Will Bitcoin become antiquated and lose its first mover advantage?

[pooya87]

the advantage of bitcoin has never been the "first mover" thing at all. in fact bitcoin is not even the first of its kind! the advantage has always been that bitcoin is working as it should because it is designed with those purposes (decentralization, being a currency, being permissionless,...) in mind.
meanwhile the competition which you think is competition has mostly been created with money making purposes in mind which is why there has never been any serious competition apart from pumpers that come close and then fall down to oblivion.

Very fair points, and it's definitely what I've/we've seen over the last year alone in massive amounts- companies with clear monetary interests over all else. Bitcoin has held its dominance since inception. I suppose it's easy to market something as, The Next Bitcoin! Thanks for sharing.

this has actually been happening for a long time!
there has been at least about 100 major altcoins that have been advertised as "the next bitcoin" in the past years. each time they get some pumps, rise in value and as they do the pumpers start dumping them and take their profit out because they know that none of them have any real potential to keep the price up.
something like that can not compete with bitcoin! let alone take its place.

[1715282006]

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[1715282006]

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[1715282006]

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[Burogh]

Right now many cryptocurrency like bitcoin. Mineable, decentralized and more feature than bitcoin. But i think bitcoin still dominate in cryptocurrency market because its pioneer in crypto. Maybe bitcoin obselete in technology than others crypto but bitcoin still valuable than others because people trust on bitcoin

[everybet]

It can happen but there it has to be a lot of bad reputation, bad news, scams, hacks... In some countries Pepsi is number 1 now and coke number 2

Hard to relate the typical scams and hacks to Bitcoin though. To my knowledge, the Bitcoin network has never successfully been hacked, and all of the "scams" have been third parties taking advantage of the uneducated. All of the hacks that people hear about in the media have for the most part, been exchanges and wallet services/software.

I suppose the bad reputation and bad "news" has been and IS being consistently pushed by media outlets that relate the success of Bitcoin to its market value.

[timerland]

I don't think so. All that is needed at this point in my opinion is a functional cryptocurrency, and people have trust in bitcoin as exactly that. There are a ton of other cryptos which claim to do a range of things, but in reality, are completely impractical.

Bitcoin is still the most adopted, most practical cryptocurrency. It's not antiquated at all. Its first mover advantage isn't lost because most crypto users don't place trust in new, centralized tokens which are essentially pure speculation, and would rather trust in bitcoin.

In my opinion, the first mover advantage in the sense of decentralized currencies is much more important compared to companies. Anyone can copy the code used by bitcoin and create their own project, but that doesn't mean that there would any demand for it. What matters is still the community behind it, adoption, as well as how much real life acceptance a coin has got, in which bitcoin all have the sole advantage.

[BitcoinHodler]

something that is brand new is not going to be obsolete in its early days. and whenever we are talking about a new technology that is also improving then your question sounds very silly!
you are basically asking if the newest technology in the world of finance is going to become obsolete!

[avarnet]

I think bitcoin is always going be number 1. It is like coke or Mcdonalds they are the first of their kind forever

absolutely right and bitcoin will also have value even though it is currently destroyed, so it does not mean that bitcoin becomes old-fashioned it will not bring profit to its main driver

[KingScorpio]

It's been just about 10 years since the introduction of Bitcoin, the introduction of blockchain technology, and the introduction of a digital and decentralized currency (thanks Satoshi & his inspirations). Bitcoin has held dominance since its inception. We know this. There are tons of extremely bright and passionate core developers who have been there since the near beginning and continue to develop. Large companies/corporations, successful technology entrepreneurs continue to advocate Bitcoin, so on and so forth.

It seems as though not only the need for a decentralized digital currency is there, but an increasing want for it too. Let's try to put the market aspect of things aside, for the sake of this topic.

How could new companies/projects render Bitcoin obsolete?

The desire is there, for some. Those who think that Bitcoin is a dinosaur, and want it to be an antiquated technology.

Do you think it's possible? Very likely? I'd love to hear opinions and insights.

jes i think so bitcoin can end up being a sold out shitcoin no one wants,

reason is a death spiral it has been caught in, loss in investor confidence -> sell out on markets + retailers earning and selling bitcoin, but even they have trouble finding a good investment alternative.

bitcoin might end up becoming a shitcoin, a term bitcoin and its protecting index mafia has put on many competitors.

[wall101]

I think bitcoin is always going be number 1. It is like coke or Mcdonalds they are the first of their kind forever

absolutely right and bitcoin will also have value even though it is currently destroyed, so it does not mean that bitcoin becomes old-fashioned it will not bring profit to its main driver

Yes, and bitcoins price will recover soon and not in this year only, We can face Only the big drop of price of bitcoin.