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Author Topic: So Bitcoin is King.. why is it?!  (Read 20642 times)

Offline Fenix

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Re: So Bitcoin is King.. why is it?!
« Reply #30 on: October 02, 2020, 07:33:59 AM »
In my opinion, the expression "king" for cryptocurrency is not quite right.  For a decentralized cryptocurrency, this term expresses the opposite of its essence, namely the complete dependence of all types of cryptocurrencies on bitcoin.  This is not entirely true.  So far, we are talking only about price dominance in the market due to the high level of capitalization.  In all other respects, cryptocurrency exists almost autonomously.  Therefore, the term cryptocurrency leader is more suitable for bitcoin.

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Re: So Bitcoin is King.. why is it?!
« Reply #30 on: October 02, 2020, 07:33:59 AM »

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Re: So Bitcoin is King.. why is it?!
« Reply #31 on: October 02, 2020, 04:09:08 PM »
I think the reason why bitcoin is the King, because bitcoin is most popular than other Crypto and the pioneer of Crypto currency.
Yes, its popularity and the history behind the Bitcoin cannot be replaced by other crypto coins. Also, Bitcoin has a big influence on the values of other crypto coins. When the Bitcoin price is dropping, almost all crypto coin values are decreasing as well. I think this becomes one of the superiority of Bitcoin.
That is indeed the advantage of bitcoin but on the other hand is the disadvantage for altcoins, if the altcoin price still follows the price of bitcoin it will be difficult for altcoins to raise the price, if it continues like this it is very unlikely that altcoins can beat the market capitalization of bitcoin.
However, we often see that when the dominance of bitcoin falls, the altcoin season begins. And it is likely that one day the dominance will not return to its previous values and altcoins will stop moving for BTC

Offline MrSpasybo

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Re: So Bitcoin is King.. why is it?!
« Reply #32 on: October 03, 2020, 12:12:40 AM »
Despite its limitations, Bitcoin is still considered the king of crypto by:
- Bitcoin is the first cryptocurrency, the crypto that brings new concepts of the decentralized economy;
- Bitcoin ushered in the era of a new form of currency to replace fiat;
- The BTC supportive community is very large;
- BTC is seen as a means of payment and storage of real assets;
- BTC's capitalization has always accounted for more than 50% of the total crypto market cap.
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Re: So Bitcoin is King.. why is it?!
« Reply #33 on: October 12, 2020, 07:03:14 AM »
Bitcoin is the first coin in crypto history. Bitcoin has the largest sales volume among other coins. This is proof that there are so many bitcoin fans. And it is worth calling bitcoin the king of coins.
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Re: So Bitcoin is King.. why is it?!
« Reply #34 on: October 12, 2020, 07:25:21 AM »
Obviously bitcoin is a king of all digital cryptocurrencies. Bitcoin is the number one digital cryptocurrency in the world cryptocurrency market. People are all over the world directly or indirectly familiar with bitcoin. Many countries already permitred bitcoin as their transaction system with banking systems.
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Re: So Bitcoin is King.. why is it?!
« Reply #35 on: October 12, 2020, 07:35:30 AM »
Because the identity of cryptocurrency is known from bitcoin itself. It has remained at the very first position and is still becoming famous in the world.

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Re: So Bitcoin is King.. why is it?!
« Reply #36 on: October 12, 2020, 12:23:05 PM »
Obviously bitcoin is a king of all digital cryptocurrencies. Bitcoin is the number one digital cryptocurrency in the world cryptocurrency market. People are all over the world directly or indirectly familiar with bitcoin. Many countries already permitred bitcoin as their transaction system with banking systems.
Bitcoin is the cryptocurrency that has the largest market cap, and it is very natural to be the king of cryptocurrencies, but that doesn't mean altcoins can't beat bitcoin, because this ranking is just about market cap,
to this day I don't know which countries have allowed Bitcoin as a legal payment alternative? because as far as I know transactions are often carried out in cyberspace, so the government cannot interfere with this transaction.

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Re: So Bitcoin is King.. why is it?!
« Reply #36 on: October 12, 2020, 12:23:05 PM »


Offline Sehrish786

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Re: So Bitcoin is King.. why is it?!
« Reply #37 on: October 12, 2020, 08:42:44 PM »
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.
BTC is a king of crypto, many coins will come in this market in future but non of them will take place of BTC, all crypto market is base on BTC. So Bitcoin is king and will remain king, but some how people were expecting that ETH is queen but Defi making some new records, lets see how it goes

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Re: So Bitcoin is King.. why is it?!
« Reply #38 on: October 13, 2020, 05:14:42 AM »
Bitcoin as the pioneering cryptocurrency, the largest MarketCap of all crypto that was listed on the market, it was one of the largest trading volume, etc. all of that classification will resolve why Bitcoin is the king of all cryptocurrencies.

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Re: So Bitcoin is King.. why is it?!
« Reply #39 on: October 13, 2020, 09:59:11 AM »
The reason why bitcoin is king is that it ranks higher than other currencies in the crypto market and the demand for this currency is higher in every market place business and investment are in the same position. Even if the price goes down there is no fear of getting re-increased the crypto market survives for bitcoin.

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Re: So Bitcoin is King.. why is it?!
« Reply #40 on: October 13, 2020, 10:29:35 AM »
You may say thus concerning the weakness of BTC. I can also settle for them as a result of they're true. but concerning the fees, immediately we will notice some ways that to decrease the fees, what is more if victimisation the metal pocketbook, lightning network, and a few others.
Aside from that, BTC is that the one that's extremely acknowledged within the crypto world, encompasses a huge price, and additionally trusty enough for several additional utility and additionally hodl.
 
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Re: So Bitcoin is King.. why is it?!
« Reply #41 on: October 13, 2020, 12:03:36 PM »
Those are all very good points. Bitcoin was the first crypto, it's natural people are the most familiar with it.
The leader of the bitcoin cryptocurrency is that the high expectation of participants during this market within the limitless growth of its worth and therefore the high level of its capitalization, that follows from identical expectation of its worth growth. This could continue for many a lot of years. If these expectations don't seem to be met, then the cryptocurrency market is certain a giant shock. However, sooner or later it'll inevitably be.
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Re: So Bitcoin is King.. why is it?!
« Reply #42 on: October 13, 2020, 11:48:10 PM »
Yeah, Bitcoin is the king of the crypto, but it doesn't mean that it must be perfect. In fact, BTC still has several weaknesses.
However, Bitcoin has value, the value is greater than others. This is also about the trust that all people consider.
About the Fee, I think that it doesn't become matter again because the fee is also affordable enough moreover by electrum and also lighting network.
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Re: So Bitcoin is King.. why is it?!
« Reply #43 on: October 14, 2020, 03:46:19 PM »
Bitcoin as the pioneering cryptocurrency, the largest MarketCap of all crypto that was listed on the market, it was one of the largest trading volume, etc. all of that classification will resolve why Bitcoin is the king of all cryptocurrencies.

Yes, I agree. The reason why bitcoin is still the King of crypto currency, because bitcoin has the largest market cap. Bitcoin is the pioneer of Crypto currency and always maintain its position on number one. It is really good for the future of cryptocurrencies, because value will affect all Crypto.

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Re: So Bitcoin is King.. why is it?!
« Reply #44 on: October 14, 2020, 08:40:04 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.
Bitcoin wasn't/isn't a dictator. Its hierarchy was from hard work and inspiring efforts that succeeded until these days. Sometimes you can observe Bitcoin price decrease but some of altcoins weren't affected by depletion instead raising. If Bitcoin is dictator, all altcoins must go always wherever the flow regardless of huge demands.

For example: Some DeFi tokens spike tremendously and yet Bitcoin remains at $10k to $11k.

If we insist Bitcoin is the dictator of prices, then I assume we are in the wrong direction. If we accept Bitcoin is the rank one and the leader of the entire cryptocurrencies, then I assume we are in the right thinking.

Dictator is different from Leader.
Dictator - a ruler with total power, typically one who has obtained control by force.
you don't have freedom to do your will but to follow the Dictator.
Leader - you have freedom to do your will as long as it is beneficial for you.

 

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