Why did Bitcoin catch fire?

[luca prieto]

Bitcoin has gone through 11 years since its inception and has experienced ups and downs, but Bitcoin now stands at the pinnacle of cryptocurrencies, it's not the strongest technology, but it has the highest market cap, what do you think caused this?

[hatshepsut93]

it's not the strongest technology, but it has the highest market cap, what do you think caused this?

Why do you think it's not the strongest technology? Just because shitcoin developers are claiming that their tech is superior, doesn't mean that it's true. Real users are choosing Bitcoin over altcoins, because Bitcoin has such a strong track record security and reliability, while shitcoins get 51% attacked or suffer from bugs all the time. Finance is no place for reckless experiments, users shouldn't be losing their money because of developer's mistakes.

[dupee419]

Bitcoin has gone through 11 years since its inception and has experienced ups and downs, but Bitcoin now stands at the pinnacle of cryptocurrencies, it's not the strongest technology, but it has the highest market cap, what do you think caused this?

It doesn't have smart contracts like ETH, it may not have been as advanced as these young cryptos but it definitely is the strongest and more likely to be reliable than the other cryptos, nowadays, you get to see the technology being capped at its maximum potential and just simply slapping the tech on their coins, I get it, they are advanced but Bitcoin on the other hand holds the highest market value, which means that it definitely is going to be picked over the newer coins right now. And as far as I can see, others are just putting up these so called "innovations" just to get the attention of people and buy their coins.

[BIT-BENDER]

It just didn't become the highest crypto-coin last year 2020 or 2021, for long Bitcoin Has been the most exciting crypto-coin ever, this will not become past tense because other crypto-currencies are all trying to follow Bitcoin, so if your title was meant as a question then the answer is that it has been long.

[aoluain]

Bitcoin has always been "at the pinnacle of cryptocurrencies"
It is the number one, the original, the proven, the most secure,
and has the most backing from developers, miners, users and investors.

The benefits of a self governing bank in your pocket containing a
permission less, trustless, peer to peer, deflationary currency and store of value
has been welcomed and adopted by many people and is gaining more and more attention.

[pixie85]

The answer is so simple. Bitcoin was always the first one.

The other coins are trying their best to get some of the market value from bitcoin and catch newcomers with promises of cheap coins, fast transactions, smaller supply than bitcoin and so on. It doesn't mean they're better.

If you eat at a restaurant that you like and someone offers you a cheaper meal somewhere else, you don't necessarily have to go there. What if the meal won't be as tasty as the one that you're eating?
There are many things that make people choose one brand over another despite some brands being cheaper and of similar quality.

[Tytanowy Janusz]

Bitcoin has gone through 11 years since its inception and has experienced ups and downs, but Bitcoin now stands at the pinnacle of cryptocurrencies, it's not the strongest technology, but it has the highest market cap, what do you think caused this?

Bitcoin network is secured by amount of energy that could power whole Ireland, which makes it the safest asset (and that's fits perfectly into current bubble narrative - safe store of value - Fiat exit plan) ... has more than 300 core developers that contribute for bitcoin, its reliability, security. Name one shitcoin that is better and tested for 11 years on battlefield (not just developers claims to be better than bitcoin)

[ChrisPop]

Bitcoin has gone through 11 years since its inception and has experienced ups and downs, but Bitcoin now stands at the pinnacle of cryptocurrencies, it's not the strongest technology, but it has the highest market cap, what do you think caused this?

In my view it has the strongest technology. It does not "YET" have all the bells and whistles like an easy way to create smart contracts and sidechains, BUT it has stood the test of time. The properties of Bitcoin are more than enough to replace our current way of making payment and storing value. The rest is just a bonus.

Briefly, I'd say that Bitcoin is the best designed cryptocurrency.

[tyz]

Bitcoin has gone through 11 years since its inception and has experienced ups and downs, but Bitcoin now stands at the pinnacle of cryptocurrencies, it's not the strongest technology, but it has the highest market cap, what do you think caused this?

It's simple. People trust Bitcoin the most. Nobody would invest money in something they didn't trust. Bitcoin is the original and so far there has been no other project that could combine more trust. To some extent, Ethereum has made it. But I'm not sure if it will stay that way, because as you said, Bitcoin is not the best technology currently available in the crypto universe. And we regularly see how fast a technology change can happen in other tech areas.

[Lanatsa]

Bitcoin has gone through 11 years since its inception and has experienced ups and downs, but Bitcoin now stands at the pinnacle of cryptocurrencies, it's not the strongest technology, but it has the highest market cap, what do you think caused this?

Highest marketcap? Cause?

It all matters with the demand.Lets say there are lots of altcoins which are far more better than bitcoin in terms of fees and confirmation times but people still
much prefer on using the king of crypto which is btc.I don't see any problems on it and its just right that people will stick out on which one is the first of its kind.

You would really expect that people will be sticking out on where this technology had started when it comes to anonymous payment transactions.
Yes, it might have flaws but still do get the job done.

[passwordnow]

Bitcoin has gone through 11 years since its inception and has experienced ups and downs, but Bitcoin now stands at the pinnacle of cryptocurrencies, it's not the strongest technology, but it has the highest market cap, what do you think caused this?

It is because it's been verified that bitcoin is worthy to buy and hold than the other. It has been said many times that there are some other coins and technology that are better than bitcoin but they didn't surpass it. And bitcoin's market cap will continue to grow just as we've seen for a month now. If it's not for bitcoin, most altcoins will become nothing and no value at all. Even if a crypto person would still get into another altcoin, that will make lesser sense if there's no bitcoin.

[ene1980]

Bitcoin has gone through 11 years since its inception and has experienced ups and downs, but Bitcoin now stands at the pinnacle of cryptocurrencies, it's not the strongest technology, but it has the highest market cap, what do you think caused this?

Since you claim that bitcoin is not having the strongest technology,i would like to know your list of cryptocurrencies that is superior than bitcoin, do not include centralized coins like Ripple or USDT or any other bitcoin forks which include source rip offs like Litecoin .
I do not view ETH as a currency if you are going to say that and it is not a truly decentralized project as they do not have consensus if they want to fork the coin which we have seen in the past.

So what do you think is superior, price should not be a factor for superior technology, bitcoin is a highly speculative market and hence you will see these rallies.

[odolvlobo]

Bitcoin has gone through 11 years since its inception and has experienced ups and downs, but Bitcoin now stands at the pinnacle of cryptocurrencies, it's not the strongest technology, but it has the highest market cap, what do you think caused this?

There might be other reasons, but I think these are the major ones:

• 1. It was the first.
• 2. It is the most well-known.
• 3. It is the most secure.

[OscarDavidson]

Yeah, I would agree with everyone above. Bitcoin was the first one developed cryptocurrencies and we can call it a "Father of Crypto Industry" (or a "Mother", it's up to you  ).
Bitcoin has an astonishing system created as a reliable and fast way to transfer your digital funds from any place in the world in a minute without any troubles. Blockchain has great potential and the security of this system is on a high level. I can't help waiting for Schnorr and Taproot protocol updating in the BTC network. It will make it easier and flexible to work with smart-contracts in Blockchain so we'll see a lot of trending tokens on a base of Blockchain.
All of these makes BTC number one at least for me 

[nelson4lov]

The reason why Bitcoin has maintained its spot as the #1 cryptocurrency ever is due to the fact that it has the first mover advantage and as such, people tend to stick to proven technologies whenever they want to invest rather than patronize those new and experimental projects coming up every now and then. Apart from Bitcoin having a solid track record in terms of price, it's aldo one of the most secured and used blockchain. Simply unmatched. Only downside is the scaling issues. Other than that, Bitcoin wins it everytime. I forgot to mention Bitcoin has the largest crypto community till date.

[TimeTeller]

The reason why Bitcoin has maintained its spot as the #1 cryptocurrency ever is due to the fact that it has the first mover advantage and as such, people tend to stick to proven technologies whenever they want to invest rather than patronize those new and experimental projects coming up every now and then. Apart from Bitcoin having a solid track record in terms of price, it's aldo one of the most secured and used blockchain. Simply unmatched. Only downside is the scaling issues. Other than that, Bitcoin wins it everytime. I forgot to mention Bitcoin has the largest crypto community till date.

It is like asking the same question as - why is US$ still the top fiat currency in the world?
So yes, bitcoin still maintain its top position in the market because of its popularity.
If you ask a noncrypto user, do you know about crypto?
Usually, the reply will be - do you mean bitcoin? Correct me if I am wrong here.
But bitcoin seems to gain support from most crypto users, and why even most local crypto-exchanges will only have the btc to their fiat conversion only.