Who is top bitcoin competitor?

[kentrolla]

Don't be apologetic this is a valid question you have asked as when we were new to Bitcoin and this forum we had similar questions in our mind.

First thing why government cannot compete with Bitcoin is because government wants to control everything and keep a track of it but with decentralization it's not possible and that's the reason Bitcoin was created and that's why government and bankers are against Bitcoin because they cannot control your finances as Bitcoin or decentralization in general removes any third party from the transaction. But they are upto something just to fool the users but they will never be successful.

[stompix]

Some of them is because of there usage, demand etc. that have made them successful. Ethereum, Binance and Solana are a typical example.

Binance coin?
A centralized shitcoins that will go down when Binance goes and that was pumped with the fees Binance is fleecing its gullible users?
Nobody in its right mind would want to touch that unless forced by being tied with its finances to that exchange!

Governments and centralized authorities can create their own cryptocurrencies, but they face challenges in the areas of decentralization, trust and user adoption.

Why would they face such  things?
First they don't care about decentralization, trust is already there, you're using your national currency every day, you go to  shop and that shop accepts it, that's the trust, as for adoption, that can come in a second, all they have to do is pay all govemermnt wages in that coin, then merchants will have no choice but to adopt it since they need to sell stuff, and that's it, it's done in a day.
If a govemermnt would truly want that they could simply stop printing cash, migrate all bank deposits and balances to the new CBDC and here you have it, how would you be able to stop it?

[fullhdpixel]

Last question please forgive me, what stops them from building a coin on the block chain that'll bypass the total sum of bitcoin users, and regulate it?

Why would I use a coin created by them when I'm using Bitcoin so that I can be safe from them and their regulations? It doesn't make sense. Even though they and their financial institutions have way more users than Bitcoin, people who are using Bitcoin are mostly doing it for its decentralized nature, there is no third party between you and your money when you are using Bitcoin which isn't the case with traditional financial institutions and that is the reason why most people prefer Bitcoin.

They can't create a coin and make it decentralized because that will be useless for them just like how they are against Bitcoin because they can't control it and manipulate everything, they can't ban people from using it or hold the funds and ask for extra verification to release the funds, the list is endless.

[Hamza2424]

Satoshi, in his invention of the blockchain, had given us the inch, what is preventing other bodies or organization from taking the ell? Does it mean no coin hosted on the blockchain will gain mass adoption enough to bypass the users of bitcoin?

The government own billions of population, and by setting her face against bitcoin is a competitor, but doesn't seem to prove that they're a top bitcoin competitor without having a downward course in the process. Last question please forgive me, what stops them from building a coin on the block chain that'll bypass the total sum of bitcoin users, and regulate it?

TBH, as usual, I would say there's no doubt Bitcoin will stand by its position as of now. No coin can replace it, Moving onto your question of why governments cant establish their digital currency more like Bitcoin buddy try to understand as they are not even accepting the existing solution so why they would develop their own?

Actually, there's something called control, and that control they don't want to lose, ahh due to so-called dirty politics you know the power game. So this si the only reason they don't recognize the efficient solution.

In the end Bitcoin is Bitcoin, except Bitcoin most of the projections are just Myth. #Hodl

[tabas]

There's the CBDC if you haven't heard of it yet but it's incomparable to Bitcoin. Yes, the government can unite and push people to adopt what they want to adopt. But the thing here is, they can't stop Bitcoin as it is decentralized and it is covering the entire global population and everyone is free to use it. So, if the governments are going to come up with their own solution, that only means that there will be more of them producing another currency and they'll still come divided and it won't be able to compete Bitcoin. That's why, no matter what they do, they're not going to get comes close to BTC.

[DVlog]

Do you know the unique address of bitcoin is lower than ETH? It doesn't reflect the actual number of users in both of those blockchains but it shows that the Ethereum network has more users than bitcoin users. This is obvious why one is the most valuable and another has most of the adoption. Bitcoin is a great store of value but in terms of utilities there are very few sectors. On the contrary ETH has real adoption and a large ecosystem with all of its dapps and layer 2 blokchain.

[Baghdad]

Last question please forgive me, what stops them from building a coin on the block chain that'll bypass the total sum of bitcoin users, and regulate it?

Why would I use a coin created by them when I'm using Bitcoin so that I can be safe from them and their regulations? It doesn't make sense. Even though they and their financial institutions have way more users than Bitcoin, people who are using Bitcoin are mostly doing it for its decentralized nature, there is no third party between you and your money when you are using Bitcoin which isn't the case with traditional financial institutions and that is the reason why most people prefer Bitcoin.

They can't create a coin and make it decentralized because that will be useless for them just like how they are against Bitcoin because they can't control it and manipulate everything, they can't ban people from using it or hold the funds and ask for extra verification to release the funds, the list is endless.

You mean the government will need a help of another Satoshi to set up a fresh block chain that'll be centralized before setting up their own coin? Since they won't dim it fine to build on the existing block chain due to its decentralized nature.

[teamsherry]

I dont think any coin would surpass bitcoin, especially since most altcoins are actually there to support bitcoin in a kind of way, like matic having one of the lowest gas fees and most persons use it for daily transactions. And bitcoin made decentralization a reality, and has been the pace setter for more than a decade now, most coins actually depend on bitcoin price to have a value. So I don't see this reality unless some other projects comes with something better than bitcoin with its own blockchain built from scratch and probably better ideas and solutions.

[nil_krokodil]

Top Bitcoin competitor is Ethereum because of many reasons:

Best reason is Ethereum's second rank on CoinGecko, where only Bitcoin has a better place, place one. From all crypto currencies, Ethereum is closest to Bitcoin to possibly overtake Bitcoin, while not likely, of course.
Experts always recommend Ethereum as second choice after Bitcoin.
Ethereum has a long history of competition against Bitcoin.

Bitcoin needs to be aware about Ethereum to get not overtaken but I don't see a big danger for Bitcoin to be overtaken by Ethereum generally.

[Jawhead999]

Top Bitcoin competitor is Ethereum because of many reasons:

Best reason is Ethereum's second rank on CoinGecko, where only Bitcoin has a better place, place one. From all crypto currencies, Ethereum is closest to Bitcoin to possibly overtake Bitcoin, while not likely, of course.
Experts always recommend Ethereum as second choice after Bitcoin.
Ethereum has a long history of competition against Bitcoin.

Bitcoin needs to be aware about Ethereum to get not overtaken but I don't see a big danger for Bitcoin to be overtaken by Ethereum generally.

If you only use "marketcap" or "second rank" as your reasons, it means Ethereum can't be Bitcoin's competitors.

I can also say USDT is the Bitcoin competitor because the trading volume is higher than Bitcoin if we talks about statistic.

Monero is one of coin that can compete Bitcoin and they offer something that Bitcoin don't have, but I don't think Monero is Bitcoin competitors since Monero is a public enemy.

[cryptoaddictchie]

Last question please forgive me, what stops them from building a coin on the block chain that'll bypass the total sum of bitcoin users, and regulate it?

Regulations I guess. Government wouldnt create such coin lile bitcoin that they will never regulate or govern which totally the opposite of bitcoin. Of course people hate the way these people handle it as far as politics concern since they will insert a lot of things only favors to them. Its not that easy to make such coin like bitcoin which is trusted by many and expect people to check out this new one especially made by crocodiles?

[pooya87]

Government creating a "bitcoin competitor" is a paradox!

One of the main principles of Bitcoin is to be decentralized, it is impossible for government to create anything remotely decentralized. All they create is what they can fully control, meaning something 100% centralized like the CBDCs that are being talked about a lot these days. And we already know that centralized things are not even in the same category as Bitcoin to want to compete with it.

[Kakmakr]

Yes, the government are Bitcoin's top competition, but not a competitor in the Crypto scene, but more a competitor by protecting their own Fiat currency.

They know that they are in full control of the fiat supply, so they want to protect that power that they have over the money printers. (It is used as a manipulation tool in the global economy)

Bitcoin or anyone else for that matter,  are not stopping anyone from creating any Alt coin... the main thing will be to get  people to buy that new token and to get them to accept the regulation that you applied to it.

Some governments already started to work on their own digital currencies (Govcoins) ....and they might force you to use it, depending on what country you stay in. (China) 

[NotATether]

The government own billions of population, and by setting her face against bitcoin is a competitor, but doesn't seem to prove that they're a top bitcoin competitor without having a downward course in the process. Last question please forgive me, what stops them from building a coin on the block chain that'll bypass the total sum of bitcoin users, and regulate it?

There is really nothing in the way of competition for Bitcoin except for Ethereum. Government services such as CDBCs are hardly used if ever, and that being among the ones that exist already, and Ripple is really only known by banks.

All in all, don't expect banks to make any sort of competition for Bitcoin anytime soon. Why do you think they are buying some more?

[_BlackStar]

There are many competitors in the market - but what kind of competition do you expect?
Bitcoin is a decentralized currency - while many coins out there are centralized. The government cannot create competition even though they basically don't want this decentralized currency to grow. What governments are doing now is reducing dependence on decentralized currencies and preventing many of their use cases - they sometimes succeed in some cases ^{[regulating users],} while they also fail in many others.

[justinlamode]

The top Bitcoin competitor is centralization and anti privacy activities by Bitcoin holders. Giving your Bitcoin to the government to help keep safe is one way to indirectly centralize/regulate the network.

Seems the author is more concerned if another coin can be developed or already in existence that will rival Bitcoin and present some better alternatives. In the aspect of government crackdown on the privacy issue of Bitcoin, I think it is something we have to live with because as it stands it is obvious the governments will always win. Most people are now using exchanges because of high fees, ordinal attack and other issues of recent have discouraged a lot of people from integrating Bitcoin payment into their businesses. The future is really uncertain as it has to do with Bitcoin.

[Myleschetty]

Satoshi, in his invention of the blockchain, had given us the inch, what is preventing other bodies or organization from taking the ell? Does it mean no coin hosted on the blockchain will gain mass adoption enough to bypass the users of bitcoin?

That's not what it mean. The idea was to make Bitcoin decentralized as much as possible so that organization and the government wont have control over it just like they do with fiat currency.

The government own billions of population, and by setting her face against bitcoin is a competitor, but doesn't seem to prove that they're a top bitcoin competitor without having a downward course in the process. Last question please forgive me, what stops them from building a coin on the block chain that'll bypass the total sum of bitcoin users, and regulate it?

Bitcoin never has a competitor, it's only a competitor in the mind of governments, people, organizations, and business owners that see it as a threat to their centralization power due to Bitcoin being decentralized.

[hatshepsut93]

Satoshi, in his invention of the blockchain, had given us the inch, what is preventing other bodies or organization from taking the ell?

The fact that this whole "Blockchain technology" isn't really useful and Bitcoin is really the only succesful use so far. All the attempts to build something other than a cryptocurrency on blockchain has failed, and cryptocurrencies fail to compete with Bitcoin because they have far worse security both in terms of network fundamentals and in terms of code quality. So it's actually very hard to compete with Bitcoin because it's being developed by the most skilled people in the world in the field of cryptocurrency.

[FinneysTrueVision]

The government own billions of population, and by setting her face against bitcoin is a competitor, but doesn't seem to prove that they're a top bitcoin competitor without having a downward course in the process. Last question please forgive me, what stops them from building a coin on the block chain that'll bypass the total sum of bitcoin users, and regulate it?

The government doesn't need to build its own blockchain based currency to compete with Bitcoin. A government controlled cryptocurrency would end up being as permissioned and centralized as fiat which already works pretty well and doesn't need to be replaced with crypto. We are already seeing coins like Tether and USDC gaining adoption. Stablecoins don't threaten dollar hegemony, they can be traced easily, and they can be frozen and confiscated. Stablecoins are already a government friendly crypto. This is Bitcoin's only real competition.

It is possible that they could try to bring BTC closer to where Tether is by demanding greater compliance in order to transact with it. Some cryptocurrencies like Zcash have already taken measures in order to keep regulators satisfied. I don't believe Bitcoiners will allow this to happen, but by increasing regulatory pressure it could become harder for people to adopt BTC.

[nil_krokodil]

Top Bitcoin competitor is Ethereum because of many reasons:

Best reason is Ethereum's second rank on CoinGecko, where only Bitcoin has a better place, place one. From all crypto currencies, Ethereum is closest to Bitcoin to possibly overtake Bitcoin, while not likely, of course.
Experts always recommend Ethereum as second choice after Bitcoin.
Ethereum has a long history of competition against Bitcoin.

Bitcoin needs to be aware about Ethereum to get not overtaken but I don't see a big danger for Bitcoin to be overtaken by Ethereum generally.

If you only use "marketcap" or "second rank" as your reasons, it means Ethereum can't be Bitcoin's competitors.

Because I have used "marketcap" and "second rank" as my reasons, Ethereum is very cleary Bitcoin's competitor. Because no coin comes as close to Bitcoin as ETH. ETH is second place currently.
Ethereum is Bitcoin’s biggest competitor.

I can also say USDT is the Bitcoin competitor because the trading volume is higher than Bitcoin if we talks about statistic.

But USDT is not a big competitor for Bitcoin currently. It's only position 3 currently.
Yes, it can get a big competitor of Bitcoin but only if it can gain places and overtakes BNB and Ethereum, what will be really hard to do for USDT.
And trading volume is pretty meaningless because it doesn't determine official ranks on CoinGecko.