Why is Bitcoin worth so much?

[Hibiki27]

Many other cryptocurrencies have been improved upon based on Bitcoin. In other words, Bitcoin must be inferior to them, but why is Bitcoin's value number one by far?
Why is Bitcoin worth so much?

[defi-Dany]

Many other cryptocurrencies have been improved upon based on Bitcoin. In other words, Bitcoin must be inferior to them, but why is Bitcoin's value number one by far?
Why is Bitcoin worth so much?

I really want to laugh when you say that Bitcoin is inferior to other cryptocurrencies. If you have understood the ten years from the birth of Bitcoin to the present, you would not say such stupid things.
Bitcoin is the prerequisite for the survival of other cryptocurrencies. Without Bitcoin, there would be no cryptocurrency.

[rhomelmabini]

Because it is Bitcoin and it's number one. Check my profile text!

Bitcoin disrupted the digital finance in the first place and this altcoins just followed and that means they are the inferior. It's understandable that you will say such things when you're new to crypto and doesn't yet understand lot of things but sooner or later you'll probably realize why Bitcoin is atop and it has by far has the huge market cap. Bitcoin has the most secured network of a digital asset even today. DYOR more lad!

[Jawhead999]

No they're not, most of altcoins created that said has better than Bitcoin or solving a new problem which Bitcoin can't solve it isn't really true.

Example XRP

No, it is decentralised just like Bitcoin. XRP was created by bitcoin developers as a "better bitcoin" once they realised that bitcoin's energy usage was not scalable. So it's usecases are basically the same as Bitcoin: making peer to peer payments without a trusted 3rd party.

They claiming to be decentralized as Bitcoin, the truth isn't since the validator is only few person and all of them are from Ripple's company. Bitcoin use energy, it's since mineable and not like XRP they created out of thin air. They could create billion coin for them and become rich, however Bitcoin energy isn't so that big. The usecases aren't same since XRP isn't decentralized of course Ripple is controlling the coin.

Regarding the Bitcoin price, it's came from a lot factor such as the utility, decentralized, trustworthy and exist since long time ago (as a process to be adopted by people)

[Kong Hey Pakboy]

Why is bitcoin so valuable?? my answer is very simple, because bitcoin is the king of all coins, so it is natural that the price is more expensive, bitcoin can also be said to be in limited supply,, the beginning of the emergence of bitcoin is indeed a lot of doubt, but over time, bitcoin grows and many hold bitcoin, After several years of bitcoin's presence, other coins automatically appeared, it can be said that if there is no bitcoin, maybe other coins don't exist either..

That doesn't answer the question though, you are just describing bitcoin for what you think it is which is pretty subjective. For me though, I think the reason is it's utility and it's ability to be used as a means of currency or as an asset.

[20kevin20]

It's scarce, so people simply consider it is worth a buy at $41k. When markets pump, the demand is so high people think it should be worth more. When the market drops, it's the opposite. Bitcoin is literally worth as much as people want it to be or think it is worth.

[OcTradism]

Many other cryptocurrencies have been improved upon based on Bitcoin. In other words, Bitcoin must be inferior to them, but why is Bitcoin's value number one by far?
Why is Bitcoin worth so much?

I share two long articles for you to read. I am sure you will find answers after you read all of them.

The bullish case for Bitcoin
Equivalent Network Time

You will get points that Bitcoin will become more scarce with time and miners will have less Bitcoin reward from mining with same resources they spend to mine Bitcoin (energy, rigs, time).

[noorman0]

1. About the price, of course. Bitcoin has always influenced altcoins, not the other way around.
2. Bitcoin gets priority trading pairs that are featured on all CEX main pages.
3. Bitcoin always dominates cryptocurrency-related news and on some social media.
4. Bitcoin is the main choice of crypto that most well-known companies are planning to adopt.
5. No matter how stupid newbies enter the crypto space, they will slowly realize that only Bitcoin are worth holding onto.

[cryptoaddictchie]

Many other cryptocurrencies have been improved upon based on Bitcoin. In other words, Bitcoin must be inferior to them, but why is Bitcoin's value number one by far?
Why is Bitcoin worth so much?

Thats because its the first cryptocurrency and the reference of all cryptocurrency chain. Regarding its position, therr is no doubt that it will still the king of all projects as many people knew how valuable the technology it imparted. Some used it as guide with its technical and mathematical information to sequential process of blockchain.

Its worth is depend on the people since its an open source digital asset. As long its deemed valuable then its price could increase or decrease in the future.

[tvbcof]

Maybe because it is a workable solution to certain of 'Jacob's troubles'?

[dzonikg28]

It's scarce, so people simply consider it is worth a buy at $41k. When markets pump, the demand is so high people think it should be worth more. When the market drops, it's the opposite. Bitcoin is literally worth as much as people want it to be or think it is worth.

You put it into very simplified terms. It is worth what people want it to be worth. The thing is though that the scarcity which is a core characteristic of Bitcoin could even be further amplified by market manipulation. If exchanges cooperated, and they probably hold a large chunk of all BTC in circulation, they would artificially increase the scarcity even further, overemphasizing demand by holding back supply. Bitcoin is a playing field for manipulation for sure.

[AniviaBtc]

Bitcoin worth so much more than you could've imagine because it is now getting normalize in some countries as a currency.

Although it is not that popular enough but many are adopting it and getting into it as an investment and to secure their future.

Hoping that more people could see the importance and advantages of bitcoin into our lives, especially that there's something more to it that we should explore.

[Clavulanic]

The Bitcoin is the most know, first cryptocurrency. That's all I can say, even if they copy or fork it to make it better or so, they can't be like the Bitcoin. In short Bitcoin was the foundation of all the currencies we have they all have blockchains and so the Bitcoin is really worth it. I hope this would make sense and also the Bitcoin only has a limited number that can be mined.

Crypto lovers is has full awareness about the usefulness of bitcoin and it cannot be denied that being top of all cryptocurrency, entire market relies on every trading pairs which mainly constitutes with each specific swapping. Without this market, I don't think other coins will survive along every corners, because btc is an established asset compared with other following altcoins particular with newly launched projects.

[franky1]

if gold could be mined for $2 in peoples back yards using a coffee filter and a spoon. gold would only have a lowest spot price of about $4 and speculate $4-$10

but gold costs $900+. with diesel, labour, excavators, sluice machines..
meaning its lowest spot price would be about $1k. and speculate $1-$2k

..
bitcoins mining cost depending on region(nations electric price) $25k(china)-$65k(germany)
with a lowest spot price of like $28k and speculate $28k-$70k

the philosophy (the loyalty the patriarchy) gives strength to mining desire
alot of people store value in bitcoin, which adds more loyalty, patriarchy to the philosophy

other things like strong merchant support from exchanges
well established development team (pro and cons) adds more strength to it compared to alts

many people feel bitcoins protocol wont break. but other altcoins could break due to weak decisions.
..
economically bitcoin is used as the base currency all other coins are measured against. or gatewayed into-out of which adds more strength to the philosophy(demand)

[Fortify]

Many other cryptocurrencies have been improved upon based on Bitcoin. In other words, Bitcoin must be inferior to them, but why is Bitcoin's value number one by far?
Why is Bitcoin worth so much?

The "first mover" in any market often has a strong monopoly that is hard to break - Bitcoin was the original, has been around the longest and has a relatively low total cap. Many people have heard of Bitcoin through the news and media, but even that took a long time to break into the mainstream. Eventually I think the limited number of Bitcoin might actually lead to it losing the number one position and Ethereum is getting a lot of publicity right now - it has room to inflate as more people use it, which will really be required if we want lots of people using it for all their microtransactions. That will really make it into a useful day-to-day currency for the masses.

[Stalker22]

Many other cryptocurrencies have been improved upon based on Bitcoin. In other words, Bitcoin must be inferior to them, but why is Bitcoin's value number one by far?
Why is Bitcoin worth so much?

Let's not ask the same questions all over again! This has been asked literally hundreds of times so far, can't you read?

Let me respond by asking a counter-question: Why is gold so valuable? There are other metals, for example, carbon steel or titanium are stronger and more durable, tungsten is almost equally dense, copper and silver are better conductors of electricity ... In other words, gold must be inferior to them, but why is gold's value number one?

[zanezane]

It's scarce, so people simply consider it is worth a buy at $41k. When markets pump, the demand is so high people think it should be worth more. When the market drops, it's the opposite. Bitcoin is literally worth as much as people want it to be or think it is worth.

More than scarce, I think it's more of the perceived value of bitcoin in the market, it just come to this point that bitcoin's designated price just grew in parallel to it's scarcity. Plus isn't the utility of the coin another reason for it's value and not to forget the privacy that it offers.

[pooya87]

Many other cryptocurrencies have been improved upon based on Bitcoin.

Wrong.
Many other copies of bitcoin were created where they make changes to bitcoin protocol and introduce weaknesses to an otherwise secure protocol. Sometimes it is with good intentions such as testing other technologies and sometimes it is out of lack of understanding of the technology. The result however is the same poor altcoins.

In other words, Bitcoin must be inferior to them,

This makes no sense. It is like saying the Chinese rip-off of a brand is better than the original product!

but why is Bitcoin's value number one by far?
Why is Bitcoin worth so much?

Because bitcoin is the only cryptocurrency that has innovation that works as it is supposed to and delivers on all that it promises.

[ayan9167]

Bitcoin is limited in quantity, with only 21 million Bitcoins ever to exist in the world. It thus retains its relative value just as gold. It is also secure, decentralised and highly efficient for transactions
Thats why bitcoin is worth so much

[maxreish]

I can see  you're a newbie and still wondering why Bitcoin is the number one in terms of the the price and considered as the King of all cryptocurrencies. The  value is increasing as time goes by because of many reasons;
- Blockchain system
- Digital payments
- Companies accepting bitcoin
- Pro bitcoin governments
- Innovation adoption
- Investment
- Popularity

As many were amazed with how great this Bitcoin use to grow and develop, the value of it continues to rise, too.