Why I think Bitcoin CAN be replaced in a quick ranty post, TELL ME WHY I AM WRONG!!!

in #bitcoin • 6 years ago (edited)

What if... dare I say it... No... no one will like it... What if BTC gets replaced?? Of all the craziness who would dare say such a thing.

who would dare?? ME!!

So many altcoins perform the currency function and have better transactions speeds, fees, and scalability...

Bitcoin is gold you say? Even Charlie Lee claims this and calls his litecoin silver, why would he say this? Cause he wants to remain in the silver position. That's why.

It's gold, it has value, it can't be replaced, the supply is limited yah de yah de yah de...

Well guess what!!! It can be replaced, other coins perform the same function but better!! Are they as secure, maybe not. But they are secure enough to never be hacked so why does that matter.

Is gold that is super difficult to mine more valuable then gold lying on the ground? NO TIS NOT!! MINING FEES DO NOT = VALUE.

Would you buy a car that uses 10x more gas to go from A to B?? NO YOU WOULD NOT!! But this car came first, everyone believes in it, it costs way more to make so it must be worth more. Right? Right? Right?

Best article you can read about the Lightning network:
https://medium.com/@jonaldfyookball/mathematical-proof-that-the-lightning-network-cannot-be-a-decentralized-bitcoin-scaling-solution-1b8147650800

#altcoin #news #crypto #cryptocurrency
6 years ago in #bitcoin by
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     6 years ago 

    I think people should transact in steem from functionality perspective, but being adopted by the public bit coin has a big lead, and how much confusion can the general public handle

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     6 years ago 

    wo wah wee wooo. I honestly never looked into the steem token that much besides it being used for this platform. I will definitely do my due diligence now to check out its strong points in that area.

    Ty TY

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     6 years ago 

    Other answer the general public can handle as much confusion as you or I, or as much as the people they trust direct them too.

    • If Bitcoin increases in value say to $1 million, hypothetically, the fees increase directly with that. Even if the lightning network is off the main one it eventually has to join. Plus lightning networks are centralized individual networks. As more people use the lightning networks more lightning networks will pop up, so scaling is mitigated but not erased.

    If lots of people are on a single network this network will have to adopt a fee structure in order to prevent spamming/ for verification power. Either way it makes it better but does fix the problem. The lightning network might even have to charge a fee to users for when they eventually join the main network.

    Any coin with fees and a set supply will eventually hit this snag in my mind.

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