Topic: What Makes Bitcoin So Special? - page 10. (Read 2145 times)
You correctly mentioned the main reasons why Bitcoin is number one currency but I disagree you when saying "a “better” version of Bitcoin won’t replace it so easily". Currently there doesn't exists real better version, I can only think about monero as it's alternative and something that can change bitcoin, I think it's clear for you why I think this way, people want anonimity from crypto, this is major thing, money makers abused bitcoin and worsen it at some point.
There are many reasons for making Bitcoin so special and different than altcoins. It is the most successful and popular cryptocurrency right now, and it have the most active community among cryptocurrencies generally. Also, its market is somehow stable compared to the other crypto markets. In addition, it have the highest price.
Bitcoin is not a single feature currency but it's features are increasing day by day and majority of the people are now using crypto because it is the modern era currency so that we can use it for special purpose like now we can buy an expensive property and other expensive items are now trading through crypto which is more safe and secure than fiat ever. Fee for transactions is low so it makes bitcoin special than any other currency and in the crypto bitcoin is special.
In my opinion, the one thing that makes the price of Bitcoin special is its very high price. that's the only strongest reason, why Bitcoin is so special. and the second is its usefulness, Yes ... Only Digital assets but Bitcoin can have very high value, and prices are extraordinarily expensive.
I think bitcoin is special because it is control and manage by yourself no third party need to tell you how you should run your investment that is why is called a decentralized platform, secondly bitcoin is the most special coin among other coins in cryptocurrency because of it potential and the row it playing as the first crytpocurrency coin in blockchain technology which make him the king among other coins.
There are many thing which make bitcoin so special. First of all is its decentralised nature because which it doesn't under control of any kind of authority or government and second thing is its market price. It is the first virtual currency which price is higher then gold. This thing make it as a investing tool and also make it special too. Secondly its money transaction facility which also make it special. It provides the uninterrupted and untraceable money transaction facility. And also provide untroubled international money transaction facility. And this thing also make it special too. Bitcoins came into existence when at the verge of Economic and Financial Collapse of US Market. At the time when Lehman Brothers collapsed and took away investors’ sleep at night, an Inventor, Software Developer, Legend Satoshi Nakamoto (Pseudo Name) published a paper called Bitcoin for peer to peer payment.
The reason of Bitcoin becoming so popular are mostly because of its’ characteristics:
1.Decentralized in nature
2.Anonymity
3.Transparency
4.It's easy to set up: Compared to traditional Bank account Bitcoin account can be set up in minutes or even seconds! No questions are asked or no fees are taken
5.Broad applications
I think bitcoin is special because it is control and manage by yourself no third party need to tell you how you should run your investment that is why is called a decentralized platform, secondly bitcoin is the most special coin among other coins in cryptocurrency because of it potential and the row it playing as the first crytpocurrency coin in blockchain technology which make him the king among other coins.
There are many thing which make bitcoin so special. First of all is its decentralised nature because which it doesn't under control of any kind of authority or government and second thing is its market price. It is the first virtual currency which price is higher then gold. This thing make it as a investing tool and also make it special too. Secondly its money transaction facility which also make it special. It provides the uninterrupted and untraceable money transaction facility. And also provide untroubled international money transaction facility. And this thing also make it special too. Freedom of use.
That is right, for me bitcoin is special because it has a lot of advantage and we all know that in the future we will have the chance that bitcoin will be the currency so we should adapt this as much as possible. 
Freedom of use.
Its usefulness and the technology on how it is operating and moving makes it so special.. The blockchain application in transactions and different stuffs makes more special, as long as the price of bitcoin rises , the other crypto price also rises.. Almost all altcoins are dependent on it, because it is the pioneer of cryptocurrency, as long as it is existing , it is very special.
Scarcity
Bitcoin could possibly be the most scarce asset on earth. There will only ever be barely 21 million bitcoin in existence. Taking into account its decentralized nature, and its immutability, and the inert nature of its protocol development its hard to see this ever changing. With over 7 billion humans on earth, there are not many to go around. fortunately each of those bitcoin can be broken into 100,000,000 units called Satoshi.
Unlike gold when the demand for bitcoin quickly rises, the miners cannot just increase the supply in response to increased demand. There is no way to just mine more bitcoin in response to demand. This dynamic along with bitcoins schedule of diminishing mining rewards will contribute to its rarity as adoption grows. This could produce a market cap many multiples of where we are today in a short period of time.
Many of the altcoins have no coin cap, or have such weak security model that the cap can be changed by decree.
These properties are conducive to the bitcoin network being a great store of value outside the traditional monetary system.
Bitcoin could possibly be the most scarce asset on earth. There will only ever be barely 21 million bitcoin in existence. Taking into account its decentralized nature, and its immutability, and the inert nature of its protocol development its hard to see this ever changing. With over 7 billion humans on earth, there are not many to go around. fortunately each of those bitcoin can be broken into 100,000,000 units called Satoshi.
Unlike gold when the demand for bitcoin quickly rises, the miners cannot just increase the supply in response to increased demand. There is no way to just mine more bitcoin in response to demand. This dynamic along with bitcoins schedule of diminishing mining rewards will contribute to its rarity as adoption grows. This could produce a market cap many multiples of where we are today in a short period of time.
Many of the altcoins have no coin cap, or have such weak security model that the cap can be changed by decree.
These properties are conducive to the bitcoin network being a great store of value outside the traditional monetary system.
this point is what keeps me going for holding bitcoin, currently around 17 million bitcoin is on circulation and will continue to increase, so the total supply has begun to decrease and according to economic law, rare things with a lot of demand will make the price be very high
Scarcity
Bitcoin could possibly be the most scarce asset on earth. There will only ever be barely 21 million bitcoin in existence. Taking into account its decentralized nature, and its immutability, and the inert nature of its protocol development its hard to see this ever changing. With over 7 billion humans on earth, there are not many to go around. fortunately each of those bitcoin can be broken into 100,000,000 units called Satoshi.
Unlike gold when the demand for bitcoin quickly rises, the miners cannot just increase the supply in response to increased demand. There is no way to just mine more bitcoin in response to demand. This dynamic along with bitcoins schedule of diminishing mining rewards will contribute to its rarity as adoption grows. This could produce a market cap many multiples of where we are today in a short period of time.
Many of the altcoins have no coin cap, or have such weak security model that the cap can be changed by decree.
These properties are conducive to the bitcoin network being a great store of value outside the traditional monetary system.
Bitcoin could possibly be the most scarce asset on earth. There will only ever be barely 21 million bitcoin in existence. Taking into account its decentralized nature, and its immutability, and the inert nature of its protocol development its hard to see this ever changing. With over 7 billion humans on earth, there are not many to go around. fortunately each of those bitcoin can be broken into 100,000,000 units called Satoshi.
Unlike gold when the demand for bitcoin quickly rises, the miners cannot just increase the supply in response to increased demand. There is no way to just mine more bitcoin in response to demand. This dynamic along with bitcoins schedule of diminishing mining rewards will contribute to its rarity as adoption grows. This could produce a market cap many multiples of where we are today in a short period of time.
Many of the altcoins have no coin cap, or have such weak security model that the cap can be changed by decree.
These properties are conducive to the bitcoin network being a great store of value outside the traditional monetary system.
this point is what keeps me going for holding bitcoin, currently around 17 million bitcoin is on circulation and will continue to increase, so the total supply has begun to decrease and according to economic law, rare things with a lot of demand will make the price be very high
Antifragility
Antifragility is a property of systems that increase in capability, resilience, or robustness as a result of stressors, shocks, volatility, noise, mistakes, faults, attacks, or failures. — Wikipedia.org
Bitcoin has been under constant attack ever since its early days. A network that, as of this writing, holds $110 billion in value makes for a big honeypot. As a result bitcoin has developed a certain immune system that continues to improve into the future.
To say that bitcoin has survived and thrived in this environment is an understatement. Bitcoin has never once suffered a hack to its protocol, not once has an invalid transaction been included into the blockchain, not once has a transaction been reversed after suitably being recorded onto the blockchain. Sure, many have had there bitcoin hacked, but its important to know that all of those cases are of people being sloppy with their private keys. Bitcoin was not hacked, your keys were stolen. If you are sloppy with the combination to your safe, don’t be upset when you find it empty. Not your keys, not your bitcoin.
I expect that bitcoin will continue to adapt and evolve in response to future threats.
Antifragility is a property of systems that increase in capability, resilience, or robustness as a result of stressors, shocks, volatility, noise, mistakes, faults, attacks, or failures. — Wikipedia.org
Bitcoin has been under constant attack ever since its early days. A network that, as of this writing, holds $110 billion in value makes for a big honeypot. As a result bitcoin has developed a certain immune system that continues to improve into the future.
- One of the early fixes to the early bitcoin protocol was to make the script language turing incomplete, which means you cannot write very complex smart contracts on its blockchain. This was removed from the bitcoin protocol because it introduced a broad attack surface. The removal of turing complete scripts from bitcoin hardened it and protected it from many possible attacks. It was decided early in Bitcoins development that it would favor safety and security over flexibility. Many other adjustments have been enacted along the way in response to the constant barrage of attacks.
To say that bitcoin has survived and thrived in this environment is an understatement. Bitcoin has never once suffered a hack to its protocol, not once has an invalid transaction been included into the blockchain, not once has a transaction been reversed after suitably being recorded onto the blockchain. Sure, many have had there bitcoin hacked, but its important to know that all of those cases are of people being sloppy with their private keys. Bitcoin was not hacked, your keys were stolen. If you are sloppy with the combination to your safe, don’t be upset when you find it empty. Not your keys, not your bitcoin.
I expect that bitcoin will continue to adapt and evolve in response to future threats.
Bitcoin and cryptocurrency still have problems in this field. So for antifragility it still hasn't really materialized. especially volatility. Cryptocurrency is still arguably vulnerable because until now its development access is still limited
Bitcoin can be special only for one reason and that's why Bitcoin is a pioneer.
what makes bitcoin special is our own whether bitcoin can boast of being great
in my opinion, the most interesting value and always making special bitcoin is decentralized and scarcity.
this is an important point that is different from other currencies, and only bitcoin has that value.
this is an important point that is different from other currencies, and only bitcoin has that value.
Bitcoin has a lot of features, but the main feature is that it does not belong to anyone and thanks to it new technologies appear ! I still believe that 1 bitcoin can make you happy !
Bitcoin can be special only for one reason and that's why Bitcoin is a pioneer.
In my opinion there is one main thing that makes Bitcoin so special. It was the first ever cryptocurrency wich brought us the whole technology of Blockchain. It is by far the most common cryptocurrency and the most populair one.
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