Topic: All Hail King Bitcoin: Why BTC Remains #1 (Read 624 times)

Exactly. In its very beginnings, Bitcoin wasn't even traded on the crypto market. There were no exchanges, making it difficult to acquire by people in the mainstream world. Because of this, not many people were aware of crypto. Trades were only performed in a P2P fashion via this very forum, or in person. Once Bitcoin became traded on the market it gained traction quickly, because it was the only cryptocurrency available. A few years later, altcoins started to emerge. Namecoin was the first altcoin in existence changing the world of crypto in its entirety.

Given the number of years that has passed, Bitcoin has gained trust and a good reputation within the mainstream world. It's been proven to be the most secure blockchain to date, despite being very energy consuming. Bitcoin took a lot of time and effort to become the cryptocurrency it is today. No matter if other altcoins are superior than it in terms of scalability and features, they cannot obtain the same level of trust that Bitcoin has. People prefer to deal with Bitcoin than any other altcoin for a very good reason. With widespread acceptance of businesses and merchants worldwide, it has become evident that Bitcoin is the "King of Crypto". Even altcoins depend on it as a reserve currency within the market.

Nonetheless, it's true that altcoins may need a lot of effort in order to take Bitcoin's place as the #1 cryptocurrency of the world. The altcoin which seems to be very close of "flipping" Bitcoin is Ethereum. After all, it's been the most actively developed and maintained altcoin in existence. Compared with Bitcoin, it has a large number of supporters behind it with many use cases for the mainstream world. Hence, if ETH continues to grow there could exist a possibility that it could take Bitcoin's place within the future. Just my thoughts

Bitcoin is likely to be the king of the crypto market for a long time, unless of course it is moved by some new currency from a well-known and powerful company, which is also unlikely

Compare to all cryptocurrency, bitcoin is surely number one. Nothing to argue about that. Bitcoin been through a lot for all those years and it just shows that bitcoin survived everything it went through. I agree that it's because bitcoin has already gain the trust of most users and that it's hard to break. Until now, no altcoin can beat bitcoin. We never know in the future but I still believe that bitcoin is capable for surviving more years and can even offer more when people started to adopt bitcoin.

In terms of technology, Bitcoin is an over-engineered product selling at premium. It hides weakness in sophistication. People fiercely debated block size increase from 1 MB to 8 MB vs. 2-4 MB and SegWit/off-chain. The difference to user is very little. It's proven to be be true. BCH transaction number is low. BTC SegWit adoption is slow and low. Lightning Network seems dead. Bitcoin is able acquire some kind of intelligence, self-consciousness. It could be a form of self-conscious AI. It is able to live on its own. It feeds on its believer. It anoints new leaders to be its slaves. Despite these or maybe because of these, Bitcoin is a decent financial bet.

I see Bitcoin leaders constantly pronounce their belief and optimism on Twitter. It's so tiring to be like Bitcoin. I run an altcoin, https://bitflate.org. I think my altcoin has some interesting differentiation and adds value to crypto space. The technology is permissionless and open source. I can do what I want with it. I don't argue with people on the internet. I have a life to live. Bitcoin is the king because we are either too lazy or too afraid to do something.

No one could ever explain it anyway if they have to and all we have to do is to follow it since Bitcoin is already here and it is the father of all cryptocurrency. A lot of altcoins were trying to copy it but they failed that's why we should believe how strong this cryptocurrency because we have a lot of people adopting it. No wonder why Satoshi is nowhere to be found since Bitcoin is uncontrollable.

If bitcoin is disposed and people allowed it, majority of us will go back to square one, square one in the sense that we will not be able to make that easy transactions again for our businesses, without involving people like swift, PayPal and most of these expensive money agents, secondly, our transactions will not be easy to make across the bother.

Ever since bitcoin has been in existence, it has been quite easy for people to make transactions across border without much barrier, and that was intention of bitcoin even though we have many people like drug dealers who are using it for illegal activities, but normally, it is meant to make things a bit easier for business people for them to be able to make payment to other of their suppliers easily.

Bitcoin is a king, like a country, the founder of that country is always considered the king and maybe if bitcoin is deposed, everything will turn to a new page!

The reasons why bitcoin still stays at the number place can't be explained in just a few words or page. But in summary bitcoin is doing everything better than the rest of the coin, it had a head start before any other coin,

Bitcoin didn't become number one coin over night. It took many years to achieve the level of acceptance, a umber of users, trust and price value that has now.
There are too many coins at the market and many aim to take Bitcoin's place but that is not so easy. I don't see such potential in any other coin and success for any of them would certainly not come over night.

That's certainly true, mate. I believe that Ethereum's biggest strength was the ICO trend where it lead the cryptocurrency towards new ATHs in price. It was believed that it would surpass Bitcoin in market cap, because of its large prominence within the mainstream world. Right after the SEC started cracking down on ICOs, the hype was over, resulting in loss of interest among people within the mainstream world. Nowadays, Ethereum is far behind Bitcoin in market cap, making it relatively impossible to replace Bitcoin as the #1 cryptocurrency of the world.

It's no wonder why Bitcoin has retained its place in the market, as people trust it more than any other cryptocurrency on the market. Its top-notch development and innovation, has lead it towards new ATHs in mainstream adoption. Comparing it against other cryptocurrencies, Bitcoin has real uses as a store of value that's built to last for a very long time. Ethereum and other alternative cryptocurrencies greatly lack mainstream adoption, despite being actively developed and maintained for quite some time. They're much more volatile than Bitcoin itself, and they lack a branding that's trusted by many people worldwide.

Nonetheless, Bitcoin's commitment towards censorship-resistance has attracted many people worldwide. It'll always be the #1 cryptocurrency in market cap, no matter what. The only way it could be replaced is if another cryptocurrency proves to overcome all of BTC's limitations gaining massive adoption within the mainstream world. Just my thoughts

That's yet another nail into the market cap coffin

Yes, Ethereum might have come close to Bitcoin in terms of their market cap numbers, but how many coins of both camps have been actually traded and what percentage did that make of the total supply back then? It may turn out that we must divide the Ethereum market cap by a factor of ten to make a coherent and meaningful comparison between the two coins and their market share. To put it in more mundane terms, Ethereum was still far behind Bitcoin even when it was at its top in the summer of 2017


It was far from overtaking Bitcoin no matter when unless we take the market cap metric seriously

The closest that ETH got to BTC was on July 13th 2017. At that point, Bitcoin had a market share of 39.30% and Ether was close behind with 33.79%. The fightback looked remarkable back then, because just a few months back Ripple had pushed Ether to the no.3 position. Sometime during May 2017, Ether regained the no.2 spot, and during the next two months came so close to toppling BTC from the no.1 position.

But back then, everything was favoring Ether. The ICOs were at their peak, and Bitcoin was weakened considerably by the forking of Bitcoin Cash. Still from the charts, you can see a considerable 5.5% gap between BTC and ETH at the closest point. And during the next few years, its biggest strength (ICOs) would prove to be its biggest weakness as well.

Ethereum actually almost over-took Bitcoin at one point in market cap. I remember that during the Segwit debate and all that UASF days people were starting to lose trust in BTC and started to buy ETH instead and if I recall the market cap came very close of each other, but it never actually exceeded BTC market cap.

Now its pretty far away from overtaking Bitcoin. Most due to all those ICOs which are probably still wanting to cash out and there are probably tons of people who bought ETH at like $1000 a coin who just want to break-even with their investment. Will be a while before the 2 ever become close in market cap again.

price-wise it is simply impossible for an altcoin that has unlimited supply with currently huge circulating one to even come close to half a bitcoin price let alone surpass it in any ways. the only reason why ETH still doesn't have a value equal to Dogecoin is that it was released in 2015 and got its real hype in 2017 (recent history).

technology-wise a coin like ETH that has no real world application can never grow because its main purpose remains speculation inside exchanges and these coins don't have long term growth.

I think what affects the most is the fact that bitcoin is the first, which made it became well known by people than others cryptocurrency, and thus made it became number one. If we're talking about crypto, of course bitcoin is what it will come to our mind in the first place. Not others like ripple, eth, and such. Many people that took interest in bitcoin is what made bitcoin value is so high, and even after all these years many people only have interest in bitcoin, not other cryptocurrency. Including me, actually. As long as there's no other coin that can surpass bitcoin popularity, btc will remain number one.

If there is any altcoin that is going to surpass bitcoin, then they have to do more and that might even take years. Ethereum is the one who is the closest to it since it just got released last 2015 but already knows how to play around this market.

Being a part of the volatile market that Bitcoin belongs to, people still seem to lay their trust in BTC and invest their money in it faithfully.
It is not surprising because of how dominant Bitcoin has been over the years. 2019 seems to be a special year for Bitcoin as well. Repeating the bullish trend of 2017, Bitcoin is expected to reach as high as $20,000 by the end of 2019 or the beginning of 2020.
The ROI that Bitcoin has delivered to investors is also another driving factor responsible for its constant rise.

Exactly. So far, there's no other cryptocurrency like Bitcoin in terms of development and innovation. The first-mover advantage has allowed Bitcoin to gain massive adoption within the mainstream world. Not to mention, it's the most secure and reliable cryptocurrency in existence. It's that reason why, Bitcoin has remained as the #1 cryptocurrency in market cap. The only way Bitcoin will fail, would be if another breakthrough technology emerges which overcomes all of its limitations.

With a limited supply, and a wide user base, it's been recognized as the reserve cryptocurrency of the market. Whenever Bitcoin rises in prices, most altcoins seem to follow its footsteps. If we were to choose a true contender of Bitcoin over the long term, that would be Ethereum. This is because, ETH has a long record of development and innovation over time just like Bitcoin. The development team and community has worked hard to make Ethereum a solid smart contracts platform for the world. That's the reason why ETH has remained second next to Bitcoin in terms of market cap.

Nonetheless, it seems very unlikely that Bitcoin's "throne" will be taken by another cryptocurrency anytime soon. The pioneer cryptocurrency is too big to fail with an ample amount of users, a massive hashrate, the most adoption from merchants worldwide, and so on. Which is why, I believe that Bitcoin will continue to be the "King of Crypto" for many years to come. Just my opinion

Why BTC remains number 1? Because bitcoin is the most popular coin in this industry. Many investors have already put their trust in bitcoin rather than on any other investment. Bitcoin helps the community and give an opportunity for individual who cannot find job nor make his own profits. Bitcoin is awesome, that is why it is coined the King.