It's impossible to copy Bitcoin, and the price will always rise because

[Lida93]

1-  People buy Bitcoin because it makes them profit from it.

Bitcoin gives value, and it's natural that every human want to associate with anything that can can provided them value and it's this utility value that attracts so many increasing network of users more than anything. More importantly, the profits created by the demand benefits the community not it's developers.  Many  projects out there but bitcoin is the big fish because it offers what they perfectly can't offer - decentralization in the real sense of it, 

[pooya87]

a- If people starts to buy other Bitcoin competitors, it would make the Bitcoin network less secure

b- Everybody wants the Bitcoin network to be the most secure, the buyers and the sellers

c- Then if the Bitcoin network becomes less secure, then all parties, buyers and sellers, are forced to accept a higher Bitcoin price to make the network more secure, and this price increase discourages/block people from investing in competitors

For bitcoin network to become insecure the miners have to go away not the investors who buy bitcoin. Such a scenario would require the following three conditions:
1. An alternative cryptocurrency with the same exact mining algorithm as bitcoin (ie. double SHA256 of an 80 byte header)
2. Offering something innovative so that people bother adopting it initially so that it can gain some momentum, a higher price and the incentive for miners to switch over
3. Miners migrating to this altcoin quickly before it is 51% attacked to death itself

These 3 conditions mean it is impossible to have what you call "competitor".
Take bcash for example. It is a shitcoin that has the same mining algorithm as Bitcoin (among other things that are the copied). Since it has nothing innovative, it never got adopted and remained a very cheap shitcoin. That means that shitcoin is susceptible to 51% attack (and it did actually get attacked that way). Something that makes it an even bigger shitcoin.

So we go back to what I said earlier: lack of innovation is the reason for lack of adoption.

Keep in mind that altcoins don't have to use the same algorithm to be susceptible to this attack. If they choose another mining algorithm, then no matter how high their price goes, they can not attract bitcoin miners because bitcoin ASIC can not be used to mine something else.
The best example here is ethereum which uses another algorithm (uses Keccak/SHA3 instead of SHA2). No matter how much they pumped it in 2017, it could not attract bitcoin miners to threaten bitcoin security.

Again we go back to what I said, lack of innovation is the reson for lack of adoption. Ethereum had some interesting ideas but they were implemented horribly which is why ETH back in 2017 was worth 0.15BTC and it is something like 0.05BTC...

[kryptqnick]

Well, it kind of works as a circle, but not 100%. Some people buy Bitcoin not because they want profit but because they ideologically believe in Bitcoin as a great currency (decentralized, not under control of any authorities), or because they want to avoid certain restrictions (sanctions, bank account freezing), or just because they want to keep their wealth (not gain but not lose either). Then, when it comes to Bitcoin, it's important to note that it works both ways (when Bitcoin is going down, people start panic selling, which leads to further decrease of value).

[serjent05]

1-  People buy Bitcoin because it makes them profit from it

2-  Bitcoin makes profit because it makes people buy it


It's a circular argument, and creates a perfect closed system, no other "product" can make it, in the center there is greed moving this perfect circle

Bitcoin is not a closed system when it comes to economics because there are lots of factor affecting it.  The increase in price of Bitcoin is not as simple as people buying because of profit and price increase because people are buying it.  Remember in this process people also need to sell in order to bag in profit.

Outside from selling, there is also emotional and logical factor included.  There is also the need for adoption, marketing and hype which is outside factor that affect Bitcoin performance in the market.  There is also this manipulation that greatly affect the fluctuation of the Bitcoin economy. 

And why it's impossible to copy bitcoin's proof of work, meaning that only bitcoin's proof of work is valid:

If many people wanted to buy another PoW coin instead of Bitcoin, the price of Bitcoin would rise, meaning it would generate more profit, which would make people buy only Bitcoin. Therefore, it is not possible for people to buy another
proof of work coin instead of Bitcoin because this would make Bitcoin's price increase generating more profit, which would prevent competition.

Each cryptocurrency have their own community and market performance, emerging cryptocurrency can copy the template of Bitcoin but it cannot duplicate exactly the effect of Bitcoin because of the said different market audience. 

People are free to invest their money to any POW that emerge in the market since it is a free market and no one is controlling people on where to invest their money.  Whether we acknowledge it or not, there is always a competition between cryptocurrency since this competition is created the moment a certain new cryptocurrency is created, it is that these later cryptocurrency is unable to best Bitcoin.

a- If people starts to buy other Bitcoin competitors, it would make the Bitcoin network less secure

It is not the buy and sell of  Bitcoin that made it secure but the hashes produced by mining Bitcoin.  So it would make sense if you stated that if the mining farm that were mining Bitcoin shifted their hashes to other cryptocurrency, it will make the Bitcoin network less secure.

c- Then if the Bitcoin network becomes less secure, then all parties, buyers and sellers, are forced to accept a higher Bitcoin price to make the network more secure, and this price increase discourages/block people from investing in competitors

Again it is not the bitcoin market of selling and buying that make the Bitcoin network secure, Bitcoin can be secured even it price collapse as long as the miners remains, after all it is the number of hashes mining to solve the block that has the direct affect tot he security of Bitcoin network.

[adpinbr]

Bitcoin is not controlled by anybody so I don’t really see the prediction that it’s been controlled by a certain company the rising of bitcoin is just depending on what people talk about it sometimes the information and the news going on at the moment consigning Bitcoin but sometimes you may consider some factors Because some certain people when they decide to invest in bitcoin, the price increases just like someone that is so popular a very familiar and famous person that’s half of the world knows about so they can affect bitcoin positively if they invest in bitcoin, the price will boom

[odolvlobo]

Proof of work discovery solved those issues, because there is not only supply and demand, there also is the network security
a- If people starts to buy other Bitcoin competitors, it would make the Bitcoin network less secure
b- Everybody wants the Bitcoin network to be the most secure, the buyers and the sellers
c- Then if the Bitcoin network becomes less secure, then all parties, buyers and sellers, are forced to accept a higher Bitcoin price to make the network more secure, and this price increase discourages/block people from investing in competitors

Thanks for explaining your logic. I don't agree with it. I believe you are basing your claim on the fact that an increasing price allows more mining and thus more security. However, the converse is not true -- increased mining does not cause the price to rise.

The security of the Bitcoin block chain (against a 51% attack) depends on the cost of mining. If users are concerned about its security, then they will increase mining in order to raise the security, even perhaps to the extent of mining at a loss. However, as I mentioned above, the price of a Bitcoin does not depend on the cost of mining.

In economic terms, a less secure network would result in lower demand, which would tend to lower prices.

[kentrolla]

When Bitcoin was created the profit and investment angle was never athing it was purely decentralised P2P transfer without any third part involvement and now it's more knowledge for investment and profits. It's not possible to copy Bitcoin but they can try creating coin with similar services as Bitcoin if possible by providing secure transaction and if it's adapted by users then it's price may increase as everything depends on demand and supply here.

[o48o]

-cut-
if this logic is invalid, please correct me if i'm wrong thx

Ok, i'll correct then.

1. Bitcoin code is open source and have been copied several times and duplicates and variations have been made, sometimes by only changing the name, and i have lost count on the number of forks that derived from it.
2. Your circular argument doesn't really make sense. You are just basically describing popularity.
3. Buying bitcoin forks or altcoins doesn't affect bitcoin network security in any way.
4. Yeah, everyone wants bitcoin network to be secure, bit like i already said. Buying "competition" doesn't affect it.
5. I don't grasp what you are trying to say with point c. Network being less secure wouldn't rise the price, in fact it would have an opposite effect. People are buying it because it's secure. Which is one of the reasons there will be plenty of miners to keep it secure. And as long as that stays decentralized enough, it will stay secure.

[aoluain]

to btc78
to CODE200

 litecoin, dogecoin, monero can't grow, they are just moving horizontally. It's not possible to copy bitcoin and the chart proves it. The reason is that forks and copies makes bitcoin network insecure, and this forces the price to move up, when the bitcoin

price goes up, the network becomes more secure, and people make profit, and this makes impossible to compete with bitcoin


to odolvlobo

Yes i agree with you, but bitcoin is different because it does not have intrinsic value, so the price can rise indefinitely, Bitcoin has a price but no value. Financial bubbles only form when the price deviates significantly from intrinsic value, and then they burst.

But, if Bitcoin has no intrinsic value, only price, then the price can never deviate from value since it does not exist then it's not possible to form a bubble

Others have corrected this post and I would also like to chime in!

Security - the Bitcoin network has never been breached! Global miners, node runners and we
ourselves give Bitcoin its security.

Its actually very easy to recreate Bitcoin and call it whatever you want, all you need is code
and and a creator who can remain anonymous indefinitely, the tricky part is getting enough
people to adopt it.

So lets say you have created your new Bitcoin, how are you going to get us to abandon something ^BTC
which is proven to be secure, has utility and value and adopt your copy?

Value & Utility
Proven secure network
Borderless portability
Limited supply of 21,000,000
Can be a unit of exchange
Growing demand and reducing supply

[adpinbr]

And also some people buy bitcoin to store they hold it and wait for a long period of time especially the bullish market. Sometimes they wait for a long period of time like 3 to 4 years until Bitcoin stop pumping again it’s all depends on the time they bought and the time the market start rising repeatedly bitcoin is not something that is not useful Bitcoin is always useful to whatever you are doing with it I believe so much on Bitcoin because you may just buy and when the price pump you make more so Bitcoin is good for us to understand.

[PrivacyG]

a- If people starts to buy other Bitcoin competitors, it would make the Bitcoin network less secure

The Security of Bitcoin is not related to how many Transactions Binance has.  It is related to Mining Bitcoin, not to the number of Transactions.

b- Everybody wants the Bitcoin network to be the most secure, the buyers and the sellers

True for the Buyers maybe, false for Sellers.  They probably do not care as soon as they sell.

c- Then if the Bitcoin network becomes less secure, then all parties, buyers and sellers, are forced to accept a higher Bitcoin price to make the network more secure, and this price increase discourages/block people from investing in competitors

No body is forced to accept any thing.  A LOT of Money went to 'competitors' years ago and Bitcoin never became less Secure.  Like I said above.  The Security of Bitcoin is not dependent to sales.