bitcoin is just a brand name :(

[philipma1957]

Finally the bitcoin halving have already take place last week, the supply will cut in half...... we all know this piece of information

BUT

We already mined bitcoin in 85%(++) of its total supply, it makes me think that we are near to price stabilization when people will start to own it. The market cap of cryptocurrencies are less than 1% of the total fiat that we have, hence it can cover all of this however the essence of bitcoin as a investment form will fail if it happens to be less volatile than it is now and will bring the significance of bitcoin as a currency of the future.....

BUT

The logic behind the bitcoin as the future currency is rigged and makes no sense at all, this is also why gold, diamond, silver, etc. is incomparable to bitcoin because they all have a practical use that is hard to be replaced while on the other part, with bitcoin, its practical use is easy to replaced, in fact we already have better coins than it but we chose to live with its brand name.

Hope this thread will help to avoid new threads regarding 'bitcoin and gold'

Interesting viewpoint. Has some validity.  What makes BTC valuable?  one would argue the machines that mine it, but as you say Other coins can be substituted.

BTC
BCH
BSV
PeerCoin all use the sha-256 Algorithm .  This is the Algorithm with the most gear backing it.

But all of us could simply switch off BTC and mine BCH On May 31st.

I think the idea  of forking Algorithm's and allowing multiple coins to share a single Algorithm will prove to hurt all of crypto down the Road.

[bitmover]

I mean, every single cryptocurrency besides stablecoins are pretty much volatile. Though bitcoin's volatility definitely looks like a weakness, there's nothing we can really do in this case, as it's going to take time for volatility to slow down. Remember, bitcoin is just more than a decade old, and we can't expect an asset to be "stable" in just that short of a timespan.

Fiat currencies can be volatile as well, especially in developing countries.

Look at USD BRL graphic. BRL is Brazilian fiat currency, Real.


source: https://br.tradingview.com/symbols/USDBRL/

USD/BRL was 3.70 less than a year ago, in July. It is now 5.79. That's a crazy volatility, even when compared to bitcoin.

[Casdinyard]

Finally the bitcoin halving have already take place last week, the supply will cut in half...... we all know this piece of information

BUT

We already mined bitcoin in 85%(++) of its total supply, it makes me think that we are near to price stabilization when people will start to own it. The market cap of cryptocurrencies are less than 1% of the total fiat that we have, hence it can cover all of this however the essence of bitcoin as a investment form will fail if it happens to be less volatile than it is now and will bring the significance of bitcoin as a currency of the future.....

BUT

The logic behind the bitcoin as the future currency is rigged and makes no sense at all, this is also why gold, diamond, silver, etc. is incomparable to bitcoin because they all have a practical use that is hard to be replaced while on the other part, with bitcoin, its practical use is easy to replaced, in fact we already have better coins than it but we chose to live with its brand name.

Hope this thread will help to avoid new threads regarding 'bitcoin and gold'

Interesting viewpoint. Has some validity.  What makes BTC valuable?  one would argue the machines that mine it, but as you say Other coins can be substituted.

BTC
BCH
BSV
PeerCoin all use the sha-256 Algorithm .  This is the Algorithm with the most gear backing it.

It strikes my mind too, bitcoin is just valuable because people valued it like an expensive, a volatile one. It was the android operating system of crypto which most of people are using.

But all of us could simply switch off BTC and mine BCH On May 31st.

With bitcoin hash rate dropping, and hash rates of its forks are increasing, this may slow a little bit of bitcoin's part. The idea is bitcoin is replaceable by any of its fork but I doubt people would do that.

I think the idea  of forking Algorithm's and allowing multiple coins to share a single Algorithm will prove to hurt all of crypto down the Road.

Soon the grandfather will die and the position will be taken by its grandsons. hmmm.

[fiulpro]

Bitcoins is not a brand name .

Halving was never to increase the price of Bitcoins  , it was a possibility never the necessity.

I do think when we are talking about the practical implications of Bitcoins . Trading actually do makes sense but you cannot just go and buy stuff with it .

Price stability won't be achieved until and unless the whales are okay with selling their 50% owned Bitcoins slowly over the time , which won't ever happen.

I do think one should recognize that Bitcoins is actually helping tons of people during this hard time , what can be more practical than that ?

People are earning something here .
People are doing donations here .
People are feeding the poor here .
People are buying and selling the services here.

The community is way more practical than the modern community that we live in .

Do not worry or get disappointed that the price did not increase just because everyone wanted to place bets on the halving , be Happy about the fact that during this Pandemic it was able to attain stability, not every precious metal and even the stock market is able to do that .

[kryptqnick]

We already mined bitcoin in 85%(++) of its total supply, it makes me think that we are near to price stabilization when people will start to own it. The market cap of cryptocurrencies are less than 1% of the total fiat that we have, hence it can cover all of this however the essence of bitcoin as a investment form will fail if it happens to be less volatile than it is now and will bring the significance of bitcoin as a currency of the future.....

Fiat system is hundreds of years old and bitcoin is just 11. Compare apple to apple, not apple to pineapple!

Being less volatile will actually open up worldwide market for bitcoin. A lof of merchants don't accept bitcoin as a payment method because they of this price volatility, especially in FMCG sector where the profit margin is very low. Stable bitcoin price will definitely help these industries to accept bitcoin as one of their payment methods.

I do believe that Bitcoin will become more stable as the time goes by, but I am not sure this will help with adoption by merchants much. It's not like everyone's just waiting and thinking 'if only Bitcoin were less volatile'. And those worried could easily set the price in fiat and have the price in BTC updated instantly or on a regular basis. Volatility is an obstacle to truly accepting Bitcoin without relying on its price in fiat, but it's not the final obstacle.

I mean, every single cryptocurrency besides stablecoins are pretty much volatile. Though bitcoin's volatility definitely looks like a weakness, there's nothing we can really do in this case, as it's going to take time for volatility to slow down. Remember, bitcoin is just more than a decade old, and we can't expect an asset to be "stable" in just that short of a timespan.

Fiat currencies can be volatile as well, especially in developing countries.

Look at USD BRL graphic. BRL is Brazilian fiat currency, Real.


source: https://br.tradingview.com/symbols/USDBRL/

USD/BRL was 3.70 less than a year ago, in July. It is now 5.79. That's a crazy volatility, even when compared to bitcoin.

Yeah, but when people talk about fiat, they usually mean something very stable like the USD or EUR. Moreover, while it's a big change within a year, it was happening slowly. Bitcoin, on the other hand, can easily double the price in two months (from the middle of March till the 8th of May, for instance).

[ChiBitCTy]

Finally the bitcoin halving have already take place last week, the supply will cut in half...... we all know this piece of information

BUT

We already mined bitcoin in 85%(++) of its total supply, it makes me think that we are near to price stabilization when people will start to own it. The market cap of cryptocurrencies are less than 1% of the total fiat that we have, hence it can cover all of this however the essence of bitcoin as a investment form will fail if it happens to be less volatile than it is now and will bring the significance of bitcoin as a currency of the future.....

BUT

The logic behind the bitcoin as the future currency is rigged and makes no sense at all, this is also why gold, diamond, silver, etc. is incomparable to bitcoin because they all have a practical use that is hard to be replaced while on the other part, with bitcoin, its practical use is easy to replaced, in fact we already have better coins than it but we chose to live with its brand name.

Hope this thread will help to avoid new threads regarding 'bitcoin and gold'

First off, what does having already mined a large % of the total coin supply have to do with anything? I fail to see your point here.  Also, what do you expect, fiat currency has been around for generations.  Bitcoin has only begun.  When the value continues to climb, so will that 1% number.

The logic behind cryptocurrency is rigged, how so?  Provide evidence, proof, examples! It is absolutely not easily replaced.  What coins are better?  What you and many others fail to see is that NO OTHER COINS HAVE BEEN TRULY TESTED SUCH AS BITCOIN HAS.  This drives me insane when people say this.  Until one's coin has a price driven up to roughly $20,000...then don't tell me another coin could handle transactions better. 

You are misguided.

[bitmover]

Yeah, but when people talk about fiat, they usually mean something very stable like the USD or EUR.

Only if you leave there.
Most people think that their life is the standard and everyone else is strange, but that's not like that lol

When we talk about fiat in Brazil we think about BRL, not USD. If you leave in china (where most of the world population live) you won't think money in USD terms, but in yuan.

[pooya87]

I think the idea  of forking Algorithm's and allowing multiple coins to share a single Algorithm will prove to hurt all of crypto down the Road.

nobody controls the market or owns the code to be able to "not-allow" forks and copycats to run the same exact bitcoin code. and i disagree with your statement because over the past 11 years we have had thousands of copycat altcoins that have been using the same exact bitcoin code (that includes but not limited to the mining algorithm) and there hasn't been any "hurt".
all the copycats disappear sooner or later BECAUSE they are copycats.

[Debonaire217]

in fact we already have better coins than it but we chose to live with its brand name.

Bitcoin started it all, so I guess bitcoin deserves to attract more demand from people compared to other cryptocurrency. In addition, despite of the lacks of bitcoin, the bitcoin network especially the wallet addresses are continuously upgrading so people will have reasons to use bitcoin. Lastly, the best factor why bitcoin on a higher priority is because it opens up opportunities for investment, it is not just the name "bitcoin" that makes people choose it, but it is because there are already huge demand for bitcoin meaning, higher market price and volatility for people to earn.

[MCobian]

Maybe you are right bitcoin is just a brand name, this is based on comparison with other coins. We know a few coins more useful than bitcoin.
For example XRP and DOGE, has a transaction fee that is cheap and fast compared to bitcoin. Then there is ETH which has a blockchain network
that is widely used by new altcoins. Seeing from all these reasons it is only natural  that bitcoin dominates more than other coins, because bitcoin
has a brand name. So many investors prefer investing in bitcoin compared to other coins.

[davis196]

What is the practical use of gold,silver and diamonds(other than making jewelry)?
Bitcoin is just a piece of programming code,gold and silver are just shiny metals.
Both are practically useless,but they are considered valuable because:
1.They have limited supply(scarcity).
2.Their mining is very expensive,therefore their price is high.
That's why gold and silver were used as currencies in the past and that's why bitcoin is suitable to be the currency of the future.
Bitcoin being just a brand name?Altcoins that are better compared to Bitcoin?Can you mention a few?
OP,you sound like one of those hidden altcoin supporters,who like to s*it over Bitcoin,in order to praise their favorite altcoin.

[meanwords]

What is the practical use of gold,silver and diamonds(other than making jewelry)?
Bitcoin is just a piece of programming code,gold and silver are just shiny metals.
Both are practically useless,but they are considered valuable because:
1.They have limited supply(scarcity).
2.Their mining is very expensive,therefore their price is high.
That's why gold and silver were used as currencies in the past and that's why bitcoin is suitable to be the currency of the future.
Bitcoin being just a brand name?Altcoins that are better compared to Bitcoin?Can you mention a few?
OP,you sound like one of those hidden altcoin supporters,who like to s*it over Bitcoin,in order to praise their favorite altcoin.

Gold is used for electrical components, silver is used for wares and others things I'm not familiar with. IIRC, one of diamonds uses is for cutting glasses cleanly. So I do think that they have practical use meaning your point is kind of pointless.

Let's not forget that there are hundreds of ways to transact money in a safe and fast way but what separates Bitcoin from the others is that Bitcoin is decentralized and semi-anonymous. Because of it's technological feature, many believe they they will have freedom over their own money which is true in this case because of how there's no one who can control our own Bitcoin except for us while unlike on banks, they can freeze your account even with a slight hint of danger in your account (even if it's false).

So basically, they have uses that people find valuable. Although there are altcoins that can transact faster than Bitcoin, let's not forget that almost all of them are controlled by developers, not by a community.

[Reid]

Whatever it will be called, it will still be the better one than any other coins out there.

When I buy altcoins it is just for profit.
But, when I buy bitcoin it is because of the love for it and also the knowledge for the future.

How did you come up with this idea? Is there any source into where you get this kind of information?

[AniviaBtc]

It is a cliché thing, we all know that there is risk in using bitcoin because of volatility, we all know that, the only thing that matters here is that the importance of bitcoin in the market and how can it help grow the economy of a certain country. Engaging in bitcoin is really a good thing to do as long as you believe and trust its ability to give you huge profits in the future.

Lol, I think every currency you see is there because people trust in them. So, that same trust that you have in other currencies is the same that we need in Bitcoin. Bitcoin might not be really special but all we need to do is believe in it and keep making use of it simple because we believe. When we do this, BITCOIN will keep growing and reach a high level. And if you check the background of Bitcoin, what is really holding it all these years, you will notice that it is the community.

Without this community believing in Bitcoin, it would have failed. Yes, there are lots of other cryptocurrencies out there, but because we already have trust in Bitcoin, we decided not to choose those.

Bitcoin is really special, there is something more about this cryptocurrency, this isn't just a normal coin. It is more volatile than the other coins that are existing, YES, they are all giving you reasonable profits but bitcoin is such a different thing when it comes to higher and lower price. It is much fun for me to manipulate and hold bitcoin rather than prioritizing altcoins because its ability as a future coin really satisfies me.

[lillobo]

To be honest, I don't think so. It's true that Bitcoin is traded a lot every day. Not only that, many people buy it for the future in the hope of making a good profit from Bitcoin. There are plenty of online sites that use Bitcoin as a payment system. The biggest problem is the lack of specific ownership of Bitcoin. Many countries have not yet recognized Bitcoin. Many countries have banned Bitcoin for their country.

[htsy585]

The logic behind the bitcoin as the future currency is rigged and makes no sense at all, this is also why gold, diamond, silver, etc. is incomparable to bitcoin because they all have a practical use that is hard to be replaced while on the other part, with bitcoin, its practical use is easy to replaced, in fact we already have better coins than it but we chose to live with its brand name.

Hope this thread will help to avoid new threads regarding 'bitcoin and gold'

The aim for the creation of bitcoin is far different from what majority of people are using it for currently, bitcoin is being seen as speculative currency that provide profits when predicted well but just like you said, this spectulative characteristics of cryptocurrencies is attributed to the price volatility which depends largely on the rate of adoption. More massive adoption will provide enought liquidity that will prevent manipulations as well as up and down of the market

[Twinkledoe]

The logic behind the bitcoin as the future currency is rigged and makes no sense at all, this is also why gold, diamond, silver, etc. is incomparable to bitcoin because they all have a practical use that is hard to be replaced while on the other part, with bitcoin, its practical use is easy to replaced, in fact we already have better coins than it but we chose to live with its brand name.

Hope this thread will help to avoid new threads regarding 'bitcoin and gold'

The aim for the creation of bitcoin is far different from what majority of people are using it for currently, bitcoin is being seen as speculative currency that provide profits when predicted well but just like you said, this spectulative characteristics of cryptocurrencies is attributed to the price volatility which depends largely on the rate of adoption. More massive adoption will provide enought liquidity that will prevent manipulations as well as up and down of the market

Bitcoin turns out to be a speculative cryptocurrency because the rise of its value is tremendous in the past 5 years. So people are hoping to gain profits just by holding it, which is not the original idea why it was created. But somehow, we may see a different approach towards bitcoin if a large number of shops and merchants will accept bitcoin as payment method. And we will see that in the years to come...

[Natalim]

Stabilization? That's something that bitcoin hasn't been achieve yet, which TBH I doubt it will even if all the supply will be mined.
As long as the volume of active trading is very hype or lower than the real adoption that bitcoin is use for a specific transactions, bitcoin will never be stable, the manipulation is will remain and whales against whales are battling to pump and dump the market.

[maxreish]

I don't think I can agree of that "while bitcoin practical use can easy to replace". If you can ellaborate and show which can replace it, so I can understand why is it easy to change or whatsoever.
 Bitcoin used also as it's blockchain technology that wasn't even present to gold, diamonds, etc. They are far different.
 I don't also think that other coins may replace bitcoin, countless times I've heard about it but nothing will gonna beat Bitcoin's strong stand and use.

[NavI_027]

in fact we already have better coins than it but we chose to live with its brand name.

Well, that's normal in my opinion. Since Bitcoin is the pioneer in the field of cryptocurrency, of course it can have the most number of supporters than the rest. I guess the saying "First impression lasts" is true . Anyway, don't be surprise if all of us seems sticking on the branding dude because the same thing applies in the outside world. Like in fashion, we prefer Nike, Gucci, Lacoste and so many more than simple clothing. Most of us are getting crazy to have these things not mainly because of the quality but because of branding (let's admit it). It is now becoming a norm.