Bitcoin Forum

Because Bitcoin doesn´t have a creator, it wasn´t created for a profit and this you have to realize when you invest into altcoins.

For example, do you think that Facebook is going to create better world with its Libra? No, they see only profit and will do everything to maximize the profit.

I believe that one day people realize, how bad is current financial system, that it is owned by elite and no altcoin will solve this problem, only Bitcoin.  ;)

I agree with you somewhat about bitcoin and the problems it solves plus its pure decentralized model while other alts being run like a company of a typical corporate sector but btc has to improve rapidly and get rid of scalability issues to truly rule this market.

Bitcoin has a creator and that's the name Satoshi Nakamoto which is a pseudonym. We don't know if it's a particular one person or a group of people that worked to make bitcoin. But they have an aim and that's to make bitcoin a getaway from centralization.

We do agree with this.  :D

Bitcoin does have a creator but it is not premined by Satoshi to make a profit, the rest of the altcoins in the market are created to benefit the developers and facebook wanted to venture into the new market that could make them benefit in the long run.

The financial system is in chaos but none of the crypto will replace them rather it will be an alternative option. In the future we might see major changes in the scaling and then we can talk about bitcoin solving the shortcomings of the banking sector.

What OP is essentially saying is that Bitcoin is much more decentralized than alts, it doesn't have a "benevolent dictator" like Ethereum, it isn't owned by a company like XRP, it's not heavily influenced by a single individual like Bcash or BSV - in fact, most Bitcoin users won't be able to name a single Bitcoin developer, and it's okay because it means that they don't interfere with the network, they just write code to make Bitcoin better.

I understood it literally, my bad. Thank you for that emphasis.

actually bitcoin is a pioneer of creation from all the coins that exist today. so there are no other coins that will defeat bicoin, even though someday some alt will beat the technology of bitcoin, we must still respect the technology of bitcoin. because after all bitcoin is a real symbol of crypto technology. although it is still a mystery, who owns idea, from the birth of this big coin ...

I think what he meant is that the creator of Bitcoin left in order to established decentralization which the other altcoins doesn't have. I do agree that Libra will only inherit the name "cryptocurrency" but will not be as decentralized as Bitcoin because they would want to maximize profit though. But the thing here is that, will it succeed? since Libra are branded as cryptocurrency, will it help for the adoption of Bitcoin?

I like the thought but more people will only realize that this bitcoin is just a profit maker. Im sure many of investors are just investing due to the profits that they could make out of it. Altcoins are the same, they are just minted out of box to be tool for profits. See how IEO works, investors left after getting the ATH price of tokens then wait again. Thats life, only few people are really believing on adoption and the sad part is only those early people showed this like the pizza boy.

   We, people of the earth, are in the learning process, constant learning process. I believe that Bitcoin opened my
eyes for new things, for new ways of doing things. I am over 40, if someone told me about bitcoin before 2000
I probably wouldn't trust it's possible.
   What I want to say is that we need to learn how to be open minded! To take the best from what we can, and to
improve what we can, constant learning and improving will lead to something even better.

Yes, I understood it correctly then when Hatshepsut corrected me. I guess you haven't seen my gratitude and the reply that I have been thankful that I was corrected and that post was just 2 posts above yours.

There are some truth on the message of this statement.
Bitcoin was a large experiment, the first open source experiment of this level. The early volunteer were not sure where there little project would lead to and hardly have thought they'd be millionaires in a few years. People trusted bitcoin because it was open, it was decentralized and more importantly it were not made with the intention to make profit.

What you are saying could be a good edge for altcoins over bitcoin. Driven by profit is nothing to be frowned upon while not having a leader in the project also makes it harder to push anything. Those two points you see as a bad side but to someone like me, I weight it both for advantages and disadvantages.

Right on!
Spot on! or however they call it.  ;)

Controlled by the elite.
Are we still going to be pawns until our last breath and our children will have the same fate.
Give them something to think about and not just be slaves of those rich group.
Bitcoin could be the answer to the financial system. This way they could not create more. The value will adjust itself.

Hmm, honestly you may be right, Bitcoin is well organized and has better strong community but do you know that altcoins have managed to change the life of many too? Early adopters of some altcoins are now millionaires because they buy the coins cheaper

1. BNB
2. Okex
3. Hex
4. Ethereum
5. Litecoin
6. Omisego

The list goes on pal, why people are here in crypto space is to support the tech and fulfill their dreams too, honestly it works already for many

I think the prospect of bitcoin changing the current financial system is too far. Those who benefit from the current system, they are the most powerful people, they will prevent.

People focus a lot on making profit from coins rather than using them also because of their usecase. I myself do this too, I buy them for profit purpose. That's what others are doing too and others with huge funds that controls the market.

That's a very natural thing, because not all coins can be used in real life and not all coins can be useful in every living environment, so it's very natural that most people only buy coins to make a profit within a certain period of time.

This is one of the advantages of bitcoin. No one is really controlling it, no one that we know of. Satoshi is the creator but we can't really pinpoint a set of individuals that has the full control of what's gonna happen with bitcoin. Unlike other alts where the fate is in the hands of few, and they can manipulate what's gonna happen in their market. So maybe this is the reason why people are still preferring bitcoin, they know for sure that not a single person can distort its market.

Not only that, bitcoin enjoys first mover advantage (https://www.investopedia.com/terms/f/firstmover.asp), since bitcoin was the first cryptocurrency ever developed it enjoys a competitive advantage over every other coin in the markets and when you consider that the majority of the coins out there are copies of bitcoin with just slight variations in the code then it is really not surprising that most altcoins find problems getting any traction and even the ones that do are nowhere near as popular as bitcoin.

Somehow I think it is early to say that only Bitcoin will solve the current financial problem.  I like Bitcoin but Bitcoin itself had been struggling to solve its own problem and that is the confirmation time.  Unless this problem is solved, I think Bitcoin will never be a solution nor solve the current financial problem.  Who knows, maybe one day, with the collaboration of developers, the current financial system will be greatly improved by a newly developed altcoin. You know everything has a possibility to happen.

It doesn´t have a one centralized creator, I mean, it is something like a world, it was created but we do not know who is the real creator, if god or it was really created by many sequence of coincidences.  ;)

That is the reason why bitcoin has been touted as the only crypto that is fully decentralized. Many of the crypto especially the utility tokens are not decentralized and can still be much in control by the developers. For instance, a token based on ethereum blockchain can still be control by the dev that might decide to rendered it useless by changing smart contract address or by locking it.

The worst thing what could happen to your ERC-20 tokens is a token swap. They announce it on Telegram and after few weeks there is no possibility to swap them.. This happened to me with these coins GricCoin or Swace.

Confirmation times are only an issue for transactions that require to be confirmed in a matter of seconds, for every other transaction bitcoin is way faster than many other options that you could take, the developers are working on the lightning network to solve this issue and things are looking good but it is not as widespread as it could be and it will take some time to iron out all the issues, but eventually we will get to the point in which a bitcoin transaction will be confirmed in seconds instead of minutes.