Being the first cryptocurrency has its own advantage, and it could be one of the reasons why bitcoin is so valuable. But the adoption and scarcity affect its value. As many popular brands have started to accept bitcoin, people now trust bitcoin more than any other cryptocurrency.
Although there are many altcoins better than bitcoins, the popularity of bitcoin will always keep it at number 1 position.
Topic: Is Bitcoin so valuable just because it was first? - page 3. (Read 1432 times)
Yeah, it is more valuable when the value of bitcoin hits sky in the year 2017
I am holding a lot of coins and tested some of it, I had some coins that can confirm a transaction in just a few seconds and without a fee, and you will think it's very much better than Bitcoin, and I also experience sending Bitcoin and have to wait for a whole day for the transaction to confirm, and you will wonder why you're still using Bitcoin to transact, with some disadvantages attached to it.
But you will not understand the underlying theory and facts about Cryptocurrency and blockchain without going to Bitcoin first, everything starts with Bitcoin, of course, there will be a fix coming, I believe it's valuable because it's the one that started it all, we can add more coins to our portfolio but Bitcoin is the one that revolutionizes everything here.
But you will not understand the underlying theory and facts about Cryptocurrency and blockchain without going to Bitcoin first, everything starts with Bitcoin, of course, there will be a fix coming, I believe it's valuable because it's the one that started it all, we can add more coins to our portfolio but Bitcoin is the one that revolutionizes everything here.
To a certain extent, yes. Bitcoin has become some kind of a limited edition cryptocurrency, a collectible of sort because it has moved the first stone, made the first touch and the rest are but ripples. And putting into consideration the huge disruption it has caused to the entire financial structure, it becomes a must for everyone, a coveted asset, notwithstanding the fact that it could not be the best crypto to spend and buy a cup of coffee. The fixed 21 million supply adds an enticing factor, looking scarce in the next following years.
It is a combination of being the first cryptocurrency and getting constantly updated (forked) for the bugs and issues. In my opinion, Bitcoin has retained its dominance for the last 10 years, because none of the competitors were able to give it any form of threat. There are coins out there such as Ethereum and Cardano, which may be more advanced in technical terms. But the basic concept remains the same as that of Bitcoin. Most of the additional features of these coins don't have any relevance for the ordinary users.
And for the newer coins, they have struggled to get a large user base, despite having advanced features. Perhaps cryptocurrencies need to be simple and easy to use, rather than embedded with all sort of advanced features which can take half of the total hard disk space in your laptop. The first and foremost use of a cryptocurrency is to make payments. And right now Bitcoin is doing that job perfectly. I can understand the concerns about high transaction fee, but sooner or later a solution will be found.
And for the newer coins, they have struggled to get a large user base, despite having advanced features. Perhaps cryptocurrencies need to be simple and easy to use, rather than embedded with all sort of advanced features which can take half of the total hard disk space in your laptop. The first and foremost use of a cryptocurrency is to make payments. And right now Bitcoin is doing that job perfectly. I can understand the concerns about high transaction fee, but sooner or later a solution will be found.
Personally, I don't really think that Bitcoin is so valuable because it was first. I believe that Bitcoin is so valuable because it introduced blockchain technology and the general ideology behind its development is one the financial ecosystem needed in order to introduce financial freedom. Since Bitcoin introduced blockchain technology and the world has somehow endorsed this technology, this also influences its value massively.
I don't really buy into the idea that bitcoin is valuable just because it was the first crypto coin to be launched in cryptocurrency. I think the number is limited and people are in dire need to buy and hold bitcoin for sometime.
I think it's all because of the limited number, yes because the number of bitcoins is limited so that bitcoin becomes very valuable and also very sought after. and also many who believe in bitcoin so that other coins are difficult to compete with bitcoin to master crypto
We have many examples in IT industry that if someone was first in something, like Microsoft in computers, Apple in I phone etc. that afterwards it was difficult to remove them from the top.
People get used to their products and habits are most difficult to change.
Bitcoin is also man entry point for the crypto world and well known because of media reports.
People get used to their products and habits are most difficult to change.
Bitcoin is also man entry point for the crypto world and well known because of media reports.
I absolutely agree with you. It's difficult to change people's minds. Once you hear something new and exciting, everything that comes after is let's say not original, a copycat. So people tend to stick with "The first" option, mostly because it's associated to their mind as the best.
To be first in a new industry is a huge advantage. Just imagine how hard would be now for someone to create a new social media platform and to compete with Facebook.
However, Bitcoin never suffered an over 50% attack, which happened to a lot of other coins.
However, Bitcoin never suffered an over 50% attack, which happened to a lot of other coins.
No,bitcoin is so valuable because it has the best and most secure blockchain protocol.I'm not a programming expert,but this is the main reason.The second reason is that bitcoin is the most well known cryptocurrency(most because it's the first one),so I can partially agree with your theory,but 'being the first' doesn't always mean that bitcoin is the best.
The biggest number of BTC that will be issued ever is 21 million (the last coin will be issued back in the year 2139).
Therefore, Bitcoin will be never affected by inflation. Another reason to invest in BTC is its real decentralization and anonymity. Finally, this is the cryptocurrency, which is known by all, even those, who are not yet going to get crypto.
BTC will stay the market leader, and it is in great demand.
Simply bitcoin meets most of what other currencies offer, it has gained the confidence of people since early so if there is no new breakthrough, bitcoin is still there and always at the top.
Maybe that's true, because Bitcoin is Cryptocurrency which first appeared so that Bitcoin has the highest price. This is because people are obsessed with Bitcoin being number one, and Bitcoin is the mother of all Crypto coins that exist today. Even the statement that all Crypto coins depend on Bitcoin, making Bitcoin will always be number one.
I don't think Bitcoin is chosen because it was first. It has been able to stand the test of time and has proven itself to be a good coin to invest. It also has a lot of uses, making it more beneficial.
Well to be honest dude, there are some altcoins that are much more good and better than Bitcoin just like Ethereum.
But since Bitcoin was established the big community in the entire world, now wonder why lot of investors embraced it maybe
because of its unique features it has that's all what I had noticed.
But since Bitcoin was established the big community in the entire world, now wonder why lot of investors embraced it maybe
because of its unique features it has that's all what I had noticed.
Please define 'good' for us.
If I was looking to put money into an entirely digital asset with zero value beyond the belief users have in its value and utility I will be looking for network effect, security, attack resistance, decentralisation, competence and the spread and depth of development.
If something has none of that but 60 second confirmations on its one data centre chain plus a 'partnership' that consists of a canned fob off from whatever company they're lying about that's not going to sway me.
I have thought about this a lot, especially more recently as I question why I'm using Bitcoin. Since cryptocurrency began, there have been so many new and improved versions of the "Bitcoin blockchain", one of the most notable probably being Ethereum.
It's always painful to use Bitcoin in comparison with sometimes up to $5 transaction fees for sending even $10, not to mention the amount of time transactions take. It kind of feels like Bitcoin is a sinking ship in some ways, because of the increasing problems that occur with a blockchain system. However, this doesn't seem to faze many, as the price keeps rising again and hitting new records.
My ultimate question is: "Is Bitcoin so valuable just because it was first?" As technology progresses it's inevitable that new and better ways of doing things will be discovered. But is it really about just being first in today's world? What are your guy's thoughts on this? Do you think there will be a breaking point aka, amount of inconveniences people will put up with before moving on?
It's always painful to use Bitcoin in comparison with sometimes up to $5 transaction fees for sending even $10, not to mention the amount of time transactions take. It kind of feels like Bitcoin is a sinking ship in some ways, because of the increasing problems that occur with a blockchain system. However, this doesn't seem to faze many, as the price keeps rising again and hitting new records.
My ultimate question is: "Is Bitcoin so valuable just because it was first?" As technology progresses it's inevitable that new and better ways of doing things will be discovered. But is it really about just being first in today's world? What are your guy's thoughts on this? Do you think there will be a breaking point aka, amount of inconveniences people will put up with before moving on?
Bitcoin was the first one that did it real good. It could be improved, but it was good enough for many issues, thats where its value comes from.
Other forms of digital money existed before, but they weren't as secure, or were centrally tied (meaning weak); or were simply to cumbersome to use.
Bitcoin fee is often a mixture of misunderstanding and, in my opinion, bad wallet design. You see, for most situation you are fine with the lowest fee, regardless. Can you wait like one day? Then don't bother paying more than 1 Sat/B. But in many wallets this is either unavailable or quite hidden.
Being able to buy that cup of coffee instantly would mean perfection, but is not necessary to be useful. And yet off chain solutions are filling that void anyway, or you could be a bit more old fashioned and carry some spare change in some altcoin for these. Thanks to segwit the same thing people think to do with LN, could be in theory be done with say, Litecoin. That's because they can be exchanged directly now without going to an exchange, going straight from wallet to wallet. All that's needed is wallets that would do it...
Or if the world ls pleased with LN, then so be it. Only small quick transactions would need that anyway.
Being the first successful gave it a lot of value. and being alive after a decade (where several others have perished) has proven it to the markets.
Bitcoin is valuable because the blockchain works nice with incentives and is kinda balanced game open for anyone to invest into and mine blocks.
It is not only valuable by pure speculation, it needs to do all sorts of things where one needs a time stamping machine. Therefore only an fully onchain scalable and stable solution- the very original one will have long term sustainable value imo.
It is not only valuable by pure speculation, it needs to do all sorts of things where one needs a time stamping machine. Therefore only an fully onchain scalable and stable solution- the very original one will have long term sustainable value imo.
Bitcoin is not valuable only because it came first.
There are several things that make Bitcoins what it is today. First of all it has the most dominant share in the market as compared to other Cryptocurrencies. Also it is more frequently used in transactions from consumer to companies and also because of its popularity. People trust Bitcoins more than any other currency.
There are several things that make Bitcoins what it is today. First of all it has the most dominant share in the market as compared to other Cryptocurrencies. Also it is more frequently used in transactions from consumer to companies and also because of its popularity. People trust Bitcoins more than any other currency.
For me, bitcoin become valuable because it has the technology that are needed for digital transaction like never before.
Bitcoin has advantage as investment and fiat , unlike ordinary investment that we have known,right?
When there is something unique there will be the demand of it
Bitcoin has advantage as investment and fiat , unlike ordinary investment that we have known,right?
When there is something unique there will be the demand of it
That's right. Bit coins are the first coins. Now the way the market is flowing. So I think. After 8/10 years, there will be a change. Understanding the market situation, some other markets will occupy it. Can't in any way.
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