Bitcoin Forum

There is something I'm thinking though I don't know if it's right or wrong, that Bitcoin is the prime currency here, not necessarily because of its price but because of its blockchain project and being the first in the system so I'm thinking even if other cryptocurrencies price ever get higher than Bitcoin, will Bitcoin still be seen as the prime cryptocurrency? Or is the whole thing around the Bitcoin centered around its current price in the market?

Bitcoin is the sort of "primary" currency in the cryptocurrency space because bitcoin has the highest marketcap, not necessarily the highest price. There are some crapcoins that has higher price than bitcoin, but the marketcap is very very low, hence it's not even in the top 100.

Marketcap = Price * Circulating Supply

In this case, $7,437.77 * 17,157,987 BTC = $127,617,160,969

https://i.imgur.com/YWCmtZH.png

There is no reason behind it to make it a top one currency, this coin is ultimately the founder of cryptocurrency so thats why Bitcoin can be the top one.

Your framing of the question and the other two responses in this thread, so far, seem to miss the importance of bitcoin, and seem to attempt to conceptualize bitcoin as if it were the equivalent to other crypto projects, but with merely a larger market cap...

In reality bitcoin is the only coin that really matters because of the way that it is set up.  It solves the byzantine general's problem and networking effects have been being built upon it since the genesis block... There are nine networking effects that are outlined by Trace Mayer, and you can easily look them up in order to better attempt to understand the importance of bitcoin and it's paradigm shifting contribution to securing value in a way that is outside of centralized authorities that has never been available before it, and might not even have been possible until the internet had reached a certain level of maturity in recent years.

So bitcoin the currency and bitcoin the blockchain are a combination of dynamics that create incentives to build network effects and to continue to build such network effects.

The level of adoption remains less than 1% of the world's population, so it is nearly inevitable that BTC's price is going to be considerably volatile for many years to come (probably decades), and accordingly, the price will not always accurately reflect value... and it is also possible that networking effects could move over to some other superior coin/project, but there is nothing even close at the moment, so it is likely that any merging over to some other project would allow users to move with it, if such a project were to evolve in the space.

It is Block chain obviously. we must have to give credits to BTC as well. BTC is the first crypto currency , has decent daily volume, wide acceptance , real life use. But ultimately it is the block chain we are talking about. So BTC will have hard fight in future if any other coin can bring unique features. But the pathfinder will remain first, always. So it is hard to defeat btc . And Price of a coin indicates something, not everything. There are shitcoins in the market being traded at 1000x price from its actual value.

Bitcoin is about much more than the price and ushering in the blockchain technology era will be one of its defining characteristics.

how is it that you separate bitcoin and blockchain exactly?  Yeah there are a bunch of shit coins trying to act like they can compete on some kind of similar blockchain or their own blockchain, but bitcoin and its blockchain come as a package, and the other nonsense blockchain hype that attempt to build without bitcoin are just tending towards pump and dump cash printing bullshit, no?

You have a wrong idea of bitcoin and blockchain. Blockchain exists because of bitcoin and vice versa. There wouldn't be any crypto, had there been no bitcoin. So bitcoin will be the "prime" crypto, for its evolution, its invention, its existence. Eventually a time might come where alts might take over bitcoin in terms of price, because they have a much bigger hard cap. But will that change anything about bitcoin? No.

If you're asking why bitcoin is placed as the top currency, the reasons are pretty obvious: it's because it is the first cryptocurrency ever traded with real money and its price on the market. Most cryptotraders are banking on bitcoin due to these reasons, with (sadly) its technological implications and flexibility trailing behind the price. You can also factor in the amount of money invested in infrastructures surrounding bitcoin, mainly the mining scene. Due to this, people who are knee-deep on their involvement wouldn't want to get their leverage and advantage on investments be turned to nothing. I'm sure there are a lot more reasons why people choose bitcoin over any other cryptocurrency, but these, I think, are the most probable reasons why they stick with it through the highs and the lows.

It is Block chain clearly. we should need to offer credits to BTC too. BTC is the principal digital money , has not too bad day by day volume, wide acknowledgment , genuine utilize. At the end of the day it is the square chain we are discussing. So BTC will have hard battle in future if some other coin can bring remarkable highlights. Be that as it may, the pathfinder will stay to start with, dependably. So it is difficult to crush btc . What's more, Price of a coin shows something, not all that matters. There are shitcoins in the market being exchanged at 1000x cost from its genuine esteem.

it is true that bitcoin is the first currency created in blockchain at a very high price, and if any altcoin is priced higher than bitcoin I think bitcoin will always remain the main in the mind of the world community, because bitcoin is embedded in the shadow of society.

which is certainly a price issue that makes the coins become the top, because the price is very influential in human thinking, and also smart contracts that make a lot of coins better like eth.

The price is not a single element to determine the prime status of it. Bitcoin definitely gained momentum due to its first mover advantage of it. However, it's the utility value that makes it the prime currency. There are the people who are using it as a payment system and any other coin having high price might dominate the crypto market but it won't be a prime cryptocurrency unless there are factors like userbase and utility value to support the market cap.

You have a bad idea about bitcoin and blockchain. Blockchain exists because of bitcoin and vice versa. There will be no encryption, no bitcoin. These are the two things that go together

OK thanks for sharing this, I get it very clear and it answers my questions as to whether it's just about the price or the Bitcoin blockchain, now I know that the blockchain holds the networking layer on which the entire crypto is built so it would remain superior to other cryptocurrencies irrespective of its price in the market.

Blockchain doesn't exist because of bitcoin but the reverse is true. Years from now, hypothetically, if crypto has been wiped out, bockchain will still be here.

Bitcoin is the prime coin because it founded the crypto currencies. It was not created for the benefit of one person or a group of people like how you see now a days in almost all the ICOs.

really, even if bitcoin will be replaced by altcoin I think people's view of bitcoin will remain the same.
bitcoin that has popularized crypto, and it will remain inherent in everyone's memories as well as the history of bicoin.
because the bitcoin that has brought the name of cryptocurrency to be known by the world.
bitcoin is a crypto legend.

There are many things that are interconnected
- It is the first cryptocurrency and has a large, loyal user base
- It has huge amounts of hashing power backing it, making it the most secure cryptocurrency
- because of the above 2, it has the highest market cap among cryptos.
It would be difficult to separate the factors.

Because of its popularity. When people find out that you can easily get the money, found out about Bitcoin, the hype began, many, and I know all cryptocurrency only. Price and technology are already secondary.

I think you have it in reverse. Popularity will comes after price and technology. This is because the people appreciate what bitcoin is potentially offering them.

bitcoins dominance and inspiration of 2009-2011 WAS based on the above..    
so from 2009-2011 yes bitcoins blockchain vs price. bitcoin was winning based on blockchan features, because the price was low compared to other currencies/mediums of exchange in the world, and the features bitcoin offered were far more valuable than its price
but..

2011-2013
then came altcoins that also used thee same solution. thus other coins utility of a decentralised network meant bitcoin no longer had a unique feature that any other currencies couldnt offer.

bitcoins dominance then became price and merchant utility. merchants didnt use litecoin as their "we accept.." paymnt method. but while other coins were offering faster confirmation average times or more data per block or more/less coin reward per block.. bitcoin started losing the utility race.

2013-2015
with less unique codebases of differing node clients, and the war against other 'generals' had started to rip(REKT) apart the byzantiines solution, thus losing bitcoins uniquenase, features and benfits further

2015-2018
and now the reliance on one source of new rule/upgrade path (core roadmap/mandatory upgrades) the whole utility of consensus(bysantines solution) has nearly disapeared completely due to this whole drama of the last 2 years.
and now merchant service tools are now opening their gates to other coins. so bitcoin is now losing the merchant adoption race too.
soo.. now it seems bitcoins only promoted 'feature' is first to market (which didnt play well for myspace or napstre)
leaving people to now only prompt the price as the reason to try inticing new people

now with all that said.
market cap and price are both illusions.
if i called 1000 apples shares as a 'cookingapple' (large apple) then the price per unit would be bigger.
if i made an altcoin of 5 trillion coins and sold 1 coin for $5 the market cap would be $5trillion.

think of it this way. look passed the ilusion of the basket terms of measure.
many people say that bitcoin is $6500 per unit and gold is only $1800 per unit(btc vs oz)...
but what if i told you bitcoin was only $0.0065 a unit and gold was $38k a unit. (bits vs KG)

so with people starting to measure bitcoin as ubtc(bits(100sat)) the price per unit will drop from ~$6500 per unit(BTC) to ~$0.0065 per unit(bits)
thus in future bitcoin will show as a under penny per unit price and other altcoins will hav a higher price per unit. and alts will have a higher market cap.

p.s i love bitcoin. but im a realist not an ass kisser. its far better to reveal the issues and hope the community wake up and then help sort the issue, rather than kiss ass, hide the problem and let it continue/get worse.

..
summary.
watch trace mayors SEVEN network effects video.
https://www.youtube.com/watch?v=D3n6lLeuPQA
then ask in 2018 do all these 7 network effects still apply to bitcoin uniquely
in my view the only one remaining is point 4 (mining hashrate). which the cost of mining upholds the price support (the low of a year) where people refuse to sell below their cost of obtaining bitcoin

people always focus on one or two reasons thinking that one reason is why bitcoin is big and has a high price. but they miss the fact that there are a lot of reasons why bitcoin is like this right now and usually those reasons such as being first, being popular,... or like what OP thinkgs the blockchain or price are not even main reasons.

the main reason in my opinion is that bitcoin works as it should and does it in the most secure and decentralized way. there are always downsides in any system but there are more benefits in bitcoin than there are negatives and that makes it big and successful while others struggle.

Yes, it is right that bitcoin is the first crypto currency and the system is based on bolckchain and no matter what it will always remain number one.

Your attempt to describe bitcoin in various time phases seems to be an attempt at a kind of spinning that describes bitcoin as a maturing product that is both 1) receiving meaningful competition and 2) going through stages of maturity that involve kinds of diminishing statuses.   In other words, it seems that you have a kind of pie in the sky of making shit up.

You think that hardly anyone knows about bitcoin now, think about 2009 to 2011, it was the geeks of the geeks, and so a very very insider group that knew about bitcoin and its budding creation... hardly even had any market value, and barely begun to have a place to trade it on Gox and perhaps a few other ways of individually making direct sales.


Of course, bitcoin remained unique.. hardly any alt coins during this period.. and they merely took bitcoin's code and changed a few features.. but bitcoin definitely dominated the space.. even while it continued to hardly be known.,, except perhaps a bit more in 2013 with satoshi dice and silk road developments.


Yes.. a bit of increased merchant adoption of bitcoin during this pre 2014 period.. but still barely becoming known.. other alts never really took much hold during this period.


Your parsing here sounds like a bunch of bullshit.  There still aren't any coins that have the level of bitcoin's computing power that allows it to continue to build on its vision..  Other coins are not taking any market share beyond pump and dump and ethereum was barely entering the market at this time after Vitalik decided to rage quit from his BTC participation to create his own insecure imitation but a bit different pie in the sky toys.


Get the fuck out of here with your claim that bitcoin is deviating from its original vision, and that is just not true.  Sure, bitcoin is evolving through consensus to have changes such as segwit and lightning network, but bitcoin remains the same bitcoin, too, so you can chose how to employ bitcoin and whether to employ bitcoin.  The drama of the last 2 years have been mere attacks that try to create impressions that bitcoin has deviated, but in the end, much more success for bitcoin because the attacks have largely shown to be failures... and people are realizing the bullshit nature of the various pump and dumps and vaporware scams.  Sure, not everyone is realizing these facts, so your spouting out nonsense is going to continue to have audiences who believe that kind of bitcoin is a failure disinformation.


Who gives a shit if various other coins are used for spending... bitcoin has those features, too, and there is no need to rush into providing those services, .. and with the passage of time more money will gravitate towards bitcoin because of its security and the soundness of its money rather than some kind of bullshit claim that other coins have more spendability.. no one is spending other coins, anyhow... but even if they are being spent, there are issues with their security and soundness of their supply issues and if controllers can just create a bunch of new coins or you don't know about the supply, then why the fuck you want to hold manipulated coins like that?  By the way, what fucking coins are you referring to that are supposedly winning the supposed nonexistent merchant adoption race?  Do you have actual meaningful evidence?


Yeah, right.  You are repeating old stupid-ass talking points, and not even an adequate comparison.  You have heard of networking affects?  At least seven that Trace Mayer outlines, and none of the coins are even close to bitcoin in terms of ongoing networking effects that continue to grow with bitcoin.. so your bullshit about bitcoin supposedly dying is by making up talking points and facts as you wished them to be rather than referring to actual facts.  


Yes, the pyramid scheme talking point is another one that does not work with anything beyond made up facts, rather than actual facts.


with all the nonsense said.... you haven't really said anything, except making up a kind of wishful trajectory that you would like bitcoin to have.


I will agree with you that market cap of other coins is frequently made up bullshit.  There are some problems with bitcoin's market cap too, because there are probably 10% or more bitcoins that are lost or otherwise out of circulation - perhaps forever.

The market cap of a lot of other coins are manipulated by their supply issues.

Regarding price, Bitcoin is currently going through a correction, and yes, we are going to find out whether the bottom is in for this current dip, or whether more downward movement is necessary.  There is evidence in both direction, and so time will tell.  Furthermore there is some symbiosis with the price performance and froth of some of the other coins, so it could take a bit of time to figure out if this current bottom is already in or if the price needs to stay in the $5700 to $9k for longer or if perhaps it might correct a bit lower?  


What the fuck you talking about bitcoin or altcoins, or the whole crypto space?  Bitcoin remains different from the various other alts, so if you are trying to suggest that bitcoin's scarcity is screwed up because of the money creation of the various alts, then you are making a stretch of a claim... however, for some time, there will continue to be confusion by a lot of folks, including dumb money that will pump into the various other alt coins and ICOs and other non-bitcoin scams.


Now you are spouting off some nonsense about comparing bitcoin and gold?

First of all bitcoin (and even gold) is worth whatever the fuck people are willing to pay for it.  Currently the bitcoin price is floating in the $6,500 territory like you say, and that is based on its current status of various utility, present value and future value and perceptions of both present and future value.. and including the extent to which price momentum exists in either direction in order to either push its price lower or higher through the various liquidation channels that currently exist.  There is no need to get caught up in your weeds discussion of units and all that bullshit, because both bitcoin and gold remains valued at what people are willing to pay for it, and with the passage of time, there are a lot of folks that are coming to realize that bitcoin is much more valuable than gold in terms of its various currency features, scarcity which affects storage of value and its divisibility and portability... so bitcoin is likely going to be taking away much of gold's market share in the future, just like it already seems to have begun to do in the past few years.


Who gives a ratt's ass about various unit considerations, except if you merely want to attempt to confuse matters?  There maybe be some points in which other units of bitcoin should become more utilized, and perhaps there will be a movement to satoshis at some point, but the unit considerations do not affect the fundamentals as much as they just affect some of the perceptions of value, which in the end will work itself out, even if there continues to be some confusion caused by unit perceptions.


Ps.. you come off as a fucking liar... If you loved bitcoin so much then why have you been spending years and years spouting out your same nonsensical and misleading bitcoin denigration talking points?  Your actions do not come off as "love" but instead, you are compelled to engaging in ongoing negativism and spreading misinformation based on various negative ways to spin your bitcoin bashing talking points... whether you are a paid shill or you just have the hate within you.. your talk about love of bitcoin is a lie.


You can frame your supposed motivations in any way that you want, but you are still constantly serving as a disinformative FUD spreader.


You have not revealed any issues.  You have just typed a bunch of bitcoin bashing nonsense that makes little sense, and even you probably don't believe your own bullshit.   :D :D :D


Good you are quoting the same trace mayer as me... and yes they apply.  Bitcoin remains in way less than 1% of world adoption and bitcoin remains the king of all the cryptos... there is no other crypto that is even close to bitcoin in terms of overall solidness of its security and decentralization that is going to continue to have value flowing into bitcoin rather than other nonsense vaporware coins.


Seems like you are missing the whole point, and attempting to suggest that bitcoin has gone through any kind of meaningful maturity.  Bitcoin remains in the vary early days of much of the network effects, including adoption.. but the foundation of bitcoin continues to build and all of the network effects continue to build too... which seems likely to involve lightning network, too.  Your attempt to parse out, seems to suggest that you don't even understand the overall dynamics and direction of bitcoin and the value of bitcoin... which does not mean that there is any kind of need to rush into getting merchants to adopt.. or for bitcoin to compete with credit cards and pay pal, even though it is likely that in then long run, bitcoin will be eating the lunch of all of those  payment processors.. because there is a certain value to having control over your own banking and your own value storage, which ends up being some thing that still is going to cause bitcoin to win in the end.. including all the network effects that are still building on bitcoin.

It seems to me that Bitcoin is now the main because it appeared first and scored the price. In General, now there are crypto-currencies with more promising technologies.

Do you even understand what you are saying?  Sounds like you are just pumping out some nonsense talking point.  There is more to bitcoin than merely being first, which includes a variety of network effects, which largely means that systems are being built around bitcoin in terms of mining, development, finance and even consumer uses.


Who gives a ratt's ass if there are some of the thousands of other cryptos that have "more promising technologies" if when in fact they are likely to be either absorbed directly into bitcoin or perhaps merely be uses as a side chain of bitcoin..?

 Furthermore, consider network effects of supposedly "more promising" technologies and whether they have been actually put to play beyond just spouting out their supposed superiority in a white paper.  Also consider the network effects of other cryptos as compared with bitcoin whether that is hashing power or development or financialization or consumer adoption.

i think its Blockchain deffinatley BTC is the primary digital money , has good day by day volume, wide acknowledgment , genuine utilize. In any case it is the square chain we are discussing. Blockchain exists in light of bitcoin and the other way around. There wouldn't be any crypto, had there been no bitcoin. So bitcoin will be the prime crypto, for its development, its innovation, its reality.

I am totally lost in this one, I need to go make some research so that I may be able to have something to say, but in any case, I'm glad I even convinced myself to asked the question baceuse I almost considered it as irrelevant to bring it up here, but I managed to convince myself to ask the question and here are several detailed explanations that would move me to make more research to understand Bitcoin more and it's associated technologies. Thanks for sharing

Yes... I already responded to franky1's points to assert that his framing of history and the issues is largely misleading, so hopefully your greater "research" into the matter will help you consider the matter in light of a multitude of bitcoin denigration spinning that remains in the space.. and franky1 has a track record of showing himself as a bitcoin denigrator that just throws out a bunch of nonsense hoping that some of it sticks.. in order to achieve his bitcoin denigration goals..

Very promising technology, and the price plays an important role.And actually, I think that the technology they have is amazing.

The price is not a single element to determine the prime status of it. Bitcoin definitely gained momentum due to its first mover advantage of it. However, it's the utility value that makes it the prime currency. There are the people who are using it as a payment system and any other coin having high price might dominate the crypto market but it won't be a prime cryptocurrency unless there are factors like userbase and utility value to support the market cap.

It is a close circle of events. Bitcoin is the most popular cryptocurrency as it was the first one ever. For that reason it absorbs the most value on the market because it's almost always the first puchase whene entering cryptocurrency market. As it is the first purchase it's vale is going up so it's making BTC most popular and so on and so on.

According to be, the Bitcoin is the prime currency because it was the first cryptocurrency to be launched. Due to this fact, it enjoys the first mover advantages which place it in the advantageous position in comparison to other cryptocurrencies. I think this the main reason that Bitcoin is still the king of the crypto market. The market capitalization plays an important role and not the price.

Bitcoin in now a days is very popular and the most successful crypto currency of the present times and not only among crypto currencies, bitcoin craze is increasing to that extent that it is now even considered as a threat to Fiat currencies and no doubt if the conditions remain the same then it will obviously remove the Fiat currencies as the most important thing that make bitcoin so successful is its safest and the most confidential way of transacting and this only thing has attracted millions of people around the world to invest into bitcoin.

The main question of course is the price. Technology here of course plays a role, but the price determines its importance undoubtedly more. And remember the number of Bitcoins issued is not infinite!!!

Bitcoin is the first place in the cryptocurrency. Of course it's all about price and popularity.  When even on TV show how a person bought the first Bitcoin for only 100$, and now bought a yacht and a mansion on the coast, it can not affect the excitement of people. They still hope to increase their profits.

Bitcoin is the very first published cryptocurrency. Combining the unrealized prototypes of crypto-currencies and taking all the best properties of other crypto-currencies, Bitcoin has somehow strengthened in the crypto-currency market and is a unique project in itself.

Bitcoin is the first place in the cryptocurrency.its all about price and popularity.bitcoin will be the prime crypto for its development its innovation its reality .

Neither of bitcoin price or bitcoin blockchain that made bitcoin in the top of cryptocurrencies, The popularity of it leads him to be the first in the crypto market. By this popularity bitcoin gain more value and then bitcoin price increased a lot. In other way, I don't think that there is any other crypto can surpass bitcoin in this market situation, because people believe in bitcoin more than altcoins.

it could be, but as time goes by, digital currencies are growing, and the prices are mutually designed, depending on which one we want to invest in digital currency

Definitely not because of technology. At the initial stage, it was one of the most promising cryptocurrencies. Now she has a huge authority and price.

I think the price is not the reason bitcoin become the top crypto, its merely because bitcoin is the first digital currency that introduce the decentralised system, it's the popularity that make bitcoin become the number one crypto, now within a lot of other crypto that being created, people seek the more efficient way to do transaction and the lowest transaction fee, so bitcoin need to keep on update to be able to stay on top

Bitcoin is better than Altcoins based on its network effect and proven security. Both are nearly insurmountable advantages. Bitcoin has a proven usage case as a store of value. Bitcoin has a large lead as a store of valueover every altcoin in having existed 8 years without failure. The security of Bitcoin has been proven far more than its much younger counterparts with usage by almost every metric exceeding that of altcoins.

Cryptocurrency Bitcoin is the main cryptocurrency, because it has a very promising technology and the first cryptocurrency in the financial spheres.

what do you mean here? in bitcointalk.org? if yes, I think you are right haha, in this forum all people is use cryptocurrency especially bitcoin, why they use bitcoin? I think they use bitcoin for make some profit by trading and investing in cryptocurrency project

Bitcoin price does not depend on other currencies. You can issue a more expensive currency, but it will not be the first.