[2017-11-13] Bitcoin retains its crown as crypto king

[aysha9872]

Bitcoin retains its crown as crypto king — but issues still hang over the cryptocurrency

After a shaky weekend, bitcoin is king again but issues still hang over the digital currency.

Bitcoin crashed more than 25% from Wednesday's all-time high of $7,721 a coin to a low of $5,617 Sunday. During its fall, bitcoin's market cap as a percentage of the entire crypto-market dipped below 50% for the first time since early October, according to CoinMarketCap.com.

Bitcoin cash, on the other hand, witnessed an impressive rally that propelled the coin to a record-high of $2,500 early Sunday morning.

By Monday morning, however, the situation was flipped.

At 9:40 a.m. ET, bitcoin was trading up 10.9% at $6,544 and had regained its more than 50% command of the cryptocurrency market. Bitcoin cash was trading down 20% at $1,262 per coin.

Bitcoin cash spun out of the original bitcoin network in August. Backers of the upstart coin thought its design would better help bitcoin's scaling problem. As more folks have poured into bitcoin, transactions have gotten more expensive and slower on bitcoin's network. That's made it difficult for bitcoin to mature and truly rival the scale of larger incumbent payment systems such as Visa and MasterCard.

AllianceBernstein noted some of the issues facing bitcoin in a note out to clients November 10.

The financial services firm test drove bitcoin to compare it to similar networks, like PayPal. The firm didn't think the coin was able to hold a candle to its reputation as a quick and cheap way to send money internationally.

"The bitcoin transaction required more steps, took more time, and was less intuitive than traditional services," the note said.

"The process of using bitcoin was significantly more complex and less intuitive than using traditional cross-border remittance service," the firm added.

Despite these difficulties, bitcoin's command of the market gives it a huge leg up over its rival cryptocurrencies.

Matthew Goetz, the founder of cryptocurrency hedge fund BlockTower Capital, told Business Insider that bitcoin's massive scale would require a competitor coin to have substantially better capabilities.

"It's something like Facebook," Goetz said. "If someone creates a new Facebook that has slightly better features, say 10% better. That's great, but network effects are strong. So, that new thing isn't going to kill Facebook."

Out of the more than 1,000 cryptocurrencies in existence, bitcoin appears to be getting the most attention from traditional Wall Street firms.

Two of the largest exchange groups in the world, for instance, are preparing to launch bitcoin futures in the short term and big trading firms have indicated they would provide liquidity to such a market place. 

source: http://www.businessinsider.com/bitcoin-price-up-but-issues-still-hang-over-the-cryptocurrency-2017-11

[iram1011]

Bitcoin today rather being a currency is largely becoming a store of value. People are parking their dollars in Bitcoin to save them from fiat inflation. This transaction speed and fees aren't working towards Satoshi's vision. Bitcoin is somehow losing the ground of being a decentralized currency system. Anyhow the popularity it has is making it popular in global financial landscape. The adoption will automatically rise. It will remain the top cryptocurrency for more years to come.

[Theb]

Usually these kinds of price moves which one day Bitcoin fall big time is due to a massive profit taking and obviously they took advantage of the Segwit2X being cancelled as their main driver for selling. Why did I say so? Because when you look at the price you will know what I am talking about. Bitcoin quickly got back up from where it fall that shows that people who sold down Bitcoin are already re-purchasing is back at a discounted rate, this is an obvious play by them.

[aso118]

It would be a stretch to say that Bitcoin 'regained' it's throne. It was never in doubt that Bitcoin was the king. There are issues regarding scalability, but Bitcoin does have the largest user base. Only of there was a prolonged dead lock would people start to move away.

[Kingofbitcoin12345]

If the word regained means something to you,, I don’t know if that really can describe about cryptocurrency and it’s prices.. It was never been overthrown by any other coins(altcoins,,fork coin) so in the first place this should be no regained position from this to that.. For the longest time it was and always be the king even in virtual and into real life investments..

[richardsNY]

Bitcoin can't gain something that it never lost, period. I never even pay attention to the global crypto currency market cap for the simple reason that it has no relevance at all. People act like Bitcoin's market dominance in percentages is something important, while in reality it's not. People shouldn't forget that crypto in its entirety is booming, and for that reason, Bitcoin's 'market cap dominance' was destined to decrease. There is no reason to act like something groundbreaking happened. Important factor is that there are many hundreds of altcoins being part of the total crypto market cap, and that against Bitcoin on its own.

[Slow death]

I really like bitcoin and even I'm glad btc keep they throne. I had to pay $25 of fee just to transfer $400 and to make matters worse I even paid a further $65 of fee for the money to arrive in my bank account , it made me wonder:if I wanted to pay for a coffee that costs $ 2, what would it be like? Should I pay $2 for coffee plus $25 for a fee, $27 total just for coffee.
must find a solution to these problems

[J. Cooper]

I really like bitcoin and even I'm glad btc keep they throne. I had to pay $25 of fee just to transfer $400 and to make matters worse I even paid a further $65 of fee for the money to arrive in my bank account , it made me wonder:if I wanted to pay for a coffee that costs $ 2, what would it be like? Should I pay $2 for coffee plus $25 for a fee, $27 total just for coffee.
must find a solution to these problems

When did you broadcast that specific transaction? If you did that today or one of the previous days your transaction would have been set back by the large volume of spam transactions that got broadcasted on the network. Right now the median transaction fee is about 100,000 satoshi's, around 6.5$ right now (according to https://bitcoinfees.earn.com/). This is still very high but a lot better than the $25 fee you paid. The $65 you paid to get your money to your bank account has to do with the service you are using. I'm not updated on the normal prices but you might want to consider switching to another service provider that doesn't charge a fee of 16%.

[SixOfFive]

BITCOIN never lost its throne...we all were expecting a downfall in BTC price after hard fork on Nov16. But as Segwit2x canceled crash is more worst. Its just a fomo move....nothing to worry about that. People start BCH, just for no reason, Just like panic selling...it was exciting buying. Neither panic nor excitement remain for too long. Effect soon vanished...again train is on right track.

[skinomanl]

BITCOIN never lost its throne...we all were expecting a downfall in BTC price after hard fork on Nov16. But as Segwit2x canceled crash is more worst. Its just a fomo move....nothing to worry about that. People start BCH, just for no reason, Just like panic selling...it was exciting buying. Neither panic nor excitement remain for too long. Effect soon vanished...again train is on right track.

Yes, bitcoin stays on top, but it becomes too expensive and slow. There are many alternative coins that are now better than bitcoin. This in the future can be a serious problem for bitcoin

[TheKeyLongThumbI]

I agree. Just like facebook, even there's a lot of issues and complains about it, people will still stay because its huge impact to people will stay forever. Unless someone has a great power to manipulate this situation and make another altcoin to steal its crown.

[howard.ashoul]

Did BTC ever lost its crown? 

I didn't notice that!

[wilhb81]

BITCOIN never lost its throne...we all were expecting a downfall in BTC price after hard fork on Nov16. But as Segwit2x canceled crash is more worst. Its just a fomo move....nothing to worry about that. People start BCH, just for no reason, Just like panic selling...it was exciting buying. Neither panic nor excitement remain for too long. Effect soon vanished...again train is on right track.

It was extremely thrilling when BCH was trying to push itself from US$600+ to above $US2,500, the push and dump action is absolutely fast and furious enough.

Once the "BCH speed racing" is finished - BTC is gaining its momentum straight up again

[Gotottack]

Bitcoin retains its crown as crypto king — but issues still hang over the cryptocurrency

After a shaky weekend, bitcoin is king again but issues still hang over the digital currency.

Bitcoin crashed more than 25% from Wednesday's all-time high of $7,721 a coin to a low of $5,617 Sunday. During its fall, bitcoin's market cap as a percentage of the entire crypto-market dipped below 50% for the first time since early October, according to CoinMarketCap.com.

Bitcoin cash, on the other hand, witnessed an impressive rally that propelled the coin to a record-high of $2,500 early Sunday morning.

By Monday morning, however, the situation was flipped.

At 9:40 a.m. ET, bitcoin was trading up 10.9% at $6,544 and had regained its more than 50% command of the cryptocurrency market. Bitcoin cash was trading down 20% at $1,262 per coin.

Bitcoin cash spun out of the original bitcoin network in August. Backers of the upstart coin thought its design would better help bitcoin's scaling problem. As more folks have poured into bitcoin, transactions have gotten more expensive and slower on bitcoin's network. That's made it difficult for bitcoin to mature and truly rival the scale of larger incumbent payment systems such as Visa and MasterCard.

AllianceBernstein noted some of the issues facing bitcoin in a note out to clients November 10.

The financial services firm test drove bitcoin to compare it to similar networks, like PayPal. The firm didn't think the coin was able to hold a candle to its reputation as a quick and cheap way to send money internationally.

"The bitcoin transaction required more steps, took more time, and was less intuitive than traditional services," the note said.

"The process of using bitcoin was significantly more complex and less intuitive than using traditional cross-border remittance service," the firm added.

Despite these difficulties, bitcoin's command of the market gives it a huge leg up over its rival cryptocurrencies.

Matthew Goetz, the founder of cryptocurrency hedge fund BlockTower Capital, told Business Insider that bitcoin's massive scale would require a competitor coin to have substantially better capabilities.

"It's something like Facebook," Goetz said. "If someone creates a new Facebook that has slightly better features, say 10% better. That's great, but network effects are strong. So, that new thing isn't going to kill Facebook."

Out of the more than 1,000 cryptocurrencies in existence, bitcoin appears to be getting the most attention from traditional Wall Street firms.

Two of the largest exchange groups in the world, for instance, are preparing to launch bitcoin futures in the short term and big trading firms have indicated they would provide liquidity to such a market place. 

source: http://www.businessinsider.com/bitcoin-price-up-but-issues-still-hang-over-the-cryptocurrency-2017-11

I am so glad that many positive write-ups about Bitcoin come to play nowadays despite its fall the past week. Nevertheless, I know it will stand the test of time. As has been said in the article hereto, it remains king despite the many cryptocurrencies that are being developed to combat the popularity and defeat the price of Bitcoin. And, as far as I am concerned, there is no one that offers substantially the same market that comes close to Bitcoin. Neither did the proliferation of other cryptocurrencies injure the already high stature of Bitcoin as a digital currency. It has reached a certain level of sophistication that no matter how complex its processes are, people still heavily invest on it.

[MoonJeina]

These type of value rise and fall immensely effects the market and reputation of bitcoin .
People dumping their bitcoin and moving towards Bitcoin cash due to cancellation of s2x was a big reason behind it .  As  more and more people are getting involved in it , the sole nature of bitcoin is also getting modified due to which all the delays and things were happening recently . I would say , bitcoin is obviously going to stay as a king for a long long time but people need to show more maturity towards its usage instead of rushing to some foolish decisions that might affect bitcoin.

[Proton2233]

These type of value rise and fall immensely effects the market and reputation of bitcoin .
People dumping their bitcoin and moving towards Bitcoin cash due to cancellation of s2x was a big reason behind it .  As  more and more people are getting involved in it , the sole nature of bitcoin is also getting modified due to which all the delays and things were happening recently . I would say , bitcoin is obviously going to stay as a king for a long long time but people need to show more maturity towards its usage instead of rushing to some foolish decisions that might affect bitcoin.

I don't believe in long life of bcc. Perhaps the speculators will be periodically extort money from bitcoin but serious competition to bitcoin bcc can not make. In any case, I believe that the story of segwit2x is not over. Perhaps we will see that the developers and miners will find a common solution to bitcoin better.

[senin]

It seems to me that we do not need a functional bitcoin with low transaction capacity, but a crypto currency that will fully meet our needs. The original bitcoin has now become too slow and more fulfilling the function of storing value than the function of a payment facility. Either the development team will eliminate this shortcoming, or people will look for another crypto currency such as bitcoin in cash, as evidenced by the events of the last days with the fall of the original bitcoin and the increase in the bitcoin cash rate.

[Lampaster]

It seems to me that we do not need a functional bitcoin with low transaction capacity, but a crypto currency that will fully meet our needs. The original bitcoin has now become too slow and more fulfilling the function of storing value than the function of a payment facility. Either the development team will eliminate this shortcoming, or people will look for another crypto currency such as bitcoin in cash, as evidenced by the events of the last days with the fall of the original bitcoin and the increase in the bitcoin cash rate.

I do not understand what you are thus trying to blackmail the developers? Lol! Like you, bitcoin will not bring anything good. In order for bitcoin evolved don't just need users who are willing to betray him at any moment. He needs a people United by one idea and want to be free.

[hatshepsut93]

The truth is, Bitcoin is the king not only because of the network effect, but because it is actually the best cryptocurrency out there - it has the longest development history, it has the highest number of developers and most of them are professionals, Bitcoin is the safest network out of all cryptocurrencies - only Bitcoin can be entrusted with hundreds of billions worth of value. Altcoins often promise some flashy features, but at the same time they are buggy and have to go through official hard forks often - this is why people aren't actually adopting them as a currency. With money people want stability and security first, and that's exactly what Bitcoin gives them.

[ALT67890]

The alterations of bitcoin prices and the increase of transaction fees is not a natural phenomenon this week, it was a collective effort by miners and whales to decrease the price of bitcoin and pump the bitcoin cash. It happens but for just a short time and that is because a humble king like bitcoin never will back down and ask for anything for those who believes in it. It work hand in hand with the bitcoin community as brothers that trust each other.