Personally, I think bitcoin is over hyped. There are not much use cases of bitcoin with this much fees and long time period required to verify the transactions then why it is being ranked the no one crypto currency just because it was the pioneer?
On the other side, Ether is quite more useful and fast. If you take the sum of the wort of all the coins built on BItcoin blockchain( :p ) and ether blockchain then I am sure ether will win. Ether has creadted more value.
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I can't agree on Bitcoin being overhyped. "First mover advantage" does have its benefits. Bitcoin is well known, and for most people cryptocurrency = bitcoin, bitcoin can be traded for every other coin. That alone is a big reason for huge market cap. It has issues but it also has strong core development teem who actively working on fixing its issues (e.g. SegWit). So it does have potential to suddenly grow in value once some of it's issues are resolved.
Yes, you have a point there. I am just saying, it has a first mover advantage but if you just track and see the innovation or positive changes bitcoin had in the last two years as compare to other new coins who learnt from bitcoin and implemented it beautifully are not much.
Bitcoin the name itself attracts people because it’s well known. Bitcoin is what people think of when someone says crypto currency no one outside the crypto world knows about the other coins. Until some other coin gets to be as well known as bitcoin, well it will just be on top.
I wouldn't completely dismiss Bitcoin's utility though, comparing Bitcoin to Ethereum is a bit like comparing apples to oranges. Both currencies have completely different goals and both have suffered major drawbacks in the past.
I'm rooting for both of them to succeed.
Yup I like to think of Bitcoin as a currency but Ethereum much more as a stock. You are buying a share of the Ethereum network and basically investing in all the ERC20 coins that are built off Ethereum; it's primary usage is not as a currency.
I like to think of Bitcoin as similar to a stock. For a currency it has impracticalities, but transfer fees and time are quite similar to stocks.
But isn't the point of BTC to be a currency that gives more privacy and is decentralized? The last two points don't mean much if it's not a currency - like what is it giving you a stock in?
Well, I don't mean that it has the features of a stock, just that it shares some of the impracticalities of a stock.
On a side note: If a stock was (somewhat) anonymous, decentralized, did not pay yearly bonuses and represented ownership of a company that would never be sold, then you would have an asset quite similar to Bitcoin.
I don't agree that Bitcoin represents ownership of a company - that would make more sense if it was PoS
Yes I definitely think Bitcoin is overhyped due to it's "first-mover advantage" and the resulting popularity that comes from it (as well as probably having the highest price per coin out of all of crypto). Bitcoin was the first and there have been many coins that have taken the base concepts of Bitcoin and tweaked them to improve it slightly. Like there's ZCash, which acknowledges that it mostly comes from Bitcoin, but has improved how mining works, and even Monero which offers much greater privacy in comparison.
Bitcoin does however have a great dev team and that is one place a few other comparable coins are lacking, like BCash