Bitcoin Replaced by Another Cryptocurencies
What If Bitcoin being replaced by another cryptocurencies?
Something like that does not make rational sense. To say that is a statistic probability makes much more sense. However, this has been discussed over and over again. In order for the cryptocurrency space to thrive, it would be most suitable if there were multiple coins at the top and not just one (as currently Bitcoin is). Nobody can say that either one will happen for sure; they would only be speculating.
Since nothing lasts forever it is of course possible that Bitcoin will be replaced some day. The question is it likely to be replaced by another cryptocurrency or will it be replaced by an entirely new concept? I think if a new system replaces Bitcoin it must have highly significant advantages over Bitcoin that come close to the paradigm shift that Bitcoin represents compared to the existing fiat money system.
The reason why I don't believe that Bitcoin is replaced easily by another cryptocurrency is its significant network effect that is the result of having the biggest user base. Bitcoin had a first mover advantage. That advantage can not be easily reversed.
Although bitcoin has some issues that needs to be address, I don't see any reason on why would bitcoin be replaced by another cryptocurrency. Not unless, the existing user base of bitcoin will totally lost confidence on bitcoin and an exodus to another crypto will happen, then bitcoin will be here to stay. Some cryptocurrency may reach the popularity of bitcoin as it has today, but it would just co-exist with bitcoin. More like friendly competition.
Interesting choice for the coin that will not replace Bitcoin. It just so happens that this particular coin does address both the issues above since it has an adaptive blocksize limit and avoids the problem of security after the block subsidy runs out, by having the block subsidy never run out with a tail emission.
Many Bitcoin enthusiasts believe that altcoin absolutely necessary, and think that they can not compete with developed infrastructure Bitcoin. However, it is not pleading that altcoins are an important part of the market cryptocurrency. Decentralization is one of the most important goals of Bitcoin, but altcoins improve further the process of decentralization cryptocurrency community. In addition altcoins help developers to experiment with unique characteristics.
Although Bitcoin can copy any innovation, if the community so desires and developers fully functioning altcoins It is much better laboratory for Bitcoins than test the Bitcoin network, since altcoins have a certain monetary value, in contrast to a test network. Finally, altcoins offer a healthy competition in the market cryptocurrency and thereby provoke Bitcoin developers remain active and continue to develop innovations.
If part of the crypto community considers that the Bitcoin is outdated and no longer meets their needs, they can take altcoin. The Point is no way Bitcoin can be replaced by others cryptocurrencies as long people still need it.
Something like that does not make rational sense. To say that is a statistic probability makes much more sense. However, this has been discussed over and over again. In order for the cryptocurrency space to thrive, it would be most suitable if there were multiple coins at the top and not just one (as currently Bitcoin is). Nobody can say that either one will happen for sure; they would only be speculating.
Since nothing lasts forever it is of course possible that Bitcoin will be replaced some day. The question is it likely to be replaced by another cryptocurrency or will it be replaced by an entirely new concept? I think if a new system replaces Bitcoin it must have highly significant advantages over Bitcoin that come close to the paradigm shift that Bitcoin represents compared to the existing fiat money system.
The reason why I don't believe that Bitcoin is replaced easily by another cryptocurrency is its significant network effect that is the result of having the biggest user base. Bitcoin had a first mover advantage. That advantage can not be easily reversed.
Although bitcoin has some issues that needs to be address, I don't see any reason on why would bitcoin be replaced by another cryptocurrency. Not unless, the existing user base of bitcoin will totally lost confidence on bitcoin and an exodus to another crypto will happen, then bitcoin will be here to stay. Some cryptocurrency may reach the popularity of bitcoin as it has today, but it would just co-exist with bitcoin. More like friendly competition.
Interesting choice for the coin that will not replace Bitcoin. It just so happens that this particular coin does address both the issues above since it has an adaptive blocksize limit and avoids the problem of security after the block subsidy runs out, by having the block subsidy never run out with a tail emission.
Many Bitcoin enthusiasts believe that altcoin absolutely necessary, and think that they can not compete with developed infrastructure Bitcoin. However, it is not pleading that altcoins are an important part of the market cryptocurrency. Decentralization is one of the most important goals of Bitcoin, but altcoins improve further the process of decentralization cryptocurrency community. In addition altcoins help developers to experiment with unique characteristics.
Although Bitcoin can copy any innovation, if the community so desires and developers fully functioning altcoins It is much better laboratory for Bitcoins than test the Bitcoin network, since altcoins have a certain monetary value, in contrast to a test network. Finally, altcoins offer a healthy competition in the market cryptocurrency and thereby provoke Bitcoin developers remain active and continue to develop innovations.
If part of the crypto community considers that the Bitcoin is outdated and no longer meets their needs, they can take altcoin. The Point is no way Bitcoin can be replaced by others cryptocurrencies as long people still need it.
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