Bitcoin Forum

Why is bitcoin worth so much ?

Bitcoin price $9,442.51 coinmarketcap
Ethereum   $236.39    coinmarketcap


1.Btc transaction fees are high
2.Btc takes like 10 minutes - 1 hour to confirm
3.It has no smart contracts support
4.No tokens support
Etc etc ...

Where does the value of bitcoin come from ? I don't understand the logic behind the valuation ...

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Here is another thing i found :

Even when the last bitcoin has been produced, miners will likely continue to actively and competitively participate and validate new transactions. The reason is that every bitcoin transaction has a small transaction fee attached to it. These fees, while today representing a few hundred dollars per block, could potentially rise to many thousands of dollars or more per block as the number of transactions on the blockchain grows and as the price of a bitcoin rises. Ultimately, it will function like a closed economy where transaction fees are assessed much like taxes

Source: https://www.investopedia.com/tech/what-happens-bitcoin-after-21-million-mined/

It is the king and the most known widely accepted cryptocurrency in the market.
You are missing that all coins in the industry are paired with Bitcoin. This means the there is high volume and high demand for Bitcoin every time someone wants to buy any altcoin.

Ethereum has virtually unlimited supply while BTC is capped to 21 million coins.

Out of this 18,404,300 BTC are in circulation. If you understand the basic principle of Demand and Supply then it would be easy to grasp this. The demand is heavy for bitcoin while it's supply is limited.

After each 4 years it will go under halving thus reducing its rewards per block, making it more costly to mine for miner. Since it use Energy to mine via miners, the energy required is now more and more.

This is converted into money later when people buy it.

It will keep rising since energy requirements to mine the coin will keep rising throughout the time, and also supply will keep reducing.

Moreover, you get value because investors keep buying it.

But if you have 1000 usd and you want to transfer it to another person i don't get it how bitcoin can help me ...

Example i want to send money to a person B in another country

I Person A have 1000 usd
To exchange it it cost me around 5% - 8%
Now i have   920 usd in btc form ...do to fact bitcoin is so volatile i could lose another 50 usd in 10 minutes or gain 50 usd ...just speculation
I send it to person B  a small transaction fee is taken
Now person B has to exchange it to Fiat he got to pay trader / exchange platform another 5%-8%
After exchange person B has left around 846.4 usd

That's a 15.36 % loss just from exchange cost
More expensive the WU,direct bank transfer,paypal etc ...

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.

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

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.

https://i.imgur.com/YQwsV9Q.png

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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.

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.

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  ;)

@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

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.

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

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 ...

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

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?

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.        

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 ... ?

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.

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 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  :D

• 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.   

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.

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.

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.

So much trust of Bitcoin that’s why its the most valuable crypto assets. If the fees are main problem there’s a lightning network that everyone can use, if we use Bitcoin and crypto we should understand its risk because its not the ordinary currency that we knew its volatility in nature is what makes it attractive to investors.

It is easy to explain..... Let's say tomorrow people decide that it is better to pay people with Coca-Cola bottle caps and everyone starts doing this, then Coca-Cola bottle caps will become more desirable than other payment options. Let's say this goes on for 5 years and suddenly a small percentage of people start accepting toilet paper.... then Coca-Cola caps will have a 5 year advantage over other payment methods.... because the network behind bottle caps was larger than the network accepting toilet paper.  ;)

Also... imagine Coca-Cola only decided to create 21 000 000 bottle caps and then they destroyed the machines that manufactured these bottle caps and then you compare it to the toilet paper companies that are just printing unlimited rolls of toilet paper... Which one would you choose? (Toilet paper = government fiat currencies)  :P

It got to people first, and unlike what you think many people are working CONSTANTLY to improve it.

Bitcoin get so expensive because it got so popular. And its only limited. Investors are attracted to it because Bitcoin is trust worthy crypto currency.

for one reason Bitcoin is not controlled by anyone. It is a free coin and manipulation organizations have taken advantage of this to push bitcoin's price up and own lots of bitcoins. They will then become one of the richest people in the crypto market and continue to manipulate the whole crypto market. That is the main purpose for the price of bitcoin to grow. So, from the beginning I didn't have the concept of investing in technology, this is just a price-making market. New trading makes us rich.

Yet, it is the most popular and the volume of people who are using this cryptocurrency are extremely high compared to other coins. Some coins are making bitcoin as its basis in terms of its price, that's why the population of bitcoin holders are progressively increasing in number.


Bitcoin really is the hardest to manipulate among coins because of its worth and extreme value in the market, but its profit that it can give you is also high compared to those altcoins that are existing.
Altcoins are really an alternative and bitcoin should be your always priority whenever you engage into some transactions or holding.

But still, both of the coins can give you profit depending on your manipulations.

Everyone didn't expect Bitcoin to gain market value at the start but the creator would like to emphasize the importance of this technology in the future that could help to encourage people to take on it. From $0 to $20k, people didn't think about it and that it catches attention when the bullish had come. We can see an important role for Bitcoin nowadays and that could also be a reason for the price to spike.

High fees could actually get attention and worries especially for small investors but not a thing to worried about. Fees may go high or down as well depending on the market situation.

Bitcoin is worth as much as people are willing tp pay for it, it's defined by the market. It's similar like you've asked why.gold is worth that much.
Since Bitcoin is decentralized so not under control of any centralized body that could define or influence the price, it's purely defined by users. So, as long there is demand for Bitcoin it will have certain value. The bigger demand and the smaller supply, the price will go higher.

The value comes because of the fact that Bitcoin is the genesis of all the cryptocurrencies and also that ethereum is having an unlimited supply but bitcoin supply is limited to 21 million coins which will be mined by the end of 2140, so limited supply and high demand of bitcoin which ultimately makes its price higher than the most of other cryptocurrencies. Bitcoin is more of store of value rather than a currency to most of the people, they are saving their bitcoins and using altcoins like ethereum for transactions and paying for goods.

Since you're comparing ethereum with bitcoin, let's take the demand of both asset into discussion. Although ethereum has benefited from the market in the past couple of years as a result of the hype from crowdfunding and been tagged the mother of altcoins etc, also benefiting from the anticipation of its forthcoming upgrade (ETH 2.0) still it can't be compared to the demand of bitcoin and trust it has gained in her 10 years of operating.

Now when the amount of tokens both asset has in circulation, in regards to their supply. The supply of ethereum is way bigger than that of bitcoin therefore you don't expect both asset to have the same price irrespective of them having equal or close range market capitalization. When you're comparing bitcoin to other cryptocurrency do understand that we're not yet half way into the potential price bitcoin as an asset can attain therefore the current price shouldn't discourage you from investing into it.

If it's defined by the market then we can totally say that bitcoin is the people. This isn't surprising for bitcoin since it came first as cryptocurrency, of course people will trust the first born crypto. If you see the first one that's still exists now there could be special about it right? Aside, the bitcoin had already built a reputation after hitting the ATH in the crypto scene, that's the most epic reason why people are buying bitcoin.
Basically people chooses bitcoin because bitcoin is the top currency.

That is a great understanding of the market, bitcoin worths that much because you pay that much for it. If you paid 100 bucks for it and everyone agreed then we would have bitcoin at 100 dollars, but since you are willing to pay $10k for it the price becomes $10k.

There is nothing stopping the buyers from not buying at these levels, when buyers stop buying the sellers will start to sell lower and lower to be able to sell their coins and when they fail to do so they will keep going down until they reach to a level where buyers start to buy. That is how the market price is decided and right now it is very high whereas it is not that high for the other coins. Basically it is the humans that makes bitcoin worth that much, it is us, it is you and me, there is nothing secret behind it.

The primary reason BTC is worth so much is because of the people.
BTC also follows the market of supply & demand. Supply as well as demand is quite high, so the BTC price is high.
That's also why the price fluctuates.

Hope this answered your question OP.  :)

I think if Ethereum is the number one cryptocurrency and there are lots of people making use of it like they are doing with Bitcoin, the fees you will be paying will be more than what you’re paying now. Bitcoin is on top the list and is the only cryptocurrency that is well recognized.

I don’t have to tell you thatif you check online you will notice that Bitcoin is more accepted than any other cryptocurrencies, in fact I have not seen other cryptocurrencies being accepted anywhere; unless for Ethereum which I have only seen once. Even local over-the-counter traders where I live are not interested in Ethereum or any other cryptocurrency, they only trade Bitcoin.

Bitcoin is a popular means of earning money in today's world, the number of Bitcoin users is increasing day by day, so I think the amount of Bitcoin transactions is also increasing ... Bitcoin customers choose Bitcoin as a good medium of transaction.

Bitcoin is digital  decentralised crypto currencies Main Bitcoin Aim Any transaction P2P Not information third party it fully secured.this is reason bitcoin worth future so high.

Why bitcoin is worthy?

1. Bitcoin is not worthy when it was created, it becomes worthy when people started to use bitcoin as a medium of transaction.
2. It has a scarcity in supply but large in demand. It`s total supply is 21 million that halved the mining for every 4 years.
3. It is the first cryptocurrency invented and it has many supporters/buyers.
4. It`s utility is simple yet helpful. It can`t be hacked or bypass the keys. Using elliptic curve cryptography, private can`t be reversible.
5. It can use to pay, transfer, asset, investment and many more.

if you guys believe that it is worthy only because of it`s price, we should bear in our mind that it is worthy because of its utility and security that gives to every individual that holds BTC.

What is the definition of "so much"? It is subjective. Gold prices may seem cheaper for some people and may not for most other people. Do you complain for that? Bitcoin gains its value because someone from somewhere ready to offer that price.

If you are ready to offer one million for one bitcoin and then if you buy all the bitcoins which are already available cheaper than one million then bitcoin' value will start trading above one million. You may do that if you believe you are able to sell bitcoins for the price higher than one million. Currently people are ready to pay ~$10k per bitcoin for the same reason :D.

Do you agree if bitcoin has the properties which are opposite to the above list, then it can have higher value?

What is closed economy? Every country runs from the taxes they do collect, so economy of a nation also falls to the category of closed economy?

It's just simple really. BTC is the first cryptocurrency out there. It's the foundation that built the market. So there's no doubt that it will be the most expensive coin out there. And come to think of it, When people hear "Cryptocurrency" they're first thought is BTC not ETH, BNB etc. And the price of BTC really depends on the market. People know that BTC has the most potential to all coins/tokens out there. So that's what they initially hold.

Bitcoin is the leading cryptocyrrency that a lot of people and investors put a trust on bitcoin that they are continuously buying and holding their bitcoin in a long term. Even bitcoin does not have smart contracts, token supports, and has a high transaction fees, it is still secured and encrypted and backed by blockchain technology.

What I find is that bitcoin is being manipulated. guys who have lots of money and come to the market early to buy lots of bitcoins and now they make their game. all volatility comes from people who make lots of money. they will constantly fomo about bitcoin and praise blockchain technology to attract more people and they will be even stronger because of wealth after manipulations.

Limited means it can increase its price from time to time. If miners are continuously mining a lot of bitcoin that it can go nearer to its total supply of 21 million bitcoin, then its price will really increase. Just like gold, it is a non-renewable source that's why it is important. Gold can also increase its price and is a good store of value, it is the same with bitcoin.

The reason why bitcoin is worth it so much is because it can give us huge profit. It is a best investment when we try to think of a good source of money, plus we can help its promotion by using it in the industry. Plus, there are a lot of bitcoin holders who found bitcoin as a legit and effective cryptocurrency to use.

Quality is one of the best characteristics of bitcoin among other cryptocurrencies. It is faster and efficient to use in many transactions that's why many investors are risking their money because bitcoin is worth to invest. Since 2009, there are people who already trusted bitcoin as a digital currency even though it is not that popular enough to help it grow. That's what you need to know about bitcoin, you need to trust it because there is something more about its worth. Bitcoin will probably grow more in the near future because of the development in its mass adoption, many people are interested in knowing the worth of bitcoin in the market.

Bitcoin value is not do to technical reasons ... there are coins out there that have better technical ...

It's simple as because bitcoin was first. The popularity of bitcoin being the first cryptocurrency will drive more demand to the bitcoin itself.

And that is happening because of the law of supply and demand. We all know that bitcoin have limited supply so as time passes by the bitcoin demand is growing, so it will drive the bitcoin price to go up. The price that we are seeing right now is almost 11 years to make! Maybe in the future there's a coin that is going to surpass the bitcoin but for now, bitcoin is still fresh on the public so expect more demand and expect the price will still go up  :)

Its easy to understand: Bitcoin is the first cryptocurrency to be created and adapted by the people. It has proven its reputation for more than 10 years and the benefits which bitcoin há brought to us are undeniable. Moreover, whales and banks (also many governments) only trust bitcoin. Therefore, the price of bitcoin has been on top for many years. Maybe in the future, a new coin will rise and replace bitcoin crown but the process can take many years
Right now, if you have money, try to buy some bitcoin, it can make you rich ;)

Bitcoin has built a strong foundation and it has gained the trust of a lot of people since it has shown huge potential and development through the years. That's actually the reason why it remains on top. Despite being the first cryptocurrency, it never failed most of its investors although the market is always unpredictable. No matter what the market situation is, Bitcoin will always be the most trusted coin.

Bitcoin is invaluable because it is the only leader in the crypto money markets and has 60-70% domination power in the crypto money markets.  Also, the fact that today's age is known as digital gold adds value to Bitcoin.  On the other hand, we can see that the price is constantly increasing with high demand due to its high earning potential.  Bitcoin has become the market leader due to its strong advantages and its price has reached such valuable levels.

I think because btc is one of sample from blockchain technology that can't be interrupt by government especially. It has fix supply and by the time it will be mined. Btc is money people you know, this not require any personal document to make a transaction, no minimum age and yeah its acceptable currency for us.

Bitcoin is the father of every currency in the crypto market Other currencies depend on Bitcoin Bitcoin is not controlled by anyone the price increases depending on the demand so the price of Bitcoin is much higher. Most people invest in Bitcoin because of the high profits You are right that Bitcoin will be further improved through acceptable currency and blockchain technology.

Bitcoin has so much value compared to other cryptocurrencies, that is why most of the people are using that kind of cryptocurrency, it is the very first successful cryptocurrency until now to the point that it reaches $19000 way back 2017. Bitcoin builds so many dreams of every people that use it, the volatility of makes it so great because we can do investing and trading which makes us earn more money especially if we are really good at doing both things, the profit that you can earn from bitcoin when you invest is really big difference compared to other cryptocurrencies because the value of bitcoin has big difference compared to others as well.

Bitcoin has a high fee compared to other cryptocurrencies because it has more value, which is pretty normal if you want to lessen the fee then just convert it to other cryptocurrencies.

The reason why I think Bitcoin is worth so much is because of the fact that it is the first decentralized cryptocurrency which was already on the internet for about 11 years already. The legacy it makes is one of the factors why Bitcoin is still on top.

In my opinion, bitcoin is the top currency and the first digital currency that ever published on the internet and many people adopted it first and foremost by people who wanted an alternative ways of sending and receiving payments online because its a decentralized technology. Many coins and altcoins look up to bitcoin and serves as role model to all crypto assets out there in the market and wanted to be like bitcoin as the most popular of all.

I believe that bitcoin is so valuable because it was the first crypto currency to reach a broad acceptance any across many different countries. Today we can use bitcoins to pay for service and goods in many sectors. And for any new crypto currency to join the market it will always be measured relatively to bitcoins. It's like with many other things, if you are among the first and succeed in making it big with a lot people using your product, you will be winner.
There is nothing wrong with alternative crypto currencies but it's all about bitcoins. Just check the name of the forum, which is for many more things than only bitcoins.

Bitcoin is valuable because of higher trust and demand. It was the first popular digital currency that attract more people to patronized and now the usage of this coin continue increasing and bitcoin adoption continue growing. It has a limited supply that make it's value increase. Even though sometimes it go down but after a while it will go up again. It was already used as payment method,which is a great help specially this time of pandemic to avoid going out just to pay bills.

You can't compare Bitcoin with Ethereum, because they are as different as chalk and cheese. Bitcoin was invented by Satoshi Nakamoto and he never tried to profit from his invention. So there was no premine for Bitcoin. Till date, no one has performed a 51% attack to reverse any transaction in the Bitcoin Blockchain. On the other hand, there was a 60% premine for Ethereum. And during the DAO attack the transaction was revered by the community by performing a 51% attack.

If asked to me why bitcoin is very valuable compared to other cryptocurrency or gold. To be honest, I can't either give a strong reason,
but in my hunch the possibility of bitcoin is the first cryptocurrency. Become better known and trusted, then bitcoin is also purely
decentralized. This might make bitcoin demand high, and become a symbol of resistance to monopoly paper money. Therefore bitcoin
has fanatical supporters in my opinion.

Being the first to hype and be supported by big investors bitcoin gained the trust that's why it's worth more than any other crypto,
The fact that alts was created after because of bitcoin success from the market, until today alts market still relied with how bitcoin
moves.

Another thing is the volatile condition where traders and investors are playing catch and go to take advantages in any possibilities
of earning from this business.

Adoption plays a big role as well. When you are the oldest coin you get a ton of users on your currency and everyone starts using it, after a while other coins start to pop up but they need to gain users faster than you to become bigger but if you continue to be good why would anyone move to any other place?

So, at the end of the day the reason why bitcoin is so high is simply it was done before anyone else and there was no real threat to its place by any other coin for majority of the years and nowadays it is just way too late to even matter because bitcoin name is known by everyone, not just in our crypto space but in the whole world. When you get that big, when you are big enough that Bloomberg TV has bitcoin price index on their screen 7/24 that means there is no rivals.

That is right. Bitcoin is the first thing to think when it comes to crypto. Everything in the market depends on the movement and value of bitcoin. Bitcoin is the leading coin in crypto market and the strongest, it is the investment that you cannot be afraid of losing unless you cannot handle your emotions on every situation occur.

I think it is the people. People wanted to earn from it. They kept investing on it despite the falls or the dump. They kept on coming back with the hope of having a profit from it or using it to their convenience. Whatever they're reasons is, without us investors and users, I don't think Bitcoin will be having these kind of price, this kind of value in the long run.

It is one of the first cryptocurrencies.
Its ability has been tested over time and has proven to be worthy. Moreover, people who use it find Bitcoin trustworthy, the most important part of being a cryptocurrency is that everyone needs to believe in you and actually use you. Bitcoin has always been used and has mostly never had trouble. As long as there are people who are using it for their purposes, no matter what it is, Bitcoin (and other currency with the same reason as well) will still be used by people all over the globe.

It's worth so much because people want it to be. In short, there's a demand.

Diamonds used to be worthless but then a demand for them came and their price skyrocketed. There are more beautiful gems out there and ones that used to be valuable long before like emaralds but diamonds are what women crave to have on their rings because 'fashion' :P

Bitcoin has a lot of both price and demand due to the increase in the price of Bitcoin in general Bitcoin is more in demand than many lucrative currency diamonds Bitcoin investments are more profitable than investing in Bitcoin from other currencies. If Bitcoin were not a profitable currency its value would not be so high.

Btc is worth so much because of its limited supply but very high demand imagine how many people are holding bitcoin all over the world and its supply is limited to only 21m btc thats really low unfortunately bitcoin transaction time is really bad compared to other new blockchain but btc is also the most secured blockchain above them all you will need $1.4B or more to conduct a 51% attack still no assurance of success.

Maybe you can also ask yourself, why gold is worth so much? With fiat you can transact easily, you can buy food on it, and it has a real use in our life.

That's just like bitcoin, it was bitcoin who introduce the crypto world so people are now treating bitcoin the king and though there are betting system or coin that will be introduce, it's not enough to replace bitcoin on its position.

I can understand why some people may be confused but in fact it is really simple, first of all bitcoin is scarce, fiat for example can be printed at will and in unlimited quantities, this is not true for bitcoin, however this only takes care of the supply side and it does not explain the demand, as we know bitcoin has several characteristics that make it better than fiat currencies, no one can block your transactions, you do not need to reveal your identity to open a wallet and more, however many coins can do the same so why bitcoin is so valuable? And the reason is the people behind it, many coins only have tens of thousands of people that accept the coin, while in the case of bitcoin that number reaches millions, this in return makes more people to want to accept it and use bitcoin instead of other coins creating a reinforcing cycle.

Bitcoin is not just an ordinary virtual coin...It has a great value that can be compared to gold. The large demand of bitcoin and limited supply are main greatest features of its worth as a digital currency. A lot of traders and investors and other growing individuals were aiming to have a great financial breakthrough in Bitcoin. It can also be seen as the most prominent triple entry bookkeeping system in existence.

Bitcoin will be in demand soon,and with 21 million supply of Bitcoin (but now i think only Half is the available because of many mishandled Bitcoin that already lost now.so basically the demand and supply in future will be that hard so price of bitcoin will Increase the value that not everyone expected.
considering Bitcoin as a Digital Joke?yeah in time but for me?i want this to be a currency that will be circulating and not just for storing.

Because bitcoin is trusted by many crypto enthusiasts as the first crypto that can be use for digital payment and as an investment due to volatility. Its a coin that already existing for years but still on top and can manage to climb up after bearish market, thus a reliable coin to invest either for short or long term.

The price is determine base on the supply and demand of btc, more demand means a good price.

Bitcoin is the first representative of the cryptocurrency market, it is also the standard for determining the value of coins later. It is more like and has many advantages over gold, the value cannot be measured while the supply is limited.

Other coin depends on the bitcoin price on the market. Bitcoin is the expensive one because it is the first coin known when it comes to cryptocurrency. It gains trust to lot of investors which gets high demand. Like gold, bitcoin is valuable and worth. Limited supply make the price increase and many strongly hold it to gain high profit.

I agree with you that Bitcoin is really very valuable Bitcoin is more in demand than gold The crypto market usually survives for Bitcoin The crypto market would not have improved so much without Bitcoin. Bitcoin is a very profitable currency when it comes to investing.

why should doubt the existence of bitcoin, I totally agree with you that bitcoin is the main market for crypto. bitcoin has become a prima donna for highly sought-after investments because apart from leaving out all altcoin is affected by the movement of bitcoin. There is no altcoin that can control without the encouragement of bitcoin, so we can be sure that bitcoin is very reliable and suitable to be the main investment. although do not neglect to the top altcoin which is also quite good.

Bitcoin was just the first cryptocurrency. The world is so arranged. The something first in any industry will always be popular and in demand

Yes. A lot of new altcoins are already in the market but still, nothing can beat bitcoin. Bitcoin is worth so much because it is the very first crypto that has gained the interest and trust of people and even after its 10 years of existence, it's value still remain high compared to other crypto coins. Although bitcoin is also bound to be a global currency soon, still people consider it as the best asset or investment for now.

Though being a global currency is still too early. But yes, no doubt, nothing can beat bitcoin up until now. The popularity alone among cryptocurrencies is not questionable. Even noncrypto users is associating bitcoin with crypto but when you talk about other alts, they are clueless.

There are so many reasons why Bitcoin is very valuable and has a high demand. The first reason is because Bitcoin is a brave currency pioneer
against the flow, meaning that Bitcoin is trying to provide something that the fiat currency cannot provide. Namely freedom to manage our
finances alone. So when making transactions with Bitcoin the government cannot control these transactions, for other reasons Bitcoin is valuable
because no one can control it. And the last reason Bitcoin is worth so much, is because the volatile Bitcoin price we can use for make a profit.

Bitcoins value has gotten to where it has for several main reason.  First is what...first.  First mover often has a major advantage.  Second, it's the one truly tested coin.  A coins who's blockchain has actually been test to a great extent.  Remember it has gotten up to nearly $20,000 per coin.  The blockchain has held up, it's yet to of been hacked and everyone whos aware of crypto is aware of what bitcoin is..to list a few things.

In terms of it features, it beats all of the fiat currencies especially the dollar because bitcoin has a limited supply while the FED who controlling the dollar are printing more dollar that causing the dollar to bubble.

Bitcoin is valuable and it already proven that there are a lot of investors that are keeping on eye of this even if it is too volatile. For sure that major institutions will make investment because of its value that keeps growing over time.

I do not think so that this is really applicable to all. Probably in India since they were conscious on attaining the first place this is why I think that they had made a lot of frustrations but not all of course because it is still depend on the individual character.

Well, OP has a good point I did not notice it that tax were being alreadt impose in the form of transaction fee. I did not notice this because the term tax is applicable only to the centralized system like the government system.

Why gold has more price value while silver is lot cheaper but literally both has similar chemical and physical properties.So the price value depends on how much trust people have on it, more people owns bitcoin than any other coin which makes its value so high but as per the experts bitcoin has huge potential to reach when more people come to know about it,so grab your coins as soon as possible when its cheaper itself.

It is the first production of Crypto currencies and its demand is so high therefore other altcoin can't touch the bitcoin.

Bitcoin is not the first cryptocurrency created. In 1982 introduced a paper called Digital Cash which also introduced the cryptographic primitive of a blind signature (https://en.wikipedia.org/wiki/David_Chaum). These digital money did not receive a huge popularity and is now forgotten. Maybe because it was released to early for its time.

But Bitcoin is worth so much because people are able to pay so much and there is a demand on it.

I think that bitcoin worth so much because of the people! We give it value by using it, holding it.. And more we do that, and more people who wishes the same, all hat affect the price in long and sometimes in short run.
I remember I read about that first digital cash from the 80s, well conditions then and now are different, to not mention infrastructure needed for development.

Bitcoin is the first and known as mother of all coins. Any change in bitcoin price and bitcoin dominance price will result the price change on all other coins and tokens. Due to a huge demand and the investors how buy bitcoin for higher prices according to supply and demand rule the price is too high. Also, bitcoin is the most and best known crypto currency around the world between investors. So, it's not surprising to see bitcoin trading for high prices. It can be much more higher than this.

Bitcoin is a global currency but we are yet to see that kind of merchant adoption like we anticipated in the beginning because of scaling issues we had and hopefully once we get a solution for that we could really call as the truly single global currency. The price of bitcoin depends upon the global investment in it and the global market determines the price and the market has grown tremendously from its initial days to a much bigger market in a relatively small period and it is impossible for any coin to topple that position.

The reasons you mentioned are wrong bitcoin has smart contracts and can support tokens.
The value comes from the ability of people to invest and make profits from price fluctuations.
Price volatility creates competitive values and thus can increase market capacity.
bitcoin worth vaule determined by people who want to buy and who are ready to sell.

Bitcoin has become one of the best investments in the near future just look at a decade of being able to reach the highest value so that this can be made a global currency today, many traders continue to strive to benefit here because we we have reached a large adoption today where many countries have accepted bitcoin as a legal currency, which means that in the future it can be more recognized if the development is better.

In addition, the innovation and technology offered by bitcoin are very appropriate to the current situation. This became a kind of evolution in finance in accordance with the times. With bitcoin, we can send any money, anywhere, anytime, at a low cost, when compared to conventional transactions. It is this revolutionary and innovative financial technology that can lead many people to buy BTC and make the price bad. This is what makes bitcoin more popular.

For the past years I saw forex traders shifting to cryptocurrency trading since by here the volatility is promising and the potential earning is very good if you do a good trades and not listed to the fuds. And as years goes by the adoption is growing by growing so for sure in next following years we can see bitcoin listed on the top merchant as one of their payment options but for now we need a proper development together with good education regarding on how bitcoins really work since many still not now and have knowledge on it.

The reason why Bitcoin is so valuable is that Bitcoin is decentralized and carries a lot of speed in transactions It also protects the privacy of exchanging bitcoins from other currencies. A user can hold multiple bitcoin addresses where they do not have to be associated with a specific name, address, or another person This type of privacy is not usually seen in digital currency systems in a competitive market Also, the value of Bitcoin is so high due to the increasing demand for investment.

People just like bitcoin but it is not only about bitcoin as well, everyone focused on that part. I agree that "whatever people are willing to pay for bitcoin, that is the price" mindset and that is most of the reason why it worths so much, however there is one more reason that people are forgetting about.

It is also about how much people think dollar and other fiat currencies worth as well. When you say something like "one bitcoin equals 9 thousand dollars" you are not only saying that bitcoin worths a lot, but you are also saying dollar doesn't worth that much as well, those are hand in hand stuff. Which is why I believe dollar loses both value and also worth in people's minds over the course of years as well and that is exactly why I think a big reason of why bitcoin worths so much is that dollar loses value as well.

Yes, simply because it’s bigger than other cryptocurrencies in terms of usage. Bitcoin is being used by majority of the people that are into cryptocurrency more than any other one there is. That is why it has over 60% dominance in the market, and it keeps getting strong everyday.

When it comes to transaction there is no other cryptocurrency that is being used more than bitcoin, despite that there are so many altcoins that has faster transaction fees than it does, just like the Litecoin, Ethereum and so many of them, but still bitcoin is being used like 99% of the time when it comes to transaction. I have never seen anyone talking about using any other cryptocurrency for transaction, it’s only bitcoin. These are just my thoughts, but there are still many reasons.

Indeed, we are anonymous and there's no need to expose ourselves in order to make a transactions unlike banks that has less interest and required the necessary documents to get your own money specially if its huge. There are many reason why bitcoin is worth so much compared to other altcoins even it has disadvantages too like high fees. Investors prefer bitcoin as an investment because it is well established and profitable.

Its really simple. People in this digital age wanted a online currency controlled with math as law with a ever growing worth. You used to be able to buy a loaf of bread for 10cent usd or a coke for a nickel right.. well now every year the cost of things increases and your dollar decreases in value. Everyone is taking a cut off your dollar too.

Any governments cash is kinda a wildcard currency when you think about how cash works and how its made by a specific one government. Bitcoin is like the whole worlds online currency, and you dont have to put it in your pocket, get out of a atm or place in a physical place that takes up space. Technically it should be better on the environment vs random metals and paper with toxic elements.

There is also fake cash floating around, there is no fake BTC.

Although now Bitcoin (BTC) is harder to get and more of a asset. Its also taking computer parts and electricity to manage. It takes effort, work and your own equipment to help manage the calculations to run Bitcoin so you get paid some Bitcoin for running the hardware so its also worth something because people are putting “worth” in to the system to get “worth” in the form of BTC for their service. Since it was created in 2009 its taken years for the worth and adaption of bitcoin to grow.