Is Bitcoin Built to Last a couple of decades? Will other altcoins rise up?

[coinnewbit]

What are your thoughts?

[1714124113]

1714124113

[Joshuar]

Bitcoin will definitely be replaced by other alt coins. It was a great first start, but it simply isn't practical for everyday use, especially since we are now taxed and have to record whenever we use or recieve Bitcoins, so buying things with Bitcoin daily for some people is now out the window.

[Trance]

What are your thoughts?

BTC will last until 2140.

Eventually there will be FOUR main 'Unions' in this world we live in and each will have their own cryptocurrency...

...god told me

[waldox]

all the good ideas and implementations in the other altcoins will filter into bitcoin

bitcoin's network effect is too large and provides too much value for it to be over taken

[2tights]

all the good ideas and implementations in the other altcoins will filter into bitcoin

bitcoin's network effect is too large and provides too much value for it to be over taken

temping fate a little, here..

[Brangdon]

Bitcoin will definitely be replaced by other alt coins. It was a great first start, but it simply isn't practical for everyday use, especially since we are now taxed and have to record whenever we use or recieve Bitcoins, so buying things with Bitcoin daily for some people is now out the window.

What makes you think the new IRS guidance doesn't apply to altcoins?

[DannyHamilton]

The answers to your two questions are yes and no.  Determining which answer belongs to which question is an exercise left to the reader.

[vqp]

Bitcoin will definitely be replaced by other alt coins. It was a great first start, but it simply isn't practical for everyday use, especially since we are now taxed and have to record whenever we use or recieve Bitcoins, so buying things with Bitcoin daily for some people is now out the window.

What makes you think the new IRS guidance doesn't apply to altcoins?

The ruling applies, but other coins might be easier to hide

[ar9]

I actually think BTC will eventually become the medium in which people store their wealth, not exchange it.
Something faster needs to eventually take over in terms of volume, but that does not mean BTC loses its value.

[Beliathon]

I'd say Bitcoin is pretty safe for anyone who is alive today and reading this, for the rest of their lifetimes.

[fcmatt]

I'd say Bitcoin is pretty safe for anyone who is alive today and reading this, for the rest of their lifetimes.

That is what i would say about gold. Not bitcoin and fickle internet citizens.

[hello_good_sir]

I actually think BTC will eventually become the medium in which people store their wealth, not exchange it.
Something faster needs to eventually take over in terms of volume, but that does not mean BTC loses its value.

That something will be bank accounts and credit cards denominated in BTC.  In a world where bitcoin is the only currency, the majority of the population will never actually possess real bitcoins.  They will interact with it through intermediaries.

[RnnrRnnr]

I think in the long run bitcoin was the foundation of cryptocurrencies. by the time gov's really start cracking down on it people are just going to move their belongings to a different coin.

[coinnewbit]

The answers to your two questions are yes and no.  Determining which answer belongs to which question is an exercise left to the reader.

So would the question now be how many people determine if bitcoin can be replaced?

[ebliever]

Bitcoin is like beta software. Granted it has a big head start, but eventually amidst all this altcoin craziness, you are going to see an altcoin get developed by a competent team that will trump bitcoin. I'm not saying the current alt developers are all incompetent, but eventually you'll get some economists, project managers, financial analysts, tax experts, consumer psychologists, programmers and so forth all working together to create a coin with better overall technical characteristics. Since people are very rational about their financial choices (compared to just about anything else), this coin will eventually triumph.

Or, really, I expect a couple coins to triumph. I ultimately expect that 4-5 dominant coins will arise, along with scores (at least) of niche coins. The reason for multiple dominant coins is that they will each perform best at different things. Business-to-business transfers will be done with Altcoin A, paychecks will be paid out in Altcoin B, major purchases will be done with Altcoin C, in-store purchases with Altcoin D and so on. And there will be complete liquidity between them (such that articles will talk about a gradual 5% shift in exchange between Altcoin B and C due to demographic shifts over the next generation for example).

[catoshi]

At the end of it all, we will be left with catcoin and dogecoins.  Maybe cowcoins lol.

[twiifm]

Bitcoin is like beta software. Granted it has a big head start, but eventually amidst all this altcoin craziness, you are going to see an altcoin get developed by a competent team that will trump bitcoin. I'm not saying the current alt developers are all incompetent, but eventually you'll get some economists, project managers, financial analysts, tax experts, consumer psychologists, programmers and so forth all working together to create a coin with better overall technical characteristics. Since people are very rational about their financial choices (compared to just about anything else), this coin will eventually triumph.

Or, really, I expect a couple coins to triumph. I ultimately expect that 4-5 dominant coins will arise, along with scores (at least) of niche coins. The reason for multiple dominant coins is that they will each perform best at different things. Business-to-business transfers will be done with Altcoin A, paychecks will be paid out in Altcoin B, major purchases will be done with Altcoin C, in-store purchases with Altcoin D and so on. And there will be complete liquidity between them (such that articles will talk about a gradual 5% shift in exchange between Altcoin B and C due to demographic shifts over the next generation for example).

Interesting thesis.   Makes sense though.   Im hoping someone designs a crypto thats not based on politics but good economics.

I think the challenge is to figure how it should interface w fiat.   Expecting crypto to replace fiat is the wrong direction IMO.

I think what could be interesting is how we can use current ideas like crowd sourcing and micro finance to provide financial services.   Like instead of speculating as a commodity.   If you can crowd source a mortgage.   I would not mind receiving mortgage payments if I financed 1/10th of a mortgage.

There s lots of possibilties you shake out all the libertarian nutjobs from crypto community

[r0ach]

but eventually you'll get some economists, project managers, financial analysts, tax experts, consumer psychologists, programmers and so forth all working together

What makes you think an "economist" would do a better job than what we have now?  Here's my response to an economist that thinks he can do such a thing:

https://bitcointalk.org/index.php?topic=374829.msg5942089#msg5942089

[Bit_Happy]

Bitcoin has a head start, but might fall behind later, we will see.

all the good ideas and implementations in the other altcoins will filter into bitcoin

bitcoin's network effect is too large and provides too much value for it to be over taken

Yahoo! used to be the #1 web site in the world.
Years later, MySpace was the clearly dominate Social Network.
Just Saying...

[twiifm]

but eventually you'll get some economists, project managers, financial analysts, tax experts, consumer psychologists, programmers and so forth all working together

What makes you think an "economist" would do a better job than what we have now?  Here's my response to an economist that thinks he can do such a thing:

https://bitcointalk.org/index.php?topic=374829.msg5942089#msg5942089

An economist can advise on economics since thats what he spends his life studying.   No different than any other experts like computer scientist advising on programming