Topic: All Hail King Bitcoin: Why BTC Remains #1 - page 3. (Read 624 times)

your perspective is from a short term day trader that rides the pumps and makes profit. in that view there is not only no difference between bitcoin and altcoins but altcoins are better because they can get pumped hence give a much bigger profit.
but that doesn't matter in general. what everyone looks for is long term reliability and altcoins don't have that. all of them get dumped right after their pumps and go below the price where they started at eventually. meanwhile  bitcoin keeps on rising even after it has big drops like 2018.
otherwise altcoins, specially the top 10, are purely shitcoins: ETH, XRP, BCH, BNB, USDT, BSV are 6/10 of them which are completely centralized. and your LTC example is the exact copy of bitcoin! how do you consider the exact copy to be the same? it is like saying one of those iPhones made by Chinese with Apple logo is same as the real iPhone

I think it's not only that Bitcoin is so good (decentralized, secure), but also the fact that altcoins are notoriously bad is contributing to Bitcoin's dominance. Many alts are centralized, buggy, have little developer activity, All they can boast is lower fees, but that's only because no one uses them. It's a serious risk to adopt them as currency because both their value and their networks can crumble suddenly. They so desperately want to be better than Bitcoin, but they can't even come close to being as good as Bitcoin.

That's not really possible at this point. If we put POW to the side, then there are various governance models which inherently are centralized and therefore not secure, and then we have POS that is centralized and not secure.

POW might not be the most pretty form of securing a network, but it has proven to be the most secure one for almost an entire decade now. No protocol has proven itself being more secure.

If you see protocols pretending to be more secure than Bitcoin, they are just trying to mislead noobs into making an investment in their token. It's one big shitshow where noobs are the center of everything because they don't know better.

Lots of them already tried and I cant deny that some of them are better in terms of tech and other features but BTC do still remain that been mainly supported as we can see into its dominance and how big the community is.If it isn't the King then it wont be on the top 1 after all these years which 10 years and counting.
Features might be outdated compared to others but the security and its revolutionary tech will always be on top.

Agree that the secure aspect is something really important -- as past attempts to show us just how easy it was to 51% attack some of the altcoins, but I still think use case is a far stronger element.

I mean, even if people knew Bitcoin was stronger in security, they wouldn't understand why, and they wouldn't be able to prove otherwise, and they wouldn't care.

And if there were a more secure altcoin (let's say something without PoW so 51% isn't an issue), so what? People still don't have merchs to use, them, it's still worthless, right?

Nothing surprising at all. The king will always be the king no matter what anyone thinks. It got the advantage of the first cryptocurrency to achieve insane popularity and that won't simply change all of a sudden just because there are better alternatives out there.

Bitcoin is basically the best of everything mixed in one package(Anonymous, Decentralized, New tech etc). No matter how volatile the market is, BTC will always be the safest coin to invest in the short term and the long term.

You are right. No one knows who Satoshi Nakamoto is and whether he is still alive (or was alive, to begin with)


But this argument can be easily reversed

And while it is certainly true in respect to PoW cryptocurrencies (well, technically, I don't know whether it is in fact true but let's just assume that you are right), but the PoW model is not the only kind of consensus mechanism in existence today. My point is, Bitcoin is not necessarily the most resistant coin to an external attack (51% or otherwise). There are coins based on other technologies of reaching the consensus in the cryptocurrency network as well as coins not based on the blockchain at all. They may be even more secure than Bitcoin

Let us summarize all positive points of bitcoin why it is hailed as the number one cryptocurrency. The first reason is that it is the first cryptocurrency being made, without the success of bitcoin being a cryptocurrency other cryptocurrency will not be here. Second is its reputation, bitcoin has proven itself to be a trusted cryptocurrency since its creation and no wonder it is the most used cryptocurrency in the network. Third is that bitcoin is the US dollar of cryptocurrency, the legal tender in the crypto world; just like in the monetary world the basis of value of all monetary currency is the US dollar while in the crypto world it is bitcoin.

Bitcoin is the origin and altcoin just being created from bitcoin ( as we all know that crypto code for bitcoin is in public )
The story may be different if the source code isn't public !

I think it is a bit more complex than this. Other than the fact that most Alt coins have no real "use case", many of them are not as secure as Bitcoin. You would need a lot less hashing power to preform a 51% attack on a Alt coin, than doing the same thing with Bitcoin. 

If any bad actor currently mining Bitcoin wants to ruin some smaller Alt coins, then they can quickly shift some of their hashing power over to these Alt coins and quickly execute a double spend and then go back to Bitcoin. The only reason why they are not doing it, is because most people cannot buy something worth while with these Alt coins.

So most Alt coins are much less secure than Bitcoin and people are hesitant to take that risk. 

Harsh truth is that Charlie Lee sold all his Litecoins at all time high,
and that means that LITECOIN can never be like Bitcoin.

The harsh truth is, Bitcoin is not very different from same Litecoin

Or any other altcoin from the top 10. Technically, it is just a matter of personal preferences ("there can be only one") and nothing more. Bitcoin is as speculative as any altcoin out there. So if these preferences change one day, some altcoin will get pumped instead of Bitcoin, and Bitcoin will be stagnating or even going down. Litecoin and its price dynamics prove exactly that

And at its recent highs, it made like 600% gain (from some 22 dollars all the way up to over 140). But what's more intriguing in the context of this opinion piece is the fact it can easily get there again, in a couple of weeks or so. Also, I didn't quite like OP referring to or insinuating Ethereum as scam, which instantly discredits the whole article

Exactly. Bitcoin has a proven track record of stability, and unmatched security unlike any other cryptocurrency today. While there are some altcoins that are garbage, there are others which are quite useful like Ethereum. Despite the prominence of a select number of altcoins, Bitcoin's dominance seem to be on the rise. With an ever-growing number of people supporting/using Bitcoin more than any other cryptocurrency today, it's becoming evident that most altcoins will simply vanish within the future.

A good reason why Bitcoin has remained as the "King of Cryptocurrencies" is because it's original in every way. Most altcoins out there are simply copies of Bitcoin with a few tweaks here and there. Not to mention, some of them lack active development and innovation serving only as a means to profit developers themselves. The massive hashrate and nodes across the BTC network speak for themselves.

Nonetheless, Bitcoin will remain as the leader of crypto unless something better comes up that would challenge its very existence. Ethereum and other leading altcoins are far from replacing the pioneer cryptocurrency anytime soon. It's no wonder why Bitcoin is the reserve cryptocurrency of the market. Just my thoughts

that is a very common misunderstanding about bitcoin price and altcoin prices rising together. the fact is that it ALWAYS worked the same way, when bitcoin rises altcoins fall. and this year is no different from others either, the same pattern is being repeated.

the only thing that made that misunderstanding is that people started looking at USD price of altcoins at some point while they are still trading altcoins with bitcoin! so they got the misconception of rise when in fact the altcoins were dropping.

the only reason why it is like this and people call bitcoin "king" is that bitcoin is the only cryptocurrency that has actual usages in real world apart from being purely an speculation tool like altcoins.

On the contrary, I believed that the altcoin market have matured. Why? You won't see coins being pump 10x-50x because altcoin traders/investors are getting smarter nowadays. And I bet majority of them have shifted to BTC that's why the price keeps going and dominance levels has increased.

So don't be surprised if many coins will just simply die out and lost to oblivion. Of course there will be time that altcoin will enjoy it's own bull-run, but Bitcoin will remain the dominating coin for many years to come.

Altcoins have existed for nearly a decade. What makes you think they will mature 1 year later? I see a chance for some altcoins to coexist with Bitcoin, but there are far too many and most are simply going to vanish (as many already have). Adopting Bitcoin is smarter than adopting or making your new little variant, EVEN if you are a "large" company or rich man, that doesn't mean anything in this space. Trusting your savings to something that could disappear tomorrow (because the company or rich man that made it/supports it is no more) is way too risky and the only reason Bitcoin has had so much success is that it has demonstrated better credibility than banks and governments. Bitcoin can in fact survive those institutions, it is far easier for a country or corporation to disappear than Bitcoin. Just take a look at history, you will see several corporations and countries that have vanished in the last century.

By and large, no one doubted that bitcoin is the market leader.The season of altcoins has not yet begun due to the fact that the market has not yet matured. But I am sure of the next or in 1 year altcoins will fly to the moon.

Honestly speaking bitcoin is the best cryptocurrency as at now in this industry. Looking at the services and the packages bitcoin offers to investors and traders, there's no doubt that bitcoin is the number one and top leading cryptocurrency.

Originally published on coinclarity.com (this is my own article, but its more of an opinion piece than a news item, so I posted it here -- I'd like any input you may have to give on it).

Bitcoin has tripled in price since the beginning of the year – a move that not a whole lot of people saw coming – yet this time around altcoins have failed to follow in its footsteps… Why? In this article, we take a deeper look into what might be going on in the minds of investors that is preventing the expected “altcoin season” to manifest itself in the wake of bitcoin’s recent rise.


Hail King Bitcoin: Why BTC Remains #1 After All This Time
 
Normally speaking, within the context of the last 5 years or so, bullish momentum for BTC has usually translated into bullish momentum for altcoins. However, 2019 thus far has proven to be a rather lackluster year for most altcoins, as the total market cap of all altcoins has only doubled in comparison to bitcoin’s tripling. This has had the byproduct of helping BTC’s dominance of the total market cap percentage actually increase instead of decrease; the opposite of what happened in 2017.

Indeed, a few altcoins have had rather extraordinary rises in 2019, some even surpassing that of BTC’s. In terms of return on investment (ROI), Litecoin (LTC) is up 233%, Holochain (HOT) is up 223%, and Binance Coin (BNB) is up a staggering 408%. However, the list of coins that managed to beat King Bitcoin is much smaller than the list of coins whose ROIs paled in comparison. Take for example this year to date chart comparing the top 10 coins by market cap (excluding Tether, for obvious reasons).



All but 2 coins have a lower ROI than bitcoin, and Ripple (XRP) has somehow managed to be negative for the year thus far. Other traditionally “top tier” coins that have significantly underperformed in 2019 include IOTA (MIOTA), losing 1.7%, and Stellar (XLM), down a whopping 18%. No matter how you dice it, altcoins as a whole have not lived up to investor expectations in light of bitcoin’s magnificent rise.

Looking back at the great bull run of late 2017, the crypto market saw a declining dominance of bitcoin in the total market capitalization of all coins. This was due to the fact that even though bitcoin was rising to stratospheric new heights, the altcoin market as a whole was rising even faster. Coins like Ethereum (ETH), Dash (DASH) and NEM (XEM) – among countless others – were experiencing drastic gains in magnitude that BTC had not seen since 2011. Thus, even though the total market cap of all coins was rising, bitcoin’s relative share of this metric was on the decline. This can be visualized in the chart below, which shows BTC’s percentage of the total market cap (top line) sinking throughout the year as compared to other coins.



In 2019, however, a different picture has emerged: BTC is up, but altcoins as a whole are not up very much at all. This has led to an increasing dominance in the total market cap by bitcoin, rising from 52% on January 1st to 65% today. Likewise, the percentage of the total market cap held by other coins has been on the decline, meaning most of the new money flowing into crypto has been aimed at bitcoin.



So what gives? Why hasn’t there been a terrific “alt season” yet for altcoins in 2019? Well, a number of theories abound. The one most popular with altcoin holders – particularly those who recently plunged their money into alts thinking that they would be due for a 2017-like boost thanks to a rising bitcoin – is  that there is a lag currently occurring and that a renewed interest in the altcoin markets is just around the corner. Another theory, though not nearly as popular, is that altcoins were simply far too overvalued the last time around. In 2017, there seemed to have been a lot more optimism about what the future of cryptocurrency held. The idea was catching on that the general public may one day soon be ready to adopt not only bitcoin but a whole host of other coins as well, each one being able to fill a particular niche in the online economy.

After years of being overwhelmed by skeptics and a larger feeling of irrelevancy, the attitude of crypto enthusiasts in 2017 – encouraged by a largely prosperous 2016 – was that a blockchain solution could be applied to almost any problem, and that everything could be tokenized. In the fourth quarter of 2017, it truly looked like the sky was the limit for cryptocurrency. Globally-speaking, investors poured billions into highly-questionable projects, hoping to get in on “the next bitcoin.” Pretty much every cryptocurrency with the word “coin” in its name saw a rise, from Potcoin (POT), to Sexcoin (SXC), to PutinCoin (PUT).

The most notorious of coins to benefit from bitcoin’s rising tide was undoubtedly Bitconnect (BCC), which even managed to crack CoinMarketCap’s coveted top 10 for a couple of months. Though 2018 saw a surge of ICO projects that made 2017 look tame by comparison, a damper was put on the mood of crypto investors when a study revealed that up to 80% of the ICOs conducted in 2017 had proven themselves to be scams. Indeed, the market had grown too rapidly, and it was beginning to be impossible to sort out legitimate projects from the illegitimate. Dozens (if not hundreds) of Ethereum tokens that started out with good intentions are now all being thrown into the same branding as scam projects, perhaps even along with Ethereum itself.

To make matters worse, the rate of crypto adoption hasn’t been happening nearly as quickly as the markets are reflecting, which means that an even larger percentage of the total market cap is speculation-based than before. The third and fourth quarters of 2018 saw some major corrections occurring, with several coins having 50-80% of their market cap wiped out. Many of these coins will likely never recover, as perhaps they had simply been over-valued for far too long. Popular crypto Twitter personality Peter McCormack perhaps put it best in a recent tweet:


After all these years, BTC is still number one; more firmly now than it has been since April 2017. This fact stands even in the wake of potential “Bitcoin Killers” whose popularities have most likely already waxed and waned (the likes of which include ETH, BCH, and most recently, BSV). Bitcoin remains the increasingly-dominant cryptocurrency for some good reasons:

• It is the oldest, most dominant, most respected of its class, having achieved by far the greatest penetration of real world use case scenarios.
• It has some of the most innovative, experienced and well-funded minds working to make it better, allowing for its evolution in the face of stiff competition (Blockstream, Bitcoin Core, Lightning Network developers).
• It is the most trusted and secured of all blockchains, with over a million individuals likely to be mining on its network at any given time.

Of course, anything could happen in the future, and it’s surely possible that one day King Bitcoin will be overthrown by a worthy competitor that is perhaps better suited to meet the public demand for a permissionless, decentralized digital currency. However, for the time being, BTC reigns supreme in not only market cap, but in having the elements required to attract a wide stream global audience — a potential crowd of users that as of yet has been barely tapped into, even after 10 years in the making.

(for full links and image credits please visit the original source on coinclarity.com)