[2014-09-02] The Coming Demise of Bitcoin’s Sole Reign

[epere]

https://coinreport.net/coming-demise-bitcoins-sole-reign-part-2/

Universal acceptance of multiple currencies at first seems like a near-impossibility, but it’s actually an eventual certainty. The cost for accepting Bitcoin is very, very low, and the additional cost of accepting, say, Bitcoin and Litecoin, is actually extremely, extremely minimal. Once you have a system that accepts one, accepting another very similar currency is trivial. As such, if one cryptocurrency can gain universal acceptance – which would occur necessarily if Bitcoin rises to global prominence – it follows that in the theoretical world where two or more cryptocurrencies are of equivalent market capitalization and liquidity, they will both be universally accepted. It’s a three-step process:

[101111]

Headline should be preceded by "IF my incredible, fantastical dream plays out THEN .."

[odolvlobo]

In order for an alt coin to reach a market cap comparable to bitcoin in the way the article describes, someone would have to buy most of the coins and pay a very high price. Unfortunately, once they have most of the coins, they will find that nobody else owns them so nobody else cares about them. The coin will die and their money will have been wasted.

Bitcoin didn't get to where it is now by manipulating the price. Many people have invested in the protocol, the technology, the system, and the infrastructure, and the current market cap is the result.

[Dogtanian]

https://coinreport.net/coming-demise-bitcoins-sole-reign-part-2/

Universal acceptance of multiple currencies at first seems like a near-impossibility, but it’s actually an eventual certainty.

I don't think it's a near-impossibility at all. In fact, I think some sort of global currency is inevitable and there's nothing more perfect for it than bitcoin. I don't think a goverment issued fiat currency would be a good idea, but bitcoin certainly is.

[Whitehouse]

I don't see how this will be it's 'coming demise'. Sure, merchants cam accept other currencies but I see no real need to. Very much doubt they will get many people wanting to pay in all these different shitcoins anyway so it'd probably be a waste of time.