Topic: Bitcoin the powerhouse of cryptocurrency (Read 334 times)

Bitcoin and altcoins, are related in the sense that they are all based on blockchain technology and operate within the broader cryptocurrency ecosystem. Bitcoin, being the first and most well-known cryptocurrency, often serves as a benchmark for the entire market.
Altcoins, on the other hand, refer to any cryptocurrency other than Bitcoin. They were developed to address certain limitations or improve upon specific aspects of Bitcoin.

Altcoins can be categorized into different types, such as utility tokens, security tokens, stablecoins, and more. Some altcoins aim to provide faster transaction speeds, improved privacy, smart contract functionality, or niche applications within certain industries.
Bitcoin's value and market movements often influence the overall sentiment and direction of the cryptocurrency market, including altcoins. When Bitcoin experiences significant price movements, it can cause a ripple effect throughout the market, impacting the prices of altcoins as well.

It is very important because investment is made with trust. Bitcoin network is strong enough to gain trust from investors and is part of factors to convince potential investors to spend money for buying bitcoin.

It is solid like rock. No one can change total supply of Bitcoin and its circulating supply only becomes less than its total supply with time as more people lose bitcoin and contribute to more bigger lost amount of Bitcoin.

The truly decentralized network of Bitcoin helps it to avoid attacks and censorship on transaction confirmations. It gives Bitcoin users their own banks and no longer rely on banks for capital movements. Bitcoin holders only have to broadcast their transactions with enough transaction fee to get confirmations from miners, then it's done by miners, no engagement from banks or governments.

Bitcoin is far superior to other cryptocurrencies for many reasons. It has the largest & most established network providing greater security & reliability. There is a limited supply making it resistant to inflation & potential devaluation. Its decentralised nature ensures that no central authority can control or manipulate it. Bitcoin's widespread adoption & recognition make it more accessible for trading, investing & everyday transactions. Its pioneering technology (the blockchain) has inspired countless innovations & paved the way for the entire cryptocurrency ecosystem. Overall Bitcoin's unique features and first mover advantage contribute to its prominence in the crypto world.

Certainly Bitcoin emerges as the pioneer that truly changed the game, I found it amazing to see how the first Blockchain ever created not only gave life to a multitude of other cryptocurrencies, but also completely transformed our perception and way of transacting with money. Decentralization also has a profound impact on financial inclusion… I have seen that in many parts of the world, access to traditional banking services is limited or non-existent, so in this context, bitcoin can offer a viable solution by allowing anyone to With internet access I can participate in financial transactions and access basic financial services, of course, in some countries this does not happen, there is still a lot of ignorance regarding BItcoin, for example my country. That is why I have been trying to get more people know about Bitcoin little by little, to get them to become more educated about this technology.

Hmm, interesting.. DeFi world with BTC can have boundless opportunities, for now I would like to comment on the inflation with BTC, as you have used the arbitrary it seems like you already knew something about the time inflation with Bitcoin. Bitcoin does provide a hedge against inflation but BTC is not anti anti-inflation solution because Bitcoin inflates.

The fundamental aspects of Bitcoin are strong enough that we can say the only reason the crypto market is still standing over and over again after so many crises. "Bitcoin is the powerhouse of cryptocurrency" can be taken into account because Bitcoin is the reason we have explored this dimension to this level that is now near in future it will be the most used technology. I do support a few altcoin projects but I think except for a few most them are shady bussniess.

This is the reason why I really don't trust most of the altcoins right now. It's like they are only here to steal your money while if you just put it on Bitcoin, you will feel secure and able to sleep every night.
We all know altcoin is high risk: and high reward and take note that there are a lot of them while Bitcoin is only one. So for me, I rather go for the safest and consistent reward than risk huge.

Bitcoin, the pioneer cryptocurrency, stands as a powerhouse due to its decentralized nature, limited supply capped at 21 million coins, and widespread adoption. It revolutionized digital finance by enabling peer-to-peer transactions without intermediaries, offering security through blockchain technology. Its scarcity cultivates value, driving interest and investment. Bitcoin's resilience against inflation and geopolitical uncertainties attracts individuals and institutions, cementing its role as a store of value. Its impact on shaping the broader crypto landscape, influencing technological innovations like smart contracts and altcoins, solidifies its status as the leader in the cryptocurrency realm.

It still doesn't seem like an accurate metric. Before cryptocurrencies, it was meant to represent the size of a company financially; the company's capital one might say. There is no such thing in bitcoin. Currently, 1 BTC = $27,100, with a market cap of $528.8B. If some large company buys $1B worth of bitcoin, it will increase the total money inside the system but not as much as the market cap will reflect. For instance, it could rise the price by 5%, but the company wouldn't have added $26.44B (5% of the market cap).

Sounds like we should switch the currency which we use to measure market cap. 

Bitcoin is the main cryptocurrency, this is true. This cryptocurrency is trusted, it didn't have problems with becoming too cheap (unlike many other tokens). So the adoption of BTC is most likely to be the highest of all the cryptocurrencies. As for its value, I assume long-term BTC hodling is far less risky than hodling  any other cryptocurrency.

It is worth knowing that when it comes to cryptocurrencies as a whole, market capitalization is kind of a meaningless number because of the way it is being calculated which is supply*price.
You see unlike stocks where the "supply" is the actual number of shares that are owned by actual stockholders, in cryptocurrencies the "supply" doesn't have to be real or in circulation. It is any supply like the premined coins that never enter circulation or any coin that the centralized authority of a centralized altcoin can print out of thin air at any moment if they wish to without releasing them to the public.

So when we talk about market cap, it makes sense for bitcoin because the bitcoin supply is all real and was entered into circulation as the reward for the work that was done by miners. However when you are talking about it in a comparing scenario and you get altcoins involved things start falling apart. For example the altcoin with the biggest market cap has 72 million premine and at this point it is being printed out of thin air artificially inflating its market cap.

With the above explanation you can understand how what you are referring to as "dominance" is a falsehood and is actually market cap ratio or a battle of supplies.

I remember those days when you talk about Bitcoin, the first thing that people will think was it's a scam. Those days are gone but the people that are still the same thing are still there.

I guess it won't change quickly over time but time will make the differences when people have already realized that Bitcoin is a real thing and they can no longer ignore it.

While there have been new technologies that came out and thought that it will be able to dethrone Bitcoin, they didn't find any success.

Bitcoin had been the power of cryptocurrency for so long before now and that is why it has huge influence in the crypto market. If everyone keep investing in Bitcoin rather than altcoins, we will be surprised the way the price of Bitcoin will skyrocket suddenly with huge momentum. Now that we are in the bear, it also affected other cryptocurrencies in the market making them to be in near too with the hope that when the price of Bitcoin goes up, they will likewise go up too following the bull trend that Bitcoin will create in the market.

It's very important to realize that bitcoin could change your life for the good and that's an important thing. A lot of people end up not realizing how important it is and they act as if this is something normal. We are talking about something that has the potential to change your entire life and if you are not careful then you are going to end up missing a lot of chances without a doubt.

This is one chance you guys could end up with something that would be a bit more risky and with this going on, I think we should be not avoiding this chance. Finance world will not recover, it may look like it will get better, but then it will have another crash some time in the future. If you are in bitcoin, that won't matter to you.

Thats the truth. Rather than mentioning it as the power house we can state it to be the backbone to the entire cryptocurrencies. If the bitcoin wasn't able to stand strong none of the cryptocurrency stands in the upright position.

The usage of BlockChain technology is quite effective and even the countries that had banned cryptocurrencies were in much favour on blockchain technology usage. Some way the technology is making big change around the world.

Altcoins kept separately will give good profit based on the asset. We don't know how many games were there to be prized. When something had gained popularity, then we shouldn't fall for it.

I wanted to ignore your post initially because it seems we are not on the same planet and it's certain that what I say might be difficult for you to understand. Many like you live only in the present while a few people live both in the present and future. It shocked you right? It's a mystery and don't let us go there because you will never understand even if I explain from now till tomorrow.

Let me go straight to the two points that called for my attention, and they are; the top-secret and crypto community is powerful to defend itself.

Top-secret - It's not in the defence and national security alone. Also, as it's in politics where we only see the surface but the true reason for some actions will always be hidden while they pursue their agenda bit by bit, so is present in governance and regulations as well whether you agree or not.

The crypto community is powerful to defend itself - As much as I want Bitcoin to remain forever, don't think many governments want that, the true decentralization of Bitcoin should tell you a lot of why they are not happy about it which also applies to many countries that still allow it. Now, if they are successful in separating it from other cryptocurrencies, which crypto community will defend it? It will by then be the Bitcoin community defending itself. It would have been thinner by then which is what the regulator want. Always remember that what government could appreciate in cryptocurrency is blockchain technology and not decentralization. As you know, many cryptos are no more decentralized even if they preach such to you, that's regulation working underneath, it's those cryptos they would prefer then, and if they are successful in splitting Bitcoin from crypto, I see more issues coming, it will be easier for them to perpetrate their evil.

Mind you, the government's power can't be compared to the Bitcoin community as you wrongly believe, it's more. If top nations agree and start clamping down today, it will be almost total. Imagine no domain hosting anything BTC, no exchange could associate with it, and OS bringing down any app related to it. What do you think would happen?

My conclusion remains that, if possible, it's better to stop the government now or not support them from separating Bitcoin from other cryptos for any reason. People think the regulator is doing Bitcoin good, but in the end, they will realise that the government is for no good intentions.

Bitcoin and altcoins have different designs by their protocols and technical designs that help Bitcoin to be totally different than altcoins and regulations on Bitcoin and altcoins would be very different too.

Since 2009 and years later with abundant altcoins have ever been created, Bitcoin appears to be the King and irreplaceable.

It seems they use a criterion, decentralized or centralized, for Bitcoin and altcoins to apply their regulations against those cryptocurrencies.

Altcoins are centralized and are very first sensitive, most vulnerable cryptocurrencies to be regulated by governments as they know their regulations on altcoins will have bigger chance to succeed than on Bitcoin.

Yes, I totally agree with you, friend. For now no one will be able to ban bitcoin absolutely and significantly. Because the system that exists in bitcoin is indeed very well designed and difficult to stop. Even those who have authority, such as the government, cannot restrain and cannot completely ban the use of bitcoins. Maybe according to the rules and laws, in countries that prohibit bitcoin, it has been made and legalized. But still, bitcoin users are still annoying and cannot be stopped by these rules. Because basically, owning or investing in bitcoin is not too detrimental to the government, so bitcoin investors in countries that have a ban on bitcoin, continue to continue trading and investing. So at this point the governments in countries that reject bitcoin, will definitely be confused to find loopholes so they can stop the adoption of bitcoin which is growing day by day. That's why the act of controlling the market has become a new way for them, to at least put a brake on the continued adoption of bitcoin.

And in conclusion, if bitcoin continues to survive, surely other cryptos will continue to exist and survive. But if bitcoin loses and disappears, surely the other cryptos will also fade and disappear. Because even though bitcoin and crypto(altcoin) have different systems, for example bitcoin is decentralized and crypto(altcoin) is not. But still, bitcoin is the heart of cryptocurrencies or the parent of cryptocurrencies.

Indeed Bitcoin is the powerhouse of cryptocurrencies and has made itself superior and king among every other crypto out there because it has stood the test of time, despite all sorts of challenges it has faced, including being a scam coin or Ponzi scheme, and despite several bans it faced, yet it is scaling through and one of the reasons for its scalability is the fact that Bitcoin is truly decentralized and the most transparent cryptocurrency.

Its simple to make assumptions about the future and take the initiative. Regulators are not enigmatic characters preparing to bring Bitcoin to an end. They are governmental organizations entrusted with ensuring economic stability and public security. Do you really think they have the time to carry out some elaborate, top-secret scheme against only one cryptocurrency?

Not to mention the might of the crypto community. The notion that only Bitcoin can fend off regulators is, to put it mildly, absurd. There are numerous cryptocurrencies with thriving communities, cutting-edge technology, and practical uses. Do you really believe they'll surrender and admit defeat?

the government is now seeing that no matter what they do, just like the banning of China, still the market continues. and so what they can do now is to regulate this market rather than totally banning the usage of it. this is the beauty of this technology. as there is no specific government that can manipulate or control, people have the power to hold their funds without the intervention of authorities.
and as we have seen, the adoption is increasing as more and more companies are joining this market.