Post
Topic
Board Bitcoin Discussion
Topic OP
What's to stop a 'Bitcoin 2' taking over...
by
thegoatiest
on 17/03/2019, 23:05:12 UTC
Hello,
First up - I know this sounds a bit like FUD.. I suppose it is - but it's my own fud and my ponderings about what may happen in the future.

I don't know much about the blockchain technology behind bitcoin to be honest.
However I have heard it is not without it's flaws - I've heard scaling and transaction speed to be two things. (The lightning network is going to speed things up i gather?)

Seeing as Bitcoin was the first it'll always have that, and it is being updated with things like the lightning network and will likely receive many more updates over time, keeping it's edge.
But what is to stop another 'gold/value storage' coin with better technology than bitcoin taking over.?
Most answers I assume will entail: 1) it was the first 2) lots of people believe in it 3) limited supply cap.

Now 1 and 2 I have faith in. They stand to reason.
But number 3 - is not such a good argument in my opinion.
As - I could create a value storage coin with only 10 million maximum circulation, thus trumping bitcoin as a coin of value with inherent rarity.
To top that It could have modern improvements that some of the other altcoins have these days - instant transactions and better scaling (no idea what that is btw) e.t.c.
--

This has been bothering me for some time. I'm not sure if it should. Looking forward to hearing a few opinions on this.
TG