What are the comparative advantage of Bitcoin over other blockchains?

CryptSafe

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Quote from: mk4 on June 11, 2022, 11:48:02 PM

Quote from: PrimeNumber7 on June 11, 2022, 08:15:43 PM

I don't think something like the ability to execute smart contracts is necessarily a bad thing.

Yep. More functionality means more opportunities for growth, but at the same time increased chances of things that can go wrong. In the end it's pretty neutral and will totally depend on the person if he/she's allocating for higher potential gains vs lower but safer gains.

Higher potential goal is the altimate. So what are the increased chances of things going wrong?

Charles-Tim

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Quote from: Nrcewker on June 11, 2022, 09:18:48 PM

Bitcoins at first unique due to it’s large marketcap.

Yee, it is the first as it has the largest marketcap

Quote from: Nrcewker on June 11, 2022, 09:18:48 PM

Bitcoins are most secure if you compare it with others.

Yes, it has the strongest blockchain with the highest hash generation.

Quote from: Nrcewker on June 11, 2022, 09:18:48 PM

Not only secure, but also due to the decentralised nature of Bitcoins, it can’t be controlled by any government, therefore allowing it’s user to transact freely and independently.

Not controlled by centralized body like Vitalik Buterin or Do Kwon and other altcoins that still have a centralized developers.

Quote from: Nrcewker on June 11, 2022, 09:18:48 PM

At last Bitcoins transactions are anonymous, for which it allows safe transactions.

Bitcoin transaction is not anonymous, it is pseudonym. The transaction is transparent on blockchain, but can not be linked to people's identity if privacy is maintained.

crwth

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It is not the first digital currency but the first decentralized workable and the founder of solution to double-spending. That's one thing you can describe Bitcoin, and that's just the first achievement. It didn't take over anything because it was the first and still leads the competition between cryptocurrencies.

There are a lot of blockchain projects in development with good use cases, but it's still going to be a fight to take over BTC. Imagine, ETH has a lot of excellent projects under its belt, and it still hasn't overtaken it.

I think the thing you need to think about it is that BTC has become a store of value asset and not so much as a payment tool. I think that's the main difference when it comes to other cryptocurrencies.

mk4

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Quote from: PrimeNumber7 on June 11, 2022, 08:15:43 PM

I don't think something like the ability to execute smart contracts is necessarily a bad thing.

Yep. More functionality means more opportunities for growth, but at the same time increased chances of things that can go wrong. In the end it's pretty neutral and will totally depend on the person if he/she's allocating for higher potential gains vs lower but safer gains.

Nrcewker

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Bitcoins at first unique due to it’s large marketcap.
Bitcoins are most secure if you compare it with others.
Not only secure, but also due to the decentralised nature of Bitcoins, it can’t be controlled by any government, therefore allowing it’s user to transact freely and independently.
At last Bitcoins transactions are anonymous, for which it allows safe transactions.
These are just the basic features and for these features Bitcoins have advantages over other Blockchains while comparing.

nullama

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Quote from: CryptSafe on June 11, 2022, 08:48:29 AM

Bitcoin is no doubt the first digital currency i.e digital gold to be founded. So far it has taken the lead over other crypto currencies such as ethereum, cardano, stellar etc for some years now. It has been in limelight and had been recognized and accepted as a means of legal tender in most part of the world. Currently, many blockchain projects are under development with good potentials and use cases. Now I ask a question, Will Bitcoin survive the taste of time in the nearest future? Will there be any preferential treatment for Bitcoin if definitely a new contender comes up?
Your thoughts, ideas and opinions are welcomed.

There has been altcoins since about a decade or more ago.

Bitcoin is the most decentralized. Also, there's no premined coins. It's the most secure network.

PrimeNumber7

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Quote from: mk4 on June 11, 2022, 08:51:41 AM

Bitcoin is the most decentralized and most secure. Being a very simple protocol that only does permissionless value transfers is a huge advantage, compared to other blockchains that are trying to do multiple things.

More features = higher complication = higher chances that some things can go wrong

bitcoin supports transactions other than "permissionless value transfers". Prior to SegWit, for example, there were certain outputs that anyone could spend (although I don't believe this was ever actually used by anyone). Currently, data can be stored on the blockchain via OP_RETURN outputs. It is also possible to implement fairly basic smart contracts via bitcoin, although there are altcoins that are far superior for smart contracts currently.

I don't think something like the ability to execute smart contracts is necessarily a bad thing.

To answer the OP's question, the advantage that bitcoin has over blockchains is that the most effort is used to secure bitcoin's blockchain. In other words, bitcoin is the blockchain which the most effort is put into mining.

Asiska02

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Bitcoin still remains the best cryptocurrency to have ever existed. Its decentralized framework makes it outstanding amongst others decentralized method of operating. Many coins today depends on the market volatility of bitcoin, and can’t stand on their own without bitcoin. I don’t see any troubles coming for using bitcoin, its stance has already been seen amongst other coins and cannot become obsolete as some other coins do.

buwaytress

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Hate to use the word honestly, but it's utility. More people use it, more people use it more frequently, and there's no need to rely on a service or product to continue using it, or to keep reminding you to use it. Support is open and public, readily and quickly available. And there are just more actual businesses and other services building on it, to improve the experience for us.

I honestly can't see any other blockchain (you say blockchain and not crypto right?) coming close to it in terms of utility and that's really how you get something going and keep it going.

Every other alt (save Ethereum) blockchain would kill to have a hint of Bitcoin's utility. What's the point of all the supposed advantage of other blockchains (higher throughput, lower emissions etc) if virtually no one's using it to replace a method or to facilitate something they already do day to day?

BIT-BENDER

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Well one distinctive difference for me between Bitcoin over other Crypto-currency is passion and reason for creation, I am still baffled that the creator of Bitcoin remains anonymous up till date after creating a master piece that has even reached it fullest potentials, Bitcoin was created with selfless goals and everything was made to be close to perfection, on the other hands many other crypto-currency are majorly business for the creator, many short term business in form of scam and failed project, while many potential long term business.

kryptqnick

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I think it's true what was pointed out here that Bitcoin is the most decentralized crypto. I also believe that since it has the most resources dedicated to it (dev team, community), it is more secure because of how many people take part in it, can spot and fix mistakes etc. But of course there are more sophisticated blockchains that can be better at certain tasks than Bitcoin. But Bitcoin is good enough and trusted enough, and I think it also helps that we don't know who made it, so there's no power of the creator over the project.

teosanru

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Quote from: CryptSafe on June 11, 2022, 08:48:29 AM

Bitcoin is no doubt the first digital currency i.e digital gold to be founded. So far it has taken the lead over other crypto currencies such as ethereum, cardano, stellar etc for some years now. It has been in limelight and had been recognized and accepted as a means of legal tender in most part of the world. Currently, many blockchain projects are under development with good potentials and use cases. Now I ask a question, Will Bitcoin survive the taste of time in the nearest future? Will there be any preferential treatment for Bitcoin if definitely a new contender comes up?
Your thoughts, ideas and opinions are welcomed.

It's so far the most decentralised one. Even thought this advantage could vanish in just one second if Satoshi is discovered or he moves some of his Bitcoins from his cold storage. But so far this is the biggest advantage that Bitcoin offers otherwise in terms of scalability and price of a transaction it is much worse than others. Only two advantages are it's the first blockchain amongst all others and it is most decentralised one too

Fatunad

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Bitcoin blockchain tech is just really enough if we do talk about p2p transactions which is decentralized and pseudoanonymous but cant really be denied that there are blockchains
which are also good and those things are sitting behind in ranking or below with Bitcoin specially ETH. Smartcontracts utility is something revolutionary and same goes with others
too.Despite of being much better than with the current Btc blockchain but still not enough on beating it out on placing themselves on the top which simply means that
bitcoin would be always better.

hyudien

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Quote from: CryptSafe on June 11, 2022, 08:48:29 AM

Now I ask a question, Will Bitcoin survive the taste of time in the nearest future? Will there be any preferential treatment for Bitcoin if definitely a new contender comes up?
Your thoughts, ideas and opinions are welcomed.

I'm pretty sure that yes, Bitcoin will survive and destroy all the other goddamn altcoins that die, stop halfway, the developers take the money and walk away. And only bitcoin will survive. Nothing can match that in the concept of Bitcoin journey. Since its inception until now Bitcoin cannot be compared to any other blockchain.

Wiwo

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Other blockchain projects such as ethereum and the rest of the other altcoins can not be a match to Bitcoin's competency in terms of security privacy and the rest of the other quality that is embedded in decentralized currency, none of them can perform the role Bitcoin is performing as the unifying coin in the cryptocurrency market and no other digital currency will replace Bitcoin in playing that role not now or the nearest future.

Charles-Tim

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Quote from: CryptSafe on June 11, 2022, 08:48:29 AM

and accepted as a means of legal tender in most part of the world

Presently, bitcoin is accepted as a legal tender in two countries and one highland, they are El Salvador, Central Africa Republic and an island in Honduras, Prospera accepted bitcoin as a legal tender, but many other countries legalize the use of bitcoin.

Quote from: CryptSafe on June 11, 2022, 08:48:29 AM

Currently, many blockchain projects are under development with good potentials and use cases.

Many of the projects are scam, some become shit coins, some become dead coins. If only bitcoin is adopted, scam and money loss would have been not as common as it is as altcoins are shit coins in many ways. Bitcoin remain decentralized, unlike the altcoins that are all centralized. If I see bitcoin as gold, I see altcoins as centralized and some are scam means.

OcTradism

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Most decentralized network
Healthiest network with highest hashrate

Other blockchain networks will need more confirmations, longer time to have equivalent safety as of Bitcoin network. Because Bitcoin network is decentralized, no single person on Earth can halt the network.

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Quote from: Captain Corporate on June 11, 2022, 09:17:19 AM

There are none and I have to say that its not about blockchain at all. Bitcoins blockchain is a bad one and there are better blockchains out there, why I think like that? Because its obvious that we are in a situation where crypto is a new concept and altcoins are not doing as well as people think they do, alts are not that much popular and bitcoin is the most known one. So bitcoin doesn't need the best blockchain to move on, its not fast, its energy consuming, its expensive and yet we still keep it at first, because its really decentralized and perfect. Look at others, have cheaper transactions, faster ones, and doesn't consume any energy at all, and yet they are either not decentralized, or brand new compared to bitcoin.

In my opinion, the most comparative advantage of Bitcoin over other blockchains is it's fully decentralized and can't be governed by any entity by all means. The protocol was lunched for the aim to be accessible by everybody without the interfere of any third part entity whatever its power. In the other hand, almost all other alts (except for few ones) are maintained by centralized powers which can control over it whenever needed .

bittraffic

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Can we compare the difficulty in generating the coins/tokens?

Because with BTC, the more difficult it is to mine BTC plus the halving makes its price higher due to high demand and less supply. While other blockchain can generate tokens by staking alone. If anyone can generate coins thru holding coins, they can decide to sell the tokens at any given price since its still considered profit.

Captain Corporate

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There are none and I have to say that its not about blockchain at all. Bitcoins blockchain is a bad one and there are better blockchains out there, why I think like that? Because its obvious that we are in a situation where crypto is a new concept and altcoins are not doing as well as people think they do, alts are not that much popular and bitcoin is the most known one. So bitcoin doesn't need the best blockchain to move on, its not fast, its energy consuming, its expensive and yet we still keep it at first, because its really decentralized and perfect. Look at others, have cheaper transactions, faster ones, and doesn't consume any energy at all, and yet they are either not decentralized, or brand new compared to bitcoin.

Topic: What are the comparative advantage of Bitcoin over other blockchains? (Read 268 times)