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A friend asked me a question recently: what if one day someone invents a new electronic currency that is similar to Bitcoin, but better in some way? Lets call this new currency Zitcoin (for juvenile comedic effect). His point was that this would devalue the Bitcoin overnight as everyone moved to the new currency. However, I believe this is completely false. I think that the value of Bitcoins is not JUST in their engineered properties. It is also through their wide use and acceptance. Therefore, my expectation is that Zitcoins may eventually overtake Bitcoins, but it would take a long time for Zitcoins to be widely accepted.