Why are so many devoted to Bitcoin vs other cryptos?

[Realist247]

It's no secret that BTC has a big problem with fees and transaction times and it's getting worse with rising valuation and number of users.  That's the first issue.  Bitcoin's closest market cap competitors don't have these issues....at least not yet.

The second issue is that other cryptos have given better returns year-on-year vs. Bitcoin...especially in the past week to a month.  During that period BTC went up 100% but some of its closest competitors in market cap have returned 200-300%....or better.

To me, this is a no-brainer.  Even some merchants and vendors have dumped Bitcoin in favor of other cryptos.  Most know of the STEAM example.

So why are so many on this forum not switching?  Most of you would be in a position to get in before the crypto ignorant (new investors) start piling in fresh cash.

I really do not understand the logic since I don't believe for a second that it is an issue of brand loyalty...especially how little it is discussed as an option.

Thoughts?

[1714758061]

1714758061

[1714758061]

1714758061

[1kings]

It's called the pioneer advantage. There's hardly any coin pitching without mentioning BTC and it's success.
BTC is the crypto standard.

[Realist247]

It's called the pioneer advantage. There's hardly any coin pitching without mentioning BTC and it's success.
BTC is the crypto standard.

So let me get this straight...you would rather stay with Bitcoin even though it has lower appreciation/ROI in value and has higher fees....just because it was the first crypto?  If it begins to lose value while other cryptos appreciate, hypothetically speaking, you'd still HODL?

[bug.lady]

It's called the pioneer advantage. There's hardly any coin pitching without mentioning BTC and it's success.
BTC is the crypto standard.

So let me get this straight...you would rather stay with Bitcoin even though it has lower appreciation/ROI in value and has higher fees....just because it was the first crypto?  If it begins to lose value while other cryptos appreciate, hypothetically speaking, you'd still HODL?

Let me answer your question: if any alternative currency were as successful as bitcoin is currently, it would have the same problems with congestion and high transaction fees. You think that the fees back there in 2013 and 14 were as high as currently? They were not. But bitcoin didn't have the current user base, either.

Look at ETH: it got congested with some kitten app!

I am currently leaning to thinking that the problem is inherent to blockchain currencies: you simply cannot reasonably expect to store every transaction happening throughout the world in one public blockchain! It must get congested eventually ....

Which is very sad....

[sabrikks]

because it's the first and most of people who heard about cryptocurrency only know bitcoin. Other crypto are only well knowing among traders and investors

[Realist247]

It's called the pioneer advantage. There's hardly any coin pitching without mentioning BTC and it's success.
BTC is the crypto standard.

So let me get this straight...you would rather stay with Bitcoin even though it has lower appreciation/ROI in value and has higher fees....just because it was the first crypto?  If it begins to lose value while other cryptos appreciate, hypothetically speaking, you'd still HODL?

Let me answer your question: if any alternative currency were as successful as bitcoin is currently, it would have the same problems with congestion and high transaction fees. You think that the fees back there in 2013 and 14 were as high as currently? They were not. But bitcoin didn't have the current user base, either.

Look at ETH: it got congested with some kitten app!

I am currently leaning to thinking that the problem is inherent to blockchain currencies: you simply cannot reasonably expect to store every transaction happening throughout the world in one public blockchain! It must get congested eventually ....

Which is very sad....

Thank you for your reply.  Unfortunately that's not quite what I was asking.  I know the reasons why Bitcoin is having problems that it didn't have in previous years and I personally wouldn't consider ETH either.  There are many other cryptos out there in the top 20 that could give better returns and not scare people off due to problems.  Whether or not they'll develop problems in the future is not the point.  I agree with you that many, if not all, will run into issues sooner or later.

So again, assuming that you and others are in this primarily to profit, increase your standard of living, or obviously to have a fast and cheap way to buy and sell without central control....why not, in the spirit of trading, use an alternative for the meantime?

There's no stopping anyone from going back to Bitcoin later.

[talkbitcoin]

It's no secret that BTC has a big problem with fees and transaction times and it's getting worse with rising valuation and number of users.  That's the first issue.  Bitcoin's closest market cap competitors don't have these issues....at least not yet.

you seem to not be aware of the serious scaling issues that the "closest market cap altcoins" are facing. for example ETH which is having worse problems than bitcoin has. people's transactions are getting stuck each time there is a big ICO going on. and these days a simple project called cryptokitties fucked up everything pretty nicely

The second issue is that other cryptos have given better returns year-on-year vs. Bitcoin...especially in the past week to a month.  During that period BTC went up 100% but some of its closest competitors in market cap have returned 200-300%....or better.

well that is just not true.
the difference is that bitcoin goes up and stays up but altcoins go up and then come down. people are calling them pump and dumps for this reason! it is not just some term they use for no reason.

To me, this is a no-brainer.  Even some merchants and vendors have dumped Bitcoin in favor of other cryptos.  Most know of the STEAM example.

So why are so many on this forum not switching?  Most of you would be in a position to get in before the crypto ignorant (new investors) start piling in fresh cash.

as i pointed out above.
let me put it this way for you. the altcoins are creating an illusion of not having the same issues and people believe it because they are not used.
it is like bitcoin if nobody used it! there were no scaling issue if every block only had less than 20 tx instead of current ~2000 tx. and that is why you think altcoins are "superior"

[teilwalL05]

It is better to stay in the leading Crypto, but it is also good to invest with other Altcoins, If you have a problem with the fees of bitcoin then pull out all of your BTC and invest in something else, I think this is normal that if the value of bitcoin would increase so are the fees, just like the products you are buying if it is over in demand then the price would surely increase and consumer would also complaint about it, but in my opinion even thought the fees are increasing it is tamp by the amount of value you can get with bitcoin.

[Realist247]

It's no secret that BTC has a big problem with fees and transaction times and it's getting worse with rising valuation and number of users.  That's the first issue.  Bitcoin's closest market cap competitors don't have these issues....at least not yet.

you seem to not be aware of the serious scaling issues that the "closest market cap altcoins" are facing. for example ETH which is having worse problems than bitcoin has. people's transactions are getting stuck each time there is a big ICO going on. and these days a simple project called cryptokitties fucked up everything pretty nicely

The second issue is that other cryptos have given better returns year-on-year vs. Bitcoin...especially in the past week to a month.  During that period BTC went up 100% but some of its closest competitors in market cap have returned 200-300%....or better.

well that is just not true.
the difference is that bitcoin goes up and stays up but altcoins go up and then come down. people are calling them pump and dumps for this reason! it is not just some term they use for no reason.

To me, this is a no-brainer.  Even some merchants and vendors have dumped Bitcoin in favor of other cryptos.  Most know of the STEAM example.

So why are so many on this forum not switching?  Most of you would be in a position to get in before the crypto ignorant (new investors) start piling in fresh cash.

as i pointed out above.

https://coinmarketcap.com/all/views/all/#

Note the same parabolic gain curves on several coins in the top 20 when compared to BTC...many very recently.  These coins have not come down either...as you can check for yourself.  As I said in a reply to another bug.lady, I agree with the ETH issues.  Let's focus on the others that have yet to demonstrate issues.

[talkbitcoin]

I agree with the ETH issues.  Let's focus on the others that have yet to demonstrate issues.

well, every one of them that are based on the same technology and require a blockchain to be stored in a decentralized manner and blocks to be mined are facing the same issues.

the blockchain technology is not really a complicated thing. it is data that is being stored somewhere. there are always going to be limitations for that. you can decrease the block times, increase the block size and with it increase your scaling. but you will be sacrificing a lot by gaining so little.

of course there are other technologies too. like what IOTA is using, but i am not familiar with it so i won't talk about it here

[Realist247]

It's simple, they are a bunch of simpletons that follow hype, nothing more.
Logic and reasoning are not a part of their skill set.

╥Aztek

LOL - attack of the clone army 

[adityakr56]

It's no secret that BTC has a big problem with fees and transaction times and it's getting worse with rising valuation and number of users.  That's the first issue.  Bitcoin's closest market cap competitors don't have these issues....at least not yet.

The second issue is that other cryptos have given better returns year-on-year vs. Bitcoin...especially in the past week to a month.  During that period BTC went up 100% but some of its closest competitors in market cap have returned 200-300%....or better.

To me, this is a no-brainer.  Even some merchants and vendors have dumped Bitcoin in favor of other cryptos.  Most know of the STEAM example.

So why are so many on this forum not switching?  Most of you would be in a position to get in before the crypto ignorant (new investors) start piling in fresh cash.

I really do not understand the logic since I don't believe for a second that it is an issue of brand loyalty...especially how little it is discussed as an option.

Thoughts?

Bitcoin being the oldest is the boss of the house. The people entering this future market get to listen about bitcoin first then other cryptos. and seeing the popularity explode in last 2 months it has seen high upsurge due to this fact.
it will remain the king till th market enters its old days.

[revCrypto]

It's called the pioneer advantage. There's hardly any coin pitching without mentioning BTC and it's success.
BTC is the crypto standard.

So let me get this straight...you would rather stay with Bitcoin even though it has lower appreciation/ROI in value and has higher fees....just because it was the first crypto?  If it begins to lose value while other cryptos appreciate, hypothetically speaking, you'd still HODL?

Let me answer your question: if any alternative currency were as successful as bitcoin is currently, it would have the same problems with congestion and high transaction fees. You think that the fees back there in 2013 and 14 were as high as currently? They were not. But bitcoin didn't have the current user base, either.

Look at ETH: it got congested with some kitten app!

I am currently leaning to thinking that the problem is inherent to blockchain currencies: you simply cannot reasonably expect to store every transaction happening throughout the world in one public blockchain! It must get congested eventually ....

Which is very sad....

how about tangle? inifinitely scalable, no fees, the more users, the faster the transaction.

[WatchMaker]

It's no secret that BTC has a big problem with fees and transaction times and it's getting worse with rising valuation and number of users.  That's the first issue.  Bitcoin's closest market cap competitors don't have these issues....at least not yet.

The second issue is that other cryptos have given better returns year-on-year vs. Bitcoin...especially in the past week to a month.  During that period BTC went up 100% but some of its closest competitors in market cap have returned 200-300%....or better.

To me, this is a no-brainer.  Even some merchants and vendors have dumped Bitcoin in favor of other cryptos.  Most know of the STEAM example.

So why are so many on this forum not switching?  Most of you would be in a position to get in before the crypto ignorant (new investors) start piling in fresh cash.

I really do not understand the logic since I don't believe for a second that it is an issue of brand loyalty...especially how little it is discussed as an option.

Thoughts?

Bitcoin is more popular and acceptable everywhere. with bitcoin you don't need exchange to exchange your coins for any other currency, you can just make the payment directly with bitcoin when buying something online.

[kevoh]

how about tangle? inifinitely scalable, no fees, the more users, the faster the transaction.

I find Tangle to be an interesting and superior technology to blockchain tech, the more reason why it is being used by IOTA and would definitely be a solution to scalability issues. But the problem here is adoption, as it stands people are still stuck to Bitcoin despite the obvious limitations. Hopefully, they will be a mass adoption as time goes on.

[ihsanskanzaone]

Now that the rapidly growing use of bitcoin around the world and the start of a new coin similar to bitcoin is not something new happening because every time there is a successful breakthrough and a lot of devotees, then there will be people who begin to follow it and hope will succeed as well as a competitor. This is what happens between bitcoin and other cripto.

[TIDOVEE]

people have been so devoted to bitcoin as against other crypto because bitcoin is more reliable in respect to transactions, its scalability is also reasonable, talk about the present value it is still on top. bitcoin is really paying above all .

[ReLieD]

By this , they come to know about the strong points of altcoins and basically they get an idea about which cyrpto currency is better and  how much to invest in it. But most of the answers portray Bitcoin superior to any other currency. There are like very few people who choose altcoins. This is the main reason why people ask that , just so that they get a clear idea of what to do and what not.

[drunkcoin]

Cuz it was the first one and also due to its price that is growing and growing

[patt0]

I think it's quite simple. Bitcoin has the best team of devs working on it, it is already well established and it's not something brand new, or forked from the original coin (because bitcoin is the original coin), and has the biggest growth potencial, because it will be the first coin to scale globally. Of course it's facing problems, and other coins aren't, because bitcoin has the biggest amount of users. If the other coins had the bitcoin status, they would probably be facing the same problems.

Also, bitcoin is opening road for all other coins to prosper, and you can't really see that apparently. Most of the success that other coins are facing, is due to the success bitcoin is having. Crypto is an aggressive market I get it, other coins don't need to show appreciation to bitcoin for clearing barrier after barrier, and allowing them to just keep moving forward without many adversities, but going to the point of thinking that investing in bitcoin is just because of blind loyalty is just silly in my opinion.

Also, you are just focused on profit, and that is probably another reason why bitcoin will probably succeed, and other coins will probably fail. I prefer bitcoin to other coins because of well justified loyalty, not blind loyalty, and in my opinion I think it's important to believe in a project, and there is nothing wrong with that.