Topic: Why is bitcoin worth so much ? - page 5. (Read 935 times)

Bitcoin is the first one that got created, well the first one that got any sort of traction and success, all others followed it. Litecoin was actually the second biggest coin, ethereum is getting the attention it deserves nowadays and it is in the second spot. To be perfectly honest with you, if we are going to take a look at which coins blockchain is better or worse we will definitely end up with seeing a ton of other coins which are better than bitcoins blockchain.

Blockchain is not the only thing that makes a coin successful, that is what these new project heads do not understand, you can build the greatest blockchain ever created with every single new feature of the past 10 years all coins combined into one coin, and yet if you do not do marketing well enough and people do not like your coin, it will become worthless with that awesome blockchain of its.

Bitcoin is digital gold. It is so expensive because it is difficult to obtain. Any limited resource will be expensive, the law of the market. And then, digital currency needs to be measured, and the first currency was chosen accordingly.

Bitcoins Have Value? Bitcoin offers an efficient means of transferring money over the internet and is controlled by a decentralized network with a transparent set of rules, thus presenting an alternative to central bank-controlled fiat money. Bitcoin whenever they add a new block of transactions to the blockchain. Bitcoin has properties that make it similar to gold.

• The Transaction fee of Bitcoins is not dependent on the price of Bitcoins , it is actually dependent on the amount of Bitcoins . The miners are working too , to make sure that it remains secure and safe . Therefore I do think that it is reasonable.
  At the same time we do have options to pay less transaction fee . Like Lightning network, even though the network is not actually that safe , but now and then , it can be used .
 •The confirmation time of BTC , is rather a blessing. The reason it takes this amount of time to confirm is because this way it provides additional security , you should try and find out about it more .
*Bitcoin transaction is not just verified by one person or company*
• I do think you are not stating the fact that Bitcoins also does support the smart contracts but that's actually limited . One should understand that Bitcoins can use smart contracts you can learn about the protocol online .
• Tokens support ? Do you mean the customer service? It is not centralized therefore there is no point in having one.
• Trust
• Fixed amount of Bitcoins ( Demand and supply makes it much more interesting for the upcoming future)
• High volatility is a blessing for most traders .

There is a lot . No way ETH or any other Crypto is bad , but the thing is people tend to use the one's that they find more trustable . We do have a lower coin supply and liquidity.

I do think BTC is better for Investment purposes and trading and all , ETH is overall good for day to day activities.   

There are questions like this that have been asked many times before, some of us are confused why bitcoin is so popular, valuable and people go crazy over it, well to be exact why bitcoin is valuable because it is first currency that has been introduced to us, but then why? of course people who interacted with it first build its own reputation along the way. Bitcoin is designed not alike that much to any cryptocurrency that we have now in the market, the 21m limited supply says it all. In short, bitcoin is valuable because it is bitcoin 

Have you ever wondered that why the price of gold is so expensive whereas the silver is very cheap since both has same level of difficulty in finding?

Bitcoin have limited supply, when more people used bitcoin means the price will increase,where as etherum can be mined forever so not ebery people have interest on mining it or holding it in huge amount so.price is cheaper than bitcoin.

There are around 6-7 billion ounces of gold in the world. There are 21 million bitcoins. Do the math. Gold overall is worth much more. Not every system has the exact same individual unit pricing or the same number of units.

ah the old liquidity and trust... but still there are other stuff in this world that share the same pro's but they are not this valuable

Gold is liquid it's money and commodity  but is worth less then bitcoin ...

How in the world btc became so valuable what was the spark ... ?

Actually,  Bitcoin transaction is so high also to me. But, otherwise time and otherthing are not bad. I think, it is more comfortable than the other medium like bank or other system. In future, it will be the most famous, trustable, valuable and promising for human life.        

Since you've pointed out some "issues" with BTC, I'll give you some points as well:
-the first cryptocurrency
-the most well known cryptocurrency
-the most trusted one
-the most accepted one (highest market penetration)
-decentralized
-altcoins follow its price, so they depend on it

Enough?

Bitcoin is the most trustworthy cryptocurrency. It's limited, maybe it's the key feature. 

I mined with my pc around 50 btc when bitcoin was worth nothing ... i sold them for around 0.2 cents / btc ...people wouldn't even want to buy them back then ...so what increased btc value so much ... makes no sense ...

Because btc was first. Its like question why apple devices cost so much. Status, brand, fanbase, etc

Because it has earned the most trust. It's the most tested, most battered, the oldest, it had the purest launch, it's the best developed, the most stable.

That's what shitcoin fans can never admit to themselves, or cannot begin to conceive of. No one gives a fuck about one second block times and 'partnerships' if there isn't any trust. Without trust it's just meaningless software which is what most of them are.

Until someone's figured that value is nothing to do with technicalities and all to do with deeper human factors they're not going to get far.

@spy100 this topic has been discussed multiple times over the years now, and you need to understand that Bitcoin is the original crypto, and rest coins like Ethereum are alt coins, and therefore people will never consider them above bitcoins.


@sheenshane you have explained very well about the fees issue, and in my personal opinion it totally depends when you transfer as I have personally transferred $100+ and paid few cents in fees, and further I have seen whales transfer big amounts and pay small fees for their transactions using bitcoins.

Sources:

https://www.investopedia.com/articles/investing/031416/bitcoin-vs-ethereum-driven-different-purposes.asp

https://www.investopedia.com/terms/b/bitcoin.asp

https://thenextweb.com/hardfork/2019/07/29/bitcoin-whale-moves-468-million-crypto-fortune-for-less-than-400/

Past discussions:

https://bitcointalk.org/index.php?topic=2377948.680

https://bitcointalk.org/index.php?topic=2214251.740

So why do you need to transfer in cryptocurrency if you have these ( WU, dbt, paypal) to transfer with? Just to clarify, you don't necessarily use cryptocurrency to transfer funds if you have more platform/app services to do it with so much convenience. Indeed that if takes more to transfer via crypto since there is conversion rate fee and transaction fee that's why you need to consider this process before transferring funds.
People are just using crypto for others not to track their transaction, the privacy  

The trust that has been gained by Bitcoin in millions of traders and miners that altogether have imparted on a cryptocurrency and Bitcoin is the largest cryptocurrency that the value determined by the demand and supply.

Now, if you worried about the transaction fees, it is natural in Bitcoin to have fees to pay miners every time transaction to be confirmed.
I think you need to understand the word volatility that makes Bitcoin worth it so much to the eye of crypto enthusiast's holders that choose to hold Bitcoin than spending. Others also think that through the decentralized infrastructure of Bitcoin by making direct money transfers quick and have transparency are the most they like, and the fee is doesn't matter to them, IMO.

However, if everyone knows how to use Lightning Network to apply in Bitcoin transactions, we can help to lessen the fees and have faster transactions.

Impossible.

15% loss in single transaction will never happen. There is no such movement in bitcoin where it moved up and down in its price with so much difference.

Also if you send 1000 USD to Person B, then you actually input 1000 USD in amount to be sent while the TX Fees are added differently.

In the screenshot below you will see how it works. YOU will pay the FEES, and Person B receives 1000 USD not less and not more.

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The Volatility that you talking about is not that hard. User can always cashout as soon as they receive the 1000 USD.


Everything has their pros and cons.

Banks can track you, track your transactions and identity. You have limits on your transaction.

In case of crypto that is reverse and more confidential. May be that evens it out.

Basically - the supply of btc won't ever grow
on the other side demand was growing or at least staying still this whole decade

The bitcoin already gained a lot of reputation into the world and community of the cryptocurrency because from the previous years it gives a good market income and outcome to the whole market in the start of the bitcoin, only a few people realize the benefits of it and after that, it gained a lot of popularity because of the benefits of it like the security, transparency, efficiency and more which is good to an investor or a people who want to save their money.

You can spend all of your bitcoin today in different ways like first on using gambling, investment, and trading but today not only limited by that because in some parts of the world there are some stores accepting the use of the bitcoin payment. Also by the time goes by the number of people supporting the bitcoin are increasing which is good to make more increase in the market price of the coin.