Bitcoin doing monopoly business in cryptocurrency platform !

[imrul5]

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?

[Pursuer]

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.

[imrul5]

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.

BTC is the first comer in this cryptocurrency platform and no other crypto are able to come near to bitcoin. Also, its value increased due to monopoly. To me still, BTC doing monopoly business. Look at the other currency they are far behind from BTC.

[jseverson]

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.

[Pursuer]

BTC is the first comer in this cryptocurrency platform and no other crypto are able to come near to bitcoin.

that is a common mistake and you are being brainwashed by the altcoin advertisers/bag holders into thinking that is true.
the fact it bitcoin being big has nothing to do with it being first. being first surely helped but the reason why nothing has yet come even close to bitcoin is because they either copy bitcoin's code/technology or they create something useless with a lot of problems while trying to fix a small and simple problem that bitcoin has.

if some day someone creates something that is REALLY good not just looks good then it will come close to bitcoin and it can even grow bigger than it. but such coin is not yet created and may not be created unless altcoin devs and the community stop wanting pump and dumps.

Also, its value increased due to monopoly. To me still, BTC doing monopoly business. Look at the other currency they are far behind from BTC.

I don't think you know what "monopoly" means. try reading the link other poster gave you.

[imrul5]

BTC is the first comer in this cryptocurrency platform and no other crypto are able to come near to bitcoin.

that is a common mistake and you are being brainwashed by the altcoin advertisers/bag holders into thinking that is true.
the fact it bitcoin being big has nothing to do with it being first. being first surely helped but the reason why nothing has yet come even close to bitcoin is because they either copy bitcoin's code/technology or they create something useless with a lot of problems while trying to fix a small and simple problem that bitcoin has.

if some day someone creates something that is REALLY good not just looks good then it will come close to bitcoin and it can even grow bigger than it. but such coin is not yet created and may not be created unless altcoin devs and the community stop wanting pump and dumps.

Also, its value increased due to monopoly. To me still, BTC doing monopoly business. Look at the other currency they are far behind from BTC.

I don't think you know what "monopoly" means. try reading the link other poster gave you.

Thank you, sir, I am just a learner. That's why I am asking you guys. I know there are some great people here who can explain me this thing.

[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.

[DunnDy]

At the beginning of the formation of cryptocurrencies it was exactly like this but now there are many more cryptocurrencies that are worth noting such as e.g. Etherum. The more cryptocurrencies there are, the more facilities we can expect because each of them will try to be the best-optimized cryptocurrency. Monopoly is not a good thing because it's competition that makes all services strive for perfection.

[imrul5]

At the beginning of the formation of cryptocurrencies it was exactly like this but now there are many more cryptocurrencies that are worth noting such as e.g. Etherum. The more cryptocurrencies there are, the more facilities we can expect because each of them will try to be the best-optimized cryptocurrency. Monopoly is not a good thing because it's competition that makes all services strive for perfection.

Yes, It is true that BTC has no longer monopoly advantage. There are different crypto already to compete with BTC. BTC is also doing its best to be top of the list. Now, its time to see how it goes in future.

[Dilerium90]

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?

Of course, Bitcoin has nearly 40% volume from all cryptocurrency market nowadays, that is why he has all rights affect the price of all other currencies, but i am sure, that in a few years, maybe faster, this trend will crash and cryptocurrency will be free from the influence of Bitcoin price.

[imrul5]

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?

Of course, Bitcoin has nearly 40% volume from all cryptocurrency market nowadays, that is why he has all rights affect the price of all other currencies, but i am sure, that in a few years, maybe faster, this trend will crash and cryptocurrency will be free from the influence of Bitcoin price.

BTC is already facing huge competition from other cryptocurrencies. Monopoly business can be prolonged if they find any differentiated product. I mean BTC has to introduce something new to its users so that it can stay on the top.

[Red-Apple]

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?

Of course, Bitcoin has nearly 40% volume from all cryptocurrency market nowadays, that is why he has all rights affect the price of all other currencies, but i am sure, that in a few years, maybe faster, this trend will crash and cryptocurrency will be free from the influence of Bitcoin price.

BTC is already facing huge competition from other cryptocurrencies. Monopoly business can be prolonged if they find any differentiated product. I mean BTC has to introduce something new to its users so that it can stay on the top.

you keep repeating the same thing about "competition" but you don't mention any names. i don't see any competition out there! there are shitcoins such as ethereum that have high volume, high price and get pumped a lot but that doesn't mean they are "competing" with bitcoin. it just means we have a pump and dump coin that was successful in its pumping process.

[franky1]

bitcoin monopoly (market term not board game)

bitcoins mining algo is PoW in which it actually costs users funds to maintain the network and create the coin. this mechanism puts a lump of value underlying the price a miner is willing to sell at as they wont want to make a loss.
bitcoins hashrate is more than other networks because the community have put effort into mining it and caused a good underlying value (bottomline value support) for the bitcoin price.
bitcoin has monopolised the mining industry as it has the highest amount of hashrate compared to other coins

unlike PoS coins that create coin and maintain the network at virtually no cost. which is where these PoS coins will not surpass bitcoin. unless bitcoins mining costs deminish substantially

that said, since 2013 bitcoin has LOST other unique benefits that could have strengthened its monopoly (top position) so things to need to be fixed if bitcoin wishes to remain in its top spot and not be replaced by another network that may surpass it if all the mining pools jumped ship and the merchant tools/'we accept crypto' stores swappd networks

we are already seeing signs of the merchant tools monopoly to bitcoin die. just look at coinbase and bitpay. which used to only offer merchants bitcoin as payment. they ave recently added other coins.

we are starting to see other PoW coins use the same ASICS as bitcoin for mining. and there is a chance if those other coins include some of the benefits bitcoin is missing. that mrchants and miners will jump ship.

so never think that bitcoin is "too big to fail". instead demand the devs re-concentrate their efforts on the main bitcoin protocol and fix th mainnet issues instead of being financially incentivised to scream out mainnet cant scale, mainnet shouldnt be used as a currency. just to push people into other networks that are not unique to bitcoin

[RoryDennis]

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?

If that is your definition of monopoly, then you are absolutely wrong. Bitcoin has been top ranked does not mean it has been an obstruction in way of other coins. It has been at a great position always and if these coins like ICX, PRG and EOS keep trying they can also reach there. It is not a monopoly.

[MontagueEugene]

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?

This is not a monopoly by bitcoin itself, the performance of other coins had led into bitcoin getting a monopolistic state. Coins like TAU, KmD if keep trying to come up with their projects (which they are) then they can also reach there.

[imrul5]

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?

This is not a monopoly by bitcoin itself, the performance of other coins had led into bitcoin getting a monopolistic state. Coins like TAU, KmD if keep trying to come up with their projects (which they are) then they can also reach there.

Yes, there is no monopoly at this moment. But still, bitcoin taking advantage from 50% market share in the cryptocurrency. What about monopolistic competition? I still fell bitcoin doing monopolistic like De Beers Jewellers.

[Roche44]

The importance and popularity of the bitcoin has taken it to a place where no other crypto can reach. So bitcoin can start competition with other transactional currencies.

[imrul5]

The importance and popularity of the bitcoin has taken it to a place where no other crypto can reach. So bitcoin can start competition with other transactional currencies.

Yes, BTC can do that for sure. But currently, BTC itself facing a challenge due to heavy competition in the crypto market.

[Nguyenkhacdoan491994]

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

[juliehunt07]

calling it monopoly maybe not correct , it does not make sense , bitcoin is running their business since a very long time and there is many more competition in the market so I feel by doing monopoly one business can't be stand for long