Xalata
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July 22, 2019, 10:20:03 PM |
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I don't think Bitcoin is chosen because it was first. It has been able to stand the test of time and has proven itself to be a good coin to invest. It also has a lot of uses, making it more beneficial.
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alroys
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July 22, 2019, 11:41:18 PM |
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Maybe that's true, because Bitcoin is Cryptocurrency which first appeared so that Bitcoin has the highest price. This is because people are obsessed with Bitcoin being number one, and Bitcoin is the mother of all Crypto coins that exist today. Even the statement that all Crypto coins depend on Bitcoin, making Bitcoin will always be number one.
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longtkhd
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July 24, 2019, 02:37:29 AM |
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Simply bitcoin meets most of what other currencies offer, it has gained the confidence of people since early so if there is no new breakthrough, bitcoin is still there and always at the top.
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Bitcoin Seller
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July 24, 2019, 06:09:21 AM |
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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.
The biggest number of BTC that will be issued ever is 21 million (the last coin will be issued back in the year 2139). Therefore, Bitcoin will be never affected by inflation. Another reason to invest in BTC is its real decentralization and anonymity. Finally, this is the cryptocurrency, which is known by all, even those, who are not yet going to get crypto. BTC will stay the market leader, and it is in great demand. |
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killat
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July 24, 2019, 06:18:06 AM |
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To be first in a new industry is a huge advantage. Just imagine how hard would be now for someone to create a new social media platform and to compete with Facebook.
However, Bitcoin never suffered an over 50% attack, which happened to a lot of other coins.
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Parkie
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July 24, 2019, 12:32:32 PM |
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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.
I absolutely agree with you. It's difficult to change people's minds. Once you hear something new and exciting, everything that comes after is let's say not original, a copycat. So people tend to stick with "The first" option, mostly because it's associated to their mind as the best. |
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keziakusayang
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July 24, 2019, 01:11:40 PM |
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I think it's all because of the limited number, yes because the number of bitcoins is limited so that bitcoin becomes very valuable and also very sought after. and also many who believe in bitcoin so that other coins are difficult to compete with bitcoin to master crypto
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94K
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August 07, 2019, 10:24:05 PM |
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I don't really buy into the idea that bitcoin is valuable just because it was the first crypto coin to be launched in cryptocurrency. I think the number is limited and people are in dire need to buy and hold bitcoin for sometime.
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minersday
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August 07, 2019, 11:30:05 PM |
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Personally, I don't really think that Bitcoin is so valuable because it was first. I believe that Bitcoin is so valuable because it introduced blockchain technology and the general ideology behind its development is one the financial ecosystem needed in order to introduce financial freedom. Since Bitcoin introduced blockchain technology and the world has somehow endorsed this technology, this also influences its value massively.
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bryant.coleman
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August 08, 2019, 03:01:22 AM |
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It is a combination of being the first cryptocurrency and getting constantly updated (forked) for the bugs and issues. In my opinion, Bitcoin has retained its dominance for the last 10 years, because none of the competitors were able to give it any form of threat. There are coins out there such as Ethereum and Cardano, which may be more advanced in technical terms. But the basic concept remains the same as that of Bitcoin. Most of the additional features of these coins don't have any relevance for the ordinary users.
And for the newer coins, they have struggled to get a large user base, despite having advanced features. Perhaps cryptocurrencies need to be simple and easy to use, rather than embedded with all sort of advanced features which can take half of the total hard disk space in your laptop. The first and foremost use of a cryptocurrency is to make payments. And right now Bitcoin is doing that job perfectly. I can understand the concerns about high transaction fee, but sooner or later a solution will be found.
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Fundamentals Of
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August 08, 2019, 03:03:17 AM |
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To a certain extent, yes. Bitcoin has become some kind of a limited edition cryptocurrency, a collectible of sort because it has moved the first stone, made the first touch and the rest are but ripples. And putting into consideration the huge disruption it has caused to the entire financial structure, it becomes a must for everyone, a coveted asset, notwithstanding the fact that it could not be the best crypto to spend and buy a cup of coffee. The fixed 21 million supply adds an enticing factor, looking scarce in the next following years.
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coin-investor
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August 08, 2019, 04:25:43 AM |
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I am holding a lot of coins and tested some of it, I had some coins that can confirm a transaction in just a few seconds and without a fee, and you will think it's very much better than Bitcoin, and I also experience sending Bitcoin and have to wait for a whole day for the transaction to confirm, and you will wonder why you're still using Bitcoin to transact, with some disadvantages attached to it.
But you will not understand the underlying theory and facts about Cryptocurrency and blockchain without going to Bitcoin first, everything starts with Bitcoin, of course, there will be a fix coming, I believe it's valuable because it's the one that started it all, we can add more coins to our portfolio but Bitcoin is the one that revolutionizes everything here.
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Prateek_sharma
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August 08, 2019, 04:50:31 AM |
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Yeah, it is more valuable when the value of bitcoin hits sky in the year 2017
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tiedcoin
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August 08, 2019, 05:35:35 AM |
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Being the first cryptocurrency has its own advantage, and it could be one of the reasons why bitcoin is so valuable. But the adoption and scarcity affect its value. As many popular brands have started to accept bitcoin, people now trust bitcoin more than any other cryptocurrency.
Although there are many altcoins better than bitcoins, the popularity of bitcoin will always keep it at number 1 position.
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Murat
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August 09, 2019, 01:29:39 PM |
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I think Bitcoin is not valuable just because it was first. Bitcoin is popular and valuable because of its features. Bitcoin price is a big factor why it's more valuable than others. I think the crypto market is running successfully because of bitcoin. People are getting interested in crypto because of bitcoin.
If we look around, no other crypto can touch bitcoin. Bitcoin is giving us more opportunities and better facilities that other crypto. Even Ethereum can pass over bitcoin. Bitcoin is the king of cryptocurrencies for its features and no other coin can cross it.
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ghost424
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August 09, 2019, 02:46:24 PM |
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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?
That was at least one of the reason why Bitcoin is so valuable. Bitcoin is so versatile and people are looking for ways to earn it. All of the Alternate Coins are going back to Bitcoin because of the Market volume of Bitcoin is too high and that also one of the reason Bitcoins value is too high. Bitcoin is only one of the Crypto that can be turned into cash and most of Alternate Coins does not even have this feature. |
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Jamjamz30
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August 09, 2019, 02:56:38 PM |
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Some altcoins are better than bitcoin for specific purposes. Bitcoin has the trust of the people and a very solid system.
Any altcoin that wants to compete with bitcoin has to offer something new, otherwise is just a bitcoin clone...
Indeed true, but still altcoin remain as bitcoin clone. Bitcoin established so much believer in the entire world were most of the merchants adapted the features and uniqueness of bitcoin usages in terms of blockchain technology. so, its not true that bitcoin so valuable because it was first, nope that's not it dude. Its because of the features why people embraced it so much. |
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roosbit
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August 09, 2019, 03:15:21 PM |
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I would like to think it has everything to do with this and since it's still going strong and no sign of being displaced it will remain like this for a long time. Maybe if a consensus is reached to change the crypto standard we might see a new coin heading the flock but things don't work this way. I think Bitcoin is not valuable just because it was first. Bitcoin is popular and valuable because of its features. Bitcoin price is a big factor why it's more valuable than others. I think the crypto market is running successfully because of bitcoin. People are getting interested in crypto because of bitcoin.
If we look around, no other crypto can touch bitcoin. Bitcoin is giving us more opportunities and better facilities that other crypto. Even Ethereum can pass over bitcoin. Bitcoin is the king of cryptocurrencies for its features and no other coin can cross it.
Better facilities in bitcoin ummh I would like to see people debate about this as I don't think this is true. AFAIK there are coins far much better than bitcoin but lack popularity. |
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hv_
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August 10, 2019, 08:43:38 AM |
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The Value over hard cash and all other online Payment Services is that user are protected by not sending their private data with the tx but having the digital signature proving the action and ownership legally. Sad that old btc changed that. So the Real Value is only coming from the original design and the onChain Security...
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Carpe diem - understand the White Paper and mine honest.
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Daniel91
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August 10, 2019, 01:01:41 PM |
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Well, look at examples of big and famous companies such as Apple, Microsoft etc.
Being the first to develop a new product, they have gained market advantage.
Also, many people first hear from mainstream media about bitcoin, so bitcoin became their ''entry point'' for crypto market.
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