Why is Bitcoin worth so much? - page 2.

dzonikg28

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simple answer is supply and demand people trusted it people pay it and make the bitcoin is worth

Supply and demand always is the shortest answer and indeed a correct one. I guess though that OP wanted to have a somewhat more elaborate answer. Wink

Bitcoin is worth so much because it is truly scarce and a serious alternative to any existing financial subsystem and the overall financial system. That doesn't mean Bitcoin is a safe haven per se and can't crash. It certainly can as we know. But it truly is different from the system people are more and more losing trust in.

Vaculin

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Winding down.

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simple answer is supply and demand people trusted it people pay it and make the bitcoin is worth

It has a market value and people take this opportunity. And the number of individuals who see about the potential of Bitcoin, which eventually helps the demand to grow and uplift its value. Gaining trust from the people around is really hard especially when there is no support from the government but still, people are risking their money for this sake and they are not wrong.
Now, we can see that Bitcoin prices keep increasing and that is something to tell that Bitcoin is real in the digital world, not a hearsay nor it was a scam.

Connor Britton

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Because other altcoins developed because of Bitcoin, and Bitcoin has a consensus. We meet here because of consensus. Because Bitcoin becomes more and more popular, the value of Bitcoin will slowly rise.
When Bitcoin becomes more popular, the value of Bitcoin becomes even more valuable!

Kimonoe

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I think it's a matter of trend for now. we see many people who want to invest in bitcoin with a limited supply of course later the price will rise if those who adopt it increase. and moreover, many countries do not prohibit it from being owned, but it is indeed a risk borne by each

Sithara007

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It is similar to asking why Amazon is the biggest brand in eCommerce, or asking why Tesla is so big in the EV sector. With Amazon and Tesla, they were the first established brands in their respective fields. And there is always an advantage for being the first. There were a few proposals for cryptocurrency even before Bitcoin. Hashcash is an example (was in active circulation until 1997). But none of them found any acceptance from the users. Bitcoin was the first cryptocurrency that could be established with global acceptance.

Tahsin Kabir Kollol

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The main reason why Bitcoin is worth so much more than other cryptocurrencies is that Bitcoin is the first and foremost cryptocurrency. Although many cryptocurrencies exist in the market at present, many of them exist in markets directly dependent on Bitcoin fluctuations. Moreover, Bitcoin is considered to be the most popular and trusted cryptocurrency for investment. Moreover, due to the fact that the total supply of Bitcoin is a certain amount, its demand and the number of users are increasing day by day and its value is constantly increasing. So it can be said that since Bitcoin has emerged as the mainstay of all cryptocurrencies, its value is so high.

Xinarae*

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Quote from: fuguebtc on August 03, 2021, 09:43:44 PM

Bitcoin was the first cryptocurrency, it ushered in the world's first decentralized finance era. All altcoins they are really good but they are all created by copying and forking from bitcoin, without bitcoin all alts would not exist.

Yes bitcoin is the first cryptocurrency and the price increases as the demand for investment in this currency increases. Data on these transactions is protected through blockchain networks but there is no authority like the central bank to oversee transactions in these currencies new bitcoins are created through these miners.

Nora Olin

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The essence of Bitcoin's value is people's consensus. Whether these things have value and whether they can satisfy us is not the most important thing. What matters is that people think they are valuable and whether people are willing to buy them at a high price. In other words, the value comes from our inner thoughts, which is equivalent to the value we assign to it. If everyone agrees with it, then it is valuable, and the common concept of all of us is the consensus.

JillianTaft

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Bitcoin has always been the number one cryptocurrency by market capitalization. It all depends on the people in the world. It is believed that the more people who invest in Bitcoin, the greater the market value, not only on the Internet, but also in other fields. Bitcoin is the least easily manipulated. Bitcoin was the first to be used in blockchain technology and the leader of all cryptocurrencies.

Semar Mesem

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Quote from: fuguebtc on August 03, 2021, 09:43:44 PM

Bitcoin was the first cryptocurrency, it ushered in the world's first decentralized finance era. All altcoins they are really good but they are all created by copying and forking from bitcoin, without bitcoin all alts would not exist.

I think on the contrary, bitcoin can be like this because of the support of altcoins, without trading with altcoins pairs then bitcoin runs on its own and may not last long, we should thank bitcoin for being the first crypto but we should be more grateful to altcoins that make bitcoin great.

ik5656

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For what reason is bitcoin so important?? my answer is extremely straightforward, on the grounds that bitcoin is the ruler, everything being equal, so it is normal that the cost is more costly, bitcoin can likewise be supposed to be in restricted stock,, the start of the rise of bitcoin is in reality a ton of uncertainty, yet over the long haul, bitcoin develops and many hold bitcoin, After quite a while of bitcoin's quality, different coins naturally showed up, one might say that in case there is no bitcoin, perhaps different coins don't exist by the same token

kawetsriyanto

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Quote from: fuguebtc on August 03, 2021, 09:43:44 PM

Bitcoin was the first cryptocurrency, it ushered in the world's first decentralized finance era.

Actually, there are already some similar electronic currencies created before Bitcoin but they seem to have a bit different characteristics. Bitcoin has more advanced characteristics and it is decentralized. Satoshi Nakamoto really made a great idea to develop Bitcoin with a decentralized system. With this system, Bitcoin became an electronic/digital currency that can be transferred around the world without a third party. A great innovation to support human future life.

Quote from: Robinson66 on August 05, 2021, 04:11:17 AM

Bitcoin has now become some payment methods, the legal tender of some countries

Bitcoin isn't a payment method but a payment tool.
Regarding legal tender, AFAIK only El Salvador officially announced to make Bitcoin as a legal tender there.

wiki: https://en.wikipedia.org/wiki/Cryptocurrency

Mr.sprin

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I agree that bitcoin is the first digital currency and it is very appropriate for bitcoin to be dubbed the king of other alcoins, it is proven that bitcoin is king, if the price of bitcoin goes up, the price of alcoin also goes up and if the price of bitcoin goes down, the price of alcon also goes down, so it is very appropriate for bitcoin to be dubbed as king of other alcoins.

ChiBitCTy

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Quote from: Hibiki27 on July 31, 2021, 02:54:45 AM

Many other cryptocurrencies have been improved upon based on Bitcoin. In other words, Bitcoin must be inferior to them, but why is Bitcoin's value number one by far?
Why is Bitcoin worth so much? Huh

As others here have stated, bitcoin was first and was the model for others to base their coins on, but that DOESN'T mean that they are better than bitcoin or have improved upon bitcoin. It's important to remember that bitcoin was first so no other blockchain has been tested like it has before which gives it a major advantage over all other coins. The truth is when it comes to coins like Bitcoin Cash or Bitcoin SV, you have no idea if their "updated" blockchains would be able to handle the inflows and outflows that bitcoin has been able to handle. So no, bitcoin is not inferior.

AicecreaME

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Quote from: Hibiki27 on July 31, 2021, 02:54:45 AM

Many other cryptocurrencies have been improved upon based on Bitcoin. In other words, Bitcoin must be inferior to them, but why is Bitcoin's value number one by far?
Why is Bitcoin worth so much? Huh

Bitcoin is the basis of the values of other cryptocurrencies which makes it the superior of them all. The price movements of almost all the coins are related to bitcoin's pump and dump. It is said to be the greatest among the rest because it has proven its potential over the years already and it served as the 'founding coin' of the cryptocurrency community. Bitcoin has a value that totally far ahead of other coins because it only has a very limited supply. With this being said, the power of supply and demand will do the work making its price go up and down depending on the market demand at the current time. Bitcoin isn't prone to inflation unlike other forms of assets which is the reason why the demand is high, making its price pump even more as time passes by.

Rehan Zakir

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Because Bitcoin is the first crypto currency of the world. And all the other coins are alt coin( alternative coins). All alt coins price are dependent with the bitcoin price. Bitcoin is a independent currency. But its price impacts on the other coins prices. Bitcoin is the King of the crypto currency coins and it will also remains king no other coin will compete them. That is why bitcoin worth so much.

ene1980

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Quote from: BOAEDAN on August 04, 2021, 10:46:02 AM

Quote from: fuguebtc on August 03, 2021, 09:43:44 PM

Bitcoin was the first cryptocurrency, it ushered in the world's first decentralized finance era. All altcoins they are really good but they are all created by copying and forking from bitcoin, without bitcoin all alts would not exist.

it's true as you said comrade, bitcoin is the first coin, and can be said to be the king of all coins, so bitcoin is very valuable, the benefits we get from bitcoin are very real, if we are patient in investing, surely profits will await us in the future ..

Having the first currency tag does not mean anything without its underlying technology, there were many coins that came after that and if you look at that majority of the earlier coins died because of the lack of innovation and rather copying the same Bitcoin source code and renaming them and then there are coins that are successful even if they copied everything.

After all it depends upon timing and how many people you can attract with your product because the price depends upon demand and if you can attract investors then you can have a successful project.

BOAEDAN

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maybe crypto miners understand that cryptocurrencies are a long-term business and so are the prices that change from time to time so that it makes crypto business people very comfortable to linger in the cryptocurrency world, this is not only a matter of price but this business makes investors feel comfortable

it's true as you said, bitcoin is so valuable because bitcoin never deceives anyone, people who invest in bitcoin always feel comfortable, because if a business is safe and reliable, it is certain that the business will grow and be valuable, plus if we invest bitcoin in long term, we will likely benefit, because bitcoin is also a rare item, so something that is rare is definitely high in value..

Robinson66

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Because of the emergence of Bitcoin, there will be these copycats. If there is no Bitcoin, there will be so many altcoins now.
Bitcoin is the leader, other currencies fluctuate with the rise and fall of Bitcoin, and Bitcoin survives for ten years. Bitcoin technology is now very suitable for others.
Bitcoin has now become some payment methods, the legal tender of some countries, which is currently not possible with other currencies!

Rocky993

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The whole stingy market has developed. Everything depends on Bitcoin. The value of the hero coin will increase.

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