Surely bitcoin had a headstart. It was the first coin and first community coin. Many developers learned blockchain with bitcoin and many users started using crypto with bitcoin.
There's a deep bonding with bitcoin for most of the crypto enthusiast. Not only that, bitcoin is the largest and arguably most decentralized coin. It's the most tested and exploited coin.
That makes it fail proof to some extent.
Topic: Is Bitcoin so valuable just because it was first? (Read 1432 times)
Many projects or companies that were first in something, and people are used to them, have achieved great success, like IBM, Microsoft, Apple etc.
On the other hand, there are other examples like MSN search engine vs Google search engine, hotmail vs Gmail etc.
So, there is no such rule that something is valuable just because it came first to the market.
This crypto story has only begun and is only 10 years old, so it is too early to tell whether bitcoin will truly remain the market leader.
We will see.
On the other hand, there are other examples like MSN search engine vs Google search engine, hotmail vs Gmail etc.
So, there is no such rule that something is valuable just because it came first to the market.
This crypto story has only begun and is only 10 years old, so it is too early to tell whether bitcoin will truly remain the market leader.
We will see.
The Bitcoin Blockchain is created as a functional successor for tries and studies from Stornetta (referenced 4 times in the Satoshi White Paper!) In order to have an immutable open electronic ledger that can store any important information along a tx . That was created to reduce fraud a lot since u can now really trace if 'shit' happens. That will reduce shit a lot.
All efforts to make BitCoin annonymous will distroy that most important feature for our world and lower the adoption potential and lower the value
https://youtu.be/_EQDiJ92VaI
The power and value is in the chain. On chain
All efforts to make BitCoin annonymous will distroy that most important feature for our world and lower the adoption potential and lower the value
https://youtu.be/_EQDiJ92VaI
The power and value is in the chain. On chain
Technically Bitcoin wasn't the first. There were several experimental technologies that were played with before making BTC like Bmoney and other such developments. I will say that Bitcoin arriving first is one of many reasons BTC is doing well though.
Some altcoins are better than bitcoin for specific purposes. Bitcoin has the trust of the people and a very solid system.
Any altcoin that wants to compete with bitcoin has to offer something new, otherwise is just a bitcoin clone...
Any altcoin that wants to compete with bitcoin has to offer something new, otherwise is just a bitcoin clone...
Bitcoin is valuable not because it has the trust of the people but it is because of blockchain technology. Bitcoin arrived with blockchain technology which introduced decentralization ushering people in the financial ecosystem with financial freedom. I don't see any altcoin which is better than bitcoin in terms of technology or products backing them. Most altcoins use bitcoin's algorithm to develop their own blockchain network without having any particular solutions to solve gaps seen in the financial space.
Bitcoin is better because it solves and bridges gaps seen in the centralized financial systems.
It is #1 as we have the opportunity to invest in this technology and make a profit along with the growth of its adoption by the masses. Bitcoin creates value for both earlier investors and new ones, providing more and more chances to use currency, the amount of which is limited.
This is not a hoax or theft, but simply the law of supply and demand in action, the ancient economic principle.
A core of proven Devs helps. 
Hmm, being the first succesful (take note, the first succesful not the first) make it established its presence, but that is not the reason why it is the most dominant. I think the main reason why it is still the most dominant is because it is very innovative and and very adaptive. It's ideology and adaptivity is the main reason why it is the most successful one.
Well, look at examples of big and famous companies such as Apple, Microsoft etc.
Being the first to develop a new product, they have gained market advantage.
Also, many people first hear from mainstream media about bitcoin, so bitcoin became their ''entry point'' for crypto market.
Being the first to develop a new product, they have gained market advantage.
Also, many people first hear from mainstream media about bitcoin, so bitcoin became their ''entry point'' for crypto market.
Exactly what point (or counter point) where you trying to make here? Microsoft? Apple? You gotta be kidding. Both copied a product developed FIRST by Xerox, and Xerox, despite having spent resources in developing, didn't pay it attention. Yes, Xerox, and not those two copycats, made the digital office that you know and use today, in the 70ies. It took another decade for others to do the same (cheaper).
Granted, Apple (Woz) had its own merits BEFORE the Mac (Lisa), but not afterwards. And Microsoft, always buying what they needed and then presenting it like their own. Did it for 3 decades, just nail the best business deal and then procure whatever was negotiated on the market...
Technically Bitcoin wasn't even the first, but perhaps after enough reiterations, the one that did it RIGHT. Who did personal computer software right? Microsoft? Get lost. They even wanted people to use their own internet like network rather than "uncontrolled internet", and guess what happened...
Same as Bitcoin.
because bitcoin is money the other ones are projects i mean if you are investing in some project you are not investing in the "tokens", you are investing in some actions representing that project.
bitcoin was made to be money, altcoins are made to improve some technology or create something new.
bitcoin = gold (money)
projects = actions representing that enterprise.
you need "gold (money)=bitcoin" to buy some " project (tokens, altcoins)=actions"
so if every body need money=btc to buy actions of an enterprise what do you thing that can happen with the value of the (money=btc).
bitcoin is the money of internet
altcoins are the project that are generated in the internet.
the question is why bitcoin is money and the other projects are not.
bitcoin was made to be money, altcoins are made to improve some technology or create something new.
bitcoin = gold (money)
projects = actions representing that enterprise.
you need "gold (money)=bitcoin" to buy some " project (tokens, altcoins)=actions"
so if every body need money=btc to buy actions of an enterprise what do you thing that can happen with the value of the (money=btc).
bitcoin is the money of internet
altcoins are the project that are generated in the internet.
the question is why bitcoin is money and the other projects are not.
Honestly this is a good and a hard question to answer.
Due to many factors, the way Bitcoin was created can never be replaced by any other cryptocurrency. It was created decentralized, a certain amount of coins ( low supply ) , the code itself was astonishing for that time, no investors ( so it survived without having any funds ), strong community , top tier devs and it was almost free at the beginning so all this factors created the most powerful crypto who ever existed and it will continue to exist.
Even if it was not the first it would have still be number 1 as it was designed in this way so for those who are saying its number 1 just because it was first ( and I see a lot of posts ) please study again the inception of bitcoin and how it all began because it had no funds, no investors just a hand of people trying to change the world. Do you think another crypto would have survived all those years without funds ? Think again.
Due to many factors, the way Bitcoin was created can never be replaced by any other cryptocurrency. It was created decentralized, a certain amount of coins ( low supply ) , the code itself was astonishing for that time, no investors ( so it survived without having any funds ), strong community , top tier devs and it was almost free at the beginning so all this factors created the most powerful crypto who ever existed and it will continue to exist.
Even if it was not the first it would have still be number 1 as it was designed in this way so for those who are saying its number 1 just because it was first ( and I see a lot of posts ) please study again the inception of bitcoin and how it all began because it had no funds, no investors just a hand of people trying to change the world. Do you think another crypto would have survived all those years without funds ? Think again.
we cannot say that everything came because of chance , luck is the result of work and attempt
it seem that bitcoin have who support it before , and beginning of his creation , publicity led to its spread using the Internet
The opportunity is equal for all geniuses or humans without constraints of the time , but intelligence, patience, effort and hope can make a difference
it seem that bitcoin have who support it before , and beginning of his creation , publicity led to its spread using the Internet
The opportunity is equal for all geniuses or humans without constraints of the time , but intelligence, patience, effort and hope can make a difference
Well, at some point yes. There were no competitors for Bitcoin. But it is mostly famous for its decentralisation, advance technology, payment transactions and so on. Blockchain technology was introduced to the community exactly by bitcoin. So, for most people bitcoin means the whole cryptocurrency.
Good point and I don't think so. Well, from my own point of view it is so valuable not because it was first but it's because of the demand and if there is no more supply the price will rapidly increase but it is only for a short period of time since the value of crypto is volatile. The founder of bitcoin was so very famous and until now, he/she still hiding for the sake of the security of himself. So, he leaves an open-source system behind bitcoin technology so that everyone could access it and develop very well. The value first increased the demand and the market were and are still behind bitcoin. Traders are really behind it as they have experienced how far bitcoin has taken them to with profits. Blockchain technology has supported it to the core to increase its value. Lots more to talk why bitcoin is so valuable.
Well, at some point yes. There were no competitors for Bitcoin. But it is mostly famous for its decentralisation, advance technology, payment transactions and so on. Blockchain technology was introduced to the community exactly by bitcoin. So, for most people bitcoin means the whole cryptocurrency.
Good point and I don't think so. Well, from my own point of view it is so valuable not because it was first but it's because of the demand and if there is no more supply the price will rapidly increase but it is only for a short period of time since the value of crypto is volatile. The founder of bitcoin was so very famous and until now, he/she still hiding for the sake of the security of himself. So, he leaves an open-source system behind bitcoin technology so that everyone could access it and develop very well.
I think it is also the reason why bitcoin is so valuable because it was the first cryptocurrency that was ever made. A lot of people also trust bitcoin than any other cryptocurrencies, that is why bitcoin became more popular and more people buy bitcoin than any other cryptocurrencies. Bitcoin is also the first cryptocurrency which have reach it's price up to $ 20k in the year of 2017 but it started to decreased in the year of 2018. After that a lot of people still believes that bitcoin will recover it's price once again.
You have such a great question but in business when you build house hold name u will always be valuable. a lot people has heard about bitcoin but they don't know anything about cryptocurrency. Most people think there is no other cryptocurrency apart from Bitcoin. when ever someone want to adopt cryptocurrency the first word to come to his or her mind is bitcoin. first wallet to get is bitcoin wallet when a business build him self this way nothing can stop it. bitcoin got allot of history and other coin always used the history of bitcoin to convince investor to buy their coin.
Some altcoins are better than bitcoin for specific purposes. Bitcoin has the trust of the people and a very solid system.
Any altcoin that wants to compete with bitcoin has to offer something new, otherwise is just a bitcoin clone...
Any altcoin that wants to compete with bitcoin has to offer something new, otherwise is just a bitcoin clone...
Bitcoin is valuable not because it has the trust of the people but it is because of blockchain technology. Bitcoin arrived with blockchain technology which introduced decentralization ushering people in the financial ecosystem with financial freedom. I don't see any altcoin which is better than bitcoin in terms of technology or products backing them. Most altcoins use bitcoin's algorithm to develop their own blockchain network without having any particular solutions to solve gaps seen in the financial space.
Bitcoin is better because it solves and bridges gaps seen in the centralized financial systems.
Bitcoin is valueable.but here us not only one reason.it was the 1st so that it os most popular than other digital currencies beside it is expensive and familiar to people so moreover people trade with bitcoin.for these reasons bitcoin is the valueable currency.
So many beautiful questions. That's the first coin that's right. But technically Bitcoin. Best of all. First of all, no other coin is so much more transaction. And there is no such qualification. Bit coins are the best. The best one will be there.
Being the first in line is definitely an advantage for Bitcoin. But that for sure is not enough to remain on top of the game. Then why is Bitcoin still doing well amongst users?
Well, first of all, we have to understand and analyse why it does better than other cryptos. Since it has been around for so long now, Bitcoin has gained the trust of its users and is gaining more every day. The trust factor plays a big role in Bitcoin’s rise.
Secondly, no matter what people might say, bitcoin has given large returns on investments from time to time. There’s no denying that others have too. But the volume of returns on Bitcoin just cannot be ignored.
The time for transactions being processed is more the problem of the block chain process rather than that of Bitcoin. And it is a known fact that the world knows crypto currencies because of the rise of Bitcoin to the mainstream.
Well, first of all, we have to understand and analyse why it does better than other cryptos. Since it has been around for so long now, Bitcoin has gained the trust of its users and is gaining more every day. The trust factor plays a big role in Bitcoin’s rise.
Secondly, no matter what people might say, bitcoin has given large returns on investments from time to time. There’s no denying that others have too. But the volume of returns on Bitcoin just cannot be ignored.
The time for transactions being processed is more the problem of the block chain process rather than that of Bitcoin. And it is a known fact that the world knows crypto currencies because of the rise of Bitcoin to the mainstream.
Bitcoin is like how the USD is in the fiat world. Pounds and EURO can be seen as altcoins. I also think people believe in bitcoin since it was the first crypto made by satoshi and that is a huge selling point on its own.
Some forks have altered motives perhaps? It is actually not easy to explain.
I also believe it has something to do with "elitismn" such as owning a BMW or Mercedes sports cars. The name brand. Known, trusted and working.
Some forks have altered motives perhaps? It is actually not easy to explain.
I also believe it has something to do with "elitismn" such as owning a BMW or Mercedes sports cars. The name brand. Known, trusted and working.
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