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Author Topic: So Bitcoin is King.. why is it?!  (Read 20643 times)

Offline cryptorakibul

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So Bitcoin is King.. why is it?!
« on: January 21, 2018, 10:57:02 AM »
I understand for the past years, Bitcoin has been the king of cryptos, but why is that so? I have been for several months now reading a lot about the whole crypto ecosystem, i even bought several bitcoins back in August (sold them all today, for 4x returns and am keeping all the money in the broker account, and maybe i'll buy BTC again just as soon as i manage to retrieve my belief in BTCs future viability -i am trying really hard).

Enough background, now on to the topic at hand. I am now all too familiar with the challenges BTC has in front of it, and i sincerely can't see a solution.

1. Slow transactions - If you pay a high enough fee (at the moment over $15), you'll get a 10 minutes confirmation for your transaction. So at the very least it takes 10 minutes for a transaction to pass through, which really isn't so much assuming one is willing to pay the high fee. If one doesn't want to pay over $1 (i mean why should we, since the original idea of cryptos was that they should be cheap, fast and anonymous!), then one will wait indefinitely, probably for days or even damn weeks!!!

2. High fees - Now over $15 for high priority on the blockchain. Imagine if the price were to multiply by 5x. The fees!! $100+ per transaction maybe? This is insane. Satoshi Nakamoto has/have probably unfortunately died (i mean he/they WOULD by now have come forward and said enough is enough, miner cartels are ruining the BTC system and these high fees are outrageous insanity) turning in his grave with the hell that is happening to the BTC's ecosystem.

3. Lack of solutions - The major solution everyone is currently clinging to is the Lightning Network. Really?? It is still theoretical. Will it ever be effectively implemented and integrated into BTC and its blockchain? We don't know. Will it be practical, and effectively reduce costs substantially? We don't know! When will it be ready? Sometime in 2018? With a measly small team of developers? 2018 maybe! If it ever becomes pratical. Right now it seems the WHOLE BTC ecosystem hopes that the LN will work and solve ALL of BTCs complex problems. This is a very big and risky assumption. If it doesn't, i sincerely don't see how the BTC is going to navigate ever higher demand and users. It will bottleneck even more and the result will not be pretty. Besides, the whole concept of creating off-chain direct channels between users doesn't seem very practical to me, but perhaps i am wrong.

4. Miner cartels? Have major miner groups taken over the BTC? I haven't studied it deeply enough to make this conclusion, but this is the feeling i am fetting, maybe i am very wrong. Why isn't a solution to this DAMN OBVIOUS BOTTLENECK PROBLEM being chased with the urgency that i think the BTC community should have? Maybe i am missing something, or many things, i am by no means an advanced and very knowledgeable member of the community. But is the theory that major miner groups hijacking the BTC ecosystem in order to keep their high fees absurd? Maybe it is, but at my current understanding it seems like a possibility.

5. Bitcoin considered solely as a store of value. Right now, the only use of BTC is functioning as a store of value. Let other cryptos serve the more mundane task of serving as cash! BTC is digital GOLD! So the argument goes. Is this enough for the BTC? This isn't what i thought BTC was supposed to be. It SHOULD serve as a srote of value as well as a means for making fast and costless daily transactions. You see i am not against a system that serves solely as a store of value but i WONDER if it will be enough, will BTC present enough utility for people once they realize they can't use it for small transactions, but instead they should see BTC solely as something akin to a long term investment, that isn't useful for small transactions? The way i see it the more utility a crypto currency presents to its users, the ore value it will have, and right now there are a dozen CRYPTOS will a lot more utility than the Bitcoin.

So i ask again what makes Bitcoin the King? Network effect? The fact that it has been time-tested longer than any other crypto? A supposed community that supports it (what support they give eludes me too, i don't see much support actually)? Right now i see the BTC as a bloated, outdated and overvalued ecosystem that may survive and continue to thrive just because it has the first mover advantage and biggest network, but i am not sure of it and would really appreciate if it actually kept the edge in it's design and technology too over other cryptos. Right now i don't see it at all.

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So Bitcoin is King.. why is it?!
« on: January 21, 2018, 10:57:02 AM »

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Offline Delgado

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Re: So Bitcoin is King.. why is it?!
« Reply #1 on: August 27, 2020, 09:17:05 PM »
If in the cryptocurrency market the only cryptocurrency that dictates the price of all altcoins is bitcoin, then it can be called the king of cryptocurrency. Maybe someday there will be an uprising of altcoins and they will overthrow their dictator.

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Re: So Bitcoin is King.. why is it?!
« Reply #2 on: August 27, 2020, 10:35:24 PM »
the first coin created is now called the king of all crypto currency. he mostly influence the.movement of market place and pull all the price in parallel to his movement. I would say, without Bitcoin crypto currency today would be meaningless. many people stay in crypto space because of Bitcoin.
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Re: So Bitcoin is King.. why is it?!
« Reply #3 on: August 27, 2020, 11:35:52 PM »
the first coin created is now called the king of all crypto currency. he mostly influence the.movement of market place and pull all the price in parallel to his movement. I would say, without Bitcoin crypto currency today would be meaningless. many people stay in crypto space because of Bitcoin.
It will take several years to out of mind btc. Mind my word after 2-3 years it will not fill bad without bitcoin. Because after bitcoin Tether (cryptocurrency) dominance is enough. Now bitcoin is obviously king of crypto.
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Re: So Bitcoin is King.. why is it?!
« Reply #4 on: August 28, 2020, 06:03:18 PM »
You may say so about the weakness of BTC. I also can accept them because they are true. However regarding the fees, right now we can find some ways to decrease the fees, moreover if using the Electrum wallet, lightning network, and some others.
Aside from that, BTC is the one that is really acknowledged in the crypto world, has a big value, and also trusted enough for many more utility and also hodl.
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Re: So Bitcoin is King.. why is it?!
« Reply #5 on: August 28, 2020, 06:13:27 PM »
Yes of course Bitcoin is the king of all coins. Because Bitcoin is in the number one position in the coin market cap. We see the price of Bitcoin is the highest of all coins. Bitcoin is currently priced at 11,520$. 24 Hour Market Cap
$ 212,736,335,030
24 Hour Trading Vol
20,503,760,719
24h Low / 24h High
11,140.14 / $ 11,533.68
Circulating Supply
18,473,256 / 21,000,000
Fully Diluted Valuation
241,834,089,000
Max Supply
21,000,000
This is why Bitcoin is called the king of all coins.
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Re: So Bitcoin is King.. why is it?!
« Reply #6 on: August 28, 2020, 07:36:54 PM »
Bitcoin is one of the coins of all coins. This coin is in the number one position in the market cap. If this coin is not the most popular then you will not be able to come in the number one position in any direction. People all over the world trade with this bitcoin. Market Cap of Bitcoin
$ 212,736,335,030
24 Hour Trading Vol
20,503,760,719
This is why Bitcoin is called the king of all coins. Because we can see for ourselves what is its market cap and what is the trading volume for 24 hours. To me, Bitcoin is the most popular and favorite. This is why Bitcoin Cash is called the king of all coins.
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Re: So Bitcoin is King.. why is it?!
« Reply #6 on: August 28, 2020, 07:36:54 PM »


Offline JokerM

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Re: So Bitcoin is King.. why is it?!
« Reply #7 on: August 30, 2020, 12:29:19 AM »
because this is the first cryptocurrency in the world, the developer is anonymous.

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Re: So Bitcoin is King.. why is it?!
« Reply #8 on: September 01, 2020, 09:23:28 AM »
Before I reply to this thread I will ask the members who are on this forum.
Why is Uranium the King of Nuclear Raw Materials?

This OP's question is like mine above.
Bitcoin became King because Bitcoin was the first cryptocurrency to be created and Bitcoin still has secrets for its creators!

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Re: So Bitcoin is King.. why is it?!
« Reply #9 on: September 01, 2020, 10:11:27 AM »
Before I reply to this thread I will ask the members who are on this forum.
Why is Uranium the King of Nuclear Raw Materials?

This OP's question is like mine above.
Bitcoin became King because Bitcoin was the first cryptocurrency to be created and Bitcoin still has secrets for its creators!

Yes, I agree with your opinion. The reason why bitcoin is the King of Crypto currency because It is the first crypto currency to be created and many screens for its creators. But We must know, Why bitcoin is still the biggest market cap ?? I think we must learn about the demand and supply of bitcoin. Till today, bitcoin is still the biggest.
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Re: So Bitcoin is King.. why is it?!
« Reply #10 on: September 01, 2020, 12:34:04 PM »
Bitcoin is the first in Cryptocurrency, so He deserves to be made the King of Cryptocurrency.
Even though Bitcoin has slow transactions, high fees but in fact Bitcoin remains number one today, because everyone knows Bitcoin is the best and most popular coin.

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Re: So Bitcoin is King.. why is it?!
« Reply #11 on: September 01, 2020, 01:59:46 PM »
Bitcoin is the most popular and demanded cryptocurrency and therefore investors are investing in Bitcoin and so far no other cryptocurrency has been able to reach the same heights as Bitcoin.
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Re: So Bitcoin is King.. why is it?!
« Reply #12 on: September 01, 2020, 02:54:11 PM »
Bitcoin is the king in cryptocurrency because it is the first one who started the process of cryptocurrency revolution. Bitcoin proves the success and reliability in digital asset. Since then the birth of huge crypto's has come.
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Offline Gubre

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Re: So Bitcoin is King.. why is it?!
« Reply #13 on: September 01, 2020, 03:27:27 PM »
I have been hearing this back then and now. Meaning nothing had changed after the complain of many investors and until now bitcoin is unbeatable. If this is the situation is can say that bitcoin will continue to gain even more and more.

Offline hair

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Re: So Bitcoin is King.. why is it?!
« Reply #14 on: September 01, 2020, 05:04:45 PM »
I think because bitcoin is so popular and known by many people. Bitcoin which pioneered the birth of altcoins
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