First mover advantage has a lot to do with it. Imagine if when the Cyprus crisis happened we had all the altcoins that we have today - no way Bitcoin would have shot up so much as quickly as it did.
But now it has by far the most money backing it in way of businesses, investors, developers, etc. so that's the reason it is still #1 !!
Topic: Why is BITCOIN more expensive than other cryptocurrency? - page 2. (Read 3848 times)
Most Bitcoin newbie ask this question:
Why is BITCOIN more expensive than other cryptocurrency?
Bitcoin was the first in the market, that's why you are starting to see a lot of fortune 500 companies starting to support Bitcoin.
Sure, once in a while, they'll throw money around on the table to support other cryptocurrency coins.
Why is BITCOIN more expensive than other cryptocurrency?
Bitcoin was the first in the market, that's why you are starting to see a lot of fortune 500 companies starting to support Bitcoin.
Sure, once in a while, they'll throw money around on the table to support other cryptocurrency coins.
1) Your username is an advertisement to your website.
2) You create tons, and tons, and tons of new threads with silly questions or news articles everyone has already read, most likely so people see your business.
3) You try to draw further attention to your threads by selecting a unique icon like a "thumbsup" so it stands out from the other threads.
3) Naturally you also have a signature advertising your business.
You are here to get business.
-B-
its not about first mover at all.
its about utility.
show me 30,000+ businesses that accept dog or nxt.
show me atleast 2 dozen places to swap altcoins for fiat
show me a altcoin forum that has more posts and discussions then this forum
show me games that are not copy and paste jobs (EG dragons tales) that accept altcoins
show me proper large scale use of an altcoin.......
bitcoin is NOT expensive, its altcoins that are too chap and/or worthless
its about utility.
show me 30,000+ businesses that accept dog or nxt.
show me atleast 2 dozen places to swap altcoins for fiat
show me a altcoin forum that has more posts and discussions then this forum
show me games that are not copy and paste jobs (EG dragons tales) that accept altcoins
show me proper large scale use of an altcoin.......
bitcoin is NOT expensive, its altcoins that are too chap and/or worthless
adoption rates.
often times the first thing to the marketplace, that gets the most adoption is the one that does the best. at least until something replaces it.
why is amazon.com #1 and not walmart.com ? why is youtube #1 and not dailymotion ? its not just that they are good products and services, its that they got to the market first and thats what everyone uses.
Why is facebook #1 but other social media sites that have offered more than facebook flop...again, facebook got there first.
The first doesnt always win, but so long as they dont muck up heavily, they usually remain a powerhouse.
often times the first thing to the marketplace, that gets the most adoption is the one that does the best. at least until something replaces it.
why is amazon.com #1 and not walmart.com ? why is youtube #1 and not dailymotion ? its not just that they are good products and services, its that they got to the market first and thats what everyone uses.
Why is facebook #1 but other social media sites that have offered more than facebook flop...again, facebook got there first.
The first doesnt always win, but so long as they dont muck up heavily, they usually remain a powerhouse.
This is absolute BS.
Facebook was 2004, Myspace was over a year before that.
Walmart.com was 1995, Amazon was the same year
Don't make up things to prove a point when you aren't even using accurate examples. The only one you got correct was YouTube.
First mover advantage is real though.
Until something better comes along (such was the case in the above scenarios). I was just pointing out that the information he was using to justify his reasoning was completely incorrect.
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adoption rates.
often times the first thing to the marketplace, that gets the most adoption is the one that does the best. at least until something replaces it.
why is amazon.com #1 and not walmart.com ? why is youtube #1 and not dailymotion ? its not just that they are good products and services, its that they got to the market first and thats what everyone uses.
Why is facebook #1 but other social media sites that have offered more than facebook flop...again, facebook got there first.
The first doesnt always win, but so long as they dont muck up heavily, they usually remain a powerhouse.
often times the first thing to the marketplace, that gets the most adoption is the one that does the best. at least until something replaces it.
why is amazon.com #1 and not walmart.com ? why is youtube #1 and not dailymotion ? its not just that they are good products and services, its that they got to the market first and thats what everyone uses.
Why is facebook #1 but other social media sites that have offered more than facebook flop...again, facebook got there first.
The first doesnt always win, but so long as they dont muck up heavily, they usually remain a powerhouse.
This is absolute BS.
Facebook was 2004, Myspace was over a year before that.
Walmart.com was 1995, Amazon was the same year
Don't make up things to prove a point when you aren't even using accurate examples. The only one you got correct was YouTube.
First mover advantage is real though.
The demand is higher. Over 60,000 merchants use Bitcoin. And it's not too scarce, but there's also not too much.
Bitcoin has a catchy name, it also has good meaning. "Bit" have a lot to do with computer programming, and electronics. "Coin" has the meaning of currency. When combine together you get the idea of digital currency or true electronic currency of the modern age; made for the civilized men, women, and children world wide. That's another reason Bitcoin's price will always be higher than other cryptocurrency.
BTC is old, hence it has more buyers and more markets than altcoins, and moreover the media also sometimes help in publicizing btc. these reasons make btc better than other cryptos.
Bitcoin is like the gold in crytocurrency, and Litecoin is like a silver, and other cryptocurrencies are just minerals as of today.
I think Bitcoin is the first main cryptocurrency that has gone mainstream and that's been successful to able to reach at its current state today after 5 years. It has the most trade volume and attention from investors and users that it's definitely is more expensive that other cryptocurrencies.
I think Bitcoin is the first main cryptocurrency that has gone mainstream and that's been successful to able to reach at its current state today after 5 years. It has the most trade volume and attention from investors and users that it's definitely is more expensive that other cryptocurrencies.
Yes for working people that are new to bitcoin, its hard for them to get in.
If they hear they cant mine it anymore, and the price to buy it is to high for them.
If they hear they cant mine it anymore, and the price to buy it is to high for them.
This makes zero sense.
If you want to buy $10 worth of bitcoins, then you can buy $10 worth of bitcoins regardless of their price.
most average people who don't know much about bitcoin don't realize that though. They hear $500 for a bitcoin , think they cant afford it, and look no further.
of course, that should change in the coming years/decades. wasn't that long ago the average person didn't know how to set up an email account either.
Bitcoin price initially was very low (like alts atm) in comparison to where it is today. Maybe some (a few) alts will also become a rocket like bitcoin. Also, if you look at the nature of things, it is always diverse, so I think diversity in crypto's not bad, but unity in diversity is advisable.
Far too many people think that altcoins are going to go up over the next 4 years. The issue here is that they are tied to Bitcoin. For the collective value of altcoins to go up by 50%, BTC has to go up by 50%. This is because there can't be more value in alts than there are in BTC, or we'd end up with another partial reserve system.
I believe it is a risk management issue. There are two things people will consider when deciding which crypto to buy:
1. For interim usage to make a purchase - in this case it does not matter which coin in used because it is converted from and to fiat right away. To send someone $100, it is unimportant whether you send DOGE or BTC or something else. What is important here? Acceptance. And BTC has the best acceptance, period.
2. For speculation or store of value - in this case, altcoins are risiker but also have more potential. But for large volume investors, altcoins have an elevated risk. It is much more likely for altcoin XYZ to vanish than BTC. Often it is said, why should BTC be the winner, others are cheaper. But these people forget that such a cheap coin carries a much larger risk to go under. Miners stop mining it, people stop buying it, coin dies.
You could also ask, why are people not exchanging USD for Nigerian Naira (for example), it is so much cheaper. Maybe, but 1. and 2. apply to any foreign currency as well, so people tend to stick with the majors.
1. For interim usage to make a purchase - in this case it does not matter which coin in used because it is converted from and to fiat right away. To send someone $100, it is unimportant whether you send DOGE or BTC or something else. What is important here? Acceptance. And BTC has the best acceptance, period.
2. For speculation or store of value - in this case, altcoins are risiker but also have more potential. But for large volume investors, altcoins have an elevated risk. It is much more likely for altcoin XYZ to vanish than BTC. Often it is said, why should BTC be the winner, others are cheaper. But these people forget that such a cheap coin carries a much larger risk to go under. Miners stop mining it, people stop buying it, coin dies.
You could also ask, why are people not exchanging USD for Nigerian Naira (for example), it is so much cheaper. Maybe, but 1. and 2. apply to any foreign currency as well, so people tend to stick with the majors.
Yes for working people that are new to bitcoin, its hard for them to get in.
If they hear they cant mine it anymore, and the price to buy it is to high for them.
If they hear they cant mine it anymore, and the price to buy it is to high for them.
Today you can buy 1920 bits for a dollar (last week you could get 2300 bits for each dollar). So for $100 you can buy 192,000 bits, which is quite a lot, right?
why are altcoins so cheap, worthless and dont hold value for long
Redundancy is not highly valued compared to innovation. 
Yes for working people that are new to bitcoin, its hard for them to get in.
If they hear they cant mine it anymore, and the price to buy it is to high for them.
If they hear they cant mine it anymore, and the price to buy it is to high for them.
This makes zero sense.
If you want to buy $10 worth of bitcoins, then you can buy $10 worth of bitcoins regardless of their price.
Bitcoin price initially was very low (like alts atm) in comparison to where it is today. Maybe some (a few) alts will also become a rocket like bitcoin. Also, if you look at the nature of things, it is always diverse, so I think diversity in crypto's not bad, but unity in diversity is advisable.
That's well said. I hate to see the hate that can happen between owners of different coin; although of course a bit of competition is always nice as it makes one get incencitives to grow.
Let's never forget that all the coins are in the same team against fiat currencies
Most Bitcoin newbie ask this question:
Why is BITCOIN more expensive than other cryptocurrency?
Bitcoin was the first in the market, that's why you are starting to see a lot of fortune 500 companies starting to support Bitcoin.
Sure, once in a while, they'll throw money around on the table to support other cryptocurrency coins.
http://en.wikipedia.org/wiki/Network_effectWhy is BITCOIN more expensive than other cryptocurrency?
Bitcoin was the first in the market, that's why you are starting to see a lot of fortune 500 companies starting to support Bitcoin.
Sure, once in a while, they'll throw money around on the table to support other cryptocurrency coins.
[/TOPIC]
Seriously, this topic can now be closed. There is nothing more to say here.
The price of any good will reflect 2 things;
The scarcity of that good and its utility.
Cars, food, hookers, bitcoin. Scarcity and usefulness.
I point newbs towards this piece by Erik Voorheis.
http://evoorhees.blogspot.com/2012/04/bitcoin-libertarian-introduction.html
The scarcity of that good and its utility.
Cars, food, hookers, bitcoin. Scarcity and usefulness.
I point newbs towards this piece by Erik Voorheis.
http://evoorhees.blogspot.com/2012/04/bitcoin-libertarian-introduction.html
Most Bitcoin newbie ask this question:
Why is BITCOIN more expensive than other cryptocurrency?
Bitcoin was the first in the market, that's why you are starting to see a lot of fortune 500 companies starting to support Bitcoin.
Sure, once in a while, they'll throw money around on the table to support other cryptocurrency coins.
http://themisescircle.org/blog/2013/08/22/the-problem-with-altcoins/ Why is BITCOIN more expensive than other cryptocurrency?
Bitcoin was the first in the market, that's why you are starting to see a lot of fortune 500 companies starting to support Bitcoin.
Sure, once in a while, they'll throw money around on the table to support other cryptocurrency coins.
Bitcoin price initially was very low (like alts atm) in comparison to where it is today. Maybe some (a few) alts will also become a rocket like bitcoin. Also, if you look at the nature of things, it is always diverse, so I think diversity in crypto's not bad, but unity in diversity is advisable.
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