Will Bitcoin with Lightning Network Crush All of its Competition? ft Cedric Dahl
Vincent Rdv asks "I'm wondering what you think about the theory that Bitcoin with LN will cause currencies like Litecoin and Dash to become a bit obsolete?"
DISCLAIMER: This is NOT financial advice. I am just offering my opinions. I am not responsible for any investment decisions that you choose to make.
Bitcoin is losing dominance quickly to alt coins (85% last year to 40% now). I don't see it happening. As a early Bitcoin adopter I have completely stopped using it. The transactional volume on Bitcoin also shows many other people have stopped using it.
Not a bad point but what is the other largest coins in dominance compared to the market place? Do you know what Ethereum's market presence was when it almost caught bitcoin compared to now against all crypto (including bitcoin)? Market dominance has to suffer some since thousands (if not more) alts were created over the past few years.
However, I do think a Bitcoin like coin that had a more central figure and was closed source could be the future. One where it gained a technical advantage but couldn't be forked, split, or code copied. However, it may be tough to make it as decentralized. Over time, I expect most money to flow back to the best projects not just the newest ones.
Well the whole point of Crypto is open and decentralized immutable ledger. Smart contracts are the major thing ETH has got going for it, Bitcoin does not. In 2013-2015 there was so much Bitcoin Maximalism and for good reason because it was suppose to implement every killer alt coin feature. Vitalik even wanted to build Ethereum on Bitcoin's protocol but the Core Developers were not interested. IMO Bitcoin Core is a failed a dying project. So much hype around Lightening Network yet its not being adopted b/c its does not focus on user experience nor what the users wanted in the first place. Right now we are seeing a huge amount of money flow into alt coins. Ethereum is also at risk at becoming obsolete if the developers fail to make the required scaling upgrades. EOS, NEO, Cardona and others are hot on its tail.
Good informed response. I need to learn more about the 3 you have mentioned. I've heard a lot about them but do not own them or have wallets for them.
The point about "inferior" technology is important. You do not have to be the best in every domane to be the best overall.
There are at least two variables at play with the Lightning Network that could affect the price of Bitcoin.
The first is perceived value. Bitcoin with the lightning network activated will have more intrinsic value because the block chain will have been upgraded from being a narrow and serial network, to an infinitely parallel Network.
The second has to do with how a Lightning Network works. In order to use the Lightning Network, two parties first create a peer-to-peer payment channel that is initiated on the block chain.Any Bitcoin put into the payment channel is now locked to that channel until it is sent back to the block chain to be finalized.
That is opinion that is based on sound judgement.
Maybe I differ a bit but I have to agree with the permission less system scenario. It gives an evolutionary advantage to any further innovation
How interesting that you brought a guest, I liked the way he responded. I think the topic can be better discussed when the implementation of lightning network becomes massive, for now it works but there is still a lot to see
Thanks for you information and for this great opinion no doubt BTC is the mother of crypto and is growing up day by day you opinion is so gret e
Bitcoin is just taking a break, it's just a matter of time for the price to rise up and we all gonna invest in btc, but as always, anything can happen.
I support the crypto currency & will try to promote it.
Its a great work.
I am totally agree with you.
Bitcoin definitely has the ability to dictate for alt coins, i dont see any other opinion to this being correct as far as ive been on the crypto universe
whether it will crush competition or not
but one thing is clear it will be very beneficial for bitcoin
The Lightning Network has long been viewed as a tremendous breakthrough in terms of enabling faster, cheaper payments on top of the base Bitcoin blockchain and helping the cryptocurrency scale to many millions of new users in the coming years. Lightning Network is important and it may affect the altcoin market