So Bitcoin is King.. why is it?!

[faithofb]

Nothing so special about bitcoin as we have seen so many cryptocurrency that has great features more than it but the grace bitcoin's is having is because it was the first created blockchain technology...

[1714868854]

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[1714868854]

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[hridoyb]

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.

Yes bitcoin is a king of the crypto world.Crypto market and all other crypto coins always support form bitcoin and its price also depends on bitcoin price.Nowadays Bitcoin and blockchain try to faster their service and they add a high mining fee for the transaction so if you want to quickly complete your transaction need to be high fees.On the other bitcoin added many forks for bitcoin faster and you can buy any coin have bitcoin.Bitcoin is now more famous and valuable coin all over the world and everybody know its a king of crypto market

[zhelis74]

Bitcoin is the first block chain user and first coins. Go back Bitcoin has been reigning in the market for the last few years.

1. Slow transactions, 2. High fees

It is transaction slow but the most secure. At present, fees have been reduced.

So i ask again what makes Bitcoin the King

My opinion is Bitcoin King. The King was in the past. There are currently and will be in the future. Because there is no other coin equivalent to Bitcoin that can be rival. Bitcoin is the most decent currency. It is impossible to move forward without coins without decentralisation.

As for me, bitcoin is still deserving to be entitled as the king of all crypto coin because in the first place it is the first ever created successful coin in a crypto world and it is the pillars of crypto currency and above all bitcoin is the most popular and highest value digital coin in the world.

[jeluhtajem]

People say Bitcoin is king simply because it has such a high market dominance, trading volume and user base. In reality, Bitcoin has few, if any advantages over some of the 2nd generation blockchains such as NEO and EOS, so it's a wonder how it has managed to maintain its lead for so long.

[brokens]

the specialty of bitcoin is that it has the highest price of all coins in cryptocurrency and is the first blockchain technology.
so Bitcoin will always be king of all time and will never can be replaced with coin anything.

[standbay29]

Bitcoin is relatively a young guy and is not yet a teenager, currently we are seeing the many side-effects of a system where no single person can be called as the leader...this is what we want when we prefer decentralization.

[YNAGS Team]

First we must consider, that bitcoin is the first and the biggest, the most popular cryptovurrency at all. Everybody knows it.

[ongkok87]

Bitcoin is the first block chain user and first coins. Go back Bitcoin has been reigning in the market for the last few years.

1. Slow transactions, 2. High fees

It is transaction slow but the most secure. At present, fees have been reduced.

So i ask again what makes Bitcoin the King

My opinion is Bitcoin King. The King was in the past. There are currently and will be in the future. Because there is no other coin equivalent to Bitcoin that can be rival. Bitcoin is the most decent currency. It is impossible to move forward without coins without decentralisation.

As for me, bitcoin is still deserving to be entitled as the king of all crypto coin because in the first place it is the first ever created successful coin in a crypto world and it is the pillars of crypto currency and above all bitcoin is the most popular and highest value digital coin in the world.

it is true that you are saying that bitcoin is like a king because the price is very high than other coin coins in the crypto world. so it's really true for bitcoin in nicknamed king because no coins are capable of exceeding the value of bitcoin

[charlemagne_15]

Bitcoin was the first cryptocurrency using the blockchain. It s the "grandparent" of all crypto, altcoin included.

I agree. It is true that bitcoin is the first to use the blockchain. Also, bitcoin is the most popular and use of the people. It is the 'King' because of its good qualities. Bitcoin deserve that kind of title due to I believe it is the first ever successful cryptocurrency resulting to a high value in the market.

[fbastage]

Because bitcoin is the ancestor of all crypto currency, he is in charge! Yes, this is not the most technological coin, but at the same time it is the most protected coin, which does not have a master and which does not depend on anything other than people!

[bitcon]

The reason behind why the company of bitcoin is called king because of their excellent performance in the cryptocurrency.
Having a great potential gives them lots of achievements and recognitions in their efforts. Through this acknowledgement they called king.

For me, it is a King because it is simply a father of all cryptocurrencies, the pioneer on the market. Blockchain technology is associated with Bitcoin mostly, although there are many other great alts.

[TRON0824]

yes bitcoin is a king of all crptocurrency . for me this is a evolution of money . from Stones , golds , coins , papers to Digital currency . Bitcoin is the best human invented in history  I Believe Bitcoin can change the world for the better .

[icaica22]

I firmly believe that Bitcoin Masih is king in this market.
I know it's only 44% of today's marker dominance but things will change very fast in the new year for sure.

[jpaul]

Bitcoin is the king due to many reasons such as it having the first movers advantage, a very large dev team working for it, the biggest and most active community, much safer investment in comparison to others and the most important one that is the prices of altcoins still being tied to the price of Bitcoin.

[juragane]

I think bitcoin is the king of all cryptocurrency-based coin or digital currency because I think bitcoin has very limited availability so it makes the price the most expensive of all coins.

[Menawi12]

In my perspective, bitcoin became king of cryptocurrency because bitcoin is pioneer in market. Beside that, investor must more comfort on bitcoin because bitcoin have biggest liquidity on market and volume transaction daily is biggest in cryptomarket.
Investor always want investing on something that they can withdraw anytime they want and bitcoin provide that

[Spanopohlo]

Let us just sum up that all up, Bitcoin is King Because it is the coin of all coins, the Major coin, the origin, the source, the reference, the alpha I might say, and the coin that started the Cryptocurrency in the world. There are a lot of coins out there and some are on the tails of the value of bitcoin, still, they can't overcome the level value of this coin. On the other hand, there will come a time that Bitcoin will reach its downfall, because of banning or just another coin that tops it all out.

[kesmex]

because bitcoin is the first coin, and the highest among the other coins, there is altcoin also because to cover its weaknesses only, since bitcoin only has a 21 million coin supply only, that's why many people want to have it because of limited supply, no mistake if bitcoin become king all coins.

[Surge_Dev]

This is a well-deserved title because it was precisely with bitcoin that huge investment interest started, which is now observed in the crypto-currency market. It has more potential than others

[Thira]

It was the first in the landscape, it's become representative of the entire crypto world (i.e. bitcoin = all of cryptocurrency in some people's minds), and people know its name.

yes bitcoin considered as the king of all coins in cryptocurrency because this is the first coin invented and it is very useful to us,  make transaction easy and safe, and through this bitcoin many people earned a lot, giving a chance you to grow like in business, but  you need to know and make a research of this so that you will not be fool or scam by others.