Have we underestimated Bitcoin?

[tleilaxu_eyes]

Some of the most common critiques of Bitcoin are: "it's too slow" or "the blockchain is getting too big". Sure newer coins offer faster tech, more sophisticated algorithms that are ASIC resistant, and so on. Let me ask you this - do you ever ride the old train in your city? Do you sit on the train and wonder why they don't put in a new superconducting train instead? We use the old train and it's no wonder because it works. Don't fix something that isn't broken, haven't we all learned that the hard way? And if it breaks down, surely it will be cheap to repair. Besides, what do you think cost more to complete, the train itself or clearing the path and laying the tracks? Bitcoin has value because it is a store of currency that will appreciate AND because it's just there. How can you buy the hottest new altcoin? Directly with fiat? You must but BTC from a Bitcoin exchange, then trade it on an altcoin exchange.

So often I see people saying "we are in a bubble" and "when the bubble bursts..." - but weren't these people saying the same thing when BTC made a huge push up to 2,700? Maybe we simply underestimated Bitcoin. Remember, Bitcoin is the first of its kind. We can't really look to history to predict how it will be valued like we can with other things.

So before you sell your coins, ask yourself this: how long has the old train been running in your city?

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[Razick]

Bitcoin has been underestimated ever since it was created! Many people sold all the way up its growth thus far, and continue to do so despite knowing the history now. Many people also do not believe in Bitcoin in general... they think it isn't real or is some kind of fake fad that is going to go away. Let me tell you this is not the case. The internet is a technology revolution that is here to stay and Bitcoin or the Blockchain I should say is as well (Bitcoin is based on the underlying blockchain technology).

[prometheum]

I agree, there is so much potential in terms of its perceived value as well as the blockchain itself. Various ICO's are using the blockchain to solve very unique issues but we have barely touched the surface in terms of potential.

[DoublerHunter]

We underestimated bitcoin and we just think that bitcoin will not go anywhere because of being unstable on its price and that makes us scared for holding it in a long rub but if we are going to think very well and always hesitate before selling then we can easily understand that bitcoin is a great currency and we should not waste any amount of it even its decimal amount.

[pooya87]

most people who are usually silent already know the potential of bitcoin and they are mining their own business while accumulating it without anyone noticing. in a couple of years we will see them as multi millionaires and will see topics saying "i wish i did the same too".

the limited supply with all this growing demand, specially these days that bitcoin is all over the media is not a small thing. if we never had all the drama with exchange hacks, FUD, split, fork, ... the price would have been 10K at least by now.

[HasHe]

       We could divide people in to two sects regarding this.First set of people who were in bitcoin market from the beginning know very well the potential of bitcoin and they are well aware of bitcoin's price movement.They just keep silent during huge price dips and just continue to buy bitcoins at lower price.By this way,they have accumulated lots of bitcoins.They believe that bitcoin deserves more higher prices than its price today.
         We have another set of people mostly filled with newbies and some altcoin promoters and also some big whales.Newbies always have a tendency to get panic on seeing even a small price dip in bitcoin and they strt selling their bitcoins at cheaper price.Altcoin developers and supporters are always interested in spreading FUD to make bitcoin price fall.Even big whales also spread FUD to create panic among newbies so that they could buy bitcoins at cheap price.
          But the people who believe in bitcoins would get the lion's share.

[Yaramrd]

In my opinion Bitcoin is the first of it's kind and there is no match to Bitcoin. There are issues like slow process but it may be resolved soon in future. Other thing is the fluctuation in the price which some people criticize is the beauty and edge of Bitcoin on others.

[iram1011]

Many of us didn't underestimate bitcoin but were unaware of its existence initially and today also 99% of world's population either don't have any idea about Bitcoin or are skeptical about it because of incomplete knowledge. Bitcoin is something that has the potential to make someone millionaire in the matter of some years if invested today. There is an increased investor's participation in cryptocurrencies which will continue to rise in future. All this price increase is not a bubble but an actual rise.

Bitcoin is truly a future!

[Inkdatar]

In my opinion Bitcoin is the first of it's kind and there is no match to Bitcoin. There are issues like slow process but it may be resolved soon in future. Other thing is the fluctuation in the price which some people criticize is the beauty and edge of Bitcoin on others.

When the bitcoin was become well known it become underestimated. Some said it will not lasts longer or it will become dead. Yes bitcoin is the first cryptocurrency and transactions become slow because the more users the higher the demand. Bitcoin designed as being the volatile price because price may decrease and increase and more users in bitcoin.

[cjmoles]

Some of the most common critiques of Bitcoin are: "it's too slow" or "the blockchain is getting too big". Sure newer coins offer faster tech, more sophisticated algorithms that are ASIC resistant, and so on. Let me ask you this - do you ever ride the old train in your city? Do you sit on the train and wonder why they don't put in a new superconducting train instead? We use the old train and it's no wonder because it works. Don't fix something that isn't broken, haven't we all learned that the hard way? And if it breaks down, surely it will be cheap to repair. Besides, what do you think cost more to complete, the train itself or clearing the path and laying the tracks? Bitcoin has value because it is a store of currency that will appreciate AND because it's just there. How can you buy the hottest new altcoin? Directly with fiat? You must but BTC from a Bitcoin exchange, then trade it on an altcoin exchange.

So often I see people saying "we are in a bubble" and "when the bubble bursts..." - but weren't these people saying the same thing when BTC made a huge push up to 2,700? Maybe we simply underestimated Bitcoin. Remember, Bitcoin is the first of its kind. We can't really look to history to predict how it will be valued like we can with other things.

So before you sell your coins, ask yourself this: how long has the old train been running in your city?

Actually, bitcoin is too slow, the ledger is bloated, miners do have too much control ---->  Don't be fooled; there may be a day when bitcoin is replaced by a younger a sleeker model.  Think of bitcoin as person, instead of a train ----> what old man doesn't dream of trading in his old tired cranky wife for newer sweeter girlfriend?  So, it is with bitcoin ---> it's old, tired, and soon to be replaced by something that can keep up with the exponentially faster pace of technology.

[hatshepsut93]

Some of the most common critiques of Bitcoin are: "it's too slow" or "the blockchain is getting too big". Sure newer coins offer faster tech, more sophisticated algorithms that are ASIC resistant, and so on. Let me ask you this - do you ever ride the old train in your city? Do you sit on the train and wonder why they don't put in a new superconducting train instead? We use the old train and it's no wonder because it works. Don't fix something that isn't broken, haven't we all learned that the hard way? And if it breaks down, surely it will be cheap to repair. Besides, what do you think cost more to complete, the train itself or clearing the path and laying the tracks? Bitcoin has value because it is a store of currency that will appreciate AND because it's just there. How can you buy the hottest new altcoin? Directly with fiat? You must but BTC from a Bitcoin exchange, then trade it on an altcoin exchange.

So often I see people saying "we are in a bubble" and "when the bubble bursts..." - but weren't these people saying the same thing when BTC made a huge push up to 2,700? Maybe we simply underestimated Bitcoin. Remember, Bitcoin is the first of its kind. We can't really look to history to predict how it will be valued like we can with other things.

So before you sell your coins, ask yourself this: how long has the old train been running in your city?

Bitcoin has the highest price because it's actually well-designed, secure, and you can entrust billions worth of daily transactions to it. Most altcoins don't have any real innovation - stuff like faster blocks, ASIC resistance, big blocks were considered by Bitcoin developers and deemed as more harmful than good. They all negatively affect security and decentralization. Smart contracts are still under development in Ethereum and almost no one uses them, so Bitcoin has plenty of time to implement them too.

[Gotottack]

Some of the most common critiques of Bitcoin are: "it's too slow" or "the blockchain is getting too big". Sure newer coins offer faster tech, more sophisticated algorithms that are ASIC resistant, and so on. Let me ask you this - do you ever ride the old train in your city? Do you sit on the train and wonder why they don't put in a new superconducting train instead? We use the old train and it's no wonder because it works. Don't fix something that isn't broken, haven't we all learned that the hard way? And if it breaks down, surely it will be cheap to repair. Besides, what do you think cost more to complete, the train itself or clearing the path and laying the tracks? Bitcoin has value because it is a store of currency that will appreciate AND because it's just there. How can you buy the hottest new altcoin? Directly with fiat? You must but BTC from a Bitcoin exchange, then trade it on an altcoin exchange.

So often I see people saying "we are in a bubble" and "when the bubble bursts..." - but weren't these people saying the same thing when BTC made a huge push up to 2,700? Maybe we simply underestimated Bitcoin. Remember, Bitcoin is the first of its kind. We can't really look to history to predict how it will be valued like we can with other things.

So before you sell your coins, ask yourself this: how long has the old train been running in your city?

But if you had the choice of using the latest and most advanced train that would bring you to where you want to go in 1 minute compared to the old train which took you 30 minutes to get to your destination which one would you choose? I don't think the train analogy works here, since the alternative cryptocurrencies are similar to that advanced train, however these alts do not have trust from the community or there are issues that are beyond just choosing which is more advantageous to use.

[Beerwizzard]

Bitcoin is estimated by market. Not only you, me or someone else from this forum. But bitcoin still have a lot of uncovered space so in some  years it will be highrt than it is now. It doesen't mean that not it is underestimated, it just have a lot of uncovered oportunities.

[Bittoshi]

As long as the press reports almost only about Bitcoin and not the Altcoins, the majority of people will only know about Bitcoin as digital currency and buy it. Bitcoin has not the best technology but it's known by the most John Doe's out there. That's why it is successful.

[Francis Freeman]

Some of the most common critiques of Bitcoin are: "it's too slow" or "the blockchain is getting too big". Sure newer coins offer faster tech, more sophisticated algorithms that are ASIC resistant, and so on. Let me ask you this - do you ever ride the old train in your city? Do you sit on the train and wonder why they don't put in a new superconducting train instead? We use the old train and it's no wonder because it works. Don't fix something that isn't broken, haven't we all learned that the hard way? And if it breaks down, surely it will be cheap to repair. Besides, what do you think cost more to complete, the train itself or clearing the path and laying the tracks? Bitcoin has value because it is a store of currency that will appreciate AND because it's just there. How can you buy the hottest new altcoin? Directly with fiat? You must but BTC from a Bitcoin exchange, then trade it on an altcoin exchange.

So often I see people saying "we are in a bubble" and "when the bubble bursts..." - but weren't these people saying the same thing when BTC made a huge push up to 2,700? Maybe we simply underestimated Bitcoin. Remember, Bitcoin is the first of its kind. We can't really look to history to predict how it will be valued like we can with other things.

So before you sell your coins, ask yourself this: how long has the old train been running in your city?

Your train analogy is completely inapposite. There are old trains which still live today, but only for tourism purpose. If you need to use a train to go somewhere, like your office or your school, surely you don't want to waste time on an old train, but you'll catch the fastest modern one.
Also, some exchanges allow to buy altcoins directly using USD or EUR, so you don't need to use Bitcoin.

[nexus99]

Yes, bitcoin has been greatly underestimated in the past and many people still do not believe in it. I don't really get your analogy about the old train. Btc is not an old train, it is growing, developing and facing innovation. It is not stuck in the past.

[maokoto]

I do not think it is underestimated that much. It is all kind of a "make believe". People invent new coins, forks and all, knowing deep inside they cannot beat Bitcoin, but they try to make others believe they can in order to get some Bitcoin themselves.

And many fall for it.

[Kidmat]

Yes, bitcoin has been greatly underestimated in the past and many people still do not believe in it. I don't really get your analogy about the old train. Btc is not an old train, it is growing, developing and facing innovation. It is not stuck in the past.

I agree it is not an old train because bitcoin value is volatile. There is massive adoption that price keep increasing and I believe it has a bright future. It usually understimated in the sense others dont believe in bitcoin and not interested to adopt its development.

[Ewox]

Yes I agree with most commentors here, bitcoin had been underestimated and is still underestimated by some because it is slow but a lot also believe in bitcoin and its development which is progressing year by year.

[cotton ball]

Yes, bitcoin has been greatly underestimated in the past and many people still do not believe in it. I don't really get your analogy about the old train. Btc is not an old train, it is growing, developing and facing innovation. It is not stuck in the past.

I agree it is not an old train because bitcoin value is volatile. There is massive adoption that price keep increasing and I believe it has a bright future. It usually understimated in the sense others dont believe in bitcoin and not interested to adopt its development.

This is s not wrong because we are accustomed to living with risks and burdens that we do not bear alone, in the sense that the government facilitates the currency perfectly, many people can not open their eyes with bitcoin because of all the risks and responsibilities held by themselves. Only those who dare take risks and aware of investments that are able to adapt quickly, at first I was also dismissive but did not take long.