Bitcoin doing monopoly business in cryptocurrency platform ! - page 3.

imrul5

newbie

Activity: 56

Merit: 0

Quote from: Pursuer on June 27, 2018, 04:15:50 AM

Quote from: imrul5 on June 27, 2018, 03:44:58 AM

BTC is the first comer in this cryptocurrency platform and no other crypto are able to come near to bitcoin.

that is a common mistake and you are being brainwashed by the altcoin advertisers/bag holders into thinking that is true.
the fact it bitcoin being big has nothing to do with it being first. being first surely helped but the reason why nothing has yet come even close to bitcoin is because they either copy bitcoin's code/technology or they create something useless with a lot of problems while trying to fix a small and simple problem that bitcoin has.

if some day someone creates something that is REALLY good not just looks good then it will come close to bitcoin and it can even grow bigger than it. but such coin is not yet created and may not be created unless altcoin devs and the community stop wanting pump and dumps.

Quote from: imrul5 on June 27, 2018, 03:44:58 AM

Also, its value increased due to monopoly. To me still, BTC doing monopoly business. Look at the other currency they are far behind from BTC.

I don't think you know what "monopoly" means. try reading the link other poster gave you.

Thank you, sir, I am just a learner. That's why I am asking you guys. I know there are some great people here who can explain me this thing.

Pursuer

legendary

Activity: 1638

Merit: 1163

Where is my ring of blades...

Quote from: imrul5 on June 27, 2018, 03:44:58 AM

BTC is the first comer in this cryptocurrency platform and no other crypto are able to come near to bitcoin.

that is a common mistake and you are being brainwashed by the altcoin advertisers/bag holders into thinking that is true.
the fact it bitcoin being big has nothing to do with it being first. being first surely helped but the reason why nothing has yet come even close to bitcoin is because they either copy bitcoin's code/technology or they create something useless with a lot of problems while trying to fix a small and simple problem that bitcoin has.

if some day someone creates something that is REALLY good not just looks good then it will come close to bitcoin and it can even grow bigger than it. but such coin is not yet created and may not be created unless altcoin devs and the community stop wanting pump and dumps.

Quote from: imrul5 on June 27, 2018, 03:44:58 AM

Also, its value increased due to monopoly. To me still, BTC doing monopoly business. Look at the other currency they are far behind from BTC.

I don't think you know what "monopoly" means. try reading the link other poster gave you.

jseverson

hero member

Activity: 1834

Merit: 759

Lol, let's define monopoly first:

Quote from: https://www.investopedia.com/terms/m/monopolymarket.asp

What is a 'Monopolistic Market'?
A monopolistic market is a theoretical construct in which only one company may offer products and services to the public. This is the opposite of a perfectly competitive market, in which an infinite number of firms operate. In a purely monopolistic model, the monopoly firm can restrict output, raise prices and enjoy super-normal profits in the long run.

It's not even monopoly. The cryptocurrency market is a free one, where everyone is free to choose which coins to use. Bitcoin is the largest because the majority gives it high regard, not because it tries to gobble up its smaller competitors -- something which monopolistic firms actually do. The market has actually been increasingly competitive if we use Bitcoin dominance as a "competitiveness" metric. Either way, you can't stop the best from being the most successful.

imrul5

newbie

Activity: 56

Merit: 0

Quote from: Pursuer on June 27, 2018, 01:53:15 AM

no you are right, bitcoin should begin its real competition with real currencies such as US dollar, Euro, Japanese Yen,... instead of just being a cryptocurrency and separate from them. it has already started though. as the merchants are adopting bitcoin as payment and as countries start recognizing bitcoin as a legal way of payment this competition begins.

I don't know why you call it "monopoly" though. that doesn't make any sense to me.

BTC is the first comer in this cryptocurrency platform and no other crypto are able to come near to bitcoin. Also, its value increased due to monopoly. To me still, BTC doing monopoly business. Look at the other currency they are far behind from BTC.

Pursuer

legendary

Activity: 1638

Merit: 1163

Where is my ring of blades...

no you are right, bitcoin should begin its real competition with real currencies such as US dollar, Euro, Japanese Yen,... instead of just being a cryptocurrency and separate from them. it has already started though. as the merchants are adopting bitcoin as payment and as countries start recognizing bitcoin as a legal way of payment this competition begins.

I don't know why you call it "monopoly" though. that doesn't make any sense to me.

imrul5

newbie

Activity: 56

Merit: 0

I think the only bitcoin can make this cryptocurrency market stable. BTC was doing monopoly business over last few years. It's time to do some competition with other good currency. Am I right or wrong?

Topic: Bitcoin doing monopoly business in cryptocurrency platform ! - page 3. (Read 1007 times)