Bitcoin blockchain Or Bitcoin price, which makes it the top cryptocurrency?

[cryptodigitz]

There is something I'm thinking though I don't know if it's right or wrong, that Bitcoin is the prime currency here, not necessarily because of its price but because of its blockchain project and being the first in the system so I'm thinking even if other cryptocurrencies price ever get higher than Bitcoin, will Bitcoin still be seen as the prime cryptocurrency? Or is the whole thing around the Bitcoin centered around its current price in the market?

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[mk4]

Bitcoin is the sort of "primary" currency in the cryptocurrency space because bitcoin has the highest marketcap, not necessarily the highest price. There are some crapcoins that has higher price than bitcoin, but the marketcap is very very low, hence it's not even in the top 100.

Marketcap = Price * Circulating Supply

In this case, $7,437.77 * 17,157,987 BTC = $127,617,160,969

[ResuLT]

There is no reason behind it to make it a top one currency, this coin is ultimately the founder of cryptocurrency so thats why Bitcoin can be the top one.

[JayJuanGee]

There is something I'm thinking though I don't know if it's right or wrong, that Bitcoin is the prime currency here, not necessarily because of its price but because of its blockchain project and being the first in the system so I'm thinking even if other cryptocurrencies price ever get higher than Bitcoin, will Bitcoin still be seen as the prime cryptocurrency? Or is the whole thing around the Bitcoin centered around its current price in the market?

Your framing of the question and the other two responses in this thread, so far, seem to miss the importance of bitcoin, and seem to attempt to conceptualize bitcoin as if it were the equivalent to other crypto projects, but with merely a larger market cap...

In reality bitcoin is the only coin that really matters because of the way that it is set up.  It solves the byzantine general's problem and networking effects have been being built upon it since the genesis block... There are nine networking effects that are outlined by Trace Mayer, and you can easily look them up in order to better attempt to understand the importance of bitcoin and it's paradigm shifting contribution to securing value in a way that is outside of centralized authorities that has never been available before it, and might not even have been possible until the internet had reached a certain level of maturity in recent years.

So bitcoin the currency and bitcoin the blockchain are a combination of dynamics that create incentives to build network effects and to continue to build such network effects.

The level of adoption remains less than 1% of the world's population, so it is nearly inevitable that BTC's price is going to be considerably volatile for many years to come (probably decades), and accordingly, the price will not always accurately reflect value... and it is also possible that networking effects could move over to some other superior coin/project, but there is nothing even close at the moment, so it is likely that any merging over to some other project would allow users to move with it, if such a project were to evolve in the space.

[malekbaba]

There is something I'm thinking though I don't know if it's right or wrong, that Bitcoin is the prime currency here, not necessarily because of its price but because of its blockchain project and being the first in the system so I'm thinking even if other cryptocurrencies price ever get higher than Bitcoin, will Bitcoin still be seen as the prime cryptocurrency? Or is the whole thing around the Bitcoin centered around its current price in the market?

It is Block chain obviously. we must have to give credits to BTC as well. BTC is the first crypto currency , has decent daily volume, wide acceptance , real life use. But ultimately it is the block chain we are talking about. So BTC will have hard fight in future if any other coin can bring unique features. But the pathfinder will remain first, always. So it is hard to defeat btc . And Price of a coin indicates something, not everything. There are shitcoins in the market being traded at 1000x price from its actual value.

[vy99]

Bitcoin is about much more than the price and ushering in the blockchain technology era will be one of its defining characteristics.

[JayJuanGee]

There is something I'm thinking though I don't know if it's right or wrong, that Bitcoin is the prime currency here, not necessarily because of its price but because of its blockchain project and being the first in the system so I'm thinking even if other cryptocurrencies price ever get higher than Bitcoin, will Bitcoin still be seen as the prime cryptocurrency? Or is the whole thing around the Bitcoin centered around its current price in the market?

It is Block chain obviously. we must have to give credits to BTC as well. BTC is the first crypto currency , has decent daily volume, wide acceptance , real life use. But ultimately it is the block chain we are talking about. So BTC will have hard fight in future if any other coin can bring unique features. But the pathfinder will remain first, always. So it is hard to defeat btc . And Price of a coin indicates something, not everything. There are shitcoins in the market being traded at 1000x price from its actual value.

how is it that you separate bitcoin and blockchain exactly?  Yeah there are a bunch of shit coins trying to act like they can compete on some kind of similar blockchain or their own blockchain, but bitcoin and its blockchain come as a package, and the other nonsense blockchain hype that attempt to build without bitcoin are just tending towards pump and dump cash printing bullshit, no?

[pitiflin]

There is something I'm thinking though I don't know if it's right or wrong, that Bitcoin is the prime currency here, not necessarily because of its price but because of its blockchain project and being the first in the system so I'm thinking even if other cryptocurrencies price ever get higher than Bitcoin, will Bitcoin still be seen as the prime cryptocurrency? Or is the whole thing around the Bitcoin centered around its current price in the market?

You have a wrong idea of bitcoin and blockchain. Blockchain exists because of bitcoin and vice versa. There wouldn't be any crypto, had there been no bitcoin. So bitcoin will be the "prime" crypto, for its evolution, its invention, its existence. Eventually a time might come where alts might take over bitcoin in terms of price, because they have a much bigger hard cap. But will that change anything about bitcoin? No.

[dothebeats]

If you're asking why bitcoin is placed as the top currency, the reasons are pretty obvious: it's because it is the first cryptocurrency ever traded with real money and its price on the market. Most cryptotraders are banking on bitcoin due to these reasons, with (sadly) its technological implications and flexibility trailing behind the price. You can also factor in the amount of money invested in infrastructures surrounding bitcoin, mainly the mining scene. Due to this, people who are knee-deep on their involvement wouldn't want to get their leverage and advantage on investments be turned to nothing. I'm sure there are a lot more reasons why people choose bitcoin over any other cryptocurrency, but these, I think, are the most probable reasons why they stick with it through the highs and the lows.

[bananaohnana]

It is Block chain clearly. we should need to offer credits to BTC too. BTC is the principal digital money , has not too bad day by day volume, wide acknowledgment , genuine utilize. At the end of the day it is the square chain we are discussing. So BTC will have hard battle in future if some other coin can bring remarkable highlights. Be that as it may, the pathfinder will stay to start with, dependably. So it is difficult to crush btc . What's more, Price of a coin shows something, not all that matters. There are shitcoins in the market being exchanged at 1000x cost from its genuine esteem.

[Bervelukan]

it is true that bitcoin is the first currency created in blockchain at a very high price, and if any altcoin is priced higher than bitcoin I think bitcoin will always remain the main in the mind of the world community, because bitcoin is embedded in the shadow of society.

[gobingo]

which is certainly a price issue that makes the coins become the top, because the price is very influential in human thinking, and also smart contracts that make a lot of coins better like eth.

[Dudeperfect]

The price is not a single element to determine the prime status of it. Bitcoin definitely gained momentum due to its first mover advantage of it. However, it's the utility value that makes it the prime currency. There are the people who are using it as a payment system and any other coin having high price might dominate the crypto market but it won't be a prime cryptocurrency unless there are factors like userbase and utility value to support the market cap.

[khanhtu156894@gmail.com]

You have a bad idea about bitcoin and blockchain. Blockchain exists because of bitcoin and vice versa. There will be no encryption, no bitcoin. These are the two things that go together

[cryptodigitz]

There is something I'm thinking though I don't know if it's right or wrong, that Bitcoin is the prime currency here, not necessarily because of its price but because of its blockchain project and being the first in the system so I'm thinking even if other cryptocurrencies price ever get higher than Bitcoin, will Bitcoin still be seen as the prime cryptocurrency? Or is the whole thing around the Bitcoin centered around its current price in the market?

Your framing of the question and the other two responses in this thread, so far, seem to miss the importance of bitcoin, and seem to attempt to conceptualize bitcoin as if it were the equivalent to other crypto projects, but with merely a larger market cap...

In reality bitcoin is the only coin that really matters because of the way that it is set up.  It solves the byzantine general's problem and networking effects have been being built upon it since the genesis block... There are nine networking effects that are outlined by Trace Mayer, and you can easily look them up in order to better attempt to understand the importance of bitcoin and it's paradigm shifting contribution to securing value in a way that is outside of centralized authorities that has never been available before it, and might not even have been possible until the internet had reached a certain level of maturity in recent years.

So bitcoin the currency and bitcoin the blockchain are a combination of dynamics that create incentives to build network effects and to continue to build such network effects.

The level of adoption remains less than 1% of the world's population, so it is nearly inevitable that BTC's price is going to be considerably volatile for many years to come (probably decades), and accordingly, the price will not always accurately reflect value... and it is also possible that networking effects could move over to some other superior coin/project, but there is nothing even close at the moment, so it is likely that any merging over to some other project would allow users to move with it, if such a project were to evolve in the space.

OK thanks for sharing this, I get it very clear and it answers my questions as to whether it's just about the price or the Bitcoin blockchain, now I know that the blockchain holds the networking layer on which the entire crypto is built so it would remain superior to other cryptocurrencies irrespective of its price in the market.

[Vineeta2oct]

You have a bad idea about bitcoin and blockchain. Blockchain exists because of bitcoin and vice versa. There will be no encryption, no bitcoin. These are the two things that go together

Blockchain doesn't exist because of bitcoin but the reverse is true. Years from now, hypothetically, if crypto has been wiped out, bockchain will still be here.

Bitcoin is the prime coin because it founded the crypto currencies. It was not created for the benefit of one person or a group of people like how you see now a days in almost all the ICOs.

[theyRmose]

There is something I'm thinking though I don't know if it's right or wrong, that Bitcoin is the prime currency here, not necessarily because of its price but because of its blockchain project and being the first in the system so I'm thinking even if other cryptocurrencies price ever get higher than Bitcoin, will Bitcoin still be seen as the prime cryptocurrency? Or is the whole thing around the Bitcoin centered around its current price in the market?

You have a wrong idea of bitcoin and blockchain. Blockchain exists because of bitcoin and vice versa. There wouldn't be any crypto, had there been no bitcoin. So bitcoin will be the "prime" crypto, for its evolution, its invention, its existence. Eventually a time might come where alts might take over bitcoin in terms of price, because they have a much bigger hard cap. But will that change anything about bitcoin? No.

really, even if bitcoin will be replaced by altcoin I think people's view of bitcoin will remain the same.
bitcoin that has popularized crypto, and it will remain inherent in everyone's memories as well as the history of bicoin.
because the bitcoin that has brought the name of cryptocurrency to be known by the world.
bitcoin is a crypto legend.

[aso118]

There is something I'm thinking though I don't know if it's right or wrong, that Bitcoin is the prime currency here, not necessarily because of its price but because of its blockchain project and being the first in the system so I'm thinking even if other cryptocurrencies price ever get higher than Bitcoin, will Bitcoin still be seen as the prime cryptocurrency? Or is the whole thing around the Bitcoin centered around its current price in the market?

There are many things that are interconnected
- It is the first cryptocurrency and has a large, loyal user base
- It has huge amounts of hashing power backing it, making it the most secure cryptocurrency
- because of the above 2, it has the highest market cap among cryptos.
It would be difficult to separate the factors.

[YCryptos]

Because of its popularity. When people find out that you can easily get the money, found out about Bitcoin, the hype began, many, and I know all cryptocurrency only. Price and technology are already secondary.

[Fundalini]

Because of its popularity. When people find out that you can easily get the money, found out about Bitcoin, the hype began, many, and I know all cryptocurrency only. Price and technology are already secondary.

I think you have it in reverse. Popularity will comes after price and technology. This is because the people appreciate what bitcoin is potentially offering them.