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

[Charcol]

I think that while the technology and scarcity of Bitcoin are advantages, the main advantage is an established network that can keep these features viable for a long time. It is clear that if someone wanted to, they could set the maximum supply of Bitcoin at a fixed number of about 21 million, as they would in other cryptocurrencies. But that would not make it as valuable as Bitcoin. Especially right now, the volatility of Bitcoin's price and the ATH have made people believe in it a lot, which may not be the case with any new cryptocurrency. I think the advantages of Bitcoin should include both technology, scarcity, and trust.

[Cryptomultiplier]

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.

The first point, Bitcoin is a unique name just like Apple and Tesla and Samsung have their own unique names even though there are other companies that make almost similar products or innovative designs.

So any other copy or recreation similar to Bitcoin would definitely be an altcoin.
Also, with the reputation Bitcoin has already built over the years, it's obvious that the trust users have for it and the history it has created can never be replicated.

[Majestic-milf]

 The bottom line is still this; no matter how good the creator of the next cryptocurrency will be, no matter how well his reputation will be, it will won't compare to Bitcoin, it will still play second fiddle and if it tries to bank on the success of Bitcoin and hope it will thrive, it will only mean that patience will come into play because before people will trust it enough to use it might take time. Humans can never be satisfied so even if there eventually becomes another cryptocurrency, what are the chances it will stand the ridicule and hate that Bitcoin faced but is still standing for over 17-18 years?

[aoluain]

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?

Yes those are big advantages or features that Bitcoin has but there are many other features
which Bitcoin has and also something which very few consider...

The founder of Bitcoin - Satoshi built a technology for the global population to give us a degree
of financial freedom or independence from the traditional banking system.

Satoshi successfully remains anonymous because he* knew having a creator/founder around
is a negative issue.

Satoshi abandoned his* wallets, proving Bitcoin was not a wealth increasing venture.

So yea its easy to create a blockchain technology now that Satoshi did it first but could
and would be willing to be anonymous and take nothing financially from the project?

[DiMarxist]

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?

The Cryptograph behind Bitcoin as a technology is unique that, is why I believe that people has not been able to replicate it. If not by now alot people should have copied the Cryptograph behind Bitcoin and have created their own Bitcoin. To me this is the best thing that has helped Bitcoin stand out and has made it Unique all these years.

Yes the scarcity of Bitcoin and  the trust that people has come to have in Bitcoin is important. But Bitcoin not been replicated is what has helped Bitcoin stand out. There are hundreds of Crypto currencies but non of them operates and work like Bitcoin.

[tugba]

Bitcoin's advantage is being the first. There were zero decentralised cryptocurrencies before Bitcoin; there were plenty of attempts at online money, but nobody managed to build something as sophisticated as blockchain. After that, plenty of examples came out, but all of them felt like a copycat, and none of them felt better. Litecoin, for example, came far before ETH or BNB or ZEC or hype or even doge; these were all later, and yet litecoin is nowhere to be found, because it's a copy, nothing more.

Basically, all we have right now is Bitcoin, and things that got inspired by Bitcoin, nothing more. As long as we have that, Bitcoin will always be something that people will invest in, and nothing will pass that anytime soon.

[Obim34]

~snip

We might need another 17 years for the new altcoin to prove the same potential as Bitcoin. Any Altcoin that must be as good as Bitcoin will somehow be centralized, it means there are stricter conditions that the new coin might not survive, like the government.

It took Bitcoin over a decade to build trust, yet we still have critics, anything new can't replace those years in a short time.

[hmbdofficial]

The Cryptograph behind Bitcoin as a technology is unique that, is why I believe that people has not been able to replicate it. If not by now alot people should have copied the Cryptograph behind Bitcoin and have created their own Bitcoin. To me this is the best thing that has helped Bitcoin stand out and has made it Unique all these years.

I get the point you’re trying to make take but I think there is little correction in it. First let look at the fact that bitcoin’s cryptography is not really impossible to copy. Other cryptocurrencies can actually use similar cryptographic methods, and Infact some already did. What really made bitcoin different is the how these technologies work together with fixed supply, proof of work consensus, decentralisation and the security  of its network.
There have been many projects that have tried to create alternative bitcoin, but copying its code or cryptographic method will not automatically give them that same level of security, adoption and trust bitcoin has. Bitcoin has already benefited from years of development and large network of users, miners and node operators. Thats why i believe bitcoin’s security and uniqueness isn’t just about its technology cannot be easily replicated, but that replicating its technology is very much easier than replicating the entire system to work like it and also the trust it has built over time.

[Solodoski]

Bitcoin has built a reputation for itself and its now a trusted crypto currency to another of people. It will be very difficult to build another crypto thay can be trusted the way bitcoin is trusted right now, but it's not impossible.  A lot of people prefer to invest in bitcoin right now, because of its reputation and trust they have for it, so it's also possible for someone to come up with another crypto currency that might even surpass bitcoin, but it's definitely going to take a lot of time, because a lot of people might not want to invest in it, because they don't trust it, but over time if it proves to be a good and profitable crypto,  people will definitely want to invest in it too.

[Hypnotizer]

The Cryptograph behind Bitcoin as a technology is unique that, is why I believe that people has not been able to replicate it. If not by now alot people should have copied the Cryptograph behind Bitcoin and have created their own Bitcoin. To me this is the best thing that has helped Bitcoin stand out and has made it Unique all these years.

I get the point you’re trying to make take but I think there is little correction in it. First let look at the fact that bitcoin’s cryptography is not really impossible to copy. Other cryptocurrencies can actually use similar cryptographic methods, and Infact some already did. What really made bitcoin different is the how these technologies work together with fixed supply, proof of work consensus, decentralisation and the security  of its network.

Exactly.

 Copying bitcoin’s cryptography isn’t impossible because it’s Open-sourced, infact altcoins like Litecoins already did that long ago around 2011 or so but still it’s not as successful as Bitcoin.

Talking about why bitcoin was successful and was able to standout amongst other projects, I think it’s because of the trust the community had in it, how they were able to continue developing the technology even after satoshi left and the first-comer advantage..

[Queen Julie]

Many fish in the river, but only one fish attracts the attention of the fisherman. Knowledge of cryptography has made it easier for anyone to create their own coin or create a token on a blockchain, but they cannot be compared to Bitcoin. The reason Bitcoin is number one is that no blockchain can be like the Bitcoin blockchain.

Bitcoin has gained trust and a reputation that cannot be found in any other cryptocurrency. I can't think of any digital currency developed or yet to be developed that will take Bitcoin's place in the future. Reputation is the most difficult thing, and Bitcoin has earned my trust.

[Franctoshi]

There's this AI tool that's trending lately that can reverse engineer anything. People are worried that in the future and with the advancement of this AI tool, it would study the model of any apps or the codes used in creating anything we know and recreate it. But regardless of whether it becomes possible in or not, Bitcoin would still be Bitcoin, and as you have said, the reputation is key. Even though it becomes possible in the future, I think Bitcoin would still lead and still be valuable because no trust has been broken.

[Smartvirus]

Copying bitcoin’s cryptography isn’t impossible because it’s Open-sourced, infact altcoins like Litecoins already did that long ago around 2011 or so but still it’s not as successful as Bitcoin.

There can never be a coin like Bitcoin. It doesn’t matter its pathway to the creation of this coin, it would always count as an altcoin and coins that are created by copying and changing certain rules for which Bitcoin operates are regarded as Bitcoin forks. We’ve got a good number of them like, the BCH and the LTC you mentioned. Many people invested in these coins hoping it would be the next Bitcoin. It isn’t exactly a failed project but, it’s nothing like Bitcoin still.

Talking about why bitcoin was successful and was able to standout amongst other projects, I think it’s because of the trust the community had in it, how they were able to continue developing the technology even after satoshi left and the first-comer advantage..

The working principles of Bitcoin, its Blockchain, its cryptography and many other unique qualities account for the way Bitcoin enthusiasts revere the currency.

[ZAINmalik75]

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 or was that it was the first-ever decentralized cryptocurrency, because scarcity, technology, network security, and all other things can be created, but no matter what you create now, it will never be the first one because the first one was Bitcoin, and no cryptocurrency can take its place now. This example is just like how a company or a brand or a business is started. If you start a brand new business or a brand which has never been created before, anyone who creates a similar one later will only be considered a copied version of yours.

Bitcoin has gained so much trust and a reputation in the world over time, and that doesn't mean there are no good blockchains apart from it, it doesn't mean no other crypto has any good utility, but as I said, since Bitcoin was the first-ever decentralized cryptocurrency, and on top of that, its creator is not around anymore, which makes it even more clear for people that it is not going anywhere, which is why they trust it so much.

[KingsDen]

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 read something in the social media today which was about a firm being able to create gold. Then, Micheal Saylor then pointed out that being able to create gold means bitcoin is the only true fixed and limited supply asset.

That being said, I can say that bitcoin's biggest advantage is limited supply.

[lionheart78]

Many fish in the river, but only one fish attracts the attention of the fisherman. Knowledge of cryptography has made it easier for anyone to create their own coin or create a token on a blockchain, but they cannot be compared to Bitcoin. The reason Bitcoin is number one is that no blockchain can be like the Bitcoin blockchain.

Remember Bitcoin is open source, so anyone who is good enough with coding can copy Bitcoin blockchian technology and many can be like the Bitcoin blockchain because the technology can be copied.

But of course, the community, achievement, adoption and market can't be copied.  Any cryptocurrency can have 21m coins cap, or can have 10 min. block production, and can be a POW coin.  But the hashes dedicated to mining the coin cannot be copied.

Bitcoin has gained trust and a reputation that cannot be found in any other cryptocurrency. I can't think of any digital currency developed or yet to be developed that will take Bitcoin's place in the future. Reputation is the most difficult thing, and Bitcoin has earned my trust.

It is always a good thing to be the pioneer.  Being the first decentralized cryptocurrency is one of the the best feature Bitcoin has.

[HelliumZ]

Yes, it is true that people can create crypto currencies, but people cannot create Bitcoin.

The way Bitcoin is created as a limited supply and is structured in such a way that it is dependent on the block chain and the way it is mined, no one else can invent Bitcoin.

And if someone else could have invented Bitcoin by now, they would have definitely invented Bitcoin and made Satoshi's Bitcoin worthless.

Bitcoin has a limited supply and is decentralized, which sets it apart from other currencies. If someone were to invent a new Bitcoin it would be centralized which would be completely different from Bitcoin.

[Dogedegen]

This is not really a discussion of yes or no, it is an objective fact that you can't replicate Bitcoin. We can discuss the consequences and reasons for it, but the title should maybe be changed into a statement rather than a question. Any forum member that has been here a while and is really interested in Bitcoin must know these things.

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?

No belief is involved, Bitcoin is not about belief and if you are here because you believe in things then you should go back to the basics. Bitcoin exists primarily because it is objectively what it claims to be, so people have independently verified that the network is how it is and they are running software that confirms the defined rules of what it is. Others who are not able to verify this, have delegated this to other experts who have some reputation and can be trusted. Still we should not resort to belief, and investigate as much as we can the facts about these things. These days with AI more of this information can be checked by people who don't know technology so much.

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 read something in the social media today which was about a firm being able to create gold. Then, Micheal Saylor then pointed out that being able to create gold means bitcoin is the only true fixed and limited supply asset.

That being said, I can say that bitcoin's biggest advantage is limited supply.

We can't be certain but a company that is able to create gold for cheap is a real possibility. It is mostly a question of when is it going to happen, but we should not rush to conclusions or imaginations that this will happen fast or during our life.

[PrivacyG]

It is a multitude of things that all together created Bitcoin.  It does not mean there will never be a 'next Bitcoin', it simply means Bitcoin was able to do what any other Cryptocurrency after it was not.

In fact.  I believe there WILL be a 'next Bitcoin' some day, because as technology advances there will also be new ideas, new possibilities of creating some thing that is even better.  More secure, more private, with even less points of failure, maybe some thing that can be taken even offline and still work.  I often argue it would be actually SAD if we will not have any thing better than Bitcoin, because it means progress in technology is stalling.

You can create any Cryptocurrency you like, but Monero and Bitcoin are in my opinion the peak of what a DEcentralized Cryptocurrency can do.  And as long as they can be updated to fit the latest expectations, to combat the latest vulnerabilities et cetera, they will continue to live as 'kings' of the Cryptocurrency World.  I am open to a new Bitcoin as I am not addicted to its price and would not mind giving it up for some thing that is even better.

The real question is.  What matters to you?  Price?  Freedom?  Privacy?  There are many questions that define whether Bitcoin is 'the best'.  If price is what you care about, there are better alternatives already that give you more return on investment than Bitcoin did this last cycle.  If you want Privacy, there is Monero already that excels at this while Bitcoin does not.  Over all however, Bitcoin is better because it generally does best at every thing.  You rarely ever go to a restaurant where they tell you they can cook any thing and cook it well.  Bitcoin cooks every thing well.

[suzanne5223]

I believe Saylor's analogy is accurate, judging by the number of people who have created different shitcoin calling it the killer of Bitcoin.
I believe he's trying to pass the message that they can copy the BTC code, but they can't copy the 15+ years of it battle testing, the liquid market, the brand recognition, and the consensus that has been built around it.
That creating something that millions of people actually trust, use, and treat as a store of value over more than a decade is a completely different thing entirely.