Why is Bitcoin more worth than other cryptocurrencies that have better specs?

DabsPoorVersion

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Quote from: Astvile on October 19, 2019, 01:23:57 AM

You're right there are some altcoins that has better specifications compared to bitcoin but can they use they specification to beat up bitcoin in the market.

Exactly, they cant beat bitcoin even if they had more better specifications than bitcoin, bitcoin will still be valuable because all altcoins are just an alternative of bitcoin.

Quote from: Astvile on October 19, 2019, 01:23:57 AM

Bitcoin is the first, all altcoins are based on bitcoin if we have gold monetary system where gold is the main basis of currency we have bitcoin monetary system online where the main pairs in exchange of altcoins are mostly based on bitcoin.

That is because altcoins wont be having a value if they will not be based on bitcoin. We all know that only bitcoin are the first ever crypto that can be converted into fiat.

Astvile

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You're right there are some altcoins that has better specifications compared to bitcoin but can they use they specification to beat up bitcoin in the market.
Bitcoin is the first, all altcoins are based on bitcoin if we have gold monetary system where gold is the main basis of currency we have bitcoin monetary system online where the main pairs in exchange of altcoins are mostly based on bitcoin.

barabarian1

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because bitcoin is the main currency in cryptocurrency. and bitcoin has a high fluctuation compared to altcoin. the number of restricted bitcoins is only 21 million making bitcoin valuable. and this cryptocurrency can be famous for the increase in bitcoin in 2017. And investing in bitcoin is safer than altcoin, because now many altcoins cannot last long on the crypto market. so it's no wonder bitcoin is the most valuable coin in cryptocurrency.

Obito

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Well, that is how bitcoin could possibly made you. Well, altcoin or the other cryptocurrency was only made after bitcoin. Although, technology has to be replaced but cryptocurrency has a different story than this. Bitcoin already proven a lot of stuff. Besides, from what have been said bitcoin has been there and if you manage to do something better with you might be a billionaire from a random reason. And on the other hand, altcoins are just in there following bitcoin's market flow.

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Obviously, bitcoin is the original, why would you ask questions like that?

Bitcoin is being used in general while the altcoins are being made for a specific purpose, reason or maybe a developed asset that has similarities with bitcoin. Well, bitcoin has blockchain, no one can get through that, it will be always number one.

Quote from: bitcoinposts on October 11, 2019, 12:54:17 AM

Bitcoin is first currency with billion of dollars transactions with less fee and lightening fast network so other altcoins be traded with bitcoin

Lightning Network wasn't an original feature of bitcoin, it's an alter solution to the traffic on blockchain's network.

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Quote from: DaveWave on October 10, 2019, 10:34:06 PM

Quote from: Youghoor on October 05, 2019, 01:27:23 PM

3. Bitcoin introduced financial freedom to everybody no matter your social status.

You don't have to disagree with each other, both reasons can be combined. Except maybe for number 3. How can bitcoin gives you financial freedom when it can go down or up just like normal currencies do? And is bitcoin is even too volatile that is dangerous in terms of your financial security? Maybe you are earning bitcoins online? But everyone can also earn online with fiats too. Maybe the financial freedom you meant is free from government interventions?

It seems he got confused on what financial freedom means:

Quote

Being free, financially, means you can maintain your desired lifestyle without a regular paycheck. In other words, financial freedom is the 21st-century definition of retirement.

Isn't financial freedom been known even before Bitcoin is created? Bitcoin introduce decentralized blockchain that is for sure. But financial freedom? I don't think so. It can give us financial freedom if we are wise enough to invest in bitcoin during its dip and sell at its ATH, or we are one of the early birds that bought bitcoin for less than 1 USD..

I believe it is the mass acceptance the reason why bitcoin is worth more than other cyrptocurrency that have better specs. It is really an advantage to be able to spend Bitcoin in thousands of merchants around the world than having an advance technology but cannot be use to buy us some items.

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Quote from: alexsandria on October 10, 2019, 09:33:56 PM

The reason why people are using bitcoin more than the other available cryptocurrencies is that it is the older crypto and it has its reputation. It has been the most reliable and trusted crypto and it have been used for long. People tend to use what have been reliable to them, and they will definitely choose it rather than to take risk to the new coins available.

You are very correct, it is better that I use the devil that I know than the angel that I don’t know. I would not have even been involved in any other cryptocurrency other than bitcoin, but the other currencies are still necessary evil, they still meet up in their own way to some of our needs.

I have used some altcoins to actually make money in trading and I think that is what they are very much useful for, short term trading and investment, but for a long term usefulness, technology wise and level of transaction accuracy with strong security, I think that bitcoin still cannot be competed with, bitcoin is still the most reliable cryptocurrency in the universe for its true nature, which is why people prefer to stick with it more. If all coins no longer exist, only bitcoin will still stand and you can see how the government is really finding it hard to ban it.

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Quote from: vominhtri1611 on August 09, 2018, 01:10:38 PM

One of the main reasons why Bitcoin has more worth than any other cryptocurrencies is because it has the proven track record to secure hundreds of billions of dollars ($269 billion as of Dec.8 ) without getting it lost to theft or accident.

If a person manages to successfully hack Bitcoin, he or she will easily top the Forbes’ Billionaires List at #1. And believe me, people have definitely tried to get this money that Bitcoin holds right now.

No other cryptocurrency has been held to the same amount of scrutiny and stress-test as Bitcoin. Let’s really test the limit of this technology.

Good or bad, I’m extremely excited what we will see in the future.

I hope you are too.

Bitcoin is more powerful than other cryptocurrencies today because first of all Bitcoin was the pioneer of all Cryptocrurrencies. Also, there are a lot of people who are patronizing bitcoin today compared to other good cryptos. Maybe someday if the people starts to patronize other crypto more than bitcoin, this is the time where its price will dump because of the decrease in demand compare to other crypto. No one can say what will happen, just stay tuned to the latest news realated to crypto so we are always updated.

Eugenar

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Quote from: audaciousbeing on August 09, 2018, 01:30:39 PM

Discussions like this really to me, are not what is needed in the crypto space now because its about whipping up unnecessary sentiments over a sleeping matter. Bitcoin has grown over the years to start competing with other alt coin projects that have relied on doing things better in other to boost the entire crypto space which I believe that putting sentiment aside, its all about the same objective which is making crypto mainstream and any promotion on either bitcoin or alt, the effect is felt on both. People have allegiances and are ready to defend those allegiances even when the fact are staring at them and that is why some discussions are better avoided. #my opinion...

In the first place, the board is Bitcoin Discussion, and for me, topics like this allow the mind of many people to think and try to understand the characteristics that bitcoin has compared to other cryptocurrency. Because me as well, I am not new to crypto but I am still wondered about its aspect concerning its advantage to other with regards to specs and capabilities.

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Quote from: bitcoinposts on October 11, 2019, 12:54:17 AM

Bitcoin is first currency with billion of dollars transactions with less fee and lightening fast network so other altcoins be traded with bitcoin

Yes Bitcoin is first currency in crypto world.
But some your point i think is wrong, less fee and lightening fast network.
Standard fee of Bitcoin is around 50 satoshi/byte.
That is expensive if we compare it with other altcoin, Dogecoin for example with fee 1 doge per transaction.
Also the network is more slow if we compare it one year ago.

bitcoinposts

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Bitcoin is first currency with billion of dollars transactions with less fee and lightening fast network so other altcoins be traded with bitcoin

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Quote from: Wintersoldier on October 05, 2019, 09:17:34 PM

Quote from: vominhtri1611 on August 09, 2018, 01:10:38 PM

One of the main reasons why Bitcoin has more worth than any other cryptocurrencies is because it has the proven track record to secure hundreds of billions of dollars ($269 billion as of Dec.8 ) without getting it lost to theft or accident.

If a person manages to successfully hack Bitcoin, he or she will easily top the Forbes’ Billionaires List at #1. And believe me, people have definitely tried to get this money that Bitcoin holds right now.

No other cryptocurrency has been held to the same amount of scrutiny and stress-test as Bitcoin. Let’s really test the limit of this technology.

Good or bad, I’m extremely excited what we will see in the future.

I hope you are too.

It is not just the value that it secures for me that determines why Bitcoin became worthier than other cryptocurrency. Lets add the concept of the bitcoin's name, basically its a trademark that can easily remember by anyone since from the word bits which is related to computer, and coin means money. In short, bitcoins name contributed greatly from the success of it. In my opinion, satoshi's being anonymous is one of the thing that makes me wonder more about bitcoin, and be more curious about it.

I think it's less the name, but more so the fact that it was the first ever crypto-currency that actually reached a decent amount of success.

Obviously there are other crypto-currencies that have better privacy, faster transactions and other features, but none of them have bitcoins name, or the community that's supporting it constantly.

reality18

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Why do you think other coins have better specs than BTC? This is a clear low understanding in Bitcoin. Bitcoin has got the best specs in the crypto space and the more reason for its worth and dominance on the market. Bitcoin is trusted due to its transparent and anonymous nature in its transactions. It has low supply of 21M which makes it perfect to make the best of the supply and demand principle. Bitcoin has huge adoption as compared to other coins, another reason for its worth.

Flor1982

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Bitcoin has no existing commodity but it just happen that Crypto currency started from Bitcoin in which widely accepted that even it has no product to promote but still the people will choose it as the most trusted crypto for an investment because it already build a deep foundation of trust among the crypto users.

skarais

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Quote from: d3nz on October 10, 2019, 10:27:19 PM

I think its because of popularity and demand all over the world, and also the first cryptocurrency that uses blockchain. Even though mining of bitcoin will be lesser because of halving by next year.

And also, bitcoin is the primary crypto payment that uses in every country. I just don't like the fee when making a transaction.

Bitcoin which is used as a means of payment is one of the benefits of the birth of bitcoin to the middle of society now. I think the spread of bitcoin around the world has happened, though not all of it.
Popularity, market demand, limited supply, safety, and the level of efficiency of use are some of the factors that affect prices.

Zeke_23

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Quote from: DaveWave on October 10, 2019, 10:34:06 PM

Quote from: Youghoor on October 05, 2019, 01:27:23 PM

Quote from: vominhtri1611 on August 09, 2018, 01:10:38 PM

One of the main reasons why Bitcoin has more worth than any other cryptocurrencies is because it has the proven track record to secure hundreds of billions of dollars ($269 billion as of Dec.8 ) without getting it lost to theft or accident.

If a person manages to successfully hack Bitcoin, he or she will easily top the Forbes’ Billionaires List at #1. And believe me, people have definitely tried to get this money that Bitcoin holds right now.

No other cryptocurrency has been held to the same amount of scrutiny and stress-test as Bitcoin. Let’s really test the limit of this technology.

Good or bad, I’m extremely excited what we will see in the future.

I hope you are too.

I don't think I agree with you on this. The basic reasons behind why bitcoin is more valuable than other cryptocurrencies are;
1. Bitcoin introduced blockchain technology which led to the introduction of other cryptocurrencies.
2. Bitcoin is the father and king of all cryptocurrencies.
3. Bitcoin introduced financial freedom to everybody no matter your social status.

You don't have to disagree with each other, both reasons can be combined. Except maybe for number 3. How can bitcoin gives you financial freedom when it can go down or up just like normal currencies do? And is bitcoin is even too volatile that is dangerous in terms of your financial security? Maybe you are earning bitcoins online? But everyone can also earn online with fiats too. Maybe the financial freedom you meant is free from government interventions?

He consider financial freedom as he is free to use his money through blockchain and he is tax free. Government doesnt have the capability to tax a person who earn through cryptocurrency.
Financial freedome is a capability of an individual to have enough savings, investment and enough money to spend not only in our need but also in our wants.

blckhawk

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It's because it's a much more stable coin, it's the founder of blockchain and people know it first before other altcoins. Also, it has proven its security and application, as opposed to the altcoins whom are just starting and is prone to crash if founder has not handled it right. It's true that these altcoins have more features in them, but generally speaking, bitcoin is a lot more trustworthy in terms of payments and investments. It's slowly progressing but each step is carefully done to ensure bitcoin's future.

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Quote from: Youghoor on October 05, 2019, 01:27:23 PM

Quote from: vominhtri1611 on August 09, 2018, 01:10:38 PM

One of the main reasons why Bitcoin has more worth than any other cryptocurrencies is because it has the proven track record to secure hundreds of billions of dollars ($269 billion as of Dec.8 ) without getting it lost to theft or accident.

If a person manages to successfully hack Bitcoin, he or she will easily top the Forbes’ Billionaires List at #1. And believe me, people have definitely tried to get this money that Bitcoin holds right now.

No other cryptocurrency has been held to the same amount of scrutiny and stress-test as Bitcoin. Let’s really test the limit of this technology.

Good or bad, I’m extremely excited what we will see in the future.

I hope you are too.

I don't think I agree with you on this. The basic reasons behind why bitcoin is more valuable than other cryptocurrencies are;
1. Bitcoin introduced blockchain technology which led to the introduction of other cryptocurrencies.
2. Bitcoin is the father and king of all cryptocurrencies.
3. Bitcoin introduced financial freedom to everybody no matter your social status.

You don't have to disagree with each other, both reasons can be combined. Except maybe for number 3. How can bitcoin gives you financial freedom when it can go down or up just like normal currencies do? And is bitcoin is even too volatile that is dangerous in terms of your financial security? Maybe you are earning bitcoins online? But everyone can also earn online with fiats too. Maybe the financial freedom you meant is free from government interventions?

d3nz

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I think its because of popularity and demand all over the world, and also the first cryptocurrency that uses blockchain. Even though mining of bitcoin will be lesser because of halving by next year.

And also, bitcoin is the primary crypto payment that uses in every country. I just don't like the fee when making a transaction.

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Even I used to ask this question earlier. We have coins such as Cardano and NEO, which are very advanced when compared to Bitcoin. They use advanced algorithms and have better safety and scalability features when compared to Bitcoin. Then why these coins are not being used as much as BTC? The last time I checked, Cardano had lost more than 98% of its value. It has dropped out of the top-10 coins list in coinmarketcap and it's market capitalization has crashed from $30 billion to less than $1 billion.

I think I have found the answer. The users are not looking for a cryptocurrency that is the most technologically advanced. They are looking for a powerful, yet simple currency. And Bitcoin suits this role very well. Cardano is a very good coin and the technology is robust. But the problem is that many of the advanced features that it has are useless for the cryptocurrency users. Cardano would have been more popular, had its developers gave more attention to making it user friendly rather than stuffing with all the high-end tech.

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