Why is Bitcoin worth so much?

[qwertyup23]

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?

Like gold, it depends on the price that people are willing to actually pay for it. In addition, its scarcity and limited number (21 million) makes it more valuable that other cryptocurrencies in the market.

Remember that what drives the market price on a product is the law on supply and demand. The demand on BTC is so much that people are willing to purchase it at a higher price. The reason is because of its high volatility which make it the perfect investment instrument for either short or long-term.

According to some speculations, it is to be speculated that the very last bitcoin may be mined on the year 2140- that is why save your BTCs everyone!

[Kittygalore]

Because it has utility, offers financial privacy, can be used as a form of exchange and it's used by many people. Those that I listed are some of the reasons that I can think of in regards to why bitcoin is so valuable, you see when things are being bought and they have a limited supply, if the people find the product interesting then the prices will go up since the demand for it will only go up.

[zahed]

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 want to say why not? Bitcoin is the first created cryptocurrency and day by day it’s able to showing how demand it in market. Comparing it’s more valuable than gold at the current world. We got news world's many giants companies starts accepting Bitcoin today Xiaomi will announce will accept Bitcoin.

[ReiMomo]

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?

Hope you are not new to Crypto currency platform or here on forum. Bitcoin is the mother of bitcoin and yes the pioneer of crypto currency always had its demand as it was growing up. Word of mouth and news around really supported grow well in the market. Its the demand that really increased the price. All other crypto currencies which followed it, grew well based on bitcoin's growth.

[mbe48]

Bitcoin is valuable because many people believe in it, maybe one day Bitcoin will become the currency used by various countries.
I think another reason why Bitcoin remains valuable is because:
- The most popular cryptocurrencies
- The only fully decentralized cryptocurrency
- Maintain majority market share
- Become the main investment destination of most traders

[Distinctin]

Bitcoin is valuable because many people believe in it, maybe one day Bitcoin will become the currency used by various countries.
I think another reason why Bitcoin remains valuable is because:
- The most popular cryptocurrencies
- The only fully decentralized cryptocurrency
- Maintain majority market share
- Become the main investment destination of most traders

And bitcoin is even more worthy because it has only limited supply so investors will definitely crave for bitcoin because of its very expensive price that keeps growing from time to time.

Bitcoin may has its own dump season and made a huge drop but after days or months of prices declining, we always see bitcoin rising again and eventually it reaches another new ATH everytime. So if you're a smart investor, why would you run into another coin if bitcoin has all the reasons to be the number one investment of all time.

[tanjiran]

It is similar to asking why Amazon is the biggest brand in eCommerce, or asking why Tesla is so big in the EV sector. With Amazon and Tesla, they were the first established brands in their respective fields. And there is always an advantage for being the first. There were a few proposals for cryptocurrency even before Bitcoin. Hashcash is an example (was in active circulation until 1997). But none of them found any acceptance from the users. Bitcoin was the first cryptocurrency that could be established with global acceptance. 

being first is special. Moreover, bitcoin offers many solutions in finance, starting from its fully decentralized nature, giving its users the freedom to be independent in managing their money without third parties, transparent, etc. on the other hand it backfires because the government cannot control and supervise it fully.
in fact, ordinary people would think that there is only one cryptocurrency, namely btc, even though there are many coins and tokens. because of the attachment of the cryptocurrency image with btc.

[Slow death]

I will summarize the answer to your question:

- bitcoin has limited offer:

Max Supply: 21,000,000

Circulating Supply: 18,778,343.00 BTC ( 89%)

Source: https://coinmarketcap.com/currencies/bitcoin/

now adds the fact that hundreds of people who are in this cryptocurrency market have been buying bitcoin just to make Hodl for several years, there are dozens of companies that have bought a lot of bitcoins just to make Hodl, this makes it have few coins circulating in the market and many people wanting to buy the result Is the big price increase, then there is mining cost to mine bitcoin which must also be included in the price determination
 

[pinggoki]

Just because it is practically the progenitor doesn't mean that it is inferior to the ones that came after it. The fact of the matter is, that bitcoin's popularity and technology paved the way for these cryptocurrencies who I would say are just slightly different iterations of bitcoin and without it we wouldn't see ethereum, or any type of cryptocurrencies out there. in more ways than one bitcoin show more promise than the majority of the cryptocurrencies in the market. Further dignifying the fact that even if it came before everything else, it is not last in the race and is still practically succeeding past the other participants.

Bitcoin is valuable because many people believe in it, maybe one day Bitcoin will become the currency used by various countries.
I think another reason why Bitcoin remains valuable is because:
- The most popular cryptocurrencies
- The only fully decentralized cryptocurrency
- Maintain majority market share
- Become the main investment destination of most traders

And people believe in it because of the promising potential that it can offer not only in the sector of finance and economy but the technology behind it as well. Blockchain is one of the most secure and most powerful technologies ever made in this decade, there is a wide array of applications that it can be implemented on so in order to keep blockchain alive at least until we crack all of its secrets, some of us who aren't even proponents of bitcoin had no choice but to support it nonetheless.

[Lanatsa]

now adds the fact that hundreds of people who are in this cryptocurrency market have been buying bitcoin just to make Hodl for several years, there are dozens of companies that have bought a lot of bitcoins just to make Hodl, this makes it have few coins circulating in the market and many people wanting to buy the result Is the big price increase, then there is mining cost to mine bitcoin which must also be included in the price determination

Exclude those lost bitcoin that are totally floating in void which simply means that there would really be scarcity whenever the supply is fully mined and also the demand becomes even more higher in near future.

A thing do worth so much would always vary on the demand because it wouldn't really get that valuable in the first place if there were no recognition in the first place.

Also, bitcoin is the first cryptocurrency and its just normal to have that kind of reputation and popularity even though there are some much better coins in the market today.

[ninabobo]

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?

Take note bitcoin can't be inferior to altcoins when it's the first cryptocurrency created, a king can't be inferior to it's followers. The fact here is due to technology new projects blockchains are being more better than that of bitcoin, being scalable and also making usability more easy but that doesn't mean bitcoin has lost its stand or function, bitcoin still works perfectly and also gaining this high prices because it's the most popular and trusted cryptocurrency so far.

[krky]

Blockchain is a non-traditional, disruptive technology, and Bitcoin has the first mover advantage. It has the potential to be valuable if adopter, or nearly worthless if it isn't adopted. Only you can decide if its worth.

[tvbcof]

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?

Take note bitcoin can't be inferior to altcoins when it's the first cryptocurrency created, a king can't be inferior to it's followers. The fact here is due to technology new projects blockchains are being more better than that of bitcoin, being scalable and also making usability more easy but that doesn't mean bitcoin has lost its stand or function, bitcoin still works perfectly and also gaining this high prices because it's the most popular and trusted cryptocurrency so far.

A full Bitcoin node can still, after a decade, be run from a Raspberry Pi and a single external drive.

The biggest attack historically was the attempt to bloat Bitcoin by unrestricting the transaction rate.  The argument at that time was that 'we' would only need to add one 4TB HDD per day.  Had people been idiotic enough to fall into that trap, BTC would be a historic memory or under complete control of Google, Facebook, and a few other entities.  Either option would have been fine with the attackers.

Bitcointalk.org probably picked up a load of 'social media influencers' back in those days in an unsuccessful attempt to pull off the bloat-it attack on Bitcoin, and a number of them stuck around long enough to play their part for the covid-19 plandemic.  Same basic forces driving both efforts and they have unlimited fiat to pay off trolls, bot farm programmers, etc.

[dataispower]

It is unique, it is a different ball game. It doesn't have competition. BTW, it has gone through every stage of mockery to have been where it is today. The concept behind it is what makes it more amazing and sort after. It has driven the digital economy to a new era. Many people are curious to know what it is.

[UmerIdrees]

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?

There are three main reason why bitcoin is the number one currency and will remain on top always.

1- Bitcoin has fixed supply and it can't be changed
2- Bitcoin has no owner
3- Bitcoin is truly decentralized

No other altcoin has these characteristics  and hence, people don't trust them as much as they have faith in bitcoin.

[Rigon]

Bitcoin is so valuable because Bitcoin is the king of all coins. We see that Bitcoin is one of the few coins in the cryptocurrency world.As we can see in the coinmarket cap, Bitcoin is in the number one position.And if Bitcoin hadn't been created, cryptocurrency wouldn't be expected Bitcoin is the king of all coins so bitcoin is so valuable.

[marissa23]

Bitcoin is so valuable because Bitcoin is the king of all coins. We see that Bitcoin is one of the few coins in the cryptocurrency world.As we can see in the coinmarket cap, Bitcoin is in the number one position.And if Bitcoin hadn't been created, cryptocurrency wouldn't be expected Bitcoin is the king of all coins so bitcoin is so valuable.

I agree bitcoin is the king of other alcoins, so the question is if investors don't buy bitcoin at high prices, will bitcoin still be king? I believe bitcoin is expensive because many big investors still believe in bitcoin so they are willing to spend large amounts of money to buy bitcoin so bitcoin becomes expensive because of the trust of big investors.