Why Bitcoin Hasn’t Been Replaced as Premiere Cryptocurrency?
Despite this, altcoins continue to claim that Bitcoin's technology is antiquated and will be superseded in the future. This is the renowned Proof-of-Work consensus crucial for Bitcoin's continued expansion. To achieve true decentralization, Bitcoin relies on the Proof-of-Work consensus mechanism, so it will continue to utilize it in the future.
After reading this, some may conclude that all it would take to replace Bitcoin is a copy of the protocol's source code. Moreover, Bitcoin's source code is openly available, and anybody may fork it if they desire.
This has been done thousand times over before. By the end of 2017, there had been over 400 Bitcoin forks, both direct and indirect. The Bitcoin block size debate gave rise to a new cryptocurrency called "Bitcoin Cash." They hoped to gain control of "their version of the Bitcoin network" by supporting Bitcoin Cash and therefore seize control of the Bitcoin network.
That, however, never happened. Today, Bitcoin Cash is nothing compared to Bitcoin, and it will soon join the list of so many other Bitcoin forks.
So, What Makes Bitcoin King?
As of now, Bitcoin's technological advantage does not stem from its monetary qualities or decentralization. Rather than relying on its technology, Bitcoin's superiority now lies in its monetary features and its network size. Bitcoin's technology is simply there to bolster the legitimacy of its monetary qualities.
Bitcoin is a form of decentralized peer-to-peer electronic cash that is both secure and private. Any fork may, of course, duplicate it, as previously stated. The secret to Bitcoin's success and the fact that it will not be replaced is because these traits are now tied to a decentralized network that is the most secure in the industry and has the largest number of users, with an estimated 200 million-plus users at the time of writing. A network with a goal of reaching one billion users by the year 2030.
As far as currency qualities and decentralization go, Bitcoin's usefulness is at an all-time high, with no fork claiming to perform better. The question is, why would somebody switch from Bitcoin to something that doesn't offer any value?
When it comes to security, there's just no justification for switching. Because it would take years and years to achieve the same amount of security and dispersion as the Bitcoin network today while retaining the same level of decentralization. However, from an economic standpoint, no one is interested in doing so because Bitcoin already fits growing demands for the future: to have hard money available to the bulk of the population, allowing them to safeguard themselves from inflation in a way that is impervious to censorship.
Does that Mean Bitcoin is Perfect?
No system is flawless, of course, but the Bitcoin community is working hard to solve every issue in order for the cryptocurrency to become widely accepted in the near future.
There are two ways to look at this. The first is the issue of the Bitcoin network's carbon footprint, given that the vast majority of the power it consumes is derived from fossil fuels. It's important to note that this issue is being addressed by Bitcoin miners who want to use sustainable energy sources wherever feasible.
The second issue is the widespread adoption of the Bitcoin network for all of one's day-to-day financial dealings. Here, the community has already come up with a solution: the Lightning Network, which is now being adopted block by block. It is the Lightning Network that will allow the general public to adopt Bitcoin in the future on a large scale.
Because of the power of its community and network, Bitcoin is already and will continue to be ahead of the curve on these challenges. In spite of the fact that bitcoin has only been around for 13 years, its infrastructural advantage will help it to continue to monopolize the cryptocurrency market in even more significant ways in the future.
Bitcoin has the benefit of time on its side, whereas its would-be competitors have only a limited time before they too are supplanted by other presumptuous contenders who will likewise fade into obscurity. Gradually, but certainly.