Re: What are the chances BTC is replaced by something better soon?
Define "replaced".
For all we know, whatever "replaces" Bitcoin in the future could be a higher-level protocol that "replaces" all cryptocurrencies (in people's minds), but actually uses their blockchains under the hood. Something like Mastercoin or similar. In that case people won't care if their transactions are done using Bitcoin, Litecoin, or... Rapecoin (really?)
just like people today don't care whether their BitTorrent client uses TCP or UDP as long as it downloads their stuff.
One thing is for sure, Bitcoin currently has the advantage of the brand, everyone's talking about it.
As history has taught us time and time again, the best technology doesn't always win. I'm not saying that Bitcoin is based on poor technology, much the opposite, it's remarkable, but most people just do not care.
Anything that hopes to "replace" Bitcoin any time soon will need much more than some trivial technical improvements. In my opinion even POS might not be enough (and this coming from someone with a small stake in NXT).
For all we know, whatever "replaces" Bitcoin in the future could be a higher-level protocol that "replaces" all cryptocurrencies (in people's minds), but actually uses their blockchains under the hood. Something like Mastercoin or similar. In that case people won't care if their transactions are done using Bitcoin, Litecoin, or... Rapecoin (really?)
just like people today don't care whether their BitTorrent client uses TCP or UDP as long as it downloads their stuff.One thing is for sure, Bitcoin currently has the advantage of the brand, everyone's talking about it.
As history has taught us time and time again, the best technology doesn't always win. I'm not saying that Bitcoin is based on poor technology, much the opposite, it's remarkable, but most people just do not care.
Anything that hopes to "replace" Bitcoin any time soon will need much more than some trivial technical improvements. In my opinion even POS might not be enough (and this coming from someone with a small stake in NXT).