Nellayar
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Activity: 868
Merit: 185
Roobet supporter and player!
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June 16, 2020, 05:55:51 AM |
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Why bitcoin is worthy?
1. Bitcoin is not worthy when it was created, it becomes worthy when people started to use bitcoin as a medium of transaction.
2. It has a scarcity in supply but large in demand. It`s total supply is 21 million that halved the mining for every 4 years.
3. It is the first cryptocurrency invented and it has many supporters/buyers.
4. It`s utility is simple yet helpful. It can`t be hacked or bypass the keys. Using elliptic curve cryptography, private can`t be reversible.
5. It can use to pay, transfer, asset, investment and many more.
if you guys believe that it is worthy only because of it`s price, we should bear in our mind that it is worthy because of its utility and security that gives to every individual that holds BTC.
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"With e-currency based on cryptographic proof, without the need to
trust a third party middleman, money can be secure and transactions
effortless." -- Satoshi
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coinfinger
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June 16, 2020, 06:01:27 AM |
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What is the definition of "so much"? It is subjective. Gold prices may seem cheaper for some people and may not for most other people. Do you complain for that? Bitcoin gains its value because someone from somewhere ready to offer that price. If you are ready to offer one million for one bitcoin and then if you buy all the bitcoins which are already available cheaper than one million then bitcoin' value will start trading above one million. You may do that if you believe you are able to sell bitcoins for the price higher than one million. Currently people are ready to pay ~$10k per bitcoin for the same reason  . 1.Btc transaction fees are high 2.Btc takes like 10 minutes - 1 hour to confirm 3.It has no smart contracts support 4.No tokens support Etc etc ...
Do you agree if bitcoin has the properties which are opposite to the above list, then it can have higher value? Ultimately, it will function like a closed economy where transaction fees are assessed much like taxes
What is closed economy? Every country runs from the taxes they do collect, so economy of a nation also falls to the category of closed economy? |
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BobBct
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June 16, 2020, 07:22:17 AM |
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It's just simple really. BTC is the first cryptocurrency out there. It's the foundation that built the market. So there's no doubt that it will be the most expensive coin out there. And come to think of it, When people hear "Cryptocurrency" they're first thought is BTC not ETH, BNB etc. And the price of BTC really depends on the market. People know that BTC has the most potential to all coins/tokens out there. So that's what they initially hold.
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Kong Hey Pakboy
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June 16, 2020, 08:43:42 AM |
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Bitcoin is the leading cryptocyrrency that a lot of people and investors put a trust on bitcoin that they are continuously buying and holding their bitcoin in a long term. Even bitcoin does not have smart contracts, token supports, and has a high transaction fees, it is still secured and encrypted and backed by blockchain technology.
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mnporter2001
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Activity: 602
Merit: 250
HEX: Longer pays better
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June 16, 2020, 09:21:49 AM |
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What I find is that bitcoin is being manipulated. guys who have lots of money and come to the market early to buy lots of bitcoins and now they make their game. all volatility comes from people who make lots of money. they will constantly fomo about bitcoin and praise blockchain technology to attract more people and they will be even stronger because of wealth after manipulations.
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Latviand
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June 16, 2020, 09:39:29 AM |
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Bitcoin is the most trustworthy cryptocurrency. It's limited, maybe it's the key feature.
Limited means it can increase its price from time to time. If miners are continuously mining a lot of bitcoin that it can go nearer to its total supply of 21 million bitcoin, then its price will really increase. Just like gold, it is a non-renewable source that's why it is important. Gold can also increase its price and is a good store of value, it is the same with bitcoin. The reason why bitcoin is worth it so much is because it can give us huge profit. It is a best investment when we try to think of a good source of money, plus we can help its promotion by using it in the industry. Plus, there are a lot of bitcoin holders who found bitcoin as a legit and effective cryptocurrency to use. |
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CarnagexD
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Leading Crypto Sports Betting & Casino Platform
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June 16, 2020, 12:03:53 PM |
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Because btc was first. Its like question why apple devices cost so much. Status, brand, fanbase, etc
Quality is one of the best characteristics of bitcoin among other cryptocurrencies. It is faster and efficient to use in many transactions that's why many investors are risking their money because bitcoin is worth to invest. Since 2009, there are people who already trusted bitcoin as a digital currency even though it is not that popular enough to help it grow. That's what you need to know about bitcoin, you need to trust it because there is something more about its worth. Bitcoin will probably grow more in the near future because of the development in its mass adoption, many people are interested in knowing the worth of bitcoin in the market. |
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spy100 (OP)
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June 16, 2020, 12:10:57 PM |
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Because btc was first. Its like question why apple devices cost so much. Status, brand, fanbase, etc
Quality is one of the best characteristics of bitcoin among other cryptocurrencies. It is faster and efficient to use in many transactions that's why many investors are risking their money because bitcoin is worth to invest. Since 2009, there are people who already trusted bitcoin as a digital currency even though it is not that popular enough to help it grow. That's what you need to know about bitcoin, you need to trust it because there is something more about its worth. Bitcoin will probably grow more in the near future because of the development in its mass adoption, many people are interested in knowing the worth of bitcoin in the market. Bitcoin value is not do to technical reasons ... there are coins out there that have better technical ... |
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Yatsan
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June 16, 2020, 12:40:18 PM |
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It's simple as because bitcoin was first. The popularity of bitcoin being the first cryptocurrency will drive more demand to the bitcoin itself. And that is happening because of the law of supply and demand. We all know that bitcoin have limited supply so as time passes by the bitcoin demand is growing, so it will drive the bitcoin price to go up. The price that we are seeing right now is almost 11 years to make! Maybe in the future there's a coin that is going to surpass the bitcoin but for now, bitcoin is still fresh on the public so expect more demand and expect the price will still go up  |
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slapper
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June 16, 2020, 01:32:52 PM |
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Its easy to understand: Bitcoin is the first cryptocurrency to be created and adapted by the people. It has proven its reputation for more than 10 years and the benefits which bitcoin há brought to us are undeniable. Moreover, whales and banks (also many governments) only trust bitcoin. Therefore, the price of bitcoin has been on top for many years. Maybe in the future, a new coin will rise and replace bitcoin crown but the process can take many years Right now, if you have money, try to buy some bitcoin, it can make you rich  |
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Cling18
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June 17, 2020, 02:17:15 PM |
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Bitcoin has built a strong foundation and it has gained the trust of a lot of people since it has shown huge potential and development through the years. That's actually the reason why it remains on top. Despite being the first cryptocurrency, it never failed most of its investors although the market is always unpredictable. No matter what the market situation is, Bitcoin will always be the most trusted coin.
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BitcoinTurk
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June 17, 2020, 04:20:30 PM |
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Bitcoin is invaluable because it is the only leader in the crypto money markets and has 60-70% domination power in the crypto money markets. Also, the fact that today's age is known as digital gold adds value to Bitcoin. On the other hand, we can see that the price is constantly increasing with high demand due to its high earning potential. Bitcoin has become the market leader due to its strong advantages and its price has reached such valuable levels.
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Rubick99
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Activity: 484
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June 17, 2020, 05:20:56 PM |
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I think because btc is one of sample from blockchain technology that can't be interrupt by government especially. It has fix supply and by the time it will be mined. Btc is money people you know, this not require any personal document to make a transaction, no minimum age and yeah its acceptable currency for us.
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Negotiation
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June 18, 2020, 03:47:25 AM |
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Bitcoin is the father of every currency in the crypto market Other currencies depend on Bitcoin Bitcoin is not controlled by anyone the price increases depending on the demand so the price of Bitcoin is much higher. Most people invest in Bitcoin because of the high profits You are right that Bitcoin will be further improved through acceptable currency and blockchain technology.
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KrisAlex18
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June 18, 2020, 04:52:05 AM |
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Bitcoin has so much value compared to other cryptocurrencies, that is why most of the people are using that kind of cryptocurrency, it is the very first successful cryptocurrency until now to the point that it reaches $19000 way back 2017. Bitcoin builds so many dreams of every people that use it, the volatility of makes it so great because we can do investing and trading which makes us earn more money especially if we are really good at doing both things, the profit that you can earn from bitcoin when you invest is really big difference compared to other cryptocurrencies because the value of bitcoin has big difference compared to others as well.
Bitcoin has a high fee compared to other cryptocurrencies because it has more value, which is pretty normal if you want to lessen the fee then just convert it to other cryptocurrencies.
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Nathanz
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Activity: 133
Merit: 10
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June 18, 2020, 07:24:21 AM |
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The reason why I think Bitcoin is worth so much is because of the fact that it is the first decentralized cryptocurrency which was already on the internet for about 11 years already. The legacy it makes is one of the factors why Bitcoin is still on top.
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raidarksword
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June 18, 2020, 07:55:46 AM |
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In my opinion, bitcoin is the top currency and the first digital currency that ever published on the internet and many people adopted it first and foremost by people who wanted an alternative ways of sending and receiving payments online because its a decentralized technology. Many coins and altcoins look up to bitcoin and serves as role model to all crypto assets out there in the market and wanted to be like bitcoin as the most popular of all.
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Mauser
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June 18, 2020, 10:47:54 AM |
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I believe that bitcoin is so valuable because it was the first crypto currency to reach a broad acceptance any across many different countries. Today we can use bitcoins to pay for service and goods in many sectors. And for any new crypto currency to join the market it will always be measured relatively to bitcoins. It's like with many other things, if you are among the first and succeed in making it big with a lot people using your product, you will be winner.
There is nothing wrong with alternative crypto currencies but it's all about bitcoins. Just check the name of the forum, which is for many more things than only bitcoins.
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Alert31
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Trident Protocol | Simple «buy-hold-earn» system!
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June 18, 2020, 12:04:43 PM |
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Bitcoin is valuable because of higher trust and demand. It was the first popular digital currency that attract more people to patronized and now the usage of this coin continue increasing and bitcoin adoption continue growing. It has a limited supply that make it's value increase. Even though sometimes it go down but after a while it will go up again. It was already used as payment method,which is a great help specially this time of pandemic to avoid going out just to pay bills.
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Vishnu.Reang
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June 18, 2020, 01:38:11 PM |
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You can't compare Bitcoin with Ethereum, because they are as different as chalk and cheese. Bitcoin was invented by Satoshi Nakamoto and he never tried to profit from his invention. So there was no premine for Bitcoin. Till date, no one has performed a 51% attack to reverse any transaction in the Bitcoin Blockchain. On the other hand, there was a 60% premine for Ethereum. And during the DAO attack the transaction was revered by the community by performing a 51% attack.
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