Why Bitcoin is the #1 crypto currency in the world if it's slow and expensive?

YUriy1991

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Quote from: wiss19 on December 25, 2023, 08:46:02 AM

And for it to have a remedy, we are required to pay a little more. People needs to start realizing this, so that they will stop complaining about the high fees in BTC sometimes, or whenever the network is fully loaded.

If it is not considered complete at this time, I think it is natural that everything is still in the development stage and the Bitcoin core is adopting SegWit, an update aimed at overcoming transaction flexibility and increasing the speed and throughput of transactions on the blockchain. Yes, exactly as you said, if more and more people use it, there will be a slowdown and that is very understandable, especially nowadays.

wiss19

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Quote from: btc78 on December 24, 2023, 12:50:05 AM

Well simply because it has what other cryptocurrencies do not have which is time

bitcoin was the first ever cryptocurrency ever made let’s just say that bitcoin was not slow and expensive back then but of course time had passed and more and more people have discovered it hence increasing market activity but it’s still the #1 because it is what has proved itself against time

Time? Hhmm, that's odd. I thought time only exist for the living things like for us humans?
We don't just say, but it is actually true that BTC were fast and inexpensive in its early days. Though, the reason you have given there is correct and responsible for its change. Not just in Bitcoin but if we think about other things, they also work the same; that if more and more people are using them, there is also a slow down that happens.

And for it to have a remedy, we are required to pay a little more. People needs to start realizing this, so that they will stop complaining about the high fees in BTC sometimes, or whenever the network is fully loaded.

KingsDen

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Quote from: Get-Paid.com on December 22, 2023, 07:03:31 PM

Yes, it's the first coin ever created, but it's slow and expensive (unless you're using the lightning network which most people and businesses don't).

How come Ripple which is the cheapest and one of the fastest ones - failed investors since 2018 and never reached back to the all time high of $3ish and those who believed in Ripple got 0 yields and a slap in the face, and yet this slow & expensive currency is the holy grail everyone is talking about?

The question to why bitcoin is the number one cryptocurrency in the world even as it is slow and expensive, ought to be visible even to the blind. We have to discuss it thus;

Bitcoin is the number one cryptocurrency because from creation, it has been the number one
Bitcoin is the number one cryptocurrency because it has the highest volume as can only be compared by the volume of Altcoins put together.
Bitcoin is the number one cryptocurrency because it is the only truly decentralized coin
Bitcoin is the number one cryptocurrency because its network is well secured

It is true that bitcoin transaction is no where to be compared to that of ripple but bitcoin developers have been working modalities to make bitcoin scalable like LN, Sig wit, taproot etc

satscraper

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Quote from: Get-Paid.com on December 22, 2023, 07:03:31 PM

How come Ripple which is the cheapest and one of the fastest ones - failed investors since 2018 and never reached back to the all time high of $3ish and those who believed in Ripple got 0 yields and a slap in the face, and yet this slow & expensive currency is the holy grail everyone is talking about?

For same reason bronze and other metal alloys yield the palm to gold, platinum and other precious metals which are very rare and require a lot of resources to mine.

Regarding XRP, there are rumors that it may hit $3.5 or even $5 thus don't get discouraged if you are investor in this junk.

mamesso

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Slow and expensive, statements like this emerged recently after the cost of sending Bitcoin felt expensive. Bitcoin has many uses and most of the Crypto investors prefer to invest in Bitcoin over Rippel, Bitcoin also has fundamental strength in the market which makes its demand increase. Don't just look at one negative side to compare something with something, you have to go deeper to see its widespread use and adoption to compare the greater positives and negatives. Expensive costs are only a matter of time, this condition will not be permanent because costs will return to normal over time.

arwin100

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Quote from: Rampagoe004 on December 24, 2023, 06:05:26 AM

Quote from: Get-Paid.com on December 22, 2023, 07:03:31 PM

Yes, it's the first coin ever created, but it's slow and expensive (unless you're using the lightning network which most people and businesses don't).

One of the strongest reasons is because Bitcoin is truly decentralized and is a pioneer in cryptocurrency. People really believe in Bitcoin because one of the reasons why other coins are not as popular as Bitcoin is because of the fear of intervention and price manipulation from certain parties. The next reason is of course limited stock. Coincidentally Bitcoin has a very limited supply and has very many uses. That is also what keeps Bitcoin number one and I think nothing will be able to replace it.

Also because this coin is been well tested for a lot of challenges occurs and it surpass its huge supposed to be price drops that's why this one gather a lot of confidence so its not surprising that this is the most famous coin even if the fee is high and transaction sometimes take long.

Also Bitcoin is well marketed or introduced since if many people talk about crypto or if they teach someone about crypto they always talk about first bitcoin that's the reason why it became more famous since from time to time this always get a free exposure to the people want to know about it. I don't see the limited stock is the reason since for sure this will be the less reason but for sure since they see a great adoption came later on they realize that supply may play some important role to determine about what will happen in future.

Rampagoe004

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Quote from: Get-Paid.com on December 22, 2023, 07:03:31 PM

Yes, it's the first coin ever created, but it's slow and expensive (unless you're using the lightning network which most people and businesses don't).

One of the strongest reasons is because Bitcoin is truly decentralized and is a pioneer in cryptocurrency. People really believe in Bitcoin because one of the reasons why other coins are not as popular as Bitcoin is because of the fear of intervention and price manipulation from certain parties. The next reason is of course limited stock. Coincidentally Bitcoin has a very limited supply and has very many uses. That is also what keeps Bitcoin number one and I think nothing will be able to replace it.

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Quote from: Obari on December 23, 2023, 03:45:23 PM

Apart from the fact that bitcoin is becoming very slower and very expensive, I think one of the major reasons why people are accepting it more than any other cryptocurrency is it’s decentralized nature <>

The simple answer to your question is decentralization is the only reason bitcoin is superseding

Lol at guys like you man. Slower? 10 minutes average per block has always been the speed, priority of next block confirm is always in place. 9 confirmation services always there.

Very expensive lol thats price of adoption.

People using Bitcoin because its decentralized is nonsense. 90% of you posters keep BTC on exchanges.

NeilLostBitCoin

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Quote from: Get-Paid.com on December 22, 2023, 07:03:31 PM

Yes, it's the first coin ever created, but it's slow and expensive (unless you're using the lightning network which most people and businesses don't).

I am not certain if Bitcoin was the first cryptocurrency ever created, but I believe it is considered the number one cryptocurrency because of its price movements, earning potential, and the tremendous trust people have in it which is not comparable to other Altcoins. This trust factor makes the risk of investing in it lower as compared to other cryptocurrencies that may easily dump due to an issue. Moreover, people trust it more than any other cryptocurrency. But if you are looking for quicker and cheaper coins, there are many other cryptocurrencies to choose from.

davis196

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Quote from: Get-Paid.com on December 22, 2023, 07:03:31 PM

Yes, it's the first coin ever created, but it's slow and expensive (unless you're using the lightning network which most people and businesses don't).

How come Ripple which is the cheapest and one of the fastest ones - failed investors since 2018 and never reached back to the all time high of $3ish and those who believed in Ripple got 0 yields and a slap in the face, and yet this slow & expensive currency is the holy grail everyone is talking about?

Bitcoin is secure and reliable(by reliable I don't mean having a stable price). Some people are willing to pay an extra for more security and reliability. Ripple might have low transaction fees and faster transaction speed, but it's basically a centralized shitcoin. By having ripple coins, you rely on the mercy of the Ripple owners and developers. Yes, we all hate the fact that the BTC blockchain gets congested and the transaction fees go thru the roof, but there's no way around. Bitcoin will always be "digital gold" rather than a fully functional currency.

Ale88

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Quote from: Get-Paid.com on December 22, 2023, 07:03:31 PM

Yes, it's the first coin ever created, but it's slow and expensive (unless you're using the lightning network which most people and businesses don't).

How come Ripple which is the cheapest and one of the fastest ones - failed investors since 2018 and never reached back to the all time high of $3ish and those who believed in Ripple got 0 yields and a slap in the face, and yet this slow & expensive currency is the holy grail everyone is talking about?

Not everything is about speed and/or price: bitcoin is not only the first cryptocurrency ever created, like you say, it's the only one that was, is, and will be always decentralized. All the other altcoins are not decentralized at all, their founders hold a ton of coins so the can pretty much do whatever they want. Being decentralized is simply priceless.

btc78

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Well simply because it has what other cryptocurrencies do not have which is time

bitcoin was the first ever cryptocurrency ever made let’s just say that bitcoin was not slow and expensive back then but of course time had passed and more and more people have discovered it hence increasing market activity but it’s still the #1 because it is what has proved itself against time

Blitzboy

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The trust and legacy of Bitcoin underpin its dominance. Though slower and more expensive than newer cryptocurrencies, its the original and most famous. This familiarity builds trust among users and investors.

Ripple's problems show that technological dominance doesnt guarantee market success in crypto marketplaces. Investors want what they know and trust, and Bitcoin has a strong reputation. Besides speed and cost, trust has made it the "gold standard" of cryptocurrencies.

The crypto market is influenced by beliefs. Despite its shortcomings, Bitcoin has gained consumer trust that newer, faster, or cheaper cryptocurrencies have not. It shows the value of first-mover advantage and confidence in digital currencies.

NewRanger

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BTC will always be an aggressive investment with aggressive growth too, now. Are you likely to have to wait until BTC stabilizes again, I don't think so. Speculators are always looking for the moment when the price becomes discounted again and will always buy it back and that is why BTC is always Volatile.

Indeed, currently it seems slow and expensive as you mentioned above, but if more people use it, this is the main reason why the price of BTC will continue to increase. For Ripple, its users are still waiting and seeing regarding the resolution of Ripple's problem with the SEC, whether it will be finished next year, I'm just following it.

pinggoki

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Because it's the one that a lot of people trust the most, it's the one that a lot of cryptocurrency out there that aspires to be and it's like a premium if you have a bitcoin and that you're with the cool kids if you've got a bitcoin plus bitcoin's got a sure exponential growth out of all the cryptocurrency out there and the people know that despite all of this things that you mentioned OP. Bitcoin is the spearhead to the financial freedom revolution.

JunaidAzizi

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I can get to explain it to you in simple words. Imagine there are two persons one is an old person who has much experience and has built good trust while on the other hand, there is a young boy who does have not that much experience nor has built any trust and also faces many legal issues so how people can trust on a young boy instead of the old person. The same is the case with Bitcoin it is old And almost the first cryptocurrency to make a huge market, it's true that transactions are slow and have high fees but people believe in it, they use Bitcoin as online gold while on the other hand, ripple are too fast and has smaller fee but still fail to cross it's ATH, the reason is SEC LAW suit which makes obstacles in its ways and when it faces legal issues like this in it's earlier stages then how people trust on it. Let's see what will be happening in the future maybe they will go up and make a record price.

Solosanz

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Quote from: hatshepsut93 on December 23, 2023, 11:49:29 AM

Bitcoin is not slow, 1 Bitcoin confirmation is more secure than dozens of altcoin confirmations, which is why exchanges take BTC deposits with 1 confirmation and require 12+ for alts.

That's unfair, you need to break down the minutes instead of looking at how many confirmation it takes.

Code: (https://fixedfloat.com/blog/guides/how-many-confirmations)

BTC 	Bitcoin 	1
MATIC 	Polygon 	30

Bitcoin only need 1 confirmation while Polygon need 30 confirmations, but 1 confirmation in Bitcoin take around 10 minutes while 1 confirmation in Polygon take around 2 seconds or 1 minute for 30 confirmations[/url]

Quote

And alts have lower fees because no one uses them, their blocks aren't even full.

Not only no one uses them, but they're centralized, making it has no competition with other validators.

Casdinyard

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Quote from: Get-Paid.com on December 22, 2023, 07:03:31 PM

Yes, it's the first coin ever created, but it's slow and expensive (unless you're using the lightning network which most people and businesses don't).

How come Ripple which is the cheapest and one of the fastest ones - failed investors since 2018 and never reached back to the all time high of $3ish and those who believed in Ripple got 0 yields and a slap in the face, and yet this slow & expensive currency is the holy grail everyone is talking about?

There's perks to being the first and most trusted cryptocurrency in the market. That's pretty much what bitcoin has mostly going for itself nowadays. At the same time, Ripple's not without its flaws as well, so between bitcoin and ripple, the latter doesn't sound so appealing anymore considering that it's not as valuable, and at the same time comes with its own sets of flaws and allegations that it has yet to fix. Bitcoin on the other hand is already established, with its growing userbase, people who held their coins from 2008 and have yet to sell being basically the foundation of the industry. And not to mention a more trustworthy system than Ripple when it comes to sending money across large distances.

Ripple's not as decentralized as bitcoin too, which is something that a lot of people in the crypto world makes a big deal out of nowadays, and since it's not decentralized it doesn't look as appealing to people compared to bitcoin. Perhaps next time, use a different coin to compare bitcoin against cause in all honesty, Ripple couldn't hold a candle against bitcoin.

wallet4bitcoin

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Quote from: Get-Paid.com on December 22, 2023, 07:03:31 PM

Yes, it's the first coin ever created, but it's slow and expensive (unless you're using the lightning network which most people and businesses don't).

How come Ripple which is the cheapest and one of the fastest ones - failed investors since 2018 and never reached back to the all time high of $3ish and those who believed in Ripple got 0 yields and a slap in the face, and yet this slow & expensive currency is the holy grail everyone is talking about?

How Ripple found its way into people's heart still remains a mystery.

I am yet to hear of one major project that has been founded on its ecosystem with loads of users. Just some projects still trying to find its foot in the tech space and yet you can't mention the top 20 cryptocurrencies by marketcap without mentioning Ripple.

Maybe its because the SEC had to clamp down in it when it had its all time high and had left loads of investors in unimaginable profits. Maybe its the sympathy of the holders as SEC had filed a law suit against it. I can't just wrap my head around it also.

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Quote from: Get-Paid.com on December 22, 2023, 07:03:31 PM

Yes, it's the first coin ever created, but it's slow and expensive (unless you're using the lightning network which most people and businesses don't).

How come Ripple which is the cheapest and one of the fastest ones - failed investors since 2018 and never reached back to the all time high of $3ish and those who believed in Ripple got 0 yields and a slap in the face, and yet this slow & expensive currency is the holy grail everyone is talking about?

You are comparing completely different assets. Bitcoin is decentralized that you have the full ownership of it and ripple is centralized. Also ripple is having drama for years now that is highly the reason why the value don't jump that high because the price movement is depending on what result does ripple has in their law suit case.

We are now having a congested mempool that's why transaction speed are extremely slow and I understand the frustration given that I also have a stuck transaction on bitcoin. It somehow made me use other coins like litecoin for some of my transaction given that it's decentralized and much more cheaper and fast than bitcoin.

Topic: Why Bitcoin is the #1 crypto currency in the world if it's slow and expensive? (Read 358 times)