Can someone explain this to me | Bitcointalksearch.org

rb26

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Quote from: satrapus on November 05, 2017, 06:03:19 PM

I have only been into crypto currencies for a few weeks so forgive me if my question is daft...
If bitcoin is at such an early stage in terms of taking over even a small percentage of the world monetary system, and yet it is having to fork to resolve technical issues, is there not a more efficient crypto currency out there that wouldn't have these problems?
For example, if vertcoin had to handle the same volume of transactions would it perform better?
With over 1200 crypto currencies out there I don't understand why bitcoin still dominates. Surely there are technically far superior solutions out there. I know it was the first one but does this alone warrant it being the most popular?

I think it is simple, bitcoin is the original and those other coins are made because of the bitcoin success. Even if there comes more altcoins out there, it will be useless if they have small value or nothing at all. They will never have if people are ignoring to use them. That is tje law of supply and demand, plain and simple. And that is why bitcoin is still on top of cryptos.

Naruil

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No explanation needed you can see for yourself that bitcoin went up really fast in value because there are a lot of people who invest in it nowadays.
And i don't think it will go down soon i think that the bitcoin value will keep rising to the top.

prtty2gal2

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Quote from: hualangktsld841 on November 08, 2017, 06:38:08 AM

Bitcoin is very popular because it is the first encrypted currency, because bitcoin is synonymous with the industry, now the market can reflect its value. In addition, it has been tested many times, because it is the first successful application of block chain technology.

You know all the people are now trusting the bitcoin because they are knowing that the bitcoin will give then the best value and the high profit so it is the time to increase the value with the time I know how fast the bitcoin is being popular this is the main reason behind the increasing price and he high value, I know now the demand of the bitcoin is very high and all the people are demanding for the bitcoin.

coinsontheroad

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Bitcoin certainly has a brand essence. It is the first cryptocurrency, the most popular and to most people, the only one that exists. I think it's important to remind ourselves how early in the game we are.

So it will be difficult for any other crypto to take it's place in the near future. That being said, reality is reality. If it is to be used as a currency, its issues must be resolved. Otherwise, I can see its sole use case turning into a store of value. And if it continues to rise in price, why would anyone want to spend something that is only going to appreciate?

Once crypto becomes more recognized and people start using it, they may eventually find a superior coin for the type of transactions they want to make. Once we reach the point where cryptos can compete on a mass scale (widespread public adoption), then there might be a time that people abandon bitcoin as a currency and perhaps another coin will take its place as the superior "brand" for digital currency.

freeElectron

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Quote from: satrapus on November 05, 2017, 06:03:19 PM

I have only been into crypto currencies for a few weeks so forgive me if my question is daft...
If bitcoin is at such an early stage in terms of taking over even a small percentage of the world monetary system, and yet it is having to fork to resolve technical issues, is there not a more efficient crypto currency out there that wouldn't have these problems?
For example, if vertcoin had to handle the same volume of transactions would it perform better?
With over 1200 crypto currencies out there I don't understand why bitcoin still dominates. Surely there are technically far superior solutions out there. I know it was the first one but does this alone warrant it being the most popular?

Its weird, I agree. People think brand is more important than tech. One day it will come to an end.

Pettuh4

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Quote from: roddy5 on November 09, 2017, 05:40:38 AM

Quote from: satrapus on November 05, 2017, 06:03:19 PM

I have only been into crypto currencies for a few weeks so forgive me if my question is daft...
If bitcoin is at such an early stage in terms of taking over even a small percentage of the world monetary system, and yet it is having to fork to resolve technical issues, is there not a more efficient crypto currency out there that wouldn't have these problems?
For example, if vertcoin had to handle the same volume of transactions would it perform better?
With over 1200 crypto currencies out there I don't understand why bitcoin still dominates. Surely there are technically far superior solutions out there. I know it was the first one but does this alone warrant it being the most popular?

Yes there might be other coin that can perform better than bitcoin but again no one can beat the original, how could your coin prove the promise that you are giving and how sure are people that it is true, How are you planning to let people transfer to your coin from bitcoin?

It's naturally difficult to convince people out of the original and such is the case with bitcoin. There might be many forks and many altcoins will emerge on the scene but the originality of bitcoin cannot be dented by any of those even though they might come with a better technology. Bitcoin is already a sell out and will be difficult for people to change their minds and move away.

djaliel

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many of the factors that affect bitcoin are the foremost:
1. bitcoin is the oldest and successful in the first crypto field
2. although many coins are better system than bitcoin, but it does not have a big effect on bitcoin price, because the bitcoin system is sufficient for perfect transactions.
3. developers still work to date to develop bitcoin
4. bitcoin remains the benchmark for all coins, including this forum
5. and many more that affect

roddy5

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Quote from: satrapus on November 05, 2017, 06:03:19 PM

I have only been into crypto currencies for a few weeks so forgive me if my question is daft...
If bitcoin is at such an early stage in terms of taking over even a small percentage of the world monetary system, and yet it is having to fork to resolve technical issues, is there not a more efficient crypto currency out there that wouldn't have these problems?
For example, if vertcoin had to handle the same volume of transactions would it perform better?
With over 1200 crypto currencies out there I don't understand why bitcoin still dominates. Surely there are technically far superior solutions out there. I know it was the first one but does this alone warrant it being the most popular?

Yes there might be other coin that can perform better than bitcoin but again no one can beat the original, how could your coin prove the promise that you are giving and how sure are people that it is true, How are you planning to let people transfer to your coin from bitcoin?

aml007

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I’m no expert, but I’ve been aware of bitcoin and block technology for a while now, and would only really talk about it with a handful of people who knew about it. Now though, more and more people are asking about it as it’s built so much momentum recently, they look a bit bemused when you explain the whole system and then eth, altcoins etc. So I think it’s because it’s what people are talking about that makes bitcoin so popular now, just have to wait and see what happens over time.

hualangktsld841

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Bitcoin is very popular because it is the first encrypted currency, because bitcoin is synonymous with the industry, now the market can reflect its value. In addition, it has been tested many times, because it is the first successful application of block chain technology.

KalaiBTC

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Quote from: tutorroma on November 06, 2017, 07:26:33 AM

I think that if you have a condition, you can explain the current bitcoin. Because bitcoin is synonymous with encrypted money. In addition, it was the first coin to be encrypted! Even if the other coin technology is better, or there are other advantages, faster transfers and so on. But it can't replace bitcoin. Without bitcoin, there is no encrypted currency, so you can think of it!

Many crypto currencies were launched and introduced to the market but all got dumped except for bitcoin, it was astonishing at the moment because people were welcoming it warmly and getting involved into it happily, the reasons all were its ease and comfort. It is quick and easy to be transferred and gives a high output

loragean03

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Quote from: satrapus on November 05, 2017, 06:03:19 PM

I have only been into crypto currencies for a few weeks so forgive me if my question is daft...
If bitcoin is at such an early stage in terms of taking over even a small percentage of the world monetary system, and yet it is having to fork to resolve technical issues, is there not a more efficient crypto currency out there that wouldn't have these problems?
For example, if vertcoin had to handle the same volume of transactions would it perform better?
With over 1200 crypto currencies out there I don't understand why bitcoin still dominates. Surely there are technically far superior solutions out there. I know it was the first one but does this alone warrant it being the most popular?

bitcoin is bitcoin, we already meet bitcoin as early as 2010, from how small it is and saw what happens next until now, so the legacy of bitcoin is unbreakable from those people who truly supporting bitcoin since then, so why do they convince them selves to choose one of that 1200 existing crypto currencies that has no technical problem or system is much better than bitcoin to invest for rather than this very popular and most valuable bitcoin to be replace ? for me I will stay supporting bitcoin even theres has existing one that has a system that better than bitcoin.

Jating

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Quote from: satrapus on November 05, 2017, 06:03:19 PM

I have only been into crypto currencies for a few weeks so forgive me if my question is daft...
If bitcoin is at such an early stage in terms of taking over even a small percentage of the world monetary system, and yet it is having to fork to resolve technical issues, is there not a more efficient crypto currency out there that wouldn't have these problems?
For example, if vertcoin had to handle the same volume of transactions would it perform better?
With over 1200 crypto currencies out there I don't understand why bitcoin still dominates. Surely there are technically far superior solutions out there. I know it was the first one but does this alone warrant it being the most popular?

I agree with you that there are a lot of superior coins out there. Take for example in terms of its anonymity, Monero is far more superior than bitcoin because we all know that bitcoin is traceable in the blockchain and they can follow you. However, Monero doesn't enjoy the support of community regarding this design. Because bitcoin is the first and the most 'trusted' eventhough its pseudo-anonymous only. And now bitcoin becomes a form of investment and store of wealth. I think being the first has its advantage specially in the crypto market.

Flor1982

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Quote from: satrapus on November 05, 2017, 06:03:19 PM

I have only been into crypto currencies for a few weeks so forgive me if my question is daft...
If bitcoin is at such an early stage in terms of taking over even a small percentage of the world monetary system, and yet it is having to fork to resolve technical issues, is there not a more efficient crypto currency out there that wouldn't have these problems?
For example, if vertcoin had to handle the same volume of transactions would it perform better?
With over 1200 crypto currencies out there I don't understand why bitcoin still dominates. Surely there are technically far superior solutions out there. I know it was the first one but does this alone warrant it being the most popular?

Bitcoin continue to dominates the altcoins because with out bitcoin the altcoin will not going to exist too. Bitcoin was the first digital currency created in which when it become successful in the market it becomes the first who received the reputation and trust as a digital currency that after all of these success some businessman will just copied the ideas of bitcoin and start created of their own coins but unfortunately they could not follow thy path of bitcoin in which some of the altcoins are now a crap.

amrulshare

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Hardfork completely does not fix bitcoin be better, it's just of the market-leading cryptocurrency potential for now. Bitcoin is an original product and everything is just crypto copyfund

fiulpro

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Its more widely accepted and trusted also other cryptocurrencies were formulated on the idea of bitcoins its more like supporting some original idea or.. Looking at something that copied yours and managed to resolve some of the issues.. also its okay since the developers know that since its out in the market it needs some specific improvements..but not always these kinds of improvements are considered nice.
If its very important and safe then only developers do launch.. other version of bitcoins but when its threatening the safety of bitcoin holders then they simply don't.
Thus I think not always new things and are more advantageous. You know that quote ^ old is gold Wink

^

Reid

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Popularity is correct and also add the trust issues.
The longer one crypto is running the better. Look at LTC and ETH, they are also the most used in the crypto world.
About the trust issues, on my own opinion it is like someone is controlling the other cryptos unlike with bitcoin where no one can. That is why the price is so unpredictable.

lucifochrome

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You already said it yourself, bitcoin was the first, the original cryptocurrency so just by this it just means that it gets more support from the community. Yeah sure there are other cryptocurrency that is better than bitcoin in some terms but in general bitcoin is still better. If you are looking for a stable crypto currency you may want to look at etherium but in the long run bitcoin still will dominate the crypto market.

Shirin16

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Quote from: satrapus on November 05, 2017, 06:03:19 PM

I have only been into crypto currencies for a few weeks so forgive me if my question is daft...
If bitcoin is at such an early stage in terms of taking over even a small percentage of the world monetary system, and yet it is having to fork to resolve technical issues, is there not a more efficient crypto currency out there that wouldn't have these problems?
For example, if vertcoin had to handle the same volume of transactions would it perform better?
With over 1200 crypto currencies out there I don't understand why bitcoin still dominates. Surely there are technically far superior solutions out there. I know it was the first one but does this alone warrant it being the most popular?

however I think bitcoin will always be the main digital currency. it happens because the other krypto can come up thanks to the idea that found this bitcoin technology. so as good as any other krypto solve the existing problem, it will still be defeated by bitcoin.

bob123

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I think you are not viewing at the things right. Bitcoin does not really have "big" technical issues.
And nor are those technical issues "handled/resolved" with forks. There are just groups of people out there
who don't agree on how bitcoin 'has to work'. Groups of people get together and start 'improving' bitcoin.
After convincing people of their improvements they start to fork from bitcoin, mostly to be the real (and better) bitcoin (e.g. bch, btc2x).
There may be coins out which could handle those mass of transactions better than bitcoin. But being a better coin does not directly mean
it also will get popular and rise in value. It is still about "who was first". The biggest userbase grows faster and bigger than a small userbase.

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