What makes Bitcoin special unlike other crypto..

Cantsay

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Quote from: Edcrypto91 on March 01, 2023, 03:03:36 PM

According to my knowledge of cryptography and block chains the complexity of a particular coins / tokens cryptograph makes its value higher and also Bitcoin was the first crypto currency.
Apart from these are there any other factors affecting it's special nature

As for me it's because of its acceptability, if you ever come across any services that accepts crypto as a payment method Bitcoin must always be present there and again it's decentralization unlike some other coins that can be controlled and manipulate by dev team Bitcoin cannot be controlled, although some think that whales have the ability to do that but that's not entirely true all they can do is to try and affect the market price to a little extent but not Bitcoin itself. But I'm the case of most other tokens or coins the dev of the project have the ability to dump the price completely and making it useless for HODLers.

CryptoBuds

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Bitcoin has many features that outshine the rest of the market, but what makes bitcoin more special is its security, IMO. As far as I know, most other blockchains have shut down or stopped working a few times, but since its creation, bitcoin has never been hacked or stopped working. One of the things I like about bitcoin is that its creator has completely disappeared, which makes bitcoin decentralized and will never be controlled by anyone.

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Many things make Bitcoin is unique than thousands of coin in cryptocurrency and many tokens too
- It has a Proof of Work (PoW) algorithm
- Its total supply can not be changed
- It has an anonymous founder who abandoned the project and community since 2010, 13 years ago.
- It has a very outstanding Bitcoin core developers
- It has a very strong network, strongest and healthiest
- It is truly decentralized, not centralized like alternate cryptocurrencies

Dr.Bitcoin_Strange

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Quote from: Edcrypto91 on March 01, 2023, 03:03:36 PM

What makes Bitcoin special unlike other crypto..

It's simple: Although Bitcoin was not the first concept of digital money or the blockchain, but it was the first cryptocurrency to successfully enter the exchange and the first coin used to purchase a commodity. Above that, Bitcoin has a lot of strong hands supporting its security; unlike other coins, Bitcoin is the only coin I know that halves every four years, and Bitcoin is the only coin that lots of people are having a great interest in just to find out the developer and try to make it centralized. Some individuals have also made false claims about being Satoshi (Bitcoin developer).

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Quote from: Edcrypto91 on March 01, 2023, 03:03:36 PM

According to my knowledge of cryptography and block chains the complexity of a particular coins / tokens cryptograph makes its value higher and also Bitcoin was the first crypto currency.
Apart from these are there any other factors affecting it's special nature

In an investment perspective, I would argue that one of its special characteristics is its price. Being the dominant cryptocurrency in the market, its price is highly volatile, which others may consider as an bane, while some consider it as a blessing. Depending on the investment, a person can potentially earn and profit thousands to millions of dollars if he/she is able to maximize its opportunity or HODL.

Another characteristic on what makes BTC special is its overall acceptability in other countries. With its strong foundation, some countries have started to accept and integrate it to their financials and economy. Though there may be countries that are skeptical about its use, it remains as a fact that BTC is to co-exist with fiat as a means of alternative payment to other purchases.

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Acceptance, adoption, usage, backing technology, trust, liquidity and more other things can be mentioned as the reason for bitcoin being special among the 20k+ cryptocurrencies listed on the coinmarketcap. Among this, different people have got difference of opinion and choose bitcoin for different reason. Some prefer it for its volatility believing it could bring good profit in the long term. Some for the privacy and the reason counts.

jackg

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How well known bitcoin is also plays a significant role here. Most news sites (and probably all mainstream media outlets) don't mention cryptocurrency without mentioning bitcoin. Most people have heard of bitcoin ahead of coins like Ethereum, Polkadot, Solana and Polygon (perhaps also doge but maybe that's just a twitter thing).

It's yet to be beaten on security and market cap too.

BlackHatCoiner

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Security and actual userbase. No other cryptocurrency has the same recognition as currency.

Quote from: Ryker1 on March 01, 2023, 05:57:08 PM

Security-- it is secured by a cryptographic algorithm called SHA-256

You've confused it. Bitcoin is not secured by a hash function, that is SHA256. It is secured by mining, the process which includes perpetual calls of that function until a hash that is lower than the target is found.

Ryker1

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These two are the very especially feature of bitcoin has.
^[1]Limited supply --bitcoin has a fixed supply, which means that it is a deflationary currency and this is in contrast to fiat currencies, which can be printed at will by central banks.
^[2]Security-- it is secured by a cryptographic algorithm called SHA-256, which makes it virtually impossible to counterfeit or double-spend, and also the blockchain technology that underlies Bitcoin provides an immutable ledger that is resistant to tampering.
The last one could be, the real decentralized meaning was on bitcoin.

Agbe

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Contribute to what others have said, bitcoin is decentralized asset with an anonymous creator, there is nobody to hold responsible for any failed transaction or malfunction of the process, you are to secure your coin to the maximum security by yourself and for yourself. In all the Cryptocurrencies in the ecosystem bitcoin is respected and giving specific treatment because of it value in the ecosystem market space. Bitcoin is valued not because it is the first to be created among the Cryptocurrencies, overtaking is allowed, but no crypto can over take bitcoin, I have stated some of the reasons in the first lines of the comment

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Quote from: Edcrypto91 on March 01, 2023, 03:03:36 PM

According to my knowledge of cryptography and block chains the complexity of a particular coins / tokens cryptograph makes its value higher and also Bitcoin was the first crypto currency.
Apart from these are there any other factors affecting it's special nature

Nothing beats out the first cryptocurrency or shall we say that father of all crypto.WE might be seeing lots of alternative coins in the market but to see on how Bitcoin do able to sit up on top ranks for a decade

plus, which do really indicates that the community is mainly been trusted it out.When it comes to utility then we do really know on how it works and we arent seeing any exploits or any problems occur into it,

this is why its not surprising that it did really gain that soo much trust on which the community or the public hadnt really have any doubts into it and its no surprise that it is
really that main supported and mainly recognized.

lionheart78

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Security is one of the strong points of Bitcoin. It is secured by proof of work and needs a huge amount of money to create a 51% attack. Aside from that, the deflationary feature of Bitcoin is also another factor to look at. We all know that Bitcoin has a fixed supply but along the way, people are losing their passwords and private keys that they are unable to access their Bitcoin, thus this make Bitcoin rarity to increase.

You can also consider the liquidity of the Bitcoin market and the country that accepts it as either legal tender or a mode of payment though some countries are hostile, many countries accept Bitcoin with open arms. And the community of Bitcoin is the largest among the cryptocurrency.

Edcrypto91

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According to my knowledge of cryptography and block chains the complexity of a particular coins / tokens cryptograph makes its value higher and also Bitcoin was the first crypto currency.
Apart from these are there any other factors affecting it's special nature

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