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Topic: So Bitcoin is King.. why is it?! - page 7. (Read 1886 times)

newbie
Activity: 70
Merit: 0
May 10, 2018, 07:42:43 PM
because bitcoin is the first coin that is created with a limited amount and the price is so expensive that makes bitcoin in the nickname as the king of all coins in the market crypto
full member
Activity: 364
Merit: 100
May 10, 2018, 06:08:50 PM
Bitcoin - king? For me, definitely Yes. But I try not to treat currencies as an idol. For me, this is a way to make money and make my life and the lives of loved ones, freer and happier.
member
Activity: 280
Merit: 10
MEGATRON - THE RISE OF BLOCKCHAIN REVOLUTION
May 10, 2018, 06:06:46 PM
Bitcoin is the first coin to be created on the cryptocurrency market so the number of supporters and investors in it is enormous. The scarcity of bitcoins also makes it a valuable asset and receives a lot of attention from people. There is good news about bitcoin and the cryptocurrency market so I believe everything will be fine in the future.
member
Activity: 476
Merit: 13
May 10, 2018, 05:55:27 PM
Bitcoin has the largest network. To repeat Bitcoin, no one can yet. Besides, he has the longest history. This makes him the largest crypto currency.
member
Activity: 322
Merit: 10
May 10, 2018, 05:32:52 PM
That's interesting. Why almost in all themes, the first answers the most interesting, useful and informative. And then it starts all over again. Thanks to those people who think what they write.
member
Activity: 378
Merit: 10
May 10, 2018, 04:57:20 PM
Yes. It is so because it was the first digital currency and has paved way for the emerging ones now. Ethereum is next to it because it is on it crypto app lie on. Bitcoin has gone through tough times even in time past and people follow other cryptocurrencies because of bitcoin.
member
Activity: 378
Merit: 10
May 10, 2018, 04:55:02 PM
I such a broad subject copied itself for explanations friends. Thanks. I also agree that bitcoin is the king. I don't expect it in the near future something will move from the first place.
full member
Activity: 348
Merit: 100
May 10, 2018, 04:44:20 PM
Bitcoin is the first crypto currency started in the year 2009  Because of its certain positive features its popularity has widen globally and its public usage has been considerably increased.It is a decentralized one with anonymity,its all transactions are recorded in an electronic ledger with block chain technology.So bitcoin has attracted the attention of the educated mass of the global community and it has spread its wings world wide.Bitcoins market capital has increased considerably and its daily traded volume also very high so bitcoin is the king in the market among other crypto currencies.
full member
Activity: 233
Merit: 100
May 10, 2018, 04:12:45 PM
Why do simple numbers cost so much money? The answer is simple: because everyone uses them Roll Eyes Roll Eyes
member
Activity: 137
Merit: 10
May 10, 2018, 03:46:06 PM
As a king the bitcoin is called because of the increasing of bitcoin is risen up as following a huge rate its own section. The bitcoin owner who has 1 bitcoin he seems to be a rich man . So measurement of the activity of any person who has bitcoin currency in his crypto wallet is mean to as like as a king with out being it the royal power.
newbie
Activity: 126
Merit: 0
May 10, 2018, 02:52:58 PM
I guess because it was the first one and so it is popular as first, other than that there are equivalent or better coins now.
newbie
Activity: 129
Merit: 0
May 10, 2018, 02:33:17 AM
I understand for the past years, Bitcoin has been the king of cryptos, but why is that so? I have been for several months now reading a lot about the whole crypto ecosystem, i even bought several bitcoins back in August (sold them all today, for 4x returns and am keeping all the money in the broker account, and maybe i'll buy BTC again just as soon as i manage to retrieve my belief in BTCs future viability -i am trying really hard).

Enough background, now on to the topic at hand. I am now all too familiar with the challenges BTC has in front of it, and i sincerely can't see a solution.

1. Slow transactions - If you pay a high enough fee (at the moment over $15), you'll get a 10 minutes confirmation for your transaction. So at the very least it takes 10 minutes for a transaction to pass through, which really isn't so much assuming one is willing to pay the high fee. If one doesn't want to pay over $1 (i mean why should we, since the original idea of cryptos was that they should be cheap, fast and anonymous!), then one will wait indefinitely, probably for days or even damn weeks!!!

2. High fees - Now over $15 for high priority on the blockchain. Imagine if the price were to multiply by 5x. The fees!! $100+ per transaction maybe? This is insane. Satoshi Nakamoto has/have probably unfortunately died (i mean he/they WOULD by now have come forward and said enough is enough, miner cartels are ruining the BTC system and these high fees are outrageous insanity) turning in his grave with the hell that is happening to the BTC's ecosystem.

3. Lack of solutions - The major solution everyone is currently clinging to is the Lightning Network. Really?? It is still theoretical. Will it ever be effectively implemented and integrated into BTC and its blockchain? We don't know. Will it be practical, and effectively reduce costs substantially? We don't know! When will it be ready? Sometime in 2018? With a measly small team of developers? 2018 maybe! If it ever becomes pratical. Right now it seems the WHOLE BTC ecosystem hopes that the LN will work and solve ALL of BTCs complex problems. This is a very big and risky assumption. If it doesn't, i sincerely don't see how the BTC is going to navigate ever higher demand and users. It will bottleneck even more and the result will not be pretty. Besides, the whole concept of creating off-chain direct channels between users doesn't seem very practical to me, but perhaps i am wrong.

4. Miner cartels? Have major miner groups taken over the BTC? I haven't studied it deeply enough to make this conclusion, but this is the feeling i am fetting, maybe i am very wrong. Why isn't a solution to this DAMN OBVIOUS BOTTLENECK PROBLEM being chased with the urgency that i think the BTC community should have? Maybe i am missing something, or many things, i am by no means an advanced and very knowledgeable member of the community. But is the theory that major miner groups hijacking the BTC ecosystem in order to keep their high fees absurd? Maybe it is, but at my current understanding it seems like a possibility.

5. Bitcoin considered solely as a store of value. Right now, the only use of BTC is functioning as a store of value. Let other cryptos serve the more mundane task of serving as cash! BTC is digital GOLD! So the argument goes. Is this enough for the BTC? This isn't what i thought BTC was supposed to be. It SHOULD serve as a srote of value as well as a means for making fast and costless daily transactions. You see i am not against a system that serves solely as a store of value but i WONDER if it will be enough, will BTC present enough utility for people once they realize they can't use it for small transactions, but instead they should see BTC solely as something akin to a long term investment, that isn't useful for small transactions? The way i see it the more utility a crypto currency presents to its users, the ore value it will have, and right now there are a dozen CRYPTOS will a lot more utility than the Bitcoin.

So i ask again what makes Bitcoin the King? Network effect? The fact that it has been time-tested longer than any other crypto? A supposed community that supports it (what support they give eludes me too, i don't see much support actually)? Right now i see the BTC as a bloated, outdated and overvalued ecosystem that may survive and continue to thrive just because it has the first mover advantage and biggest network, but i am not sure of it and would really appreciate if it actually kept the edge in it's design and technology too over other cryptos. Right now i don't see it at all.


if we keep searching for the weakness of Bitcoin, then we will not be able to benefit from Bitcoin.

it is good to ask like this but it would be good we also can learn better again Satoshi Nakamoto.
newbie
Activity: 42
Merit: 0
May 07, 2018, 09:45:44 AM
Its the oldest among the cryptoz and so generally its assumed as the king or the ruler.
newbie
Activity: 104
Merit: 0
May 06, 2018, 10:50:36 AM
I think bitcoin is also called a  king because it is now the most highest coin in crypto world maybe people know about it already that is why many people today wanted to have more bitcoin for the near future because they believe  that bitcoin has really a great big capacity to continue rising in the near future.Bitcoin is really amazing than any other coin. Smiley
member
Activity: 243
Merit: 10
May 06, 2018, 10:39:29 AM
Cryptocurrency which first appeared was bitcoin. Which at the time of launch is very cheap and no one is interested in bitcoin. However, the current bitcoin becomes the cryptocurrency king of the other cryptocurrency types.
member
Activity: 196
Merit: 11
May 06, 2018, 10:29:49 AM
Bitcoin is still the King and there's no other cryptocurrency will beat Bitcoin. Even fiats, Fiats can't defeat bitcoin. Etherium and tokens are just a cryptocurrency that are trying to beat bitcoin but they still not defeating it.
full member
Activity: 518
Merit: 100
May 06, 2018, 07:13:46 AM
We can say that Bitcoin is the king of all coins because it is the most popular coin in crypto and it has the highest value coins once we think cryptocurrency the first sought coins is Bitcoin.
full member
Activity: 357
Merit: 130
May 06, 2018, 04:55:17 AM
I think that bitcoin is number one, because He is the founder of the crypto currency, it all started! In addition, bitcoin has no master, which gives him a huge advantage!
newbie
Activity: 217
Merit: 0
May 06, 2018, 04:00:23 AM
Bitcoin is the first and very strongest crypto currency which has started in the year 2009.It is known as the king among the alt coins because its popularity among the educated mass is widened world wide due to its varied usage in the human life.The investors and business people are attracted bitcoin as a good investment which can be operated world wide.Bitcoin is volatile in the market which will be good for the day traders.This is usable for the salary payment and for the service bill payment etc.Bitcoins market capital  and the daily traded volumes are very high so we can say that bitcoin is the King among the crypto currency.
member
Activity: 125
Merit: 19
May 06, 2018, 03:40:37 AM
bitcoin is the king cuz its the real idea the originale idea  the first one and cuz its limits (mining,coins) it will be allways the first and top 1
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