know a little country named Japan? Well, their nowdays renowned cars used to be ----- well - rubbish if non-existing. But they saw a niche and decided they, being a very hard working nation, can invest themselves into a car industry, find out everything they can from the best out there (USA, England, Germany,....) and make a product that will feature the best of each and be affordable. Rest is history. Same is with Bitcoin. It can evolve, and other's great ideas are just opportunities for Bitcoin community. You could argue that is basically stealing but well - it actually isn't, it is called learning. Everybody has a teacher. Literal copying and scheming to steal others blueprints etc. - those are something completely different.

For me much greater problem is a volatily and high value of Bitcoin, not it's current scalability. Something unstable and worth 15.000 dollars just cannot be used as everyday currency. But, if more stable, it can be used as a store of value.

[piotr_n]

Well Bitcoins(and any other blockchains) biggest problem is scallability. Did the internet have the same scaling problems?

I think since the beginning of human civilisation its biggest problem was scallability.

But there we are - 2018, 7.6 billions and still growing...

[johncolbir]

Bitcoin is already the digital gold, the only problem right now is that it is a slow. With the current technology we have, you can't build a digital gold that is decentralized and fast, you just can't. That's way we will have second layer protocols like the Lightning Network and Sidechains.

No other cryptocurrency can replace Bitcoin as the digital gold. Let's say there is a new cryptocurrency that is superior to Bitcoin called Xcoin, if Xcoin became so popular that it replaces Bitcoin as the digital gold, then there is no reason that Ycoin or Zcoin with better tech to replace Xcoin as the digital gold in the future. What I'm trying to say is that the fact that another coin replaces Bitcoin as the digital gold will break all the concept of digital gold (the one), that's why it's either Bitcoin or none.