How do you guys think of bitcoin?

Bitcoin is primarily p2p money for me.

Bitcoin is the only Cryptocurrency proven itself to be secure and decentralized

99% of altcoins/ICOs are scams and its difficult to evaluate them unless you know the history of these projects and are a programmer yourself so can evaluate their claims

Altcoins will come and go as we have always seen but bitcoin having a first mover advantage means that it is has the most network effect and best chance of surviving longterm

One of the primary reasons Bitcoin was created was to have a sound monetary policy and digital scarcity , and being a multicoiner undermines all of this

Using wallets and software that supports multiple coins is confusing and can lead to mistakes where you can lose money and makes the software far more insecure with a wider attack surface and potential for bugs and exploits

When looking at the long term graphs , most altcoins pump and dump and lose value relative to Bitcoin.

Getting involved with altcoins forces you to spend a ton of extra time learning complex and obscure projects

Scammers prefer to target people that use altcoins as we saw with the ICO craze because Bitcoiners tend to have more experience and be more skeptical to evaluate their claims

Being involved in altcoins usually means you don’t have long term time preferences and simply want to speculate short term which many people will consider a character flaw because you are more of a gambler

Bitcoin has an uphill battle as is so any distractions weakens the possibility of it becoming a global p2p currency (Bitcoin is the best cryptocurrency that can achieve this with its network effect and roadmap)

>What if governments, EU, businesses starts backing another crypto?

Fiat Currency is already almost completely digital and cryptographically secured. Block chains offer no benefit to fiat for countries or banks.

We have already seen this fiasco play out with the banking sector with the r3 consortium which has been a miserable failure after years of effort and hundreds of millions of dollars invested.
We have also already seen several governments try to rebrand their fiat like ecuador , venezuela and Canada which have also been failure.

There is some misinformation promoted concerning blockchain technology by high priced consultants , altcoin scammers, and the idealistic ignorant. The reality is traditional finance is not held back principally for technical reasons, T+0 is very easy to do and banks have very mature and advanced software.They cannot just upgrade to a blockchain and find an efficiency, in fact the opposite would occur.

Blockchains have very narrow use cases.The only reason Blocks within a Blockchain exist is specifically because the Poisson process used in proof of work. There is no need to batch together transactions in blocks without this as doing so merely adds latency which is completely unnecessary as one can merely cryptographically link together a chain of transactions if one wanted to . This is also the reason many other projects that do not use proof of work are pivoting away from using the term Blockchain and using the term DLT instead.

Some people promote “Block Chains” as this transformative technology that will magically improve everything in society which is completely misleading. Block chains , with or without proof or work , are inefficient “databases” by design. This inefficiency is a specific tradeoff to pay for censorship resistance. Therefore if something does not need censorship resistance than it most likely has no need for a blockchain. Fiat currency necessitates certain forms of censorship by design from regulators and they will not change this reality or give up control.

There’s going to be digital currency. It’s just a matter of which ones are widely adopted.