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Topic: So Bitcoin is King.. why is it?! - page 9. (Read 1886 times)

jr. member
Activity: 178
Merit: 1
May 05, 2018, 11:19:57 AM
You can say that the king is Bitcoin, because. Remember when branching out of monero, monero price has fallen to the moon. If you can observe that without US dollars you can not convert your fiat currency to other currency and you can not buy goods abroad. Bitcoin is also like this if you do not have Bitcoin You can not buy or trade with other Altcoin.
newbie
Activity: 29
Merit: 0
May 05, 2018, 11:17:09 AM
The fact that bitcoin dominates the crypto-world is certainly a fact. There are several reasons why bitcoin is a leader and is not going to lose its position.
1. Recognition (pioneer factor).
2. Record showed stock quotes.
3. High capitalization threshold.
4. The index of dominance.
5. Network effect.
6. The global spread of the Blockchain.
7. Periodic implementation of new algorithms.
8. Application as a means of saving.
9. The adoption by retailers.
10. Volatility.
full member
Activity: 392
Merit: 100
May 05, 2018, 11:09:40 AM
Because he is the first in the crypto currency. Because it's popular. It is simple and safe. I like bitcoin
not only that, which makes bitcoin king because bitcoin prices soar and coin-coin can not compete with bitcoin anytime, so many think that bitcoin is king of coin
jr. member
Activity: 322
Merit: 1
May 05, 2018, 11:04:07 AM
Because he is the first in the crypto currency. Because it's popular. It is simple and safe. I like bitcoin
jr. member
Activity: 224
Merit: 1
May 05, 2018, 10:40:33 AM
Bitcoin is a cryptocurrency and a worldwide payment system which was invented by an unknown person under the pseudonym of Satoshi Nakamoto. It has also helped other cryptocurrencies to get investments and have them existence. And bitcoin is considered as the undisputed and yet undefeated king in the crypto world. Bitcoin has the highest rate of merchant adopter, services, ATM's, exchange, fiat pairings, users and wallets.
newbie
Activity: 140
Merit: 0
May 05, 2018, 10:34:29 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.

Yes,  as my opinion the bitcoin is the father of all coins. Because bitcoin is the first pioneer digital money currency that runs to the blockchain transaction. And it was created by Mr. Satoshi Nakamoto in 2009. Since the bitcoin is the king of all coins it has also a highest price value compare to all altcoins.
newbie
Activity: 53
Merit: 0
May 05, 2018, 10:23:16 AM
because bitcoin is the first coin, and the highest among the other coins, there is altcoin also because to cover its weaknesses only, since bitcoin only has a 21 million coin supply only, that's why many people want to have it because of limited supply, no mistake if bitcoin become king all coins.
jr. member
Activity: 434
Merit: 2
May 05, 2018, 10:15:37 AM
I think why bitcoin is the king. Because he is the first crypto and his price greater than other crypto currency thats why he called king of crypto
hero member
Activity: 658
Merit: 505
May 05, 2018, 10:13:38 AM
As we all know bitcoin is popularly known as "The Father of Cryptocurrencies". It is so called because it is first of it's kind.It is the first decentralised cryptocurrency.I think one of it's striking features is that it keeps the user anonymous and secure.Name me any one altcoin which has ever crossed the value of $19000 per token/coin.There isn't any right!!!!!!.That's what makes it the king.
And i believe that bitcoin devs are working really hard on Lightning network.I guess soon in the near future we will be able to transact bitcoins in lightning speed with minimal transaction fee.Once the devs find a solution to these two problems of speed and transaction fees there isn't any power which can rival bitcoin.
member
Activity: 336
Merit: 10
“Crypto Depository Receipts”
May 05, 2018, 10:12:46 AM
I do really believe that bitcoin still the king of all cryptos and no other crypto currencies can compare to it. Because bitcoin is more popular and more profitable.

Theres no altcoin, etherium, steemcoin and etc. Without bitcoin, bitcoin is the foundation of all coin, thats why bitcoin is the king of all crypto coins. Bitcoin is so popular other than coin and it is profitable. You can invest in long term or short term and it depends on your strategy to earn profit.
newbie
Activity: 114
Merit: 0
May 05, 2018, 10:10:57 AM
Sure it is, because compared to other crypto currencies bitcoin is more stable and it has been around for a longer time. Also it has gained more adoption than any other cryptocurrency.
newbie
Activity: 110
Merit: 0
May 05, 2018, 10:07:16 AM
Bitcoin is the first digital cryptocurrency  and most valuable high demand able currency . bticoin represent the all other crypto currency and it is the highest market cap currency.
Bitcoin is at a significant advantage, which it has won fairly through its early presence and iterative improvements. There will be many more times where it hits economic, governmental and commercial challenges, but if it’s track record is anything to go by, it will overcome them and evolve into something stronger.
newbie
Activity: 89
Merit: 0
May 05, 2018, 10:04:24 AM
I think bitcoin is more powerful than any other crypto currencies and no one can ever replace to bitcoin.
I believe that bitcoin is the first crypto currency who ever made and uses in some countries unlike other digital currencies who are still low quality and untrustworthy.
member
Activity: 224
Merit: 10
May 05, 2018, 10:03:21 AM
Indeed, when the situation is very much people who transact bitcoin will be a bit old for delivery, but it's not more than 1 day in my opinion. Bitcoin became the king of his cryptocurrency because its value can be said to be huge for now.
full member
Activity: 476
Merit: 100
https://saturn.black
May 05, 2018, 10:00:23 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.
I met with cryptocurrency thanks to only BTC and he did a lot of good for me and I am very grateful to him. Even though I'm not good at it, BTC will always be my king of cryptocurrency.
newbie
Activity: 112
Merit: 0
May 05, 2018, 09:55:19 AM
I do really believe that bitcoin still the king of all cryptos and no other crypto currencies can compare to it. Because bitcoin is more popular and more profitable.
newbie
Activity: 126
Merit: 0
May 05, 2018, 09:54:37 AM
Bitcoin is the first digital cryptocurrency  and most valuable high demand able currency . bticoin represent the all other crypto currency and it is the highest market cap currency.
full member
Activity: 854
Merit: 102
PHORE
May 05, 2018, 09:53:52 AM
because maybe bitcoin is more familiar than altcoins in the market so called bitcoin is king but that's really better because it's someone else's and because of the high price and its future
member
Activity: 238
Merit: 10
May 05, 2018, 09:51:53 AM
It was the king and it will be the king for quite a long time due to its the first use of blockchain technology and already run for nine years, it prove itself by overcome lots of problems and survive to now, more and more people get to know blockchain and I think there will be a new coin replace bitcoin in the future
member
Activity: 95
Merit: 13
May 04, 2018, 08:43:02 AM
Bitcoin remains king in crypto.
Now the  transfer fee is very low (around $1).
Lighting network is in testing which speed up the transfer speed.
I think btc is the universal currency one day.
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