Can be BitCoin replaced?

in bitcoin •  3 months ago

I've been asked the following question:
"do you think that Nano or any other crypto can replace bitcoin anytime within 2-5 years ?"
And this is what I think...

Yes. I believe that EOS can do that (in terms of market cap).
Think about this: Is expected that EOS price can reach 100 USD within 1 year or less. If that happens the EOS market capital will be almost the same that BitCoin has today.

In numbers, that is...

CurrencyUnit priceMarket Cap
EOS100 USD100.000.000.000 USD
BitCoin6.776,96 USD (today)115.812.906.156 USD

However, let's not forget that Money can change it's format (technology) and still be the same currency. For example: a dollar bill is worth one dollar and a digital dollar in your bank account is a complete different representation but still worth one dollar.

Now think about the BitCoin. It's current representation (first blockchain generation) is almost deprecated. But Rootstock has proven that is possible to migrate Bitcoins from its blockchain to the RSK blockchain (and back). One Bitcoin over Rootstock blockchain (another representation) still worth one BTC.

Conclusion


EOS has the potential to take the place of BTC (in terms of market cap) but also has the capability to give the bitcoin a new format (a new blockchain to live). That means that BTC may transform itself from the main coin in its own blockchain into a Token (Smart Contract implementation) over EOS platform.

If that happends, BitCoin will skyrocket!!!

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very interesting topic @viterbo

I actually were hoping if you could answer your first question "can nano replace bitcoin"? EOS cant, because that's something different. But Nano is kind of "better bitcoin". Isnt it?

ps. my voting power is down to 30% so I cannot support you with upvote. I figured that I will at least drop a short comment.

Cheers, Piotr

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The truth is that I did'n know much about Nano (now I do, thx to your question) and that's part of the problem. Most of the people of the planet knows about BitCoin but a very small percentage really understand the underlying technology (meaning that the branding is what matters).

Now that I did my research on Nano and I understand the strategies it has, I can say that you are right in calling it a "better bitcoin". How ever, tech is not the only thing that matters in terms of winnig the leadership.

Take Windows for example, clearly it has not been the best operating system in the last 20 years and even then it is still the most used system in PC and Laptops. Linux for example, has everything to be the leader (technically speaking) but it would have to displace the Windows that is already deeply rooted in people.

Suddenly, Android emerges, an operating system that achieves leadership within mobile devices. A competitor that solves the same problem but is different (In this case, it operates on mobile phones, which became very popular and therefore Android had a massive adoption).

The way I see it is that Nano is like Linux and BitCoin is like Windows. I will be extremely difficult for Nano to gain market while being just a better technical solution for the same problem (just money).

In this comparison, EOS would be like Android. Not only does it solve the same problem with better technology, but it also comes with many innovative features that will attract a lot of people and that will generate enormous adoption, which will lead to new leadership.

This is just my opinion.
Bye, C U around

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great and valuable comparison viterbo

thx for reply. and have a great weekend

yours
Piotr

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My pleasure

Interesting any of the platforms can pass btc in value but it will be hard. BTC is just the way in and out of the market. Most exchanges trade in BTC pairs till that changes you won't see BTC drop from the top spot. I do feel that sooner than later other coins with cheaper transactions will take over as the gateway for money to come in. I just don't see a platform taking over. I like Bitcoin Green, or Bitcoin Cash to be the next to go after it as new major coin. Also watch out for Binance coin as it is getting more trading pairs and if any other exchanges start to use it it will go way up. Good post though.

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BTC has the branding and thats difficult to replace, even with great tech!
Thanks for your comment.

This post has received a 14.18 % upvote from @boomerang.

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good to know

Looking forward to invest in EOS and thanks buddy for this valuable information

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Any time!

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brother i have one question I have some dogecoins with me so want to know what's the future of dogecoin is it going to rise in future??

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I will not recommend dogecoind for the following reasons:

  • They have not updated the source code for three years. Now is old tech.
  • It has a weak branding (people knows it as the "meme coin" or "currency parody").
  • There are no tech projects involving this coin
  • It has a HUGE supply, it will never worth more than 0.01 USD (unless something extraordinary happens).

That being said, you can make some money with it speculating on pumps and dumps on your own risk.

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Okayy got it and thanks for providing such vital infomation

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You're welcome