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Author Topic: Why hasn't any altcoin replaced bitcoin?  (Read 2242 times)
Ayiranorea
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September 24, 2019, 12:09:56 AM
 #161

Bitcoin will always on top because of it's popularity and some of countries totally accept Bitcoin as the payment method. Bitcoin is unstoppable, that's why altcoin can't replaced it.
Many countries have accepted Bitcoin as a legal means of payment, many Bitcoin ATMs have been set up in many countries, the community of people who know Bitcoin is very strong, much more than other currencies. The value, security and decentralized platform that makes Bitcoin stand strong, are the irreplaceable

Simply Bitcoin is the only one real cryptocurrency and altcoins (even Ethereum) are just the attempts to repeat the glory of BTC. As BTC is limited in coins (21 million), it is strongly protected from inflation, and altcoins are not. The cryptocurrency number one will not years change its status for at least 20 years. I guess, finally, it will be really adopted globally, in less than 3-6 years.

I agree, Bitcoin is the currency that commands and the other altcoins depend on Bitcoin, simply because they have no life of their own. The dependence of the altcoins will always be given, there is no way other currency that can compete with Bitcoin given the history that has been presented.
It isn't life of their own, it is all because of the dependence. Just think of bitcoin which is valued in terms of USD. This doesn't mean it has a life of its own. There are few cryptocurrencies that have its individuality but they're not up to the level of the one that served to be the base for the entire cryptocurrency network.

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September 24, 2019, 02:58:39 AM
 #162



You're right, why bitcoin can't be replaced with new altcoins like ethereum for example. why until now bitcoin is still the king of the crypto world ? is it possible because bitcoin have many users and is more trusted for an advantage in cryptocurrency?

You have answered your question with one of the most common reason why Bitcoin sits atop of all crypto.

Bitcoin is the mother of all crypto currency, and It took several years for it to be recognized and used as a currency for payment. There are already millions of Bitcoin in the circulation before the 2nd crypto currency was created. So, if you come to think of it why people choose to have Bitcoin in their bags rather any other altcoins, it is because Bitcoin has been used for payment long before all the alts in the market today, and thats what you call the mainstream acceptance.

The only way that I see an altcoin replacing bitcoin is when there is a massive prohibition on bitcoin SPECIFICALLY or if another altcoin surfaces and improves all the areas that bitcoin failed to meet. But I seriously doubt that this will happen anytime soon considering the number of users and the price of bitcoin in the market.

The possibility for crypto currency in the future seems limitless. There may be another alt that will beat Bitcoin on the number 1 spot, yet it will take several years before it happen. The number of adoption of Bitcoin in the market is still solid. ETH to be specific comes the closest competitor, yet It was far behind from dethroning Bitcoin yet. I know theres still plenty of room for improvements and fill those specific areas they have failed.
Massive prohibition for Bitcoin might be possible too, but banks, government agencies, and other financial firms are already  recognizing the technology.

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September 24, 2019, 07:26:45 AM
 #163

The only way that I see an altcoin replacing bitcoin is when there is a massive prohibition on bitcoin SPECIFICALLY
Oh! I see. I get your point mate. As I think of what you've said, I may say that's a possible way to knock down btc. If we assume that every government of all nation decides to ban the use of btc in their country but allow the remaining alts then it will surely die because the demand will be forcibly lost  And most probably the ending would be ETH reigning as the new king. Well, that's only an assumption and very hard to put in reality so gor now BTC will stay and remain on top Grin.
or if another altcoin surfaces and improves all the areas that bitcoin failed to meet.
It will be the same IMO because of the impression which are engraved in our minds — that alts/token was just made for Pump and Dump. Yeah! They will support it at first, create hype and other stuff but once they are do they'll go back again to the strongest coin in the market.

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September 24, 2019, 12:46:43 PM
 #164

The only way that I see an altcoin replacing bitcoin is when there is a massive prohibition on bitcoin SPECIFICALLY
Oh! I see. I get your point mate. As I think of what you've said, I may say that's a possible way to knock down btc. If we assume that every government of all nation decides to ban the use of btc in their country but allow the remaining alts then it will surely die because the demand will be forcibly lost  And most probably the ending would be ETH reigning as the new king. Well, that's only an assumption and very hard to put in reality so gor now BTC will stay and remain on top Grin.
or if another altcoin surfaces and improves all the areas that bitcoin failed to meet.
It will be the same IMO because of the impression which are engraved in our minds — that alts/token was just made for Pump and Dump. Yeah! They will support it at first, create hype and other stuff but once they are do they'll go back again to the strongest coin in the market.
Honestly, I believe in regards with tech firm, The first always lose just like Facebook beats Friendster. Google beats Yahoo, and many more that is beaten up because of being first.
I agree with you that bitcoin will remain at top for "now". but yeah I think a new crypto will be created that will replace the bitcoin for being top, because bitcoin didn't have a large scale update that will benefit every single user of it.
But who knows! Let's figure it out together and enjoy crypto adaptation into real world Smiley 

 
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September 24, 2019, 07:07:14 PM
 #165

Too little time has passed for this. Altcoins actually began to develop four years ago when ethereum formed. During this time, altcoins have achieved good success and many of them surpassed bitcoin in some functional indicators. In addition, bitcoin still has a tough price dominance over all altcoins, and this circumstance strongly oppresses them. Because of this, the last two years they practically do not grow in price. However, over time, the situation will inevitably change. The laws of the market will work and if Bitcoin does not develop further, it will lag.

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September 25, 2019, 09:35:23 PM
 #166

To say bitcoin is a masterpiece is not so accurate, agree that it is a pioneer for crypto but the features, even usefulness are still very limited, more precisely, it is more outdated than current altcoins. However, in return for these disadvantages, bitcoin receives the attention of everyone when it exists for a long time and has reached a very high value, their positions have not been able to change since both were born, altcoin is dependent on bitcoin when we can see that the value of each altcoin is calculated and converted to the value of bitcoin on CMC

The main reason why Bitcoin is still on top of other altcoins on the market today, is because of its first-mover advantage. There's no other way around it. Bitcoin has managed to gather a lot of supporters over time, which has lead it towards long-term success. Despite being limited in features, it has remained resilient and secure enough for the mainstream world to trust it. Many altcoins nowadays are less secure than Bitcoin, with an unstable Blockchain network. They're highly vulnerable against manipulations and attacks from outsiders. A good example is PoW-based cryptocurrencies that are extremely vulnerable with a small hashrate across their blockchain networks. Without real use cases for the mainstream world, altcoins will turn out to become speculative assets that will serve no purpose for everyday people.

Despite this, there's a chance for an altcoin to replace Bitcoin if it manages to gather a large number of users into it. Not to mention, it would need to be resilient against external attacks. With this, and a wealth of attractive features (mostly for scalability and privacy) it could very well rival Bitcoin within the future. But as of now, Bitcoin seems to be in the lead across the crypto market. With many altcoins falling in price at a faster rate than Bitcoin, it seems very unlikely that the pioneer cryptocurrency will become replaced sometime in the future. After all, all altcoins depend on Bitcoin as a reserve cryptocurrency one way or another. Only time will tell the of fate of Bitcoin as people make use of it within their everyday lives. Just my thoughts Grin


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September 25, 2019, 10:06:51 PM
 #167

The only way that I see an altcoin replacing bitcoin is when there is a massive prohibition on bitcoin SPECIFICALLY
Oh! I see. I get your point mate. As I think of what you've said, I may say that's a possible way to knock down btc. If we assume that every government of all nation decides to ban the use of btc in their country but allow the remaining alts then it will surely die because the demand will be forcibly lost  And most probably the ending would be ETH reigning as the new king. Well, that's only an assumption and very hard to put in reality so gor now BTC will stay and remain on top Grin.
or if another altcoin surfaces and improves all the areas that bitcoin failed to meet.
It will be the same IMO because of the impression which are engraved in our minds — that alts/token was just made for Pump and Dump. Yeah! They will support it at first, create hype and other stuff but once they are do they'll go back again to the strongest coin in the market.
Honestly, I believe in regards with tech firm, The first always lose just like Facebook beats Friendster. Google beats Yahoo, and many more that is beaten up because of being first.
I agree with you that bitcoin will remain at top for "now". but yeah I think a new crypto will be created that will replace the bitcoin for being top, because bitcoin didn't have a large scale update that will benefit every single user of it.
But who knows! Let's figure it out together and enjoy crypto adaptation into real world Smiley 
Bitcoin is known to be the most profitable coin for now but i think it will still come to its own expiration in time. It will still lose its value because a much better coin will soon to arise and definitely replace its position. But that might happen in an indefinite time. No one can predict exactly when will bitcoin loses its value but for me, as soon as technology keeps on evolving, changes will take place and a new more developed coin will soon be invented.
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September 26, 2019, 03:25:04 AM
 #168

Bitcoin has gained the trust of the people for years now due to its exceptional performance. Some of these altcoins are still young and are yet to proof themselves worthy to the people. Bitcoin was designed on the revolutionary Blockchain technology which makes it entirely decentralized, not even Satoshi or any government body owns control over the transactions. This is why the people trust in it and prefer to use it transactions.

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September 26, 2019, 07:17:07 AM
 #169

To make it simple, the reason why there is altcoin is because of bitcoin. The idea, purpose, and aim of every crypto is derived from bitcoin, which is decentralization, convenience and being open on an open market. Bitcoin is one of the best innovation, it made transactions and exchange of commodity easy. That is why a lot of people had seen the long term potential of it.

 
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September 26, 2019, 09:57:45 AM
 #170

I think bitcoin has been one of the biggest innovations of the human in the past years. Many altcoins have been created after bitcoin. But none of  them have been successful as bitcoin is. Why is that?
Why no altcoin can replace bticoin?
Every new thing and every technology is usually replaced by a newer one as the world is always developing.

The first television built was mechanical, then electronic television were invented, then colour televisions, digital, 3D, ....
The first automobiles invented were steam-powered wheeled vehicles, then electric automobiles appeared. Now we have autonomous cars. Now we have Tesla model S. Now we have Lamborghini.
All of us know about the developments made in mobile phones.

Every thing is being developed. Every device is finally replaced by a newer one. Why no altcoin has replaced bitcoin till now? Do you think it will happen in future?
I personally think people will trust what Satoshi has created more than altcoins till many years later.
Altcoins are created to make the developers rich. But bitcoin is different. Bitcoin was created in favor of us. So, no altcoin can be trusted as bitcoin.

What do you think?

It is pretty simple — Bitcoin is the first and the biggest. The starter of it all, with an unknown creator, which gives it mystery, and a massive community, which gives it strength and price. Bitcoin is more than a project — it has become a symbol. It is simpler than other coins, but simple is good, means that there are fewer things to go wrong. That is what makes it the best, even though it is still flawed. It might be replaced by something someday, but i think it is becoming too big for something like that to happen.

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September 26, 2019, 10:24:23 AM
Merited by Abiky (2)
 #171

Too generic and too sweeping a question. In a world with how many, 3? 4? thousand coins and tokens, has any coin actually replaced any other?

The best any coin can do is to displace another in terms of some arbitrary metrics. Ethereum was a pretender to the Bitcoin crown in market cap. I've actually seen altcoins whose single coin value was more than Bitcoin at one point. Don't know if it was ever really bought and sold on actual orders, but hey, that's one way to replace it.

But segments of Bitcoin use? Sure. I remember when Monero first spiked noticeably, in 2016 when supposedly darkmarkets adopted it. They didn't replace Bitcoin, but Monero took over any roles of anonymity that people mistakenly thought Bitcoin had.

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September 26, 2019, 01:12:11 PM
 #172

No one can replace Bitcoin in a crypto space when it comes to ranking competition in Coin market cap. Remember that altcoins remained altcoin and that is different from Bitcoin. I remember before, back then a year 2017 that Ethereum was almost surpassed the Bitcoin price, but the Ethereum did not make it. Maybe this coin will follow the step on Bitcoin and I saw news and rumors that Ethereum blockchain will increase their transaction fee like Bitcoin fee.

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September 26, 2019, 01:29:03 PM
 #173

Although it is possible that Bitcoin will be replaced in the near future, I just don’t think there is a coin worth to replace it yet as of now. But who knows, maybe someone will make a better cryptocurrency and mold it into a much better coin than Bitcoin then everyone would know about it for sure. It’ll be all over the news by then but so far I don’t think its possible with the new coins created though based on its platforms. Just my opinion though.
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September 26, 2019, 02:44:03 PM
 #174

Altcoin season really comes! We observe a good growth of almost all altcoins on the market, we think that this may be due to the launch of the Bakkt platform, through which institutional investors will work more

A temporary spike can't be mistaken for an altcoin bull run. After a short spike which lasted one or two weeks, the altcoin exchange rates are going down once more. The users have realized that as of now most of these coins have very little practical usage. In my opinion, they will continue to go down, with or without Bakkt. Just because Bakkt has been launched, it is not going to give any lifeline for these shitcoins.

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September 26, 2019, 03:26:44 PM
 #175

The main reason we have not seen any alternative coin replacing Bitcoin is just the interest. Most of the projects are there to grab the money and even dump on investors. Remember Bitcoin was already a finished product with extensive research for years before it was launched. Until we have a paradigm change where the interest will be on the successful outcome of the use cases and not when lambo? when moon? but rather when will this or that feature will be added, then we are still far from seeing any project competing with Bitcoin.

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September 26, 2019, 04:50:05 PM
 #176

Bitcoin as it is today, can't work. Satoshi could support the development of Bitcoin. The old addresses are an issue. And we need a Quantum secure network.

Otherwise

'Post Quantum Bitcoin' will replace Bitcoin.
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September 27, 2019, 01:03:15 PM
 #177

To make it simple, the reason why there is altcoin is because of bitcoin. The idea, purpose, and aim of every crypto is derived from bitcoin, which is decentralization, convenience and being open on an open market. Bitcoin is one of the best innovation, it made transactions and exchange of commodity easy. That is why a lot of people had seen the long term potential of it.
Strongly agree, bitcoin is the determinant of altcoin. for all fields, bitcoin is very clear and can determine altcoin, but not vice versa. so I haven't seen a very surprising correlation that altcoin will be able to replace bitcoin.

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September 27, 2019, 02:00:02 PM
 #178

Replacing bitcoin is the hardest thing to do for the altcoins because bitcoin has served as the base currency of this cryptocurrency era, it is like the dollar in terms of cryptocurrency. Even though we can say that there is a lot of newer technology and ideology of altcoins in the market right now, it is still not that easy for people to fully make those type of altcoin as a primary basis for exchange.

I agree with you that bitcoin will not be replaced by some altcoins even though they have power, still their main thing is to get bitcoin, even though they have strong and good technology they still won't be able to replace bitcoin and it's quite impossible to do it. .


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September 27, 2019, 02:17:06 PM
 #179

Replacing bitcoin is the hardest thing to do for the altcoins because bitcoin has served as the base currency of this cryptocurrency era, it is like the dollar in terms of cryptocurrency. Even though we can say that there is a lot of newer technology and ideology of altcoins in the market right now, it is still not that easy for people to fully make those type of altcoin as a primary basis for exchange.
Most of the top cryptocurrencies are exchanged via Bitcoin, I don't think there will be a single currency that will replace bitcoin. The mysteries of this money bring really curious. Besides, Bitcoin is the first currency and brings the blockchain technology we know until today.

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September 27, 2019, 02:57:23 PM
 #180

Replace Bitcoin at the top of the market cap list or as a means of exchange?
I have my stash if cryptocurrencies and each one has it's own use case; I use some as hedge funds and others to access a certain product. Bidooh for example is used to purchase exposure on digital billboards. Bitcoin can not serve all this purposes, so every investment should have a target market.
If I were a developer, I wouldn't aim at replacing Bitcoin, rather I'd look for a unique way to utilize the blockchain.

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