Topic: Why is Bitcoin worth so much more than other crypto - page 3. (Read 713 times)
Trust is the real difference here between Bitcoin and any other altcoins, 90% of the altcoins were premined which is same as fiat printer then why would people need something of the kind. And also Bitcoin didn't grow just overnight, it's the growth achieved in a long journey and lot of members contributed in different ways then importantly Satoshi didn't even touch his Bitcoin even though it's worth billions now is what makes people think that Bitcoin is not gonna slip away from its purpose.
Because Bitcoin is the first coin in crypto and Bitcoin gives benefits more than the other coins. The other coins follow where Bitcoin moves as Bitcoin will be in the top cryptocurrency.
When a coin can not become popular, nothing happen to Bitcoin. But when Bitcoin lose the price and drop significantly, there will be a panic in the market. People will thinks that crypto will end soon so they will save themselves by selling their coins.
Bitcoin will be the best for a long term investment but the other coins could only good for short and middle term investment although they can be a long term investment too. But Bitcoin will still takes the position to be the leader in cryptocurrency.
When a coin can not become popular, nothing happen to Bitcoin. But when Bitcoin lose the price and drop significantly, there will be a panic in the market. People will thinks that crypto will end soon so they will save themselves by selling their coins.
Bitcoin will be the best for a long term investment but the other coins could only good for short and middle term investment although they can be a long term investment too. But Bitcoin will still takes the position to be the leader in cryptocurrency.
why is it so difficult for other cryptos to have the same potentials as bitcoin , are they missing something?
The complicated process and how bitcoin was created will be a picture of why it is so valuable, after bitcoin was created it was also followed by perfect technology so that there is a blockchain that completes perfection.
Bitcoin is also valued by the number of people's interest in investing or in other words the value of the asset is determined by supply and demand which may affect the journey in the market at any time according to the period.
Other coins do not have the same capabilities as bitcoin and that's why they are difficult to match, even if you look at ETH as the closest competitor but they are not able to surpass bitcoin.
Bitcoin is unique and there may be many advantages that it has so that people see this as the only one that has potential for the long term, apart from other coins that may be able to provide personal benefits for people who invest.
why is it so difficult for other cryptos to have the same potentials as bitcoin , are they missing something?
You can't expect for other cryptos to have the same potentials with bitcoin, simply because each coin has its own utility case to its users and creates its own impact to its different users. One may find bitcoin more useful and profitable, but others would find altcoins more interesting to invest. But one thing is certain, bitcoin is still the number one coin in the crypto market, and the rest are just a copied image out from bitcoin.Furthermore, bitcoin is the first cryptocurrency that existed in the market, so the impact hits different when it's more known to the people, compared to those new launched altcoins that have no clear utility cases even to their own developers.
Honestly, "because it's the first one" will always be the main reason and I do not see anything getting any different anytime soon. We need to really reconsider all of this because bitcoin being first isn't always the one that is making it go to the first place and stay there. First of all, look at all the coins you see at the top, how many of them really feels "decentralized"?
I mean Vitalik wanted to switch to Proof of Stake, and all of ETH did that, XRP is literally ruled by two people at some company, USDT is just some company giving us digital numbers in exchange for our dollars, bnb is managed by binance and fully centralized. So basically, go look at anything, and you will see that there is a team behind it, whereas bitcoin is the only one without anyone and that's why I believe decentralized is the only and biggest reason for this to continue, and I believe it will continue be the case for a long time as well, that's why it's number one.
I mean Vitalik wanted to switch to Proof of Stake, and all of ETH did that, XRP is literally ruled by two people at some company, USDT is just some company giving us digital numbers in exchange for our dollars, bnb is managed by binance and fully centralized. So basically, go look at anything, and you will see that there is a team behind it, whereas bitcoin is the only one without anyone and that's why I believe decentralized is the only and biggest reason for this to continue, and I believe it will continue be the case for a long time as well, that's why it's number one.
why is it so difficult for other cryptos to have the same potentials as bitcoin , are they missing something?
I believe each crypto signifies its own brand in the market. However, the only advantage of bitcoin is its market dominance which made it having the largest market capitalization, that paved way to its bigger audience and wider adoption. Since bitcoin dominates, the rest are just like following the path of bitcoin. Although a lot have tried to compete the potentials of bitcoin, unfortunately none of them surpass bitcoin’s dominance.It dominated the market because it's the prime mover, simply as that. Although there are other 'cryptocurrency' before it's time, they are not successful. And Satoshi acknowledge this pre-cursor in the white paper.
But Bitcoin was the first of it's kind and so we know from it's past history that there are a lot of who doubted it in the beginning and sell early and regret their decision. And even today, there are lot of personalities who says that they are Satoshi to claim as being the creator because just imagine the fame that you will get because you developed one of the greatest invention in the last 10 years or so.
Now Bitcoin is so huge, even countries knows that and so they are thinking of having it as a strategic reserves including US, Russia and China.
why is it so difficult for other cryptos to have the same potentials as bitcoin , are they missing something?
because bitcoin has been proven, even bitcoin has been able to survive for more than a decade. In addition, Bitcoin grows faster and is more resilient in many ways. This has happened since bitcoin was born until now, Bitcoin has also been ranked first and has never failed. What is even more amazing is the trend of decentralization that bitcoin has had from the past to the present, even the Bitcoin network consists of tens of thousands of nodes and an unknown number of miners. This is unlike most altcoins, besides bitcoin cannot be closed by the wishes of any entity including the state.The success of Bitcoin that is happening now has also given birth to many imitations and derivatives that seem to be able to threaten Bitcoin in various ways. However, Bitcoin has some uniqueness that cannot be imitated by altcoins. That is why bitcoin is always on top and altcoins will never be able to beat bitcoin. It can be said that bitcoin is the leader or parent of all altcoins.
why is it so difficult for other cryptos to have the same potentials as bitcoin , are they missing something?
It is because every other cryptocurrencies are just imitation of bitcoin and they can't really get the quality of bitcoin. Bitcoin just remains bitcoin, a digital currency that was created not from the idea or concept of any digital currency. Every cryptocurrency tries to be what bitcoin is that is why it normally ends up to be very low in quality when you compare it to bitcoin. Some ends up as becoming shitcoin when trying to imitate bitcoin. I think bitcoin is worth so much than other digital currency because of it originality right from it creation , it is what it is and it will be very difficult for any digital currency to be what it is.
why is it so difficult for other cryptos to have the same potentials as bitcoin , are they missing something?
I believe each crypto signifies its own brand in the market. However, the only advantage of bitcoin is its market dominance which made it having the largest market capitalization, that paved way to its bigger audience and wider adoption. Since bitcoin dominates, the rest are just like following the path of bitcoin. Although a lot have tried to compete the potentials of bitcoin, unfortunately none of them surpass bitcoin’s dominance. 
Bitcoin is a decentralized currency that doubles as a store of value scalable at almost anytime with little to almost no interference and alternation of authorities unlike others that are utility and project based which cannot scale up as much as can be done with Bitcoin as they are all Bitcoin dependent but Bitcoin is independent of them all.
You know companies that have been the first ones in the field? That's how Bitcoin is. It's the first digital currency that was able to be verifiable and not duplicated. We all know its properties: decentralized, scarce supply, and security. It's all part of it, but since it's the first, it's really the most valuable.
There would be no similar success at the moment. We will never know.
Altcoins with centralization can be scarce but scarcity can not make altcoins more valuable.There would be no similar success at the moment. We will never know.
An example is YFI from Yearn finance.
https://www.binance.com/en/trade/YFI_USDT?type=spot
https://coinmarketcap.com/currencies/yearn-finance/
It's total supply is very scarce, with only 36.64K YFI. See its price since 2021 to realize that value does not only come from scarcity.
why is it so difficult for other cryptos to have the same potentials as bitcoin , are they missing something?
The price of any commodity, including Bitcoin and altcoins, depends on supply and demand. Considering that with each halving, the amount of BTC decreases and demand increases, this leads to an increase in the price of Bitcoin.
why is it so difficult for other cryptos to have the same potentials as bitcoin , are they missing something?
A lot of folks will probably tell you its because Bitcoin was the first. And thats part of it. But to really understand why Bitcoin worth so much more than other cryptocurrencies, you must understand why cryptocurrencies have value at all. Im guessing you already know about stuff like security, decentralization, scarcity - things that define cryptocurrencies. But have you heard of network effect?
Thats when the value of something increases the more people use it. And Bitcoin has a massive network effect after being around over a decade. Its got way more users and infrastructure than the other guys. That network effect snowballs making Bitcoin more and more dominant.
Sure, being first gave it a head start and a first-mover advantage in this regard. But now Bitcoins so far ahead, it will be real tough for another crypto to catch up. Them trying to compete is like a little start-up taking on Microsoft. Good luck with that!
Yeah... Like someone else said this is the first coin that was created that many people thought was a coin until but now it's so valuable because of the huge community support.
Another reason why bitcoin is difficult to surpass other altcoins... because of the large adoption, it has become a reserve asset in several countries and no owner can control bitcoin.
Unlike altcoins there are owners, when they can dispose of their tokens in possession... so this is what is difficult to trust in altcoins, there have been many falls.
Another reason why bitcoin is difficult to surpass other altcoins... because of the large adoption, it has become a reserve asset in several countries and no owner can control bitcoin.
Unlike altcoins there are owners, when they can dispose of their tokens in possession... so this is what is difficult to trust in altcoins, there have been many falls.
Aside the fact that bitcoin is the first created crypto in the market, hence it also gained the most widespread adoption that made bitcoin become the most dominant coin in the crypto market. Bitcoin is the foundation of crypto, so it's not surprising why bitcoin is the most valuable and most in demand to its users, altcoins are only left as the alternative coins.
why is it so difficult for other cryptos to have the same potentials as bitcoin , are they missing something?
If you look into the history of bitcoin op, and why the inventor did it, and what can it do for our people all over the world? There is a google search or chatgpt you will see the answer
that there is nothing more and nothing less op.
And until now bitcoin is still proven and tested when it comes to long-term investment, and you will not see anything until now like Bitcoin. Many have imitated bitcoin and many have also said that they will surpass bitcoin but all those who said that have not proven it.
why is it so difficult for other cryptos to have the same potentials as bitcoin , are they missing something?
The value of an asset is determined by demand and demand is determined by its use case, practical application, the benefits it provides...and supply is also an important factor. If you compare them with each other, you will easily realize that Bitcoin will outperform all other cryptocurrencies in the above factors and many more. Because bitcoin was created with a clear purpose, it was not created just to be a speculative asset, pumped &dumped.
Similar to gold, have you ever wondered why people prefer gold over silver, iron, copper...? Because gold is completely superior to other metals in every way. You can also apply this comparison to bitcoin and altcoins.
You know companies that have been the first ones in the field? That's how Bitcoin is. It's the first digital currency that was able to be verifiable and not duplicated. We all know its properties: decentralized, scarce supply, and security. It's all part of it, but since it's the first, it's really the most valuable.
There would be no similar success at the moment. We will never know.
There would be no similar success at the moment. We will never know.
why is it so difficult for other cryptos to have the same potentials as bitcoin , are they missing something?
Pure decentralization. Since the new tokens or coins lack this major source of criteria and mostly have some VC tokens this will not let some project become so famous such as bitcoin. Theres always a chance to bash some project with this reason alone as this could backfire to them as dumping the tokens with the community. Unlike bitcoin the holder of most users are primarily pioneers users of bitcoin, some retailers, and no VC that might dumped it except Satoshi which we knew none existent anymore as per everybody. 
why is it so difficult for other cryptos to have the same potentials as bitcoin , are they missing something?
the PoW that makes bitcoin secure and the fact that it's the first crypto ever, it's the mascot of cryptocurrencies so you should expect that bitcoin will dominate entire crypto market.
the reason why other alts can't do as well as bitcoin is because despite the fact that they try to come up with another interesting capabilities such as smart contract and better scaling is mainly due to the fact that they are mostly VC funded alts, where VC holds majority of allocation, their blockchain aren't that decentralized speaking honestly, since they used PoS, so big financial institutions don't want to play a losing game and instead choose the better coin which is bitcoin. thus, the billions of dollars flowing into bitcoin.
bitcoin is the biggest crypto for this reason and will always be.
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