r/Bitcoin • u/Myntad_com • 17h ago
#1 since inception
Bitcoin now has >60% of the total crypto market cap.
It has been the largest cryptocurrency since inception in 2009.
What would it take to challenge Bitcoin's #1 position?
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u/TheRadishBros 16h ago
People underestimate the role of “Satoshi” as an almost mythological figure behind BTC’s development, as opposed to every other token that has, or can ever, exist.
As we don’t know who created it, and a couple of the leading candidates have since passed away, that ensures no matter how high the BTC price goes, it’s not being seen as enriching some shady group of developers.
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u/Fair-Garlic8240 14h ago
Does the average Bitcoin Joe know who Satoshi is?
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u/NeitherAd3347 9h ago
Nobody knows who I am
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u/Generationhodl 2h ago
Imagine the real Satoshi would comment like that and we all laugh.
What a great time
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u/Elmer-Shutara 15h ago
Competing with Bitcoin means finding a way to undo 17 years of people trusting the same rules. Good luck marketing your way around that lol
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u/Archophob 16h ago
What would it take to challenge Bitcoin's #1 position?
a longer blockchain with more proof of work contributed to it.
Yeah, not going to happen on this planet.
You need to wait until there's more computing power in the Outer Solar System than back on Earth. Then, a new blockchain adapted to hour-long ping times might emerge.
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u/Efficient_Range1156 17h ago
Not possible, in fact bitcoin is in the process of taking the dominant position of gold and all fiat currencies.
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u/ledav3 17h ago
What would be needed is someone inventing the same or a better idea backed with implementation and before btc. Btc is competing with the current financial system, most alts think they are competing with btc, but that is just not true. As most of them are controlled by a centralized entity.
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u/Myntad_com 17h ago
For the monetary use case it seems extremely hard to overthrow Bitcoin due to it's network effects
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u/pablo_in_blood 9h ago
Nothing will ever be better than bitcoin. But, if a large group of nation states (ie BRICS or the EU) decided to make their own cryptocurrency and use it as their central bank / national currency (by legal mandate) that could potentially unseat it in terms of market cap.
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u/buebaurbling 13h ago
i think large-scale tokenization and tokenized assets will take up a significant share of the crypto market cap, if we're counting them, of course. if not, then i don't know
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u/Myntad_com 17h ago
I wrote more about Bitcoin's dominance in this week's issue of my free weekly newsletter
https://www.myntad.com/newsletter/
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u/Suspicious-Local-901 17h ago
Don’t all (or at least the majority of) altcoins try to do just that? They all failed.