"Bitcoin Can Be Replaced" - Fact or Fud


Why Does Bitcoin Not Have Competition?

     Some people use this as a toxic maximalist litmus test, but at this point, the burden of proof stands on the people that say Bitcoin has competition. Bitcoin is apolitical sound money that is truly scarce, it isn’t a VC funded startup.

     Up until 2017 or 2018 you might have had an argument, but nothing competes with Bitcoin as sound money. The startup analogies like MySpace only work for the “smart contract platforms.” Those are the ones that are competing against each other. No utility token will replace Bitcoin as sound money.

     The Bitcoin clones are pretty much a joke at this point other than maybe Litecoin. Which doesn’t compete with Bitcoin in any real way. Higher transaction throughput on can be done on layer 2 protocols and side chains.

     The network effects are even stronger in Bitcoin because it doesn’t just allow for more growth,  Bitcoin also becomes more secure, which attracts bigger and bigger fish, snowballing endlessly until it’s fully monetized. There is no crypto asset that is truly scarce sound money the way Bitcoin is that also has a strong network effect.

     Proof-of-work is also becoming more relevant since it’s also become rare. The Bitcoin miner’s power is not comparable in any way to the power stakeholders have in a proof-of-stake system, and this is usually the only rebuttal fans of these platforms have.

Store of Value Assets Market Cap

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