Bitcoin The Worlds First CryptoCurrency ! What does this mean for Bitcoin now ?

[HardFacts]

How Valuable is the worlds First FIAT CURRENCY

How big is the world first BANK

Does everyone still want the first CELLPHONE

I bet no one here even knows what the first in the list above are if they did not google it...

Being first is great, you can have a nice run with a great new idea and zero competition, and make a fortune 💰💰💰   But being first has a very limited time to profit before competition with better products arrives.   Just like FIAT currencies, there are an INFINITE number of Crypto Currencies that can be created via the Blockchain.  The Blockchain is a world changing technology, but Bitcoin has no exclusive claim on it.  Bitcoin had a great run up for being first, people made fortunes, but those days have past....   Just like the assets in the above list have gone to zero an are long forgotten, we are now seeing the decline in Bitcoin.   I wonder how low it has to get before some of the " Faithful Believers " figure it out.

I have no doubt that Crypto Currencies will be the future of money, but it will not be bitcoin.  It will likely be some real asset backed Crypto, gold backed, or Petro Backed, you name it, but backed by something of real value.    Bitcoin is backed by NOTHING, do you REALLY think people will want Bitcoin when better Crypto Currencies with real backing come along

You can ignore reality, but you can not ignore the consequences of ignoring reality  🤣🤣🤣🤣

Hard Facts

[scopatumana]

Well, then you also have to ask yourself these?
How big was the first ever mineral mined?- it's still existing and being mined for more profits..

How big was the first ever university?- it's still functioning

and many other first discoveries or inventions functioning well.

Your assumption may be true but that doesn't justify that Bitcoin will die. There is evidence of first discoveries existing.

And don't forget that many of these altcoins depend on bitcoin for survival...There's no crypto without bitcoin

[hatshepsut93]

The Blockchain is a world changing technology, but Bitcoin has no exclusive claim on it.

Blockchain is a useless technology, no one seriously uses it, unless they make a centralized version of it, at which point it becomes a simple database. This is why altcoins are worthless - they don't have any magic blockchain technology in them, they are just copies of Bitcoin or other altcoins with some twist. Bitcoin has the most tested codebase, the highest network security, the biggest community and economy around it, how can alts compete with that if all they have is a few developers and a dozen of users at best?

t will likely be some real asset backed Crypto, gold backed, or Petro Backed, you name it, but backed by something of real value.    Bitcoin is backed by NOTHING, do you REALLY think people will want Bitcoin when better Crypto Currencies with real backing come along

Stablecoins and coins backed by some goods have been around for many years already, and they all failed to overtake Bitcoin's popularity, because they are all centralized.

[southafricadude]

Maybe you are ignoring reality.
What is the USD backed by?
What is gold backed by?

Its not about the blockchain, any new crypto can use that concept, its about being permissionless, censorship resistant, decentralized, borderless, immutable and unconfiscatable money. No other crypto can beat bitcoin on those points, and any cool features that other crypto coins might invent, can be added to bitcoin if they are good enough.

[Eugenar]

I think you missed the most important concept there, in terms of figuring out what backed crypto especially bitcoin, it is the people who backed it. We might think of valuable things but the support and trust of people to bitcoin is what makes it different from other asset-backed cryptocurrencies. If we keep on believing and supporting bitcoin in what it could be in the future, it will really achieve it because of us.

[Eclipse26]

It's not always like that. Being first is nice. You have the privilege but if you didn't use that very well and didn't act much competitive with other arising product same as yours, you can't survive. Even though you were the first, you still have to prove that you can compete with the newest and advanced one. Bitcoin remains competitive with other cryptocurrency and is still dominating the crypto market. Bitcoin is backed by people's trust. As long as we continue to believe in bitcoin, bitcoin will remain.

[Darker45]

In logic, a conclusion will only be considered true if the premises are also true. If a single premise is wrong then the rest of the argument as well as the conclusion will be false.

By starting your argument with the premise that Bitcoin is the world's first cryptocurrency, you are already wrong. And since your entire argument is founded on it, it is all false and illogical. Everything proceeding from a false premise is nonsense.

My point is crystal clear, that Bitcoin is not the world's first cryptocurrency. It is already the more or less perfect version of older imperfect versions.

[Kyraishi]

Your post, from the very start is just wrong. Bitcoin isn't even the first crypto-currency that was developed, and it wasn't the 2nd, it was actually the first cryptocurrency that made it big, but it was never the first crypto-currency, it only made it big due to the decentralisation aspects that other coins didn't have before.

People are obviously not going to use bitcoin for 10,000 years, everything has a life span, including our current banking system - but your trying to say BTC will die soon, which is just wrong to be honest.

[CryptoBry]

Certainly, being the first or the pioneer does not guarantee that it can be successful and that it can last. However, on the other hand, being first does not mean that it can eventually die or failed to continually take the top spot. Market realities demand that Bitcoin should have use-cases and must be adopted by the many and of course Bitcoin is not perfect (but what is?). So far, there is no powerful challenger to the throne occupied by Bitcoin. Now, will Bitcoin eventually die? Nobody knows if and when that can happen. Usually when Bitcoin is having a dip, innuendos like this will be cropping up and that is happening right now.

[hello_good_sir]

You are talking about 2 very different things, of course being first in some situations will lead to your ideas being copied, and it could end up with you being overtaken, and possibly losing your market position in the future.

But, there are still a lot of companies that have created something first, and innovations have been built on it (eg, look at Apple and Microsoft).

The same thing is going to happen with crypto-currencies and other payment methods, where we will see new payments come out, and new coins come out, it's the cycle of life, although I reckon BTC is going to have a very long life.

[Willitivity]

The logic you're trying to play here of how being the first means being outdated after a period if time doesn't really apply to Blockchain. Bitcoin is the first Cryptocurrency, 10 years down the line, it still maintains great relevancy over all other thousands out there. Bitcoin has gained all the popularity in this space, everyone knows and talks about it, even non-crypto people.

[bounceback]

although bitcoin is the first cryptocurrency but I am very confident that bitcoin will remain the only valuable coin in the future because so far blockchain technology has become popular and many companies want to partner because there is bitcoin standing in that technology and if bitcoin will die, i think all cryptocurrency and other altcoins also die because basically people first get to know cryptocurrency by adapting bitcoin.

[Kprawn]

You are missing the point about being first. It is all about market share and how many merchants are willing to accept your currency. They accept

the currency that are most used by their customers and Bitcoin already grown so much that they grabbed most of the market share and merchants.

It is a race to get more and more people using the currency and for more merchants to accept it. You can have the first cellphone, but if you do not

introduce new and improved features on that cellphone, then you would lose market share. Bitcoin developers are constantly working on improving

Bitcoin features, so we have that covered. 

[pooya87]

that is all true but you are forgetting a very important part that you neglect to mention after your long post.
lets take cell phones, when the first one came out, it was great and was used everywhere. then as technology improved, it continued being improved with it. what we are using today is that same first cell phone that is improved with the new technologies. and if at some point that is to be replaced by another technology then that "second" one has to be better.

what we have in bitcoin is that it is currently the only advanced technology that is being used. it is also improving constantly as that technology improves. so far we have had nothing better to even come close to becoming second.
in this situation talking about a second thing is foolish because it won't happen for at least a hundred years.

[Murat]

It's a hard fact that Bitcoin will not be the only coin that people should hold for the future purpose, but it's also true that Bitcoin has brought this generation and all the credit to the Bitcoin because people know the first Bitcoin and then other cryptocurrencies, so it might be the best one and still it's the best coin in this cryptocurrency, of course, When people will get the alternate option in this cryptocurrency platform then they will take that opportunity, but you have to mind it that Bitcoin has passed already 10years so it has a huge credibility to this platform, so if you say about the backing up of Bitcoin then it's normal case for every cryptocurrency, so don't mention only Bitcoin.

[fuguebtc]

The Blockchain is a world changing technology, but Bitcoin has no exclusive claim on it.

Blockchain is a useless technology, no one seriously uses it, unless they make a centralized version of it, at which point it becomes a simple database. This is why altcoins are worthless - they don't have any magic blockchain technology in them, they are just copies of Bitcoin or other altcoins with some twist. Bitcoin has the most tested codebase, the highest network security, the biggest community and economy around it, how can alts compete with that if all they have is a few developers and a dozen of users at best?

t will likely be some real asset backed Crypto, gold backed, or Petro Backed, you name it, but backed by something of real value.    Bitcoin is backed by NOTHING, do you REALLY think people will want Bitcoin when better Crypto Currencies with real backing come along

These all positive aspects of BTC comes at the cost of compromise on scalability, which is one main reasons why BTC is not getting acceptance globally.
I dont think blockchain is a useless technology. Very recently Chinese president hinted on adoption of blockchain not on BTC.

[the rise]

everyone is not so interested when discussing the decentralized system, but appreciates bitcoin as a currency, the effect of its use has proven effective as far as increasing aspects of continuity, bitcoin becomes a kind of need for transactions and people are starting to be interested in taking it as a serious need. So the usability component is prioritized as support, the freedom of non-binding transactions is a benchmark for this currency, not entirely comparable to what we normally see in conventional systems.

[blckhawk]

It may be definitely gone in the future but not any sooner. The technology still receives attention and is suspect to greater adoption by different institutions and organizations. But I do agree that it would become obsolete in the future, and it is indeed inevitable. If your purpose is to educate, then you have made your point. If your purpose is to create FUD, then I only think you've failed.

Assets and technologies just vary in time of their use. Some do last for centuries, while others are only lasting for years. Nothing is permanent as they say. Maybe one time, instead of people praising gold as the wealth standard, we might have a shift that the next most valuable asset to have is digital data. No matter what that is, one thing's for sure and that is the world is ever changing.

[BlackFor3st]

How Valuable is the worlds First FIAT CURRENCY

How big is the world first BANK

Does everyone still want the first CELLPHONE

I bet no one here even knows what the first in the list above are if they did not google it...

Being first is great, you can have a nice run with a great new idea and zero competition, and make a fortune 💰💰💰   But being first has a very limited time to profit before competition with better products arrives.   Just like FIAT currencies, there are an INFINITE number of Crypto Currencies that can be created via the Blockchain.  The Blockchain is a world changing technology, but Bitcoin has no exclusive claim on it.  Bitcoin had a great run up for being first, people made fortunes, but those days have past....   Just like the assets in the above list have gone to zero an are long forgotten, we are now seeing the decline in Bitcoin.   I wonder how low it has to get before some of the " Faithful Believers " figure it out.

I have no doubt that Crypto Currencies will be the future of money, but it will not be bitcoin.  It will likely be some real asset backed Crypto, gold backed, or Petro Backed, you name it, but backed by something of real value.    Bitcoin is backed by NOTHING, do you REALLY think people will want Bitcoin when better Crypto Currencies with real backing come along

You can ignore reality, but you can not ignore the consequences of ignoring reality  🤣🤣🤣🤣

Hard Facts

You have a point but you cannot predict also the moves of other big individuals who are pulling the triggers to make Bitcoin as the greatest currency even if it is backed by nothing.

Being backed by something can be very lethal as other entities can easily control the price. What I believe is that Bitcoin with backed by nothing will become the main currency in the future due to its anonymous background aside from being the mother of all cryptos.

[bitvalak]

How Valuable is the worlds First FIAT CURRENCY

How big is the world first BANK

Does everyone still want the first CELLPHONE

I bet no one here even knows what the first in the list above are if they did not google it...

Being first is great, you can have a nice run with a great new idea and zero competition, and make a fortune 💰💰💰   But being first has a very limited time to profit before competition with better products arrives.   Just like FIAT currencies, there are an INFINITE number of Crypto Currencies that can be created via the Blockchain.  The Blockchain is a world changing technology, but Bitcoin has no exclusive claim on it.  Bitcoin had a great run up for being first, people made fortunes, but those days have past....   Just like the assets in the above list have gone to zero an are long forgotten, we are now seeing the decline in Bitcoin.   I wonder how low it has to get before some of the " Faithful Believers " figure it out.

I have no doubt that Crypto Currencies will be the future of money, but it will not be bitcoin.  It will likely be some real asset backed Crypto, gold backed, or Petro Backed, you name it, but backed by something of real value.    Bitcoin is backed by NOTHING, do you REALLY think people will want Bitcoin when better Crypto Currencies with real backing come along

You can ignore reality, but you can not ignore the consequences of ignoring reality  🤣🤣🤣🤣

Hard Facts

But you must remember, the blockchain was first connected with bitcoin and after that everyone competed to adopt blockchain and bitcoin.
If bitcoin is not valuable, how can other altcoins survive. Everyone is now honestly only aiming to have bitcoin.