There have been many arguments off late after the attack in bitfinex which has increased the price of ETC quite strange cos everybody was expecting ETH to go up but what ever
The pros of Bitcoin
First cryptocurrency to really take off
-Strong community
-High value
-Lots of hashing power and thus relative security
-Lots of services and accepted in a lot of places
According to Stanford university the following are the main advantages of Bitcoin
The following are some of the major advantages of using Bitcoin versus other currency systems:
No Third-Party Seizure
Since there are multiple redundant copies of the transactions database, no one can seize bitcoins. The most someone can do is force the user, by other means, to send the the bitcoins to someone else. This means that governments can’t freeze someone’s wealth, and thus users of Bitcoins will have complete freedom to do anything they want with their money.
No Taxes
There is no way for a third party to intercept transactions of Bitcoins, and therefore there is no viable way to implement a Bitcoin taxation system. The only way to pay a tax would be, if someone voluntarily sends a percentage of the amount being sent as tax.
No Tracking
Unless users publicize their wallet addresses publicly, no one can trace transactions back to them. No one, other than the wallet owners, will know how many Bitcoins they have. Even if the wallet address was publicized, a new wallet address can be easily generated. This greatly increases privacy when compared to traditional currency systems, where third parties potentially have access to personal financial data.
No Transaction Costs
Sending and receiving Bitcoins requires users to keep the Bitcoin client running and connected to other nodes. Essentially, by using bitcoins users will be contributing to the network, and thus sharing the burden of authorizing transactions. Sharing this work greatly reduces transaction costs, and thus makes transaction costs negligible.
No Risk of “Charge-backs”
Once Bitcoins are sent, the transaction cannot be reversed. Since the ownership address of Bitcoins will be changed to the new owner, once it is changed, it is impossible to revert. Since only the new owner has the associated private key, only he/she can change ownership of the coins. This ensures that there is no risk involved when receiving Bitcoins.
Bitcoins Cannot be Stolen
Bitcoins’ ownership address can only be changed by the owner. No one can steal Bitcoins unless they have physical access to a user’s computer, and they send the bitcoins to their account. Unlike convential currency systems, where only a few authentication details are required to gain access to finances, this system requires physical access, which makes it much harder to steal.
POTENTIAL OF BITCOIN
The Potential of Bitcoins
While the number of bitcoins and their value has increased since their introduction, it may be helpful to compare bitcoins to other electronic payment methods.
Transaction Volumes
In the fiscal year ending October 2013, there were $8 billion in transactions in bitcoins. By contrast, Bank of America, PayPal, Western Union, Automated Clearing House (ACH) Network, and Fedwire collectively processed 132 million transactions for a total of $599 trillion in 2012, as testified to by Jennifer Shasky Clavery of the United States Department of Treasury in November 2013.
Transaction Capacity
Gallippi, also testifying before the Senate Banking Subcommittee at the same time as Clavery, contrasted the difference between the existing capacity of processors to handle bitcoin transactions as compared to credit card processing. He noted that the Visa credit card network can handle 20,000 transactions per second worldwide, while Bitcoin has the capacity to handle seven transactions per second, and currently averages just one transaction per second. He also stated that the global money supply of bitcoins is around $5 billion today, compared to $70 trillion in the global M2 money supply.
Well, Ethereum is an altcoin, and could be said to be based off the idea of bitcoin. While bitcoin is the first cryptocurrency around, and so far definitely the safest and most adopted cryptocurrency around.
I believe that bitcoin is better than eth though, eth movement and quality on the market right now is so incredible. there is some chance that speculated that eth can beat bitcoin.
however I still believe bitcoin will still be the best because bitcoin is the origin of the digital coin.
BTC has a hard limit, therefore arguably built to be a strong store of value - digital gold etc
Ethereum's monetary policy not yet set in stone, inflationary as things stand, tbd
BTC probably will be the better asset to save in long-term, without taking anything away from the utility that E brings
BTC is still king. Ethereum is a Platform after all, not a coin. I think nothing will get the throne from Bitcoin soon, but there for sure will be other coins/platforms that will go hand to hand with it. We will see how ETH will do in the near future - it's still new and has potential, but I can't compare it to Bitcoin.
The ideas behind bitcoin have been used in every cryptocurrency since, so it’s important to understand how a transaction in Bitcoin works.
There's already so much investment built around BTC that it has very much a life of its own.
Any fall in price is immediately supported and bought by the people waiting in the sidelines to hold long term.
It has become an asset that people are willing to store like gold.
The impact of the Recent Attack on Bitfinex
The price of the virtual currency bitcoin fell sharply Tuesday after Hong Kong-based digital-currency exchange Bitfinex said it was hacked, resulting in the possible theft of $65 million worth of bitcoin.
News of the Bitfinex hack hit the price of bitcoin hard in heavy trading. It fell to $540 by late in the day, down about 12% from its level near $613 early Tuesday, according to CoinDesk. At one point, it traded as low as $480, down about 22%.
The launch of ETC in the mean while
Ethereum Classic price ETC enjoyed a decent upside ride against Bitcoin recently, as the bulls managed to clear a couple of important resistance levels. The most important point is that the price broke the 100 and 200 simple moving average on the 30-mins chart before surging as high as 0.0050BTC.
Currently, there is a contracting triangle pattern formed on the 30-min charts of ETC/BTC, which may act as a catalyst for the next move. In my view, it is a bullish pattern and may open the doors for more gains soon if the ETC bulls remain in action.
