There is a Race For an Internet-Native Currency, and Bitcoin is Leading It.

[btcbible]

https://medium.com/@danroseman/there-is-a-race-for-an-internet-native-currency-and-bitcoin-is-leading-it-4d37ce5dcf3a

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[hello_good_sir]

I'm not sure internet native is the best word usage here. I would say it's a race to find the best, most anonymous most transparent and easiest to use currency for online payments.

I reckon the world would slowly turn into one with 2 payment methods, which make up the majority of transactions across the world. One for online purchases, like items from Amazon or buying in game currency for a game and the other one to be used in real life situations.

Anyway. If there was truly a race as described, Bitcoin would be winning it

[Swordsoffreedom]

I'm not sure internet native is the best word usage here. I would say it's a race to find the best, most anonymous most transparent and easiest to use currency for online payments.

I reckon the world would slowly turn into one with 2 payment methods, which make up the majority of transactions across the world. One for online purchases, like items from Amazon or buying in game currency for a game and the other one to be used in real life situations.

Anyway. If there was truly a race as described, Bitcoin would be winning it

I like the term internet native currency. Native means that the currency originates from the internet and internet is its natural environment. And this is true for all currencies mentioned in the article (bitcoin, Tether, Libra...)
Cash cannot be internet native currency, because you can only transfer it physically. Credit cards don't originate from the internet and the problem with PayPal is that it is not universally available because you needa bank account to open PayPal. Internet should be available to everyone.

[chaoscoinz]

https://medium.com/@danroseman/there-is-a-race-for-an-internet-native-currency-and-bitcoin-is-leading-it-4d37ce5dcf3a

I agree, Bitcoin has come quite a long way, from a hovering above a few cents, to mooning and being worth almost $20,000 in less than 10 years from its original conception. I think Bitcoin receives the most support for now with Ethereum leading second in up to date development. However, I'm not sure how far Bitcoin will go, will they continue to update the source code when proof of work becomes completely obsolete? Will Bitcoin instead migrate to a different consensus algorithm, if it's even possible?

[hello_good_sir]

I'm not sure internet native is the best word usage here. I would say it's a race to find the best, most anonymous most transparent and easiest to use currency for online payments.

I reckon the world would slowly turn into one with 2 payment methods, which make up the majority of transactions across the world. One for online purchases, like items from Amazon or buying in game currency for a game and the other one to be used in real life situations.

Anyway. If there was truly a race as described, Bitcoin would be winning it

I like the term internet native currency. Native means that the currency originates from the internet and internet is its natural environment. And this is true for all currencies mentioned in the article (bitcoin, Tether, Libra...)
Cash cannot be internet native currency, because you can only transfer it physically. Credit cards don't originate from the internet and the problem with PayPal is that it is not universally available because you needa bank account to open PayPal. Internet should be available to everyone.

Yep, a native internet currency would be one that would be soley used and one that was orginated from the internet, which doesn't include PayPal (since it's a real fiat currency), but could include Bitcoin (since it was made in the internet).

https://medium.com/@danroseman/there-is-a-race-for-an-internet-native-currency-and-bitcoin-is-leading-it-4d37ce5dcf3a

I agree, Bitcoin has come quite a long way, from a hovering above a few cents, to mooning and being worth almost $20,000 in less than 10 years from its original conception. I think Bitcoin receives the most support for now with Ethereum leading second in up to date development. However, I'm not sure how far Bitcoin will go, will they continue to update the source code when proof of work becomes completely obsolete? Will Bitcoin instead migrate to a different consensus algorithm, if it's even possible?

Bitcoin would be Bitcoin if it moved to a different alogorithim, since then that would be a different fork of it. It's stayed fairly stable and similar to it's old values throughout the years.

[Carlton Banks]

However, I'm not sure how far Bitcoin will go, will they continue to update the source code when proof of work becomes completely obsolete? Will Bitcoin instead migrate to a different consensus algorithm, if it's even possible?

PoW only becomes outdated if something better comes along. that hasn't happened. maybe it could, but it'd have to be an incredible concept.

(that's like the dictionary definition of "outdated" btw, "something better comes along")

[blckhawk]

I'm not sure internet native is the best word usage here. I would say it's a race to find the best, most anonymous most transparent and easiest to use currency for online payments.

Internet native might not sound good but technically, it's correct. These cryptocurrencies operate in a server (centralized) or decentralized mesh of interconnected nodes (decentralized) that is the core foundation and idea of the Internet. Nevertheless of what you want to call it, Bitcoin is still leading since it opened up new possibilities through the blockchain and how it is possible to transact transparently while maintaining security and anonimity of the users.

[Kyraishi]

I agree, it definitely looks like bitcoin is taking the lead here when it comes to the race for an "internet-native currency". Its value and popularity are just way better than most of the other coins, and it's the pioneer in the crypto market.

The only problem is, I'm not sure how people would like their coins being so volatile when it comes to online currencies, a lot of people that aren't interested in crypto-currencies will likely be interested in stablecoins since they are the "safer" version.

[avikz]

No! Bitcoin isn't leading the internet based transaction volume! Paypal does! Bitcoin's market cap is 165 billion USD right at this moment whereas PayPal churned out 172 billion USD alone in 2nd quarter of 2019! Bitcoin is still 7 billion USD less! Reference is given below,

https://www.businessinsider.com/venmo-played-key-role-growing-paypals-tpv-2019-7?IR=T

Bitcoin surely turning the tide slowly, but it has yet to cover the road!

[TGD]

However, I'm not sure how far Bitcoin will go, will they continue to update the source code when proof of work becomes completely obsolete? Will Bitcoin instead migrate to a different consensus algorithm, if it's even possible?

PoW only becomes outdated if something better comes along. that hasn't happened. maybe it could, but it'd have to be an incredible concept.

(that's like the dictionary definition of "outdated" btw, "something better comes along")

Yeah. PoW is the most effective algorithm of all. PoS, DPoS, PoB are such new concept but still not as decentralized as PoW. Even PoW consume too much energy, It is still worth it
as it makes BTC more valuable. Same as gold mining which consume oil and power just to mine it.

[joniboini]

How easy it is to create a new thread, just put a single link and leave it.

Yeah. PoW is the most effective algorithm of all.

I believe it depends on your purpose. If you want to create a semi-centralized system for your organization, then PoS is probably better.

No! Bitcoin isn't leading the internet based transaction volume! Paypal does! Bitcoin's market cap is 165 billion USD right at this moment whereas PayPal churned out 172 billion USD alone in 2nd quarter of 2019! Bitcoin is still 7 billion USD less! Reference is given below,

The usage of market cap is not right imo. It's better to call it transaction volume. And Bitcoin transaction volume is significant, but it does not reflect what the money is used for. A whale may be playing with his wallets and send 1 billion every minute to consolidate his funds.

[jootn2kx]

https://medium.com/@danroseman/there-is-a-race-for-an-internet-native-currency-and-bitcoin-is-leading-it-4d37ce5dcf3a

You could argue that the race has been on since the first altcoin was made, but ultimately, it's an effort to find the best available option. So far, BTC is in the lead, yes. It will likely remain for a long time, too.

[Carlton Banks]

Even PoW consume too much energy, It is still worth it
as it makes BTC more valuable. Same as gold mining which consume oil and power just to mine it.

make up your mind! Proof-of-work does consume energy (duhhhh), and contributes to why Bitcoin is valuable. But if you can see that, how can it be "consuming too much"?

Without PoW, a blockchain would be pretty pointless. Miners could remine the whole chain from the first ever block in minutes/hours, there'd be millions of blockchains trying to pretend each were the real chain. None of the data on the chain would ever be safe, and so no-one would use the system.

[Wind_FURY]

However, I'm not sure how far Bitcoin will go, will they continue to update the source code when proof of work becomes completely obsolete? Will Bitcoin instead migrate to a different consensus algorithm, if it's even possible?

PoW only becomes outdated if something better comes along. that hasn't happened. maybe it could, but it'd have to be an incredible concept.

(that's like the dictionary definition of "outdated" btw, "something better comes along")

Can POW actually become "outdated"? The costs, the incentives, the game-theory that come with mining is part of what's keeping everything together.

[Eclipse26]

I don't know if it can really be considered as a "race" but one for sure is that it's already obvious that bitcoin is taking the lead. I wouldn't expect any other coin than bitcoin. Bitcoin started it first and already come a long way. Bitcoin is unique in its own ways compared to other coins mentioned.

The thing here is that it is a challenge for altcoins to compete and even reach bitcoin at this point and even in the future.

[Carlton Banks]

Can POW actually become "outdated"? The costs, the incentives, the game-theory that come with mining is what's keeping everything together.

It may be arrogant to say "no"

But it's very difficult to think how you could improve the idea, it's tapping the laws of physics after all. If there is an improvement in the PoW concept, it's hard to see how using energy in a exponentially iterative compounding way would not be the basis, but maybe there is a mathematical idea that can provide the same properties. Ten years later, still no-one has come up with any challenger, despite some interesting efforts.

let's not forget though, most people dismissed private and decentralised money concepts, both before Bitcoin and/ after Bitcoin (including me, it took a few months thinking it over before I realized Bitcoin was for real). And some are still dismissing it now!

Bitcoin proved, and still does, that alot of people just aren't imaginative enough to create or even understand new ideas

[Doell]

among the internet currency participants only 4 and two of them have not proven that it exists ,bitcoin is the winner among altcoins that are still confusing? it hurts to read a little about the article bitcoin competes with tether in my opinion that's ridiculous
bitcoin has been leading since I opened my eyes from sleep in 2012 to the present and maybe forever

[josephdd1]

I would actually say that while Bitcoin is definitely doing well, it's not necessarily going to be the winner of this race.

There's a few projects that are really doing whatever they can to get their cryptocurrency into the hands of as many people as possible.

Tron has Bittorrrent and Opera integration, Basic Attention Token has Brave etc. We'll see if BTC can maintain its lead.

[Duzter]

I would actually say that while Bitcoin is definitely doing well, it's not necessarily going to be the winner of this race.

There's a few projects that are really doing whatever they can to get their cryptocurrency into the hands of as many people as possible.

Tron has Bittorrrent and Opera integration, Basic Attention Token has Brave etc. We'll see if BTC can maintain its lead.

Maybe in the future there will be more projects that give competence to bitcoin. Even now there were more projects that term as a competitor for bitcoin and highly advanced than bitcoin in all aspects. Till date bitcoin leads the market and have outlawed all projects and their native tokens. Bitcoin will lead the market, even if something exists to defeat bitcoin it won't happen that easy.

[qiwoman2]

It alld epends on what it will be used for and where the general consesnus is heading. I think different digital currencies or coins will be godo for different things. Bitcoin is the grandfather of all digital currenices so it will always have a very important place. Now will it be primarily used as a store of value type asset or will it become really a merchant/consumer based currency? Only time will tell. Mind you many who have huge amounts of Bitcoin tend ot buy hosues and other luxury goods with it, so they seem to be covered. I hope it will be used byeveryone everywhere at some point in the future and I hope to still be alive to see this when and if it does pan out, the mass adoption thing that is.