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Bitcoin Needs Altcoins - It Can't Be The Only Cryptocurrency, What Do You Think?

Discussion in 'Bitcoin Investments | Discussions' started by Prezzy, Mar 6, 2017.

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  1. Prezzy

    Prezzy Leader Protector

    This idea isn't by me but I will share it here because i think it makes sense and others should equally know about it.

    Bitcoin is the first successful Internet currency [cryptocurrency] that's decentralized. It's success is a massive one but people don't believe it's enough just like that.

    Here's their argument...

    If Bitcoins is really taking away power from the government and central government and central banks, it cannot hold all of that power on its own for economic and technical reasons.

    1. Economic reason

    It's just not entirely decentralized if it's the only one. Yes, it's externally decentralized, but in the crypto world, it's gonna be really only player so IT IS NOT STILL DECENTRALIZED. IT DOESN'T HAVE ANY COMPETITORS.

    2. Technical development

    A lot of other Crypto coming out these days are trying to fix a lot of flaws by bitcoin and improve on a lot of other things.

    This one is very true. There are are lot of things that can be done with blockchain and money on the Internet beyond what Bitcoin has done and what it is capable of doing.

    Mark the phrase... Which it is not capable of doing!
    Hence, it needs other cryptocurrencies to solve those problems of its.

    Now, as regards these arguments, I don't think there are any rights and wrongs. You can be right and wrong at the same time but I chose to think they are right and they make some sense because I wanna be open minded when it comes to using Bitcoins.

    What's your own view about this?
    is Bitcoin the only cryptocurrency we need? Or do we NEED altcoins?

    don't forget to check out this thread where I discuss altcoins that am interested in and will be investing in very soon. Here = Am Investing In Altcoins Very Soon And So Should You Buddy! Follow Updates Here

    Thanks and I wanna hear from you friends... @Tess @cyborg07 @Chime @Kenny @gbolahan @emmydav please come check this out!
     
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  3. Kenny

    Kenny GrandMaster

    I Love The Part Where You Said Other Crypto Currencies Are Trying To Fix Some Flaws By Bitcoin.
    Early This Year I Heard Of A New Crypto Called Swisscoin And Someone Told Me To Invest In It Because in 5years The Crypto Currency Should Be Worth About $50 or So. Well Am Not Here To Talk About Swisscoin I Just Want To Talk About The Improvements These New Crypto Currencies Are Bringing
    One Good Area is;
    *Security : this Crypto Had A Standard and More Secure Security For Users Compared To Bitcoin, Bitcoin Has Been Known To Be Used By Scammers For Fraud And Also Money Laundering, Why
    Because Creating A Bitcoin blockchain address Is Very Easy And The Owners Are Unknown And Imposible To Track.
    also Government Does Not Have A Say In The Transaction Of Bitcoins. so It Becomes Easier For People To Use Bitcoin As A Means Of Money Laundering

    Here Is What Swisscoin did to fix that;
    Before you can register and have any account you have to submit
    *passport
    *National I.D
    *Proof Of Tax Payment
    And Other Things I Cant Remember

    I Dont Want To Really Talk Much On Swisscoin And Start Listing Other Things, But I Beleive Other Cryto Currencies Can And Would Compete With Bitcoin In The Future But Not Now.
     
  4. Prezzy

    Prezzy Leader Protector

    Lols, SwissCoin is not really a cryptocurrency considering what am seeing here. It just happens to move on the Internet and posses other features of real cryptocurrency but it's not.

    I mean, it's very similar to your PayPal funds just that the price is affected by demand and supply.
    Why will they request for ID card which is issued by the government and stuff like that before you can use their money.

    Anyways, am looking @ cryptocurrency universe here... Like in the general sense.
    Please read through again & also broaden your view on this. Especially the part where I mentioned traders in a market.

    I really appreciate your coming in here though. Thanks for answering the call!
     
    Dorlipi likes this.
  5. cyborg07

    cyborg07 Active

    Bitcoin has dominated everywhere! Its hard to pay attention to other Crypto