Why is Bitcoin still the number one coin?
picture source: https://cointelegraph.com/news/onecoin-threatens-to-overthrow-bitcoin-as-number-one-cryptocurrency
I have first learned about cryptocurrency in August last year. Since I know Bitcoin is "the" number one coin. There is not even a single currency voming close to is. I know Bitcoin was the first to be, but that does not explain why this is still so?
pros:
- scarcity
- popularity
cons:
- scarcity
- high volatility
- slow transaction speed
- relatively high fees
- no real use case up to now
- whales manipulating the course
- absolutely not private
I mean nearly every other coin has better tech than bitcoin (e.g. Verge, Digibyte etc.). So why is Bitcoin still number one? Please enlighten me, because this makes no sense to me.
It's most famous.
Right. But nothing more yet.
Hi eminenz,
I agree Bitcoin should not have the position it has right now, one of the main reasons is that Bitcoin having the highest marketcap and being used to buy other currencies, it is generally the first step people take into crypto world. Right now anything could still happen if the lightning network is functionable Bitcoin is back on track, also it is already proven that software upgrades can increase scalability for Bitcoin like Bitcoin cash has done, however it will take time. Bitcoin is also very secure, which allows it to be a store of value like gold.
I recently created https://cryptoowls.com my initial score for BTC and BCH is 70%, if you like to do research yourself, you can write benchmarks yourself or do research and help out making a more transparent ranking.
I don’t know much about oneCoin yet, be interested to see how it scores on a crypto owls benchmark 😄.
Hi oudekaas. Thanks for this profounded reply. For sure some upgrade for the network could solve some problems of Bitcoin. Although I dont like the term "digital gold". For sure Bitcoin has some value. But it can decrease to zero if people decide to move out. And then you wish you had some real gold. :)
Interesting site by the way. Good work. Although the ranking is a little bit confusing. Ripple is on rank 8 and Cardano on place 3?
hi yes, the website is in beta, cardano has not had any benchmarks yet, so it has -1%. Also the order is upside down, I have done this on purpose as the ranking is now only based on my benchmarks. I think there are better placed individuals to write benchmarks.
I was hoping that Steemit could create an incentive to get the research going. I think it will be a better way to kee track of how crypto perform. I am also adding for instance github development events in, so that crypto that hardly do any development combined with other info could be deleted from the list.
I was hoping to get more traction on Steemit, but you literally are the first to reply 😄.
I have a great following of bots though hehe.
If anything I am learning quite a lot about crypto by doing the benchmarks, so I enjoy making them, but it takes quite a bit of time.
Which stops me from developing the idea further.. anyway if you like it spread the news, if you have more critical advise let me know!! I try my best to fix things.
True that Bitcoin still has a big risk to it and there are question marks to be placed by the POW concept which basically ends up in centralization, as it already does in China. However as a currency itself and the nodes it is probably the safest and most secure crypto asset out there. Which I think has value, on that basis alone it will be unlikey to be stopped. Lightning Network will happen and although it will have issues, having to pay to keep a channel open and such, and not being able to spent the money to keep that channel open. On the other hand if we start mining meteors in outter space and it turns out they hold shit tons of gold, you might find holding gold is not such a good idea after all meteor mining