The Possibility Of An Altcoin To Overcome Bitcoin Is Very Rare.

[Babayan-nawu]

It's very uncertain for an Altcoin to overcome Bitcoin.

I remember a friend making the argument that Altcoins can overcome Bitcoin because they can incorporate additional features or technologies that bitcoin does not offer, to which I responded with the view that there are many factors that might make it impossible for an Altcoin to overcome bitcoin.
In terms of network effects, its an almost certainty that no Altcoin will get any considerable traction due to Bitcoin’s large user base and the heavy network effects.
Secondly, dealing with brand presence, it is also a mystery how many years will it take to build such a strong brand.
Speaking of security, other coins may put up a more competitive approach but it will be hard to replicate the hash rate and other security measures in place.
In the area of regulation, it is clear enough that bitcoin stands out from other coins because of its regulatory clarity and compliance advantages, as well as in ecosystem robustness– there are exchanges, wallets and payment processors for bitcoin which are enough to support a large scale adoption. Thus, in all these regards, there is a lot of hardships for Altcoins, and on this other hand, if we continue debating the counter-arguments, then there is no end to it as bitcoin is not short of such proofs. Therein, these make bitcoin still the best and the unmatched king of all the crypto assets.


Thank you'll for your effective contribution.

[hd49728]

It's very uncertain for an Altcoin to overcome Bitcoin.

It's not rare but impossible, so far no altcoin succeeds and thousands of altcoins died including Bitcoin forks.

Because Bitcoin is the only cryptocurrency that is decentralized from network to development. The only altcoin comes closely to it is Monero, and you will fail to find other altcoins that can be decentralized.

There are many altcoins with their names as Bitcoin forks, but they died with time too.
How many Bitcoin forks are there?

Altcoin blockchains are worse than Bitcoin blockchain in security too.
https://howmanyconfs.com/

People if are smart enough, will never want to exchange the best (Bitcoin) to worst ones (altcoins).

[Ambatman]

The thing is even if a coin that's decentralized and offer great security and scalabilty is created
It would still not surpass Bitcoin.
The reason is it's not Bitcoin
Bitcoin first mover advantage, the image it has created and it's life span is not something any other can emulate.
It's just like despite the flaw of Government, society has grown to survive with it
Same also applies to Bitcoin in the cryptocurrency market.

It wouldn't be too wrong to say Cryptocurrency is centralized and the Central head is Bitcoin.

[kryptqnick]

Bitcoin is huge, and it contains enough features to be attractive and to not be abandoned for something else. The altcoin market has been very active for over 7 years now, and yet no coin defeated Bitcoin, no matter what kind of features it offered that Bitcoin did not. So I fully agree with the op that at this point, it seems highly unlikely that an altcoin will beat Bitcoin. The crypto market seems clearly different from the dot com bubble, as some of the oldest coins still stand strong today, and Bitcoin is much further from being beaten by altcoins in 2024 than it was in 2017, if we look at market dominance percentage.

[FortuneFollower]

The thing is even if a coin that's decentralized and offer great security and scalabilty is created
It would still not surpass Bitcoin.
The reason is it's not Bitcoin
Bitcoin first mover advantage, the image it has created and it's life span is not something any other can emulate.
It's just like despite the flaw of Government, society has grown to survive with it
Same also applies to Bitcoin in the cryptocurrency market.

It wouldn't be too wrong to say Cryptocurrency is centralized and the Central head is Bitcoin.

And then again - why alts should "overcome" BTC at all, if it's not its target, probably?..

[fuguebtc]

The thing is even if a coin that's decentralized and offer great security and scalabilty is created
It would still not surpass Bitcoin.
The reason is it's not Bitcoin
Bitcoin first mover advantage, the image it has created and it's life span is not something any other can emulate.
It's just like despite the flaw of Government, society has grown to survive with it
Same also applies to Bitcoin in the cryptocurrency market.

It wouldn't be too wrong to say Cryptocurrency is centralized and the Central head is Bitcoin.

And then again - why alts should "overcome" BTC at all, if it's not its target, probably?..

In the early years of the crypto industry, there were several projects created and claimed to be BTC killers but they all died and disappeared soon after. In recent years, almost every project has recognized and acknowledged bitcoin's dominance, with no altcoins daring to claim or challenge that they can replace or surpass bitcoin. So it can be said that all these comparisons are coming from investors, especially bitcoin maximalists.


Correct me if I'm wrong because it's been a long time since I've heard any altcoins dare to claim that they will replace or surpass bitcoin, and you're right, that's not the goal of altcoins.

In the crypto era, we have only one king and it will be very difficult to change that even if a better project than bitcoin is created, although that will not happen. Because bitcoin is not just a regular investment these days but for many it is considered a cult so it is difficult to change that.

[fikrett]

It's very uncertain for an Altcoin to overcome Bitcoin.

It's not rare but impossible, so far no altcoin succeeds and thousands of altcoins died including Bitcoin forks.

Because Bitcoin is the only cryptocurrency that is decentralized from network to development. The only altcoin comes closely to it is Monero, and you will fail to find other altcoins that can be decentralized.

There are many altcoins with their names as Bitcoin forks, but they died with time too.
How many Bitcoin forks are there?

Altcoin blockchains are worse than Bitcoin blockchain in security too.
https://howmanyconfs.com/

People if are smart enough, will never want to exchange the best (Bitcoin) to worst ones (altcoins).

What do you yourself think about LTC, for example?

[Gallar]

~Snip

As far as I know, Bitcoin is the first cryptocurrency that exists, so if you look at it from that aspect, Altcoin cannot possibly beat bitcoin. Because the birth of Altcoin today was certainly inspired by the existence of bitcoin. So it is certain that imitations will not be able to beat the original originator or founder. Therefore, I believe bitcoin will always be number one in the crypto realm, because as we know bitcoin has a decentralized system, which of course cannot be imitated by any cryptocurrency. Because it is certain that the Altcoin that exists today was created by its creator for business purposes or to seek profit. However, unlike bitcoin, Satoshi as its creator until now no one knows where he is. In addition, Satoshi also does not seem to take any advantage from the creation of this bitcoin. That is why bitcoin is truly a truly decentralized crypto asset. This is what makes bitcoin difficult to imitate by other altcoins. Because in essence altcoins have creators who always take advantage. That is where the difference in security between bitcoin and Altcoin lies. Because bitcoin is impossible to take its liquidity by anyone, but Altcoin can be taken by its creator at any time and its price changes to zero. So the conclusion is like that, Altcoin will never be able to beat bitcoin.

[Amphenomenon]

In the early years of the crypto industry, there were several projects created and claimed to be BTC killers but they all died and disappeared soon after. In recent years, almost every project has recognized and acknowledged bitcoin's dominance, with no altcoins daring to claim or challenge that they can replace or surpass bitcoin. So it can be said that all these comparisons are coming from investors, especially bitcoin maximalists.

This is fact, these project developers are just only thinking of making money, they don't actually bother about their coin or token usability. It's all about the money and that's why they continue to build blockchain where meme tokens can be built on, since the meme market is where they make the money.

None like Bitcoin, they need  investors to push their coins and after all that then they'll have to provide returns for them, that means their main goal is always for profit and nothing much.

Correct me if I'm wrong because it's been a long time since I've heard any altcoins dare to claim that they will replace or surpass bitcoin, and you're right, that's not the goal of altcoins.

They know this is impossible and so have moved from saying the Bitcoin killer, to some altcoins or other meme coins killers like saying the Shiba Inu killers and the likes but all these are just overhype marketing strategies that do fail in the end.

[Fivestar4everMVP]

It's very uncertain for an Altcoin to overcome Bitcoin.

I remember a friend making the argument that Altcoins can overcome Bitcoin because they can incorporate additional features or technologies that bitcoin does not offer, to which I responded with the view that there are many factors that might make it impossible for an Altcoin to overcome bitcoin.
In terms of network effects, its an almost certainty that no Altcoin will get any considerable traction due to Bitcoin’s large user base and the heavy network effects.
Secondly, dealing with brand presence, it is also a mystery how many years will it take to build such a strong brand.
Speaking of security, other coins may put up a more competitive approach but it will be hard to replicate the hash rate and other security measures in place.
In the area of regulation, it is clear enough that bitcoin stands out from other coins because of its regulatory clarity and compliance advantages, as well as in ecosystem robustness– there are exchanges, wallets and payment processors for bitcoin which are enough to support a large scale adoption. Thus, in all these regards, there is a lot of hardships for Altcoins, and on this other hand, if we continue debating the counter-arguments, then there is no end to it as bitcoin is not short of such proofs. Therein, these make bitcoin still the best and the unmatched king of all the crypto assets.


Thank you'll for your effective contribution.

Well, sure right and well written, but to be more realistic, I would say that it's not completely impossible for an Altcoin to overcome or overtake bitcoin in marketcap I suppose, but this happening is as good as impossible due to all that Bitcoin has been able to achieve so far..

Bitcoin as the first mover in cryptocurrency and with no formal team behind the project, it's more like a project where anyone and everyone can choose to work on it, and this makes bitcoin not only stand out, but highly trustable.
And talk about acceptance and adoption, bitcoin is leading while Altcoins are following, alot of big names in the finance world recognizes and have invested heavily on bitcoin, even government of several countries.
All this entities will ensure the continuous survival and growth of bitcoin, as letting it fall will be them losing the money they have invested.
And lets not also forget that bitcoin is still very much in control of the Altcoin market, which means that, if bitcoin collapse, Altcoins will follow as well.

So yeah, it's as good as impossible for any Altcoin to overtake bitcoin.

[Ruttoshi]

Bitcoin potentials and the problem that is solving, due to its decentralized nature makes it impossible for any altcoin to overtake bitcoin. For anyone to dump bitcoin for any coin, it means that the coin will be 10X better than bitcoin in all aspect, if not nobody will adopt it.

Bitcoin is a store of value and altcoins cannot be a store of value, bitcoin has its own blockchain as a protocol layer which other project can built on. Double spending is also a problem bitcoin is solving.

[Easteregg69]

Bitcoin potentials and the problem that is solving, due to its decentralized nature makes it impossible for any altcoin to overtake bitcoin. For anyone to dump bitcoin for any coin, it means that the coin will be 10X better than bitcoin in all aspect, if not nobody will adopt it.

Bitcoin is a store of value and altcoins cannot be a store of value, bitcoin has its own blockchain as a protocol layer which other project can built on. Double spending is also a problem bitcoin is solving.

Ada Cardano is going on about tapping in on liquidity via a BitcoinOS bridge.

I tested so much garbage and cost me a lot.

[avikz]

It's very uncertain for an Altcoin to overcome Bitcoin.

It is highly unlikely to happen but never impossible. Bitcoin is enjoying the first mover advantage for being the first cryptocurrency. But if we look into the technicalities of Bitcoin, there are thousands of cryptocoins available in the market which are cheaper and faster than Bitcoin. But Bitcoin remains the king in the crypto market.However it's not impossible that some other cryptos overtake bitcoin, but the chances are pretty slim!

[Easteregg69]

It's very uncertain for an Altcoin to overcome Bitcoin.

It is highly unlikely to happen but never impossible. Bitcoin is enjoying the first mover advantage for being the first cryptocurrency. But if we look into the technicalities of Bitcoin, there are thousands of cryptocoins available in the market which are cheaper and faster than Bitcoin. But Bitcoin remains the king in the crypto market.However it's not impossible that some other cryptos overtake bitcoin, but the chances are pretty slim!

I tell you man. As an ETF you get entry on Cardano for less than 40 cents. Bitcoin is 40 dollars. For a share on a regulated stock exchange. A separate market.

50 cents.. I don't care. A lot cheaper.

"Always stay logged in". I try that feature now..

[Marvelockg]

It's very uncertain for an Altcoin to overcome Bitcoin.

As long as decentralized finance and anything related to crypto is concerned, there's no possibility that suggests that an altcoin will come to do too well like Bitcoin. Do you know what it means and how long it will take for another coin to get to the current Bitcoin price? There's none that has ever come close to Bitcoin in terms of it value, the trust people have on it, the level of adoption it has witnessed And whatever simple index you can consider from a first look. None can outperform it in the future.

If it's created by a known personality or an already existing institution, it's going to witness resistance by a lot of people that will stand against it. That Bitcoin has stayed this long and still remains relevant is a miracle earlier adopters never imagined would happen.

A question you've got to ask is, should Bitcoin be created now after another coin has gained all the advantages Bitcoin has above all the coin that's currently in existence and that's coming up in the Future, would Bitcoin overcome those existing coin even if it has better technology that backs it up?

If bitcoin fails or another coin comes up to take the place of Bitcoin, people will start looking at crypto as a ponzi scheme just like what they take meme coin as.

[pawanjain]

It's very uncertain for an Altcoin to overcome Bitcoin.

I remember a friend making the argument that Altcoins can overcome Bitcoin because they can incorporate additional features or technologies that bitcoin does not offer, to which I responded with the view that there are many factors that might make it impossible for an Altcoin to overcome bitcoin.
In terms of network effects, its an almost certainty that no Altcoin will get any considerable traction due to Bitcoin’s large user base and the heavy network effects.
Secondly, dealing with brand presence, it is also a mystery how many years will it take to build such a strong brand.
Speaking of security, other coins may put up a more competitive approach but it will be hard to replicate the hash rate and other security measures in place.
In the area of regulation, it is clear enough that bitcoin stands out from other coins because of its regulatory clarity and compliance advantages, as well as in ecosystem robustness– there are exchanges, wallets and payment processors for bitcoin which are enough to support a large scale adoption. Thus, in all these regards, there is a lot of hardships for Altcoins, and on this other hand, if we continue debating the counter-arguments, then there is no end to it as bitcoin is not short of such proofs. Therein, these make bitcoin still the best and the unmatched king of all the crypto assets.


Thank you'll for your effective contribution.

I wouldn't say that it is impossible to beat bitcoin because it is one of the possibilities.
If there is an altcoin which gains a large userbase then it might be possible for it to beat bitcoin in a few years.
But there is no such altcoin right now which "can" potentially have such a huge traction.
Almost every altcoin loses its charm in a few years but bitcoin doesn't and so it will stay on the top at least for the next few years.

[Obim34]

The possibility of that happening is raised to nothing, if there was any that would have then long ago we would have experienced one. Ethereum is the only one that has managed to stay in the market long enough that is being compared but still requires lots of assurance to equal before deciding to exceed Bitcoin.

Certain factors are correspondants to why any Altcoin will likely overthrown Bitcoin but fail.

Potentials: Most Altcoins are literally worth nothing, we can see lots of shitcoins in the market all claiming to be worth investing but unfortunately lacks enough credibility, investors invest in this Altcoin with lots of doubt, their relevance is equated to gambling their funds, less probability of making profits or nothing as the case maybe.

Acceptability: It took Bitcoin several years to grow it's trust and acceptance, i do not see any Altcoin able to survive huge criticism which Bitcoin happened to go through and yet scaled through, new investors keep entering the market based on trust and how much Bitcoin has proven it's importance. why enroll your funds into something that you can barely brag about ROI when Bitcoin has been the order of every/early investors.

[BitcoinBarrel]

It is possible, but unlikely.

Bitcoin is far too established and the value comes from transaction history and available applications. Even if an altcoin was better, it would take years to surpass the history that Bitcoin has.

Blockchain technology is fairly simple, it doesn't really matter what the technical components are. The value is in the Ledger.

[Zlantann]

Thank you'll for your effective contribution.

Comparing Bitcoin and altcoins is like equating gold with silver. Regardless of how silver is refined, its worth will not be greater than gold. There are some altcoins that have adopted additional features such as low transaction fees and more security, but they have not been able to overtake Bitcoin. Institutions and even nations recognise it more than any other cryptocurrency. Bitcoin is also widely adopted by individuals and is less volatile. It is not impossible for Bitcoin to lose its number one position but it will be very difficult.  

[AprilioMP]

It's very uncertain for an Altcoin to overcome Bitcoin.

I remember a friend making the argument that Altcoins can overcome Bitcoin because they can incorporate additional features or technologies that bitcoin does not offer, to which I responded with the view that there are many factors that might make it impossible for an Altcoin to overcome bitcoin.
In terms of network effects, its an almost certainty that no Altcoin will get any considerable traction due to Bitcoin’s large user base and the heavy network effects.

Maybe they [friends] only see more than one altcoin when making transactions using the altcoin network but they never use the Bitcoin network when making transactions.
Using the Bitcoin network is faster and cheaper and the process does not require gas. SegWit is one that can be used at a low cost but fast. You can also use the Lightning Network.

Regarding transactions, you can show them mempool.space to see how cheap the transaction fee is per transaction.
In many ways, Bitcoin is second to none. Altcoins will not be able to beat Bitcoin.