Is Bitcoin so valuable just because it was first? - page 5.

darklus123

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Quote from: Pursuer on July 20, 2019, 02:01:08 AM

not to mention that bitcoin wasn't the first either! it is the upgraded replacement to other smaller and less secure projects that existed before bitcoin came along.

I didn't not even know this lol. Tho, even if bitcoin was not the first ever digital currency project. I can still consider it as the first out of the crypto industry which has the unique approach in terms of currency.

Tho, for the sake of the discussion here are the list of previous projects that attempts to create a digital money
https://www.investopedia.com/tech/were-there-cryptocurrencies-bitcoin/

Hashcash was the most successful before bitcoin

antisocial77

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Yes it is, many people are against that but they are like fanboy.its an old tech and there are many projects which are making everything better than bitcoin.

Arkham Knight

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Of course, not and as far as I know there was a cryptocurrency that was released before bitcoin and it was not successful. I don't remember that coin but you can research it has the problems that bitcoin was able to solve like the double spending. Bitcoin is only goes first if we a talk about a breakthrough on cryptography. I believe that its the community who supports it makes the most of its value.

Nnuego

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Having bitcoin as the first cryptocurrency doesn't make it more valuable than others. There are well known coins that worth something tangible but it can't be compared with bitcoin. The fact is that bitcoin has gotten the mind of people and its decentralized

meanwords

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I think the reason why most people trust Bitcoin is because it is decentralized. It is not controlled by anyone. It's developers doesn't hold the majority of supply (Except Satoshi Nakamoto, the founder) unlike those other coins who's supplies are already hoard by their creators. And also, Bitcoin does develops and copes with the present which is enough for the masses.

klaaas

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Quote from: Pursuer on July 20, 2019, 02:01:08 AM

again with this poorly argued discussion?!!

if everything that came first could be successful and valuable then hundreds of companies and products that were created throughout the history "first and before everything else" would have been the most valuable in the world. but we can clearly see that this is not the case.
for instance take facebook that everyone is talking about these days. it is not the first social media platform out there! there have been lots of others, many that people don't even remember their names. they were "first" but they all disappeared.

not to mention that bitcoin wasn't the first either! it is the upgraded replacement to other smaller and less secure projects that existed before bitcoin came along.

Indeed you never know what is going on in non public spaces but it is the first one that did it right from the beginning and gained the traction needed to grow.

No op not only, it are the rules inn play that count also and the trust that come out of it.

Strongkored

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Leading Crypto Sports Betting & Casino Platform

Quote from: Aero Blue on July 19, 2019, 07:40:06 AM

--snip--
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?

I don't think so, because if you look at its development before Ethereum appears there are also other coins but it can't survive, based on what I see through its development that makes Bitcoin very valuable because of strong community support.
Satoshi Nakamoto as the creator no longer shows real support (or arguably arises) in contrast to Ethereum whose creators are still actively providing updates, so this is all because the community has very strong, conclusions is the power of community.

Pursuer

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Where is my ring of blades...

again with this poorly argued discussion?!!

if everything that came first could be successful and valuable then hundreds of companies and products that were created throughout the history "first and before everything else" would have been the most valuable in the world. but we can clearly see that this is not the case.
for instance take facebook that everyone is talking about these days. it is not the first social media platform out there! there have been lots of others, many that people don't even remember their names. they were "first" but they all disappeared.

not to mention that bitcoin wasn't the first either! it is the upgraded replacement to other smaller and less secure projects that existed before bitcoin came along.

maxreish

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Partly, yes. It was the first cryptocurrency coin invented. But what makes bitcoin more valuable and special is that it brings amazing things like advance technology, payment transactions, database efficiency and many more. And Bitcoin was considered as valuable than others because of the technology made called "blockchain".

airdropan

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i was thinking the same thing like you, maybe just because Bitcoin is the world’s first decentralized digital currency. Its value primarily comes from it being the first digital currency that no one can control it. Also being the first mean people give more trust to bitcoin it self

Periodik

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To be honest, I think it has a very huge impact. But then, can we really dump Bitcoin because of the technology which some might consider inferior? I cannot imagine anyone would do that except the people from the altcoin Bitcoin Cash. Grin

We all know that the blockchain that Bitcoin has started has been the inspiration of so many others, modified, improved to a significant extent, fees are much lower in others, much faster, too. But the value of Bitcoin has surpassed technology for now, it simply represents every other blockchain and the entire cryptocurrency.

rodskee

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For me yes! Because bitcoin is first.first crypto has been known.that the fact I guess.how would you know the other coins if there is first.ofcourse you have to introduce first the coins and there is one name of xoin you should introduce first to be able to make other altcoins.because bitcoin was the first and been be known that it is strong kinds of coins.we call this of king of cryptocurrency tjats why bitcoin is so popular.ofcourse we always use things that it comes first that we know already be useful tjan tries others that will dissapoint you.but I know there are also coins that been popular also like ethereum but we always trusted the first.wait to be lost bitcoin before this will forget but I guess its not gonna be happen.I trust always bitcoin and will be valuable forever and ever

Mr.Ease

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Well partially because it was first... but also because its the most popular and the network is gigantic.

it would be hard to dislodge Bitcoin. There are some hard-core investors into Bitcoin.
A simple answer would be the exchanges use BTC pairings and that has been the go-to for traders.

Dapper

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It's valuable because of CURRENT consensus. Not just because it was first... ask Kodak or Xerox or the betamax. It doesn't mean it will always be the most valuable either, just ask Yahoo, Blockbuster, Pan Am, etc...

darklus123

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It can be one big factor to why bitcoin is more valuable than any other crypto. Because bitcoin is the first one most of the other crypto supporters such as Ethereum still supports bitcoin while all btc supporters does not support it. What Am I saying is that it has the largest user based crypto as of the moment.

If I am not mistaken bitcoin right now is still the most secured crypto as it offers the highest privacy feature than any other coin.

Lastly, the bitcoin structure was the just followed by any other crypto which means that eth itself will never be created because of BTC.

Vishnu.Reang

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The basic concept of a decentralized cryptocurrency using blockchain platform was first used for Bitcoin. All the coins that came after Bitcoin used the same basic concept, with some modifications. Some of these coins may be more advanced than Bitcoin as far as their technology is concerned. However, the purpose and intention is the same and the differences are not big enough to replace BTC.

pooya87

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no bitcoin is valuable because it is useful. the utilities it is providing and the way it is providing them (decentralized and secure) is giving it the high value and is the reason why it keeps on growing.

it is so much more valuable than others because others are pretty terrible projects. there has been not that many decent projects and unfortunately the top altcoins are all crappy coins that are either heavily centralized and get pumped and dumped or are manipulated bubbles that are about to burst. in such a diseased altcoin market no good coin can thrive which is why they are going to be far behind.

BitcoinPanther

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This is just my personal opinion. Bitcoin is not valuable because it was first but being the first Cryptocurrency is an advantage. It is a fact the Bitcoin is the mother of all coins and Altcoins is measured with reference to Bitcoin.

One good thing about Bitcoin is its popularity . We all know that Bitcoin is accepted to different establishment or businesses as an alternative mode of payment. This is not yet really evident to other coins which result to difficulty of transaction. Sometimes need to convert to BTC first.

Mulann2

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Yeah! I think partially yes base on people's perception towards btc and other alts, among the reason why most people see btc as king of the jungle is because of it's been the first to set foot in crypto space, if you look at all the post in this forum about btc and other alts possibly dethroning btc, the argument in each post always contains btc is first and will remain so,
There you have it, btc is hold in high esteem just because it pop out first Grin

ramsdaj28

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اللعنة

Quote from: Aero Blue on July 19, 2019, 07:40:06 AM

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?

Unless there's really an altcoin or crypto that can challenge it, bitcoin will remain the most valuable crypto in the world. And yes, being the first crypto is one factor that makes BTC valuable. The trust of people is already built on bitcoin, and you can't blame them esp. that bitcoin has already established its position in the crypto world.

But just like what I've said, if there's an altcoin or crypto that can really give a great competition against the bitcoin, then there's a possibility that bitcoin will be dethroned. An example of this is ETH and LTC being overtaken by ThoreCoin and Maker in value/price. Another good comparison is how Nokia and Samsung beat Motorola (first company to make mobile phones) in terms of most popular phone brands.

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