Topic: Bitcoin doing monopoly business in cryptocurrency platform ! - page 2. (Read 1039 times)

Not sure how much will this have the impact on the btc or other currencies as people are now used to it. Facebook coin may not be a huge successful after their recent controversy of selling the data people have started to ban the FB and deleting their account on the FB. So it will be an advantage for the btc.

It is growing strongly, the market is exciting because BTC, BTC has done business exclusively in the market from the beginning. Since it is the first digital currency and the BTC rate is very high, no electronic money in the market can come to its competition.

You are partially right. But the market was not monopoly. The customers were free to select and they chose Bitcoin.

Well, I agree with you that BTC was doing monopoly business in the market from the very beginning. As it is the first digital currency and the rate of BTC is very high there are no such cryptocurrency in the market that can come to its competition. But I think a completion will be a good thing now in the market it will change the market condition and the total scenario.

I think that bitcoin age is coming to an end. Once major companies such as Telegram, Facebook or Google create their own cryptocurrency, they will beat bitcoin for sure.

You think that there's no competition among cryptocurrencies. You have to realize that there is. It is just that majority of supposed Bitcoin investors are clueless as to what is really happening. They are clueless since they are treating Bitcoins as though they are shares of stock. It is not. They converting Bitcoins into whatever hoping that will get profits from changes in the market as though they are Forex traders. Bitcoin is not fiat. The trend nowadays is due to ignorance. Bitcoin is a different animal. 

calling it monopoly maybe not correct , it does not make sense , bitcoin is running their business since a very long time and there is many more competition in the market so I feel by doing monopoly one business can't be stand for long

I agree with you that btc is still in control of other currencies, it is difficult to have a currency that can replace it.

Yes, BTC can do that for sure. But currently, BTC itself facing a challenge due to heavy competition in the crypto market.

The importance and popularity of the bitcoin has taken it to a place where no other crypto can reach. So bitcoin can start competition with other transactional currencies.

Yes, there is no monopoly at this moment. But still, bitcoin taking advantage from 50% market share in the cryptocurrency. What about monopolistic competition? I still fell bitcoin doing monopolistic like De Beers Jewellers.

This is not a monopoly by bitcoin itself, the performance of other coins had led into bitcoin getting a monopolistic state. Coins like TAU, KmD if keep trying to come up with their projects (which they are) then they can also reach there.

If that is your definition of monopoly, then you are absolutely wrong. Bitcoin has been top ranked does not mean it has been an obstruction in way of other coins. It has been at a great position always and if these coins like ICX, PRG and EOS keep trying they can also reach there. It is not a monopoly.

bitcoin monopoly (market term not board game)

bitcoins mining algo is PoW in which it actually costs users funds to maintain the network and create the coin. this mechanism puts a lump of value underlying the price a miner is willing to sell at as they wont want to make a loss.
bitcoins hashrate is more than other networks because the community have put effort into mining it and caused a good underlying value (bottomline value support) for the bitcoin price.
bitcoin has monopolised the mining industry as it has the highest amount of hashrate compared to other coins

unlike PoS coins that create coin and maintain the network at virtually no cost. which is where these PoS coins will not surpass bitcoin. unless bitcoins mining costs deminish substantially

that said, since 2013 bitcoin has LOST other unique benefits that could have strengthened its monopoly (top position) so things to need to be fixed if bitcoin wishes to remain in its top spot and not be replaced by another network that may surpass it if all the mining pools jumped ship and the merchant tools/'we accept crypto' stores swappd networks

we are already seeing signs of the merchant tools monopoly to bitcoin die. just look at coinbase and bitpay. which used to only offer merchants bitcoin as payment. they ave recently added other coins.

we are starting to see other PoW coins use the same ASICS as bitcoin for mining. and there is a chance if those other coins include some of the benefits bitcoin is missing. that mrchants and miners will jump ship.

so never think that bitcoin is "too big to fail". instead demand the devs re-concentrate their efforts on the main bitcoin protocol and fix th mainnet issues instead of being financially incentivised to scream out mainnet cant scale, mainnet shouldnt be used as a currency. just to push people into other networks that are not unique to bitcoin

you keep repeating the same thing about "competition" but you don't mention any names. i don't see any competition out there! there are shitcoins such as ethereum that have high volume, high price and get pumped a lot but that doesn't mean they are "competing" with bitcoin. it just means we have a pump and dump coin that was successful in its pumping process.

BTC is already facing huge competition from other cryptocurrencies. Monopoly business can be prolonged if they find any differentiated product. I mean BTC has to introduce something new to its users so that it can stay on the top.

Of course, Bitcoin has nearly 40% volume from all cryptocurrency market nowadays, that is why he has all rights affect the price of all other currencies, but i am sure, that in a few years, maybe faster, this trend will crash and cryptocurrency will be free from the influence of Bitcoin price.

Yes, It is true that BTC has no longer monopoly advantage. There are different crypto already to compete with BTC. BTC is also doing its best to be top of the list. Now, its time to see how it goes in future.

At the beginning of the formation of cryptocurrencies it was exactly like this but now there are many more cryptocurrencies that are worth noting such as e.g. Etherum. The more cryptocurrencies there are, the more facilities we can expect because each of them will try to be the best-optimized cryptocurrency. Monopoly is not a good thing because it's competition that makes all services strive for perfection.

As we know other cryptocurrencies are copying the technology from BTC. So, BTC has the technology advantage that makes it great. So far, I find everybody just trying to copy the technology and strategy from BTC.