Why Bitcoin and not any Altcoin? - page 5.

Die_empty

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Quote from: bananaunana on June 25, 2024, 10:18:30 AM

What is your most important pro Bitcoin argument?
We know many Altcoins want to be better compared to Bitcoin but have failed so far
Please share here and also add a short comment why it is your most important Bitcoin argument.

Altcoins are usually used in scams and Ponzi schemes. But Bitcoin is just a coin that cannot be easily used to scam people. We all know that if you not dealing with Bitcoin, it is altcoins. But people can easily be deceived into investing in a pump-and-dump altcoin that promises great returns. Bitcoin has a wide range of acceptance and usage in different countries. Many countries have approved Bitcoin ETFs because it is the dominant coin in the crypto space.

Investing in altcoins is more risky because of its high volatility but Bitcoin is less volatile. Bitcoin is suitable for long-term investment, but it is not the case for altcoins. Bitcoin had a high rate of liquidity because of its popularity and wide acceptance. You can always find someone who wants to sell or buy Bitcoin.

coolcoinz

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The biggest advantage bitcoin has over altcoins is its name and lack of ruling entity that you can target.

Name gives it the same advantage that coca cola has over other similar brands. In many countries every similar drink is called Coke. There are hundreds similar drinks that taste like Coca Cola and you might actually have one of them in the fridge, but you'll ask your guests if they want some Coke, even if you have Pepsi or something else.
The thing is, not many people know what XRP, or Cardano are, but everybody knows BTC.

thecodebear

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Altcoins are pretty much all cash grabs (pump and dumps), or entirely useless, occasionally outright scams, and are simply centralized products put out by companies or individuals.

Bitcoin is global decentralized money for humanity.

These are two very different things.

Buy Bitcoin with money you can't afford to lose, mess around with altcoins only with money you can afford to lose.

I_Anime

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there are alot of altcoins at there, and most of them are project that may lead to alot of losses because is not easy to find altcoins that would be able to keep to your expectation like bitcoin does. even those top main coins still have higher risks compare to bitcoin . though bitcoin has his own risk that is attached it but still it is easily manage especially as a long term investment. that is why is better to base on bitcoin than other coins.

MeGold666

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Quote from: bananaunana on June 25, 2024, 10:18:30 AM

We know many Altcoins want to be better compared to Bitcoin but have failed so far

Where have you been for the past decade ? I think you need to educate yourself about Monero.
..or keep walking with your eyes closed and believe Bitcoin is actually better Cheesy

Quote from: taufik123 on June 25, 2024, 09:24:16 PM

Indeed, sometimes there is a spike in transactions that makes transaction fees very expensive and unreasonable, but it will not always last it will always go down in the end. As in the ERC20 network, it is also sometimes very expensive in some moments.

So how Bitcoin will survive when block reward will not be enough to sustain mining operation ?
I already know the answer, you probably too.

Reatim

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Quote from: bananaunana on June 25, 2024, 10:18:30 AM

What is your most important pro Bitcoin argument?
We know many Altcoins want to be better compared to Bitcoin but have failed so far
Please share here and also add a short comment why it is your most important Bitcoin argument.

I’m going to have to say its decentralization.

A lot of altcoins are just launched for the sake of the development team. For them to gain profits but it’s not actually for the community unlike bitcoin in which it was made to be actually used not to be a source of income.

Since it is also the first one then it is seen as the most reliable one and legitimate one. The others are just trying to replicate what bitcoin is but fail constantly.

crwth

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In the first place it is the first one that have been created and bitcoin has a great finite value that isn’t really blown up and it could give more value in the long run. With more demand, I hope you understand that it could increase in price.

The thing that I really like is that in the cryptocurrency market, The majority Of the alternate cryptocurrencies follow the price of bitcoin. So it’s like you’re just buying bitcoin so why not choose the OG?

Katherine_Alicia

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I class fiat as the first shitcoin, and I don`t like being stolen from, so I choose Bitcoin.

dezoel

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Quote from: avikz on June 25, 2024, 11:26:56 AM

To be honest, Bitcoin enjoys first mover advantage. Because we have many altcoins available in the market which are technically more advanced than Bitcoin. But no altcoins was able to move out Bitcoin from the first position.

I believe the biggest strength of Bitcoin is its community. No other coins have such a strong community like Bitcoin. The community is global in nature. If some old coin is able to pull together a community bigger than Bitcoin, will surely over take Bitcoin. But for now, I do not see it happening!

If only BTC has initiative, then for sure it will but BTC deserved it for being the first coin as well. Given that BTC is the first, this can be the reason on why it can't keep up with the pace and this might be the reason why alts were born. Alts can still give a big credit to BTC because without BTC they may not also exist. Apart from the BTC's technology, yes community is also what makes BTC to stand still.

To me, it does not matter anymore if BTC will get kicked out in his position, I mean I will still support it strongly and no matter what other coins or people do, the legacy of BTC will never be erased anymore. It's like it is already written in stone.

Psalms23

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My top pro-Bitcoin argument would be about decentralization and security. Bitcoin's decentralized nature means no single entity controls it, which makes it resistant to censorship and interference. Plus, its proof-of-work system, while energy-intensive, is highly secure and has proven its robustness over the years. This makes Bitcoin a trustworthy store of value, especially in uncertain economic times.

lovesmayfamilis

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The very name of the topic implies irony—some kind of altcoin. Exactly. Whatever it is, it doesn’t matter; it will still be worse than Bitcoin. Of course, those who like to take risks, who hope for quick gains, and who are ready to lose everything at once will flock to altcoins. But those who need decentralization, security, and durability will choose Bitcoin. After all, its history can serve as good evidence of its quality, which is an important selection factor for reasonable people.

Smack That Ace

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Quote from: avikz on June 25, 2024, 11:26:56 AM

To be honest, Bitcoin enjoys first mover advantage. Because we have many altcoins available in the market which are technically more advanced than Bitcoin. But no altcoins was able to move out Bitcoin from the first position.

I believe the biggest strength of Bitcoin is its community. No other coins have such a strong community like Bitcoin. The community is global in nature. If some old coin is able to pull together a community bigger than Bitcoin, will surely over take Bitcoin. But for now, I do not see it happening!

It's true that bitcoin's power comes from the community that supports it. But to have a strong community, bitcoin must have something that the community needs, the community will not need the currency if it does not have any special features or does not bring any benefit to them. Altcoins are more advanced than bitcoin in terms of speed and transaction fees, but in terms of security and privacy, no altcoin can beat bitcoin. Meanwhile, what the community prioritizes is decentralization and privacy, not speed or any other features. So, the fact that bitcoin has the largest community is not a coincidence or because it was the first cryptocurrency but its superiority over the rest of the market.

Darker45

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Why decentralized and not centralized? That's how your question could be rephrased. It could be rephrased in more ways, but that alone speaks volumes. That alone is enough for people to prefer Bitcoin over altcoins. But Bitcoin is not better than altcoins in just a single aspect only.

As far as PoW versus PoS is concerned, is that how simple it is? Why Bitcoin and not Bitcoin Cash, then, when they're both using the PoW consensus algorithm? Or why not Dogecoin? It's using proof of work as well and even has much cheaper fees.

taufik123

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Quote from: seoincorporation on June 25, 2024, 03:33:06 PM

-snip-
Bitcoin keeps having a better Market Cap because it was the original crypto coin, but in the future, that will change.

There will be more and more technological innovations that surpass Bitcoin, not about how fanatical a person is about Bitcoin so as not to see how Altcoin technology is getting better and better.

Bitcoin is also under development and several Layer 2 Bitcoin networks have also emerged such as BRC20, Ordinal and most recently the Rune Protocol.
Indeed, sometimes there is a spike in transactions that makes transaction fees very expensive and unreasonable, but it will not always last it will always go down in the end. As in the ERC20 network, it is also sometimes very expensive in some moments.

Bitcoin remains the parent of all altcoins that appear with the largest market capitalization, so the state of Bitcoin will affect all altcoins.
I'm a Bitcoin holder as well as an altcoin, so I like both to date.

PrivacyG

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Why would I bother with the risk other Cryptocurrencies imply? LUNA destroyed lives. Tether is a time ticking bomb. XRP, the old Ripple, has had multiple waves of ultra high uncertainty that resulted in many losses. Doge Coin is a lever of Elon Musk that he pulls up or down when ever he wants. Bitcoin has always been stable instead. It always proved to be the most trust worthy of them all. This is why I would choose Bitcoin and not another Cryptocurrency. Bitcoin is still the first for a very good reason.

GreatArkansas

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Quote from: bananaunana on June 25, 2024, 10:18:30 AM

What is your most important pro Bitcoin argument?
We know many Altcoins want to be better compared to Bitcoin but have failed so far
Please share here and also add a short comment why it is your most important Bitcoin argument.
(...)

Mine is always unforgettable because this experience of mine happened when I was just starting. Everything I had before was Bitcoin only but because of curiosity I was lured to altcoins, so some of my Bitcoins before were converted to random altcoins and I lost a lot of Bitcoin because those altcoins just dump and became dead but Bitcoin is always there.
That's why I already learned the lesson.

BlackBoss_

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Quote from: bananaunana on June 25, 2024, 10:18:30 AM

What is your most important pro Bitcoin argument?
We know many Altcoins want to be better compared to Bitcoin but have failed so far

My most important Bitcoin argument is PoW because PoW really ensures Bitcoin is safe and can't be attacked very easily, like it is possible for PoS, for example.

Proof of Work is only one of components for a project. It does not decide quality of that project.

Many Proof of Work cryptocurrency projects died. Many Bitcoin 'forks' died too.

Don't buy altcoins because they are top altcoins
How Many Bitcoin Forks Are There? You will be surprised!!!
Dead coins: Over 50% of cryptocurrencies have failed

Assface16678

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I think this discussion has already been talked about many times, and still the answer will always be the same. Although altcoins are there and have also been proven to be a good alternative to bitcoin, not all altcoins could have the potential to grow or have a good future because people or investors are also becoming more meticulous when it comes to investing in different coins because there are a lot of coins that could become scams or have the potential to rug pull, which should be avoided. That's why there are just a few altcoins that are popular because they manage to establish a good community for their currency. Why bitcoin first? Well, of course, bitcoin is the main currency; without it, there will be no altcoins or any coins out there, so the first choice of investors will always be bitcoin, and it hasn't changed over the years.

Russlenat

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Quote from: mk4 on June 25, 2024, 03:38:22 PM

This question is very similar to "Why the S&P500 or index funds and not micro-cap stocks?"

Simply because the huge majority of people are really not capable of picking the right altcoins with the right timing. Most people are simply better off buying the 'safest' asset with the best r/r(BTC, in this case), and just make money elsewhere(instead of trying to get rich off altcoins).

Exactly. Not all altcoins have the potentials to succeed, the reason why we have to carefully chose those right altcoins over those fakes ones. But I think it's not easy as it is since majority of us still fall investing on the wrong altcoins. That's why the best solution here is just to stick with bitcoin only, as engaging into different altcoins might be highly risky and is more prone to losing our capital.

EL MOHA

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There are Many Reasons why I am a bitcoin pro all day, the security is the most important thing. You will see people saying bitcoin only stays as number one because it was the first, I totally disagree the utility surrounding bitcoin will help it go past any other coins even if it comes earlier. People’s claim about bitcoin having scalability issue and other coins been more scalable is to me not a good point. The reason why bitcoin is faced with congestion is the nature of use, if any other coins especially those with low transaction fee actually gets the same volume that is on bitcoin I believe they will be much worse.

My other argument is, no matter the problems people think it’s has no one has created something that beats it or correct those mistakes, solving those problems only results into some certain limitations of security.

Bitcoin is also less volatile and a safe heaven well looking for a currency with less inflation risk.

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