Anyone can create a cryptocurrency, but can anyone create another Bitcoin?

[mirakal]

I would like to shed a little light on the topic of OP to fully understand the context of the story since he did not attach a source for that statement, so we can all be on the same page rather than discussing unrelated topics.

That reply by Michael Saylor was actually sarcasm directed at critics who question Bitcoin's value.

https://crypto-economy.com/michael-saylor-fires-back-at-critics-who-question-bitcoins-value/

The Executive Chairman of Strategy, Michael Saylor, confronted common questions regarding the pioneer cryptocurrency’s value proposition this Tuesday, October 27. The executive dismissed the premise claiming that acquiring Bitcoin lacks practical utility due to the ease with which alternative digital assets can be created in today’s market.

Saying there’s no reason to buy Bitcoin because anyone can create a cryptocurrency is like saying there’s no reason to learn English because anyone can invent a language.

In this context, Saylor pushed back against critics who continue to question Bitcoin’s value by drawing on a linguistic analogy to illustrate the substantial difference between the technical ability to issue an asset and the consolidation of a global monetary network.

[Cookdata]

Personally, I think that the strongest aspect of Saylor's argue is that copying the technology is far easier than copying the history, trust a d network behind it.

My burning question; is Bitcoin's biggest advantage its scarcity, technology or simply the fact that a lot of persons from different continents and races have decided to believe in it?

Have you looked at why we have numbers of altcoins flooded the market and there is no single coin that is worth half of Bitcoin market cap? That's because anyone or group that created a coin did it for their interests. I have not seen a single person from any projects or coins that aren't rich through their coin. This is not what Satoshi started, it was pure on his mission and never for one day has he spend any of his Bitcoin. How many people will do the same today.

Bitcoin is open source, I tell you if code for code is launched today as Bitcoin forked, it will never replaces Bitcoin because the trust alone can't be reform. If a coin worth trillion market cap is launched today, the first thing the team will do is to sell and secure their investment. In fact, those dormant wallet addresses are one the thing that keeps Bitcoin together, I'm not sure if anyone can do something of such in this time.

[Ndabagi01]

Speaking of scarcity, Bitcoin is not the only crypto asset that is scarce, I have seen some altcoins that has way lower total supply compared to bitcoin but still, bitcoin remains more expensive and maintaining the top position.
Some people will say that bitcoin's biggest advantage is the fact that its a first mover, but I will say that its the fact that it succeeded in gaining investors trust.

It is much easier to create something new than gaining the trust of people to use that product. This is the distinction that Bitcoin has from other cryptocurrencies and will continue to have. Like you said, some altcoins have much lower total supply and some also have some advantages over Bitcoin, but it still remains the trusted and most used one amongst others. To create a new cryptocurrency that will replace Bitcoin is not something that I think is impossible but how long will it take to sell by competing and defeating the dominance of Bitcoin itself. It may sound easy on paper but to actualize it is not something I think is simple to achieve.

[d5000]

Well, English had around 200 years to become a dominant language (it is older of course, but around 1800 Britain slowly became a dominant power). Bitcoin is only 18 years old (or 17, if we take only the blockchain).

Bitcoin has currently a big advantage over all altcoins, but I wouldn't consider it insurmountable. It is difficult though. What I can imagine however is a larger number of coins (perhaps 3 or 4) with more than 10-20% of Bitcoin's market cap ... see more on that below.

That's because anyone or group that created a coin did it for their interests.

Exactly, that's why altcoins are stagnating at the moment. With very few exceptions (but even LTC and Monero have had "instamine" issues - remember Charlie Lee's "secret GPU miner"?) many were created by a small group who later sold their stash and exited. Such a dynamic doesn't create trust, adds selling pressure to the price, and uncertainty once the "early team" has exited.

But let's say someone did try to create a totally decentralized cryptocurrency without any premine, a reasonable block time (e.g. 1-2 minutes), a well thought out scarcity/supply model (maybe a small tail emission?) and with the best technologic advancements we have in 2026. And a stable, not profit-oriented dev team. Yeah, we had such attempts all the time too (however mostly by very small dev groups or single developers), but perhaps eventually one of them manages to succeed.

If such a coin without any centralization issues reaches the top 50 and later the top 20, then I can imagine it to become at least as big as Ethereum. Once the "path to success" is clear, it would yield a high ROI and thus be very attractive - less solid than Bitcoin but also with higher potential price growth.

We could have several of those "strong" coins, and that would not be necessarily a bad thing even for Bitcoin, they could be a sort of "backup". But I believe there's a very high probability Bitcoin will still be the biggest, even if such "strong" competitors become a reality.

[Odogwu-Blockchain]

People don't simply believe and stay in a market. Those who believe in hype of another cryptocurrency and that cryptocurrency failed to deliver made its believer to leave it and look for something better. Unlike Bitcoin that had proven itself time and time again.

People ought to leave Bitcoin because the price is way too high for any tangible profits, a $100 invested in Bitcoin gives little profits than the same $100 investment in Solana, the difference in profit is clear with a little increase of 30% for example.

It's the reason others are sighting other cryptocurrency even though the trust is not established yet, but at least there are few altcoin that had built trust over time.

[FirmWars]

Michael Saylor must have some specific reasons that lead to his statement which could be different from what we might be thinking but I know that there were attempt to create something like Bitcoin or even greater but it didn't work out, an example is Bitcoin SV. The supporters of that project were saying that it will be considered Satoshi Nakamoto's original vision for Bitcoin, lol, but where is the project today? The other early coins like Namecoin, LTC, Peercoin, Bitcoincash, they didn't even do well like Bitcoin did. Bitcoin is clearly what no other coins can fuck with, anyone that say they don't want to invest in Bitcoin because crypto can be created by anyone, let them look at the success level of other early coins and compare it to Bitcoin success.

[Pikiboy]

Before I forget there was a tweet I came across on X pointing at why people are believing on Bitcoin that he knows that anyone out there can build Bitcoin and let the initial Bitcoin die. One thing struck me like, how can this be possible where we have only one Bitcoin and there is no two, and even if someone has to create it, it may not be Bitcoin but can fully create altcoin that may look as Bitcoin but would not have the potential Bitcoin has.
Then I argued with him that Bitcoin can't be built again and the supply can be increased any longer.

[Abu-Naim]

My burning question; is Bitcoin's biggest advantage its scarcity, technology or simply the fact that a lot of persons from different continents and races have decided to believe in it?

Creation a crypto coin is different, everyone can do that if they wish, but the reputation and trust needed to be earned. You can’t just create something out of your own idea and expect people embracing it, it must be valuable and have something to benefit the world.
Bitcoin is entirely different from any other cryptocurrency, that is why I don’t want people comparing it to any cryptocurrency in the market. Its uniqueness has made it standout among other cryptocurrencies. It has limited supply and will always maintain its value for long that is why it is recognized in the whole world because it was created to be an alternative to fiat and to give us financial freedom so that we can be our own bank and control our wealth instead of banks to control them for us.

[GbitG]

.......

My burning question; is Bitcoin's biggest advantage its scarcity, technology or simply the fact that a lot of persons from different continents and races have decided to believe in it?

Hmmm, that's good question.....!!!! 
Ppl already told you some enough point and i will just generally express myself on this topic......

For the sake of argument I will acknowledge the point like people will create another Crypto or Bitcoin. Even they will also approach to the same aspects behind the Bitcoin such as decentralization, fast Txn and even scarcity too but let me tell you something more they will never be able to made such legacy. I mean introduced such thing which have the all these qualities with global trust.....

In simple words technically benefits are just a partial shade but creating a DX network who's earns the trust of billions people is absolutely immutable. So that's I believe that ppl will never be able to beat BTC in financial race.. 

[Ahli38]

Michael Saylor made an interesting statement; "saying there's no reason to buy Bitcoin because anyone can create a cryptocurrency is like saying there's no reason to learn English because anyone can invent a language.

Michael Saylor has a point,  I also think there's more to that analogy at second thought than most people may realize.
Creating a cryptocurrency is surely not the same as building something people can trust, use, and he for a long period of time. Anyone with the right and appropriate skill can launch a coin, it doesn't however give it the security, network or enhancing reputation we're seeing from Bitcoin.

Think about it, anyone can print a piece of paper, but that doesn't make it money. Not just anything can be accepted and trusted by people.
One the other hand, obviously Bitcoin's uniqueness doesn't automatically imply that its price is justified at every level. A valuable asset can also be overpriced.

Personally, I think that the strongest aspect of Saylor's argue is that copying the technology is far easier than copying the history, trust a d network behind it.

My burning question; is Bitcoin's biggest advantage its scarcity, technology or simply the fact that a lot of persons from different continents and races have decided to believe in it?

There are so many other cryptocurrencies that want to emulate Bitcoin’s success. And they also want to compete with Bitcoin through the various use cases they offer, where we can see that there are so many projects that seem to be creating strong competitors.  But they don’t realize that what’s hard to replicate about Bitcoin is the trust people have in using it and even it's harder to replicate Bitcoin’s success in terms of security which is what makes people increasingly confident in using it. On the other hand they also don’t realize that there was a great sacrifice behind Bitcoin’s history. And I’m convinced that Satoshi’s departure leaving behind his legacy is part of that sacrifice. That’s why Bitcoin is often regarded as a monetary revolution stemming from a brilliant concept or even an idea designed to simplify things. So I personally believe that no project will ever be able to rival Bitcoin or achieve the same level of success given that the reality is far more complex than they imagine.

[MainIbem]

For the sake of argument I will acknowledge the point like people will create another Crypto or Bitcoin. Even they will also approach to the same aspects behind the Bitcoin such as decentralization, fast Txn and even scarcity too but let me tell you something more they will never be able to made such legacy. I mean introduced such thing which have the all these qualities with global trust.....

In simple words technically benefits are just a partial shade but creating a DX network who's earns the trust of billions people is absolutely immutable. So that's I believe that ppl will never be able to beat BTC in financial race.. 

Truth, it's the legacy of Bitcoin that's made me and many others to belief in it not only the record but the signs that the future of Bitcoin would be bright, it has earned it's trust as the best digital currency and no other coin can come close, though some are trying but they still rely on the growth of Bitcoin to grow too which means they're far from overthrowing it.

[JoyMarsha]

Michael Saylor made an interesting statement; "saying there's no reason to buy Bitcoin because anyone can create a cryptocurrency is like saying there's no reason to learn English because anyone can invent a language.

It's not really about anyone creating their own Bitcoin, will it be able to stand the test of time, survive in the market, and get people to trust it for the long term without it being hacked or rug-pulled?a

What Michael Saylor is forgetting to tell people is that Bitcoin didn't come this far to compete with other coins. Satoshi didn't have such a thing in mind. His concern was for people to use Bitcoin as another means of payment without a third party. It's after that we begin to see Bitcoin as an investment that can bring us huge profits in the future

[Don Saga]

Michael Saylor is right based on the purpose of a cryptocurrency, anyone could make a cryptocurrency but not one like bitcoin. You have also made a valid point with a distinction between bitcoin and other coins (altcoins) and that's clear, bitcoin happens to be the first digital asset and that sets it above every other cryptocurrency.

Bitcoin's story is undeniably one of the best success stories of all time, there have being several cryptocurrencies that have failed along the way trying to compete with bitcoin. There's more to a sustainable digital asset than just limited supply and increased demand, bitcoin is on another level.

[Hamza2424]

Yep, anyone can create a coin and might name it Bitcoin, but that won't make it real Bitcoin. Also, if you are a billionaire and put $100 billion into a new BTC, it still won't be considered the real one. Even if you put $1 trillion into it, it still won't be accepted by the community.

So yeah, you can say the community's agreement plays a vital role here. The community includes miners and users like us who would never trust the new BTC unless the old one were gone. If someone brought in a new one with a new visionary, that person would have to be a true Bitcoiner and famous enough to replace the old one, but there is no guarantee of that either.

[Miles2006]

As the topic implies, anyone can create a cryptocurrency but can anyone create another bitcoin? Well I think one of the most difficult things is trying to create another trusted coin. Bitcoin is bitcoin while other cryptocurrencies serves a different purpose, if we’re to say these creators are not trying so hard to create another bitcoin or challenge bitcoin in the crypto market then we’re lying. Coin creators don’t want to undergo the sacrifice and patient in building a good coin and if they still undergo such due process, will another bitcoin be created? No.
Bitcoin credit is not all about digital technology, we have several technology but not all are good, bitcoin in this case is valuable reason why different people from different countries choose to hold bitcoin.

[macson]

If creating something like that is possible, but it still can't really be called "Bitcoin" its more like an "altcoin." There have been many altcoins made from hard forks or developed by other developers. But can you say it's the same as Bitcoin? No. Bitcoin has a reputation and credibility that has been built over many years. Its decentralized network is something no other altcoin has. That's what makes Bitcoin different compared to the altcoins you know.

[General_Bitcoin]

My burning question; is Bitcoin's biggest advantage its scarcity, technology or simply the fact that a lot of persons from different continents and races have decided to believe in it?

I would say all of these are factors, but the network effect is what makes Bitcoin hard to beat. Limiting supply is not enough as anyone can make a limited supply coin. Technology can be improved and there are many projects which can copy the code of Bitcoin. Getting millions of people to trust a network and agree on value is extremely difficult. Someone may create a superior coin from a technological perspective, however this does not guarantee people will move away from Bitcoin. I would not say it is impossible to compete with Bitcoin. However, someone could create a successful rival by solving an issue that Bitcoin doesn’t do well.

[bitLeap]

My burning question; is Bitcoin's biggest advantage its scarcity, technology or simply the fact that a lot of persons from different continents and races have decided to believe in it?

In addition to scarcity and limited supply, there is one more thing we may forget about why bitcoin is so accepted, trusted, and adopted, namely the momentum of its emergence as the starting point of a financial revolution at a time when the economy is in a crisis of confidence in the traditional financial system. Now the conditions are different and although there is a new version of bitcoin, blockchain technology is more advanced and its price can be expensive but not necessarily make it accepted globally. So, the momentum of its emergence is supported by the concept of scarcity so that bitcoin has unique characteristics.

[Z_MBFM]

It is possible to create other crypto coins and Bitcoin, but it is almost impossible to create a global reputation by promoting it and to build trust in that coin because no other coin seems to be able to do that the way people trust Bitcoin and the way Bitcoin maintains its privacy. Suppose you create a coin, you cannot ensure your privacy yourself, you will reveal yourself as the creator of that coin or it will be revealed somehow, but the creator of Bitcoin has created it in such a way that the whole world is forced to accept it. So, there will be no current or future Bitcoin alternatives or any coins that can overtake the popularity of Bitcoin.

[Wiwo]

Alot of attempts to fork bitcoin in the past and all the attempts just end in creating altcoins a not bitcoin, this is why you see coins like bitcoin cash and other fake altcoins that originat from their attempts to create another bitcoin.

There is no gain saying again, we only habe bitcoin and other coins which are all cstegorize into altcoins.

Michael Saylor belongs to the traditional financial institutions forks, they can never agree with bitcoin authority 100% even though they are holding alot of bitcoin on both companies liquidity and personal portfolio level.