Bitcoin doing monopoly business in cryptocurrency platform !

[monkeydominicorobin]

I think the only bitcoin can make this cryptocurrency market stable. BTC was doing monopoly business over last few years. It's time to do some competition with other good currency. Am I right or wrong?

You think that there's no competition among cryptocurrencies. You have to realize that there is. It is just that majority of supposed Bitcoin investors are clueless as to what is really happening. They are clueless since they are treating Bitcoins as though they are shares of stock. It is not. They converting Bitcoins into whatever hoping that will get profits from changes in the market as though they are Forex traders. Bitcoin is not fiat. The trend nowadays is due to ignorance. Bitcoin is a different animal. 

[Cybercrypt]

I think that bitcoin age is coming to an end. Once major companies such as Telegram, Facebook or Google create their own cryptocurrency, they will beat bitcoin for sure.

[salinagomez]

Well, I agree with you that BTC was doing monopoly business in the market from the very beginning. As it is the first digital currency and the rate of BTC is very high there are no such cryptocurrency in the market that can come to its competition. But I think a completion will be a good thing now in the market it will change the market condition and the total scenario.

[BlakeMye]

You are partially right. But the market was not monopoly. The customers were free to select and they chose Bitcoin.

[alaskata]

It is growing strongly, the market is exciting because BTC, BTC has done business exclusively in the market from the beginning. Since it is the first digital currency and the BTC rate is very high, no electronic money in the market can come to its competition.

[glowing10]

I think that bitcoin age is coming to an end. Once major companies such as Telegram, Facebook or Google create their own cryptocurrency, they will beat bitcoin for sure.

Not sure how much will this have the impact on the btc or other currencies as people are now used to it. Facebook coin may not be a huge successful after their recent controversy of selling the data people have started to ban the FB and deleting their account on the FB. So it will be an advantage for the btc.

[earnetheasy]

I partially agree with you. Bitcoin did the monopoly business few years back .but now so many altcoins are available in the market that are competing with bitcoin strongly.

[imrul5]

I partially agree with you. Bitcoin did the monopoly business few years back .but now so many altcoins are available in the market that are competing with bitcoin strongly.

Yes, BTC is doing competition with coins for sure but not enough.  The difference among them is huge due to market capital.

[imrul5]

I don't agree with you in this. In monopoly someone needs to control the business. But, here, the price cannot be controlled by anyone.

Yes, theoretically it is not a monopoly but in practically it is doing monopoly business in the cryptocurrency platform.

[Norwood Daniell]

No guy. Bitcoin isn't monopolistic. Just because it's the most popular doesn't mean it's doing monopoly business in cryptomarket. Owing to Bitcoin's superiority, it has earned more trust from traders and merchants, and accordingly, has big percentage of market capital. Monopoly, different from Bitcoin's case, happens when a person or enterprise is the only supplier in the market.

[teterinal]

How could you call bitcoin a monopoly, It's not even a business to start with. But I do agree that it should now compete with curencies like USD and others.

[arabellascott21]

Calling bitcoin a monopoly is no just right. It is not a business. It doesn't provide us with any items or services. It's a digital money how can it monopolize the crypto world.

[imrul5]

I agree with you that btc is still in control of other currencies, it is difficult to have a currency that can replace it.

It is not easy to surpass the BTC with this conventional cryptocurrency.  It has to be a great idea and extremely advanced technology. I like to see competition among all the cryptocurrency so that we will have chances to choose over BTC.

[imrul5]

I think you've got an misconception about monopoly and high popularity. Apart from Bitcoin, cryptomarket has a number of digital currencies, which is completely different from monopoly which refers to a sector or industry dominated by one corporation, firm or entity.
That Bitcoin dominates the coin market is obvious but it's still been riddled with problems. If in the future a new cryptocurrency is created, addressing Bitcoin current shortcomings, I think Bitcoin will have real competitor.

Yes, you are right. BTC is not doing monopoly business for sure but it is doing monopolistic competition.  Monopolistic competition means there will be a little competition with open market and there will have lots of buyers and sellers. And BTC doing exactly like this. We have the chance to choose but we will go to BTC at the end.

[Reid]

Lol, let's define monopoly first:

What is a 'Monopolistic Market'?
A monopolistic market is a theoretical construct in which only one company may offer products and services to the public. This is the opposite of a perfectly competitive market, in which an infinite number of firms operate. In a purely monopolistic model, the monopoly firm can restrict output, raise prices and enjoy super-normal profits in the long run.

It's not even monopoly. The cryptocurrency market is a free one, where everyone is free to choose which coins to use. Bitcoin is the largest because the majority gives it high regard, not because it tries to gobble up its smaller competitors -- something which monopolistic firms actually do. The market has actually been increasingly competitive if we use Bitcoin dominance as a "competitiveness" metric. Either way, you can't stop the best from being the most successful.

As we know other cryptocurrencies are copying the technology from BTC. So, BTC has the technology advantage that makes it great. So far, I find everybody just trying to copy the technology and strategy from BTC.

I have seen you got the correct answer here.

Thanks though for bringing that up. To clear minds of others that are being hooked with other coins thinking it is the future.
They are all copies specially BCH which almost made to make a confusion to those newbies who wants to buy bitcoin and yet they ended up in a different one. Bad thing is there is no law yet to imprison this people who made it that way.
And still they say that is the real bitcoin. BS is piled up in this forum so better go deep in reading.

[imrul5]

Calling bitcoin a monopoly is no just right. It is not a business. It doesn't provide us with any items or services. It's a digital money how can it monopolize the crypto world.

Yea, it was supposed to be a currency but it is a investment tool at the end. We can manipulate it because there is a fixed supply and demand is too high.

[imrul5]

Lol, let's define monopoly first:

What is a 'Monopolistic Market'?
A monopolistic market is a theoretical construct in which only one company may offer products and services to the public. This is the opposite of a perfectly competitive market, in which an infinite number of firms operate. In a purely monopolistic model, the monopoly firm can restrict output, raise prices and enjoy super-normal profits in the long run.

It's not even monopoly. The cryptocurrency market is a free one, where everyone is free to choose which coins to use. Bitcoin is the largest because the majority gives it high regard, not because it tries to gobble up its smaller competitors -- something which monopolistic firms actually do. The market has actually been increasingly competitive if we use Bitcoin dominance as a "competitiveness" metric. Either way, you can't stop the best from being the most successful.

As we know other cryptocurrencies are copying the technology from BTC. So, BTC has the technology advantage that makes it great. So far, I find everybody just trying to copy the technology and strategy from BTC.

I have seen you got the correct answer here.

Thanks though for bringing that up. To clear minds of others that are being hooked with other coins thinking it is the future.
They are all copies specially BCH which almost made to make a confusion to those newbies who wants to buy bitcoin and yet they ended up in a different one. Bad thing is there is no law yet to imprison this people who made it that way.
And still they say that is the real bitcoin. BS is piled up in this forum so better go deep in reading.

Thanks man, it really hard to see people are taking it negatively. Your support makes me feel happy.

[audaciousbeing]

no you are right, bitcoin should begin its real competition with real currencies such as US dollar, Euro, Japanese Yen,... instead of just being a cryptocurrency and separate from them. it has already started though. as the merchants are adopting bitcoin as payment and as countries start recognizing bitcoin as a legal way of payment this competition begins.

I don't know why you call it "monopoly" though. that doesn't make any sense to me.

This is just the best reply as I cannot begin to think of any better response to such questions. Its high time people should know that bitcoin needs to start playing in the major league if its to be taken seriously. But focusing on other alt coins and happy that it currently enjoys a larger percentage in the market share of all crypto currencies, is nothing but rejoicing in mediocrity which needs to be abandon very soon. Most times I see various coins launched with the main purpose of being the next 'bitcoin' competing with bitcoin whereas people don't even acknowledge the existence of bitcoin. Its merely technically 'fighting' someone who is not fighting with you.

[Kprawn]

Lol, let's define monopoly first:

What is a 'Monopolistic Market'?
A monopolistic market is a theoretical construct in which only one company may offer products and services to the public. This is the opposite of a perfectly competitive market, in which an infinite number of firms operate. In a purely monopolistic model, the monopoly firm can restrict output, raise prices and enjoy super-normal profits in the long run.

It's not even monopoly. The cryptocurrency market is a free one, where everyone is free to choose which coins to use. Bitcoin is the largest because the majority gives it high regard, not because it tries to gobble up its smaller competitors -- something which monopolistic firms actually do. The market has actually been increasingly competitive if we use Bitcoin dominance as a "competitiveness" metric. Either way, you can't stop the best from being the most successful.

I think what he is trying to say is that Bitcoin had a monopoly {dominance} over other Alt coins and that the situation is changing

very fast now. I have to agree with him in a sense... Every Alt coin dilutes potential investment capital that might have been invested

into Bitcoin, so it is chasing it's own tail now. We need new investors to give it real growth. 

[Gaaara]

no you are right, bitcoin should begin its real competition with real currencies such as US dollar, Euro, Japanese Yen,... instead of just being a cryptocurrency and separate from them. it has already started though. as the merchants are adopting bitcoin as payment and as countries start recognizing bitcoin as a legal way of payment this competition begins.

I don't know why you call it "monopoly" though. that doesn't make any sense to me.

Actually in opinion bitcoin has begun a revolution against USD or current currency for being a new modern generation currency, the people is just kinda slow to adapt but as far as I concern bitcoin or cryptocurrencies are far way underrated and I doubt our new generation currencies can be compared to the current currencies right now, I mean there is a lot of features of cryptocurrencies like a worldwide transaction and higher security that our current currency right now has failed to compete against.