Is Bitcoin so valuable just because it was first?

[Dapper]

It's valuable because of CURRENT consensus.  Not just because it was first... ask Kodak or Xerox or the betamax.   It doesn't mean it will always be the most valuable either, just ask Yahoo, Blockbuster, Pan Am, etc...

[Mr.Ease]

Well partially because it was first... but also because its the most popular and the network is gigantic.

it would be hard to dislodge Bitcoin. There are some hard-core investors into Bitcoin.
A simple answer would be the exchanges use BTC pairings and that has been the go-to for traders.

 

[rodskee]

For me yes! Because bitcoin is first.first crypto has been known.that the fact I guess.how would you know the other coins if there is first.ofcourse you have to introduce first the coins and there is one name of xoin you should introduce first to be able to make other altcoins.because bitcoin was the first and been be known that it is strong kinds of coins.we call this of king of cryptocurrency tjats why bitcoin is so popular.ofcourse we always use things that it comes first that we know already be useful tjan tries others that will dissapoint you.but I know there are also coins that been popular also like ethereum but we always trusted the first.wait to be lost bitcoin before this will forget but I guess its not gonna be happen.I trust always bitcoin and will be valuable forever and ever

[Periodik]

To be honest, I think it has a very huge impact. But then, can we really dump Bitcoin because of the technology which some might consider inferior? I cannot imagine anyone would do that except the people from the altcoin Bitcoin Cash.  We all know that the blockchain that Bitcoin has started has been the inspiration of so many others, modified, improved to a significant extent, fees are much lower in others, much faster, too. But the value of Bitcoin has surpassed technology for now, it simply represents every other blockchain and the entire cryptocurrency.

[airdropan]

i was thinking the same thing like you, maybe just because Bitcoin is the world’s first decentralized digital currency. Its value primarily comes from it being the first digital currency that no one can control it. Also being the first mean people give more trust to bitcoin it self

[maxreish]

Partly, yes. It was the first cryptocurrency coin invented. But what makes bitcoin more valuable and special is that it brings amazing things like advance technology, payment transactions, database efficiency and many more. And Bitcoin was considered as valuable than others because of the  technology made called "blockchain".

[Pursuer]

again with this poorly argued discussion?!!

if everything that came first could be successful and valuable then hundreds of companies and products that were created throughout the history "first and before everything else" would have been the most valuable in the world. but we can clearly see that this is not the case.
for instance take facebook that everyone is talking about these days. it is not the first social media platform out there! there have been lots of others, many that people don't even remember their names. they were "first" but they all disappeared.

not to mention that bitcoin wasn't the first either! it is the upgraded replacement to other smaller and less secure projects that existed before bitcoin came along.

[Strongkored]

--snip--
My ultimate question is: "Is Bitcoin so valuable just because it was first?" As technology progresses it's inevitable that new and better ways of doing things will be discovered. But is it really about just being first in today's world? What are your guy's thoughts on this? Do you think there will be a breaking point aka, amount of inconveniences people will put up with before moving on?

I don't think so, because if you look at its development before Ethereum appears there are also other coins but it can't survive, based on what I see through its development that makes Bitcoin very valuable because of strong community support.
Satoshi Nakamoto as the creator no longer shows real support (or arguably arises) in contrast to Ethereum whose creators are still actively providing updates, so this is all because the community has very strong, conclusions is the power of community.

[klaaas]

again with this poorly argued discussion?!!

if everything that came first could be successful and valuable then hundreds of companies and products that were created throughout the history "first and before everything else" would have been the most valuable in the world. but we can clearly see that this is not the case.
for instance take facebook that everyone is talking about these days. it is not the first social media platform out there! there have been lots of others, many that people don't even remember their names. they were "first" but they all disappeared.

not to mention that bitcoin wasn't the first either! it is the upgraded replacement to other smaller and less secure projects that existed before bitcoin came along.

Indeed you never know what is going on in non public spaces but it is the first one that did it right from the beginning and gained the traction needed to grow.

No op not only, it are the rules inn play that count also and the trust that come out of it.

[meanwords]

I think the reason why most people trust Bitcoin is because it is decentralized. It is not controlled by anyone. It's developers doesn't hold the majority of supply (Except Satoshi Nakamoto, the founder) unlike those other coins who's supplies are already hoard by their creators. And also, Bitcoin does develops and copes with the present which is enough for the masses.

[Nnuego]

Having bitcoin as the first cryptocurrency doesn't make it more valuable than others. There are well known coins that worth something tangible but it can't be compared with bitcoin. The fact is that bitcoin has gotten the mind of people and its decentralized

[Arkham Knight]

Of course, not and as far as I know there was a cryptocurrency that was released before bitcoin and it was not successful. I don't remember that coin but you can research it has the problems that bitcoin was able to solve like the double spending. Bitcoin is only goes first if we a talk about a breakthrough on cryptography. I believe that its the community who supports it makes the most of its value.

[antisocial77]

Yes it is, many people are against that but they are like fanboy.its an old tech and there are many projects which are making everything better than bitcoin.

[darklus123]

not to mention that bitcoin wasn't the first either! it is the upgraded replacement to other smaller and less secure projects that existed before bitcoin came along.

I didn't not even know this lol. Tho, even if bitcoin was not the first ever digital currency project. I can still consider it as the first out of the crypto industry which has the unique approach in terms of currency.

Tho, for the sake of the discussion here are the list of previous projects that attempts to create a digital money
https://www.investopedia.com/tech/were-there-cryptocurrencies-bitcoin/

Hashcash was the most successful before bitcoin

[muratsink]

in general, the duration of time for transaction confirmation requires 10 to 30 minutes.  if the transaction is high, it will not take a long time. 
in my opinion, BTC fluctuations make popularity increase every time and create a mainstream in every market.  profit from volatility is greater than transaction costs, so until today, BTC still has a large volume.

[davis196]

I have thought about this a lot, especially more recently as I question why I'm using Bitcoin. Since cryptocurrency began, there have been so many new and improved versions of the "Bitcoin blockchain", one of the most notable probably being Ethereum.

It's always painful to use Bitcoin in comparison with sometimes up to $5 transaction fees for sending even $10, not to mention the amount of time transactions take. It kind of feels like Bitcoin is a sinking ship in some ways, because of the increasing problems that occur with a blockchain system. However, this doesn't seem to faze many, as the price keeps rising again and hitting new records.

My ultimate question is: "Is Bitcoin so valuable just because it was first?" As technology progresses it's inevitable that new and better ways of doing things will be discovered. But is it really about just being first in today's world? What are your guy's thoughts on this? Do you think there will be a breaking point aka, amount of inconveniences people will put up with before moving on?

No,bitcoin is so valuable because it has the best and most secure  blockchain protocol.I'm not a programming expert,but this is the main reason.The second reason is that bitcoin is the most well known cryptocurrency(most because it's the first one),so I can partially agree with your theory,but 'being the first' doesn't always mean that bitcoin is the best.

[Dreamchaser21]

in general, the duration of time for transaction confirmation requires 10 to 30 minutes.  if the transaction is high, it will not take a long time. 
in my opinion, BTC fluctuations make popularity increase every time and create a mainstream in every market.  profit from volatility is greater than transaction costs, so until today, BTC still has a large volume.

We can also say that the hype is really strong with bitcoin, and somehow bitcoin being hailed because he started this revolution, he started to help people and until now bitcoin keeps on working hard to attract new investors. Being a top coin is not easy, I’m happy that until now bitcoin is on top.

[MadeinCoin]

The basic concept of a decentralized cryptocurrency using blockchain platform was first used for Bitcoin. All the coins that came after Bitcoin used the same basic concept, with some modifications. Some of these coins may be more advanced than Bitcoin as far as their technology is concerned. However, the purpose and intention is the same and the differences are not big enough to replace BTC.

Good point, though new projects promise to have innovated system but the concept still the same and people who use to work with crypto will continue to support bitcoin instead of taking chances with other crypto around, maybe some might tried but majorities will keep bitcoin since it's already proven its worth from this industry, bitcoin being the first to be trusted by most investors keeps the position being number one.

Well, indeed, bitcoin is not just the first coin but bitcoin is another crypto basis. Moreover, bitcoin has had trust from various circles, it is very difficult to replace. Take for example Ethereum, why is ethereum the first altcoin? yes, because this coin has high trust with the dApp service, well, therefore trust affects everything in crypto. Similar to BNB, they have good trust held by investors and traders.

[Aero Blue]

At some point yes, it is valuable because it was the first but that's not all, bitcoin has other properties that made people want to use bitcoin and trust it, bitcoin has its share of ups and downs like other altcoins but bitcoin has been proven and tested for years now that is why it is more valuable than others.

Yea I think that this is really the conclusion I have come to after thinking about it for a while. Bitcoin's value didn't solely come from the fact that it was first, but being first certainly helped. Plus I have a bit of a negative view of Bitcoin right now, but in reality it is a solid system that was built to last.

[dimox]

yes, that is one of the other reason. because it first, make bitcoin have big value. many people buy and sell and its favored, used by a lot of people around the world though government not accept as payment (mostly they use as digital asset). bitcoin give best service like fast when you sent your coin to the other address, low fee make people agree to use bitcoin