Bitcoin sidechains will render altcoins obsolete

[Abiky]

As Bitcoin advances towards adopting the Lightning Network, it should only be a matter of time before sidechains become implemented into it. These sidechains will work in a similar fashion to altcoins, allowing to extend Bitcoin's functionality including (but not limited to): smart contracts, micropayments, identities, and more.

As such, I believe that once sidechains are introduced into Bitcoin, there would be no use for altcoins as BTC would be capable of doing everything that most cryptocurrencies do today. In the end, altcoins might become obsolete, while Bitcoin will become an All-in-one cryptocurrency handling anything we throw at it.

What's your opinion on this? Will Bitcoin sidechains render altcoins obsolete? Or will altcoins co-exist with BTC sidechains?

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[13abyknight]

What's your opinion on this? Will Bitcoin sidechains render altcoins obsolete? Or will altcoins co-exist with BTC sidechains?

Altcoins will not cease to exist but continue to co-exist with whatever Bitcoin is bringing to the table. Lets not forget that Ethereum came up with concept of smart contracts and DApps and we can never count it out. Other coins also have their distinct functionalities with respect to their own chains.

[cryptospear]

As Bitcoin advances towards adopting the Lightning Network, it should only be a matter of time before sidechains become implemented into it. These sidechains will work in a similar fashion to altcoins, allowing to extend Bitcoin's functionality including (but not limited to): smart contracts, micropayments, identities, and more.

As such, I believe that once sidechains are introduced into Bitcoin, there would be no use for altcoins as BTC would be capable of doing everything that most cryptocurrencies do today. In the end, altcoins might become obsolete, while Bitcoin will become an All-in-one cryptocurrency handling anything we throw at it.

What's your opinion on this? Will Bitcoin sidechains render altcoins obsolete? Or will altcoins co-exist with BTC sidechains?

Lightning network is far a head from being implemented,theres a lot of problems lately which delays the development of the LN network,altcoins are going to be worthless as soon as the LN has successfully implmented to bitcoin, because most of the altcoins wont survive what will happen to the bitcoin's tx speed which makes most of the investors invest more to bitcoin because there will be less fees,faster tx confirmations etc.

[squatz1]

I mean, even now most altcoins are pretty useless as of right now. Bitcoin having an LN and sidechains will be the nail in the coffin for the altcoin market. Though speculation will lead the altcoin market to still have something when it comes to profit making.

I hope we drain the shitcoins though.

[gantez]

Are we then saying that altcoins will be wiped out? Don't believe so. Bitcoin and altcoins are not pararrel as some altcoins have different specification and they compliment each other in uses.

[Abiky]

Altcoins will not cease to exist but continue to co-exist with whatever Bitcoin is bringing to the table. Lets not forget that Ethereum came up with concept of smart contracts and DApps and we can never count it out. Other coins also have their distinct functionalities with respect to their own chains.

You do have a point there, mate. Regardless if sidechains get implemented into Bitcoin or not, there's a possibility that altcoins would continue to be used the same way as they are right now. There is a wide array of altcoins, each with their unique technologies and features that won't be able to become implemented into a Bitcoin sidechain. Of course, it could be possible to implement any amount of sidechains for Bitcoin to bring many features of altcoins, but the effort wouldn't be worth it considering that altcoins can already do the same functions.

Despite this, it will be very interesting to see a sidechain get implemented into Bitcoin, as it'll can have the same security as Bitcoin itself, but with less load and reduced costs than the main chain. Rootstock is one example, which aims to bring smart contracts functionality to Bitcoin, making it a strong competitor against Ethereum in the future.

Lightning network is far a head from being implemented,theres a lot of problems lately which delays the development of the LN network,altcoins are going to be worthless as soon as the LN has successfully implmented to bitcoin, because most of the altcoins wont survive what will happen to the bitcoin's tx speed which makes most of the investors invest more to bitcoin because there will be less fees,faster tx confirmations etc.

Probably. I think that once Lightning Network becomes actively used by individuals in the mainstream world, they'll use it more than altcoins themselves. Of course, they'll still co-exist with Bitcoin, but the level of transactions made on Bitcoin would be greater with the Lightning Network than with altcoins. If successful, this could render Bitcoin Cash useless as costs would remain low, and speed would be as fast as possible without putting much stress to the network by upgrading the block size. Just my thoughts

[ballerin and giroud]

I do not know all about bitcoin sidechains information yet. However, I remain convinced that altcoin will not be obsolete because altcoin does not exist so bitcoin will not get a competitor. However bitcoin still requires altcoin to be a competitor and comparison so that bitcoin gets better and reinforces over time.

[parobber]

Firstly we're a long way off from this being anything close to a reality, let's have a successful implementation of the LN before we start considering replacing existing alts. I don't think anyway it would replace them, some alts have real uses with great people behind them, you can't replace that.

[onnz423]

It's true. Once bitcoin has extensive side chain functionality, altcoins will be essentially phased out, unless they convert into a sidechain.

There's no reason why the ERC-20 standard can't be used for bitcoin sidechains, so it might not necessarily need to be an us or them scenario, it can still be a mixed playing field.

[Tankdestroyer]

It's true. Once bitcoin has extensive side chain functionality, altcoins will be essentially phased out, unless they convert into a sidechain.

Altcoins will not be phased out like what this user said:

Altcoins will not cease to exist but continue to co-exist with whatever Bitcoin is bringing to the table.

There will still be someone left to use those altcoins with functions so long as it is usable, depending on the situation some users will always tend to use some alts because it is more efficient to use in their current state(great proof why it will happen is the way how people still use candles and any other old lighting devices despite having light bulbs and flashlight today).

[yugyug]

Altcoins still co-exist along with the improvement of bitcoin capabilities like Lightning Network and sidechains. While bitcoin is continuing to develop its own functionality so the altcoins does. If atomic swaps and inter-blockchain connectivity features are implemented in the bitcoin ecosystem then some of the altcoins will become obsolete,but it is a chasing game of who will gonna win for the better blockchain and cryptocurrency development.

[Abiky]

Firstly we're a long way off from this being anything close to a reality, let's have a successful implementation of the LN before we start considering replacing existing alts. I don't think anyway it would replace them, some alts have real uses with great people behind them, you can't replace that.

Yes. The Lightning Network would need to become successful for sidechains to operate as intended in the future. Even though sidechains will exist, I believe that they might not completely replace altcoins since each altcoin has its unique features and use cases. If a sidechain would be implemented for each unique feature that an altcoin has, it would take a lot of effort. That's why, altcoins could co-exist with sidechains for years to come, as people would have the choice to operate within the Bitcoin network or an independent blockchain from an altcoin.

However, if sidechains become useful and extremely popular, then people might use them more than altcoins themselves. Bitcoin would become an "All-in-one" cryptocurrency capable of providing a wealth of blockchain services we know and love today. The most interesting sidechain yet, would be Rootstock as it'll become a fierce competitor against Ethereum, EOS, Cardano, NEO and other smart contract platforms in the market today.

Therefore, it's only a matter of time before Lightning Network becomes stable and widely used in the mainstream world to open the path for sidechains and other improvements within the Bitcoin network. By then, the market and the people will decide whenever they'll continue to use altcoins or sidechains instead. Just my opinion