Post
Topic
Board Bitcoin Discussion
Re: Why would there be just one cryptocurrency?
by
calkob
on 11/03/2017, 20:55:08 UTC
Correct me if I'm wrong, and move me if this is the wrong board, but in my opinion we should not focus on how to make Bitcoin do everything. Right now Bitcoin works well as a store of value, digital gold if you will. A $1 transaction fee means nothing to a $1,000,000 transaction. It does however severely cripple smaller payments, something that a cryptocurrency could be very good at.

Now it is my understanding that the point of SegWit/BU is to allow Bitcoin to be used for smaller payments by bringing that transaction fee down. Instead of making Bitcoin the jack of all trades, why not have multiple cryptocurrencies that each excel in their own areas? Leave Bitcoin exactly as is, and invest money and time into establishing a micropayment currency, a smart contract currency, etc...

Just some food for though.
Johnny


tl;dr
Why try and make Bitcoin do everything instead of having an ecosystem of specialized currencies?

I think you are right in a way,  however when sidechains come along and the likes of tumblebit and mimbelwimble we wont need to use the likes of zcash and monero.  especially considering that bitcoin has a massive network effect.