Why Bitcoin chose Proof-of-Work (PoW)?

[contact12345]

I have noted that even now that a lot of other and better versions of consensus algorithms have been formed, Bitcoin has stick itself to PoW!
One of the most recent cryptos, Ethereum, is also based on PoW even though it had a lot of other options!
My question is that what are the factors that make PoW to stand out the rest even when miners have a lot of competition to face here for mining?
Is it because of the stability of the PoW algorithm?
If not, then what attracts Bitcoin to stay on PoW!

[Pursuer]

lot of other and better versions of consensus algorithms

you first have to prove that there exists a consensus algorithm that is actually better than PoW then discuss why bitcoin is not choosing that "better" algorithm.
so the real question here is "why do you think other consensus algorithms are better than PoW?"

[BuyBuyBitcoin]

They mine bitcoin regardless of what consensus algorithm it is, because bitcoin is digital gold.

Every block mined makes bitcoin stronger.

Is there some reason that PoW is bad now? You dont (cant) just change it because other people are creating and using different consensus algorithms. If you don't understand why, then you need to think about it a little more.

[contact12345]

lot of other and better versions of consensus algorithms

you first have to prove that there exists a consensus algorithm that is actually better than PoW then discuss why bitcoin is not choosing that "better" algorithm.
so the real question here is "why do you think other consensus algorithms are better than PoW?"

I have been doing research on why Bitcoin is better than other cryptos and I came across many other algorithms for consensus that seems to be a bit better than PoW theoretically! The most important of them seems to be PoS.
PoS:
It gives power and voting rights based on Stake system.
It has no mining rewards which removes the ongoing war for mining the block earlier than any other miner.
It has lesser energy consumption for its functioning.

[BuyBuyBitcoin]

But it isn't proven to be better....

So if it is, perhaps the core team will discuss implementing a proven better solution whenever that is found.

[coinwizard_]

It is based on what satoshi has decided for it, changing it means creating a new whitepaper and stepping away from satoshi's original design

[Pursuer]

lot of other and better versions of consensus algorithms

you first have to prove that there exists a consensus algorithm that is actually better than PoW then discuss why bitcoin is not choosing that "better" algorithm.
so the real question here is "why do you think other consensus algorithms are better than PoW?"

I have been doing research on why Bitcoin is better than other cryptos and I came across many other algorithms for consensus that seems to be a bit better than PoW theoretically! The most important of them seems to be PoS.
PoS:
It gives power and voting rights based on Stake system.
It has no mining rewards which removes the ongoing war for mining the block earlier than any other miner.
It has lesser energy consumption for its functioning.

that is the problem with your question which happens to be a very common one these day! you always assume something is better because you only sought out minimal information about that alternative. but if you actually go deeper and look at both pros and cons of that alternative (in this case the consensus algorithm) you  can see that it is not "better"!

but of course if the only factor that you look at is the energy consumption then PoS obviously comes out on top! but is it just about energy consumption?