Post
Topic
Board Economics
Re: Will the bitcoin be outdated by another currency?
by
Ailmand
on 13/05/2018, 23:11:34 UTC
Bitcoin is simple, and that's what people like. People want to store value, move value back and forth, and if possible, at low cost. Altcoins have been offering all sorts of gimmick features throughout the years, but 95% of the people aren't interested in using these features at all, which once again points out that it there is no such a thing as Bitcoin being outdated.

Another aspect I see people complain about, is that Bitcoin's transaction fees are so expensive while altcoin fees are so insanely low. Roger Ver did that too, and he even made fun of Bitcoin various times in his streams as well. People should understand that the only reason altcoins are able to offer cheap transaction fees is because barely anyone is using their networks. High fees = high demand for block space. Low fees, or even no fees = low to no demand for block space (ie, coin is practically redundant). While I don't like altcoins, I do like their presence and the global interest in them. It's impossible to point out exactly, but the altcoin market makes sure a very large number of Bitcoins are taken out of direct circulation, and that makes sure there will only be more coin scarcity in the coming years. In other words, booming altcoin market is great for Bitcoin as well.

I agree with some of your points mate. While the general rule is that Bitcoin is the leading cryptocurrency at the moment, no one knows how long it can reign. There are so many different coins in the market that one can't discern how others would unfold. One coin, for all we know, could gain so much support and that support transcending to transactions can really bring that one coin alive. Bitcoin is the pioneer, so it is expected that it would be the first to gain attention, support and it would also be the trial for all users of cryptocurrencies today that has led to its quick rise. If a coin would take the same path, then undeniably, it can come to a point when it can beat Bitcoin.