[USER]

Can anyone give me a simple explanation why it is widely assumed that Bitcoin cannot or will not be replaced by another coin as the world’s primary cryptocurrency?

I never cared much about any of it but it is slowly making it’s way into the portfolios of even the most conservative investors so I figure it’s at least worth understanding.

Thanks

[Anisa]

Out of the millions of cryptocurrencies, Bitcoin is the only one with an “immaculate conception.” It was issued without an issuer and has organic beginnings.

All other cryptocurrencies have CEOs and known creators that are trying to pump it up. Governments and nation states would never adopt other cryptocurrencies because of this.

If they did, it would be like the government buying Microsoft or Tesla stock.

That’s why Bitcoin is number 1, there is no second best.

[Kenneth]

It can be replaced with the next shiny thing. Kinda like MySpace.

[Joe]

Because BTC is a store of value currency with first mover advantage. Not for utility in fast payments as of now. Look at its chart over the years.

It’s more like a Swiss bank account for anyone.

Other tokens are working on solving problems that deal with DEFI, etc.

Bitcoins was the solution for inflation.

[Ian]

It can be replaced. But it probably won’t be; for the same reason that USD doesn’t replace gold. They solve different problems and serve different purposes.

Not all cryptos are the same. They have different rules of governance [built into them].

The governance rules of bitcoin specifically were designed so it couldn’t be changed or controlled.

Bitcoin is barely functional as a currency. Its transaction rate (~4.5 tps) is way too low to be used for every day transactions. It is the equivalent of gold.

You invest in it and hold it because it is reliable and trustworthy(which its value is derived from), not because it is functional.

Other crypto currencies like Solana or [yet to be released] Monad, or maybe Ethereum once they complete their 3 year road map, will potentially function for every day transactions similar to how we use venmo or perhaps rivaling visa/mastercard before too long.

I think the solana/monad transaction rates are proven at the 8k tps rate, and can theoretically process up to 65k tps. For context, visa processes about 25k tps.

There could be new cryptos created in the future that improve functionality with higher transaction rates or more accessibility or easier to use features, and it might make them candidates to fill the role of transaction processing for every day common transactions. There’s no way to predict the future.

All currencies including the USD have value simply because we have faith in them. USD is backed by “the full faith and credit of the US treasury”.

It is backed or holds value only by your belief in it. It is governed by politicians and bankers.

Bitcoin can not be governed by politicians and bankers. You [and your legal access/actions] can be governed by politicians, but bitcoin itself can not be changed/governed by politicians.

Bitcoin holds the most trust/faith out of any crypto at this point.

Its governance is defined, unchanging, and based on the rules of math.

It could be replaced one day, but it will more likely live along side other cryptos just like gold lives along side USD.

[Author]

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