Bitcoin rises still, but why?

[cbreum]

I have been wondering for a long time why Bitcoin is still rising in value. Ethereum has a better blockchain, but can't follow the pace of Bitcoin.

Bitcoin is also polluting the environment with the PoW algorithm using too much energy for mining. So there is many arguments NOT to use Bitcoin, but why do we still do it?

If you want to trade altcoins on exchanges you almost always trade against Bitcoin instead of USD (or USD Teather). So you NEED to have Bitcoin. I know that more exchanges allow trading against Ethereum and others, but still the most popular marked is BTC/XXX (where xxx is any given coin).

For me it is clear that this has to change to stop the rise in Bitcoin. I think most of us is tired of the long confirmation time in the Bitcoin block chain that can take up to an hour or more.  It's embarrassing for any crypto to have such a long validation time.

I therefore hope that exchanges will adapt USD as the standard measure and stop having Bitcoin/Altcoin pairs.... it will probably not happen. I'm just saying what I would like to see.

I think exactly that is keeping the Bitcoin price high.

Comments?

Also posted here: http://rimbit.dk/showthread.php?tid=656

[Iranus]

with the PoW algorithm using too much energy for mining.

The PoW system is used by most other major cryptos as well, and equally secure implementations of PoS systems and other systems are nowhere to be found as of yet.

If you want to trade on exchanges you almost always trade against Bitcoin instead of USD

Most major alts (the ones which aren't designed primarily for pump and dumps) can be traded on some of the available exchanges against USD. 

I therefore hope that exchanges will adapt USD as the standard measure and stop having Bitcoin/Altcoin pairs...

This could be a huge problem for taxation and it would require more complex KYC procedures for those who only want to trade crypto.  Many of these people would prefer to stay anonymous or pseudonymous.

It's a lot more effort trading directly with fiat.

[cbreum]

Ethereum will switch to PoS next year.

Yes tax is always a problem. I don't know if USDT can solve that problem so we can use that as our base measurement.

Measuring against Bitcoin is also too hard since you have to use a fraction like 0.000453 BTC. It's hard for the human mind to have any idea of that value.

I agree that fiat is cumbersome. Hope to see crypto taking over someday.

[hasmukh_rawal]

It is still rising and it will continue to rise because there are more supporters Bitcoin has than any other coin. Most of the crypto users hold some amount of BTC in their wallets. Bitcoin has grown so much this year and all of this is because of the new investors investing in Bitcoin these days.
Bitcoin almost doubled last month which shows how much money has flown into Bitcoin and how many coins have been holded by the investors. If people keep buying and holding BTC then it will skyrocket and break all the records.

[cbreum]

It is still rising and it will continue to rise because there are more supporters Bitcoin has than any other coin. Most of the crypto users hold some amount of BTC in their wallets. Bitcoin has grown so much this year and all of this is because of the new investors investing in Bitcoin these days.
Bitcoin almost doubled last month which shows how much money has flown into Bitcoin and how many coins have been holded by the investors. If people keep buying and holding BTC then it will skyrocket and break all the records.

All records are broken long time ago for Bitcoin. 

[Keptone]

Maybe because bitcoin was the first and pathfinders to altcoin... I think ETH is creating a better alternative

[dbutp]

Bitcoins are growing, more and more people known bitcoins and they are seeing the benefits of bitocoin, so more and more people used it, the demand for bitcoins is increasing rapidly and it's prices are rising continuously.

[cbreum]

Maybe because bitcoin was the first and pathfinders to altcoin... I think ETH is creating a better alternative

I dislike the long confirmation times with Bitcoin. If more start to use it the confirmation time will only get worse. Ethereum scales much better.

The new Cardano (Ada coin) project seems to take the best from Ethereum, Dash, Bitcoin and make a real third generation crypto. One of the guys behind was also part of Ethereum team as far as I understand.

[BrewMaster]

I have been wondering for a long time why Bitcoin is still rising in value. Ethereum has a better blockchain, but can't follow the pace of Bitcoin.

well, that is just your opinion.
in fact ethereum has so many different issues that are even worse than bitcoin's simple issues. i think you are speaking more emotionally than based on facts.

If you want to trade altcoins on exchanges you almost always trade against Bitcoin instead of USD (or USD Teather). So you NEED to have Bitcoin. I know that more exchanges allow trading against Ethereum and others, but still the most popular marked is BTC/XXX (where xxx is any given coin).

it is not by force, it is by choice.

people see bitcoin as their main investment and the only long term investment that they believe in. so if someone has 1BTC he wants to do something to increase that 1BTC the best way they can. what better to trade and make profit on it. that is why people choose to trade altcoins versus bitcoin when so many markets are availbable such as alt versus: LTC, DOGE, FTC, ETH, USD, USDT,...

For me it is clear that this has to change to stop the rise in Bitcoin. I think most of us is tired of the long confirmation time in the Bitcoin block chain that can take up to an hour or more.  It's embarrassing for any crypto to have such a long validation time.

the timing on this could not be any more perfect

Why is ethereum so slow?
Ethereum transaction pending for an hour
Eth transactions conjested
will my transaction be pending forever
[ETH] transaction pending forever

and lots and lots more stuck transactions and gas price through the roof just because someone is using Ethereum blockchain the way it is supposed to be used...

[diagla]

People are saying Bitcoin is rising because of Tether being artificially pumped into the price... I don't know if it is real, and hopefully not.

[ahmad21]

I have been wondering for a long time why Bitcoin is still rising in value. Ethereum has a better blockchain, but can't follow the pace of Bitcoin.

Bitcoin is also polluting the environment with the PoW algorithm using too much energy for mining. So there is many arguments NOT to use Bitcoin, but why do we still do it?

If you want to trade altcoins on exchanges you almost always trade against Bitcoin instead of USD (or USD Teather). So you NEED to have Bitcoin. I know that more exchanges allow trading against Ethereum and others, but still the most popular marked is BTC/XXX (where xxx is any given coin).

For me it is clear that this has to change to stop the rise in Bitcoin. I think most of us is tired of the long confirmation time in the Bitcoin block chain that can take up to an hour or more.  It's embarrassing for any crypto to have such a long validation time.

I therefore hope that exchanges will adapt USD as the standard measure and stop having Bitcoin/Altcoin pairs.... it will probably not happen. I'm just saying what I would like to see.

I think exactly that is keeping the Bitcoin price high.

Comments?

Also posted here: http://rimbit.dk/showthread.php?tid=656

Ever heard of the early bird advantage? That is what btc has on its side. Whenever it comes to crypto bitcoin is a brand name and rest of all them merely remain altcoin no one cares that if you have a better blockchain because concepts like this are only understandable by a small percentage of people rest of them are investing in it because it is the new cool these days.

[simplejg]

Ethereum will switch to PoS next year.

Yes tax is always a problem. I don't know if USDT can solve that problem so we can use that as our base measurement.

Measuring against Bitcoin is also too hard since you have to use a fraction like 0.000453 BTC. It's hard for the human mind to have any idea of that value.

I agree that fiat is cumbersome. Hope to see crypto taking over someday.

The conversion from btc to usd and vice-versa gets a bit easier when the value of btc is around a multiple of 10 (10, 100, 1000, etc). At a $10k valuation, 0.0001 btc = $1 usd, 0.001 btc = $10 usd, 0.01 btc = $100 usd, and so on. Since btc has climbed above and beyond $10k to its current value of ~$11,700, you can just use $10,000 as the starting point (base or 1.00) to find the btc value for $1 and multiply by 1.17...

I apologize if what I'm saying seems hard to follow... Sometimes I have a hard time explaining things, lol. Basically, to convert btc to the nearest whole usd, at btc's present value, multiply the first four decimal places by 1.17. At $15,000, you'd multiply by 1.5, at $20,000 multiply by 2.0, etc.

Annnyway... I agree with you, OP. The BTC network is outdated and not keeping up with the insane rise in demand and recent transaction confirmation times have been driving me CRAZY, but imo, BTC remains the popular choice due to how long it has been around. The foundation for BTC has been building up over years and years - many people now possess some amount of btc, several companies/vendors etc have adopted it as an alternative currency to usd, euro, other fiat currencies, etc. If an alt crypto is ever going to overtake btc, it'll first have to drum up enough support to build the foundation needed, probably over multiple years at minimum (with the exception being a possible BTC fork, since it would literally be building off of the same foundation as BTC, making it much easier/more seamless for people to switch over to it.)

[eyesopen]

i have just heard an article on a news talk radio programme talking about BITCOIN,

and a little about ethereum and a little about ripple.

because of its high reaching price bitcoin is attracting a lot of attention and new people are getting into it.

i didnt consider the power consumption needed for bitcoin mining  

this is a big negative when we are constantly being told about global warming

what other crypto coin would be better to trade against, litecoin? bitcoincash?

[TravelBlock]

It's going to take a bit of time for Ethereum to beat Bitcoin, we must remember that it's still relatively "new" to the scene while Bitcoin's had quite the head start. Ethereum may be faster, less fees, have better efficiency overall but it still is much less recognized than Bitcoin. The new users and investors brought to the scene are only versed with BTC (after hearing it from YouTube and the news)

[VIDEOsecure2]

Because it has become the trusty matter for the people. So, why not its price will increase.

[MWesterweele]

I have been wondering for a long time why Bitcoin is still rising in value. Ethereum has a better blockchain, but can't follow the pace of Bitcoin.

Bitcoin is also polluting the environment with the PoW algorithm using too much energy for mining. So there is many arguments NOT to use Bitcoin, but why do we still do it?

If you want to trade altcoins on exchanges you almost always trade against Bitcoin instead of USD (or USD Teather). So you NEED to have Bitcoin. I know that more exchanges allow trading against Ethereum and others, but still the most popular marked is BTC/XXX (where xxx is any given coin).

For me it is clear that this has to change to stop the rise in Bitcoin. I think most of us is tired of the long confirmation time in the Bitcoin block chain that can take up to an hour or more.  It's embarrassing for any crypto to have such a long validation time.

I therefore hope that exchanges will adapt USD as the standard measure and stop having Bitcoin/Altcoin pairs.... it will probably not happen. I'm just saying what I would like to see.

I think exactly that is keeping the Bitcoin price high.

Comments?

Also posted here: http://rimbit.dk/showthread.php?tid=656

I think the reason why bitcoin rising it is because of rising community of bitcoin user also it become popular in many country. Therefore bitcoin will still rise even there are fluctuating in price, also because of the rising value of bitcoin many people is become much interested to it.

[kalodu]

I have been wondering for a long time why Bitcoin is still rising in value. Ethereum has a better blockchain, but can't follow the pace of Bitcoin.

Bitcoin is also polluting the environment with the PoW algorithm using too much energy for mining. So there is many arguments NOT to use Bitcoin, but why do we still do it?

If you want to trade altcoins on exchanges you almost always trade against Bitcoin instead of USD (or USD Teather). So you NEED to have Bitcoin. I know that more exchanges allow trading against Ethereum and others, but still the most popular marked is BTC/XXX (where xxx is any given coin).

For me it is clear that this has to change to stop the rise in Bitcoin. I think most of us is tired of the long confirmation time in the Bitcoin block chain that can take up to an hour or more.  It's embarrassing for any crypto to have such a long validation time.

I therefore hope that exchanges will adapt USD as the standard measure and stop having Bitcoin/Altcoin pairs.... it will probably not happen. I'm just saying what I would like to see.

I think exactly that is keeping the Bitcoin price high.

Comments?

Also posted here: http://rimbit.dk/showthread.php?tid=656

You kind of answered your own question, the reason bitcoin always rises is because it is the reserve currency of altcoins, all alts are traded against bitcoin and using $ on an exchange comes with a lot of attached regulation.

Bitcoin is not necessarily the best coin but it has the first mover advantage that has given it reserve status. Eventually its dominance will reduce more and more, I mean back in the day on coinmarketcap it was over 90%, now it hovers around 50%, wait for it to be just 10-30% and that's when you will see things change.

Even now you see ETH as a trading pair to other alts on most exchanges, its a slow process but it will happen eventually.

[cbreum]

i have just heard an article on a news talk radio programme talking about BITCOIN,

and a little about ethereum and a little about ripple.

because of its high reaching price bitcoin is attracting a lot of attention and new people are getting into it.

i didnt consider the power consumption needed for bitcoin mining  

this is a big negative when we are constantly being told about global warming

what other crypto coin would be better to trade against, litecoin? bitcoincash?

PoS (Proof of Stake) is the green version validation said shortly. Ethereum will switch to that in 2018. Just Google "Pos coins" to have an idea which coins are available. Many has been talking about the 51% attack for PoS coins. I just hope Cordano (Ada coins) figure out a way to solve that problem.

[Tilen]

Price of bitcoin is increasing becouse of more and more asking and demand. If you want to drade with cryptocurencies you first have to buy bitcoin or ethereum. Most people is using bitcoin as middle stage betwen real world money and other coins. In last year i heard a lot of news about paying with bitcoins in network and even in every day stores. It is no wonder that price of it is higher and higher.

[Aura]

I have been wondering for a long time why Bitcoin is still rising in value. Ethereum has a better blockchain, but can't follow the pace of Bitcoin.

Bitcoin is also polluting the environment with the PoW algorithm using too much energy for mining. So there is many arguments NOT to use Bitcoin, but why do we still do it?

If you want to trade altcoins on exchanges you almost always trade against Bitcoin instead of USD (or USD Teather). So you NEED to have Bitcoin. I know that more exchanges allow trading against Ethereum and others, but still the most popular marked is BTC/XXX (where xxx is any given coin).

For me it is clear that this has to change to stop the rise in Bitcoin. I think most of us is tired of the long confirmation time in the Bitcoin block chain that can take up to an hour or more.  It's embarrassing for any crypto to have such a long validation time.

I therefore hope that exchanges will adapt USD as the standard measure and stop having Bitcoin/Altcoin pairs.... it will probably not happen. I'm just saying what I would like to see.

I think exactly that is keeping the Bitcoin price high.

Comments?

Also posted here: http://rimbit.dk/showthread.php?tid=656

Bitcoin's price is rising because of the increasing attention in the mainstream media, which is also the cause for the scaling problems. I think you're right about the waste of energy for mining but I think it's necessary to keep the coin decentralized. PoS doesn't feel safe for me, I think the central banks would rather buy 51% of all circulating supply than buying enough hardware to get 51% of the total hash-power. We still use Bitcoin because it was the first, I don't think the features other coins have make them better than Bitcoin. Ethereum showed today that it isn't capable yet to work on it's full potential, the crypto kitty application is the proof for that. Bitcoin core developers are working hard to find a solution for the scaling problem, its just a matter of time. I think there isn't a crypto-currency yet that can handle the traffic Bitcoin has.