I was just reading about bitcoin google searches being among the top categories of 2017 in various ways.
https://www.coindesk.com/bitcoin-among-years-top-searches-google-data-says/
What was most surprising to me was the strength of bitcoin vs the rest of this market.
Here with the example of ethereum.
ETH traded for less than $10 at the beginning of the year. In fact I bought some for $8 and rembered being annoyed to not have caught them for $6.
This means that ETH had a 100x return in just this year.
Compare this to BTC of “only” 15-20x.
I mean that is insane in relation to performance.
Likewise the entire market has grown so much, but all attention seems to be falling on bitcoin.
This I believe is something that is vastly mis-understood and mis-judged by many.
It is a representation of the great strenght of the leader.
technology is just one factor
Bitcoin is weak compared to its competitors. Pretty much any coin is more secure, less centralized, faster .....bla bla bla... better...
But features and function are just one aspect. It is an important one. Bitcoin only matters because of its tech, yet the reason why it shines among its kin has little to do with technology and most with other factors that are not quite so easy to grasp.
It is important to understand and be humbled by such facts.
Youre correct, and I have had this conversation with friends many times. I think BTC just has the big first mover advantage. It is slower and more expensive to use now than ever before and yet it is not only thriving, but has a huge amount of power over all other coins. I hope 2018 brings more power to alts and their dependence on BTC dramatically decreases. There are tons of alts out there that are garbage, but there are also a lot that have great usability in the future
Being the first, the legend etc... agree with you on this. I am myself very happy with bitcoin having that store of value property now, i think it gives good trust and foundation for the whole revolution.
yup, its just one of those things. I don't necessarily like that bitcoin is so far ahead of other coins but I accept it and keep at least 50% of my holdings in BTC. Long term I see it worth $100k. That's not to say that it won't have competition,I just think it will remain top dog for a few years at least
We seems to always expect so fast and high returns that sometimes doubling our investments won't be enough anymore. No we want 10x or 100x and won't be happy if we get less.
But let us not forget, at what other places can we get 100% return in a year? So as you said, let us be a bit more humble and patient
Bitcoin is loosing its dominance ...in just one month it goes to 42% from 58% ...alt coin are gaining popularity now..
Hey @knircky
it's always great to see your report and always have investors to take the right decision for your post you really done a great work.
upvoted and resteem
Bitcoin is a brand . It was the only cryptocurrency i knew a month ago and many millions other people like me only know about btc .
Bitcoin will stay at the top till people become aware about altcoins .
I think this year we may see IOTA or some other alt making a 100x run like Eth did .
The bounce in Bitcoin has been in the last 6 months and the upward movement seems to continue sharply. In the first six months of 2017, Bitcoin, who multiplied its value, prevented this movement from being a medium of exchange in everyday life.
Bitcoin is king of the trading market. Excellent graph chart work. Thanks for sharing such a good post. Happy new year 2018!
Bitcoin may be the king, and I would have to agree with that statement at the moment, but I believe bitcoin is the king of a world where all kings must pass their knowledge on. Unfortunately for bitcoin, that also includes the passing of the crown.
I completely agree with you, but I wish you would have elaborated on your thoughts as to "the reason why it shines among its kin".
Personally, I think that the most important factor is the easiest to grasp out of them all, which is that bitcoin has the hype and branding and it is all the layman really cares to spend the time to learn about.
@knircky
Thanks for sharing. The chart is looking like the consolidation is coming to an end. Could be a good time to pick some up. Good luck!
upvoted ............ resteem
I think now everyone is starting to know more about ripple because of many banks collaboration , the future of crypto market is brighter and bitcoin will always be the king.. :)
I was just thinking this comparing transaction times, fees etc. Even if one is concerned with credibility it seems ethereum, bitcoin cash and others are better choices for the average person. A big factor is where can any on coin actual be used to buy physical or digital goods? Bitcoin is accepted in a ton of different places which gives it value outside of speculation.
Well if Bitcoin doesn't fail this year then I think we can expect it to go up 20 times again. A lot of people are investing in altcoins and ICOs but most of those are not going to go up 20 times.
Yeah i m damn agree
This is great news. This is world crypto Rodeo.
its show better growth of btc as well as eth, investment there is always wise as you get feedback from here by some mutiple. a good review on both crypto.
this is great news thanks for sharing
BTC was the first cryptocurrenie I have ever heard about and I think that is true for many others who got involved.
Once you own your first BTC you start looking what else there is and it will blow your mind what great ideas and how many are waiting for you down this rabbit hole.
But BTC is still for most people the way to get from fiat to crypto imo and so will also be the first one they google.
If they stay in BTC is another question. I certainly did not but hoestly wished I kept a bigger part of my portfolio in BTC.
Has nothing to do with your post but I am still very interested in your opinion how you hold your crypto portfolio. How many % in BTC, how much in in alts etc.
In the crypto market space, people's/user's trust is probably the biggest factor determining the success of a coin. So just the mere fact that bitcoin "started" this revolution, and everyone is merely "following" in it's footsteps (with obvious improvements in their approaches), it makes all kinds of sense why bitcoin still remains on the top of the chart, even after 10 years.
Usability, technology, security etc etc will all factor in at some point, but in the end, every successful coin will eventually be compared to where bitcoin stands no matter how improved the coin is. No matter how difficult circumstances and competition that coin had to overcome which bitcoin didn't have to. Kind of like how Lionel Messi will always be compared to Diego Maradona!!
NO ONE CAN STOP TECHNOLOGICAL REVOLUTION , BTC WILL RISE UP AGAIN ,HOPE SO
A wonderful post. Very original, can still look at my post story of the fact that there will be no snow on the new year in Lviv ... https: //steemit.com/life/@bugavi/where-is-the-snow- what-is-the-new-year-without-snow-story-from-bugavi
you are right , i like your explanation :)) @knircky
This is great. I agree about the technology just being one factor. Investment vs. tech has been a pretty interesting comparison. Following you now.
This sounds reasonable, but we need to consider that all altcoins and new ICO
s trades in basic cryptocurences, which are Bitcoin and Etherium and as long its true there is still will be demand for them to support upward trendI think the crypto space is so new that many dont even understand it in general let alone the differences between them. The good news is I think thats great for people who can get some now before the Alts go way up in price.