Hello traders. I don't have an idea to publish at the moment, but I was thinking about a question that crossed my mind. Will Bitcoin be replaced by another cryptocurrency and what coin could it be? We have seen a lot of companies, products, and websites that were leading in their field vanish and disappear with time. Could this be the case with Bitcoin?
I think not...what people forget is that it is about which coin is currently best from a technological standpoint.. Bitcoin is more decentralised. The other are not, they just claim to be, hope to be, and one day might be (but that is far off). For that they need the creators to step back, the miners to spread out, and the developers to be plentiful and the best of the best The best developers are on bitcoin and they are many. Yes, new coins develop and implement new stuff quicker but that is just because they are not completely decentralised, democratised, and big yet. The other coins still have this to face, no other coin has endured the amount of attacks (both from hackers and real world), and have miraculously survived. Bitcoin has weathered the storms, in order for new coins to overtake.. they have a long ways to go. Lowering fees (by raising block size) calling yourself Bitcoin Cash and forking of from Bitcoin is NOT enough (it's just an alt coin that still has long ways to go).
emjo
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I do think Bitcoin cash has a chance to overtake. But that it will also be the end of the Bitcoin dream, i.e. a fully decentralised currency.
Doc-al-Citadel
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@emjo, I don't really get this logic but you're in the majority of course:
About B.C.H...
1. Is it called bitcoin? Is the underlying technology the same? Is it true to The White Paper?
2. Is it faster in terms of use as a transactional entity?
3. Is it cheaper to use transactionally?
4. Is it more secure and legally more sound (signatures on every transaction)?
5. Is the short term return for traders much higher (you can get almost 10 bch for one btc)?
6. And why is it not decentralised?!? Anyone can mine it, own it, trade with it, invest in it AND every btc owner as at the fork had it
?!?
More than that when the masses wake up will they understand the nuances or might they think bitcoin cash is bitcoin
Well it is
Bitcoin Cash Is Bitcoin
emjo
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Again BCH has not undergone the attacks that BTC have. We know BTC has survived attacks for many years, but if BCH becomes big enough, they still have lots to prove. BTC does not have segwit. Yes, BCH has faster and cheaper transaction (LTC has even faster/cheaper), but BTC is growing like the real thing, things take time to scale in a really decentralised world. BTC will have fast and cheap transaction again (like they once did when they were smaller). But because the development is more decentralised, the process and voting take time.
Whenever a coin can quickly implement changes (or as in ETH, make quick roll back decisions) it's proof that they are not decentralised yet. Real democracy takes time, because everyone has a say.
Regarding point 6: Anybody can mine it, but currently BCH mining is NOT as decentralised at BTC. More importantly, look at the development team, they are more varied (with better backgrounds) and there's more sound eyes on the security of updates, and with less business interests, than BCH. So development is less centralised than BCH.
There are several alt coins that are based on the BTC code, would you give as much credit to them (as BCH) if they had chosen to call themselves Bitcoin Light (instead of LTC for example). If you want better tech for fast and cheap transactions, LTC is better than BCH.
And to point 4: I would not say it is more secure and legally more sound, when looking at a longer perspective, who are the developers and interests behind the coin.
Doc-al-Citadel
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@emjo, 'Again BCH has not undergone the attacks that BTC have. We know BTC has survived attacks for many years, but if BCH becomes big enough, they still have lots to prove.'
Response- Nothing in the technology makes it more prone to 'attacks' r are you talking about disinformation which you seem to be adding too ;-)
'
BTC does not have segwit.'
Reply- erm yes it does have segregated witness!!!
'Yes, BCH has faster and cheaper transaction'
Reply- Correct
'(LTC has even faster/cheaper)'
Ok
',but BTC is growing like the real thing, things take time to scale in a really decentralised world.'
Response- do you work in media or politics?!?
...will have fast and cheap transaction again (like they once did when they were smaller).
Response- yes if/when the 'lightening' comes down from the heavens
'But because the development is more decentralised, the process and voting take time.'
Response- no idea!!!
'Whenever a coin can quickly implement changes (or as in ETH, make quick roll back decisions) it's proof that they are not decentralised yet.'
Response- am sure you're a budding politician or editor
'Real democracy takes time, because everyone has a say.'
Response- 'Real democracy' HA HA HA HA HA HA HA HA HA HA HA
Regarding point 6: Anybody can mine it, but currently BCH mining is NOT as decentralised at BTC.
Response- ?!?
More importantly, look at the development team, they are more varied (with better backgrounds) and there's more sound eyes on the security of updates, and with less business interests, than BCH. So development is less centralised than BCH.
Response- SEE EVERYTHING ABOVE!!!
There are several alt coins that are based on the BTC code, would you give as much credit to them (as BCH) if they had chosen to call themselves Bitcoin Light (instead of LTC for example).
Response- You should know marketing is everything in this fallen world. Yep well bitcoin light maybe not. How about Bitcoin Cash... Oh.. (see what I did there?!?)
If you want better tech for fast and cheap transactions, LTC is better than BCH.
Response- Not a BITCOIN though is it, yep ok they 'messed up'
And to point 4: I would not say it is more secure and legally more sound, when looking at a longer perspective, who are the developers and interests behind the coin.
Response- it's signed on every transaction mate