Bitcoin Forum

I think the only bitcoin can make this cryptocurrency market stable. BTC was doing monopoly business over last few years. It's time to do some competition with other good currency. Am I right or wrong?

no you are right, bitcoin should begin its real competition with real currencies such as US dollar, Euro, Japanese Yen,... instead of just being a cryptocurrency and separate from them. it has already started though. as the merchants are adopting bitcoin as payment and as countries start recognizing bitcoin as a legal way of payment this competition begins.

I don't know why you call it "monopoly" though. that doesn't make any sense to me.

BTC is the first comer in this cryptocurrency platform and no other crypto are able to come near to bitcoin. Also, its value increased due to monopoly. To me still, BTC doing monopoly business. Look at the other currency they are far behind from BTC.

Lol, let's define monopoly first:


It's not even monopoly. The cryptocurrency market is a free one, where everyone is free to choose which coins to use. Bitcoin is the largest because the majority gives it high regard, not because it tries to gobble up its smaller competitors -- something which monopolistic firms actually do. The market has actually been increasingly competitive if we use Bitcoin dominance as a "competitiveness" metric. Either way, you can't stop the best from being the most successful.

that is a common mistake and you are being brainwashed by the altcoin advertisers/bag holders into thinking that is true.
the fact it bitcoin being big has nothing to do with it being first. being first surely helped but the reason why nothing has yet come even close to bitcoin is because they either copy bitcoin's code/technology or they create something useless with a lot of problems while trying to fix a small and simple problem that bitcoin has.

if some day someone creates something that is REALLY good not just looks good then it will come close to bitcoin and it can even grow bigger than it. but such coin is not yet created and may not be created unless altcoin devs and the community stop wanting pump and dumps.

I don't think you know what "monopoly" means. try reading the link other poster gave you.

Thank you, sir, I am just a learner. That's why I am asking you guys. I know there are some great people here who can explain me this thing.

As we know other cryptocurrencies are copying the technology from BTC. So, BTC has the technology advantage that makes it great. So far, I find everybody just trying to copy the technology and strategy from BTC.

At the beginning of the formation of cryptocurrencies it was exactly like this but now there are many more cryptocurrencies that are worth noting such as e.g. Etherum. The more cryptocurrencies there are, the more facilities we can expect because each of them will try to be the best-optimized cryptocurrency. Monopoly is not a good thing because it's competition that makes all services strive for perfection.

Yes, It is true that BTC has no longer monopoly advantage. There are different crypto already to compete with BTC. BTC is also doing its best to be top of the list. Now, its time to see how it goes in future.

Of course, Bitcoin has nearly 40% volume from all cryptocurrency market nowadays, that is why he has all rights affect the price of all other currencies, but i am sure, that in a few years, maybe faster, this trend will crash and cryptocurrency will be free from the influence of Bitcoin price.

BTC is already facing huge competition from other cryptocurrencies. Monopoly business can be prolonged if they find any differentiated product. I mean BTC has to introduce something new to its users so that it can stay on the top.

you keep repeating the same thing about "competition" but you don't mention any names. i don't see any competition out there! there are shitcoins such as ethereum that have high volume, high price and get pumped a lot but that doesn't mean they are "competing" with bitcoin. it just means we have a pump and dump coin that was successful in its pumping process.

bitcoin monopoly (market term not board game)

bitcoins mining algo is PoW in which it actually costs users funds to maintain the network and create the coin. this mechanism puts a lump of value underlying the price a miner is willing to sell at as they wont want to make a loss.
bitcoins hashrate is more than other networks because the community have put effort into mining it and caused a good underlying value (bottomline value support) for the bitcoin price.
bitcoin has monopolised the mining industry as it has the highest amount of hashrate compared to other coins

unlike PoS coins that create coin and maintain the network at virtually no cost. which is where these PoS coins will not surpass bitcoin. unless bitcoins mining costs deminish substantially

that said, since 2013 bitcoin has LOST other unique benefits that could have strengthened its monopoly (top position) so things to need to be fixed if bitcoin wishes to remain in its top spot and not be replaced by another network that may surpass it if all the mining pools jumped ship and the merchant tools/'we accept crypto' stores swappd networks

we are already seeing signs of the merchant tools monopoly to bitcoin die. just look at coinbase and bitpay. which used to only offer merchants bitcoin as payment. they ave recently added other coins.

we are starting to see other PoW coins use the same ASICS as bitcoin for mining. and there is a chance if those other coins include some of the benefits bitcoin is missing. that mrchants and miners will jump ship.

so never think that bitcoin is "too big to fail". instead demand the devs re-concentrate their efforts on the main bitcoin protocol and fix th mainnet issues instead of being financially incentivised to scream out mainnet cant scale, mainnet shouldnt be used as a currency. just to push people into other networks that are not unique to bitcoin

If that is your definition of monopoly, then you are absolutely wrong. Bitcoin has been top ranked does not mean it has been an obstruction in way of other coins. It has been at a great position always and if these coins like ICX, PRG and EOS keep trying they can also reach there. It is not a monopoly.

This is not a monopoly by bitcoin itself, the performance of other coins had led into bitcoin getting a monopolistic state. Coins like TAU, KmD if keep trying to come up with their projects (which they are) then they can also reach there.

Yes, there is no monopoly at this moment. But still, bitcoin taking advantage from 50% market share in the cryptocurrency. What about monopolistic competition? I still fell bitcoin doing monopolistic like De Beers Jewellers.

The importance and popularity of the bitcoin has taken it to a place where no other crypto can reach. So bitcoin can start competition with other transactional currencies.

Yes, BTC can do that for sure. But currently, BTC itself facing a challenge due to heavy competition in the crypto market.

I agree with you that btc is still in control of other currencies, it is difficult to have a currency that can replace it.

calling it monopoly maybe not correct , it does not make sense , bitcoin is running their business since a very long time and there is many more competition in the market so I feel by doing monopoly one business can't be stand for long

You think that there's no competition among cryptocurrencies. You have to realize that there is. It is just that majority of supposed Bitcoin investors are clueless as to what is really happening. They are clueless since they are treating Bitcoins as though they are shares of stock. It is not. They converting Bitcoins into whatever hoping that will get profits from changes in the market as though they are Forex traders. Bitcoin is not fiat. The trend nowadays is due to ignorance. Bitcoin is a different animal. 

I think that bitcoin age is coming to an end. Once major companies such as Telegram, Facebook or Google create their own cryptocurrency, they will beat bitcoin for sure.

Well, I agree with you that BTC was doing monopoly business in the market from the very beginning. As it is the first digital currency and the rate of BTC is very high there are no such cryptocurrency in the market that can come to its competition. But I think a completion will be a good thing now in the market it will change the market condition and the total scenario.

You are partially right. But the market was not monopoly. The customers were free to select and they chose Bitcoin.

It is growing strongly, the market is exciting because BTC, BTC has done business exclusively in the market from the beginning. Since it is the first digital currency and the BTC rate is very high, no electronic money in the market can come to its competition.

Not sure how much will this have the impact on the btc or other currencies as people are now used to it. Facebook coin may not be a huge successful after their recent controversy of selling the data people have started to ban the FB and deleting their account on the FB. So it will be an advantage for the btc.

I partially agree with you. Bitcoin did the monopoly business few years back .but now so many altcoins are available in the market that are competing with bitcoin strongly.

Yes, BTC is doing competition with coins for sure but not enough.  The difference among them is huge due to market capital.

Yes, theoretically it is not a monopoly but in practically it is doing monopoly business in the cryptocurrency platform.

No guy. Bitcoin isn't monopolistic. Just because it's the most popular doesn't mean it's doing monopoly business in cryptomarket. Owing to Bitcoin's superiority, it has earned more trust from traders and merchants, and accordingly, has big percentage of market capital. Monopoly, different from Bitcoin's case, happens when a person or enterprise is the only supplier in the market.

How could you call bitcoin a monopoly, It's not even a business to start with. But I do agree that it should now compete with curencies like USD and others.

Calling bitcoin a monopoly is no just right. It is not a business. It doesn't provide us with any items or services. It's a digital money how can it monopolize the crypto world.

It is not easy to surpass the BTC with this conventional cryptocurrency.  It has to be a great idea and extremely advanced technology. I like to see competition among all the cryptocurrency so that we will have chances to choose over BTC.

Yes, you are right. BTC is not doing monopoly business for sure but it is doing monopolistic competition.  Monopolistic competition means there will be a little competition with open market and there will have lots of buyers and sellers. And BTC doing exactly like this. We have the chance to choose but we will go to BTC at the end.

I have seen you got the correct answer here.

Thanks though for bringing that up. To clear minds of others that are being hooked with other coins thinking it is the future.
They are all copies specially BCH which almost made to make a confusion to those newbies who wants to buy bitcoin and yet they ended up in a different one. Bad thing is there is no law yet to imprison this people who made it that way.
And still they say that is the real bitcoin. BS is piled up in this forum so better go deep in reading.

Yea, it was supposed to be a currency but it is a investment tool at the end. We can manipulate it because there is a fixed supply and demand is too high.

Thanks man, it really hard to see people are taking it negatively. Your support makes me feel happy.

This is just the best reply as I cannot begin to think of any better response to such questions. Its high time people should know that bitcoin needs to start playing in the major league if its to be taken seriously. But focusing on other alt coins and happy that it currently enjoys a larger percentage in the market share of all crypto currencies, is nothing but rejoicing in mediocrity which needs to be abandon very soon. Most times I see various coins launched with the main purpose of being the next 'bitcoin' competing with bitcoin whereas people don't even acknowledge the existence of bitcoin. Its merely technically 'fighting' someone who is not fighting with you.

I think what he is trying to say is that Bitcoin had a monopoly {dominance} over other Alt coins and that the situation is changing

very fast now. I have to agree with him in a sense... Every Alt coin dilutes potential investment capital that might have been invested

into Bitcoin, so it is chasing it's own tail now. We need new investors to give it real growth.  ;)

Actually in opinion bitcoin has begun a revolution against USD or current currency for being a new modern generation currency, the people is just kinda slow to adapt but as far as I concern bitcoin or cryptocurrencies are far way underrated and I doubt our new generation currencies can be compared to the current currencies right now, I mean there is a lot of features of cryptocurrencies like a worldwide transaction and higher security that our current currency right now has failed to compete against.

its not monopoly i think, the monopoly is when you doing exclusive possession or control of the supply or trade in a commodity or service. i think bitcoins is just a market leader cause he first crypto so many people trust on a bitcoin

The monopoly of bitcoin seems like an illogical statement. Those who prefer bitcoin over other currencies. Yes, they are on top. Although this is the first digital currency and the very high BTC rate, no electronic money in the market can come up with its competition.

if only bitcoin can make the market stable, then why is the distance between ATH and the current price very different? I think the existence of an altcoin is also an advantage because there are some things that bitcoin doesn't have. Like a smaller fee, transaction speed, if there is only bitcoin, most likely what happens is full and stuck network

Maybe you meant to describe bitcoin dominance within the cryptospace which is not surprising nor is it a big deal considering the fact it is the most decentralized and first crypto we have (the sentimental value will always remain even when technological advancement is a bit slow), the real challenge should be how bitcoin and other cryptocurrencies fare among the major world currency. Bitcoin is currently 6th, trailing the Japanese Yen.

Bitcoin doesn't monopoly anything, its people who choose bitcoin, bitcoin is decentralised so it can not be controlled by anyone, people choose bitcoin because of the fame and all of the coin can be traded using bitcoin, so altcoins is rely on bitcoin, and that caused high dominance of bitcoin, it will be good if there is another coin that can be bitcoin backup, if the dominance of bitcoin is not too high, it will makes other alt coin price not too surpress

You're right, and your thinking is right about this.
But personally, I would not rush things.