Why is Bitcoin worth so much? - page 5.

Viscore

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Quote from: isaac_clarke22 on July 31, 2021, 02:42:33 PM

Quote from: Silberman on July 31, 2021, 10:24:15 AM

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Well there are many coins trying to be Bitcoin, but Bitcoin already solved what others are even trying.
It is like Bitcoin is already about to go home, while they are still on the way on their destination.

It's like a lot of coins have been tried to beat bitcoin but none of them succeeded. Simply, because bitcoin is the number one and the most trusted digital currency in the market. No wonder that bitcoin has the most expensive value that everyone who gets to know bitcoin are definitely craving to have it even a single one.

And having bitcoin as a store of value also made it worth the keep. Not just in trading bitcoin you can make huge profits, but even by simply hodling bitcoin, the result is still worth the risk.

Ryker1

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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

Well, it could be --the uniqueness of its kind.
Bitcoin is a pioneer and it has a real use because it was created with the purpose of alternative in fiat so this relatively considering as fiat, plus another factor is bitcoin has a fixed amount so it means, the price now is a matter of the demand and supply since the amount of bitcoin was fixed. The purpose of using as an alternative to fiat currency was not to have an effect, instead, people are saving it to store value, when there is more holder in bitcoin the price will grow up easily because of the demand will increase and the supply will decrease.

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Quote from: Silberman on July 31, 2021, 10:24:15 AM

~

Well there are many coins trying to be Bitcoin, but Bitcoin already solved what others are even trying.
It is like Bitcoin is already about to go home, while they are still on the way on their destination.

Oceat

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Quote from: Fatunad on July 31, 2021, 01:44:26 PM

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

There's always a thing called "demand" and it doesnt matter if this one is a bit outdated compared to new ones but we cant really just throw out on where all these things had started?
Bitcoin is the first cryptocurrency and its just right that it would really be having that kind of treat up or recognition by the public since its the origin and you cant do anything about
it if it turns out that majority or the community is really eyeing on the king of crypto. It wont really be reaching out all time highs if it werent popular in the first place.
Alts would always turn out to be alternatives as the name suggest but we wont know if there would be some switch up in the future.

I have a full doubt if there would be a switch for Bitcoin in the future if decentralization is removed then don't expect it to happen since most government like to control something especially when it's a money/assets. If more people continue to support Bitcoin then there's no need to look for something that's also based on Bitcoin, they were just a copy/imitation it's less worthy.

We do have a lot of altcoins that's trying to be the next Bitcoin but I don't think someone would make something like Satoshi did. They made an innovative technology that someday we'll gonna use against bank and this one cost their freedom that's why they have to hide forever and stay out of sight since the government want to seize their invention.

Fatunad

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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

There's always a thing called "demand" and it doesnt matter if this one is a bit outdated compared to new ones but we cant really just throw out on where all these things had started?
Bitcoin is the first cryptocurrency and its just right that it would really be having that kind of treat up or recognition by the public since its the origin and you cant do anything about
it if it turns out that majority or the community is really eyeing on the king of crypto. It wont really be reaching out all time highs if it werent popular in the first place.
Alts would always turn out to be alternatives as the name suggest but we wont know if there would be some switch up in the future.

verita1

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I never asked myself the question that OP asked about bitcoin. Because it is logical to think that bitcoin was the one who gave rise to all those cryptocurrencies that are better because they have more use cases.

However bitcoin deserves the position and credibility that it currently possesses and will be forever. The reasons have been evident there is support by all who contribute in the permanence of bitcoin a dominance 46.4% is an important number.

We cannot live in the crypto space without bitcoin, there are those who believe it and others do not, there lies the freedom in making us free to choose.

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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 very valuable because Bitcoin was the first cryptocurrency and also still the most in-demand...

Just compare the number of Bitcoin transactions with other cryptocurrencies and you will see a huge difference, other more perfect cryptocurrencies don't have that much appeal.

The Cryptovator

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Bitcoin is the first cryptocurrency that succeeds in its goal. There were multiple attempts to create a cryptocurrency, but that wasn't much success. You can read this article Were There Cryptocurrencies Before Bitcoin?. So it's called mother coin even many altcoins have been creating. The reward process of Bitcoin makes it more popular since at the beginning people earned Bitcoin by mining. Bitcoin is still most secure than any other altcoin and worldwide accepted by the community. You can see altcoin community is very limited. All the altcoins aren't true decentralized where we can say Bitcoin is truly decentralized. Most altcoins don't have any real goal, just raising money and keep quiet. But Bitcoin is the same from the beginning. Just research yourself and you can discover many things why Bitcoin is worthy than other altcoins.

AverageGlabella

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How could something so revolutionary which provides people with more freedom and a way of getting wealthy and not work a normal job be worth so much? Silly question because Bitcoin has many advantages over fiat currencies even if I was not to include the ones I have already mentioned in this post.

Silberman

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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

First of all I doubt that there many other cryptocurrencies are actually better than bitcoin, they say they are but that doesn't mean that they actually achieved that goal, that been said you are completely misunderstanding what gives bitcoin value, one of the reasons bitcoin has value has to do with the network effect in which the more people that use a particular product and service the more valuable that product or service will become, this is why social networks have value because they have billions of users giving them information for free.

Dhaniii

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Why is bitcoin so valuable?? my answer is very simple, because bitcoin is the king of all coins, so it is natural that the price is more expensive, bitcoin can also be said to be in limited supply,, the beginning of the emergence of bitcoin is indeed a lot of doubt, but over time, bitcoin grows and many hold bitcoin, After several years of bitcoin's presence, other coins automatically appeared, it can be said that if there is no bitcoin, maybe other coins don't exist either..

to be more precise bitcoin is the grandfather of other altcoins. bitcoin is older than other altcoins and the market is more plentiful and reliable.
From another concept, bitcoin is the figure that influences the movement of other altcoins.
so clearly bitcoin is very valuable and valuable than other altcoins, the measurement and determination of the market is determined by the price of bitcoin.

Zilon

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This actually what makes blockchain technology different from everyother technology that has ever existed. For crypto currency unlike other currencies Bitcoin upon which other digital currencies are built upon has a highly secure database with open source and transparent network. Every other digital currency or altcoin only build upon what has already been built and non has succeeded to improve on Bitcoin and I doubt if there is any lapses in bitcoin except for the high energy consumption during minning.

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Lost? LOL

Since when did the King lose first before his soldiers who were lying drenched in blood? You think this is some kind of war between Athena and the Spartan coup?
Don't be fooled, life is too narrow to conclude Bitcoin's defeat in times of massive adoption. How do you explain this before the court on what kind of basis can we refer to to beat Bitcoin?
You will only be made a suspect and the king will immediately take action against the coup?
Bitcoin is no longer a small child, and he is still standing without needing to ask him to walk.

kryptqnick

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It's not the most useful thing that often becomes valuable. Gold has been mentioned here before. It's not a great metal to make strong things, and there are cheaper stones that look better than it does. And yet it's more valuable because people trust in it and believe that it's valuable for subjective reasons. So Bitcoin doesn't have to be the most useful to be valuable. Also, when it comes to Bitcoin, there really isn't much improvement after it with altcoins. PoS and private blockchain have their pros and cons, so they aren't necessarily improvements, and smart contracts are useful, but not very convenient, so they are not a big enough improvement to make Bitcoin obsolete. If someone solves the scalability issue once and for all with some crypto, this could be a big enough improvement. However, it also has to be made in an attractive way because IOTA allegedly solves the issue in the long run, but the early adoption stage is highly centralized, and there isn't enough interest to go through it.

mrongoz22

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why bitcoin is so valuable,?? the answer may be because bitcoin is a rare item, mining is not easy, because its value can be said to be expensive, so everyone wants to play in bitcoin, and dare to invest in bitcoin..

Cling18

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Simply because it's well-known and trusted. It has caught the trust of most people because of its function and the convenience that it provides as a currency. However, it doesn't mean that it's better than other currencies but it has an advantage since it's the father of all cryptocurrencies. Compared to the traditional currencies, it provides convenience, and its volatility has an edge when it comes to investment.

dothebeats

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First mover advantage? Lots of huge companies trusting bitcoin more than any other coins? Established market with lots of traders, businesses, and companies involved? There's a lot of things that contribute to the valuation of bitcoin, and those that I mentioned were not even half of it. While it's true that the technology, the gimmicks, and other goodies are superior to those new coins compared to bitcoin, some of those are not really useful to those who will use it.

Dhoe

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why bitcoin is very valuable,?? the answer is very simple, bitcoin is a rare item, bitcoin is also a new civilization, which emerged with the development of the internet world, because its value can also be said to be expensive, so many people choose to invest in bitcoin ..

fiulpro

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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

I do believe there are a lot of things like :
Trust
Simplified application
Marketing
Backed up by more people
More popular than most
Have been in the market for a really long time
Improvements which are being made every couple of years
Wider practical applications
I understand for a fact that you might consider bitcoins to be inferior since at the end of the day it does not have much complicated base in contrast to other cryptocurrencies like : ETH but that does not mean that they all have to compete, they are very well in a synergistic relationship.

maxreish

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I can see you're a newbie and still wondering why Bitcoin is the number one in terms of the the price and considered as the King of all cryptocurrencies. The value is increasing as time goes by because of many reasons;
- Blockchain system
- Digital payments
- Companies accepting bitcoin
- Pro bitcoin governments
- Innovation adoption
- Investment
- Popularity

As many were amazed with how great this Bitcoin use to grow and develop, the value of it continues to rise, too.

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