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

[CTO114]

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?

[JaanusRaim]

Agree. Anyone can create a crypto, but reputation has to be earned.

Creating another Bitcoin is not possible but it is possible to create cryptocurrency that is as valuable or even more valuable than Bitcoin now - it only takes great amount of time and other resources.

Cryptocurrency is a stake in reputation—much like a share is a stake in a company. It is relatively easy to create a company, but creating something like Apple or Tesla is much harder.

The answer to your question is that scarcity and technology are critically important as so-called "hygiene factors"—much like the paper upon which a stock certificate is printed. The paper itself does not determine the value of the stock, yet without it, the stock would not exist. The value of a stock stems from the success of the underlying company, whereas the value of a cryptocurrency stems from the reputation associated with it.
This is easiest to understand in the case of so-called "personal cryptocurrencies," where the value of the cryptocurrency is derived directly from the reputation of the individual it represents.
https://medium.com/@johncpalmer/what-if-everyone-had-their-own-cryptocurrency-551ea2f9aa1d

[Ziskinberg]

If another one is created, it's no longer Bitcoin, but just another altcoin (shitcoin).

Bitcoin will remain as it is, the original and the king of crypto, so whatever we read online about the possibility of creating another Bitcoin is probably just a post trying to get attention from people who don't understand it. Let the scammers create their own Bitcoin and let the ignorant fall for that shit.

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.

And what you read is probably a fake news as strategy headed by Michael Saylor has the biggest acquisition of bitcoin ( as of now - 848,517 BTC)

[_act_]

Michael Saylor is very right about this, but altcoins are much worse and almost all of them are not worth buying for long term.

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?

Limited supply is one of the important thing about bitcoin, but the most important thing about it is that people trust it and it remains the dominant cryptocurrency. That is because some coins have limited supply, but they were pumped and later dumped.

[YellowSwap]

I am not even asking anyone to create another Bitcoin, I just want Devs to follow the footpath of Satoshi Nakamoto, that's all I am asking for, because this is what it takes for something to actually works out as intended.

This is unfortunately not what we have in this world today, even youths who are into Blockchain or lets say upcoming Devs all want to get rich, the goal is the money, not what they plan to built.

How can you make something legendary when you don't plan on changing the world? If money is your goal you will get it but you can never win the heart of people, youh can never change the world, it's why many alternatives will keep failing.

[The Cryptovator]

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?

Haven’t you seen there are people who want to hard fork Bitcoin, like Bitcoin Cash and BSV? They claimed their coin as real Bitcoin. But who trust them? No one. These coins are just considered shitcoins and traded on the exchanges. Even if you copy Bitcoin codes and deploy again on the chain, that won’t be real Bitcoin as well.

There won’t be another Bitcoin at all. Whatever is created after Bitcoin, all these are altcoins and shitcoins. They failed to gain trust from the crypto community. A few altcoins are doing great, but that doesn’t mean they are competitors of Bitcoin anyway. Remain altcoins.

[Alvin_talk]

There are thousands of coins in existence (excluding tokens which runs up to millions) but most are always loss their value in the long run but here we are, holding our bitcoin because we know the value and price of btc will keep increasing by and by. There is no other coin people treat with such confidence and confidence indicates value and trust. There is no point arguing with lunatics, let them continue buying and creating their shitcoins while we concentrate majorly in accumulating our precious digital stone (btc) and we'll see who laughs last at the end of it all.

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?

The former led to the later, because you don't force people to believe, they  believe it because it offers real value.

[348Judah]

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?

Bitcoin value, blockchain technology, trust, affordability, decentralization and many other benefits that come with choosing bitcoin for adoption are all relevant opportunities one can choose to decide on bitcoin adoption. We can also talk about its limited supply and its ability not to be censored as part of the other benefits we can derive from its adoption, as everything about Bitcoin gives us the financial freedom that no other coin or asset could provide in the same way.

[Dr.Bitcoin_Strange]

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.

Bitcoin is not for everyone, no body needs to be convinced with some kind of analogy for them to believe in Bitcoin. The fact that the history of Bitcoin is easily accessible to anyone, is enough for someone that shows interest on Bitcoin to go make some research and convince themselves that Bitcoin is worth adopting.

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?

All the characteristics of Bitcoin is its biggest advantage, a lot of people have adopted Bitcoin for different reasons and those reasons  was the point of attraction for them to adopt it. Assuming Bitcoin is not decentralized, it might not qualify what some people will consider to invest on.

[5W-KILO]

There was too many copycat of Bitcoin in 2017-2019, do you know how many coins shared the name with Bitcoin? Bitcoin black, Bitcoin white, Bitcoin this and that, but none of them did better than the original Bitcoin itself.

There are too many problems with crypto space lately, what we want isn't another Bitcoin that is perfected, we want problems to be solved and not just some acting smart people whose main intention is to steal from people in a legal way.

Blaming it on lack of funds later or their dream failed, if you don't have confidence in what you want to bring into the Blockchain world then don't bother, we want problems solvers not copying Bitcoin.

Datas are leaking.
Vulnerabilities are everywhere.
Crypto wallets aren't perfect.

There are too many things that needs fixing.

[Luzin]

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?

All three are a very good combination. But fundamentally, it is the ATH values that can always form that make Bitcoin have growing trust. Regarding scarcity, it is limited, so the law of sale will occur. Scarcity combined with high demand makes the price go up even more. Bitcoin technology can be considered very outdated when viewed from block size and transactions per second, but it has very good and tested security to this day. Issues of hacking are very rare, and today the only issue that arises is about quantum. Compared to other coins, Bitcoin has limitations, which is why many new coin projects with technology surpassing Bitcoin have emerged from year to year. But in the end, what plays the role is the psychology of trust. Trust in Bitcoin far exceeds the technological advantages of new coins that might be the result of improvements on older coins like Bitcoin.

[hd49728]

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?

People as greedy ones try to scam the others by forking Bitcoin source code, and creating many Bitcoin forks as shitcoins. These Bitcoin forked coins died with time, and How Many Bitcoin Forks Are There? You will be surprised!!!.

With Bitcoin, it's decentralized and any protocol change must be agreed in decentralized way, so increase of Bitcoin total supply becomes impossible. It's impossible because no Bitcoin holders want to see value of each bitcoin drops considerably. While if total supply increases, value of each bitcoin will be decreased, that's a biggest reason why Bitcoin holders in Bitcoin community will not support any BIP to increase Bitcoin total supply.

Can Bitcoin's hard cap of 21 million be changed?

[Fivestar4everMVP]

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.

I agree completely, Bitcoin had (and still has) a lot of replicas in the market from way back when it entered the limelight, but this did not stop the cryptocurrency from reaching/achieving multiple all time highs, and this is because even with those replicas copying Bitcoin's tokenomics, wise investors still recognize the real original 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?

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.

[Mahiyammahi]

Well the thing is bitcoin is not something like gold that can't be created artificially. Since it jas the didgital signature it can be copied same mechanism and the same technology.

You're taking Sailor's voice , lol . He is just a scammer. Probably said this to dump the market and the next moment he will purchase some BTC in private.  I don't give a fuck what he says .

Bitcoin is the only one , you might copy it . Inspired and create same thing like this but it won't be the same. BTC will be BTC always and forever.

[promise444c5]

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?

All of the above .. but i won’t classify any as biggest, they are just part of what makes -Bitcoin. There’re other scarce assets too but people seem to have that trust in Bitcoin over any other altcoins.

Bitcoin was the first and nothing will change that even if we have something better, it’s still an Altcoin [not saying people can’t migrate anyways but it will take a while before we can see something better so far majority are satisfied with the current state.. ]

[EL MOHA]

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.

People usually think that bitcoin biggest advantage is that it is limited in supply and while that’s true to some extent I do think that it’s not the major advantage rather it’s part of the advantages because we have seen other coins which has much lower supply limit and yet do not get the much needed attraction by investors because obviously they do not have other advantages that bitcoin.

Same as been the first, yes been the first puts them in great position and good spotlight but if they hadn’t been a good coin been first wouldn’t have made them stay this long. Wasn’t there certain forks that said they were better? They died off immediately

[KiaKia]

If any developers are itching for a new breakthrough in this crypto space or they want to be as popular as Satoshi they should leave Bitcoin the hell alone and build something very useful.

I am not a developer and it's not my calling to pursue such but it's a shame that we are still using centralised exchanges till date, it's a shame that P2P have been mixed with KYC verification that many people aren't even questioning things.

Like what is the business of P2P with verification? They are calling a shovel a spoon for us and we are all accepting it, there are many things to work on as a developer if you want your name to know great around the world.

[Ambatman]

The truth is even if there comes a coin faster than bitcoin, has better privacy, smaller total supply
And even a strong security
It still won't be Bitcoin and would still be called an altcoin.
Bitcoin has built trust that many expects from money
In many's view it's the definition of security and also the closest thing we have to decentralised money.

[yudi09]

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

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.

The short answer I would give is "no." The existing supply is sufficient; there is no need to create any more.
Any answer other than "no" would require time and the involvement of various parties—it is not as simple as one might imagine, and, frankly, such an approach cannot be justified.

Saylor employs a line of reasoning that is quite sound. In a matter of days, anyone with the necessary tools and equipment can launch a cryptocurrency. The sheer volume of such assets currently on the market demonstrates just how easy it is to mint a token—or "shitcoin," regardless of what it’s named. Bitcoin, however, is unique; it operates on a well-defined system with a strictly capped supply. For those who truly understand, there is no reason not to own Bitcoin.

[serjent05]

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?

Bitcoin's biggest advantage is being the pioneer of a decentralized blockchain.  It opens the eyes of people and has created a new era of financial technology.  It is not the scarcity but the technology offered at the table.  There are cryptocurrencies that are way scarcer/ lower maximum coin cap than Bitcoin, but they all go to zero and become worthless.

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.