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Author Topic: The Possibility Of An Altcoin To Overcome Bitcoin Is Very Rare.  (Read 643 times)
Faisal2202
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October 30, 2024, 06:48:55 PM
 #21


It's very uncertain for an Altcoin to overcome Bitcoin.
-cut-
Thank you'll for your effective contribution.
If you had this conversation with your friends like few days ago then he must not have any idea about how much potential BTC have now because of ETF getting approved, presidential candidates are using BTC as bait to catch more voters and they are making promises that they will adopt BTC at bigger rates and increase it adoption on global level (I am not considering the big "IF" they will keep their promise or not).

These types of adoptions give clear idea to anyone that not a single ALT can compete with BTC, as it is POW and all of the other POW coins (not tokens) are way too lower then it, even the Hard forks of BTC can't compete with it because they are made like that, there were big conspiracies in hard forks too back then as there was one hard fork which might take over the hype of BTC but proper moderation made it clear moderated the hype of BTC (I know it seems like a big plan but yeah it is based on efforts and no luck here).

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October 30, 2024, 06:52:10 PM
 #22

It's very uncertain for an Altcoin to overcome Bitcoin.
Maybe there will be an altcoin to maybe compete with the attention that bitcoin is having, but it will still be bitcoin at the end. If there will be anything overtaking bitcoin, it will spun from another technology that has an edge over bitcoins. Some people on hearing about cryptocurrency may want to focus on other altcoin instead of bitcoin itself. Some have been lucky to profit, but some people have been discouraged after finding out that they have invested wrongly. If anybody is doubting what to invest in, they should invest in bitcoin.

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October 30, 2024, 08:31:06 PM
 #23

Maybe there will be an altcoin to maybe compete with the attention that bitcoin is having, but it will still be bitcoin at the end. If there will be anything overtaking bitcoin, it will spun from another technology that has an edge over bitcoins. Some people on hearing about cryptocurrency may want to focus on other altcoin instead of bitcoin itself. Some have been lucky to profit, but some people have been discouraged after finding out that they have invested wrongly. If anybody is doubting what to invest in, they should invest in bitcoin.

Currently bitcoin has the edge already in terms of attention which many think it’s because of bitcoin been the first decentralized currency but I say it’s not just that, we have seen innovations been the first of their kinds dying off and losing relevance to a later one because of the qualities they possess and that’s the difference with bitcoin it’s quality doesn’t seems like a thing that will dispose easily like that, it has its limitations like the scalability issue but when you look at it any innovation coming to correct it usually ends up tampering with the decentralized system and that’s the only way an Altcoins can actually surpass bitcoin, but the scalability issue isn’t as dare to the investors like the decentralized network they will have

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October 30, 2024, 09:14:11 PM
 #24

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.

I'll play devil's advocate and say that you should never disregard a possibility. The chance of this happening is most likely above 1%, which isn't that small when we compare it to probability of you winning a lottery, or even the probability of having an accident, yet people win lotteries and have accidens, right?
One situation that comes to mind where an altcoin could surpass bitcoin is if they were able to find the real Satoshi. I believe this could cause a significant market turmoil if he happened to be alive and well.

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October 30, 2024, 09:38:24 PM
 #25

I think in this case it is even impossible and will never happen when altcoins beat bitcoin and I think in this case we have to agree in that considering it will never happen when bitcoin loses to altcoins.

We know that until now bitcoin remains the king even though there are altcoins no matter how good they are, they will not be able to beat bitcoin so why force yourself with altcoins let alone try to juxtapose in competition with bitcoin because it becomes a silly thing.
Let alone defeating, even trying to balance the level with bitcoin is impossible so that in this case no one will ever be able to beat bitcoin because indeed the king will still be above and altcoins will remain below and follow the movements of bitcoin.

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October 30, 2024, 11:52:24 PM
 #26

there is no example for that since 14 years.
Even ethereum has not achieved that.
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October 31, 2024, 01:16:23 AM
 #27

Altcoins will always remain as altcoins and Bitcoin is the only coin that's known as Bitcoin. I don't think that any alt coin would ever be able to overcome the importance of Bitcoin even if they have 100x more features then Bitcoin.

Bitcoin has is the king of crypto market and it will always remain as the king of the market. I believe there's chance that some altcoin may get huge in marketcap but still they won't be able to cross Bitcoin's marketcap any time soon or they might not be able to do that forever.

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October 31, 2024, 03:19:43 AM
 #28

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.  

Gold and silver are metals, natural assets, we can only process and use them but cannot modify or improve them in one way or another. Meanwhile, bitcoin and altcoins are products of man-made technological developments, which means we can modify, upgrade, and improve them in many different ways. So to be fair it is entirely possible that an altcoin could overtake bitcoin but the problem with altcoins is that most of them are created just for speculation, gambling and then disappear. Instead of focusing on building a project that is actually useful and provides real use cases like bitcoin, that is why it will be very difficult for any altcoin to surpass bitcoin.

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October 31, 2024, 04:13:12 AM
 #29

I disagree. There are actually 2 ways that an alternate cryptocurrency could surpass Bitcoin!

1. The fake way
When cryptocurrencies are sorted based on their market capitalization, it is trivial to surpass Bitcoin. Shitcoins such as Ripple, Ethereum, Tether, etc are the living proof that a shitcoin can have a massive fake market cap. All it takes is a huge supply that only releases a small portion of it to the public to be in circulation followed by a strong pumping team with a lot of money to inflate the price of that shitcoin. Then you have yourself an altcoin that ranks #1 in the list sorted by market cap. That altcoin will have no utility though!

2. The real way
Bitcoin is in no way perfect! It has "shortcomings". If some developers get off their fannies and start innovating, there is a good chance that we see newer and better technologies emerge in the next decade and the cryptocurrency created that way would very easily surpass Bitcoin in a real way which is through actual adoption by providing a useful utility like Bitcoin while not having the same shortcomings as Bitcoin.

The reason why we haven't seen that so far is because everyone is interested in making money so they create shitcoins like ethereum with tens of millions of premined coins so that they can become rich overnight.
In comparison Satoshi's goal was to innovate and solve problems. The altcoin devs' goal is to make money not innovate.

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October 31, 2024, 05:12:18 AM
 #30

I would say with the support of Wall Street and a first mover advantage, the crypto dominance is Bitcoin’s to lose. Something would have to happen that threatened the security of the network I think for Bitcoin to be surpassed at this point. Maybe some amazing new tech will come along that is far superior, but distribution will always be a difficult problem to solve.

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October 31, 2024, 07:19:20 AM
Merited by pooya87 (3), Majestic-milf (1), Stepstowealth (1)
 #31

1. The fake way
When cryptocurrencies are sorted based on their market capitalization, it is trivial to surpass Bitcoin. Shitcoins such as Ripple, Ethereum, Tether, etc are the living proof that a shitcoin can have a massive fake market cap. All it takes is a huge supply that only releases a small portion of it to the public to be in circulation followed by a strong pumping team with a lot of money to inflate the price of that shitcoin. Then you have yourself an altcoin that ranks #1 in the list sorted by market cap. That altcoin will have no utility though!

I have said this countless times. If you look at the top coins on CMC, you'll see coins like Shiba inu in the top 10. This is a coin whose price is not even up to $0.0005 but because it has a circulating supply of trillions of coins, it is above coins like Monero. I always tell people not to fall for that. It's obvious a coin like that will never become anything because when you have that kind of supply, the supply will always be more than the demand, making the coin have very little value if it has any value at all.

The reason why we haven't seen that so far is because everyone is interested in making money so they create shitcoins like ethereum with tens of millions of premined coins so that they can become rich overnight.
In comparison Satoshi's goal was to innovate and solve problems. The altcoin devs' goal is to make money not innovate.

As long as a coin is centralised and has an unlimited supply, it will stand no chance against Bitcoin. Even if the coin was decentralised and had a limited supply as long as it is owned by somebody or a company, it stands no chance against Bitcoin.
Coins like Cardano that have a limited supply have so many coins in circulation that the supply is way more than the demand. They have 45 billion coins as a limited supply. With that much coin in such short period there's no way the supply will not exceed the demand especially since it offers nothing different from other altcoins.

R


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October 31, 2024, 07:24:21 AM
 #32

I would say with the support of Wall Street and a first mover advantage, the crypto dominance is Bitcoin’s to lose. Something would have to happen that threatened the security of the network I think for Bitcoin to be surpassed at this point. Maybe some amazing new tech will come along that is far superior, but distribution will always be a difficult problem to solve.

I am just interested in what would be such a tech..
Not CBDC for sure, and hopefully - not something like it  Grin

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October 31, 2024, 07:30:59 AM
 #33

there is no example for that since 14 years.
Even ethereum has not achieved that.

Maybe because it's not ETH goal, eh?  Cool
Gold and oil have completely different use cases, they don't compete in one category.

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October 31, 2024, 07:36:18 AM
 #34

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.  

Gold and silver are metals, natural assets, we can only process and use them but cannot modify or improve them in one way or another. Meanwhile, bitcoin and altcoins are products of man-made technological developments, which means we can modify, upgrade, and improve them in many different ways. So to be fair it is entirely possible that an altcoin could overtake bitcoin but the problem with altcoins is that most of them are created just for speculation, gambling and then disappear. Instead of focusing on building a project that is actually useful and provides real use cases like bitcoin, that is why it will be very difficult for any altcoin to surpass bitcoin.

To be fair - assets that are minted or turned to fiat are "upgraded" by us, humans - by regulations and such, policies, etc  Grin But it is done by the authorities.
That's where the line is drawn, in my opinion, with BTC. It's not used and manipulated by the higher entities.
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October 31, 2024, 07:53:12 AM
 #35

As long as a coin is centralised and has an unlimited supply, it will stand no chance against Bitcoin. Even if the coin was decentralised and had a limited supply as long as it is owned by somebody or a company, it stands no chance against Bitcoin.
Coins like Cardano that have a limited supply have so many coins in circulation that the supply is way more than the demand. They have 45 billion coins as a limited supply. With that much coin in such short period there's no way the supply will not exceed the demand especially since it offers nothing different from other altcoins.

Creating a coin with a small and limited supply is not difficult, if altcoins want to, they can easily do it. Furthermore, a coin owned by an individual or an organization can never be called decentralized.

It can be said that the only difference between bitcoin and the rest of the market is its decentralized nature, which makes it unique. I agree with what pooya87 said and I have said this several times already. Satoshi's purpose in creating bitcoin was not to make it an investment, but to create a peer-to-peer currency with a clear use case. Meanwhile, altcoin is just a speculative market, a space created to scam each other to make money...when it comes to altcoin, it's all about money. So as long as the mindset of altcoin developers doesn't change, all of them will not be able to surpass bitcoin.

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October 31, 2024, 08:04:19 AM
 #36

As long as a coin is centralised and has an unlimited supply, it will stand no chance against Bitcoin. Even if the coin was decentralised and had a limited supply as long as it is owned by somebody or a company, it stands no chance against Bitcoin.
Coins like Cardano that have a limited supply have so many coins in circulation that the supply is way more than the demand. They have 45 billion coins as a limited supply. With that much coin in such short period there's no way the supply will not exceed the demand especially since it offers nothing different from other altcoins.

Creating a coin with a small and limited supply is not difficult, if altcoins want to, they can easily do it. Furthermore, a coin owned by an individual or an organization can never be called decentralized.

It can be said that the only difference between bitcoin and the rest of the market is its decentralized nature, which makes it unique. I agree with what pooya87 said and I have said this several times already. Satoshi's purpose in creating bitcoin was not to make it an investment, but to create a peer-to-peer currency with a clear use case. Meanwhile, altcoin is just a speculative market, a space created to scam each other to make money...when it comes to altcoin, it's all about money. So as long as the mindset of altcoin developers doesn't change, all of them will not be able to surpass bitcoin.

The people's nature for profit drives the altcoins into the future  Grin
Even though sometimes innovation shines through and use-cases for them are far and wide, many see alts, as well as BTC - just as an investment tool, which is not true.

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October 31, 2024, 08:36:39 AM
 #37

If someone talks about that to me, I will not argue and will only say maybe that can happen. But in the deep heart, I will say that I don't believe that altcoin can beat Bitcoin. Bitcoin is at the top coins among altcoin and if one altcoin replace Bitcoin position, I can not imagine what will happen to crypto.

They should see what happen if Bitcoin is down. Many altcoins will gets the impact and will reset the market like what we already saw before. So Bitcoin will remain the king so far.

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October 31, 2024, 08:52:47 AM
 #38

If someone talks about that to me, I will not argue and will only say maybe that can happen. But in the deep heart, I will say that I don't believe that altcoin can beat Bitcoin. Bitcoin is at the top coins among altcoin and if one altcoin replace Bitcoin position, I can not imagine what will happen to crypto.

They should see what happen if Bitcoin is down. Many altcoins will gets the impact and will reset the market like what we already saw before. So Bitcoin will remain the king so far.

Nobody would be in profit from BTC plummeting in the long run.
It would cause major moves from everybody to change the situation in their favor, and it wouldn't be pleasant for a common trader/investor.

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October 31, 2024, 11:31:50 AM
 #39

If someone talks about that to me, I will not argue and will only say maybe that can happen. But in the deep heart, I will say that I don't believe that altcoin can beat Bitcoin. Bitcoin is at the top coins among altcoin and if one altcoin replace Bitcoin position, I can not imagine what will happen to crypto.

They should see what happen if Bitcoin is down. Many altcoins will gets the impact and will reset the market like what we already saw before. So Bitcoin will remain the king so far.

Nobody would be in profit from BTC plummeting in the long run.
It would cause major moves from everybody to change the situation in their favor, and it wouldn't be pleasant for a common trader/investor.

Of course, this has become a big topic of discussion this week. Every time Bitcoin drops, no one makes a profit and vice versa. The impact of the Bitcoin Trend began at the end of October where the price of Bitcoin continued to rise. This situation is expected by traders and investors to set more appropriate and profitable steps.
I also don't deny that altcoins will be on par with Bitcoin because nothing is impossible here but we have to wait for a long-term process.

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October 31, 2024, 12:54:31 PM
 #40

Not only that would be a very rare situation, but also that would be terrible for crypto as well and people fail to see that. We need to realize bitcoin is a huge part of crypto world, and because of bitcoin everyone gets involved with crypto. The entry to crypto world starts with bitcoin, majority of the people in the world first has bitcoin, and then checks other stuff, this could be replaced by stablecoins by now, but I ma not so sure.

In the end, we are still looking at the strongest coin out there, and because of this if the strongest one drops then there will be panic in the market as well. Not that any altcoin seems like they have any chance to grow that much neither, people fool themselves if they think any altcoin could be that high.

The only possible way for Bitcoin to be not first, would be if bitcoin itself crashes, and usually when that happens all the other coins end up crashing as well, so that doesn't turn out to be a big issue.

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