bitcoin is just a brand name :(

[Sanugarid]

Finally the bitcoin halving have already take place last week, the supply will cut in half...... we all know this piece of information

BUT

We already mined bitcoin in 85%(++) of its total supply, it makes me think that we are near to price stabilization when people will start to own it. The market cap of cryptocurrencies are less than 1% of the total fiat that we have, hence it can cover all of this however the essence of bitcoin as a investment form will fail if it happens to be less volatile than it is now and will bring the significance of bitcoin as a currency of the future.....

BUT

The logic behind the bitcoin as the future currency is rigged and makes no sense at all, this is also why gold, diamond, silver, etc. is incomparable to bitcoin because they all have a practical use that is hard to be replaced while on the other part, with bitcoin, its practical use is easy to replaced, in fact we already have better coins than it but we chose to live with its brand name.

Hope this thread will help to avoid new threads regarding 'bitcoin and gold'

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[BrewMaster]

We already mined bitcoin in 85%(++) of its total supply, it makes me think that we are near to price stabilization when people will start to own it.

it is called supply AND demand. having mined even the 100% of bitcoin would still be the "supply" part not the demand. we need adoption and until that is going on with a high speed, we continue seeing volatile increasing price.

The market cap of cryptocurrencies

that means nothing. specially when you are including shitcoins in it.

with bitcoin, its practical use is easy to replaced,

if it were possible then we would have seen a replacement. keep in mind that it is not for lack of trying!

in fact we already have better coins than it but we chose to live with its brand name.

i dare you to show me a "better" coin.

[hatshepsut93]

The logic behind the bitcoin as the future currency is rigged and makes no sense at all, this is also why gold, diamond, silver, etc. is incomparable to bitcoin because they all have a practical use that is hard to be replaced while on the other part, with bitcoin, its practical use is easy to replaced, in fact we already have better coins than it but we chose to live with its brand name.

Hope this thread will help to avoid new threads regarding 'bitcoin and gold'

Bitcoin is secured by higher amount of PoW than any other coin, which means Bitcoin is miles ahead of them in terms of security. This is already a big reason to view alts as inferior, you can't entrust a global financial system to a network that can easily get attacked, as it's shown on practice with successful attacks on coins like BTG.

Bitcoin also has much better software, it's continuously tested an improved by hundreds of independent individuals. Alts are developed by small time who were just hired to do their job as long as they get paid. No wonder they have so many bugs and bad design choices that ultimately lead to losses of funds for users. 

[Velkro]

however the essence of bitcoin as a investment form will fail if it happens to be less volatile than it is now

You saying this as it would be bad thing.
If price is more volatile it attract speculative investment capital.
If it doesnt its more suitable for store of value/currency.
So either way, its good for Bitcoin, just good in different ways.

[The Cryptovator]

in fact we already have better coins than it but we chose to live with its brand name.

I have doubts even you will able to show true decentralized cryptocurrency except bitcoin. Most of coins those on the market now have backed by a team and they are able to influence on the price. But for bitcoin still we don't know the team behind of it, only we assume the name, not the person who have created it.

Bitcoin backed by its community, not by any organization. For digital currency you don't need existence in practical (hard copy) since it's all digital like good or whatever. Most of digital currencies works like that even out of crypto currency. So its just not a brand name, you can say it's a community name who backed the brand name of bitcoin.

[Sanugarid]

We already mined bitcoin in 85%(++) of its total supply, it makes me think that we are near to price stabilization when people will start to own it.

it is called supply AND demand. having mined even the 100% of bitcoin would still be the "supply" part not the demand. we need adoption and until that is going on with a high speed, we continue seeing volatile increasing price.

Yup, 100% of bitcoin would still be the supply, and that only means we are going to see more sellers, we are set to see a new normal for bitcoin with a greater spike prices.

The market cap of cryptocurrencies

that means nothing. specially when you are including shitcoins in it.

My point here is just, the whole crypto is just a 0.7% of the total money in the world. That's it.

with bitcoin, its practical use is easy to replaced,

if it were possible then we would have seen a replacement. keep in mind that it is not for lack of trying!

in fact we already have better coins than it but we chose to live with its brand name.

i dare you to show me a "better" coin.

Let's base with facts that ethereum serves a bigger purpose, that's why it is the best alternative  for bitcoin right now, coz bitcoin has a lot of reputation in it and that is what most of us is holding from it right now.

[cabron]

Bitcoin is a cryptocurrency. We had already started using it as currency long time ago. Some of us treat it as investment, its all up to the user.

Hard to say there is a better coin because BTC has it secured due to it being POW, hardened by its miners. If there were better coin it should have been on top of the rank but even those forked coins are not earning a good amount of community to make it there.

[NeuroticFish]

The logic behind the bitcoin as the future currency is rigged and makes no sense at all, this is also why gold, diamond, silver, etc. is incomparable to bitcoin because they all have a practical use that is hard to be replaced while on the other part, with bitcoin, its practical use is easy to replaced, in fact we already have better coins than it but we chose to live with its brand name.

You should read more before using big words like these. A lot more. (Unless you are trolling, of course.)
Also you should try to see the reality under the nice words. And keep in mind that not everybody who can write on the internet is to be trusted.

Then you may be able to see the mistake under the "better coins" idea and also under "the logic behind the bitcoin as the future currency is rigged and makes no sense at all" (I wonder where you get them from.)

[BrewMaster]

Let's base with facts that ethereum serves a bigger purpose, that's why it is the best alternative  for bitcoin right now, coz bitcoin has a lot of reputation in it and that is what most of us is holding from it right now.

ok lets take a closer look at ethereum.
it has no use cases. so far there has been thousands of smart contracts on this platform (known as ICOs or tokens) and none of them have done anything at all. basically the only actual purpose etherum has is to raise money. i don't know how you consider that to be "better" that a bitcoin that is a currency.

it is centralized since no individual is willing to or capable of running an ethereum full node. all the decisions, forks, roll back,... is being made by a company that owns ethereum trademark and holds majority of its supply.

it is not immutable. they have very easily (thanks to being centralized) rolled back their blockchain. that means you can never trust this centralized ledger to remain the same in the future. one day you may receive a coin and the next day the company can take it away.

it is so much slower than bitcoin on both propagation of a transaction and on confirming transactions (when you define confirmation as an irreversible transaction).

it is not scalable. in fact the scaling of ethereum is 10 times worse than bitcoin. we also saw extremely high fees in etherum network during 2017 ICO scam craze.

[Sanugarid]

The logic behind the bitcoin as the future currency is rigged and makes no sense at all, this is also why gold, diamond, silver, etc. is incomparable to bitcoin because they all have a practical use that is hard to be replaced while on the other part, with bitcoin, its practical use is easy to replaced, in fact we already have better coins than it but we chose to live with its brand name.

You should read more before using big words like these. A lot more. (Unless you are trolling, of course.)
Also you should try to see the reality under the nice words. And keep in mind that not everybody who can write on the internet is to be trusted.

Then you may be able to see the mistake under the "better coins" idea and also under "the logic behind the bitcoin as the future currency is rigged and makes no sense at all" (I wonder where you get them from.)

I'm not trolling, maybe I lacked of some researches but this is what I observed. Just for the count, it is from my observation, simply because bitcoin is not we really use as a alternative currency for fiat so why call it future currency. I always see the phrase " bitcoin is the future currency", "bitcoin will replace fiat soon", and other blah blah.... if that's the case and we are looking for a currency in the future then might as well we choose a better one, ethereum for use-case basis.

"I wonder where you get them from", I find it rude mate.

[avikz]

We already mined bitcoin in 85%(++) of its total supply, it makes me think that we are near to price stabilization when people will start to own it. The market cap of cryptocurrencies are less than 1% of the total fiat that we have, hence it can cover all of this however the essence of bitcoin as a investment form will fail if it happens to be less volatile than it is now and will bring the significance of bitcoin as a currency of the future.....

Fiat system is hundreds of years old and bitcoin is just 11. Compare apple to apple, not apple to pineapple!

Being less volatile will actually open up worldwide market for bitcoin. A lof of merchants don't accept bitcoin as a payment method because they of this price volatility, especially in FMCG sector where the profit margin is very low. Stable bitcoin price will definitely help these industries to accept bitcoin as one of their payment methods.

The logic behind the bitcoin as the future currency is rigged and makes no sense at all, this is also why gold, diamond, silver, etc. is incomparable to bitcoin because they all have a practical use that is hard to be replaced while on the other part, with bitcoin, its practical use is easy to replaced, in fact we already have better coins than it but we chose to live with its brand name.

Hope this thread will help to avoid new threads regarding 'bitcoin and gold'

I won't disagree! Because bitcoin is too small to become future currency of the world. But we have to understand that bitcoin has shown the way how a future currency should work. Bitcoin is the pioneer. Let it be a brand name which collectors want!

[DoublerHunter]

~snip~
Just for the count, it is from my observation, simply because bitcoin is not we really use as a alternative currency for fiat so why call it future currency.

^ The answer to this was given already above. It is all matter on the demand and supply which is I believed, people prefer to hold and consider as an investment than using on it in daily transactions. One of these has a potential coin is bitcoin, due to the limited supply the demand will increase and it makes an expensive value of the price in the future where there was a mass adoption and the mainstream will continue spreading. Nevertheless, I can see that the word "bitcoin" becomes the trademark for the world of cryptocurrency and I don't think it is a brand name.

[bitmover]

Let's base with facts that ethereum serves a bigger purpose, that's why it is the best alternative  for bitcoin right now, coz bitcoin has a lot of reputation in it and that is what most of us is holding from it right now.

You think that because you don't care about decentralization. Vitalik's blockchain is not as decentralized as bitcoin.

I believe that ethereum has its purpose as a world computer, however ethereum is still struggling to achieve its most basic purposes (such as oracles to make smartcontracts useful and PoS).

For now, Ethereum smartcontracts serves only to make ICOs, which are most of them Scams. I don't know what bigger purpose you are talking about.

Bitcoin is certainly serving a much bigger purpose: Decentralization of money, financial freedom sending move to whoever/wherever you want without authorization or verification. It is also taking power away from governments and giving it to individuals.

Ethereum cannot do that, because ethereum is basically a company. It is more robust because it is somehow decentralized, but there is still a lot of centralization around vitalik.

it is not scalable. in fact the scaling of ethereum is 10 times worse than bitcoin. we also saw extremely high fees in etherum network during 2017 ICO scam craze.

Cryptokitties congested ethereum network lol
CryptoKitties craze slows down transactions on Ethereum

But I believe that when PoS is released Vitalik's blockchain will be fast enough.

[Sanugarid]

~snip~
Just for the count, it is from my observation, simply because bitcoin is not we really use as a alternative currency for fiat so why call it future currency.

^ The answer to this was given already above. It is all matter on the demand and supply which is I believed, people prefer to hold and consider as an investment than using on it in daily transactions. One of these has a potential coin is bitcoin, due to the limited supply the demand will increase and it makes an expensive value of the price in the future where there was a mass adoption and the mainstream will continue spreading. Nevertheless, I can see that the word "bitcoin" becomes the trademark for the world of cryptocurrency and I don't think it is a brand name.

What I want to emphasize is bitcoin as running in decentralized network is not capable of being a universal currency or at least be the 2nd option for payment because we are not using it as currency. The limited supply is what made it on top and this fits to our intention, to make money through volatile asset.

What pushed me to call it a brand name is because it looks like Windows Operating System of the whole cryptocurrency, the primary of the default when you we say 'cryptocurrency'

[mk4]

I'm not trolling, maybe I lacked of some researches but this is what I observed. Just for the count, it is from my observation, simply because bitcoin is not we really use as a alternative currency for fiat so why call it future currency. I always see the phrase " bitcoin is the future currency", "bitcoin will replace fiat soon", and other blah blah.... if that's the case and we are looking for a currency in the future then might as well we choose a better one, ethereum for use-case basis.

"I wonder where you get them from", I find it rude mate.

So just because Bitcoin isn't in it's best form today, we should stop working on Bitcoin and find a new or "better" one that's 99.9% going to be inferior?

Also, stop it with suggesting Ethereum already, and stop prioritizing transaction speed and fees over security and decentralization. That's pretty much one of the most common(and the most annoying) misunderstandings of some people, "screw decentralization and security and just choose the one that's fastest and cheapest".

What I want to emphasize is bitcoin as running in decentralized network is not capable of being a universal currency or at least be the 2nd option for payment because we are not using it as currency. The limited supply is what made it on top and this fits to our intention, to make money through volatile asset.

What pushed me to call it a brand name is because it looks like Windows Operating System of the whole cryptocurrency, the primary of the default when you we say 'cryptocurrency'

I mean, a lot of people are actually using bitcoin to pay for stuff though. I do pay using bitcoin myself when I could. It's just the case that not everyone is using it, which is very understandable this early on for such a extraordinary project as Bitcoin.

[Wexnident]

The market cap of cryptocurrencies are less than 1% of the total fiat that we have, hence it can cover all of this however the essence of bitcoin as a investment form will fail if it happens to be less volatile than it is now and will bring the significance of bitcoin as a currency of the future.....

Don't include shtcoins pls, and even if we only take into account BTC, we can split 1 BTC into smaller amounts or satoshis which can easily accommodate everyone and besides, BTC wasn't supposed to be an investment in the long run anyhow, it turned into one because of its high volatility.

My point here is just, the whole crypto is just a 0.7% of the total money in the world. That's it.

Let's take a step back and stop comparing crypto to fiat which the government unlimitedly produces now shall we? If we were to compare crypto to fiat or anything else for that matter just based on the amount or number of that certain asset, how the hell did gold and other such assets survive.

What I want to emphasize is bitcoin as running in decentralized network is not capable of being a universal currency or at least be the 2nd option for payment because we are not using it as currency. The limited supply is what made it on top and this fits to our intention, to make money through volatile asset.

What pushed me to call it a brand name is because it looks like Windows Operating System of the whole cryptocurrency, the primary of the default when you we say 'cryptocurrency'

You're saying it yourself already tbh. "Because of it's high volatility, it was a great asset to be used for an investment, for trading. But because it's limits are currently approaching, it's' volatility is disappearing and hence, isn't any good for investment anymore." Here's the thing, it's supposed to be a currency, hence the name cryptocurrency. It doesn't matter what "our" as you say, intentions were, BTC was made as a currency, not as an investment.

[pooya87]

I'm not trolling, maybe I lacked of some researches but this is what I observed. Just for the count, it is from my observation, simply because bitcoin is not we really use as a alternative currency for fiat so why call it future currency. I always see the phrase " bitcoin is the future currency", "bitcoin will replace fiat soon", and other blah blah.... if that's the case and we are looking for a currency in the future then might as well we choose a better one, ethereum for use-case basis.

"I wonder where you get them from", I find it rude mate.

well you should stop reading or paying attention to what random people say on social media. they say all kinds of crazy stuff. bitcoin was not made to replace anything and it is not magic money either but people still insist on calling it both. bitcoin was created to give people who want financial freedom an option that didn't exist before.

same with altcoins. don't pay attention to what some altcoin pumper tells you, or even what i tell you. you should instead try that altcoin yourself. look at its code and see if it is actually different from bitcoin or it is the exact copy (you'll be surprised how many of them are an exact copy). run their full node (real definition of a full node), try to spend that coin to buy something,... then compare your experience with bitcoin.

[Latviand]

I have doubts even you will able to show true decentralized cryptocurrency except bitcoin. Most of coins those on the market now have backed by a team and they are able to influence on the price. But for bitcoin still we don't know the team behind of it, only we assume the name, not the person who have created it.

Altcoins are really have some impact on the bitcoin's price, and there are a lot of factors that can affect the price of any coin in the market. For example, this pandemic, halving, and etc., there are a lot of factors that we need to consider and understand about how bitcoin can strive higher than other coins that are existing.

Bitcoin backed by its community, not by any organization. For digital currency you don't need existence in practical (hard copy) since it's all digital like good or whatever. Most of digital currencies works like that even out of crypto currency. So its just not a brand name, you can say it's a community name who backed the brand name of bitcoin.

In contrast, with gold, bitcoin is really different and have its own advantage in the market and to the people who uses it. That's right, you don't need existence in practical and it is easy to store digital currency compared to gold that you need to store in the bank or inside your house that requires a space and it is really hassle for you to do that.

If you will apply your so called brand name, then bitcoin is really the most popular and the most reliable compared to other brand names, it is just the same. Still, it will dominate the market and other brand names will still be an alternative coin to it. Bitcoin is the best cryptocurrency although it is volatile and we all know that.

[mk4]

Bitcoin is the best cryptocurrency although it is volatile and we all know that.

I mean, every single cryptocurrency besides stablecoins are pretty much volatile. Though bitcoin's volatility definitely looks like a weakness, there's nothing we can really do in this case, as it's going to take time for volatility to slow down. Remember, bitcoin is just more than a decade old, and we can't expect an asset to be "stable" in just that short of a timespan.

[tbterryboy]

Lol, I think every currency you see is there because people trust in them. So, that same trust that you have in other currencies is the same that we need in Bitcoin. Bitcoin might not be really special but all we need to do is believe in it and keep making use of it simple because we believe. When we do this, BITCOIN will keep growing and reach a high level. And if you check the background of Bitcoin, what is really holding it all these years, you will notice that it is the community.

Without this community believing in Bitcoin, it would have failed. Yes, there are lots of other cryptocurrencies out there, but because we already have trust in Bitcoin, we decided not to choose those.