What if the second Satoshi appears?

[puradak]

Right. Satoshi Nakamoto created Bitcoin. He's a genius. Bitcoin systems and communities are working perfectly, and everyone is crazy about Bitcoin. But what happens if someone creates a blockchain that is faster and better than Bitcoin and puts it out into the world without any greed, as Satoshi did? Are people going to ditch Bitcoin away? In that moment, we're going to see a blockchain that's performing better than Bitcoin and is perfect for decentralization that everyone emphasizes. What will happen?

[NeuroticFish]

Right. Satoshi Nakamoto created Bitcoin. He's a genius. Bitcoin systems and communities are working perfectly, and everyone is crazy about Bitcoin. But what happens if someone creates a blockchain that is faster and better than Bitcoin and puts it out into the world without any greed, as Satoshi did? Are people going to ditch Bitcoin away? In that moment, we're going to see a blockchain that's performing better than Bitcoin and is perfect for decentralization that everyone emphasizes. What will happen?

Let's think a little. Do you still use your old Nokia from 1998? I guess not, although 2G is still supported by the GSM network.
If something better, faster, safer it's invented, it has the potential to replace Bitcoin.

But keep in mind that for this it also has to be at least as profitable to mine as Bitcoin is, else the miners will not change, hence the network safety (for the new coin/system) may not become safe enough.

[AbuBhakar]

Right. Satoshi Nakamoto created Bitcoin. He's a genius. Bitcoin systems and communities are working perfectly, and everyone is crazy about Bitcoin. But what happens if someone creates a blockchain that is faster and better than Bitcoin and puts it out into the world without any greed, as Satoshi did? Are people going to ditch Bitcoin away? In that moment, we're going to see a blockchain that's performing better than Bitcoin and is perfect for decentralization that everyone emphasizes. What will happen?

Maybe you are outdated but there’s a lot of blockchain existing that faster than Bitcoin. I believe most of new blockchain nowadays is much faster than Bitcoin in terms of ToS since they use PoS and other protocol.

There’s no second Satoshi just because much better blockchain arrive. Bitcoin is special because it’s the only real decentralized blockchain since there’s no centralized entity or company that control the decision making on blockchain.

No one will ditch Bitcoin just because faster blockchains existed since Ethereum exist a long time ago yet Bitcoin still at the top.

[NeuroticFish]

No one will ditch Bitcoin just because faster blockchains existed since Ethereum exist a long time ago yet Bitcoin still at the top.

Well, ... Ethereum is imho not better than Bitcoin (not even equal), so it already doesn't fit OP description, and it's certainly not safer (and that by far, sadly) either, and that's imho a common sense requirement on top of what OP has written.

[ZAINmalik75]

Right. Satoshi Nakamoto created Bitcoin. He's a genius. Bitcoin systems and communities are working perfectly, and everyone is crazy about Bitcoin. But what happens if someone creates a blockchain that is faster and better than Bitcoin and puts it out into the world without any greed, as Satoshi did? Are people going to ditch Bitcoin away? In that moment, we're going to see a blockchain that's performing better than Bitcoin and is perfect for decentralization that everyone emphasizes. What will happen?

There are millions of possibilities out there so we can consider one possibility that another genius besides Satoshi might come up with another blockchain and some other token that would solve more blocks, can process more transactions, and would have lesser fees, more rewards, etc. in compare to the BTC blockchain but BTC or its blockchain has become a brand now.

Even if those new projects came into being, which is in the market, because there are many blockchains that can process more transactions, have lesser fees, and can create blocks quickly with more rewards in tokens. But those platforms are not able to replace BTC because they are not being adopted by the crypto community and BTC has gained so much attraction and market cap and trading volume that none of the others can compete with it.

So, for the next 20 years minimum and 40 years maximum, I don't think if any other coin can come up that could give solid competition to the BTC market.

[lombok]

What is certain is that the project must be able to outperform Bitcoin in any aspect. If it is lacking in just one of them, no matter how good the project is, the potential to displace Bitcoin is very unlikely. To be honest, we have often heard of projects that are represented as being able to displace Bitcoin by crypto project developers, but in reality these projects are gradually fading and their value is below Bitcoin and some even end up bankrupt and even scams. This explains absolutely that Bitcoin is a monument to cryptocurrency itself that cannot be replaced.

[Upgrade00]

If a better system is created and it is proven to be superior to Bitcoin is security, decentralization, scalability and other factors, it will replace Bitcoin as the top cryprocurrency.

Bitcoin is at the top cause it is superior and not because of the sentiments of investors, so it will be an easy choice should something better come up. This will not make the inventor the second Satoshi and will not make the invention Bitcoin 2.0.
Bitcoin will still exist and be used

[Faisal2202]

Even if those new projects came into being, which is in the market, because there are many blockchains that can process more transactions, have lesser fees, and can create blocks quickly with more rewards in tokens. But those platforms are not able to replace BTC because they are not being adopted by the crypto community and BTC has gained so much attraction and market cap and trading volume that none of the others can compete with it.

So, for the next 20 years minimum and 40 years maximum, I don't think if any other coin can come up that could give solid competition to the BTC market.

I cannot agree more with you. BTC really has become a brand, just like old and reputed companies, which are the first choice of all investors to invest money in. Why would an investor spend millions of dollars on a project with a high risk that is being launched in the market in competition with BTC? That would be so stupid, but even though, as you said, many new tokens or coins have been launched into the market, the funny thing is that most of those meme-shit coins make posts on social media platforms.

If you missed BTC, ETH, BNB, or some other two or more coins, then buy our shit coin and make 100x. Yeah, many platforms try their best to lure as many people as they can, and then all they do is rug-pull them.

Overall, if one does know the potential of BTC like you mentioned, the market cap or dominance would be great to mention here, then that person considering the new upcoming BTC would definitely delete that thought. And for OP, no, we won't ditch BTC at least. I will not do that.

[Zaguru12]

That person will rather be regarded as Refurbished Satoshi because I know it will definitely be building on the existing protocol that bitcoin is on and this is something satoshi doesn’t also rule out.

Maybe you are outdated but there’s a lot of blockchain existing that faster than Bitcoin. I believe most of new blockchain nowadays is much faster than Bitcoin in terms of ToS since they use PoS and other protocol.

Yes POS is faster than POW because of the computational power needed to solve the puzzle of the block but that also makes up with its security. Also POS dependent coins aren’t even the fastest. We have something like Ripple which uses neither of both and is faster than them, but at the detriment of what? Centralization.

[panganib999]

Just like the second coming of Jesus or the rapture, we will never know about the next Satoshi until we see him in action, and I think that's a far from ever happening anyways, a lot of early cryptocurrencies were inspired by bitcoin and most of them wanted to create a bitcoinesque crypto that has a better network and at the same time be better than bitcoin but so far no one or none was able to create the next bitcoin and no one has yet to topple the throne of Satoshi as the best founder in the cryptocurrency space, but to indulge your fantasy, I would say that people would probably have the same reaction when Satoshi and his bitcoin first appeared, only the tech bros would probably be interested in it but they're accompanied now by speculators and those speculators are going to be the factor that will make or break the next Satoshi, if they get in too fast then the possibility that people will quickly get out to make a profit.

[famososMuertos]

Well, where is that, "The Thing new, " there have been more than 12 thousand attempts, so, what happens, nothing.

In fact it is "incomprehensible" (it is not so much, we already know the reasons) that something like bitcoin in +14 years there would not be replaced in a more relevant percentage than what we currently use, consequently, we understand that bitcoin is a relevant option to "accompany" (for now) what the traditional Fiat system manages..

So, in practice it is not only about better than what exists, the systems, understanding their definition as a global aspect, not only referring to the technological aspect, the systems are complex to adapt to new things, in this case technologies, the implementation of anything new has an impact on the user.

Anyone who works in the IT aspect understands this, but it not only happens in the implementation of a technology, it happens in the implementation of infrastructure, new policies, etc. An existing system has an adaptation period, and that adaptation period includes rejection and/or acceptance.

So in that idea, any project that is carried out with the new idea of being better than bitcoin faces first of all the great existing Fiat system and then bitcoin, this regardless of how efficient the first two mentioned are, in that sense any new project has to face the trust that exists with the two systems mentioned.

There is currently no crypto project as reliable as bitcoin, but above all, that users give it so much trust, hence, any project will take many years to achieve the latter.

[Asiska02]

Right. Satoshi Nakamoto created Bitcoin. He's a genius. Bitcoin systems and communities are working perfectly, and everyone is crazy about Bitcoin. But what happens if someone creates a blockchain that is faster and better than Bitcoin and puts it out into the world without any greed, as Satoshi did? Are people going to ditch Bitcoin away? In that moment, we're going to see a blockchain that's performing better than Bitcoin and is perfect for decentralization that everyone emphasizes. What will happen?

This will only create a more competitive environment in the bitcoin market and nothing big. The new technology will be regarded as a new one and bitcoin will still exist and stand on its existence protocols. The world is big for new technologies to emerge without having to tarnish the existing ones. Bitcoin was already built on decentralisation which many digital currency tried to copied but all to no avail. It will not be an easy one for something like bitcoin to be invested again, but when it does, they can both exist on their own without destruct the use of any of them.

[cabron]

You can't tell whether the miners are really going for the new one. Even if they start with CPU mining to make it fair for everybody it's the price that will determine if people are really going to use the network. Nothing beats BTC still since it was adopted and we have gone through all the fuds in this world for it and only to be replaced?

Satoshi wasn't greedy. He didn't use the BTC in his wallet also. In fact, he wants the miner to start over but none wants to restart the network as least this is what I know.

[Rikafip]

because there are many blockchains that can process more transactions, have lesser fees, and can create blocks quickly with more rewards in tokens. But those platforms are not able to replace BTC because they are not being adopted by the crypto community and BTC has gained so much attraction and market cap and trading volume that none of the others can compete with it.

Yeah, there are other blockchains that are faster, have lower fees etc, but none of the existing ones are better at aboslutely every aspect than bitcoin like decentralization, reliability (+ all previously mentioned) and that's why all of them failed to surpass bitcoin.

As for OP's question, if something better than Bitcoin appears, people will most likely adopt it but I don't see it happening anytime soon. And even if appears, it doesn't mean that it will make Bitcoin completely obsolete.

[btc78]

many new projects have claimed to be the next bitcoin but so far nothing has replaced bitcoin yet bitcoin is a well-established  name now and for a reason even if there would be a new cryptocurrency that could surpass bitcoin it’ll take time still there are over 190 million users of bitcoin (https://explodingtopics.com/blog/blockchain-stats#) they’re not gonna just drop a trusted and reliable currency for a new one that claims to be all better than bitcoin in a snap

time will tell but right now and maybe in the next few years bitcoin will remain to be the biggest cryptocurrency

[tranthidung]

Right. Satoshi Nakamoto created Bitcoin. He's a genius.

I am not sure who is/ are Satoshi Nakamoto and can not say that the founder of Bitcoin is a man, woman or a bigger entity like a group of secret agencies, government, whatever.

Bitcoin systems and communities are working perfectly, and everyone is crazy about Bitcoin. But what happens if someone creates a blockchain that is faster and better than Bitcoin and puts it out into the world without any greed, as Satoshi did? Are people going to ditch Bitcoin away?

There are many alternative cryptocurrencies (altcoins) with bigger block sizes, faster block times but you know, Bitcoin is unique and is a strongest cryptocurrency.

Bigger block size does not mean anything if people don't want to sacrifice their fund security to use a blockchain that can be more easily attacked 51%.
Faster block times, faster confirmations are not attractive enough for careful people who don't want to face with risk of censorship, blockchain rollbacks that can be done by centralized altcoin blockchains.

https://howmanyconfs.com/

That website has a comparative table that shows you the power of Bitcoin network compares to altcoin networks.

[OgNasty]

There are already people who have created blockchains that are “faster” and “better” than Bitcoin. They have blockchains that are everything different than Bitcoin that you could imagine. However, the problem is always decentralization and fair distribution. This is where Bitcoin will always be King and why it isn’t easily replicable.

[aylabadia05]

Right. Satoshi Nakamoto created Bitcoin. He's a genius. Bitcoin systems and communities are working perfectly, and everyone is crazy about Bitcoin. But what happens if someone creates a blockchain that is faster and better than Bitcoin and puts it out into the world without any greed, as Satoshi did? Are people going to ditch Bitcoin away? In that moment, we're going to see a blockchain that's performing better than Bitcoin and is perfect for decentralization that everyone emphasizes. What will happen?

Satoshi is still called a human even though his abilities and mindset in creating Bitcoin are worthy of being called a human genius.
Albert Einstein and other humans who were considered geniuses because they discovered science that was useful to all other humans also acknowledged that one day there would be other humans who would make great discoveries.
If humans after Satoshi were able to produce a useful discovery in the application of a system like Bitcoin, we also admit it, but don't ask to what extent they can beat the greatness and superiority of Bitcoin.

I hope you return to this thread to read one by one the posts that are present here responsibly after you invite discussion.

[tbct_mt2]

There are already people who have created blockchains that are “faster” and “better” than Bitcoin. They have blockchains that are everything different than Bitcoin that you could imagine. However, the problem is always decentralization and fair distribution. This is where Bitcoin will always be King and why it isn’t easily replicable.

Decentralization is only seen in Bitcoin. None of altcoins have decentralization and fair distribution is harder to achieve by altcoins. They have centralized teams even not anonymous and usually have considerable coins premined by founder teams or minted with smart contracts.

With unfair distribution when their blockchains initiate, it is impossible to see fair distributions years after genesis blocks on altcoin blockchains.

Because their chains are centralized, rollbacks are big risk like Vitalik team did after the DAO hack and in 2022, some Solana blockchain based projects wanted to do the same or Binance Smart Chain can be halted by Binance team anytime.

[decodx]

A lot of new projects come out saying they'll be the next Bitcoin. They say their blockchain is faster or has higher bandwidth or lower fees or something.  But here's the thing - none of them are better at everything compared to bitcoin. Unless some huge flaw comes out that makes bitcoin fundamentally broken, I dont think people will ever fully jump ship.  That's just my opinion though.  I'm no expert.  But I don't see bitcoin losing its top spot anytime in the next few decades at least.