What if the second Satoshi appears?

[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.

There are a lot of promising projects that were born in the market but the problem is they don’t actually last like bitcoin did. That’s why most of the recent projects these days that are out in the market are now imitating the image of bitcoin, not actually to outperform it and replace its position but somehow to be equal in it. But still, bitcoin still end up having the edge and still on top of others.

However, still I am open to a lot of better projects in the crypto market in the near future. Bitcoin will definitely have its certain end and something new will sure to replace on its position, but for now let’s just enjoy the present and the future benefits that bitcoin has to offer.

This does not rule out the possibility because technology will continue to develop and change. But why here I love Bitcoin which is irreplaceable is because, Bitcoin already existed first, what is lacking in Bitcoin now can be added freely by developers to continue to improve and make it better than before, for new projects that will compete or shifting will certainly be difficult and the possibility is very small for new projects. These new projects may only end up as alternative coins such as ETH, BNB and so on. has its own ecosystem and its own focus.

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[Solosanz]

Not only second Satoshi, but there have been many self pro claimed Satoshi, the two most popular are BCH, RogerVer and BSV, Craig Wright. The fact many self pro claimed Satoshi's projects are failure, Bitcoin is still the best cryptocurrency.

Even there are new project comes up and claimed better than Bitcoin, it's all depends on us aka people who want to trust with project and where we're going to invest our money.

[FinneysTrueVision]

Many altcoins have come and gone and Bitcoin is still on top. There are coins which many people would consider better than Bitcoin. It isn't enough to just launch a coin with better features. Bitcoin was the first cryptocurrency to really gain traction. That is something that cannot be replicated so any new coin that launches will have to live in Bitcoin's shadow for a long time before it can really become a worthy challenger. Many projects already know it will be nearly impossible to overcome Bitcoin's network effect so instead they choose to carve out their own niche and there are a few that will work on improving Bitcoin.

[davis196]

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?

We are still waiting for a faster, better and more secure blockchain. Bitcoin Cash was supposed to be "faster and better" because of the bigger mining blocks, but it failed. Ethereum was supposed to be "faster and better", but it's not.
Having less transaction fees and faster confirmation time means that such blockchain will have to sacrifice a little bit of the security, which is an instant red flag.
What will happen, when such "better" blockchain appears? Well, the crypto enthusiasts will adopt this blockchain and reduce their usage of BTC and the BTC blockchain. There's no drama here. The world of crypto is competitive and I don't find any problem with this. Bitcoin will remain "the first cryptocurrency" and it will become a legend.

[Assface16678]

First of all, there are a lot of blockchain technologies out there and many coins, or what we call "altcoins," but why are people still into bitcoin? It's because without the bitcoin that Satoshi builds, there are no other coins or altcoins. In short, all altcoins are based on the technology of bitcoin; they rely on it. For example, all altcoins can be affected by the price movement of bitcoin, and I guess you all know that.

If, for instance, there is another technology that surpasses bitcoin, then I think people will still be in bitcoin because it's not easy to let go of a technology that offers a lot of opportunities, and as long as it is useful, I know bitcoin will never be replaced. There are a lot of possibilities as technology advances in the future; we never know; we can't predict the technology, and that is the most exciting part of it.

[crwth]

The basis or parameter that you care about is just about "blockchain" and there is a lot of blockchain currency that has surpassed BTC. It's just that it's not enough because it's not number one. I think one that could create it would just create something else not necessarily BTC.

If ever it will be replaced by something that could be worth more, it's going to be a change and transfer of wealth again because at the start, it wouldn't be priced higher than BTC at the start but in the long run it could overtake if that happens.

[posi]

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.

I think what the OP means is that there will be a coin or a solution that is perfect and superior to bitcoin, he is not referring to current altcoin blockchains. That is also possible because the world is constantly evolving and bitcoins are also created from that process. So I wouldn't be surprised if in the future a more perfect solution than bitcoin is born. But we won't know when it will happen just like how bitcoin was born, no one knew until it appeared. So instead of thinking about things that haven't happened yet, we should focus on the reality and the present, which is bitcoin.

[Nrcewker]

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?

If someone develops anything better then it will definitely create an impact. I mean everyone wants the latest and the best thing possible for any object or asset. So people will definitely move from Bitcoins to that new invention. But the most challenging part will be the promotion of the new invention, as if people won’t be able to know about it, then how they gonna use it. But practically creating something better than blockchain or Bitcoins is very hard. But yes it’s a good topic to keep our opinions.

[bayu7adi]

Many altcoins have come and gone and Bitcoin is still on top. There are coins which many people would consider better than Bitcoin. It isn't enough to just launch a coin with better features. Bitcoin was the first cryptocurrency to really gain traction. That is something that cannot be replicated so any new coin that launches will have to live in Bitcoin's shadow for a long time before it can really become a worthy challenger. Many projects already know it will be nearly impossible to overcome Bitcoin's network effect so instead they choose to carve out their own niche and there are a few that will work on improving Bitcoin.

But it's not impossible for BTC to have a successor in the future. It's true that thousands of altcoins have emerged, aiming to be better than Bitcoin, but it's the insincere developers who create their own downfall. We can even witness many attempts driven by greed from new developers. This means that there's still nothing that can surpass the stability of Bitcoin so far.

I've also had thoughts about a new coin that could be widely adopted by people all around the world and regulated fairly. However, it seems challenging for a fully decentralized coin, unless each country shares the same view on cryptocurrency and has a positive mindset about the presence of blockchain technology and cryptocurrency.

[shield132]

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?

It's not only about features to my mind. Bitcoin is so popular that no coin is going to easily replace it, bitcoin is just the king of the jungle named cryptocurrency.

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.

I don't think it's that simplier. Why hasn't Monero changed bitcoin? Monero has absolutely everything that Bitcoin lacks, Monero fulfills every demand of bitcoin users: privacy, security, decentralization, asice resistance. Because of these features, I thought Monero was the best investment option and would become more popular and expensive than Bitcoin but I was wrong. Maybe I am blind but I would love to hear what makes bitcoin a better than Monero?

[HONDACD125]

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?

The first thing is that there have been many crypto-currencies that imagined themselves in comparison to Bitcoin, but so far no coin has shown its performance better than Bitcoin.However it is possible we cannot say that it cannot happen at all. If this happens and there is a coin that performs better than Bitcoin, I don't think it will have much impact on Bitcoin,because each has its own characteristics, even with the presence of Bitcoin, you will find many people investing in altcoins.

Although Bitcoin is currently the safe and best investment option in the entire cryptocurrency market.If someone outperforms Bitcoin, people will prefer to invest in it, but that doesn't necessarily mean people will leave Bitcoin,but these are all fictitious things and assumptions made by us. It will be known at that time if the situation really arises like this.

[karabiber]

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?

No, no crypto coin will ever replace Bitcoin. There have been attempts for this for years, but the result is a big disappointment. If you think that alternative crypto coins will replace Bitcoin based only on transaction speed, then you don't understand Bitcoin. We can also solve the speed problem with the Lightning Network. The Lightning Network is in its infancy and still in development. Developers are trying to figure out if it will work as they imagine. If it does, the benefits of Lightning Network technology will make Bitcoin indispensable.

When it comes to the reason for using Lightning Network technology, the answer is actually very simple: scalability. If the network really does solve Bitcoin's main problem, it is likely to be adopted by other cryptocurrencies. In this case, there is the possibility of further development of cross chain exchange technology. This would be the first step towards the creation of truly decentralized cryptocurrency exchanges.

[Smack That Ace]

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?

We are all here to tend to seek ways to benefit ourselves, we are not here to adore and worship someone or something. Bitcoin is just one of many financial tools for us to leverage for our benefit and it is not god or deity for us to worship. So if in the future there is a project that is superior to bitcoin and brings more benefits and profits than bitcoin, people will definitely flock to it instead of bitcoin. It's obvious, you don't need to ask anyone.

[synchronym]

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?

The use of Bitcoin has now doubled from what it was before. Many other coins came before Bitcoin, maybe those coins were traded then and those coins are gone. But as long as Bitcoin is growing, people's interest in trading it seems to be increasing. I think Bitcoin will become much more popular in the future. Developed countries are now introducing Bitcoin transactions. A restaurant in a big country like Germany has launched transactions with Bitcoin. The use of Bitcoin will increase manifold in the future.

[thecodebear]

The main problem with this idea is the problem that all cryptocurrencies have faced since Bitcoin.

Bitcoin has a HUGE advantage being the first. Because the mining industry grew up around Bitcoin that made sure Bitcoin was always by far the most secure cryptocurrency. It's not THAT hard to 51% attack the other large PoW chains, because they aren't really that large. That's a main reason we've seen a complete switch away from PoW, because only Bitcoin was really secure using that method.

PoS isn't nearly as good for decentralization and security. So, considering we already have Bitcoin, how would a brand new cryptocurrency rise up to overcome this problem? We already know simply having a faster blockchain is meaningless because most cryptos are faster than Bitcoin. And since security and decentralization of this sort of network comes from its size, there's no way to bootstrap a new cryptocurrency to have that security to start. So even if a fast potentially really secure and decentralized blockchain made altruistically without the goal of controlling it by the founder were to be made, it would have to go through a long period of time of not being decentralized and secure. There just is not really a way to compete with Bitcoin unless a blockchain is already really large, which obviously it can't be because like Bitcoin it would have to grow to be very large. Any creation that could bootstrap itself would by definition have to be coming from a company or govt rather than growing on its own, which of course would then not be decentralized at all.


This is the reason that Bitcoin is likely a "one and done" situation. By which I mean we are never going to get a "second Bitcoin" or a Bitcoin competitor of any sort. Because we already have Bitcoin and there is unlikely any incentive that would allow a later solution to be able to grow to the size at which it could realistically compete with Bitcoin. Anytime someone tries to do this the overriding question would be: "why go with this new thing when we already have Bitcoin?"

By the time the idea of Bitcoin and cryptocurrency is accepted by the masses enough for some small new cryptocurrency to be seen as anything other than a gamble Bitcoin will be so entrenched in society that there will be no reason for anyone to switch. Bitcoin is currently not very accepted by society, most people are very uneducated about it and antagonistic towards it. So certainly some random new crypto is not going to gain acceptance before Bitcoin. But by the time Bitcion is accepted enough for there to be a possibility of some random new crypto to be highly accepted, Bitcoin's acceptance is going to be complete so there will be no reason for people to accept some other much smaller cryptocurrency.

[fuguebtc]

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?

No, no crypto coin will ever replace Bitcoin. There have been attempts for this for years, but the result is a big disappointment. If you think that alternative crypto coins will replace Bitcoin based only on transaction speed, then you don't understand Bitcoin. We can also solve the speed problem with the Lightning Network. The Lightning Network is in its infancy and still in development. Developers are trying to figure out if it will work as they imagine. If it does, the benefits of Lightning Network technology will make Bitcoin indispensable.

When it comes to the reason for using Lightning Network technology, the answer is actually very simple: scalability. If the network really does solve Bitcoin's main problem, it is likely to be adopted by other cryptocurrencies. In this case, there is the possibility of further development of cross chain exchange technology. This would be the first step towards the creation of truly decentralized cryptocurrency exchanges.

All current altcoins cannot replace or outperform bitcoin, but it would be stubborn to say that in the future there will be nothing better than bitcoin created while the technology world is developing rapidly. Just like governments believed that their fiat currency would never have a rival, or that anyone could not threaten it until bitcoin was created. I am very passionate about bitcoin and have faith in its future, but developments are happening in our world and if something better than bitcoin is created we should not be surprised. But I don't think that will happen anytime soon.

[Iamgoat]

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.

Thank you for this reply. But the truth is that there are other Blockchain technologies that are likely to be faster than the Bitcoin technology and probably even more profitable to small investments, but unlike you say, that does not take a way the technology built by the founder of such invention as any other genius building a similar digital currency will have to tap those ideas from Satoshi's Bitcoin.

And I think that solution to such problems and issues have been created by Satoshi since you do not have to create a new technology outside of Bitcoin with the open source software that Bitcoin was built on. All you just need to do is to contribute to the already existing system through the open source and Bitcoin can be better by your contributions.

[nutildah]

Actually that happened already with the founders of Grin. They used pseudonyms based on the Harry Potter series to launch their whitepaper, code & blockchain. At least one of them is still active here on the forum, from time to time.

Even though it was based on some novel tech (mimble-wimble) that offered a greater degree of both anonymity and simplicity than Bitcoin, it never really caught on as a cryptocurrency (some blame their choice of tail emission model). Perhaps the most important thing it did was allow Litecoin to integrate Mweb which gives certain LTC transactions more privacy.

[jeha2015]

surely one day they will just disappear and always remember there will be no next bitcoin, bitcoin will not be replaced.

I have to disagree with you as long as investors exist in Crypto-currency then altcoins would never disappear it's the best alternative especially for those investors would don't have the financial capacity to purchase Bitcoin in large quantities also those who have interest in short term pump and dump coins, Crypto-currency is big and everyone has their own point of interest so I think in the future we may not see some certain altcoins (probably went to the ground and never rose) but there would be more altcoins in future that would replace them.

Yes that's right. Altcoins still never disappear, in fact there are many technologies that are better than Bitcoin if you look at transaction speed, or you can see from ETH's approach to finance that it is very good. Plus the LSDfi and LSTfi boom with upcoming projects built on eth is crazy. Just look at the ethene laboratory for example. but altcoins still cannot compete with bitcoin. Because bitcoin was created by satoshi with unique technology, no one can imitate the sophistication of bitcoin technology and bitcoin was also created with sincerity at a time when the world economy was not doing well.

[stadus]

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?

Anything can happen in this free world, and the competition is fierce. If we come across a new project that's better than Bitcoin, people might invest in it, and Bitcoin could gradually lose its popularity until the market declines. But that's a worst-case scenario, my friend. Personally, I don't worry about the future because it's all uncertain. My advice is to enjoy the benefits Bitcoin offers while we can. If the time comes for it to be replaced, we'll have enough to invest in a new project.