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

[Ucy]

When you say Bitcoin is backed by nothing do you understand what that really means? Something that is backed by nothing cannot be reliable nor trusted. Bitcoin is backed by the people, investors, traders, its unique features, online assets etc. Hopefully in the future , it will increasingly be backed by more assets especially valuable physical assets via its sidechains/tokens.

[1714500206]

1714500206

[1714500206]

1714500206

[1714500206]

1714500206

[1714500206]

1714500206

[1714500206]

1714500206

[Pearls Before Swine]

Bitcoin is backed by NOTHING, do you REALLY think people will want Bitcoin when better Crypto Currencies with real backing come along

If you think about it, fiat money isn't really backed by anything either and we've come to a point in civilization that money doesn't need to be backed by anything specific.  People just need to agree that something has value, and that's exactly what's happened with bitcoin.

But yes, there are altcoins that perform the money function much better than bitcoin.  That point I would not argue.  However, bitcoin *was* the first and did form the largest community around it, which is why it's the most valuable.  I don't know if that's going to change, but it could.  It doesn't seem like that is going to be the case, tho.  I have yet to see an altcoin with the following that bitcoin has, and it cannot be understated how important that is.

People aren't going to be interested in a crypto that's backed by...whatever.  There have already been proposals for coins backed by gold and whatnot, but people realize that this isn't necessary.  Those coins are basically stable coins, and those don't have the allure that something like bitcoin does, where you can actually make a profit from it.

[dimonstration]

When you say Bitcoin is backed by nothing do you understand what that really means? Something that is backed by nothing cannot be reliable nor trusted. Bitcoin is backed by the people, investors, traders, its unique features, online assets etc. Hopefully in the future , it will increasingly be backed by more assets especially valuable physical assets via its sidechains/tokens.

It's not really nothing as it became the basis of any other Cryptocurrencies, without btc no altcoins will be invented. It is considered first as it's the only cryptocurrency that started it all. It already gain popularity and will soon to get more adoption once many accepts how it can be useful in many ways.

[Casdinyard]

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

That's actually a hard fact but is it the irony of it? Even though it isn't backed by anything people still trust it more than gold and in fact people are perfectly fine with that.

I respect your opinion and just leave you here and so respect us as well. Don't say silly things or you'll sow it eventually or I will assume that you're nothing but a butt hurt.  

[piebeyb]

just give me just one for you to say whether there is a blockchain product that is really better than bitcoin and has been tested from security systems and others, most competitors only see the weaknesses of expensive bitcoin transaction costs but actually this also cannot be said of a product which failed, I'm sure all the problems of any bitcoin will always be developed in the future to be much easier to use

Bitcoin is backed by NOTHING

a lot of people in this forum and bitcoin users out there support bitcoin and you say there is no support, it looks funny

[Fappanu]

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

Bitcoin is backed by people who believes and trust bitcoin,  power to ruled the world,  I'm Agree with you that bitcoin will not have potential to become future of money, 

But on your explanations of backed,  backed 😂
This is useless becuase government are the real backed of crypto that will replace fiat in the future, because they need to control this.


Hard Facts

[ashmodeus]

-snip

well , u must be haters for BTC , isn't ?
but , i appreciate your the path life.
listen , i have many many words to deny your words, but i guess it will be not change your mindset.

How Valuable is the worlds First FIAT CURRENCY

i dunno how valuable the first Fiat Currency, since it just a old story , and i guess its not valuable.

How big is the world first BANK

just a small building,i guess.

Does everyone still want the first CELLPHONE

Nope,i cant using internet with the first cellphone.

Being first is great, you can have a nice run with a great new idea and zero competition,

Being the first is hard,because u must create a different thing even unique thing from a general people think, and the next competitor just a shit with just copied from the first and make a small change,claiming better than the first for new ecosystem but is no more than human desire.

make a fortune 💰💰💰   But being first has a very limited time to profit before competition with better products arrives.

i am quite sure That does not happen in BTC.
it may happen on people , but i am sure satoshi still not take any profit from it.

Just like FIAT currencies, there are an INFINITE number of Crypto Currencies that can be created via the Blockchain.

yes, indeed, but people will look the first crypto currency , because its still alive , not like FIAT ,forgotten by better products arrives.

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

Yes, because it doesn't needed.
"Cryptocurrencies were the first platform developed using blockchain technology."
that a real fact , no need claim for it, since people not too dummies anymore.

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.

even the first FIAT can collapse to zero.
but now ? , like u see.

I have no doubt that Crypto Currencies will be the future of money, but it will not be bitcoin.

I have no doubt that bitcoin will be the future of money.

 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

Bitcoin is backed by Nothing, that why people know BTC the first decentralized cryptocurrency.
did u understand what freedom meaning ?
that's where bitcoin lives

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

Me Facts

[Katashi]

I have no doubt that Crypto Currencies will be the future of money, but it will not be bitcoin.

Cryptocurrency wouldn't exist if it weren't for Bitcoin, remember these facts!

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

Your so-called asset backed cryptocurrency are all centralized which is the total opposite of Bitcoin and as far as I remember the crypto community was formed against this centralized system so whatever you say it won't matter because people will still use Bitcoin due to its decentralization.

[kryptqnick]

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.

Whether Bitcoin is the first cryptocurrency is debatable, because it depends on our definition of cryptocurrency. But even if you count those few inventions that appeared before, the op's argument can still be modified and considered. It can be based on the premise of progress that comes along with newer inventions or discoveries. In that case, Bitcoin should still be worse than, say, Ethereum.
However, I disagree that it's a general thing that newer things make progress in comparison with the older ones, and Bitcoin is a good example. There've been some modifications and alternatives, but nothing rendered Bitcoin useless yet. For now and the foreseeable future Bitcoin remains the #1 cryptocurrency.

[HardFacts]

Bitcoin is backed by people who believes and trust bitcoin,  power to ruled the world,  I'm Agree with you that bitcoin will not have potential to become future of money, 

Bernie Madoff's Pyramid Scheme was backed by people who believe and trust it, that did not give it any value... Nor does it give bitcoin any value, beyond what some greater fool will pay for it....

Once people start to figure out they are not going to get rich, and that they are loosing their investment in Bitcoin, you will see selling and price drops beyond anything you can imagine.

So let me ask everyone a question,  at what price do you get out ?  How far does it have to fall before you admit you were wrong ?

Hard Facts

[Darker45]

but nothing rendered Bitcoin useless yet. For now and the foreseeable future Bitcoin remains the #1 cryptocurrency.

" FOR NOW " being the key point...   The price is headed down quickly, and people will start jumping ship once they figure out they are not going to get rich from Bitcoin.   Bubbles are great until they pop  🎈🎈🎈🎈

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

Hard Facts

Quite the contrary, Bitcoin for now is more useless than it is foreseen in the future. That is one of the reasons why Bitcoin is being criticized right now. One of the oldest and undying criticisms of Bitcoin is mainly emanating from the fact that it is a terrible failure in terms of functioning as a currency or even a payment system, which is the main reason why Bitcoin was created by Satoshi. But despite that, Bitcoin grew, evolving into an asset, touted as the digital gold, in the process.

If there is a bubble in Bitcoin that will pop in the future, it is the bubble of being a digital gold. In the future, Bitcoin will be more of a currency than an asset.

[barbara44]

Sorry, Bitcoin is different from all those things that you have mentioned here.. Being the first cryptocurrency gives Bitcoin more advantage over other cryptocurrencies in the market. If you check, investors are always interested in Bitcoin more than altcoins. A lot of people these days don't even trust altcoins, they only trust Bitcoin because it's the first cryptocurrency. Most altcoins that are created ends up not succeeding at last. And lastly, there are people who will at some point, withdraw their investment from altcoins and invest them in bitcoin.

So, there are lots of advantages to Bitcoin being the first cryptocurrency. It's less likely to die off like other cryptos. And the way I see it, it might not.

When you say Bitcoin is backed by nothing do you understand what that really means? Something that is backed by nothing cannot be reliable nor trusted. Bitcoin is backed by the people, investors, traders, its unique features, online assets etc.

Very soon when institutions starts to invest their money in Bitcoin it will start to grow and will be backed heavily. Though there are people who are against having institutions involved in Bitcoin. For now, it's the people that are backing it.