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Author Topic: Why bitcoin is successful? - this one statement sums it up!  (Read 4064 times)
LUCKMCFLY
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May 29, 2019, 12:38:15 AM
 #21

Apart from Bitcoin is the leader, because honestly there is no other currency that is equal, the altcoins that have come directly depend on bitcoin, since they have no life of their own, that is why I believe that no currency can equal bitcoin.

And if another currency comes out you should see and wait for it to develop in its history, how long it takes, and that its structure is studyable, in general you should spend at least about 8 to 10 years as has happened in Bitcoin, and that is independent of the value of bitcoin, that does not depend on the price, that has some type of liquidity so that it can compete.

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May 29, 2019, 03:15:14 AM
 #22

Bitcoin is perfect.  different, safe, and simple.  Bitcoin is: 1. peer to peer transactions
2. global payments
3. low costs. 
Bitcoin was chosen because Bitcoin is a solution to avoid any economic risk.

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May 29, 2019, 03:34:22 AM
 #23

Bitcoin been an open source code without anyone laying claim to its ownership or anyone single person controlling its network alongside with the economic reward it has brought to its users, its believers are ready to sacrifice to see it improve and succeed. Even the wicked men of the earth want to see bitcoin succeed.

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May 29, 2019, 03:47:55 AM
 #24

this is exactly what i always tell people when they start comparing bitcoin with altcoins, specially with big ones like ethereum. with a quick look at bitcoin history you can see that bitcoin success did not require any kind of premine by the developer! no ICO fundraising crap! no mass media advertisement, spams,... to fool people into buying it!
while bitcoin was created to solve problems in monetary systems and offer a decentralized payment system, but 90% of the altcoins nowadays are only starting to give money to their developers and nothing else. this is why the altcoin devs feel the need to run a fundraising and call it ICO, IEO, STO,... even they know their coin has no usage or future. that is why they want to get the money up front!

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May 29, 2019, 04:09:23 AM
 #25

It's called first-mover advantage. But the 1 MB block issue will ultimately be the currency's undoing.

The market seems to disagree, so when do you expect a "flippening" type event to occur? Years, decades?

By the way, it's a 4MB block weight limit now. It's rare to see blocks < 1MB anymore.

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May 29, 2019, 05:39:22 AM
 #26

This has become more true with the latest development of "GovCoins" and "PrivateCoins" from the Banking and financial centre, where everything is centralized and controlled by a single entity.

We will see a lot more of this in the future and the Facebook coin will be the catalyst for this. People like to follow the example of large successful operations and when companies like Facebook and Google and eBay starts launching their own coins based on the Blockchain, then things will spiral out of control.  Roll Eyes

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May 29, 2019, 06:10:42 AM
 #27

Bitcoin is different
- low transaction fees
- transparent information
- freedom of micro-payments
- secure ecosystem
- no risk of inflation
- elimination of the third party
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May 29, 2019, 08:32:41 AM
 #28

Why bitcoin is successful?
Why no other crypto currencies are able to even come closer to it?

We often look for the answer of these questions. The twitter handle of CryptoKanoon answered it and I can't resist myself from sharing it with the fellow community members.

The tweet says,

Quote
No head
No funding
No employee
No PR agency
No Social media
No advertisement
No board meetings

The only reason which made #bitcoin succesful was the purpose and that was to help people overcome their sufferings.

I don't think of anything better can be answered against those above mentioned questions! Want to beat it??

Original content link: https://twitter.com/cryptokanoon/status/1132223935058042880


Yes i agree it is the main reason for bitcoin price increase at the same time there is cons also because of mentioned thing there no regulation and because of no owners its difficult to maintain or take decision it is the main reason there is lots of Bitcoin Fork coins are appearing

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May 29, 2019, 08:48:25 AM
 #29

Bitcoin is perfect.  different, safe, and simple.  Bitcoin is: 1. peer to peer transactions
2. global payments
3. low costs. 
Bitcoin was chosen because Bitcoin is a solution to avoid any economic risk.
low cost is one of the things that is a bitcoin enthusiast, now bitcoin will still continue to run and bitcoin has the most consistent peer to peer costs among other coins.

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May 29, 2019, 03:16:42 PM
 #30

Why bitcoin is successful?
Why no other crypto currencies are able to even come closer to it?
It is a good point of view and there are other aspects as the idea of a non government money is nothing new and it was stuck by the double spending issue for over a decade, we had centralized currency which is not government controlled but the FBI shut them down really fast and when bitcoin came into existence that was like the eight wonder of the world, a decentralized monetary system no one could shut down and with limited coins in existence and it was the perfect solution everyone was waiting for.

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May 29, 2019, 03:50:33 PM
 #31

It's called first-mover advantage. But the 1 MB block issue will ultimately be the currency's undoing.

yeah except that bitcoin wasn't exactly the first. there has been at least 5 other similar projects prior to bitcoin but only bitcoin got the "idea" and "implementation" right enough to become big. and it has been 10 years now. saying it still has first mover advantage means you don't know how the world works!

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May 29, 2019, 04:35:00 PM
 #32

Yes it explains ,
Bitcoin  become successful because people trust it so much and loved Satoshi's idea.
We have seen so many crypto follow it's step and fails because it couldn't really be copied and the explanations give it all why they couldn't copy it .



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May 29, 2019, 05:26:10 PM
 #33

People are in need, but they weren't able to express or make some changes to the working platform. When this need is identified and innovated through the technology, there happened a coincidence which has taken bitcoin as well the technology to be successful. If bitcoin has got failed then we could have never talked about blockchain and the various other platforms that are setting support platform to entire cryptocurrency network growth.



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May 29, 2019, 05:47:14 PM
 #34

To sum it up.

NO DRAMA

All it does is exist or be discovered by someone which is Satoshi.
Afterwards, there is nothing else to do. It did crawl its way to this large amount of value but yet here we are. With just a number of years no one really expected this could really happen.
It looked like something that is against the government but why the hell the support is soaring? Are we really that rebellious?  Grin

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May 29, 2019, 06:01:47 PM
 #35

Bitcoin's sole purpose is to help people overcome their suffering.Very strong and at the same time the exact phrase that characterizes the success of bitcoin.Perhaps many still just do not fully understand what bitcoin is.Satoshi's idea is really successful!

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May 29, 2019, 06:57:05 PM
 #36

Why bitcoin is successful?
Why no other crypto currencies are able to even come closer to it?

We often look for the answer of these questions. The twitter handle of CryptoKanoon answered it and I can't resist myself from sharing it with the fellow community members.

The tweet says,

Quote
No head
No funding
No employee
No PR agency
No Social media
No advertisement
No board meetings

The only reason which made #bitcoin succesful was the purpose and that was to help people overcome their sufferings.

I don't think of anything better can be answered against those above mentioned questions! Want to beat it??

Original content link: https://twitter.com/cryptokanoon/status/1132223935058042880


Okay, Bitcoin is indeed helping with some difficulties, and the answer sounds nice. But while I can agree this is what's made Bitcoin successful, it is definitely not the sufficient reason behind the success of this crypto. I think so because I am sure there are many other projects that had the same purpose and yet failed, because of lacking something else. Bitcoin could be another weird nerdy thing if it wasn't for the growing community of its supporters, one of the prominent causes of the formation of which is, of course, this forum. I'd also formulate the following answer to address the reason of Bitcoin's success: Because for the first time people had secure and effective international money that had nothing to do with banks or governments.

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adzino
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May 29, 2019, 07:10:51 PM
 #37

Why bitcoin is successful?
Why no other crypto currencies are able to even come closer to it?
-snip-
Yeah, I do agree to the reasons given by the user on twitter. In other words, it is saying that it is completely decentralized for which it has much higher value than any other crypto currencies.
But, saying that "no other crypto currencies are able to even come closer to it" is a bit exaggerating. There are coins out there that has very good potential. Bitcoin just has its own advantage since it is the first every crypto currency.

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May 29, 2019, 07:22:03 PM
 #38

By the way, it's a 4MB block weight limit now. It's rare to see blocks < 1MB anymore.
Block weight being 4MB doesn't change the fact that the base block size is still 1MB. You can't strip enough data from a transaction to have the block weight increase significantly. Bech32 is pretty much the max of the max right now.

I read somewhere a while ago that Blockstream has a new transaction format that takes up less space than the current formats, but I'm not sure what of that is true, and how realistic it is to have it be implemented in Bitcoin.

We're still waiting for Schnorr to be implemented, and this already may take a year or two from where we are right now.

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May 29, 2019, 07:58:22 PM
 #39

I agree with the tweets, Bitcoins has become inelastic goods and no matter what the outside influence is it can still survive and make success. Bitcoin if had management or advertising program will have been facing issues like modern day corporate giants around the world.

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Sharon121212
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May 29, 2019, 08:22:23 PM
 #40

Facebook, apple are very successful company's with almost all the point mentioned in which made bitcoin successful.
Bitcoin is successful and would even cover more ground latter on basically because of the idea behind it and being a pioneer and also it gives it users privacy and makes easier what when using the orthodox transcation process seems to be hard and slow
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