Why Bitcoin is the #1 crypto currency in the world if it's slow and expensive? - page 2.

jeraldskie11

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Quote from: Get-Paid.com on December 22, 2023, 06:03:31 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?

It's because of the relation of market cap and supply. Bitcoin only had 21b supply with $900B marketcap as of today, so we should expect that the price is so expensive. If we can go back to the time were the market is just around $100m or $1b I believe that you can really afford while the price is so volatile. The higher the market cap the lower the volatility.

Ripple is one of the cheapest coin because they have 100b supply and only had $33b marketcap.

ZAINmalik75

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Quote from: Stalker22 on December 22, 2023, 07:17:51 PM

~snip~

Even with those problems, bitcoin is still the biggest cryptocurrency. Itll probably keep that top spot for a while since it had such a big head start and people trust it more than other cryptocoins.

Yep, bro, your point in the thread is amazing and makes some sense. I also like your point that people preferred Bitcoin over Ripple, although the Ripple transaction fee is lower than Bitcoin. But people who like Bitcoin as compared to Ripple do so because of the reason that you explain that it is not about Txn fees and speed It's about trust. Bitcoin has given us trust that no other coin has.
I really appreciate that your point tends to make me think that the thing that makes Bitcoin rarable and unique which is trust despite the fact that it doesn't have any other. The rest of the members have said the same old words By giving the shape of a new post, only your post makes me feel better.

And i think this is the true reason why people like Bitcoin over others, while they know Bitcoin has a high transaction fee. But they know that the high fee issue is a temporary problem, it will be solved after some time or with time Despite trust being the key point, not everyone can provide it in Createria, and the real thing is that.

Renampun

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Quote from: Get-Paid.com on December 22, 2023, 06:03:31 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 can't compare bitcoin with ripple, even though bitcoin fees are expensive, bitcoin has a better reputation than altcoins like ripple. bitcoin fees are very volatile (that is the nature of bitcoin), bitcoin is the first cryptocurrency created and has the aim of improving the world's financial system while ripple aims for business. However, Bitcoin now has a lighting network which can be an alternative choice for users who actively transact with Bitcoin, while for those who invest in Bitcoin in the long term, they will never be bothered by high fees.

Obari

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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 and I think aside bitcoin, every other cryptocurrency is at Sime point centralized which isn’t what we actually want now but I think the cost of bitcoin should actually be looked into because it is actually getting incredibly expensive and if it keeps going this way, it might be impossible to buy in 10 years to come

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

legiteum

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And I would argue that Ripple is not fast and cheap enough to truly make it viable for the masses. I don't think any true crypto (and Ripple, being centralized, probably wouldn't satisfy everybody as even being that) could truly rival systems like Visa/MC/etc., which would be the first step in a currency being widely adopted as a means of value transfer for mainstream transactions.

kentrolla

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Quote from: Get-Paid.com on December 22, 2023, 06:03:31 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?

+1

Adding on your point it has failed investors numerous times those who had invested in Ripple expecting it to reach $5 are now waiting for t to cross $1 and sustain. What can be expected from a centralized coins and surprisingly still on top 10, Bitcoin may be slow and expenses but it has never let it's investors down I am okay with the speed but the tranfer fee has been a pain point recently which is not something Bitcoin should be known for as it should be cheaper than traditional transfer modes.

EFS

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Just because it's slow or expensive doesn't change the fact that it's safe and the most trusted crypto-currency. Also, what you say is just a temporary situation. Network isn't always this slow and expensive. It's ridiculous to compare Bitcoin with Ripple, I don't even need to list the reasons here why Bitcoin is better. Everybody already knows that.

qwertyup23

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Quote from: Get-Paid.com on December 22, 2023, 06:03:31 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?

According to an article that I have read, there is an ongoing lawsuit between SEC and Ripple as the latter failed comply with its rules and regulations by breaching its mandates and laws. The lawsuit has been ongoing for more than three (3) years now and I do think that there will be a compromise agreement/settlement in order for such to end.¹

Thus, Ripple may be fast in securing your funds when you transfer it from one wallet to another but it is not as secured compared to BTC, plus the pending law suit.

Bitcoin transactions are confirmed via the blockchain technology where there thousands of confirmations that happens. While the process may be relatively slow, at least you are guaranteed to receive your funds as BTC is fully decentralized. No person can forever fake a transaction as it will definitely be confirmed by other people as well.

1 https://www.cnbc.com/2023/09/13/ripple-says-it-will-fight-the-sec-lawsuit-all-the-way-through.html#:~:text=The%20lawsuit%20between%20Ripple%20and,registering%20it%20as%20a%20security.

boyptc

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Quote from: Get-Paid.com on December 22, 2023, 06:03:31 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).

Don't forget David Chaum who made the first digital currency, Ecash.

Quote from: Get-Paid.com on December 22, 2023, 06:03:31 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?

As you've said, it is the holy grail of this market and that's why regardless of how slow it is and how expensive the fees are. It is still the top choice of many.

This is one of the reason for being the first cryptocurrency and its perk. Nowadays, it's no longer about its speed and fees but it's about its use case as a store of value, asset.

nakamura12

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There are lots of reason why Bitcoin is the number one crypto even though it does have some disadvantage like being slow but there's also advantages that many people prefer like being decentralized unlike the centralized crypto like XRP that didn't change much or didn't grow or developed. Well, you can answer this question, do you think that other cryptocurrency will exist if Bitcoin didn't get recognized by many people?. If you asked me that question then my answer would be no.

moneystery

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you have answered your question in the first point of your statement.

the reason people use bitcoin is because it is the first cryptocurrency that brings blockchain technology and a decentralized system that is credible, transparent, and secure, meaning that only bitcoin truly carries the spirit of satoshi, not other coins.

bitcoin is also a pioneer in the world of cryptocurrency which succeeded in bringing people together and building a large community that has survived to this day, even rumors, negative news, bans, and various other disasters, it has not stopped bitcoin, in fact it has become bigger and its adoption continue to increase.

reasons like that are what make many people prefer using bitcoin compared to other coins. even when the fees are high and the processing time is longer, people still stick with bitcoin and don't switch to other coins and leave bitcoin. it shows how much people believe in bitcoin.

jrrsparkles

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Quote from: Get-Paid.com on December 22, 2023, 06:03:31 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?

XRP is centralized and so are many other cryptos that are near to being centralized since they run on PoS mechanism whereas Bitcoin is the highly decentralized crypto until now so people still use it for that reason. Congestion in the network is not really a new thing, it happens almost everytime when we are in the bull run and also people used to claim why bitcoin is number 1 when it doesn't deserve it but it again and again proves them wrong.

legiteum

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I think people might be overthinking this a little.

The answer is: because nobody cares that it's slow and expensive.

The truth is that Bitcoin (and almost all cryptos as near as I can tell) are used almost entirely as speculation instruments, not as a means of value transfer.

Bitcoin has the highest market cap right now because Bitcoin is the most popular meme right now.

It's like you are asking, "why do people pay so much for Ferraris when they have such poor trunk space"...

bussybuddy

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Judging a coin's worth solely by transaction fees and speed is like picking a book based on its cover art – shallow and misleading. Sure, flashy new altcoins might boast lightning-fast transactions and dirt-cheap fees, but that's often just the shiny paint hiding a rickety frame.

The true value of a coin lies in its foundation, its security, and its decentralization. And in that arena, Bitcoin stands tall, like a weathered redwood amidst a forest of saplings. It may not be the fastest runner, but its roots run deep, its bark is thick, and its resilience has been tested by a thousand storms.

That's why Bitcoin, despite its slowness and high fees, remains the king of the crypto castle. Its network is a fortress, its code battle-tested, and its decentralized nature makes it immune to manipulation and control. It's like a digital Switzerland, a safe haven for those seeking a currency beyond the reach of greedy banks and prying governments.

hatshepsut93

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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.

And alts have lower fees because no one uses them, their blocks aren't even full. But they are susceptible to 51% attacks, while in Bitcoin it never happened and is not likely to happen in the observable future because of how expensive it is.

Frankolala

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Bitcoin had great potential compared to ripple that is centralized and was able to get rid by SEC. So many times, the government has tried their best to see how they can find a way to control bitcoin, but they have all failed woefully. This because bitcoin is decentralized and censorship resistant. It also gives financial freedom to its adopters and that is what most users are adopting it.

Bitcoin is a store of value and an asset that can give you profit over a long period of time. Rippo is a shitcoin and can't be used as a store of value because it is a short-term project and that was why it couldn't survive. The high transaction fee will soon subside, and the fees will go back to normal, it is only a matter of time.

Z-tight

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Quote from: Churchillvv on December 23, 2023, 08:22:35 AM

Bitcoin might be slow now but it's just a temporary issues that will be over soon from view

Take note that the current high tx fees does not make BTC slower, it doesn't affect the time between BTC blocks which is 10 minutes on average, the problem is that if you want to get into the next block you have to pay a fee for high priority, which is expensive right now. Even if the fee rate drops back to 1 sat/vByte today, the difference in time between blocks will remain at 10 minutes on average.

kryptqnick

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Bitcoin's main point wasn't that it would be cheap, but that it would be decentralized, allowing to eliminate intermediaries in financial processes. Bitcoin is still decentralized and impressive in that sense. Ripple was created to improve global financial operations and with intention of lots of collaboration with centralized entities. And while Bitcoin isn't a corporation, Ripple is an invention of a certain company, so it's less decentralized. I think Ripple failed because it didn't manage to secure strong enough support of global financial operators, whereas Bitcoin didn't have to secure it in the first place.

Churchillvv

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Bitcoin is first cryptocurrencies that is very much decentralized, bitcoin has been there ever since and because of the creators anonymity makes it more secured from law attacks, since his identity has not been revealed the central authorities has no evidence of suing it unlike Ripple that the SEC has succeed to bring down because of its centralization.
If Bitcoin was centralized it would have faced much challenges like Ripple, and might have falling now.

The answer to your question is simple, just like I have said before Bitcoin is more like the origin. every other cryptocurrencies was introduced because Bitcoin has been created considering the success it has achieved, shitcoins came into existence trying to fit in as Bitcoin too but must where for selfish reasons.
Bitcoin might be slow now but it's just a temporary issues that will be over soon from view but still going to keep on being the most expensive.

hyudien

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Quote from: Get-Paid.com on December 22, 2023, 06:03:31 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?

That's not how to define the number 1 coin in the world, it's not a matter of how slow or expensive it is, because everyone knows Bitcoin is the origin of the decentralized digital financial revolution in the world using Blockchain technology. So even if it is said to be slow or gas fees are expensive it still won't reduce interest in owning Bitcoin. regardless of what is happening now, because we are facing a bull market phase, we are already aware that there will be massive transactions that will cause traffic to become congested. This is a sign that this increase proves that the level of interest is increasingly enthusiastic in wanting to gain profits during the Halving.

Ripple? cheapest and fastest? not care
If you were faced with choosing between 1 BTC or 1 XRP, which would you choose? it's that simple!!

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