So Bitcoin is King.. why is it?!

[bitcoinbot]

I think that bitcoin is number one, because He is the founder of the crypto currency, it all started! In addition, bitcoin has no master, which gives him a huge advantage!

[pallang]

We can say that Bitcoin is the king of all coins because it is the most popular coin in crypto and it has the highest value coins once we think cryptocurrency the first sought coins is Bitcoin.

[Zagor Tenay]

Bitcoin is still the King and there's no other cryptocurrency will beat Bitcoin. Even fiats, Fiats can't defeat bitcoin. Etherium and tokens are just a cryptocurrency that are trying to beat bitcoin but they still not defeating it.

[Rosscy]

Cryptocurrency which first appeared was bitcoin. Which at the time of launch is very cheap and no one is interested in bitcoin. However, the current bitcoin becomes the cryptocurrency king of the other cryptocurrency types.

[Fergus Lewis]

I think bitcoin is also called a  king because it is now the most highest coin in crypto world maybe people know about it already that is why many people today wanted to have more bitcoin for the near future because they believe  that bitcoin has really a great big capacity to continue rising in the near future.Bitcoin is really amazing than any other coin.

[nodulelibyane7]

Its the oldest among the cryptoz and so generally its assumed as the king or the ruler.

[iyemroker]

I understand for the past years, Bitcoin has been the king of cryptos, but why is that so? I have been for several months now reading a lot about the whole crypto ecosystem, i even bought several bitcoins back in August (sold them all today, for 4x returns and am keeping all the money in the broker account, and maybe i'll buy BTC again just as soon as i manage to retrieve my belief in BTCs future viability -i am trying really hard).

Enough background, now on to the topic at hand. I am now all too familiar with the challenges BTC has in front of it, and i sincerely can't see a solution.

1. Slow transactions - If you pay a high enough fee (at the moment over $15), you'll get a 10 minutes confirmation for your transaction. So at the very least it takes 10 minutes for a transaction to pass through, which really isn't so much assuming one is willing to pay the high fee. If one doesn't want to pay over $1 (i mean why should we, since the original idea of cryptos was that they should be cheap, fast and anonymous!), then one will wait indefinitely, probably for days or even damn weeks!!!

2. High fees - Now over $15 for high priority on the blockchain. Imagine if the price were to multiply by 5x. The fees!! $100+ per transaction maybe? This is insane. Satoshi Nakamoto has/have probably unfortunately died (i mean he/they WOULD by now have come forward and said enough is enough, miner cartels are ruining the BTC system and these high fees are outrageous insanity) turning in his grave with the hell that is happening to the BTC's ecosystem.

3. Lack of solutions - The major solution everyone is currently clinging to is the Lightning Network. Really?? It is still theoretical. Will it ever be effectively implemented and integrated into BTC and its blockchain? We don't know. Will it be practical, and effectively reduce costs substantially? We don't know! When will it be ready? Sometime in 2018? With a measly small team of developers? 2018 maybe! If it ever becomes pratical. Right now it seems the WHOLE BTC ecosystem hopes that the LN will work and solve ALL of BTCs complex problems. This is a very big and risky assumption. If it doesn't, i sincerely don't see how the BTC is going to navigate ever higher demand and users. It will bottleneck even more and the result will not be pretty. Besides, the whole concept of creating off-chain direct channels between users doesn't seem very practical to me, but perhaps i am wrong.

4. Miner cartels? Have major miner groups taken over the BTC? I haven't studied it deeply enough to make this conclusion, but this is the feeling i am fetting, maybe i am very wrong. Why isn't a solution to this DAMN OBVIOUS BOTTLENECK PROBLEM being chased with the urgency that i think the BTC community should have? Maybe i am missing something, or many things, i am by no means an advanced and very knowledgeable member of the community. But is the theory that major miner groups hijacking the BTC ecosystem in order to keep their high fees absurd? Maybe it is, but at my current understanding it seems like a possibility.

5. Bitcoin considered solely as a store of value. Right now, the only use of BTC is functioning as a store of value. Let other cryptos serve the more mundane task of serving as cash! BTC is digital GOLD! So the argument goes. Is this enough for the BTC? This isn't what i thought BTC was supposed to be. It SHOULD serve as a srote of value as well as a means for making fast and costless daily transactions. You see i am not against a system that serves solely as a store of value but i WONDER if it will be enough, will BTC present enough utility for people once they realize they can't use it for small transactions, but instead they should see BTC solely as something akin to a long term investment, that isn't useful for small transactions? The way i see it the more utility a crypto currency presents to its users, the ore value it will have, and right now there are a dozen CRYPTOS will a lot more utility than the Bitcoin.

So i ask again what makes Bitcoin the King? Network effect? The fact that it has been time-tested longer than any other crypto? A supposed community that supports it (what support they give eludes me too, i don't see much support actually)? Right now i see the BTC as a bloated, outdated and overvalued ecosystem that may survive and continue to thrive just because it has the first mover advantage and biggest network, but i am not sure of it and would really appreciate if it actually kept the edge in it's design and technology too over other cryptos. Right now i don't see it at all.

if we keep searching for the weakness of Bitcoin, then we will not be able to benefit from Bitcoin.

it is good to ask like this but it would be good we also can learn better again Satoshi Nakamoto.

[lucy94]

I guess because it was the first one and so it is popular as first, other than that there are equivalent or better coins now.

[creative-raju33]

As a king the bitcoin is called because of the increasing of bitcoin is risen up as following a huge rate its own section. The bitcoin owner who has 1 bitcoin he seems to be a rich man . So measurement of the activity of any person who has bitcoin currency in his crypto wallet is mean to as like as a king with out being it the royal power.

[Mwalshe89]

Why do simple numbers cost so much money? The answer is simple: because everyone uses them

[Jessica2009]

Bitcoin is the first crypto currency started in the year 2009  Because of its certain positive features its popularity has widen globally and its public usage has been considerably increased.It is a decentralized one with anonymity,its all transactions are recorded in an electronic ledger with block chain technology.So bitcoin has attracted the attention of the educated mass of the global community and it has spread its wings world wide.Bitcoins market capital has increased considerably and its daily traded volume also very high so bitcoin is the king in the market among other crypto currencies.

[bigbosma]

I such a broad subject copied itself for explanations friends. Thanks. I also agree that bitcoin is the king. I don't expect it in the near future something will move from the first place.

[conceivedspoon2]

Yes. It is so because it was the first digital currency and has paved way for the emerging ones now. Ethereum is next to it because it is on it crypto app lie on. Bitcoin has gone through tough times even in time past and people follow other cryptocurrencies because of bitcoin.

[WebTera]

That's interesting. Why almost in all themes, the first answers the most interesting, useful and informative. And then it starts all over again. Thanks to those people who think what they write.

[Gamblet]

Bitcoin has the largest network. To repeat Bitcoin, no one can yet. Besides, he has the longest history. This makes him the largest crypto currency.

[bennypagulayan]

Bitcoin is the first coin to be created on the cryptocurrency market so the number of supporters and investors in it is enormous. The scarcity of bitcoins also makes it a valuable asset and receives a lot of attention from people. There is good news about bitcoin and the cryptocurrency market so I believe everything will be fine in the future.

[fattyforhire]

Bitcoin - king? For me, definitely Yes. But I try not to treat currencies as an idol. For me, this is a way to make money and make my life and the lives of loved ones, freer and happier.

[Kethek]

because bitcoin is the first coin that is created with a limited amount and the price is so expensive that makes bitcoin in the nickname as the king of all coins in the market crypto

[vonnyaries]

as i know about bitcoin is a king is because bitcoin is the first cryptocurrencies that work and success in the public, and after that bitcoin become popular in the public and getting high price, and unril right now other coin  or we can called it altcoin still depend on bitcoin price which is bitcoin become a king in cryptocurrencies s

[karbonbigeyes]

It will be the universal currency. Fast money transfer peer to peer with no middleman. Global transaction fee reduced to lowcost. It's the future.