Topic: What is Bitcoin and why is it so high value? (Read 135 times)
@Remotemass has already answered the basics of what bitcoin is. For me, the reason why it's high in value is because they're in demand and there's only a limited supply of bitcoin so it's likely the reason why it's highly valued.
Compared to other digital assets, Bitcoin is much slower in terms of block confirmations. ~
It is misleading to only call bitcoin slow and don't explain any further!First of all we have to see what we are looking for in confirmation. If it is only inclusion in a block, then there are other shitcoins that can produce blocks every couple of seconds. But "inclusion in a block" is not an important factor at all. What mattes in confirmation is security and reversibility, both of which are only achieved with a number of confirmations. For example in bitcoin when you get 1 confirmation it already costs millions of dollars to reverse that single block, with more confirmations (as more blocks are mined on top of the block containing that transaction) this cost increases exponentially. Eventually it becomes so expensive that we consider it impossible. Usually the magic number is 3.
In comparison those shitcoins with "fast blocks" provide nearly no security at all. In most cases you'll need thousands of confirmation to reach the same security as bitcoin's 1 confirmation and in some cases no matter how many confirmation you get it won't be enough (like centralized shitcoins that also have mutable blockchains).
Bitcoin is a cryptocurrency where people can send Bitcoins to your digital wallet, and you can send Bitcoins to other people it is basically a fast transaction
Compared to other digital assets, Bitcoin is much slower in terms of block confirmations. On average, you need to wait around 10 minutes between two blocks for your transaction to get confirmed. This waiting time can be much longer or much shorter at times. Besides that, you need to add a high enough network fee so that the miners have an incentive to include your transaction in their block. If you don't do that, your transaction will not receive a fast confirmation. But the good thing about Bitcoin is that you have the control and ability to decide these things yourself.Even though Bitcoin is slower compared to alternative currencies, it respects the main features of what a blockchain should possess. It's immutable, decentralized, transparent, secure, and verifiable. Altcoins lack one or more of these characteristics.
Bitcoin is a cryptocurrency where people can send Bitcoins to your digital wallet, and you can send Bitcoins to other people it is basically a fast transaction or you can say a digital assets you can buy , invest, hold or sold to earn .
Each Bitcoin has value because it is scarse all over world and as more people become aware abouy Bitcoin and the asset's scarcity, more demand rises,and that's why it's become a higher price. 🙏🙏
Each Bitcoin has value because it is scarse all over world and as more people become aware abouy Bitcoin and the asset's scarcity, more demand rises,and that's why it's become a higher price. 🙏🙏
hello everyone, I am a newcomer to here, so I want to ask, what is bitcoin and why is it so high value, and is there a higher value than bitcoin?
1. Bitcoin is a cryptocurrency or you can say a digital asset that can hold, buy, sell or trade by it’s holder.
To make it more easier to understand you can compare it to Digital gold.
2. Bitcoin has a fixed amount of supply and i guess you have heard the trend of supply and demand, if the demand is high and supply is less then gradually the price will rise and you can conclude this as one factor for which the price of the coin is too high.
3. If you are talking about cryptocurrency then BTC is the most valuable and expensive crypto that a user can hold or buy.
Hope this helped you OP. Glad to know that many people are showing interest in cryptos now a days. If possible share the knowledge about cryptos to your friends and invite as much people as you can to join with us.
Have a nice day ahead.
why is it so high value
The consensus about the belief in bitcoin is driving the price high. Everyone believes and agrees that bitcoin has this value like a currency. Unlike traditional currencies, bitcoin is considered to be more inflation-resistant because of its limited supply. But can bitcoin be worthless? I've read that it can happen if everyone does not believe in bitcoin it will happen. Here I highlight that concessions have played an important role in the value of bitcoin to date.
Bitcoin is both digital cash and digital gold.
It is the first Peer-to-Peer Electronic Cash System: https://bitcoin.org/bitcoin.pdf
The reason it is so high is that it is both scarce and useful as a medium of exchange.
It is ideal as a money system to use on the internet without the need for banks, governments, and financial institutions.
There are only 21 million bitcoins and there are more than 42 millionaires in the world, which means that if every millionaire wanted to buy a whole bitcoin they wouldn't all be able to.
Supply and demand, my friend. The basics of how markets work.
It is the first Peer-to-Peer Electronic Cash System: https://bitcoin.org/bitcoin.pdf
The reason it is so high is that it is both scarce and useful as a medium of exchange.
It is ideal as a money system to use on the internet without the need for banks, governments, and financial institutions.
There are only 21 million bitcoins and there are more than 42 millionaires in the world, which means that if every millionaire wanted to buy a whole bitcoin they wouldn't all be able to.
Supply and demand, my friend. The basics of how markets work.
hello everyone, I am a newcomer to here, so I want to ask, what is bitcoin and why is it so high value, and is there a higher value than bitcoin?
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