Is Bitcoin so valuable just because it was first?

[Pyr3x]

In fact, one of the reasons, really, is that bitcoin was the first cryptocurrency. The first created cryptocurrency and the first cryptocurrency that people believed

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[iMark]

We have many examples in IT industry that if someone was first in something, like Microsoft in computers, Apple in I phone etc. that afterwards it was difficult to remove them from the top.
People get used to their products and habits are most difficult to change.
Bitcoin is also man entry point for the crypto world and well known because of media reports.

Yeah it can be partially true, but it's not always like that, if the product has no innovation, something new will definitely replace it, it is business competition law. Look at Nokia, Blackberry, and other products they are the first version but have no innovation so they are abandoned.

[bitgoldpanther1978]

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?

Well to be honest dude, there are some altcoins that are much more good and better than Bitcoin just like Ethereum.
But since Bitcoin was established the big community in the entire world, now wonder why lot of investors embraced it maybe
because of its unique features it has that's all what I had noticed.

[finaleshot2016]

Bitcoin was very valuable because of its advanced and precious technology called Blockchain.

Well to be honest dude, there are some altcoins that are much more good and better than Bitcoin just like Ethereum.
But since Bitcoin was established the big community in the entire world, now wonder why lot of investors embraced it maybe
because of its unique features it has that's all what I had noticed.

To be honest also, Ethereum has the ability to be sided with bitcoin but Ethereum is way far to bitcoin when calculating the gap. You didn't noticed the blockchain itself in bitcoin that's why it's the greatest and leading cryptocurrency of all. Ethereum is like bitcoin but with when talking about features and platform who adopted cryptocurrency, bitcoin is the best.

[Ioann11]

The real value of bitcoins goes beyond their market value, and they should not be viewed only as a safe haven to preserve value. The current fall in prices, of course, was painful for many who relied only on the rise in prices of digital currencies. However, the above comparison between a cryptocurrency bubble and the collapse of dot-com shows that digital coins will survive only when they create proper blockchain ecosystems and become useful to people.
Thus, it must be understood that Satoshi did not create Bitcoin simply as a subject of market speculation - so that the value accumulated in the hands of only a few. Bitcoin was conceived as an alternative tool that allows the exchange of value between people, bypassing the monopoly of existing financial systems, and such a tool should be widely recognized.

[Carreuh]

In my opinion, bitcoin is very valuable as a digital currency. Because bitcoin is the main thing in the crypto curenncy world, if it's a matter of development so people will leave this bitcoin, maybe this will happen sometime later but this won't happen anytime soon.  this, bitcoin still has a lot of devotees

[bryant.coleman]

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.

Ethereum is not the "first" altcoin. It is the most popular altcoin currently in circulation, but the first altcoin was Namecoin (which was created in 2011, a few months before the creation of Litecoin). Ethereum is relatively young when compared to these alts such as NMC and LTC, as it was created only in 2015. But the advantage with Ethereum was that tokens could be created based on the ERC platform, and therefore it gained a lot of popularity during the ICO boom of 2016-17. It is another story that the vast majority of these ICO projects didn't had any practical uses. Right now, the main purpose of cryptocurrency is to act as a store of value. And users are preferring Bitcoin because the alts had copied the concept from Bitcoin (although the technology may be different).

BTW, you can check the ANN thread for LTC here: https://bitcointalk.org/index.php?topic=47417.0

They had initially described Litecoin as a "lite version of Bitcoin".

[Maslate]

In my opinion, bitcoin is very valuable as a digital currency. Because bitcoin is the main thing in the crypto curenncy world, if it's a matter of development so people will leave this bitcoin, maybe this will happen sometime later but this won't happen anytime soon.  this, bitcoin still has a lot of devotees

trust in bitcoin is getting higher, especially with limited supply, making this coin so valuable. it is not easy to beat the market capitalization of bitcoin, so this coin is a reference for long-term investment, because it is safest compared to other coins

It is not about supply or market capitalization, it becomes valuable just because it places an important role in the community and it causing to raise its value compared to USD. With all that matters and the real purpose of its creation, we could say that Bitcoin will be more valuable from time to time.

[CBANX Ltd.]

Bitcoin has benefits of being first besides that its decentralized nature and underlying technology increases the acceptance level which also add-up the brownie points in its value

[romero121]

Everything that getting into existence for the very first time gains more importance as well valued high. This is the classic law, and same has got applied for bitcoin. The value got generated upon the demand to the supply, during bitcoin's early days it wasn't valued big. As days passed the demand got increased and to the same the valuation grew higher and higher with time.

[AGD]

No, but because it was so easy to copy and slightly modify the source code and rename it by anyone with even less than basic coding skills.

[akela11]

Bitcoin has such value because the coin is a director in the entire market. Incredibly a lot of people own bitcoin and for this reason, this coin is the price generator of all coins. Maybe further some kind of coin can replace Bitcoin, but for this, millions of people have to trust in it and buy it. Well, in addition, do not forget that Bitcoin is the creation of Satoshi Nakamoto, whose identity is unknown. Because in the world there are no controls on this coin.

[samuraijin]

The reason why bitcoin is very valuable, because bitcoin has a system that is very much needed at this time, it is not wrong if everyone wants to have bitcoin, even though it is very difficult to have it, but they never doubt about the system that is in bitcoin and strengthened by blockchain system ...

[puertorikosena]

Just because Bitcoin was the first, it is so valuable. It is worth considering that of all known cryptocurrency projects, Bitcoin is the only truly decentralized coin, unlike many other famous coins.

[ttcsalam]

That's right. Bit coins are the first coins. Now the way the market is flowing. So I think. After 8/10 years, there will be a change. Understanding the market situation, some other markets will occupy it. Can't in any way.

[izanagi narukami]

For me, bitcoin become valuable because it has the technology that are needed for digital transaction like never before.
Bitcoin has advantage as investment and fiat , unlike ordinary investment that we have known,right?

When there is something unique there will be the demand of it

[Pixyoxx]

Bitcoin is not valuable only because it came first.
There are several things that make Bitcoins what it is today. First of all it has the most dominant share in the market as compared to other Cryptocurrencies. Also it is more frequently used in transactions from consumer to companies and also because of its popularity. People trust Bitcoins more than any other currency.

[hv_]

Bitcoin is valuable because the blockchain works nice with incentives and is kinda balanced game open for anyone to invest into and mine blocks.

It is not only valuable by pure speculation, it needs to do all sorts of things where one needs a time stamping machine. Therefore only an fully onchain scalable and stable solution- the very original one will have long term sustainable value imo.

[Artemis3]

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?

Bitcoin was the first one that did it real good. It could be improved, but it was good enough for many issues, thats where its value comes from.

Other forms of digital money existed before, but they weren't as secure, or were centrally tied (meaning weak); or were simply to cumbersome to use.

Bitcoin fee is often a mixture of misunderstanding and, in my opinion, bad wallet design. You see, for most situation you are fine with the lowest fee, regardless. Can you wait like one day? Then don't bother paying more than 1 Sat/B. But in many wallets this is either unavailable or quite hidden.

Being able to buy that cup of coffee instantly would mean perfection, but is not necessary to be useful. And yet off chain solutions are filling that void anyway, or you could be a bit more old fashioned and carry some spare change in some altcoin for these. Thanks to segwit the same thing people think to do with LN, could be in theory be done with say, Litecoin. That's because they can be exchanged directly now without going to an exchange, going straight from wallet to wallet. All that's needed is wallets that would do it...

Or if the world ls pleased with LN, then so be it. Only small quick transactions would need that anyway.

Being the first successful gave it a lot of value. and being alive after a decade (where several others have perished) has proven it to the markets.

[gentlemand]

Well to be honest dude, there are some altcoins that are much more good and better than Bitcoin just like Ethereum.
But since Bitcoin was established the big community in the entire world, now wonder why lot of investors embraced it maybe
because of its unique features it has that's all what I had noticed.

Please define 'good' for us.

If I was looking to put money into an entirely digital asset with zero value beyond the belief users have in its value and utility I will be looking for network effect, security, attack resistance, decentralisation, competence and the spread and depth of development.

If something has none of that but 60 second confirmations on its one data centre chain plus a 'partnership' that consists of a canned fob off from whatever company they're lying about that's not going to sway me.