So Bitcoin is King.. why is it?!

[bitcoinskyrocket09]

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.

Bitcoin was called as king because it is the most decentralized coin in which it is the most important thing for any cryptocurrencies. And most altcoins are implementing some new features and or solving scalling at expense of decentralization. So if the thing of decentralization is not important for you then just stick with banks whom they only have pretty low fees.

[Cotton Candy]

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

Yes they are the pioneer, the one that started all of this things because if no bitcoins cryptocurrency will not be a big deal at all in this world . They are been the start of the future and more digitally society and they are the king because they are the most successful of them all no other cryptocurrency can beat them and I think no one can ever could because they have gain the trust and the loyalty of the people all around the globe.

[jiniyaakter]

Its true that Bitcoin is king and all altcoin king is Bitcoin many country exchange by bitcoin

[Jerzzz]

everyone knows, that the first digital currency that exists and circulates in all countries is bitcoin. bitcoin is the first coin produced from the first blockchain and coin technology to enter the trading market. so everyone is very acquainted and more trusting with bitcoin to date. so bitcoin becomes king of altcoin.

[GreatArkansas]

Bitcoin is really the KING! I believe on Bitcoin because it is the most high market cap in all over the market, you can see also the dominance of Bitcoin compare to altcoins, I believe that Bitcoin will remain on the Top 1 in the high market cap. It is ok, to be in number 1, specially the king is number 1.

[btcpara]

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

[boyjack]

Offcourse bitcoin is king of crypto currency, if bitcoin price go down sure other cyrpto price will collapse. Bitcoin is the only way we can transfer to fiat currency and bitcoin is the first digital currency created from block chain technology, so sure Bitcoin is king

[patrickj]

Essentially in light of the fact that the most prevalent coin to exchange with is BTC. All the best trades offer a BTC exchanging pair. Subsequently when BTC begins to move everybody begins exchanging out of (or into) alts by means of BTC. In this way the BTC economy is from multiple points of view the crypto economy. Bitcoin is top dog and ruler, and alternate coins are, best case scenario tailing it.

[Chaelbrin]

On the off chance that in the forex trade the US dollar is the medium of trade and the ruler of fiat monetary standards in a similar way bitcoin is the lord of cryptographic money. In the event that you can watch that without a US dollar you can't change over your fiat money to different monetary forms and you can't buy products abroad. Bitcoin is additionally similar to this, in the event that you don't have bitcoins you can't buy or exchange with different altcoins. Be that as it may, later there are additionally a few coins beside bitcoin has this sort of procurement control yet at the same time they can't coordinate bitcoin as far as market.

[gilangIDR]

Bitcoin is a cryptocurrencies that have so much power that many people think that bitcoin is king. That is a very reasonable thing because bitcoin has fantastic value right now. It is even predicted that bitcoin prices will continue to rise and achieve a higher value than ever before. This is a reality and the fact that bitcoin has made many changes in the financial system of the world.

[Darker45]

Technology-wise, Bitcoin may not already be on top right now. In terms of decentralization, every coin is claiming that but Bitcoin has some centralized aspects also. In terms of privacy or anonymity, there are a few coins that are certainly more private and anonymous than Bitcoin. In terms of transaction speed, Bitcoin is not the number 1 either. The same with the options in terms of the amount of fees charged in transactions. But the bottom line is always about trust and reliability and safety. In terms of these three factors, Bitcoin is always the number 1.

[JovhanHermias]

Bitcoin is the king because its the first coin in cryptocurrency world and also the inspiration of all altcoins and other project tried to surpass it but never do up until now.

[bitadviser]

Only bitcoin is the highest value between other crypto coins, so bitcoin is dominated as the king of all the coins, and noone can beat it , and the first bitcoin comes out.

[rony01941]

Bitcoin is the king of the other crypto currency. Bitcoin is among the cryptoscope. Because everyone now believes that Bitcoin can be successful for everyone. Apart from other cryptoscope, bitcoin can be the most beneficial to invest. So, I think Bitcoin is really weird.

[luigi3]

As i know altcoin price was depending on the price of bitcoin,if the bitcoin price was down many token and coins was follow it ,so thats why many people called bitcoin as a king.

[Demughni]

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 the king of Crypto currency, because bitcoin is only the highest value in the whole crypto currency coin so the bitcoin is dominated by it, and the bitcoin first goes out and it's the common use of many people, they also love bitcoin because of its high price and fast Also, when it comes to price, they want bitcoins because they earn a lot of money based on trading.It is my opinoin.

[Baggong]

Being the first on cryptocurrency makes bitcoin the most popular, it is this that is hard to replace with any coins, I'm sure bitcoin will always be number # 1 or king as long as cryptocurrency exists.

[Darerando]

Bitcoin is the first and most famous decentralized cryptocurrency created by Nacamato satoshi, being it the first crypto asset, it has more value than the other Altcoins. Bitcoin is believed to be the king over all other Altcoins, because of it's great potential in value and price.

[kipo]

It was very interesting to read this information about bitcoin. I agree that it is a king today as it has a number of advantages compared to other coins. It is the most popular one and its potential allows to use it as a currency

[Mr Bhuiyan]

Bitcoin is really the KING! I believe on Bitcoin because it is the most high market cap in all over the market.Bitcoin is believed to be the king over all other Altcoins. so bitcoin becomes king of altcoin.