Ninjastic
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Board Bitcoin Discussion
Re: Will Bitcoin be replaced by another cryptocurrency?
by
ranochigo
on 09/06/2016, 08:17:12 UTC
Quote from: panju1 on June 08, 2016, 03:37:59 PM
Quote from: alyssa85 on June 08, 2016, 01:34:58 PM
Quote from: iamnotback on June 08, 2016, 04:39:33 AM
Quote from: calkob on June 07, 2016, 10:49:24 PM
Re: Will Bitcoin be replaced by another cryptocurrency?

Yes it could happen but i doubt very much it will happen the short to medium term, to actually make bitcoin obsolete would be a achievement.

It would have to offer something very important for mass adoption which Bitcoin doesn't offer.




Transactions that confirm in a minute?  Smiley

Seriously, mass adoption means people actually use it for their shopping. If you send coins but the vendor doesn't receive them, then you are in limbo - some ordinary people will even accuse the vendor of doing something shady, when the problem is that the transaction isn't even in the blockchain.

It will be something that simple that will prevent bitcoin mass adoption.

Transactions that confirm definitely in a minute aren't a problem.
There were some places which accepted zero confirmation transactions for low value items, because they were sure that the transaction would confirm. This is no longer the case.  Smiley
The faster the confirmation, the higher the risk of double spending. I'm pretty sure that I still know of some places that allows for 0 confirmation transactions as long as it fulfills several criteria and has a low risk. Bitcoin has worked to overcome this problem with several solutions that allows for bigger transaction volume.
Bitcoin is pretty much the most successful cryptocurrency to date and is the most stable with lots of people working on it. It is very hard for any other cryptocurrency to compete with it.