What are the chances BTC is replaced by something better soon?

[NikoInc]

We need a coin that anybody can obtain and easily, without a bunch of expensive hardware, etc...

[1714910968]

1714910968

[1714910968]

1714910968

[MakeBelieve]

We need a coin that anybody can obtain and easily, without a bunch of expensive hardware, etc...

Do a service which people would use and you will earn Bitcoin easily if you want to earn any coin without any actual investment go look at some of the scam coins.

[chaolang]

Its hard since altcoin trading are all base on bitcoin

[FandangledGizmo]

What's the point of a google coin?

If it's centralized and controlled by them, that takes away a huge benefit of bitcoin so why would anyone switch over to google?

So de-centralisation is the most important property of bitcoin?  People will transfer to any cryptocoin that's more convenient, if that's Googlecoin, they will go there.  de-centralisation is only an issue for certain political aims.

'So de-centralisation is the most important property of bitcoin?'

For me the answer is yes. The reason is trust. With centralised you have to trust a few people/bank/business/government.

Unfortunately though Bitcoin has failed in it's goal, it currently pays a $Billion+ a year in new coins & fees to miners per annum to decentralise control and process transactions. However expensive asics and pools have centralised that control. So now all Bitcoin has is a very, very expensive (Yes 10% inflation is expensive), painfully slow and archaic transaction processing service. Thank God for first mover advantage...

Proof of Stake systems, which allow people to process transactions & decentralise the network on regular PC's, at Mastercard/Visa volumes at faster speeds which are resistant to even 90% attacks such as NXT are far superior. But it may take a security event, such as another double spend by GHash.IO for people to make the switch to the new superior system.

The other main advantages of Bitcoin imo were 'privacy and freedom' & limited inflation.

A properly announced and distributed POS system (Which NXT didn't have unfortunately) will have no inflation and if it implements a zerocoin system will have privacy and freedom too.

So the USP's of Bitcoin will live on but just not in Bitcoin unfortunately. Which is why I think Bitcoin will be replaced by something better but I don't know how soon...

[texaschainsaw54]

I got here a little late but here are my thoughts.

If an alternate currency is going to become popular than I do not think it will be bitcoin. It is more likely to be something such as litecoin that holds good value but is cheap enough for a lot of people to buy. I do think that bitcoin will last however but just not be the "it" currency.

Overall the best thing that bitcoin has ever/will ever do is bring ALOT of attention to the idea of a cyber currency.

Thoughts?

[MNDan]

Talking about how Litecoin has an advantage because it is cheaper to buy is soo lol. It's like saying "awww $100 dollar bills are too expensive! I like pesos because I can afford them!" You can buy a penny worth of Bitcoin if you want.

https://bitcoinaverage.com/#USD

[ButtonMash3r]

"Soon" would be in the next 1-3 years or so.

One of the biggest dangers for BTC is something more useful coming along and investors switching - a process which could happen extremely fast, once started.

So to all the tech savy people in here - what advantages could other cryptocurrencies bring that will give them a crucial edge over BTC, and how fast could something like that come along?

What a lot of people have not yet realized is the potential of Infinitecoin. It's a pretty cheap coin and there's billions of them. There's also billions of people on the planet. Bitcoin lacks this advantage to grasp a larger and more common person market. If we want a coin to really succeed, we will have to be able to get the average joe on the street to hold onto some too if we want a globally successful coin that everyone can have a piece of. Ripple didn't do it right. That's just google making a mass buy-in attempt at scrubbing out the Infinitecoin and her community. Thing is, we also have a better name and more involved people than Ripple. There's like only a few holders of Ripple and they're not selling them on Ebay. They are hoarding them which is pointless when the goal is to get people to use them daily like the dollar.

[ButtonMash3r]

We need a coin that anybody can obtain and easily, without a bunch of expensive hardware, etc...

I've been telling people...Infinitecoin is the answer to all our problems!

[asdf]

Well looks like NXT will be trying to get the balance right to make it a transactional currency unlike Peercoin which aims to be a 'back-bone' currency.

Nxt is still in it's infancy. There aren't a lot of users yet, and features are still being implemented. So the number of transactions per day is still low, but growing. As transactions, and the price of Nxt grows, transaction fees will be adjusted downwards to keep transaction costs reasonable while still sufficiently rewarding forgers.[/u]

http://wiki.nxtcrypto.org/wiki/FAQ#Why_are_transaction_fees_so_high.3F

Looks like they will also be implementing a voting system and dev fund which is critical too.

So NXT 'potentially' solves

Centralisation of mining_____ - Using POS
Centralisation of developers_ - Using voting and independent fund to attract new developers and avoid key people getting compromised
Centralisation of merchants_ - Because of slow confirm times, Bitcoin will always require Bitpay weak-points even when it's less volatile, but NXT confirms super fast.

Personally I'm not selling any BTC for NXT but I can't see any point holding alt-coins that are just clones of BTC in one way or another, they will never compete with BTC, at least NXT has a shot.

I appreciate all the things that NXT "potentially" solves and I think PoS is very interesting, but if the fee stays at 1NTX it will be completely useless. The market cap will never rise above $100 million.

It's fine to say it will have a voting system to determine fees, but the implementation details are kind of critical. How will it actually work? What are the economic/incentive implications? Will it be sustainable? will it lead to centralisation? It's all to vague. It reminds me of the RBE guys saying "well just get a computer to allocate resources", without ever mentioning how this magic algorithm will work. Do you happen to have a link for the voting system?

I find it curious that BOTH the major implementations of PoS insist on a fixed fee. Am I missing something about PoS where it necessitates a fixed fee? Why can't we have PoS with voluntary fee like bitcoin? Ideas anyone?

... and about this "backbone currency" wft does that even mean? Why would it even be necessary? What is a "backbone currency" that bitcoin isn't?

[reymarkperry]

I agree. I don’t think something greater than BTC will come sooner. Everything that we’re looking for in an alternative currency can be found in bitcoin. Now that most of online casinos and other business owners are starting to accept it, I don’t think they will accept new one soon, if ever there will be.

[ThomasZ80]

A second really big competitor could be only good for the altcoins.
All stands and falls with the bitcoin.
Maybe NXT could become that in future.

[gpucoolingmethod]

I dont know about feature having crucial edge over Bitcoin, definitively nothing used in all altcoins up to now

a coin not wasting all computing power and using it for developing things like I posted here.You cant name it yet.It names you.(joke hahah)
https://bitcointalk.org/index.php?topic=444287.0

[_mr_e]

Ethereum

[gpucoolingmethod]

I dont know about feature having crucial edge over Bitcoin, definitively nothing used in all altcoins up to now

a coin not wasting all computing power and using it for developing things like I posted here.You cant name it yet.It names you.(joke hahah)
https://bitcointalk.org/index.php?topic=444287.0

what do you think?

[hyunsookmom]

The truth whether people want to accept it or not is that IF Bitcoin was released today in the Alternative coin section nobody would give a crap about it. There already are much better coins than Bitcoin. Next coin for one completely pisses over Bitcoin in terms of new abilities soon to be implemented.


The issue is not just how good it is but how widely will a coin be adopted. Bitcoin has a much better footing in real transactions in the mind of the masses. But that could easily change especially with decentralized exchanges promised by coins like NXT.


Anyone who wants to be on the train for the future needs to go to DGEX and get some NXT before they hit 1$ IMHO. That's not a pump that's a serious opinion which I personally backed up with my own money.

[thethingis]

It's absolutely inevitable that Bitcoin will be replaced.

Proof:
https://blockchain.info/address/1CounterpartyXXXXXXXXXXXXXXXUWLpVr

The total Bitcoins that will ever be in circulation is now ~21M - 2114 at the time of this writing, just due to this one address. If I understand the concept, those Bitcoins paid to that address still exist, but are effectively unrecoverable. And this is just an example. People will lose backups, forget wallet encryption pass phrases, die without telling anyone about their wallets, etc..

I know there are like 2 quadrillion satoshis available, but that one counterparty address has eaten something like 200 billion satoshis in a very short time. That guy with his drive in the garbage dump (if it's real) blew another 700 billion. What if the FBI loses the paper they wrote their MultiBit password on? Another 20 trillion satoshis might be gone.

The math says there's virtually zero chance of recovering 'lost' coins (lost meaning the only way to get them back is by guessing), while there's a definite finite chance of losing the coins we do have. Therefore, at some point we'll need something new - granted, maybe far in the future!

[Dr Bloggood]

The truth whether people want to accept it or not is that IF Bitcoin was released today in the Alternative coin section nobody would give a crap about it. There already are much better coins than Bitcoin. Next coin for one completely pisses over Bitcoin in terms of new abilities soon to be implemented.

Is this true? Anybody else?

[Akka]

The truth whether people want to accept it or not is that IF Bitcoin was released today in the Alternative coin section nobody would give a crap about it. There already are much better coins than Bitcoin. Next coin for one completely pisses over Bitcoin in terms of new abilities soon to be implemented.

Is this true? Anybody else?

It's true, that nobody would give a crab as some other coin would be number one. What name it has is just pointless.

Better ones? I have seen none so far.

[gpucoolingmethod]

The truth whether people want to accept it or not is that IF Bitcoin was released today in the Alternative coin section nobody would give a crap about it. There already are much better coins than Bitcoin. Next coin for one completely pisses over Bitcoin in terms of new abilities soon to be implemented.

Is this true? Anybody else?

the proog of stake means you get coins for holding them not mining.Transactionsa could be run by a phone cpu.
Ive just watched the video. watch it urself 3 mins.
I dont understand how things like Dropbox can be integrated?

[Dr Bloggood]

It's absolutely inevitable that Bitcoin will be replaced.

Proof:
https://blockchain.info/address/1CounterpartyXXXXXXXXXXXXXXXUWLpVr

What is that counterparty address for?