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Author Topic: Is there a reason why Bitcoin has to be the crypto in the future?  (Read 262 times)
BQ
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April 27, 2018, 11:21:05 PM
 #1

I'm not very technical competent, and I will gladly listen to anyone who wants to explain anything.

I'm trying to think of why Bitcoin has to be the coin that lasts into the future.
The primary reason I can think is due to it being the first, and therefore it's in a way more scattered?
Any new mineable crypto could quickly and easily be overtaken by a major entity who could then potentially control the majority of it,
which would be problematic for a decentralized currency.
And a pre-mined crypto could never become the largest.

Of course due to Bitcoin being the most used and largest crypto, as well as being the #1 trading pair,
there's currently not a lot of genuine reason for everyone to transfer to another currency, even if for example speed is improved,
since to be fair, the majority of people are just holding their bitcoins and in general there's not that much need for speed at the current point in time?

However, nothing is very certain and I'd gladly hear more reason as to why Bitcoin would remain the largest.
Seeing the conflict between Bitcoin and Bitcoin Cash is really toxic for the community and adoption at a whole,
I'm not convinced why there could not be something which incorporates the best of various platforms(smart contracts, privacy etc all in one?)

It's difficult to imagine adoption on a global scale that somehow would involve using many various currencies to achieve different things,
even if there were a 'layer' on top to simplify it.

One argument I heard tho is that any up and coming crypto technology can theoretically be added into any existing crypto, so therefore,
it's hard to challenge Bitcoin, since being the largest, new technology can just be added on top, therefore making any up and coming crypto redundant?

One problem I'm not fully understanding is how centralized it actually is, seeing this picture:


While I understand that the miners making up the pool can stop mining, is this still not a threat to the network if the three largest pools could collaborate for control?
Partly considering the majority is chinese (less decentralized geographically(not sure if relevant)),
but they could technically ruin the network at any point?

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April 27, 2018, 11:37:01 PM
 #2

There's no overwhelming reason why bitcoin will remain the top dog, right now there are arguably superior technologies but none that are as well known or that (as you mentioned) are as well spread as bitcoin is.

With regards to the mining pools, you're right that they could collaborate and cause chaos for bitcoin, for example if they all stopped mining at once, but given the way that difficulty scales it would be resolved in time.

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April 27, 2018, 11:48:31 PM
 #3

I'm not very technical competent, and I will gladly listen to anyone who wants to explain anything.

I'm trying to think of why Bitcoin has to be the coin that lasts into the future.

Who says that bitcoin has to be the coin that lasts?

Why can't it be one of ten or twenty or fifty?

It should be! Each coin has a slightly different utility or structure. The variety keeps good competition. Bitcoin should be the "store of value" coin for the future, but the rest of the needs are up for grabs!

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April 27, 2018, 11:49:28 PM
 #4

I think Bitcoin should already be a Crypto, because Bitcoin will ease the way in any payment transaction system.
And the programs that Bitcoin has made are very good at establishing all the people of this world in terms of work.
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April 27, 2018, 11:54:32 PM
 #5

yes bitcoin has a reason why it is the future currency and it is the advantages we get from it.bitcoin transaction is very easy and faster transaction what we need in the future.
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April 27, 2018, 11:58:40 PM
 #6

Simple answer: none. Bitcoin remains supreme over all crypto right now since it was the first to gain some form of value and acceptance over people. Aside from that, many people right still believes that bitcoin is the top cryptocurrency even though it lacks some fancy technologies and cool things which cryptocurrency has right now. It is also the most sought after cryptocurrency due to its value, and it's also the most famous cryptocurrency that people hear about. I for one thinks that once people got over bitcoin and the interest about it wane, it would die a pitiful death, though I don't see that coming even in the nearest future. There are a lot better cryptocurrency with better technology out there, sure, but people's eyes are on bitcoin right now. If it remained that way for decades to come, bitcoin's dominance would remain as is.

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April 28, 2018, 03:57:03 AM
 #7

Come to think of it,bitcoin is mentioned more  by authorities than other cryptocurrencies when it comes to issues regarding regulations,bubbles etc.In my opinion bitcoin is likely to suffer a bad fate than other cryptocurrencies and so that will make it eventually unlikely to be the currency of the future.You can also look at it in this other sense,the founders and developers of most other currencies are well known and so can decide how to fall in line with authorities when it comes to keeping the currencies running.How about bitcoin whose founder is still anonymous till date?So in my opinion,bitcoin has a slimmer chance of becoming the currency of the future.

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April 28, 2018, 10:16:08 AM
 #8

Come to think of it,bitcoin is mentioned more  by authorities than other cryptocurrencies when it comes to issues regarding regulations,bubbles etc.In my opinion bitcoin is likely to suffer a bad fate than other cryptocurrencies and so that will make it eventually unlikely to be the currency of the future.You can also look at it in this other sense,the founders and developers of most other currencies are well known and so can decide how to fall in line with authorities when it comes to keeping the currencies running.How about bitcoin whose founder is still anonymous till date?So in my opinion,bitcoin has a slimmer chance of becoming the currency of the future.

That's a good point, but wouldn't that also mean that whichever crypto would replace bitcoin would therefore already be "controlled"?

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April 28, 2018, 11:03:19 AM
 #9

Come to think of it,bitcoin is mentioned more  by authorities than other cryptocurrencies when it comes to issues regarding regulations,bubbles etc.In my opinion bitcoin is likely to suffer a bad fate than other cryptocurrencies and so that will make it eventually unlikely to be the currency of the future.You can also look at it in this other sense,the founders and developers of most other currencies are well known and so can decide how to fall in line with authorities when it comes to keeping the currencies running.How about bitcoin whose founder is still anonymous till date?So in my opinion,bitcoin has a slimmer chance of becoming the currency of the future.

You are right. Governments will prefer a cryptocurrency which the developers are known. But I think bitcoin creator anonymity is one of its advantages. If a cryptocurrency founder is known by governments, they can force him/her to change it to a centralized system that they can control it.
If bitcoin remains the biggest cryptocurrency, we are the winners.

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April 28, 2018, 11:33:42 AM
 #10

Bitcoin is the basement of all the Cryptocurrencies so many peoples are like to Bitcoin technology but currently many potential technologies are available in the market still Bitcoin is occupy the high marketcap. so future also everyone heard the Bitcoin then only they are all understand the other altcoins. For example Neil Armstrong is first touch in the moon and Aldren is second touch the moon but peoples are always know the Neil Armstrong so this is first and forever Cryptocurrency. Many peoples are forgot the second and above the coin but no one is forgot the Bitcoin because it is always ruling the Crypto market.

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April 28, 2018, 11:40:34 AM
 #11

There's no overwhelming reason why bitcoin will remain the top dog, right now there are arguably superior technologies but none that are as well known or that (as you mentioned) are as well spread as bitcoin is.

With regards to the mining pools, you're right that they could collaborate and cause chaos for bitcoin, for example if they all stopped mining at once, but given the way that difficulty scales it would be resolved in time.

bitcoin is currently top dog because there is popular support for it.

in developed countries neofeudal structures have developed themselves that basically consist of a small proporty owning elite that lives in luxury at the expense of the nonproperty owners that are forced to sell their time. this system causes many stagnating unsecurities and other disadvantages.

in the developing world however there is common distrust against the government there. they all prefer currencies approved and prefered in the developed world.

as soon as a developed cryptocapitalism industry will emerge bitcoin will become opposed by many serious competing/cooperating cryptocurrencies, that seek to develop structures.. like iota cardano

https://www.cryptoproductivity.com/single-post/2018/04/10/Bitcoins-Possible-Future-According-to-Interest-Based-Game-Theory

i am also trying to establish new a dual layered, two dimensional form of cryptocurrency for usage in socioeconomics calling it "sources" for the post bitcoin time when bitcoin served its purpose to remove the banksters that are supporting and protecting the property billionaires.

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April 28, 2018, 11:44:28 AM
 #12

We don't know if Bitcoin will remain the top crypto currency in the future or not. People always tends to trust things that has been on the market for a long time. They are we known and well spread. New technologies kinda make people a bit suspicious and they do not wish to use them as long as they are not well established in the market for a long term. For now bitcoin will be holding the market as a leader, but not sure who will take over in the future.


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April 28, 2018, 11:58:06 AM
 #13

Bitcoin is the cryptocurrency of the future since all markets in the cryptocurrency world is dependent on bitcoins value. The moment bitcoins value will crash all the market will also crash and if bitcoins market will go green then all market will turn green. If bitcoin will shut down there will be chaos in the cryptocurrency world and possibly all people will panic selling all kind of their cryptocurrency coins.

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April 28, 2018, 12:18:38 PM
 #14

You are right. Governments will prefer a cryptocurrency which the developers are known. But I think bitcoin creator anonymity is one of its advantages. If a cryptocurrency founder is known by governments, they can force him/her to change it to a centralized system that they can control it.
If bitcoin remains the biggest cryptocurrency, we are the winners.

anonymity is hardly a valid point for bitcoin now?
I read that 15% of the bitcoin code is written by satoshi, which either way is irrelevant since 'anyone' can contribute code?
I'm not entirely sure how github works for example but it's clearly there who's contributing what, is it not?

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May 05, 2018, 09:25:24 AM
 #15

Bitcoin is the cryptocurrency of the future. The price of cryptocurrency is dependent on the world market. Bitcoin prices may crash in the market anytime. Bitcoin may be crypto in the future. Because the biggest countries in the world are accepting Bitcoin. As a result, its use and demand continue to increase. Moreover, the price of Bitcoin is rising compared to the previous. So predictions can be made of this future coin.
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May 05, 2018, 09:36:29 AM
 #16

While I understand that the miners making up the pool can stop mining, is this still not a threat to the network if the three largest pools could collaborate for control?

just FYI a mining pool is not the same as a mining farm. a mining farm owns hashrate because they own the mining equipment. a mining pool is just a server that other miners that own hashrate connect to. so for example if I were a miner with 5 ASICs mining bitcoin, I connect to a mining pool like BTC.com and as a result I will be a part of that 29.6% that you are seeing on that chart.
if some day I see BTC.com is making decisions that I don't agree with, I will simply switch to another pool and decrease that 29.6% and increase another pool's percentage.

in short mining is more distributed than this chart shows.

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May 08, 2018, 02:36:52 AM
 #17

While I understand that the miners making up the pool can stop mining, is this still not a threat to the network if the three largest pools could collaborate for control?

just FYI a mining pool is not the same as a mining farm. a mining farm owns hashrate because they own the mining equipment. a mining pool is just a server that other miners that own hashrate connect to. so for example if I were a miner with 5 ASICs mining bitcoin, I connect to a mining pool like BTC.com and as a result I will be a part of that 29.6% that you are seeing on that chart.
if some day I see BTC.com is making decisions that I don't agree with, I will simply switch to another pool and decrease that 29.6% and increase another pool's percentage.

in short mining is more distributed than this chart shows.

Thank you! That's actually really important knowledge.
It'd be interesting to see a chart that accurately shows the decentralization!

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May 08, 2018, 02:40:58 AM
 #18

There is no reason why it should be the crypto in the future but it was born to be the cryptocurrency and be the winner in the line of the same.
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May 15, 2018, 08:57:54 PM
 #19

There is no reason why it should be the crypto in the future but it was born to be the cryptocurrency and be the winner in the line of the same.

What do you mean 'be the winner in the line of the same'?

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May 15, 2018, 09:00:36 PM
 #20

yes bitcoi will be the best crypto in the future bcz btc is more advance than other.transaction is easy and btc can proceed huge transaction.
its strong and its best to use.its user frndly

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