Honestly, I think the biggest risk to Bitcoin is actually being made obsolete by a newer coin. Products like Netscape, Myspace, etc were revolutionary, succeeded in their core vision, but couldn't keep pace with new innovators. Right now dozens of new coins are being launched every month and most of them are crap, but I think that the odds that one of them displaces bitcoin in the next decade are pretty high.
Bitcoin has a huge first mover advantage via the network effect but an altcoin could potentially overcome that either by partnering with an existing service with huge reach (eg facebook / google) or by being significantly easier to use / more efficient.
I think that crypto as a whole is revolutionary and too strong to die but that bitcoin itself may be surpassed.
That is why I view it as crucial for any serious crypto hodler to have a diverse portfolio of coins and to pay particular attention to new coins that have actual technological break throughs (eg IOTA) as they come up.
Correct. Just because you're first does not make you the best. I'd say that a 1,000,000 fold increase in value (assuming a starting point of $.01) is reward enough for being first. This is why I don't believe the hype about $100k or $1M bitcoin. By that time, there will be better options.
As we noticed, bitcoin cant be obsolete even thousands of coin launching outthere since we will still go throught bitcoin before we can purchase the new coin. Bitcoin still the king of cryptocurrency. But of course technology is fast evolving, there will always be a change in everything and time will tell when will that be. :)
Can I get a sip of that Kool-Aid you're drinking? "Can't"??? "Can't"???
I beg to differ, my friend.
I think the reason Bitcoin can not be replaced by a newer coin is that it has the ability to survive the crashes and reach all time high after. The BCH pump and dump last Novemeber is one example. BCH price exploded 8X before falling. It increase from $300 to $2400 before falling to $1200. Now it is just $1600. BCH was suppose to be Bitcoin but better but it still was not able to replace the king
BTC at the same time fell from $7500 to $5800 then recovered and increased price
to $11000
And to push this point, It fell $2000 from $11000 to $9000 just last week and recovered and now aiming to reach $12K this month.
Another coin would need to do this and perform better to replace Bitcoin
people realize that BTC doesn't live up to the hype. Then it's crashes like never before. Other alt coins are screwed because of the massive panic that follows.
besides, most investors and people have more confidence in bitcoin. Its value continues to grow actively and this is only the beginning
Any thoughts on Eth surpassing BTC in the near future? Im just thinking about functionality/features of Eth and the lack of when talking about BTC
Im curious to see where litecoin will go... 1. Its one of the three main cryptos 2. There is no politics in the Litecoin community 3. Litecoin has no current scalability issues and last which is a big thing.. Litecoin can confirm transactions 4 times faster than Bitcoin. On top of that uber is accepting litecoin not bitcoin and within the next couple years uber is going public which will also grow the company exponentially. Im sure other large companies will start to pick up on the trends.
yes, LTC is quietly booming. Did you know LTC was 3 usd in Jan 2017 ? It mean it increased 33X as suppose to 10x for BTC
It's is already obsolete.
Only 7 transactions at the same time, with insane fee's. Nobody is going to use that on the long term.
The only thing that BTC has going or itself is that it's the most well-known. It's far from technically superior altcoins.
The 7 transactions are just the current bottleneck and that’s OKAY. we need to ensure security over speed first. 2nd layer solutions like lightning network will exponentially increase transaction speed.
At the end of the day, bitcoin can easily take the tech of successful chains and incorporate within itself.
I agree, if we look at the Bitcoin business model relative the the mining costs and transaction fees in correlation with what it wants to achieve, we see that it falls short in many areas; cost, sustainability, speed etc. I liken it the the Battle of Hertz vs Avis (BTC, BCH) or even Myspace VS Facebook.. Having market share, brand name recognition etc.. means nothing unless you hold on to it, adapt, upgrade and crush the competition. There is always something or someone around the corner to steal and improve upon your idea...
https://steemit.com/bitcoin/@pawsdog/could-the-us-ban-bitcoin-trump-administration-considering-btc-regulation
https://steemit.com/bitcoin/@pawsdog/is-bitcoin-really-decentralized-or-are-we-being-led-like-lambs-to-the-slaughter
https://steemit.com/bitcoin/@pawsdog/12-4-2017-the-market-view-and-trading-outlook
interesting feedback here; I happen to agree with you when you say this. I think it is going to take quite a bit of time before this happens, but it is definitely best to diversify your investment portfolio now for future volatility of the crypto market
I think this will likely be reason that BTC could stall in the near future, although the price did recover a few weeks ago when people thought bitcoin cash would overtake it. Bitcoin still being the default & gateway crypto also helps it, for the time being.
agree 100%
I really like Steem, at least it is backed by a webpage and talented content producers.
The dot com analogy pertains. Dot coms were the first to be adopted by businesses and are still the go-to domains. Same goes for bitcoins I think.
I agree. There's no ceiling on how high bitcoin can go. There's trillions of dollars of wealth in fiat currencies already, and bitcoin is the best-known, most sound currency around. Also, you can buy bitcoin in such small amounts, it's very difficult to price people out of buying it. You can't split a dollar in half, but you can split bitcoin.
Unless something comes along that's better -- which could easily happen soon, with all the new ventures in this space -- bitcoin could go to $1 million. Absolutely.